Document:

Second Amendment and Modification to Loan and Security Agreement

 Exhibit 10.15 
  
 SECOND AMENDMENT AND MODIFICATION 
 TO LOAN AND SECURITY AGREEMENT 
  
 THIS SECOND AMENDMENT AND MODIFICATION TO LOAN AND SECURITY AGREEMENT (the “Amendment”) is made effective as of the 22nd day of March, 2005, by and among KENEXA TECHNOLOGY, INC.
(“Borrower”), PNC BANK, NATIONAL ASSOCIATION, as Agent (“Agent”) and the financial institutions from time to time a party to the Loan Agreement (as defined below) (collectively, the “Lenders”).

  
 BACKGROUND 
  
 A. Pursuant to that certain Revolving Credit and Security Agreement dated
July 15, 2003 by and among Borrower, Agent and Lenders (as amended by that certain First Amendment and Waiver dated October 10, 2003 and as the same may hereafter be further amended, modified or restated from time to time, being referred to herein
as the “Loan Agreement”), Lenders agreed, inter alia, to extend to Borrower a line of credit in a maximum principal amount of Ten Million Dollars ($10,000,000.00). 
  
 B. Borrower has requested and Agent and Lenders have agreed to amend the Loan Agreement in accordance with the terms and
conditions contained herein. 
  
 C. All capitalized terms
contained herein and not otherwise defined herein shall have the meanings set forth in the Loan Agreement. 
  
 NOW, THEREFORE, intending to be legally bound hereby, the parties hereto agree as follows: 
  
 1. Definitions. 
  
 (a) The definition of “Business Day” set forth in
Section 1.2 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
  
 ““Business Day” shall mean any day other than Saturday or Sunday or a legal holiday on which commercial banks are authorized or
required by law to be closed for business in New York, New York and, if the applicable Business Day relates to any Eurodollar Rate Loans, such day must also be a day on which dealings are carried on in the London interbank market.” 

 
 (b) The definition of “Revolving Interest Rate” set
forth in Section 1.2 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
  
 ““Revolving Interest Rate” shall mean an interest rate per annum equal to (a) the Alternate Base Rate with respect to Domestic Rate
Loans and (b) the sum of the Eurodollar Rate plus two and one half of one percent (2.5%) with respect to Eurodollar Rate Loans.” 

 (c) The following definitions are hereby added to Section 1.2 of the Loan Agreement in the
alphabetical order in which they would otherwise appear: 
  
 ““Domestic Rate Loan” shall mean any Advance that bears interest based upon the Alternate Base Rate.” 
  
 ““Eurodollar Rate” shall mean for any Eurodollar Rate Loan for the then current Interest Period relating thereto the interest rate
per annum determined by PNC by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate of interest determined by PNC in accordance with its usual procedures (which determination shall be
conclusive absent manifest error) to be the average of the London interbank offered rates for U.S. Dollars quoted by the British Bankers’ Association as set forth on Dow Jones Markets Service (formerly known as Telerate) (or appropriate
successor or, if British Banker’s Association or its successor ceases to provide such quotes, a comparable replacement determined by PNC) display page 3750 (or such other display page on the Dow Jones Markets Service system as may replace
display page 3750) two (2) Business Days prior to the first day of such Interest Period for an amount comparable to such Eurodollar Rate Loan and having a borrowing date and a maturity comparable to such Interest Period by (ii) a number equal to
1.00 minus the Reserve Percentage. The Eurodollar Rate may also be expressed by the following formula: 
  
 Average of London interbank offered rates quoted by BBA as shown on 
 Eurodollar Rate =
Dow Jones Markets Service display page 3750 or appropriate successor 
 1.00 - Reserve Percentage.” 
  
 ““Eurodollar Rate Loan” shall mean an Advance at any
time that bears interest based on the Eurodollar Rate.” 
  
 ““Interest Period” shall mean the period provided for any Eurodollar Rate Loan pursuant to Section 2.2(b).” 
  

““Reserve Percentage” shall mean the maximum effective percentage in effect on any day as prescribed by the Board of Governors of
the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding.” 

 2. Procedure for Revolving Advances Borrowings. Section 2.2 of the Loan Agreement is
hereby deleted in its entirety and replaced with the following: 
  
 “2.2 Procedure for Revolving Advances Borrowing. 
  
 (a) Borrower may notify Agent prior to 11:00 a.m. on any Business Day of Borrower’s request to incur, on that day, a Revolving Advance hereunder. Should any amount required to be paid as interest hereunder, or as
fees or other charges under this Agreement or any other agreement with Agent or Lenders, or with respect to any other Obligation, become due, same shall be deemed a request for a Revolving Advance as of the date such payment is due, in the amount
required to pay in full such interest, fee, charge or Obligation under this Agreement or any other agreement with Agent or Lenders, and such request shall be irrevocable. 
  
 (b) Notwithstanding the provisions of subsection (a) above, in the event Borrower desires to obtain a
Eurodollar Rate Loan, Borrower shall give Agent at least three (3) Business Days’ prior written notice, specifying (i) the date of the proposed borrowing (which shall be a Business Day), (ii) the type of borrowing and the amount on the date of
such Advance to be borrowed, which amount shall be in a minimum amount of Five Hundred Thousand Dollars ($500,000.00) and in integral multiples of One Hundred Thousand Dollars ($100,000.00) thereafter, and (iii) the duration of the first Interest
Period therefor. Interest Periods for Eurodollar Rate Loans shall be for one month; provided, if an Interest Period would end on a day that is not a Business Day, it shall end on the next succeeding Business Day unless such day falls in the next
succeeding calendar month in which case the Interest Period shall end on the next preceding Business Day. No Eurodollar Rate Loan shall be made available to Borrower during the continuance of a Default or an Event of Default. 
  
 (c) Each Interest Period of a Eurodollar Rate Loan shall commence on the
date such Eurodollar Rate Loan is made and shall end on such date as Borrower may elect as set forth in subsection (b)(iii) above provided that the exact length of each Interest Period shall be determined in accordance with the
practice of the interbank market for offshore Dollar deposits and no Interest Period shall end after the last day of the Term. 
  
 Borrower shall elect the initial Interest Period applicable to a Eurodollar Rate Loan by its notice of borrowing given to Agent pursuant to Section
2.2(b) or by its notice of conversion given to Agent pursuant to Section 2.2(d), as the case may be. Borrower shall elect the duration of each succeeding Interest Period by giving irrevocable written notice to Agent of such
duration not less than three (3) Business Days prior to the last day of the then current Interest Period applicable to such Eurodollar Rate Loan. If 

 
Agent does not receive timely notice of the Interest Period elected by Borrower, Borrower shall be deemed to have elected to convert to a Domestic Rate Loan
subject to Section 2.2(d) hereinbelow. 
  
 (d)
Provided that no Event of Default shall have occurred and be continuing, Borrower may, on the last Business Day of the then current Interest Period applicable to any outstanding Eurodollar Rate Loan, or on any Business Day with respect to Domestic
Rate Loans, convert any such loan into a loan of another type in the same aggregate principal amount provided that any conversion of a Eurodollar Rate Loan shall be made only on the last Business Day of the then current Interest Period applicable to
such Eurodollar Rate Loan. If Borrower desires to convert a loan, Borrower shall give Agent not less than three (3) Business Days’ prior written notice to convert from a Domestic Rate Loan to a Eurodollar Rate Loan or one (1) Business
Day’s prior written notice to convert from a Eurodollar Rate Loan to a Domestic Rate Loan, specifying the date of such conversion, the loans to be converted and if the conversion is from a Domestic Rate Loan to any other type of loan, the
duration of the first Interest Period therefor. After giving effect to each such conversion, there shall not be outstanding more than three (3)Eurodollar Rate Loans, in the aggregate. 
  
 (e) At its option and upon three (3) Business Days’ prior written notice, Borrower may prepay the Eurodollar Rate Loans
in whole at any time or in part from time to time with accrued interest on the principal being prepaid to the date of such repayment. Borrower shall specify the date of prepayment of Advances which are Eurodollar Rate Loans and the amount of such
prepayment In the event that any prepayment of a Eurodollar Rate Loan is required or permitted on a date other than the last Business Day of the then current Interest Period with respect thereto, Borrower shall indemnify Agent and Lenders therefor
in accordance with Section 2.2(f) hereof. 
  
 (f)
Borrower shall indemnify Agent and Lenders and hold Agent and Lenders harmless from and against any and all losses or expenses that Agent and Lenders may sustain or incur as a consequence of any prepayment, conversion of or any default by Borrower
in the payment of the principal of or interest on any Eurodollar Rate Loan or failure by Borrower to complete a borrowing of, a prepayment of or conversion of or to a Eurodollar Rate Loan after notice thereof has been given, including, but not
limited to, any interest payable by Agent or Lenders to lenders of funds obtained by it in order to make or maintain its Eurodollar Rate Loans hereunder. A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted
by Agent or any Lender to Borrower shall be conclusive absent manifest error. 

 (g) Notwithstanding any other provision hereof, if any applicable law, treaty, regulation or directive,
or any change therein or in the interpretation or application thereof, shall make it unlawful for any Lender (for purposes of this subsection (g), the term “Lender” shall include any Lender and the office or branch
where any Lender or any corporation or bank controlling such Lender makes or maintains any Eurodollar Rate Loans) to make or maintain its Eurodollar Rate Loans, the obligation of Lenders to make Eurodollar Rate Loans hereunder shall forthwith be
cancelled and Borrower shall, if any affected Eurodollar Rate Loans are then outstanding, promptly upon request from Agent, either pay all such affected Eurodollar Rate Loans or convert such affected Eurodollar Rate Loans into loans of another type.
If any such payment or conversion of any Eurodollar Rate Loan is made on a day that is not the last day of the Interest Period applicable to such Eurodollar Rate Loan, Borrower shall pay Agent, upon Agent’s request, such amount or amounts as
may be necessary to compensate Lenders for any loss or expense sustained or incurred by Lenders in respect of such Eurodollar Rate Loan as a result of such payment or conversion, including (but not limited to) any interest or other amounts payable
by Lenders to lenders of funds obtained by Lenders in order to make or maintain such Eurodollar Rate Loan. A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by Lenders to Borrower shall be conclusive
absent manifest error.” 
  
 3. Interest. Section
3.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “3.1 Interest. Interest on Advances shall be payable in arrears on the first day of each month with respect to Domestic Rate Loans and,
with respect to Eurodollar Rate Loans, at the end of each Interest Period. Interest charges shall be computed on the actual principal amount of Advances outstanding during the month at a rate per annum equal to, the applicable Revolving Interest
Rate. Whenever, subsequent to the date of this Agreement, the Alternate Base Rate is increased or decreased, the Revolving Interest Rate for Domestic Rate Loans shall be similarly changed without notice or demand of any kind by an amount equal to
the amount of such change in the Alternate Base Rate during the time such change or changes remain in effect The Eurodollar Rate shall be adjusted with respect to Eurodollar Rate Loans without notice or demand of any kind on the effective date of
any change in the Reserve Percentage as of such effective date. Upon and after the 

 
occurrence of an Event of Default, and during the continuation thereof, (i) at the option of Agent or at the direction of Required Lenders, the Obligations
other than Eurodollar Rate Loans shall bear interest at the Revolving Interest Rate for Domestic Loans plus two (2%) percent and (ii) Eurodollar Rate Loans shall bear interest at the Revolving Interest Rate for Eurodollar Rate Loans plus two percent
(2%) (as applicable, the “Default Rate”).” 
  
 4. Facility Fee. The reference to “three hundred seventy-five thousandths of one percent (.375%) per annum” set forth in Section 3.3 of the Loan Agreement is hereby deleted in its entirety and replaced
with “twenty-five hundredths of one percent (.25%) per annum”. 
  
 5. Collateral Evaluation Fee. Section 3.4 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “3.4 Intentionally Deleted.” 
  
 6. Basis for Determining Interest Rate Inadequate or Unfair.
Section 3 of the Loan Agreement is hereby amended by adding the following as Section 3.11 thereto: 
  
 “3.11 Basis for Determining Interest Rate Inadequate or Unfair. In the event that Agent or any Lender shall have determined that:

  
 (a) reasonable means do not exist for ascertaining the
Eurodollar Rate applicable pursuant to Section 2.2 hereof for any Interest Period; or 
  
 (b) Dollar deposits in the relevant amount and for the relevant maturity are not available in the London interbank Eurodollar market, with respect to an outstanding Eurodollar Rate Loan, a proposed Eurodollar Rate
Loan, or a proposed conversion of a Domestic Rate Loan into a Eurodollar Rate Loan, 
  
 then Agent shall give Borrower prompt written, telephonic or telegraphic notice of such determination. If such notice is given, (i) any such requested Eurodollar Rate Loan shall be made as a Domestic Rate Loan, unless
Borrower shall notify Agent no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the date of such proposed borrowing, that its request for such borrowing shall be cancelled or made as an unaffected type of Eurodollar Rate
Loan, (ii) any Domestic Rate Loan or Eurodollar Rate Loan which was to have been converted to an affected type of Eurodollar Rate Loan shall be continued as or converted into a Domestic Rate Loan, or, if Borrower shall notify Agent, no later than
10:00 a.m. (New York City time) two (2) Business Days prior to the proposed conversion, shall be maintained as an unaffected 

 
type of Eurodollar Rate Loan, and (iii) any outstanding affected Eurodollar Rate Loans shall be converted into a Domestic Rate Loan, or, if Borrower shall
notify Agent, no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the last Business Day of the then current Interest Period applicable to such affected Eurodollar Rate Loan, shall be converted into an unaffected type of
Eurodollar Rate Loan, on the last Business Day of the then current Interest Period for such affected Eurodollar Rate Loans. Until such notice has been withdrawn, Lenders shall have no obligation to make an affected type of Eurodollar Rate Loan or
maintain outstanding affected Eurodollar Rate Loans and Borrower shall not have the right to convert a Domestic Rate Loan or an unaffected type of Eurodollar Rate Loan into an affected type of Eurodollar Rate Loan.” 
  
 7. Collection of Receivables. 
  
 (a) Section 4.15(d) of the Loan Agreement is hereby deleted
in its entirety and replaced with the following: 
  
 “(d)
Collection of Receivables. Borrower will collect its accounts receivable only in the ordinary course of business. All accounts receivable collections of Borrower and all checks, drafts and other monies received by Borrower which are proceeds
of the Collateral will be deposited in Borrower’s operating account maintained at PNC. Upon request by Agent, Borrower will notify all of its account debtors to forward all accounts receivable collections owed to Borrower to a lockbox
maintained by PNC, or such other financial institution determined by Agent, and will forward all other checks, drafts and monies received by Borrower which are proceeds of the Collateral to such lockbox. Borrower will execute such lockbox agreements
as may be required by Agent and will pay all customary fees in connection with any lockbox arrangement.” 
  
 (b) Section 4.15(h) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “(h) Intentionally Deleted.” 
  
 8. Financial Covenants. 
  
 (a) Tangible Net Worth. Section 6.5 of the Loan
Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “6.5 Tangible Net Worth. Commencing with Holding’s fiscal quarter ended December 31, 2004, cause Holdings to maintain, on a consolidated basis with its consolidated Subsidiaries, a Tangible 

 
Net Worth as of the end of each fiscal quarter of not less than an amount equal to the sum of $8,700,000.00 plus one-half of the Net Income of
Holdings and its consolidated Subsidiaries for such fiscal quarter then ended. Solely for purposes of calculating Borrower’s compliance with this covenant, Net Income of a negative amount shall be deemed to equal zero (-0-).” 

 
 (b) Fixed Charge Coverage. Section 6.7 of the Loan
Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “6.7 Fixed Charge Coverage. Cause Holdings to maintain, on a consolidated basis with its consolidated Subsidiaries, a Fixed Charge Coverage Ratio (calculated as if Holdings was the Person making Senior
Debt Payments) of not less than 1.10 to 1.00 for the four fiscal quarters ended December 31, 2004, and each period of four consecutive fiscal quarters ending thereafter.” 
  
 (c) Capital Expenditures. Section 7.6 of the Loan Agreement is hereby deleted in its entirety and
replaced with the following: 
  
 “7.6 Capital
Expenditures. Contract for, purchase or make any expenditure or commitments for Capital Expenditures in any fiscal year in an aggregate amount in excess of Two Million Five Hundred Thousand Dollars ($2,500,000).” 
  
 9. Reporting Requirements. 
  
 (a) Borrowing Base Certificate. Section 9.2(b) of the
Loan Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “(b) a Borrowing Base Certificate (which shall not be binding upon Agent or restrictive of Agent’s rights under this Agreement) (i) on or before the fifteenth (15th) day of each month provided that Revolving
Advances were outstanding as of the last day of the prior month (which shall be calculated as of the last day of the prior month) and (ii) as a condition of each Revolving Advance (which shall be calculated (A) as of the last day of the prior month
if such Revolving Advance is requested after the fifteenth (15th) day of a month and (B) as of the last day of the month immediately preceding the prior month if such Revolving Advance is requested on or before the fifteenth (15th) day of a
month) and” 
  
 (b) Annual Financial Statements. The
reference to “ninety (90) days” set forth in Section 9.7 of the Loan Agreement is hereby deleted in its entirety and replaced with “one hundred twenty (120) days”. 

 (c) Quarterly Financial Statements. The reference to “thirty (30) days” set forth in
Section 9.8 of the Loan Agreement is hereby deleted in its entirety and replaced with “forty-five (45) days”. 
  
 (d) Monthly Financial Statements. Section 9.9 of the Loan Agreement is hereby deleted in its entirety and replaced with the
following: 
  
 “9.9 Intentionally Deleted.” 

 
 10. Prepayment Fee. The last sentence of Section
13.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
  
 “In the event the Obligations are prepaid in full prior to the last day of the Term (the date of such prepayment hereinafter referred to as the
“Early Termination Date”), Borrower shall pay to Agent for the benefit of Lenders an early termination fee in an amount equal to one percent (1%) of the Maximum Revolving Advance Amount if the Early Termination Date occurs on or before
July 14, 2005.” 
  
 11. Amendment Fee. Upon
execution of this Amendment, Borrower shall pay to Agent an amendment fee in the amount of Twelve Thousand Five Hundred Dollars ($12,500.00) (the “Amendment Fee”), which fee may be charged as a Revolving Advance or charged to any
bank account of Borrower maintained with Agent or any Lender. The foregoing Amendment Fee is in addition to the interest and other amounts which Borrower is required to pay under the Other Documents, and is fully earned and nonrefundable.

  
 12. Amendment/References. The Loan Agreement and
the Other Documents are hereby amended to be consistent with the terms of this Amendment. All references in the Loan Agreement and the Other Documents to (a) the “Loan Agreement” shall mean the Loan Agreement as amended hereby; and (b) the
“Other Documents” shall include this Amendment and all other instruments or agreements executed pursuant to or in connection with the terms hereof. 
  
 13. Release. Borrower acknowledges and agrees that it has no claims, suits or causes of action against Agent or any Lender and hereby
remises, releases and forever discharges Agent, each Lender, each of their officers, directors, shareholders, employees, agents, successors and assigns, and any of them, from any claims, suits or causes of action whatsoever, in law or at equity,
which Borrower has or may have arising from any act, omission or otherwise, at any time up to and including the date of this Amendment. 
  
 14. Additional Documents: Further Assurances. Borrower covenants and agrees to execute and deliver to Agent and Lenders, or to cause to be
executed and delivered to Agent and Lenders contemporaneously herewith, at the sole cost and expense of Borrower, the Amendment and any and all documents, agreements, statements, resolutions, searches, insurance policies, consents, certificates,
legal opinions and information as Agent or any Lender may require in connection with the execution and delivery of this Amendment or any documents in connection herewith, or to further evidence, effect, enforce or protect any of the terms hereof or
the rights or remedies granted or intended to be granted to Agent or any Lender herein or in any 

 
of the Other Documents, or to enforce or to protect Agent’s and each Lender’s interest in the Collateral. All such documents, agreements,
statements, etc., shall be in form and content acceptable to Agent in its sole discretion. Borrower hereby authorizes Agent to file, at Borrower’s cost and expense, financing statements, amendments thereto and other items as Agent may require
to evidence or perfect Agent’s and each Lender’s continuing security interest and liens in and against the Collateral. Borrower agrees to join with Agent and Lenders in notifying any third party with possession of any Collateral of
Agent’s or any Lender’s security interest therein and in obtaining an acknowledgment from the third party that it is holding the Collateral for the benefit of Agent and Lenders. Borrower will cooperate with Agent and Lenders in obtaining
control with respect to Collateral consisting of deposit accounts, investment property, letter-of-credit rights and electronic chattel paper. 
  
 15. Further Agreements and Representations. Borrower does hereby: 
  
 (a) ratify, confirm and acknowledge that the statements contained in the foregoing Background are true and complete and
that, as amended hereby, the Loan Agreement and the Other Documents are in full force and effect and are valid, binding and enforceable against Borrower and its assets and properties, all in accordance with the terms thereof, as amended; 

 
 (b) covenant and agree to perform all of Borrower’s obligations
under the Loan Agreement and the Other Documents, as amended; 
  
 (c) acknowledge and agree that as of the date hereof, Borrower has no defense, set-off, counterclaim or challenge against the payment of any Obligations or the enforcement of any of the terms of the Loan Agreement or of the Other Documents,
as amended; 
  
 (d) acknowledge and agree that, except as
heretofore disclosed to Agent by Borrower in writing, all representations and warranties of Borrower contained in the Loan Agreement and/or the Other Documents, as amended, are true, accurate and correct on and as of the date hereof as if made on
and as of the date hereof; 
  
 (e) represent and warrant that no
Default or Event of Default exists; 
  
 (f) covenant and agree
that Borrower’s failure to comply with any of the terms of this Amendment or any other instrument or agreement executed or delivered in connection herewith, shall constitute an Event of Default under the Loan Agreement and each of the Other
Documents; and 
  
 (g) acknowledge and agree that nothing
contained herein, and no actions taken pursuant to the terms hereof, are intended to constitute a novation of the Note, the Loan Agreement or of any of the Other Documents and does not constitute a release, termination or waiver of any existing
Event of Default or of any of the liens, security interests, rights or remedies granted to the Agent or any Lender in any of the Other Documents, which liens, security interests, rights and remedies are hereby expressly ratified, confirmed, extended
and continued as security for all Obligations. 

 Borrower acknowledges and agrees that Agent and Lenders are relying on the foregoing agreements,
confirmations, representations and warranties of Borrower and the other agreements, representations and warranties of Borrower contained herein in agreeing to the amendments contained in this Amendment. 
  
 16. Fees, Cost, Expenses and Expenditures. Borrower will pay
all of Agent’s and each Lender’s expenses in connection with the review, preparation, negotiation, documentation and closing of this Amendment and the consummation of the transactions contemplated hereunder, including without limitation,
fees, disbursements, expenses and disbursements of counsel retained by Agent or any Lender and all fees related to filings, recording of documents, searches, environmental assessments and appraisal reports, whether or not the transactions
contemplated hereunder are consummated. 
  
 17. No
Waiver. Nothing contained herein constitutes an agreement or obligation by Agent or any Lender to grant any further amendments to the Loan Agreement or any of the Other Documents. Nothing contained herein constitutes a waiver or release by
Agent or any Lender of any Event of Default or of any rights or remedies available to Agent or any Lender under the Other Documents or at law or in equity. 
  
 18. Inconsistencies. To the extent of any inconsistencies between the terms and conditions of this Amendment and the terms and conditions of
the Loan Agreement or the Other Documents, the terms and conditions of this Amendment shall prevail. All terms and conditions of the Loan Agreement and Other Documents not inconsistent herewith shall remain in full force and effect and are hereby
ratified and confirmed by Borrower. 
  
 19. Binding
Effect. This Amendment, upon due execution hereof, shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 20. Governing Law. This Amendment shall be governed and construed in accordance with the laws of the State of
New York. 
  
 21. Severability. The provisions of
this Amendment, the Loan Agreement and all of the Other Documents are deemed to be severable, and the invalidity or unenforceability of any provision shall not affect or impair the remaining provisions which shall continue in full force and effect.

  
 22. Modifications. No modification of this
Amendment or any of the Other Documents shall be binding or enforceable unless in writing and signed by or on behalf of the party against whom enforcement is sought. 
  
 23. Headings. The headings of the Articles, Sections, paragraphs and clauses of this Amendment are inserted
for convenience only and shall not be deemed to constitute a part of this Amendment. 
  
 24. Counterparts. This Amendment may be executed in multiple counterparts, each of which shall constitute an original and all of which together shall constitute the same agreement. 

 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this
Amendment to be executed the day and year first above written. 
  

			
	KENEXA TECHNOLOGY, INC.
		
	By:	 	 /S/    DONALD VOLK

	Name/Title:	 	 Donald F. Volk, CFO

	
	PNC BANK, NATIONAL ASSOCIATION, as Agent and sole Lender
		
	By:	 	 /S/    DANIEL TAKOUSHIAN

	Name/Title:	 	 Daniel Takoushian, V.P.

  
 Each of the
undersigned, intending to be legally bound hereby, (i) consents and agrees to the foregoing Second Amendment and Modification to Loan Agreement dated of even date herewith (the “Amendment”), and all terms thereof, (ii) agrees that
such Amendment shall in no way affect or impair the undersigned’s obligations under those certain Guaranty by Corporation from each the undersigned to Agent dated July 15, 2003 (collectively, the “Guaranties”), or under any
other documents executed or delivered pursuant thereto or in connection therewith and (iii) ratifies and confirms all terms and conditions of the Guaranties, all as of the date hereof. 
  

			
	KENEXA CORPORATION, a Pennsylvania corporation
		
	By:	 	 /S/    DONALD VOLK

	Name/Title:	 	 Donald F. Volk, CFO

	
	NEXTWORX, INC., a Pennsylvania corporation
		
	By:	 	 /S/    DONALD VOLK

	Name/Title:	 	 Donald F. Volk, CFOGuaranty

 Exhibit 10.16 
  
 GUARANTY BY CORPORATION 
  
 This Guaranty, dated as of July 15, 2003, is made by KENEXA CORPORATION, a Pennsylvania corporation, having an address at 650 East Swedesford Road,
Wayne, Pennsylvania 19087 (the “Guarantor”), in favor of PNC BANK, NATIONAL ASSOCIATION, a national banking association (the “Agent”) acting for and on behalf of, and in its capacity as agent for, the
financial institutions that are parties from time to time as lenders (collectively the “Lenders”) to the Credit Agreement (as defined below), for the benefit of the Agent and the Lenders. 
  
 RECITALS 
  
 The Agent, the Lenders and Kenexa Technology, Inc., a Pennsylvania corporation (the “Borrower”), are
parties to a Revolving Credit and Security Agreement dated as of even date herewith (as the same may hereafter be amended, modified, supplemented or restated from time to time, the “Credit Agreement”) pursuant to which the Lenders
may make advances and extend other financial accommodations to the Borrower, which will be of direct benefit to the Guarantor. 
  
 As a condition to extending such credit to the Borrower, a wholly-owned subsidiary of the Guarantor, the Lenders have required the execution and delivery
of this Guaranty. 
  
 Accordingly, the Guarantor, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby agrees as follows: 
  
 1. Definitions. All terms defined in the Credit Agreement that are not otherwise defined herein shall have the meanings assigned thereto in the
Credit Agreement. 
  
 2. Indebtedness Guaranteed. The
Guarantor, as a primary obligor and not merely as a surety, hereby absolutely, unconditionally and irrevocably guarantees to the Agent, for the benefit of the Agent and the Lenders, the full and prompt payment when due, whether at maturity or
earlier by reason of acceleration or otherwise, of the Obligations of the Borrower (collectively, the “Indebtedness”). 
  
 The Guarantor acknowledges and agrees that the Indebtedness shall include, without limitation, interest on any portion of the Indebtedness that accrues
after the commencement of a’ insolvency, bankruptcy, receivership, reorganization, liquidation, arrangement or other Similar proceeding affecting the Borrower (each, a “Proceeding”), whether voluntary or involuntary (or if
interest on any portion of the Indebtedness ceases to accrue by operation of law by reason of the commencement of any Proceeding, such interest as would have accrued on such Portion of the Indebtedness as if such Proceeding had not been commenced).

  
 3. Unconditional Nature. No act or thing need occur to
establish the Guarantor’s liability hereunder, and no act or thing, except full payment and discharge of 

 
all of the Indebtedness, shall in any way exonerate the Guarantor hereunder or modify, reduce, limit or release the Guarantor’s liability hereunder.
This is an absolute, unconditional, irrevocable and Continuing guaranty of payment (and not merely of collection) of the Indebtedness and shall continue to be in force and be binding upon the Guarantor until all of the Indebtedness and all
obligations of the Guarantor hereunder are irrevocably paid and performed in full and the Credit Agreement shall have terminated, notwithstanding that from time to time during the term of the credit Agreement or this Guarantee, the Borrower may be
free from any Indebtedness. 
  
 4. Subrogation, etc. The
Guarantor hereby agrees not to exercise any rights that the Guarantor may now have or hereafter acquire, whether by subrogation, contribution, reimbursement~ recourse, exoneration, contract or otherwise, to recover from the Borrower or from any
property of the Borrower any sums paid under this Guaranty, until all of the Indebtedness shall have been fully and indefeasibly paid and discharged and the Credit Agreement shall have terminated. The Guarantor will not exercise or enforce any right
of contribution to recover any such sums from any person who is a co-obligor with the Borrower or a guarantor or surety of the Indebtedness or from any property of any such person until all of the Indebtedness shall have been fully and indefeasibly
paid and discharged. 
  
 5. Enforcement Expenses. The
Guarantor will pay or reimburse the Agent for all reasonable costs, expenses and attorneys’ fees and expenses paid or incurred by the Agent and the Lenders in endeavoring to collect and enforce the Indebtedness and in enforcing this Guaranty.

  
 6. Agent’s and Lenders’ Rights. Neither the
Agent nor any Lender shall be obligated by reason of acceptance of this Guaranty to engage in any transactions with or for the Borrower. Whether or not any existing relationship between the Guarantor and the Borrower has been changed or ended, the
Agent and the Lenders may enter into transactions resulting in the creation or continuance of any of the Indebtedness and may otherwise agree, consent to or suffer the creation or continuance of any of the Indebtedness, without any consent or
approval by the Guarantor and without any prior or subsequent notice to the Guarantor. The Guarantor’s liability hereunder shall not be affected or impaired by any of the following acts or circumstances (which the Agent and each Lender is
expressly authorized to do, omit or suffer to exist from time to time, without consent or approval by or notice to the Guarantor): (i) the invalidity, irregularity or unenforceability of the Credit Agreement or any Other Document, any of the
Indebtedness, any security interest or any guaranty; (ii) any acceptance of collateral security, guarantees, guarantors, accommodation parties or sureties for any or all of the Indebtedness; (iii) one or more extensions or renewals of the
Indebtedness (whether or not for longer than the original period) or any modification of the interest rates, maturities, if any, or other contractual terms applicable to any of the Indebtedness or any amendment or modification of any of the terms or
provisions of any loan agreement or other agreement under which the Indebtedness or any part thereof arose; (iv) any waiver or indulgence granted to the Borrower, any delay or lack of diligence in the enforcement of the indebtedness or any failure
to institute proceedings, file a claim, give any required notices or otherwise protect any of the Indebtedness; (v) any full or partial release of, 

 
compromise or settlement with, or agreement not to sue, the Borrower or any guarantor or other Person liable in respect of any of the Indebtedness; (vi) any
release, surrender, cancellation or Other discharge of any evidence of the Indebtedness or the acceptance of any instrument in renewal or substitution therefor; (vii) any failure to obtain collateral security (including rights of setoff) for the
Indebtedness, or to see to the proper or sufficient creation and perfection thereof, or to establish the priority thereof, or to preserve, protect, insure, care for, exercise or enforce any collateral security; or any modification, alteration,
substitution, exchange, surrender, cancellation, termination, release or other change, impairment, limitation, loss or discharge of any collateral security; (viii) any collection, sale, lease or disposition of, or any other foreclosure or
enforcement of or realization on, any collateral security, or any failure to take one or more of the aforementioned actions; (ix) any assignment, pledge or other transfer of any of the Indebtedness or any evidence thereof; (x) any manner, order or
method of application of any payments or credits upon the Indebtedness; (xi) any limitation on the liabilities, obligations or indebtedness of the Borrower under any Other Document, that may now or hereafter be imposed by any statute, regulation,
rule of law or otherwise; (xii) any merger, consolidation or amalgamation of the Borrower into or with any other Person, or any sale, lease or transfer of the assets of the Borrower to any other Person; (xiii) any change in the ownership of any
shares of capital stock of the Borrower; and (xiv) any election by any Lender under Section 1111(b) of the united States Bankruptcy Code. The Guarantor waives any and all defenses and discharges available to a surety, guarantor or accommodation
co-obligor. 
  
 7. Waivers by Guarantor. 
  
 (a) The Guarantor waives any and all defenses, claims, setoffs and
discharges of the Borrower, or any other obligor, pertaining to the Indebtedness, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, the Guarantor will not assert, plead or enforce against the Agent
or any Lender any defense of waiver, release, discharge or disallowance in bankruptcy, statute of limitations, res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability which may be
available to the Borrower or any other Person liable in respect of any of the Indebtedness (including the Guarantor), or any setoff available against the Agent or any Lender to the Borrower or any other such Person, whether or not on account of a
related transaction. The Guarantor expressly agrees that the Guarantor shall be and remain liable for any deficiency remaining after foreclosure of any mortgage or security interest securing the Indebtedness, whether or not the liability of the
Borrower or any other obligor for such deficiency is discharged pursuant to statute or judicial decision. The liability of the Guarantor hereunder shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution, sale or
other disposition of all or substantially all of the assets, marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other
similar event or proceeding affecting, the Borrower or any of its assets. The Guarantor will not assert, plead or enforce against the Agent or any Lender any claim, defense or setoff available to the Guarantor against the Borrower. The Guarantor
waives diligence, presentment, demand for payment, notice of dishonor or nonpayment and protest of any instrument 

 
evidencing the Indebtedness. The Agent shall not be required first to resort for payment of the Indebtedness to the Borrower or other Persons, or their
properties, or first to enforce, realize upon or exhaust any collateral security for the Indebtedness, before enforcing this Guaranty. 
  
 (b) So long as any Indebtedness remains outstanding, the Guarantor shall not, without the prior written consent of the Agent and the Required Lenders,
which consent shall not be unreasonably withheld or delayed, commence or join with any other Person in commencing any Proceeding of or against the Borrower. 
  
 (c) The Guarantor hereby guarantees that the Indebtedness will be paid to the Agent, for the benefit of the Agent and the Lenders, without set-off or
counterclaim or other reduction whatsoever (whether for taxes, withholdings or otherwise) in lawful currency of the united States at the address of the Agent set forth in the Credit Agreement or at such other address or to such other account as the
Agent may specify to the Guarantor. 
  
 8. If Payments Set
Aside, etc. If any payment applied by the Agent or any Lender to the Indebtedness is thereafter set aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or
reorganization of the Borrower or any other obligor), the Indebtedness to which such payment was applied shall for the purpose of this Guaranty be deemed to have continued in existence, notwithstanding such application, and this Guaranty shall be
enforceable as to such Indebtedness as fully as if such application had never been made. 
  
 9. Additional Obligation of Guarantor. The Guarantor’s liability under this Guaranty is in addition to and shall be cumulative with all other liabilities of the Guarantor to the Agent and the Lenders as
guarantor, surety, endorser, accommodation party, co-obligor or otherwise of any of the Indebtedness or obligations of the Borrower, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability
specifically provides to the contrary. 
  
 10. No Duties Owed
by Lender. The Guarantor acknowledges and agrees that neither the Agent nor any Lender (i) has made any representations or warranties with respect to, (ii) assumes any responsibility to the Guarantor for, nor (iii) has any duty to provide
information to the Guarantor regarding, the enforceability of any of the Indebtedness or the financial condition of the Borrower or any guarantor. The Guarantor has independently determined the creditworthiness of the Borrower and the enforceability
of the Indebtedness and until the Indebtedness is paid in full will independently and without reliance on the Lender continue to make such determinations. 
  
 11. Miscellaneous. This Guaranty shall be effective upon delivery to the Agent, without further act, condition or acceptance by the Agent or any
Lender, shall be binding upon the Guarantor and the successors and assigns of the Guarantor and shall inure to the benefit of the Agent and its participants, successors and assigns. No action, failure, delay or omission by the Agent or any Lender in
exercising any rights or remedies hereunder, under the Credit Agreement, under any Other Document or 

 
otherwise, shall constitute a waiver of, or impair, any of the rights or privileges of the Lender hereunder. No single or partial exercise of any such right
or remedy shall preclude any other or further exercise thereof or the exercise of any other right or remedy. Such rights and remedies are cumulative and not exclusive of any rights and remedies provided by law or otherwise available. No waiver of
any such right or remedy shall be effective unless given in writing by the Agent. No waiver of any right or remedy shall be deemed a waiver of any other right or remedy hereunder. This Guaranty, together with the Other Documents, constitutes the
entire agreement of the parties on the subject matter hereof and supersedes all prior agreements, written or oral, on the subject matter hereof Any invalidity or unenforceability of any provision or application of this Guaranty shall not affect
other lawful provisions and application thereof, and to this end the provisions of this Guaranty are declared to be severable. This Guaranty may not be waived, modified, amended, terminated, released or otherwise changed except by a writing signed
by the Guarantor and the Agent. This Guaranty shall be governed by and construed in accordance with the substantive laws (other than conflict of laws principles) of the State of New York. The Guarantor hereby (i) consents to the personal
jurisdiction of the state and federal courts located in the County of New York, State of New York in connection with any controversy related to this Guaranty; (ii) waives any argument that venue in any such forum is not convenient, (iii) agrees that
any litigation initiated by the Agent or any Lender or the Guarantor in connection with this Guaranty shall be venued in the Supreme Court of the State of New York in New York County and United States District Court of the Southern District of New
York; and (iv) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manlier provided by law. 
  
 12. WAIVER OF PERSONAL SERVICE AND JURY TRIAL. THE GUARANTOR HEREBY
IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS THAT SERVICE OF PROCESS UPON THE GUARANTOR MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO THE GUARANTOR AT THE GUARANTOR’S ADDRESS SET FORTH IN THIS
AGREEMENT, AND SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF THE GUARANTOR’S ACTUAL RECEIPT THEREOF OR TWO (2) DAYS AFTER THE SAME SHALL HAVE BEEN SO MAILED. THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, BASED ON OR PERTAINING TO THIS GUARANTY. 
  
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, this Guaranty has been duly executed by the Guarantor as of the date first written
above. 
  

			
	 KENEXA CORPORATION

		
	 By:
	 	 /S/    DONALD VOLK

	 Name:
	 	 Donald Volk

	 Title:
	 	 Chief Financial Officer

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