Document:

Document

Exhibit 10.46

[*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (1) IS NOT MATERIAL AND (2) WOULD BE  COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.
March 27, 2020
To:        Richard H. Sinkfield 
        SVP, Assistant General Counsel

From:        Timothy P. Grace
        Chief Human Resources Officer

Subject:  Corporate Retention Program 

Dear Rick, 

As you know, we consider you a critical member of our team, and this letter is to inform you that Laureate Education, Inc. (the “Company”) would like to offer you the opportunity to participate in the corporate retention program (the “Program”). 

The Program is designed to encourage your continued employment at the Company at least through the end of the Company’s exploration of strategic alternatives for its businesses (the “Strategic Alternative Process”) by offering you (i) a cash payment (the “Retention Bonus”) based on your continued employment and the total value generated for shareholders during the Strategic Alternative Process and (ii) the acceleration of your outstanding and non-forfeited equity awards upon certain terminations of employment prior to and for a limited time following the end of the Strategic Alternative Process.  These two elements of the Program are discussed in detail below.  You will continue to be eligible for severance benefits in accordance with the Company’s Severance Policy for Executive and Non-Executive Employees. 

Capitalized terms that are not defined in the body of this letter are defined in Annex A. 

I.Retention Bonus

You will be eligible to receive a Retention Bonus, which shall be based on 75% of your current base salary as adjusted by the formulas below, on the earlier of (i) the date of consummation of a Change in Control (as defined under the Company’s Amended and Restated 2013 Long-Term Incentive Plan (the “Plan”)) or (ii) the date the Board of Directors of the Company (the “Board”) declares a close to the Strategic Alternative Process (together with (i), the “Determination Date”). 

50% of the Retention Bonus will be determined by multiplying (x) your target amount of $131,250 (the “Target Amount”, which is 37.5% of your current base salary) by (y) a value factor ranging from 0-2 (with the target being 1), based on the Total Value to Shareholders, and multiplying that product by (z) a fraction, the numerator of which is the number of whole months from January 27, 2020 to the Valuation Date and the denominator of which is twelve (collectively, the “Performance Bonus Amount”).  The applicable performance goals with respect to Total Value to Shareholders and corresponding value factors are listed in Annex B.  

        

50% of the Retention Bonus will be determined by multiplying (x) the Target Amount by (y) a fraction, the numerator of which is the number of whole months from January 27, 2020 to the Valuation Date and the denominator of which is twelve (together with the Performance Bonus Amount, the “Retention Bonus Amount”).

In the event that, prior to the Determination Date, your employment is terminated by the Company or its affiliates without Cause or you resign for Retention Bonus Good Reason, you will be eligible to receive a Retention Bonus determined in accordance with the paragraphs above (the “Pro-Rata Retention Bonus Amount”). 

Retention Bonus Vesting

Unless you become eligible to receive the Pro-Rata Retention Bonus Amount, in order to receive your Retention Bonus, you must remain employed by the Company or its affiliates in good standing through the Determination Date, and you must not have given notice of your intent to resign from employment without Retention Bonus Good Reason on or before the Determination Date. 

If your employment with the Company or its affiliates is terminated prior to the Determination Date for any reason other than a termination without Cause or a resignation for Retention Bonus Good Reason, you will not be eligible to receive your Retention Bonus.  

Retention Bonus Payment Date
Subject to your satisfaction of the applicable conditions set forth above, the Retention Bonus will be paid to you as soon as practicable on or following the Determination Date, or, if earlier, the date your employment is terminated by the Company or its affiliates without Cause or you resign for Retention Bonus Good Reason, as applicable, (together with the Determination Date, the “Payment Event”) but no later than the earlier of (i) 90 days following the applicable Payment Event, and (ii) March 15 of the year following the applicable Payment Event. 
II.Equity Acceleration

In the event that, either prior to the Determination Date or during the Equity Acceleration Protected Period, your employment is terminated by the Company or its affiliates without Cause or you resign for Modified Good Reason, all your then-outstanding and non-forfeited equity awards (“Covered Awards”) granted under the Plan will vest in full and settle (with performance targets deemed attained) on or within thirty (30) days after the date of your termination of employment.  If you remain employed with the Company or its affiliates as of the Determination Date and through the end of the Equity Acceleration Protected Period, the vesting of your Covered Awards will not accelerate as provided in the previous sentence.  

All other terms and conditions of your Covered Awards will continue to apply with full force and effect (including with respect to vesting and settlement in the normal course and with respect to any enhanced treatment upon a qualifying termination on or following a Change in Control) in accordance with the Plan and the applicable award agreements made thereunder. 

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III.Eligibility, Confidentiality, Other Agreements 

You are only eligible for the Program and any payment or benefit described in this letter agreement if you sign and return this letter agreement no later than March 30, 2020.
The Program is targeted to critical positions and certain terms are confidential in nature.  As part of accepting this letter agreement, you agree to keep the information on Annex B confidential.  Should you fail to maintain this confidentiality, the Company may, in its discretion, declare your right to receive payment hereunder as forfeited.
Any payments under the Program are subject to your execution of an effective and irrevocable general release of claims against the Company, its affiliates, and other specified persons (other than with respect to the compensation and benefits described herein or otherwise owed to you); provided that if you are still employed by the Company on the Determination Date, the release for the Retention Bonus will be solely with respect to any claims related to the Retention Bonus. 
This letter agreement (including Annex A and Annex B) contains all of the understandings and representations between the Company and you relating to the Program, the Retention Bonus and the equity acceleration described herein and supersedes all prior and contemporaneous understandings and representations, both written and oral, with respect thereto; provided, however, that except as expressly set forth in this letter agreement, the Plan and all award agreements made thereunder will continue to apply with full force and effect.  
Please sign in the space provided below to acknowledge your agreement and acceptance of the Program and terms of this letter agreement and return this letter agreement to me no later than March 30, 2020. 
We appreciate all that you do to contribute to our organization’s success!  If you have any questions or concerns, please feel free to reach out to me.

Regards,

/s/ Timothy P. Grace    4/5/20
Timothy P. Grace 
Chief Human Resources Officer

Accepted:  _/s/ Richard H. Sinkfield ____________ Date:  __March 30, 2020___ 
            Richard H. Sinkfield

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Annex A:  Certain Definitions; Other Terms and Conditions
I.Definitions

“Cause” has the meaning that term is given in the Plan.

“Equity Acceleration Protected Period” means the period beginning on the Determination Date and ending on the twelve (12)-month anniversary of the Determination Date.

“Modified Good Reason” means the occurrence of any of the following without your consent:  (i) material diminution in your base salary, (ii) as of and following the Determination Date, material diminution in your authority, duties or responsibilities when compared to your authority, duties or responsibilities as of January 27, 2020, or (iii) a relocation by more than fifty (50) miles in the principal location in which you are required to perform services; provided that Modified Good Reason shall not exist unless and until you provide the Company with written notice of the acts alleged to constitute Modified Good Reason within ninety (90) days of your knowledge of the occurrence of such event, and the Company fails to cure such acts within thirty (30) days of receipt of such notice, if curable.  You must terminate employment within sixty (60) days following the expiration of such cure period for the termination to be on account of Modified Good Reason. 

For the avoidance of doubt, Modified Good Reason under clause (ii) above can only occur after, and not before, the Determination Date.

“Retention Bonus Good Reason” means the occurrence of either of the following without your consent:  (i) material diminution in your base salary, or (ii) a relocation by more than fifty (50) miles in the principal location in which you are required to perform services; provided that Retention Bonus Good Reason shall not exist unless and until you provide the Company with written notice of the acts alleged to constitute Retention Bonus Good Reason within ninety (90) days of your knowledge of the occurrence of such event, and the Company fails to cure such acts within thirty (30) days of receipt of such notice, if curable.  You must terminate employment within sixty (60) days following the expiration of such cure period for the termination to be on account of Retention Bonus Good Reason. 

“Total Value to Shareholders” as of the relevant Valuation Date means the total return to shareholders of the Company as of such date, as determined in good faith by the compensation committee of the Board (in each case, appropriately adjusted for any stock split, reverse stock split or other similar corporate events) and expressed as a dollar amount per share of Company common stock, calculated as the sum of: 

(A)(i) the average closing price of the Company’s common stock over the 30 trading days prior to the Valuation Date, or (ii) solely if the Valuation Date is the date of consummation of a Change in Control, then the price per share received in the Change in Control; PLUS 

(B)the value of cash dividends paid on the Company’s common stock during the Strategic Alternative Process and on or prior to the Valuation Date (which shall be deemed to have been reinvested in Company common stock effective as of the “ex-dividend” date based on the closing price for the Company’s common stock as of the ex-dividend date); PLUS 

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(C)in the case of a spin-off or similar transaction in which shares of a subsidiary of the Company (a “Spinco”) are issued to the Company’s shareholders, the value as of the Valuation Date of the number of Spinco shares issued in respect of each share of common stock of the Company in the spin-off or other similar transaction.

“Valuation Date” means the earlier to occur of (i) the date your employment is terminated by the Company or its affiliates without Cause or you resign for Retention Bonus Good Reason and (ii) the Determination Date. 
II.Other Terms and Conditions 
This letter agreement and the Program shall not be construed to otherwise alter the terms or conditions of your employment by the Company or any of its affiliates.  Neither the execution of this letter agreement nor the award of the Retention Bonus will be construed as entitling you to continued employment with the Company (or any affiliate of or successor to the Company) or otherwise interfere with the right of the Company (or any affiliate of or successor to the Company) to terminate your service at any time for any reason. 
The Retention Bonus is a special incentive payment and shall not be taken into account in computing the amount of salary or compensation for purposes of determining any bonus, incentive, pension, retirement, death or other benefit under any other bonus, incentive, pension, retirement, insurance or other employee benefit plan of the Company or its affiliates, unless such plan or agreement expressly provides otherwise. 
Any amounts payable under this letter agreement shall be less all withholdings and authorized deductions. 
All payments and benefits provided for in this letter agreement are intended to qualify for an exception to, or be in compliance with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, and this letter agreement will be interpreted or construed consistently with that intent. 
This letter agreement may not be amended or modified unless in writing signed by both the Company and you.  This letter agreement shall be construed in accordance with the laws of the State of Maryland without regard to conflicts-of-law principles.  This letter agreement may be executed in one or more counterparts, all of which taken together will be deemed to constitute one and the same original.

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Annex B

									
	Total Value to Shareholders	Value Factor*	Payout as % of Target Amount
	[*]	0	0.0%
	[*]	.25	25%
	[*]	.5	50%
	[*]	1	100%
	[*]	1.5	150%
	[*]	2	200%
	[*]	2	200%

*Straight-line interpolation between values
6EX-10.1

 Exhibit 10.1 

FIRST AMENDED AND RESTATED TRADEMARK LICENSE AGREEMENT 

This AMENDED AND RESTATED TRADEMARK LICENSE AGREEMENT (this “Agreement”) is made and effective as of February 25, 2021
(the “Effective Date”) by and between SLR CAPITAL PARTNERS, LLC (f/k/a SOLAR CAPITAL PARTNERS, LLC), a Delaware limited liability company (the “Licensor”), and SLR SENIOR INVESTMENT CORP. (f/k/a SOLAR
SENIOR CAPITAL LTD.), a Maryland corporation (“Company”) (each a “party,” and collectively, the “parties”). 

RECITALS 
 WHEREAS,
Company is a closed-end management investment fund that has elected to be regulated as a business development company; 

WHEREAS, pursuant to the First Amended and Restated Investment Advisory Agreement, dated as of August 2, 2016, between Licensor and
Company (the “Advisory Agreement”), Company has engaged Licensor to act as the investment adviser to the Company; 

WHEREAS, pursuant to an Amendment to its Certificate of Formation filed in the State of Delaware on February 24, 2021, the Licensor
changed its name from Solar Capital Partners, LLC to SLR Capital Partners, LLC; 
 WHEREAS, pursuant to Articles of Amendment filed in the
State of Maryland on February 24, 2021, the Company changed its name from Solar Senior Capital Ltd. to SLR Senior Investment Corp.; 

WHEREAS, Licensor is the owner of the trade names “SOLAR” and “SLR” (each, a “Licensed Mark”) in the
United States of America (the “Territory”); 
 WHEREAS, the Company and the Licensor are parties to the trademark license
agreement, dated February 24, 2011, by and between the Company and the Licensor (the “Prior Agreement”), pursuant to which the Company is permitted to use the “SOLAR” Licensed Mark in connection with its business;

 WHEREAS, the Company now desires to use both the “SOLAR” Licensed Mark and the “SLR” Licensed Mark in connection with
the operation of its business, and Licensor is willing to permit Company to use the Licensed Marks, subject to the terms and conditions of this Agreement; 

WHEREAS, the Company and the Licensor desire to amend and restate the Prior Agreement in order to (i) change the name of the Company from
“Solar Senior Capital Ltd.” to “SLR Senior Investment Corp.”; (ii) change the name of the Licensor from “Solar Capital Partners, LLC” to “SLR Capital Partners, LLC”; and (iii) revise the definition of
“Licensed Mark” to include both “SOLAR” and “SLR”; and 
 WHEREAS, the board of directors of the Company has
approved this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE 1 

LICENSE GRANT 

1.1 License. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Company, and Company hereby accepts
from Licensor, a personal, non-exclusive, royalty-free right and license to use the Licensed Marks solely and exclusively as an element of Company’s own company name and in connection with the conduct of
its business. Except as provided above, neither Company nor any affiliate, owner, director, officer, employee, or agent thereof shall otherwise use the Licensed Marks or any derivative thereof without the prior express written consent of Licensor in
its sole and absolute discretion. All rights not expressly granted to Company hereunder shall remain the exclusive property of Licensor. 

 1.2 Licensor’s Use. Nothing in this Agreement shall preclude Licensor, its
affiliates, or any of their respective successors or assigns from using or permitting other entities to use the Licensed Marks whether or not such entity directly or indirectly competes or conflicts with Company’s business in any manner. 

ARTICLE 2 
 OWNERSHIP 

2.1 Ownership. Company acknowledges and agrees that Licensor is the owner of all right, title, and interest in and to the Licensed
Marks, and all such right, title, and interest shall remain with the Licensor. Company shall not otherwise contest, dispute, or challenge Licensor’s right, title, and interest in and to the Licensed Marks. 

2.2 Goodwill. All goodwill and reputation generated by Company’s use of the Licensed Marks shall inure to the benefit of
Licensor. Company shall not by any act or omission use the Licensed Marks in any manner that disparages or reflects adversely on Licensor or its business or reputation. Except as expressly provided herein, neither party may use any trademark or
service mark of the other party without that party’s prior written consent, which consent shall be given in that party’s sole discretion. 

ARTICLE 3 
 COMPLIANCE 

3.1 Quality Control. In order to preserve the inherent value of the Licensed Marks, Company agrees to use reasonable efforts to
ensure that it maintains the quality of the Company’s business and the operation thereof equal to the standards prevailing in the operation of Licensor’s and Company’s business as of the date of this Agreement. Company further agrees
to use the Licensed Marks in accordance with such quality standards as may be reasonably established by Licensor and communicated to Company from time to time in writing, or as may be agreed to by Licensor and Company from time to time in writing.

 3.2 Compliance With Laws. Company agrees that the business operated by it in connection with the Licensed Marks shall comply
with all laws, rules, regulations and requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation, advertising and promotion of the business, and shall notify Licensor of any action that must be taken by
Company to comply with such law, rules, regulations or requirements. 
 3.3 Notification of Infringement. Each party shall
immediately notify the other party and provide to the other party all relevant background facts upon becoming aware of (i) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with any
Licensed Marks, and (ii) any infringements, imitations, or illegal use or misuse of the Licensed Marks in the Territory. 
 ARTICLE 4

 REPRESENTATIONS AND WARRANTIES 

4.1 Mutual Representations. Each party hereby represents and warrants to the other party as follows: 

(a) Due Authorization. Such party is duly formed and in good standing as of the Effective Date, and the execution, delivery and
performance of this Agreement by such party have been duly authorized by all necessary action on the part of such party. 
 (b) Due
Execution. This Agreement has been duly executed and delivered by such party and, with due authorization, execution and delivery by the other party, constitutes a legal, valid and binding obligation of such party, enforceable against such party
in accordance with its terms. 
 (c) No Conflict. Such party’s execution, delivery and performance of this Agreement do not:
(i) violate, conflict with or result in the breach of any provision of the organizational documents of such party; (ii) conflict with or violate any law or governmental order applicable to such party or any of its assets, properties or
businesses; or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of
termination, amendment, acceleration, suspension, revocation or cancellation of any contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party. 

 ARTICLE 5 

TERM AND TERMINATION 

5.1 Term. This Agreement shall expire upon expiration or termination of the Advisory Agreement. 

5.2 Upon Termination. Upon expiration or termination of this Agreement, all rights granted to Company under this Agreement with
respect to the Licensed Marks shall cease, and Company shall immediately discontinue use of the Licensed Marks. 
 ARTICLE 6 

MISCELLANEOUS 

6.1 Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. Neither party may assign, delegate or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party. No assignment by either party permitted
hereunder shall relieve the applicable party of its obligations under this Agreement. Any assignment by either party in accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in which the assignee expressly
assumes the assigning party’s rights and obligations hereunder. Notwithstanding anything to the contrary contained in this Agreement, the rights and obligations of Company under this Agreement shall be deemed to be assigned to a newly-formed
entity in the event of the merger of Company into, or conveyance of all of the assets of Company to, such newly-formed entity; provide, further, however, that the sole purpose of that merger or conveyance is to
effect a mere change in Company’s legal form into another limited liability entity. 
 6.2 Independent Contractor. Except as
expressly provided or authorized in the Advisory Agreement, neither party shall have, or shall represent that it has, any power, right or authority to bind the other party to any obligation or liability, or to assume or create any obligation or
liability on behalf of the other party. 
 6.3 Notices. All notices, requests, claims, demands and other communications hereunder
shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile, or by registered or certified mail
(postage prepaid, return receipt requested) to the respective parties at the following addresses: 
 If to Licensor: 

SLR Capital Partners, LLC 
 500
Park Avenue, 5th Floor 
 New York, NY 10022 

Tel. No.: (212) 993-1670 

Fax No.: (212) 993-1699 

Attn: Michael S. Gross 
 If to
Company: 
 SLR Senior Investment Corp. 

500 Park Avenue, 5th Floor 
 New
York, NY 10022 
 Tel. No.: (212) 993-1670 

Fax No.: (212) 993-1699 

Attn: Michael S. Gross 

6.4 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without
giving effect to the principles of conflicts of law rules. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose
of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

 6.5 Amendment. This Agreement may not be amended or modified except by an
instrument in writing signed by all parties hereto. 
 6.6 No Waiver. The failure of either party to enforce at any time for any
period the provisions of or any rights deriving from this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be binding unless executed
in writing by all parties hereto. 
 6.7 Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

6.8 Headings. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in
any way the meaning or interpretation of this Agreement. 
 6.9 Counterparts. This Agreement may be executed in one or more
counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one and the same agreement. 

6.10 Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior agreements and undertakings, both written and oral, between the parties with respect to such subject matter. 

6.11 Third Party Beneficiaries. Nothing in this Agreement, either express or implied, is intended to or shall confer upon any third
party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Remainder of
Page Intentionally Blank 

 IN WITNESS WHEREOF, each party has caused this Agreement to be executed as of the Effective
Date by its duly authorized officers. 
  

			
	COMPANY:
	
	SLR Senior Investment Corp.
		
	By:	 	 /s/ Michael S. Gross

	Name:	 	Michael S. Gross
	Title:	 	President and Co-Chief Executive Officer
		
	By:	 	 /s/ Bruce Spohler 

	Name:	 	 Bruce Spohler 

	Title:	 	 Co-Chief Executive Officer and Chief Operating Officer 

	
	ADVISER:
	
	 SLR Capital Partners, LLC

		
	By:	 	 /s/ Michael S. Gross

	Name:	 	Michael S. Gross
	Title:	 	Managing Member
		
	By:	 	 /s/ Bruce Spohler

		 	 Name: Bruce Spohler
 Title: Managing
Member

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