Document:

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                                                                   Exhibit 10.14

                          SIXTH AMENDMENT TO REVOLVING
                          CREDIT AND SECURITY AGREEMENT
                          -----------------------------

     This SIXTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this
"Amendment") is made and entered into as of December 31, 2001, by and among
REPTRON ELECTRONICS, INC., a corporation organized under the laws of the State
of Florida ("Reptron"); REPTRON ELECTRONICS OF PA, INC., a corporation organized
under the laws of the State of Pennsylvania ("Reptron Pennsylvania"); LAKE
SUPERIOR MERGER CORPORATION, a corporation organized under the laws of the State
of Florida ("Superior"); HIBBING ELECTRONICS CORPORATION, a corporation
organized under the laws of the State of Minnesota ("Hibbing"); REPTRON
ACQUISITION, INC., a corporation organized under the laws of the State of
Florida ("Acquisition"; Reptron, Reptron Pennsylvania, Superior, Hibbing and
Acquisition, each a "Borrower" and collectively "Borrowers"); the various
financial institutions listed on the signature pages hereof and their respective
successors and permitted assigns which become "Lenders"; and PNC BANK, NATIONAL
ASSOCIATION, a national association ("PNC"), as collateral and administrative
agent for Lenders (PNC, together with its successors in such capacity, the
"Agent").

                                    Recitals:
                                    --------

     Agent, Lenders and Borrowers are parties to a certain Revolving Credit and
Security Agreement dated January 8, 1999 (as amended at any time, the "Credit
Agreement") pursuant to which Lenders have made certain revolving credit loans
and other extensions of credit to Borrowers.

     The parties desire to amend the Credit Agreement as hereinafter set forth.

     NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and
valuable consideration, the receipt and sufficiency of which are hereby
severally acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:

     1. Definitions. All capitalized terms used in this Amendment, unless
        -----------
otherwise defined herein, shall have the meaning ascribed to such terms in the
Credit Agreement.

     2. Amendments to Credit Agreement. Subject to the satisfaction of the
        ------------------------------
condition precedent set forth in Section 4 hereof, the Credit Agreement is
hereby amended as follows:

          a. By deleting the definitions of "Applicable Margin," "Compliance
     Certificate" and "Maximum Revolving Advance Amount" from Section 1.2 of the
     Credit Agreement and inserting the following in lieu thereof:

          "Applicable Margin" shall mean percentage equal to three and
     one-quarter percent

<PAGE>

     (3.25%) for Eurodollar Rate Loans and one-half percent (0.50%) for Domestic
     Rate Loans; provided that, commencing on January 1, 2003, if there exists
     no Default or Event of Default, then the Margin Fee shall be increased or
     decreased based upon the Pricing Formula Ratio as set forth on Exhibit E.
                                                                    ----------
     The Applicable Margin shall be subject to reduction or increase, as
     applicable and as set forth in the table above, on a quarterly basis
     according to the performance of Borrowers as measured by the Pricing
     Formula Ratio for the immediately preceding four (4) Fiscal Quarters of
     Borrowers. Except as set forth in the last sentence hereof, any such
     increase or reduction in the Applicable Margin provided for herein shall be
     effective three (3) Business Days after receipt by Lender of the applicable
     financial statements and corresponding calculations; provided, however,
                                                          --------  -------
     that any reduction in the Applicable Margin shall not apply to any LIBOR
     Loans outstanding on the effective date of such reduction that have an
     Interest Period commencing prior to the effective date of such reduction.
     If the financial statements and the corresponding calculations of Borrowers
     setting forth the Pricing Formula Ratio are not received by Agent by the
     date required pursuant to Sections 9.7 and 9.8 of the Agreement, the
     Applicable Margin shall be determined as if the Pricing Formula Ratio is
     less than 1.00 to 1.00 until such time as such financial statements and
     corresponding calculations are received and any Event of Default resulting
     from a failure timely to deliver such financial statements or Compliance
     Certificate is waived in writing; provided, however, that nothing herein
                                       --------  -------
     shall be deemed to prevent Lenders from charging interest at the Default
     Rate for so long as an Event of Default exists. For the final Fiscal
     Quarter of any Fiscal Year of Borrowers, Borrowers may provide the
     unaudited financial statements of Borrowers, subject only to year-end
     adjustments, for the purpose of determining the Applicable Margin;
     provided, however, that if, upon delivery of the annual audited financial
     --------  -------
     statements required to be submitted by Borrowers pursuant to Section 9.7 of
     the Agreement, Borrowers have not met the criteria for reduction of the
     Applicable Margin pursuant to the terms hereinabove for the final Fiscal
     Quarter of the Fiscal Year of Borrowers then ended, then (a) such
     Applicable Margin reduction shall be terminated and, effective on the first
     day of the month following receipt by Agent of such audited financial
     statements, the Applicable Margin shall be the Applicable Margin that would
     have been in effect if such reduction had not been implemented based upon
     the unaudited financial statements of Borrowers for the final Fiscal
     Quarter of the Fiscal Year of Borrowers then ended, and (b) Borrowers shall
     pay to Agent, for the ratable benefit of the Lenders, on the first day of
     the month following receipt by Agent of such audited financial statements,
     an amount equal to the difference between the amount of interest that would
     have been paid on the principal amount of the Obligations using the
     Applicable Margin determined based upon such udited financial statements
     and the amount of interest actually paid during the period in which the
     reduction of the Applicable Margin was, in effect, based upon the unaudited
     financial statements for the final Fiscal Quarter of the Fiscal Year of
     Borrowers then ended.

          "Compliance Certificate" shall mean a compliance certificate to be
     signed by the chief financial officer of Borrowing Agent, which shall state
     that, based on an examination sufficient to permit him to make an informed
     statement, no Default or Event of Default exists, or if such is not the
     case, specifying such Default or Event of Default, its nature,

                                      -2-

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     when it occurred, whether it is continuing and the steps being taken by
     Borrowers with respect to such default and, such certificate shall have
     appended thereto calculations which set forth Borrowers' compliance with
     the requirements or restrictions imposed by Sections 6.5, 6.10, 6.11, 7.6
     and 7.11 hereof.

          "Maximum Revolving Advance Amount" shall mean $75,000,000.

          b. By adding the following definitions of "Inventory Sublimit Amount"
     and "Required Undrawn Availability" to Section 1.2 of the Credit Agreement
     in proper alphabetical order:

          "Inventory Sublimit Amount" shall mean the amount set forth below for
     the period corresponding thereto:

              Period                                        Amount
              ------                                        ------

     February 21, 2002 through March 31, 2002             $31,250,000
     April 1, 2002 through June 30, 2002                  $30,250,000
     July 1, 2002 through September 30, 2002              $29,250,000
     October 1, 2002 through December 31, 2002            $28,250,000
     January 1, 2003 and thereafter                       $27,250,000

          "Required Undrawn Availability" shall mean $10,000,000; provided,
     however, such amount shall be reduced to $0 on the later to occur of (i)
     January 1, 2003, or (ii) the first Business Day after Borrowers have
     delivered to Agent the financial statements required by Section 6.8
     together with a Compliance Certificate for the most recent Fiscal Quarter
     evidencing that Borrowers have maintained a Pricing Formula Ratio of at
     least 1 to 1 for the period of four (4) Fiscal Quarters ending on the last
     of such Fiscal Quarter.

          c. By deleting Section 2.1(a)(y)(ii) of the Credit Agreement and
     inserting the following in lieu thereof:

          (ii) up to the lesser of (A) forty-six percent (46%), subject to the
     provisions of Section 2.1(b) hereof ("Inventory Advance Rate"), of the
     Value of the Eligible Inventory (the Receivables Advance Rate and the
     Inventory Advance Rate shall be referred to collectively, as the "Advance
     Rates") or (B) the Inventory Sublimit Amount, minus
                                                   -----

          d. By deleting Section 6.5 in its entirety and inserting the following
in lieu thereof:

               6.5 Pricing Formula Ratio. Maintain a Pricing Formula Ratio of at
                   ---------------------
          least 1 to 1 for the period of four (4) Fiscal Quarters ending
          December 31, 2002 and for each period of four (4) Fiscal Quarters
          ending on the last day of

                                      -3-

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          each Fiscal Quarter thereafter.

          e. By deleting Section 6.10 in its entirety and inserting the
following in lieu thereof:

               6.10 Undrawn Availability. Maintain Undrawn Availability at all
                    --------------------
          times of at least the Required Undrawn Availability, including both
          prior to and immediately after any Advance.

               6.11 Minimum EBITDA. Maintain EBITDA of at least the amount shown
                    --------------
          below the period corresponding thereto:

                   Period                                            Amount
                   ------                                            ------

          Fiscal Quarter ending March 31, 2002                    $    65,000
          Two Fiscal Quarters ending June 30, 2002                $ 2,695,000
          Three Fiscal Quarters ending September 30, 2002         $ 8,560,000
          Four Fiscal Quarters ending December 31, 2002
          and on the last day of each Fiscal Quarter thereafter   $16,096,000

     3. Ratification and Reaffirmation. Each Borrower hereby ratifies and
        ------------------------------
reaffirms the Obligations, each of the Loan Documents and all of such Borrower's
covenants, duties, indebtedness and liabilities under the Loan Documents.

     4. Conditions Precedent. The effectiveness of the amendments contained in
        --------------------
Section 2 hereof is subject to the Borrowers having paid to Agent, for the
ratable benefit of the Lenders executing this Amendment, an amendment fee of
$112,500.

     5. Acknowledgments and Stipulations. Each Borrower acknowledges and
        --------------------------------
stipulates that the Credit Agreement and the other Loan Documents executed by
such Borrower are legal, valid and binding obligations of such Borrower that are
enforceable against such Borrower in accordance with the terms thereof; all of
the Obligations are owing and payable without defense, offset or counterclaim
(and to the extent there exists any such defense, offset or counterclaim on the
date hereof, the same is hereby waived by Borrower); the security interests and
liens granted by Borrowers in favor of Agent are duly perfected, first priority
security interests and liens, except as permitted under the Credit Agreement;
and unpaid principal amount of Advances as of the close of business on February
12, 2002, totaled $59,742,554.74.

     6. Revolving Credit Notes. In connection with the reduction of the Maximum
        ----------------------
Revolving Advance Amount under the Credit Agreement from $90,000,000 to
$75,000,000 pursuant to this Amendment, the Borrowers are not being required to
execute and deliver new Revolving Credit Notes to each the Lenders as a matter
of convenience to the Borrowers. Notwithstanding that the aggregate amount of
the existing Revolving Credit Notes exceeds $75,000,000, Borrowers acknowledge
and agree that they shall not be entitled to obtain any

                                      -4-

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Advances in excess of $75,000,0000 under the Credit Agreement.

     7. Representations and Warranties. Borrowers represent and warrant to Agent
        ------------------------------
and Lenders, to induce Agent and Lenders to enter into this Amendment, that no
Default or Event of Default exists on the date hereof; the execution, delivery
and performance of this Amendment have been duly authorized by all requisite
corporate action on the part of Borrowers and this Amendment has been duly
executed and delivered by Borrowers; and all of the representations and
warranties made by Borrowers in the Credit Agreement are true and correct on and
as of the date hereof.

     8. Breach of Amendment. This Amendment shall be part of the Credit
        -------------------
Agreement and a breach of any of any representation, warranty or covenant herein
shall constitute an Event of Default.

     9. Expenses of Agent and Lenders. Each Borrower agrees to pay, on demand,
        -----------------------------
all costs and expenses incurred by Agent and Lenders in connection with the
preparation, negotiation and execution of this Amendment and any other Loan
Documents executed pursuant hereto and any and all amendments, modifications,
and supplements thereto, including, without limitation, the costs and fees of
Agent's and Lenders' legal counsel and any taxes or expenses associated with or
incurred in connection with any instrument or agreement referred to herein or
contemplated hereby.

     10. Effectiveness; Governing Law. This Amendment shall be effective upon
         ----------------------------
acceptance by Agent and Lenders (notice of which acceptance is hereby waived),
whereupon the same shall be governed by and construed in accordance with the
internal laws of the State of Georgia.

     11. Successors and Assigns. This Amendment shall be binding upon and inure
         ----------------------
to the benefit of the parties hereto and their respective successors and
assigns.

     12. No Novation, etc. Except as otherwise expressly provided in this
         ----------------
Amendment, nothing herein shall be deemed to amend or modify any provision of
the Credit Agreement or any of the other Loan Documents, each of which shall
remain in full force and effect. This Amendment is not intended to be, nor shall
it be construed to create, a novation or accord and satisfaction, and the Credit
Agreement as herein modified shall continue in full force and effect.

     13. Counterparts; Telecopied Signatures. This Amendment may be executed in
         -----------------------------------
any number of counterparts and by different parties to this Amendment on
separate counterparts, each of which, when so executed, shall be deemed an
original, but all such counterparts shall constitute one and the same agreement.
Any signature delivered by a party by facsimile transmission shall be deemed to
be an original signature hereto.

     14. Further Assurances. Each Borrower agrees to take such further actions
         ------------------
as Lender shall reasonably request from time to time in connection herewith to
evidence or give effect to the amendments set forth herein or any of the
transactions contemplated hereby.

                                      -5-

<PAGE>

     15. Section Titles. Section titles and references used in this Amendment
         --------------
shall be without substantive meaning or content of any kind whatsoever and are
not a part of the agreements among the parties hereto.

     16. Release of Claims. To induce Agent and Lenders to enter into this
         -----------------
Amendment, each Borrower hereby releases, acquits and forever discharges Agent,
Lenders, and all officers, directors, agents, employees, successors and assigns
of Agent and Lenders, from any and all liabilities, claims, demands, actions or
causes of action of any kind or nature (if there be any), whether absolute or
contingent, disputed or undisputed, at law or in equity, or known or unknown,
that such Borrower now has or ever had against Agent or any Lender arising under
or in connection with any of the Loan Documents or otherwise. Each Borrower
represents and warrants to Agent and Lenders that such Borrower has not
transferred or assigned to any Person any claim that such Borrower ever had or
claimed to have against Agent or any Lender.

     17. Waiver of Jury Trial. To the fullest extent permitted by applicable
         --------------------
law, the parties hereto each hereby waives the right to trial by jury in any
action, suit, counterclaim or proceeding arising out of or related to this
Amendment.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed under seal in, and delivered by their respective duly authorized
officers on the date first written above.

                                           REPTRON ELECTRONICS, INC.

                                           By: /s/ William L. Elson
                                              ----------------------------------
                                              Name: William L. Elson
                                                    ----------------------------
                                              Title:Authorized Agent
                                                    ----------------------------

                                                    [CORPORATE SEAL]

                                           REPTRON ELECTRONICS OF PA, INC.

                                           By: /s/ William L. Elson
                                              ----------------------------------
                                              Name: William L. Elson
                                                    ----------------------------
                                              Title:Authorized Agent
                                                    ----------------------------

                                                    [CORPORATE SEAL]

                                      -6-

<PAGE>

                                           LAKE SUPERIOR MERGER
                                           CORPORATION

                                           By: /s/ William L. Elson
                                              ----------------------------------
                                              Name: William L. Elson
                                                    ----------------------------
                                              Title:Authorized Agent
                                                    ----------------------------

                                                    [CORPORATE SEAL]

                                           HIBBING ELECTRONICS
                                           CORPORATION

                                           By: /s/ William L. Elson
                                              ----------------------------------
                                              Name: William L. Elson
                                                    ----------------------------
                                              Title:Authorized Agent
                                                    ----------------------------

                                                    [CORPORATE SEAL]

                                           REPTRON ACQUISITION, INC.

                                           By: /s/ William L. Elson
                                              ----------------------------------
                                              Name: William L. Elson
                                                    ----------------------------
                                              Title:Authorized Agent
                                                    ----------------------------

                                                    [CORPORATE SEAL]

                                           Accepted and agreed to:
                                           ----------------------

                                           PNC BANK, NATIONAL
                                           ASSOCIATION, as a Lender and as Agent

                                           By: /s/ Peter Redington
                                              ----------------------------------
                                              Name: Peter Redington
                                                    ----------------------------
                                              Title:A.V.P.
                                                    ----------------------------

                                      -7-

<PAGE>

                                           BANK OF AMERICA, N.A. f/k/a
                                           NationsBank, N.A., as a Lender

                                           By: /s/ Andrew Doherty
                                              ----------------------------------
                                              Name: Andrew Doherty
                                                    ----------------------------
                                              Title:Vice President
                                                    ----------------------------

                                           FIRSTAR BANK, N.A., as a Lender

                                           By: /s/ Donald K. Mitchell
                                              ----------------------------------
                                              Name: Donald K. Mitchell
                                                    ----------------------------
                                              Title:Vice President
                                                    ----------------------------

                                           IBM CREDIT CORPORATION, as a
                                           Lender

                                           By: /s/ Thomas S. Curcio
                                              ----------------------------------
                                              Name: Thomas S. Curcio
                                                    ----------------------------
                                              Title:Manager of Credit
                                                    ----------------------------

                                           COMERICA BANK, as a Lender

                                           By: /s/ Paul J. Durosko
                                              ----------------------------------
                                              Name: Paul J. Durosko
                                                    ----------------------------
                                              Title:Vice President
                                                    ----------------------------

                                      -8-Prepared by R.R. Donnelley Financial -- Change in Control Severance Agreement

  
 Exhibit 10.18 
  
 CHANGE IN CONTROL SEVERANCE AGREEMENT 
  
 THIS AGREEMENT is entered into as of the
16th day of February, 2001, by and between Staff Leasing, Inc., a Florida corporation (the “Company”), and
Gregory M. Nichols (“Executive”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company considers the establishment and maintenance of a sound and vital management to be essential to protecting and enhancing the best interests of the Company and its
stockholders; and 
  
 WHEREAS, the Company recognizes that, as is the case with many publicly held corporations, the possibility of
a change in control may arise and that such possibility may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders; and 
  
 WHEREAS, the Board (as defined in Section 1) has determined that it is in the best interests of the Company and its stockholders to secure Executive’s continued services and to
ensure Executive’s continued dedication to his duties in the event of any threat or occurrence of a Change in Control (as defined in Section 1) of the Company; and 
  
 WHEREAS, the Board has authorized the Company to enter into this Agreement. 
  
 NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements herein contained, the Company and Executive hereby agree as follows: 
  
 1.    Definitions.    As used in this Agreement, the following terms shall have the respective meanings
set forth below: 
  
 (a)  “Board” means the Board of Directors of the Company. 
  
 (b)  “Bonus Amount” means the greater of (i) the average annual incentive bonus earned by Executive from the Company (or its
affiliates) during the last three (3) completed fiscal years of the Company immediately preceding Executive’s Date of Termination (annualized in the event Executive was not employed by the Company (or its affiliates) for the whole of any such
fiscal year), and (ii) the Executive’s target annual incentive bonus for the year in which the Date of Termination occurs. 
  
 (c)  “Cause” means (i) the willful and continued failure of Executive to perform substantially his duties with the Company (other than any such failure resulting from Executive’s incapacity due to physical or mental
illness or any such failure subsequent to Executive being delivered a Notice of Termination without Cause by the Company or delivering a Notice of Termination for Good Reason to the Company) after a written demand for substantial performance is
delivered to Executive by the Board which specifically identifies the manner in which the Board believes that Executive has not substantially performed Executive’s duties, or (ii) the willful engaging by Executive in illegal conduct or gross
misconduct which is demonstrably and materially injurious to the Company or its affiliates. For purpose of this paragraph (c), no act or failure to act by Executive shall be considered “willful”, unless done or omitted to be done by
Executive in bad faith and without reasonable belief that Executive’s action or omission was in the best interests of the Company or its affiliates. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by
the Board, based upon the advice of counsel for the Company or upon the instructions of the Company’s chief executive officer or another senior officer of the Company shall be conclusively presumed to be done, or omitted to be done, by
Executive in good faith and in the best interests of the Company. Cause shall not exist unless and until the Company has delivered
 
 

 
to Executive a copy of a resolution duly adopted by three-quarters (3/4) of the entire Board (excluding Executive if Executive is a Board member) at a meeting of the Board called and held for
such purpose (after reasonable notice to Executive and an opportunity for Executive, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board an event set forth in clauses (i) or (ii) has occurred and
specifying the particulars thereof in detail. 
  
 (d)  “Change in Control” means the occurrence of any one of
the following events: 
  
 (i)  individuals who, on January 4, 2000, constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to January 4, 2000, whose election or nomination for election was approved by a vote of at
least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination)
shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any
other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 
  
 (ii)  any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange Act”) and as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting
power of the Company’s then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”); provided, however, that the event described in this paragraph (ii) shall not be deemed
to be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any Subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (C) by any underwriter
temporarily holding securities pursuant to an offering of such securities, (D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)), or (E) unless otherwise approved by the Board, pursuant to any acquisition by Executive or any
group of persons including Executive (or any entity controlled by Executive or any group of persons including Executive); 
  
 (iii)  the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries that requires the approval of the
Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination: (A) more than 50% of the total voting power of
(x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities
eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by
shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities
among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the
beneficial owner, directly or indirectly, of 25% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C)
at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of
the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a
“Non-Qualifying Transaction”); or 
 

  
 (iv)  the stockholders of the Company approve a plan of complete
liquidation or dissolution of the Company or a sale of all or substantially all of the Company’s assets. 
  
 Notwithstanding
the foregoing, a Change in Control of the Company shall not be deemed to occur solely because any person acquires beneficial ownership of more than 25% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by
the Company which reduces the number of Company Voting Securities outstanding; provided that, if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the
percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur. 
  
 (e)  “Date of Termination” means (1) the effective date on which Executive’s employment by the Company terminates as specified in a prior written notice by the Company or Executive, as the
case may be, to the other, delivered pursuant to Section 10 or (2) if Executive’s employment by the Company terminates by reason of death, the date of death of Executive. 
  
 (f)  “Disability” means termination of Executive’s employment by the Company due to Executive’s absence from Executive’s duties with the Company on a
full-time basis for at least one hundred eighty (180) consecutive days as a result of Executive’s incapacity due to physical or mental illness. 
  
 (g)  “Good Reason” means, without Executive’s express written consent, the occurrence of any of the following events after a Change in Control: 
  
 (i) (A)  any change in the duties or responsibilities (including reporting responsibilities) of Executive that is
inconsistent in any material and adverse respect with Executive’s position(s), duties, responsibilities or status with the Company immediately prior to such Change in Control (including any material and adverse diminution of such duties or
responsibilities) or (B) a material and adverse change in Executive’s titles or offices (including, if applicable, membership on the Board) with the Company as in effect immediately prior to such Change in Control; 
  
 (ii)  a reduction by the Company in Executive’s rate of annual base salary or annual target bonus opportunity
(including any material and adverse change in the formula for such annual bonus target) as in effect immediately prior to such Change in Control or as the same may be increased from time to time thereafter; 
  
 (iii)  any requirement of the Company that Executive (A) be based anywhere more than fifty (50) miles from the office where
Executive is located at the time of the Change in Control or (B) travel on Company business to an extent substantially greater than the travel obligations of Executive immediately prior to such Change in Control; 
  
 (iv)  the failure of the Company to (A) continue in effect any employee benefit plan, compensation plan, welfare benefit
plan or material fringe benefit plan in which Executive is participating immediately prior to such Change in Control or the taking of any action by the Company which would adversely affect Executive’s participation in or reduce Executive’s
benefits under any such plan, unless Executive is permitted to participate in other plans providing Executive with substantially equivalent benefits in the aggregate (at substantially equivalent cost with respect to welfare benefit plans), or (B)
provide Executive with paid vacation in accordance with the most favorable vacation policies of the Company (and its affiliated companies) as in effect for Executive immediately prior to such Change in Control, including the crediting of all service
for which Executive had been credited under such vacation policies prior to the Change in Control; 
  
 (v)  any purported termination of Executive’s employment which is not effectuated pursuant to Section 10(b) (and which will not constitute a termination hereunder); or 
  

(vi)  the failure of the Company to obtain the assumption agreement from any successor as contemplated in Section 9(b). 
 

  
 An isolated, insubstantial and inadvertent action taken in good faith and which is remedied by
the Company within ten (10) days after receipt of notice thereof given by Executive shall not constitute Good Reason. Executive’s right to terminate employment for Good Reason shall not be affected by Executive’s incapacities due to mental
or physical illness and Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any event or condition constituting Good Reason ; provided, however, that Executive must provide notice of
termination of employment within ninety (90) days following Executive’s knowledge of an event constituting Good Reason or such event shall not constitute Good Reason under this Agreement. 
  

(h)  “Qualifying Termination” means a termination of Executive’s employment (i) by the Company other than for Cause or (ii) by Executive for Good Reason.
Termination of Executive’s employment on account of death, Disability or Retirement shall not be treated as a Qualifying Termination. 
  
 (i)  “Retirement” means Executive’s mandatory retirement (not including any mandatory early retirement) in accordance with the Company’s retirement policy generally applicable to its
salaried employees, as in effect immediately prior to the Change in Control, or in accordance with any retirement arrangement established with respect to Executive with Executive’s written consent. 
  
 (j)  “Subsidiary” means any corporation or other entity in which the Company has a direct or indirect ownership interest of 50% or
more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the election of directors or in which the Company has the right to receive 50% or more of the
distribution of profits or 50% of the assets or liquidation or dissolution. 
  
 (k)  “Termination Period” means
the period of time beginning with a Change in Control and ending two (2) years following such Change in Control. Notwithstanding anything in this Agreement to the contrary, if (i) Executive’s employment is terminated prior to a Change in
Control for reasons that would have constituted a Qualifying Termination if they had occurred following a Change in Control; (ii) Executive reasonably demonstrates that such termination (or Good Reason event) was at the request of a third party who
had indicated an intention or taken steps reasonably calculated to effect a Change in Control; and (iii) a Change in Control involving such third party (or a party competing with such third party to effectuate a Change in Control) does occur, then
for purposes of this Agreement, the date immediately prior to the date of such termination of employment or event constituting Good Reason shall be treated as a Change in Control. For purposes of determining the timing of payments and benefits to
Executive under Section 4, the date of the actual Change in Control shall be treated as Executive’s Date of Termination under Section 1(e). 
  
 2.    Obligation of Executive.    In the event of a tender or exchange offer, proxy contest, or the execution of any agreement which, if consummated, would constitute a
Change in Control, Executive agrees not to voluntarily leave the employ of the Company, other than as a result of Disability or an event which would constitute Good Reason if a Change in Control had occurred, until the Change in Control occurs or,
if earlier, such tender or exchange offer, proxy contest, or agreement is terminated or abandoned. 
  
 3.    Term of Agreement.    This Agreement shall be effective on the date hereof and shall continue in effect until the Company shall have given three (3) years’ written notice of
cancelation; provided that, notwithstanding the delivery of any such notice, this Agreement shall continue in effect for a period of two (2) years after a Change in Control, if such Change in Control shall have occurred during the term of
this Agreement. Notwithstanding anything in this Section to the contrary, this Agreement shall terminate if Executive or the Company terminates Executive’s employment prior to a Change in Control except as provided in Section l(k).

  
 4.    Payments Upon Termination of Employment. 
  

(a)  Qualifying Termination.    If during the Termination Period the employment of Executive shall terminate pursuant to a Qualifying
Termination, then the Company shall provide to Executive: 
 

  
 (i)  within five (5) days following the Date of Termination, a
lump-sum cash amount equal to the sum of (A) Executive’s base salary through the Date of Termination and any bonus amounts which have become payable, to the extent not theretofore paid or deferred, (B) a pro rata portion of
Executive’s annual bonus for the fiscal year in which Executive’s Date of Termination occurs in an amount at least equal to (1) Executive’s Bonus Amount, multiplied by (2) a fraction, the numerator of which is the number of days in
the fiscal year in which the Date of Termination occurs through the Date of Termination and the denominator of which is three hundred sixty-five (365), and reduced by (3) any amounts paid from the Company’s annual incentive plan for the fiscal
year in which Executive’s Date of Termination occurs and (C) any accrued vacation pay, in each case to the extent not theretofore paid; plus 
  
 (ii)  within five (5) days following the Date of Termination, a lump-sum cash amount equal to (i) one (1) times Executive’s highest annual rate of base
salary during the 12-month period immediately prior to Executive’s Date of Termination, plus (ii) one (1) times Executive’s Bonus Amount. 
  
 (b)  If during the Termination Period the employment of Executive shall terminate pursuant to a Qualifying Termination, the Company shall continue to provide, for a period of one (1) year following
Executive’s Date of Termination, Executive (and Executive’s dependents, if applicable) with the same level of medical, dental, accident, disability and life insurance benefits upon substantially the same terms and conditions (including
contributions required by Executive for such benefits) as existed immediately prior to Executive’s Date of Termination (or, if more favorable to Executive, as such benefits and terms and conditions existed immediately prior to the Change in
Control); provided that, if Executive cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been
permitted. Notwithstanding the foregoing, in the event Executive becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits
during the period of Executive’s eligibility, but only to the extent that the Company reimburses Executive for any increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder. 

 
 (c)  If during the Termination Period the employment of Executive shall terminate other than by reason of a Qualifying Termination,
then the Company shall pay to Executive within thirty (30) days following the Date of Termination, a lump-sum cash amount equal to the sum of (1) Executive’s base salary through the Date of Termination and any bonus amounts which have become
payable, to the extent not theretofore paid or deferred, and (2) any accrued vacation pay, in each case to the extent not theretofore paid. The Company may make such additional payments, and provide such additional benefits, to Executive as the
Company and Executive may agree in writing. 
  
 5.    [Intentionally Omitted.] 
  
 6.    Withholding Taxes.    The Company may withhold from all payments due to Executive (or his
beneficiary or estate) hereunder all taxes which, by applicable federal, state, local or other law, the Company is required to withhold therefrom. 
  
 7.    Reimbursement of Expenses.    If any contest or dispute shall arise under this Agreement involving termination of Executive’s employment with the Company or
involving the failure or refusal of the Company to perform fully in accordance with the terms hereof, the Company shall pay directly or reimburse Executive, on a current basis, for all reasonable legal fees and expenses, if any, incurred by
Executive in connection with such contest or dispute (regardless of the result thereof), together with interest in an amount equal to the prime rate of the Chase Manhattan Bank, N.A., from time to time in effect, but in no event higher than the
maximum legal rate permissible under applicable law, such interest to accrue from the date the Company receives Executive’s statement for such fees and expenses through the date of payment thereof, regardless of whether or not Executive’s
claim is upheld by a court of competent jurisdiction/arbitration panel. 
 

  
 8.    Scope of Agreement.    Nothing in this
Agreement shall be deemed to entitle Executive to continued employment with the Company or its Subsidiaries, and if Executive’s employment with the Company shall terminate prior to a Change in Control, Executive shall have no further rights
under this Agreement (except as otherwise provided hereunder); provided, however, that any termination of Executive’s employment during the Termination Period shall be subject to all of the provisions of this Agreement.

  
 9.    Successors: Binding Agreement. 
  
 (a)  This Agreement shall not be terminated by any Business Combination. In the event of any Business Combination, the provisions of this Agreement shall be binding upon the
Surviving Corporation, and such Surviving Corporation shall be treated as the Company hereunder. 
  
 (b)  The Company
will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company unconditionally to assume expressly and agree to perform this
Agreements in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. As used in this Agreement, “Company” means the Company has hereinbefore defined, and any successor to
its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. Failure of the Company to obtain such assumption prior to the effectiveness of any such succession that constitutes a
Change in Control, shall be a breach of this Agreement and shall constitute Good Reason hereunder and shall entitle Executive to compensation and other benefits from the Company in the same amount and on the same terms as Executive would be entitled
hereunder if Executive’s employment were terminated following a Change in Control by reason of a Qualifying Termination. For purposes of implementing the foregoing, the date on which any such Business Combination becomes effective shall be
deemed the date Good Reason occurs, and shall be the Date of Termination if requested by Executive. 
  
 (c)  This
Agreement is personal to the Executive and without the express prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution, and any such purported assignment shall be
void. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive shall die while any amounts
would be payable to Executive hereunder had Executive continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to such person or persons appointed in writing by Executive to
receive such amounts or, if no person is so appointed, to Executive’s estate. 
  
 10.    Notice      (a) For purposes of this Agreement, all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly
given when delivered or five (5) days after deposit in the United States mail, certified and return receipt requested, postage prepaid, addressed as follows: 
  
 If to the Executive: 
  
 Gregory M. Nichols 
 3970 75th Street West, Apt. 520 
 Bradenton, FL 34205 
  
 If to the Company: 
  

Staff Leasing, Inc. 
 600 301 Boulevard West 
 Suite 202 
 Bradenton, FL 34205 
 Attn: General Counsel

 

  
 or to such other address as either party may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt. 
  
 (b)  A written notice of Executive’s Date of
Termination by the Company or Executive, as the case may be, to the other, shall (i) indicate the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) specify the termination date (which date shall be not less than fifteen (15) (thirty (30), if termination is by the Company for
Disability) nor more than sixty (60) days after the giving of such notice). The failure by Executive or the Company to set forth in such notice any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right
of Executive or the Company hereunder or preclude Executive or the Company from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights hereunder. 
  
 11.    Full Settlement; Resolution of Disputes.    The Company’s obligation to make any payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall be in lieu and in full settlement of all other severance payments to Executive under any other severance or employment agreement between Executive and the Company, and any severance plan of the
Company. The Company’s obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive or others. In no event shall Executive be
obligated to seek other employment or take other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and, except as provided in Section 4(b), such amounts shall not be reduced whether or not
Executive obtains other employment. 
  
 12.    Employment with
Subsidiaries.    Employment with the Company for purposes of this Agreement shall include employment with any Subsidiary. 
  
 13.    Survival.    The respective obligations and benefits afforded to the Company and Executive as provided in Sections 4 (to the extent that payments or benefits are
owed as a result of a termination of employment that occurs during the term of this Agreement), 5 (to the extent that Payments are made to Executive as a result of a Change in Control that occurs during the term of this Agreement), 6, 7, 9(c) and 11
shall survive the termination of this Agreement. 
  
 14.    GOVERNING LAW.    THE
INTERPRETATION, CONSTRUCTION AND PERFORMANCE OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO THE PRINCIPLE OF CONFLICTS OF LAWS. 

 
 15.    Severability.    The invalidity, illegality or unenforceability of any provision of
this Agreement shall not affect the validity, legality or enforceability of any other provision of this Agreement, which other provisions shall remain in full force and effect. If the effect of a final and unappealable holding or finding that any
such provision is either invalid, illegal or unenforceable is to modify to the Executive’s detriment, reduce or eliminate any compensation, reimbursement, payment, allowance or other benefit to the Executive intended by the Company and
Executive in entering into this Agreement, the Company shall promptly negotiate and enter into an agreement with the Executive containing alternative provisions (reasonably acceptable to the Executive) that will restore to the Executive (to the
extent legally permissible) substantially the same economic, substantive and income tax benefits the Executive would have enjoyed had any such provision of this Agreement been upheld as valid, legal and enforceable. 
  
 16.    Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed to
be an original and all of which together shall constitute one and the same instrument. 
  
 17.    Miscellaneous.    (a) No provision of this Agreement may be modified or waived unless such modification or waiver is agreed to in writing and signed by Executive and by a duly authorized
officer of the
 
 

 
Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
  
 (b)  Failure by Executive or the Company to insist upon strict compliance with any provision of this Agreement or to assert any right Executive or the Company may have hereunder, including without limitation, the right of
Executive to terminate employment for Good Reason, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
  
 (c)  Except as otherwise specifically provided herein, the rights of, and benefits payable to, Executive, his estate or his beneficiaries pursuant to this Agreement are in
addition to any rights of, or benefits payable to, Executive, his estate or his beneficiaries under any other employee benefit plan or compensation program of the Company. 
  
 (d)  If any amounts which are required or determined to be paid or payable or reimbursed or reimbursable to the Executive under this Agreement (or, following a Change in
Control, under any other plan, agreement, policy or arrangement with the Company) are not so paid promptly at the times provided hereon or therein, such amounts shall accrue interest at an annual percentage rate of ten percent (10%) from the date
such amounts were required or determined to have been paid or payable or reimbursed or reimbursable to the Executive until such amounts and any interest accrued thereon are finally and fully paid; provided, however, that in no event shall the amount
of interest contracted for, charged or received hereunder exceed the maximum non-usurious amount of interest allowed by applicable law. 
  
 (e)  The Executive acknowledges receipt of a copy of this Agreement (together with any attachments hereto), which has been executed in duplicate and agrees that, with respect to the subject matter hereof, this is the entire
agreement with the Company. Any other oral or any written representations, understandings or agreements with the Company or any of its officers or representatives covering the same subject matter which are in conflict with this Agreement hereby are
merged into and superseded by the provisions of this Agreement. 
  
 IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by a duly authorized officer of the Company and Executive has executed this Agreement as of the day and year first above written. 
  

	 	  S
	TAFF LEASING, INC. 
 

  

	 	                                      
          
	 
 

	 	Na
	me: Michael K. Phippen 
 

	 	Tit
	le: Chairman & CEO 
 

  

	 	                                      
          
	 
 

	 	Gr
	egory M. Nichols

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