Document:

exv10w1

Exhibit 10.1

AGREEMENT AND FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

     This Agreement and First Amendment to Second Amended and Restated Credit Agreement (this
“Amendment”) dated as of May 27, 2011 among SERVICE CORPORATION INTERNATIONAL (the
“Borrower”); the lenders (collectively, the “Lenders”) now or hereafter party to
the Credit Agreement (as hereinafter defined), and JPMORGAN CHASE BANK, N.A., as Administrative
Agent (the “Administrative Agent”) for the Lenders;

W I T N E S S E T H:

     WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to that certain
Second Amended and Restated Credit Agreement (as amended and supplemented to the date hereof, the
“Credit Agreement) dated as of March 18, 2011;

     WHEREAS, Investment Capital Corporation (“ICC”), an indirect wholly owned Subsidiary
of the Borrower and a Guarantor, intends to enter into (x) a Stock Purchase Agreement (including
all attachments thereto, the “Stock Purchase Agreement”) to purchase 70% of the outstanding
stock of Neptune Society, Inc. (“NSI”) and (y) a Shareholders Agreement (including the
attachments thereto, the “Shareholders Agreement”) with the other shareholders of NSI,
whereby (among other things) ICC agrees to purchase the balance of the outstanding stock of NSI
upon the put of such stock by such shareholders in accordance with the terms and conditions
thereof;

     WHEREAS, the other shareholders of NSI have refused to allow NSI and its Subsidiaries to enter
into a Guarantee Agreement; and

     WHEREAS, the Borrower, the Lenders and the Administrative Agent desire to amend the Credit
Agreement to cause the transactions contemplated by the Stock Purchase Agreement and the
Shareholders Agreement (collectively, the “Neptune Society Transactions”) to be a Permitted
Acquisition because after giving effect to this Amendment, Section 5.10 of the Credit Agreement
would not require NSI and its Subsidiaries to enter into a Guarantee Agreement upon becoming
Subsidiaries;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations
and warranties herein set forth, and for other good and valuable consideration, the receipt and
sufficiency of which are acknowledged, the Borrower and the Lenders do hereby agree as follows:

     Section 1. The following definition contained in Section 1.01 of the Credit Agreement
is hereby amended to provide as follows:

     “Excluded Subsidiaries” means (a) Wilson Financial Group and each
Subsidiary thereof; (b) Neptune Society, Inc. and each Subsidiary thereof; (c) SCI
International, LLC; (d) Alderwoods Group, LLC; (e) ECI Capital Corporation, and (f)
SCI Cerberus, LLC.

 

 

     Section 2. Neptune Society Transactions. The Borrower represents and warrants
that (a) it has delivered true, correct and complete copies of the Stock Purchase Agreement and the
Shareholders Agreement to the Administrative Agent, and each of the same is in full force and
effect as reflected therein, without any amendment or other modification; (b) the business of NSI
and its Subsidiaries is reasonably related to the business of the Borrower on the Effective Date;
(c) the Borrower and the Subsidiaries will be in compliance, on a pro forma basis after giving
effect to the Neptune Society Transactions, with Section 6.12(b) of the Credit Agreement, as if the
acquisition contemplated by the Stock Purchase Agreement had occurred on April 1, 2011; (d) the
Leverage Ratio, calculated on such a pro forma basis, is no greater than 3.75 to 1.00, and (e) such
acquisition has been approved by all necessary corporate and other action by NSI and its
shareholders. The Borrower agrees that it will, before the closing of the acquisition contemplated
by the Stock Purchase Agreement, deliver to the Administrative Agent an officer’s certificate to
the effects (1) that, immediately after giving effect to such acquisition, no Default has occurred
and is continuing or would result therefrom and (2) set forth in clauses (b), (c), (d) and (e) of
the immediately preceding sentence, together with (x) all financial information theretofore
reasonably requested by the Administrative Agent relating to NSI and its Subsidiaries and (y)
reasonably detailed calculations demonstrating satisfaction of the requirements set forth in
clauses (c) and (d) of such sentence.

     Section 3. Representations True; No Default. The Borrower represents and
warrants that (a) the representations and warranties contained in Article III of the Credit
Agreement are true and correct in all material respects on and as of the date hereof as though made
on and as of such date (except if and to the extent that it relates to an earlier date, in which
case such representation and warranty shall be true as of such earlier date) and (b) the terms and
conditions of the Neptune Society Transactions will be substantially as set forth in the forms of
the Stock Purchase Agreement and the Shareholders Agreement heretofore delivered by the Borrower to
the Administrative Agent. The Borrower hereby certifies that no event has occurred and is
continuing which constitutes a Default or an Event of Default.

     Section 4. Ratification. Except as expressly amended hereby, the Credit
Agreement and the other Loan Documents shall remain in full force and effect. The Credit
Agreement, as hereby amended, and all rights and powers created thereby or thereunder and under the
other Loan Documents are in all respects ratified and confirmed and remain in full force and
effect.

     Section 5. Definitions and References. Any term used herein that is defined
in the Credit Agreement shall have the meaning therein ascribed to it. The terms “Agreement” and
“Credit Agreement” as used in the Credit Agreement, the other Loan Documents or any other
instrument, document or writing furnished to the Administrative Agent or Lender by the Borrower and
referring to the Credit Agreement shall mean the Credit Agreement as hereby amended.

     Section 6. Effectiveness. This Amendment shall become effective upon its
execution and delivery by the Borrower and the Required Lenders. Delivery of an executed
counterpart of a signature page of this Amendment by telecopy or email shall be effective as
delivery of a manually executed counterpart of this Amendment.

-2-

 

     Section 7. Miscellaneous. This Amendment (a) is a Loan Document; (b) shall be
construed in accordance with and governed by the law of the State of Texas; (c) may be executed in
several counterparts, and by the parties hereto on separate counterparts, and each counterpart,
when so executed and delivered, shall constitute an original agreement, and all such separate
counterparts shall constitute but one and the same agreement; and (d) together with the other Loan
Documents, embodies the entire agreement and understanding between the parties with respect to the
subject matter hereof and supersedes all prior agreements, consents and understandings relating to
such subject matter. The headings herein shall be accorded no significance in interpreting this
Amendment.

-3-

 

     THE LOAN DOCUMENTS (INCLUDING THIS AMENDMENT) REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

     THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

     IN WITNESS WHEREOF, the Borrower, the Administrative Agent and the Lenders have caused this
Amendment to be signed by their respective duly authorized officers, effective as of the date first
above written.

	 	 	 	 	 
	 	SERVICE CORPORATION INTERNATIONAL

 	 
	 	By:  	                                              /s/ Gregory T. Sangalis
 	 
	 	 	Name:  	Gregory T. Sangalis 	 
	 	 	Title:  	Senior Vice President and General Counsel 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., individually 

and as Administrative Agent

 	 
	 	By:  	                                              /s/ Darren Vanek
 	 
	 	 	Name:  	Darren Vanek 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	                                              /s/ Gary L. Mingle
 	 
	 	 	Name:  	Gary L. Mingle 	 
	 	 	Title:  	Senior Vice President 	 
	 

[unnumbered signature page to Service Corporation International

Agreement and First Amendment to Second Amended Restated Credit Agreement]

 

 

	 	 	 	 	 
	 	COMPASS BANK

 	 
	 	By:  	                                              /s/ Payton K. Swope
 	 
	 	 	Name:  	Payton K. Swope 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA

 	 
	 	By:  	                                              /s/ Paula Czach
 	 
	 	 	Name:  	Paula Czach 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	SUNTRUST BANK

 	 
	 	By:  	                                              /s/ Baerbel Freudenthaler
 	 
	 	 	Name:  	Baerbel Freudenthaler 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	REGIONS BANK

 	 
	 	By:  	                                              /s/ H. Gale Smith, Jr.
 	 
	 	 	Name:  	H. Gale Smith, Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	US BANK, N.A.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[unnumbered signature page to Service Corporation International

Agreement and First Amendment to Second Amended Restated Credit Agreement]

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	                                              /s/ Reginald M. Goldsmith III
 	 
	 	 	Name:  	Reginald M. Goldsmith III 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	AMEGY BANK NATIONAL ASSOCIATION

 	 
	 	By:  	                                              /s/ Jeremy A. Newsom
 	 
	 	 	Name:  	Jeremy A. Newsom 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	BOKF, NA dba BANK OF TEXAS

 	 
	 	By:  	                                              /s/ Marian Livingston
 	 
	 	 	Name:  	Marian Livingston 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	RAYMOND JAMES BANK, FSB

 	 
	 	By:  	                                              /s/ Garrett McKinnon
 	 
	 	 	Name:  	Garrett McKinnon 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	BRANCH BANKING AND TRUST COMPANY

 	 
	 	By:  	                                              /s/ DeVon J. Lang
 	 
	 	 	Name:  	DeVon J. Lang 	 
	 	 	Title:  	Vice President 	 
	 

[unnumbered signature page to Service Corporation International

Agreement and First Amendment to Second Amended Restated Credit Agreement]

 

 

	 	 	 	 	 
	 	COMERICA BANK

 	 
	 	By:  	                                              /s/ Joey Powell
 	 
	 	 	Name:  	Joey Powell 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA

 	 
	 	By:  	                                              /s/ Jennifer Lee-You
 	 
	 	 	Name:  	Jennifer Lee-You 	 
	 	 	Title:  	Attorney-In-Fact, Royal Bank of Canada 	 
	 

[unnumbered signature page to Service Corporation International

Agreement and First Amendment to Second Amended Restated Credit Agreement]exv10w1

Exhibit 10.1

TRANSITION AGREEMENT

     This Transition Agreement (the “Agreement”) is made and entered into effective as of May 31,
2011 (the “Effective Date”) by and between Corrections Corporation of America, a Maryland
corporation (the “Company”) and Richard P. Seiter (“Employee”). The Company and Employee are
sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

WITNESSETH:

     WHEREAS, the Company and Employee hereby agree that effective as of the Effective Date,
Employee has resigned from serving as the Chief Corrections Officer of the Company;

     WHEREAS, the Company desires to employ Employee from and after the Effective Date to perform
certain transition services for the Company as set forth in this Agreement (the “Transition
Services”); and

     WHEREAS, the Parties wish to set forth their respective rights and obligations in connection
with the foregoing.

     NOW, THEREFORE, in consideration of the mutual covenants and conditions hereinafter expressed,
and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties
agree as follows:

SECTION 1.

EMPLOYMENT; DUTIES AND RESPONSIBILITIES

     1.1 Transition Services. During the Term of this Agreement, the Company hereby employs
Employee, and Employee hereby accepts employment with the Company, to provide services to effect
the orderly transition of his former duties and responsibilities with the Company. In such
capacity, Employee shall have the title “Special Assistant to the CEO” and report to the Chief
Executive Officer of the Company. For the avoidance of doubt, provided that Employee complies with
the terms of this Agreement, Employee will be deemed to have been continuously employed as an
employee of the Company from January 3, 2005 through the last day of the Term of this Agreement for
purposes of vesting with respect to equity awards granted to Employee prior to the Effective Date
pursuant to the Company’s equity incentive plans.

     1.2 Compliance with Law and Standards. Employee shall at all times comply with all
applicable laws, rules and regulations of any and all governmental authorities and the applicable
standards, bylaws, rules, compliance programs, policies and procedures of the Company of which
Employee has knowledge (including any policies that apply only to executives, notwithstanding the
fact that Employee’s employment hereunder is in a non-executive capacity). Employee further agrees
that Employee will not engage in any conduct which, in the reasonable determination of the Company,
adversely affects the image or business of the Company or would impair in any material respect
Employee’s ability to carry out Employee’s duties hereunder except as otherwise required by a
court, law, governmental agency or regulation.

     1.3 Ownership of Developments; Trade Secrets of Others. All copyrights, patents, trade
secrets, or other intellectual property rights associated with any idea, concepts, techniques,
inventions, processes, or works of authorship developed or created by Employee during the course of
his work for the Company or its clients, including past employment and with respect to the services
to be provided hereunder (collectively, the “Work Product”), will belong exclusively to the Company
and will, to the

 

 

extent possible, be considered a work made by Employee for hire for the Company within the
meaning of Title 17 of the United States Code. To the extent the Work Product may not be considered
work made by Employee for hire for the Company, Employee agrees to assign, and automatically assign
at the time of creation of the Work Product, without any requirement of further consideration, any
right, title, or interest Employee may have in such Work Product. Upon the request of the Company,
Employee will take further actions, including execution and delivery of instruments of conveyance,
as may be appropriate to give full and proper effect to such assignment. Employee represents that
he is not bound by, and covenants that he will not enter into, any agreements, either written or
oral, which are in conflict with this Agreement. For purposes of this Section 1.3, the term
“Company” also will include any existing or future affiliates of the Company.

SECTION 2.

COMPENSATION

     2.1 Compensation.

          2.1.1 Base Salary. For the period beginning June 1, 2011 and ending May 31, 2012, the
Company shall pay Employee an annual salary of $310,655.00, which shall be payable to Employee in
accordance with the Company’s normal payroll practices, but in no event less than bi-weekly. For
the period beginning June 1, 2012 and ending May 31, 2013, the Company shall pay Employee an annual
salary of $155,327.50, which shall be payable to Employee in accordance with the Company’s normal
payroll practices, but in no event less than bi-weekly.

          2.1.2 Bonus for 2011. In the event both the Company and Employee each respectively
achieve certain financial performance and personal performance targets as established by the Board
of Directors of the Company, or a committee or subcommittee thereof to which compensation matters
have been delegated, pursuant to a cash compensation incentive plan or similar plan established by
the Company for its executive officers for the year ending December 31, 2011 (“Calendar 2011”), the
Company shall pay to Employee a cash bonus pursuant to the terms of such plan. This bonus, if any,
shall be paid to Employee between January 1 and March 15, 2012; provided, however, that if the
Company is unable to determine the amount of such bonus prior to such date, then such bonus shall
be paid no later than December 31, 2012. The Board of Directors of the Company, or applicable
committee or subcommittee, may review and revise the terms of the cash compensation incentive plan
or similar plan referenced above at any time, after taking into consideration both the performance
of the Company and the personal performance of Employee, among other factors, and may, in their
sole discretion, amend the cash compensation incentive plan or similar plan in any manner it may
deem appropriate; provided, however, that any such amendment to the plan shall not affect
Employee’s right to participate in such amended plan or plans during Calendar 2011. Except as set
forth in this Section 2.1.2, Employee shall not be entitled to receive awards under any cash
incentive or other similar plan of the Company after the Effective Date.

          2.1.3 Equity Grants; Vacation Accrual. Employee shall not be entitled to receive
awards after the Effective Date under any of the Company’s equity incentive plans. Outstanding
equity-based awards granted to Employee prior to the Effective Date shall continue to vest in
accordance with their respective terms until the Termination Date, but thereafter shall not vest in
any additional amount and shall be exercisable only to the extent specified in the applicable award
agreement. In addition, Employee shall not accrue any vacation or paid time off during the Term of
this Agreement.

          2.1.4 No Additional Compensation. Employee acknowledges that, except as expressly
provided in this Agreement, Employee will not receive nor is he entitled to any additional
compensation, severance or benefits.

2

 

     2.2 Expenses. The Company will reimburse Employee for actual travel and other expenses
reasonably incurred in connection with his performance of the Transition Services, provided that
such expenses are supported by documentation that complies with the Company’s travel and expense
policies, and to the extent that any such reimbursement constitutes “deferred compensation” for
purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), in
accordance with Section 1.409A-3(i)(1)(iv) of the Treasury Regulations.

     2.3 Benefits. Except as otherwise set forth in this Agreement, during the Term,
Employee shall be entitled to participate in all employee benefit plans or programs and receive all
benefits for which any salaried employees are eligible under any existing or future plan or program
established by the Company for salaried employees. Employee will participate to the extent
permissible under the terms and provisions of such plans or programs in accordance with program
provisions. These may include group hospitalization, health, dental care, life or other insurance,
tax qualified pension, savings, thrift and profit sharing plans, termination pay programs, sick
leave plans, travel or accident insurance, disability insurance, and contingent compensation plans
including unit purchase programs and unit option plans. Nothing in this Agreement shall preclude
the Company from amending or terminating any of the plans or programs applicable to salaried or
senior executives as long as such amendment or termination is applicable to all salaried employees
or senior executives.

SECTION 3.

LIMITATION OF LIABILITY

     3.1 To the fullest extent permissible under applicable law, neither party shall have any
liability to the other in connection with the performance of the Transition Services under this
Agreement except in connection with breaches of the express terms of this Agreement or actions or
omissions that constitute bad faith, gross negligence or willful misconduct.

SECTION 4.

TERM AND TERMINATION

     4.1 Term. The term (the “Term”) of this Agreement shall begin on the Effective Date
and shall end on May 31, 2013, unless earlier terminated pursuant to the terms hereof (such date
that the Term ends or is terminated, the “Termination Date”).

     4.2 Termination by the Company for Cause. The Company may terminate this Agreement at
any time in its sole discretion for Cause. For purposes of this Agreement, “Cause” shall mean: (i)
the death of Employee; (ii) the permanent disability of Employee, which shall be defined as the
inability of Employee, as a result of physical or mental illness or incapacity, to substantially
perform his duties pursuant to this Agreement for a period of one hundred eighty (180) days during
any twelve (12) month period; (iii) Employee’s conviction of a felony or of a crime involving
dishonesty or moral terpitude, including, without limitation, any act or crime involving
misappropriation or embezzlement of Company assets or funds; (iv) willful or material wrongdoing by
Employee, including, but not limited to, acts of dishonesty or fraud, which could be expected to
have a materially adverse effect, monetarily or otherwise, on the Company or its subsidiaries or
affiliates, as determined by the Company and its Board of Directors; (v) material breach by
Employee of a material obligation under this Agreement or of his fiduciary duty to the Company or
its stockholders; or (vi) Employee’s intentional violation of any applicable local, state or
federal law or regulation affecting the Company in any material respect, as determined by the
Company and its Board of Directors. Notwithstanding the foregoing, to the extent that any of the
events, actions or breaches set forth above are able to be remedied or cured by Employee, Cause
shall not be deemed to exist (and thus the Company may not terminate Employee for Cause

3

 

hereunder) unless Employee fails to remedy or cure such event, action or breach within twenty
(20) days after being given written notice by the Company of such event, action or breach.

     4.3 Release. In consideration of the Company’s willingness to enter into this
Agreement and the payment of compensation for the Transition Services, Employee agrees to execute
and deliver, within 21 days of the Termination Date, a general release in the form attached as
Exhibit A.

SECTION 5.

CONFIDENTIALITY, NON-COMPETITION, NON-SOLICITATION

     5.1 Non-Competition, Non-Solicitation. Employee hereby covenants and agrees that
during the Term of this Agreement and for a period of one (1) year thereafter, Employee shall not,
directly or indirectly: (i) own any interest in, operate, join, control or participate as a
partner, director, principal, officer or agent of, enter into the employment of, act as a
consultant to, or perform any services for any entity (each a “Competing Entity”) which has
material operations which compete with any business in which the Company or any of its subsidiaries
is then engaged or, to the then existing knowledge of Employee, proposes to engage; (ii) solicit
any customer or client of the Company or any of its subsidiaries (other than on behalf of the
Company) with respect to any business in which the Company or any of its subsidiaries is then
engaged or, to the then existing knowledge of Employee, proposes to engage; or (iii) induce or
encourage any employee of the Company or any of its subsidiaries to leave the employ of the Company
or any of its subsidiaries; provided, that Employee may, solely as an investment, hold not more
than five percent (5%) of the combined voting securities of any publicly-traded corporation or
other business entity. The foregoing covenants and agreements of Employee are referred to herein as
the “Restrictive Covenant.” Employee acknowledges that he has carefully read and considered the
provisions of the Restrictive Covenant and, having done so, agrees that the restrictions set forth
in this Section 5.1, including without limitation the time period of restriction set forth above,
are fair and reasonable and are reasonably required for the protection of the legitimate business
and economic interests of the Company. Employee further acknowledges that the Company would not
have entered into this Agreement absent Employee’s agreement to the foregoing.

     In the event that, notwithstanding the foregoing, any of the provisions of this Section 5.1 or
any parts hereof shall be held to be invalid or unenforceable, the remaining provisions or parts
hereof shall nevertheless continue to be valid and enforceable as though the invalid or
unenforceable portions or parts had not been included herein. In the event that any provision of
this Section 5.1 relating to the time period and/or the area of restriction and/or related aspects
shall be declared by a court of competent jurisdiction to exceed the maximum restrictiveness such
court deems reasonable and enforceable, the time period and/or area of restriction and/or related
aspects deemed reasonable and enforceable by such court shall become and thereafter be the maximum
restrictions in such regard, and the provisions of the Restrictive Covenant shall remain
enforceable to the fullest extent deemed reasonable by such court.

     5.2 Confidentiality and Non-Disclosure. In consideration of the rights granted to
Employee hereunder, Employee hereby agrees that during the Term of this Agreement and for a period
of three (3) years thereafter he will hold in confidence all information concerning the Company or
its business, including, but not limited to contract terms, financial information, operating data,
or business plans or models, whether for existing, new or developing businesses, and any other
proprietary information (hereinafter, collectively referred to as the “Proprietary Information”),
whether communicated orally or in documentary or other tangible form. The parties to this Agreement
recognize that the Company has invested considerable amounts of time and money in attaining and
developing all of the information described above, and any unauthorized disclosure or release of
such Proprietary Information in any form would irreparably harm the Company.

4

 

SECTION 6.

GENERAL PROVISIONS

     6.1 Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Tennessee, without regard to its conflict of laws
principle.

     6.2 Waiver of Breach. The waiver by a party of any breach of any provision of this
Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach
of the same or any other provision hereof by that party.

     6.3 Severability. The invalidity or unenforceability of any provision of this
Agreement will not effect the validity or enforceability of any other provision.

     6.4 Entire Agreement: Amendments. This Agreement forms the entire agreement of the
parties and supersedes any prior agreements between them with respect to the subject matter hereof.

     6.5 Amendment, Modification or Waiver. No provision of this Agreement may be amended
or waived, unless such amendment or waiver is agreed to in writing, signed by Employee and by a
duly authorized officer of the Company. No waiver by any party hereto of any breach by another
party hereto of any condition or provision of this Agreement to be performed by such other party
will be deemed a waiver of a similar or dissimilar condition or provision at the same time, any
prior time or any subsequent time.

     6.6 Binding Effect; Assignment. This Agreement shall be binding upon and inure to the
benefit of the Parties, their successors and their permitted assigns; provided that Employee shall
not assign his rights, duties or obligations hereunder.

     6.7 Notice. Any notice to be given hereunder will be in writing and will be deemed
given when delivered personally, sent by courier or facsimile or registered or certified mail,
postage prepaid, return receipt requested, addressed to the party concerned at the address
indicated below or to such other address as such party may subsequently give notice hereunder in
writing:

	 	 	 

	To Employee at:

	 	Richard P. Seiter

                              

                              
	 
	 	 
	To the Company at:

	 	Corrections Corporation of America

10 Burton Hills Boulevard

Nashville, TN 37215

Attention: Chief Executive Officer

Facsimile: (615) 213-3010

     6.8 Withholding. All payments to Employee under this Agreement will be reduced by all
applicable withholding required by federal, state or local law.

     6.9 Survival. The provisions of Sections 1.3, 5.1, 5.2 and Section 6.1 through 6.10
hereof shall survive the termination for any reason or expiration of this Agreement for the period
described or referenced in each such Section or, if no period is described or referenced in such
Section, indefinitely.

5

 

     6.10 Counterparts. This Agreement may be executed in counterparts, each of which will
be deemed an original, but all of which together will constitute one and the same instrument.

     6.11 Section 409A. By accepting this Agreement, Employee hereby agrees and
acknowledges that the Company does not make any representations with respect to the application of
Section 409A of the Code to any tax, economic or legal consequences of any payments payable to
Employee hereunder. Further, by the acceptance of this Agreement, Employee acknowledges that (i)
Employee has obtained independent tax advice regarding the application of Section 409A of the Code
to the payments due to Employee hereunder, (ii) Employee retains full responsibility for the
potential application of Section 409A of the Code to the tax and legal consequences of payments
payable to Employee hereunder and (iii) the Company shall not indemnify or otherwise compensate
Employee for any violation of Section 409A of the Code that my occur in connection with this
Agreement. The Parties agree that, to the extent applicable, this Agreement shall be interpreted
and administered in accordance with Section 409A of the Code and that the Parties will cooperate in
good faith to amend such documents and to take such actions as may be necessary or appropriate to
comply with Section 409A of the Code.

[Signature page follows]

6

 

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first written above.

	 	 	 	 	 	 	 

	 	 	CORRECTIONS CORPORATION OF AMERICA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Damon T. Hininger	 	 
	 

	 	Name:
	 	 

Damon T. Hininger
	 	 
	 

	 	Title:
	 	President & Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Richard P. Seiter	 	 
	 	 	 	 	 
	 	 	Richard P. Seiter	 	 

 

 

EXHIBIT A

FORM OF GENERAL RELEASE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]