Document:

Exhibit

  Exhibit 10.41

SECOND AMENDMENT TO CREDIT AGREEMENT
Dated as of January 20, 2017
among
FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC,
as the Company,
FLEETCOR TECHNOLOGIES, INC.,
as the Parent,
THE DESIGNATED BORROWERS PARTY HERETO,
THE OTHER GUARANTORS PARTY HERETO,
BANK OF AMERICA, N.A.,
as Administrative Agent, Swing Line Lender and L/C Issuer,
and
THE OTHER LENDERS PARTY HERETO
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
as Sole Lead Arranger and Sole Bookrunner

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of January 20, 2017 (the “Second Amendment Effective Date”) is entered into among FleetCor Technologies Operating Company, LLC, a Georgia limited liability company (the “Company”), FLEETCOR TECHNOLOGIES, INC., a Delaware corporation (the “Parent”), the Designated Borrowers party hereto (including FleetCor Luxembourg Holding2, a société à responsabilité limitée, incorporated under the laws of the Grand-Duchy of Luxembourg, with a share capital of EUR 143,775,650, having its registered office at 5, rue Guillaume Kroll, L-1882 Luxembourg and registered with the Registre de Commerce et des Sociétés, Luxembourg under number B 121.980), the other Guarantors party hereto, the Lenders party hereto and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), L/C Issuer and Swing Line Lender.  Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below) as amended hereby.

RECITALS

WHEREAS, pursuant to that certain Credit Agreement dated as of October 24, 2014 (as amended, modified, supplemented, increased or extended from time to time, the “Credit Agreement”) among the Company, the Parent, the 

Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender, the Lenders have agreed to provide the Borrowers with the credit facilities provided for therein;

WHEREAS, the Company has requested the institution of a new term B loan tranche (the “Term B-2 Loan”) in replacement of the existing Term B Loan in an aggregate principal amount of $245,000,000; and

WHEREAS, each of the Persons identified on Schedule 1 attached hereto (each, a “Term B-2 Lender” and collectively the “Term B-2 Lenders”) has agreed to provide a portion of the Term B-2 Loan to the Company on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.    Establishment of Term B-2 Loan; Conversion of Existing Term B Loan; Non-Consenting Term B Lenders.  

(a)    Subject to the terms and conditions set forth herein, the Term B-2 Loan in the original principal amount of $245,000,000 is hereby established and the parties hereto agree that, on the Second Amendment Effective Date, the Term B Loan made by the Term B Lenders under the Credit Agreement is hereby replaced in its entirety with the Term B-2 Loan.

(b)    The Term B Lenders set forth on Schedule 2 attached hereto are Term B Lenders of record of the portion of the existing Term B Loan set forth on Schedule 2 opposite such Term B Lender’s name.  Each such Term B Lender represents and warrants that it holds such portion of the existing Term B Loan and has not assigned or participated the existing Term B Loan to any other Person.   The Loan Parties, the Administrative Agent and each Term B Lender set forth on Schedule 2 attached hereto hereby agree that on the Second Amendment Effective Date the principal amount of the portion of the existing Term B Loan set forth on Schedule 2 opposite such Term B Lender’s name and owing to such Term B Lender under the Credit Agreement shall be converted (the “Conversion”) into a portion of the Term B-2 Loan in an aggregate principal amount equal to the amount set forth on Schedule 2 opposite such Term B Lender’s name, as contemplated by and to be evidenced and governed by the Credit Agreement and the related Loan Documents, in each case, as amended hereby, all on the terms and conditions set forth in the Credit Agreement, as amended hereby, and this Amendment. 

(c)    In order to effect the Conversion, (i) the Administrative Agent has notified the Company that upon the Second Amendment Effective Date it will mark the Register to reflect the existing Term B Loan as no longer outstanding on the Second Amendment Effective Date, and (ii) each Term B Lender set forth on Schedule 2 shall be deemed to become a party to the Credit Agreement as a Term B-2 Lender on the Second Amendment Effective Date in respect of the Term B-2 Loan in the amount set forth opposite such Term B Lender’s name on Schedule 2.  The Conversion will not affect the right of any Term B Lender to receive any accrued and unpaid interest with respect to the existing Term B Loan that is owed to such Term B Lender, all of which shall be paid by the Company on the Second Amendment Effective Date (but it is understood and agreed that the existing Term B Loan shall not bear any interest from and after the Conversion).  Furthermore, each Term B Lender set forth on Schedule 2 attached hereto agrees that, effective upon the Conversion and subject to receipt of such accrued and unpaid interest, it no longer holds any portion of the existing Term B Loan.

(d)    Upon giving effect to this Amendment, (i) the outstanding portion of the Term B Loan of each Term B Lender set forth on Schedule 3 attached hereto (each, a “Non-Consenting Term B Lender”) shall be fully assigned at par to Term B-2 Lenders so that, after giving effect to such assignments, the Term B-2 Lenders shall hold the portions of the Term B-2 Loan as set forth on Schedule 1 attached hereto, and (ii) each Non-Consenting Term B Lender shall no longer be a Term B Lender under the Credit Agreement.

(e)    The parties hereto agree that the Company, the Lenders and the Administrative Agent shall effect such assignments, prepayments, borrowings and reallocations as are necessary to effectuate the modifications contemplated in this Amendment such that, after giving effect thereto, the Term B-2 Lenders shall hold the portions of the Term B-2 Loan as set forth on Schedule 1 attached hereto.

2.    Amendments.  The Credit Agreement is hereby amended as follows:

(a)    The following definitions are added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order to read as follows:

“Second Amendment Effective Date” means January 20, 2017.

“Term B-2 Lender” means a Lender with a Term B-2 Loan Commitment or holding a portion of the Term B-2 Loan.

“Term B-2 Loan” has the meaning specified in Section 2.01(d).

“Term B-2 Loan Commitment” means, as to each Lender, its obligation to make its portion of the Term B-2 Loan to the Company pursuant to Section 2.01(d), in the principal amount set forth opposite such Lender’s name on Schedule 2.01. The aggregate principal amount of the Term B-2 Loan Commitments of all of the Lenders as in effect on the Second Amendment Effective Date is TWO HUNDRED FORTY FIVE MILLION DOLLARS ($245,000,000).

(b)    The definitions of “Term B Lender”, “Term B Loan” and “Term B Loan Commitment” in Section 1.01 of the Credit Agreement are amended to read as follows:

“Term B Lender” means a Lender with a Term B Loan Commitment or holding a portion of the Term B Loan, in each case, immediately prior to the Second Amendment Effective Date.

“Term B Loan” has the meaning specified in Section 2.01(d).  As of the Second Amendment Effective Date, the Term B Loan was replaced in its entirety by the Term B-2 Loan.

“Term B Loan Commitment” means, as to each Lender, its obligation to make its portion of the Term B Loan to the Company pursuant to Section 2.01(d) on the Initial Borrowing Date.  The aggregate principal amount of the Term B Loan Commitments of all of the Lenders as in effect on the Initial Borrowing Date was THREE HUNDRED MILLION DOLLARS ($300,000,000).  As of the borrowing of the Term B Loan on the Initial Borrowing Date, the Term B Loan Commitment of each Lender was automatically and permanently reduced to ZERO DOLLARS ($0).

(c)    The reference to “the Term B Loans” in the definition of “All-In-Yield” in Section 1.01 of the Credit Agreement is amended to read “the Term B-2 Loan”.

(d)    Clause (d) in the definition of “Applicable Percentage” in Section 1.01 of the Credit Agreement is amended to read as follows:

(d) with respect to such Lender’s portion of the outstanding Term B-2 Loan at any time, the percentage of the outstanding principal amount of the Term B-2 Loan held by such Lender at such time,

(e)    Clause (b) in the definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is amended to read as follows:

(b) with respect to the Term B-2 Loan, 2.25% per annum in the case of Eurocurrency Rate Loans and 1.25% per annum in the case of Base Rate Loans, and

(f)    The reference to “the Term B Loan Commitment” in the definition of “Commitment” in Section 1.01 of the Credit Agreement is amended to read “the Term B-2 Loan Commitment”.

(g)    The last sentence in the definition of “Eurocurrency Base Rate” in Section 1.01 of the Credit Agreement is amended to read as follows:

Notwithstanding the foregoing, for all purposes under this Agreement, if the Eurocurrency Base Rate shall be less than zero, such rate shall be deemed zero for such purposes under this Agreement.

(h)    The reference to “the Term B Loan” in clause (b) of the definition of “Maturity Date” in Section 1.01 of the Credit Agreement is amended to read “the Term B-2 Loan”.

(i)    Each reference to “the Term B Loan” in the definition of “Repricing Transaction” in Section 1.01 of the Credit Agreement is amended to read “the Term B-2 Loan”.

(j)    The reference to “a Term B Loan Commitment” in the definition of “Term Commitment” in Section 1.01 of the Credit Agreement is amended to read “a Term B-2 Loan Commitment”.

(k)    The reference to “Term B Loan” in the definition of “Term Loan” in Section 1.01 of the Credit Agreement is amended to read “Term B-2 Loan”.

(l)    Section 2.01(d) of the Credit Agreement is amended to read as follows:

(d)    Term B Loan; Term B-2 Loan.  On the Initial Borrowing Date, each Term B Lender severally made its portion of a term loan (the “Term B Loan”) to the Company in Dollars.  On the Second Amendment Effective Date, the Term B Loan is replaced by a new term loan B tranche (the “Term B-2 Loan”).  Subject to the terms and conditions set forth herein, each Term B-2 Lender severally agrees to make its portion of the Term B-2 Loan to the Company in Dollars on the Second Amendment Effective Date in an amount not to exceed such Term B-2 Lender’s Term B-2 Loan Commitment.  Amounts repaid on the Term B-2 Loan may not be reborrowed.  The Term B-2 Loan may consist of Base Rate Loans or Eurocurrency Rate Loans or a combination thereof, as further provided herein.

(m)    The reference to “the Term B Loan” in the lead-in to Section 2.02(f)(ii) of the Credit Agreement is amended to read “the Term B-2 Loan”.

(n)    The reference to “the Term B Loan” in the proviso of Section 2.02(f)(ii)(E)(1) of the Credit Agreement is amended to read “the Term B-2 Loan”.

(o)    The reference to “the Term B Loan” in the proviso of Section 2.02(f)(ii)(E)(2) of the Credit Agreement is amended to read “the Term B-2 Loan”.

(p)    Each reference to “the Term B Loan” in Section 2.02(f)(ii)(E)(3) of the Credit Agreement is amended to read “the Term B-2 Loan”.

(q)    Each reference to “the Term B Loan” and “the outstanding Term B Loan” in Section 2.02(f)(ii)(E)(5) of the Credit Agreement is amended to read “the Term B-2 Loan” and “the outstanding Term B-2 Loan”, as applicable.

(r)    Each reference to “the Term B Loan” in Section 2.05(a)(i) of the Credit Agreement is amended to read “the Term B-2 Loan”.

(s)    Section 2.05(a)(iii) of the Credit Agreement is amended to read as follows:

(iii)    Prepayment Premium.  If a Repricing Transaction occurs prior to the date that is six months after the Second Amendment Effective Date, then the Company shall pay to the Administrative 

Agent, for the ratable account of the Term B-2 Lenders, a prepayment premium in an amount equal to (A) 1.0% of the principal amount of the Term B-2 Loan that is prepaid or repaid, in the case of a prepayment or repayment of the Term B-2 Loan described in clause (a) of the definition of “Repricing Transaction,” or (B) 1.0% of the aggregate outstanding principal amount of the Term B-2 Loan, in the case of an amendment described in clause (b) of the definition of “Repricing Transaction” (it being understood that such prepayment premium shall apply if such prepayment is made to a Lender as the result of a mandatory assignment of its portion of the Term B-2 Loan pursuant to Section 11.13 following its failure to consent to an amendment that would reduce the interest rate or interest rate margins applicable to the Term B-2 Loan).

(t)    Each reference to “the Term B Loan” in Section 2.05(b)(v)(B) of the Credit Agreement is amended to read “the Term B-2 Loan”.

(u)    A new Section 2.06(b)(iv) is hereby added to the Credit Agreement and shall read as follows:

(iv)    The aggregate Term B-2 Loan Commitments shall be automatically and permanently reduced to zero on the Second Amendment Effective Date upon the borrowing of the Term B-2 Loan.

(v)    Section 2.07(d) of the Credit Agreement is amended to read as follows:

(d)    Term B-2 Loan.  The Company shall repay the outstanding principal amount of the Term B-2 Loan in consecutive installments on the last Business Day of each March, June, September and December, beginning on March 31, 2017, each such installment to be in an amount equal to 0.25% of the aggregate principal amount of the Term B-2 Loan advanced on the Second Amendment Effective Date (as such installments may hereafter be adjusted as a result of prepayments made pursuant to Section 2.05), unless accelerated sooner pursuant to Section 9.02, with the entire outstanding principal balance of the Term B-2 Loan due and payable in full on the Maturity Date.

(w)    The reference to “the Term B Loan” in the last sentence in Section 9.01 of the Credit Agreement is amended to read “the Term B-2 Loan”.

(x)    Schedule 2.01 to the Credit Agreement is amended to replace the columns labeled “Term B Loan Commitments” and “Term B Loan Commitment Percentages” with the columns set forth on Schedule 1 attached hereto.

3.    Conditions Precedent.  This Amendment shall be effective upon satisfaction of the following conditions precedent:

(a)    Receipt by the Administrative Agent of counterparts of this Amendment duly executed by (i) a Responsible Officer of the Company, the Designated Borrowers and the Guarantors and (ii) each of the Term B-2 Lenders and the other Required Lenders.

(b)    Receipt by the Administrative Agent of Term Notes dated the Second Amendment Effective Date executed by a Responsible Officer of the Company in favor of each Term B-2 Lender requesting a Term Note from the Company.

(c)    Receipt by the Administrative Agent of favorable domestic opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender (including each Term B-2 Lender), and dated as of the Second Amendment Effective Date, in form and substance satisfactory to the Administrative Agent, to the extent required by the Administrative Agent.

(d)    Receipt by the Administrative Agent of a certificate of the Company, the Parent, and each other Guarantor, in each case, duly executed by a Responsible Officer of each such Loan Party, dated as of the Second Amendment Effective Date, (i) certifying and attaching the resolutions adopted by such Loan Party 

approving or consenting to the Term B-2 Loan, this Amendment and the transactions contemplated hereby, (ii) certifying and attaching copies of the Organization Documents of such Loan Party, certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where applicable (or, as to any such Organization Documents that have not been amended, modified or terminated since the Initial Borrowing Date or the First Amendment Effective Date, as applicable, certifying that such Organization Documents have not been amended, modified or terminated since the Initial Borrowing Date or the First Amendment Effective Date, as applicable, and remain in full force and effect, and true and complete, in the form delivered to the Administrative Agent on the Initial Borrowing Date or the First Amendment Effective Date, as applicable), (iii) certifying as to the incumbency, identity, authority and capacity of each Responsible Officer of such Loan Party authorized to act as a Responsible Officer in connection with the Term B-2 Loan, this Amendment and the other Loan Documents to which such Loan Party is a party, and (iv) in the case of the Company, certifying that, before and after giving effect to the Term B-2 Loan and this Amendment, (A) the representations and warranties contained in Article VI of the Credit Agreement and the other Loan Documents are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the Second Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date (and, for purposes hereof, the representations and warranties contained in subsections (a) and (b) of Section 6.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01 of the Credit Agreement), and (B) no Default or Event of Default exists.

(e)    Receipt by the Administrative Agent of such documents and certifications as the Administrative Agent may require to evidence that the Company, the Parent, and each other Guarantor is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in its state of organization or formation.

(f)    Receipt by MLPFS (or any of its designated Affiliates) and the Term B-2 Lenders of any fees required to be paid on or before the Second Amendment Effective Date.

(g)    Receipt by the Administrative Agent of a Loan Notice with respect to the Term B-2 Loan in accordance with the requirements of the Credit Agreement.

(h)    The Company shall have paid all accrued and unpaid interest and fees on the outstanding Term B Loan to the Second Amendment Effective Date.

(i)    Receipt by each Lender (including each Term B-2 Lender) of all documentation and other information that it has reasonably requested in writing that it has reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act.

(j)    Unless waived by the Administrative Agent, the Company shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel, if so requested by the Administrative Agent) to the extent invoiced prior to or on the Second Amendment Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Company and the Administrative Agent).

4.    Miscellaneous.

(a)    The Credit Agreement and the obligations of the Loan Parties thereunder and under the other Loan Documents are hereby ratified and confirmed and shall remain in full force and effect according to their terms, as amended hereby.

(b)    Each Guarantor (i) acknowledges and consents to all of the terms and conditions of the Term B-2 Loan and this Amendment, and the transactions contemplated hereby, (ii) affirms all of its obligations under the Loan Documents to which it is a party and (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents to which it is a party.

(c)    Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders as follows:

(i)    The execution, delivery and performance by such Loan Party of this Amendment has been duly authorized by all necessary corporate or other organizational action, and do not (A) contravene the terms of any of such Loan Party’s Organization Documents; (B) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (I) any material Contractual Obligation to which such Loan Party is a party or affecting such Loan Party or the properties of such Loan Party or any of its Subsidiaries or (II) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property is subject; or (C) violate any Law.

(ii)    This Amendment has been duly executed and delivered by such Loan Party and constitutes such Loan Party’s legal, valid and binding obligation, enforceable in accordance with its terms, subject to laws generally affecting creditors’ rights, to statutes of limitations and to principles of equity.

(iii)    No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, such Loan Party of this Amendment or the Credit Agreement as amended hereby.

(iv)    The representations and warranties of such Loan Party set forth in Article VI of the Credit Agreement and in each other Loan Document are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the Second Amendment Effective Date with the same effect as if made on and as of the Second Amendment Effective Date, except to the extent such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date, and except that for purposes of this Section 4(c)(iv), the representations and warranties contained in subsections (a) and (b) of Section 6.05 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to subsections (a) and (b), respectively, of Section 7.01 of the Credit Agreement. 

(v)    No Default has occurred and is continuing or would result from the transactions contemplated by this Amendment. 

(vi)    The Persons signing this Amendment as Guarantors include all of the Subsidiaries existing as of the Second Amendment Effective Date that are required to become Guarantors pursuant to the Credit Agreement.

(d)    Each Term B-2 Lender (i) represents and warrants that (A) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (B) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (C) from and after the Second Amendment Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and shall have the obligations of a Lender thereunder, 

(D) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 7.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (E) if it is a Foreign Lender, it has delivered any documentation required to be delivered by it pursuant to the terms of the Credit Agreement; and (ii) agrees that (A) it will, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (B) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
(e)    Each of the Administrative Agent, the Company, the Designated Borrowers and the Guarantors agree that, as of the Second Amendment Effective Date, each Term B-2 Lender shall (i) be a party to the Credit Agreement and the other Loan Documents, (ii) be a “Term B-2 Lender” for all purposes of the Credit Agreement and the other Loan Documents and (iii) have the rights and obligations of a Term B-2 Lender under the Credit Agreement and the other Loan Documents.
(f)    The address of each Term B-2 Lender for purposes of all notices and other communications is as set forth on the Administrative Questionnaire delivered by such Term B-2 Lender to the Administrative Agent.
(g)    This Amendment may be executed in any number of counterparts and by the various parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by telecopy or in any other electronic format (such as .pdf format) shall be effective as delivery of a manually executed original counterpart of this Amendment.
(h)    This Amendment is a Loan Document.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor, except as expressly provided herein, constitute a waiver or amendment of any provision of any of the Loan Documents.
(i)    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  This Amendment shall be further subject to the terms and conditions of Sections 11.14 and 11.15 of the credit agreement, the terms of which are incorporated herein by reference as if fully set forth herein. 
[remainder of page intentionally left blank]

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC
SECOND AMENDMENT TO CREDIT AGREEMENT

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered by a duly authorized officer as of the date first above written.

COMPANY:            FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC,
a Georgia limited liability company

By: /s/Steve Pisciotta            
Name: Steve Pisciotta
Title: Treasurer

PARENT:            FLEETCOR TECHNOLOGIES, INC.,

a Delaware corporation

By: /s/Steve Pisciotta            
Name: Steve Pisciotta
Title: Treasurer 

DESIGNATED
BORROWERS:            FLEETCOR UK ACQUISITION LIMITED,
a private limited company registered in England and Wales

By: /s/Steve Pisciotta            
Name: Steve Pisciotta
Title: Director

ALLSTAR BUSINESS SOLUTIONS LIMITED,
a private limited company registered in England and Wales

By: /s/Steve Pisciotta            
Name: Steve Pisciotta
Title: Director

BUSINESS FUEL CARDS PTY LTD (formerly FleetCor Technologies Australia Pty Ltd),
a proprietary limited company registered in Australia, in accordance with section 127 of the Corporations Act 2001 (Cth)
ACN 161 721 106

By:/s/ Eric Dey                    
Name: Eric Dey
Title: Director

By: /s/Steve Pisciotta            
Name: Steve Pisciotta
Title: Director

FLEETCOR TECHNOLOGIES NEW ZEALAND LIMITED,
a company registered in New Zealand

By:     /s/Steven Joseph Pisciotta                
Name: Steven Joseph Pisciotta
Title: Director

FLEETCOR LUXEMBOURG HOLDING2,
a société à responsabilité limitée incorporated under the laws of Luxembourg
 

By:    /s/Steve Pisciotta                
Name: Steve Pisciotta
Title: Type A Manager

GUARANTORS:        CFN HOLDING CO.,

a Delaware corporation
By:    /s/ Steve Pisciotta                
Name: Steve Pisciotta
Title: Treasurer
CLC GROUP, INC.,
a Delaware corporataion
By:    /s/ Steve Pisciotta                
Name: Steve Pisciotta
Title: Treasurer
CORPORATE LODGING CONSULTANTS, INC.,
a Kansas corporation
By:    /s/ Steve Pisciotta                
Name: Steve Pisciotta
Title: Treasurer
CREW TRANSPORTATION SPECIALISTS, INC.,
a Kansas corporation
By:    /s/ Steve Pisciotta                
Name: Steve Pisciotta
Title: Treasurer
MANNATEC, INC.,
a Georgia corporation
By:    /s/ Steve Pisciotta                
Name: Steve Pisciotta
Title: Treasurer
FLEETCOR FUEL CARDS LLC,
a Delaware limited liability company
By:    /s/ Steve Pisciotta                
Name: Steve Pisciotta
Title: Treasurer
Fleet Management Holding Corporation,
a Delaware corporation
By:    /s/ Steve Pisciotta                
Name: Steve Pisciotta
Title: Treasurer

Discrete Wireless, Inc.,
a Georgia corporation
By:    /s/ Steve Pisciotta                
Name: Steve Pisciotta
Title: Treasurer
Pacific Pride Services, LLC,
a Delaware limited liability company
By:    /s/ Steve Pisciotta                
Name: Steve Pisciotta
Title: Treasurer
FCHC Holding Company, LLC,
a Delaware limited liability company
By:    /s/ John Coughlin                
Name:    John Coughlin
Title:    President

Comdata Inc.,
a Delaware corporation
By:    /s/ Robert E. Kribbs                
Name:    Robert E, Kribbs
Title:    Vice President
Comdata TN, Inc.,
a Tennessee corporation
By:    /s/ Robert E. Kribbs                
Name:    Robert E, Kribbs
Title:    Vice President
Comdata Network, Inc. of California,
a California corporation
By:    /s/ Robert E. Kribbs                
Name:    Robert E, Kribbs
Title:    Vice President
ADMINISTRATIVE
AGENT:            bank of america, n.a.,
as Administrative Agent

By:    /s/ Angela Larkin                
Name: Angela Larkin

Title: Assistant Vice President

LENDERS:            bank of america, n.a.,
as a Lender, Swing Line Lender and L/C Issuer

By:    /s/ Ryan Maples                
Name: Ryan Maples
Title: Sr. Vice President

CITIZENS BANK, N.A.,
As a Lender

By:    /s/ Caroline Conole                
Name: Caroline Conole
Title: Officer

THE BANK OF NOVA SCOTIA,
As a Lender

By:    /s/ Michael Grad            
Name: Michael Grad
Title: Director

SYNOVUS BANK 
As a Lender

By:    /s/ Matthew Mckee            
Name: Matthew Mckee
Title: Corporate Banker

AZB FUNDING 7,
As a Lender

By:    /s/ Robert Gates            
Name: Robert Gates
Title: Authorized Signatory

TD BANK, N.A., 
As a Lender

By:    /s/ Craig Welch            
Name: Craig Welch
Title: Senior Vice President

FIFTH THIRD BANK, an Ohio banking corporation,  
As a Lender

By:    /s/ Dan Komitor            
Name: Dan Komitor
Title: Managing Director

KEYBANK NATIONAL ASSOCIATION, 
As a Lender

By:    /s/ Geoff Smith            
Name: Geoff Smith
Title: Senior Vice President

BANCO DE SABADELL, S.A., MIAMI BRANCH, 
As a Lender

By:    /s/ Enrique Castillo            
Name: Craig Welch
Title: Structured Finance Americas Director

MUFG UNION BANK, N.A., 
As a Lender

By:    /s/ Maria Iarriccio            
Name: Maria Iarriccio
Title: Director

Credit Industriel et Commercial, New York Branch
As a Lender

By:    /s/ Garry Weiss            
Name: Garry Weiss
Title: Managing Director

By:    /s/ Clifford Abramsky            
Name: Geoff Smith
Title: Managing Director

REGIONS BANK 
As a Lender

By:    /s/ Jason Douglas            
Name: Jason Douglas
Title: Director

FIRST HAWAIIAN BANK,
As a Lender

By:    /s/ Jeffrey Inouye            
Name: Geoff Smith
Title:  Vice President

BANK OF THE WEST, 
As a Lender

By:    /s/ Mary Smith            
Name: Mary Smith
Title: Director

AXA INVESTMENT MANAGERS Paris SA for and on behalf of 
Matignon Leveraged Loans Limited 
As a Lender

By:    /s/ Yannick Le Serviget            
Name: Yannick Le Serviget
Title: Senior Porfolio Manager

AXA INVESTMENT MANAGERS Paris SA for and on behalf of 
AXA IM Loan Limited 
As a Lender

By:    /s/ Yannick Le Serviget            
Name: Yannick Le Serviget
Title: Senior Porfolio Manager

AXA INVESTMENT MANAGERS Paris SA for and on behalf of 
Matigon Loans Fund 
As a Lender

By:    /s/ Yannick Le Serviget            

Name: Yannick Le Serviget
Title: Senior Porfolio Manager

AXA INVESTMENT MANAGERS Paris SA for and on behalf of 
AXA Germany Leveraged Loans Fund 
As a Lender

By:    /s/ Yannick Le Serviget            
Name: Yannick Le Serviget
Title: Senior Porfolio Manager

AXA INVESTMENT MANAGERS Paris SA for and on behalf of 
FCP Columbus Global Debt Fund 
As a Lender

By:    /s/ Yannick Le Serviget            
Name: Yannick Le Serviget
Title: Senior Porfolio Manager

AXA INVESTMENT MANAGERS Paris SA for and on behalf of 
ACM US Loans Fund 
As a Lender

By:    /s/ Yannick Le Serviget            
Name: Yannick Le Serviget
Title: Senior Porfolio Manager

AXA INVESTMENT MANAGERS Paris SA for and on behalf of 
Matignon Derivatives Loans 
As a Lender

By:    /s/ Yannick Le Serviget            
Name: Yannick Le Serviget
Title: Senior Porfolio Manager

AXA INVESTMENT MANAGERS Paris SA for and on behalf of 
Columbus Diversified Leveraged Loans Fund 
As a Lender

By:    /s/ Yannick Le Serviget            
Name: Yannick Le Serviget
Title: Senior Porfolio Manager

MANUFACTURERS BANK,
As a Lender

By:    /s/ Dirk Price            
Name: Dirk Price
Title: Vice President

BARCLAYS BANK PLC,
As a Lender

By:    /s/ Christopher Aitkin            
Name: Christopher Aitkin
Title: Assistant Vice President

PNC BANK, NATIONAL ASSOCIATION,
As a Lender

By:    /s/ Andrew Fraser            
Name: Andrew Fraser
Title: Vice President

COMPASS BANK,
As a Lender

By:    /s/ Mark Haddad            
Name: Mark Haddad
Title: Vice President

JPMORGAN CHASE BANK, N.A.,
As a Lender

By:    /s/ Peter B. Thauer            
Name: Peter B. Thauer
Title: Managing Director

MIZUHO BANK, LTD.,
As a Lender

By:    /s/ James R. Fayen            
Name: James R. Fayen
Title: Managing Director

Bank of Taiwan, Los Angeles Branch

As a Lender

By:    /s/ Ti Kang Wang            
Name: Ti Kang Wang
Title: Vice President and General Manager

HSBC BANK USA, NATIONAL ASSOCIATION,
As a Lender

By:    /s/ Rafael De Paoli            
Name: Rafael De Paoli
Title:  Director

CAPITAL ONE, N.A.,
As a Lender

By:    /s/ Jeremy Mipro            
Name: Jeremy Mipro
Title: Vice President

WELLS FARGO BANK, NATIONAL ASSOCIATION,
As a Lender

By:    /s/ Lex Mayers            
Name: Lex Mayers
Title: Senior Vice President

Sumitomo Mitsui Banking Corporation,
As a Lender

By:    /s/ David W. Kee            
Name: David W. Kee
Title: Managing Director

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 
As a Lender

By:    /s/ Gary Herzog            
Name: Gary Herzog
Title: Managing Director

By:    /s/ Gordon Yip            
Name: Gordon Yip

Title:  Director

State Bank of India, London 
As a Lender

By:    /s/ Lalatendu Mohapatra            
Name: Lalatendu Mohapatra
Title: Head Syndications

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

Houston Casualty Company,
as a Lender
BY: BlackRock Investment Management, LLC, its
Investment Manager

By: /s/ Gina Forziati
Name: Gina Forziati
Title: Authorized Signatory

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

55 Loan Strategy Fund a series Trust of Multi Manager Global Investment Trust, 
as a Lender
BY: BlackRock Financial Management Inc., its
Investment Manager

By: /s/ Gina Forziati
Name: Gina Forziati

Title: Authorized Signatory

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

55 Loan Strategy Fund Series 2 A Series Trust of Multi Manager Global Investment Trust, 
as a Lender
BY: BlackRock Financial Management Inc., its
Investment Manager

By: /s/ Gina Forziati
Name: Gina Forziati
Title: Authorized Signatory

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent

in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

ABR Reinsurance LTD., 
as a Lender
BY: BlackRock Financial Management Inc., its
Investment Manager

By: /s/ Gina Forziati
Name: Gina Forziati
Title: Authorized Signatory

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and

delivered by a duly authorized officer as of the date first written above.

ACE Property & Casualty Insurance Company, 
as a Lender
BY: BlackRock Financial Management Inc., its
Investment Advisor

By: /s/ Gina Forziati
Name: Gina Forziati
Title: Authorized Signatory

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

AIB Debt Management Ltd,
as a Lender

By: /s/ Roisin O’Connell
Name: Roisin O’Connell
Title: Senior Vice President 
Advisor to AIB Debt Management, Limited

By: /s/ Paul McGinley
Name: Paul McGinley

Title: Assistant Vice President 
Advisor to AIB Debt Management, Limited

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

Erste Group Bank AG,
as a Lender

By: /s/ Bryan Lynch
Name: Bryan Lynch
Title: SVP - Head of Lending 

By: /s/ Patrick Kunkel
Name: Patrick Kunkel
Title: Managing Director

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent

in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

CSAA Insurance Exchange,
as a Lender

By: Oaktree Capital Management, L.P.

By: /s/ Lin Tien
Name: Lin Tien
Title: Vice President 

By: /s/ Armen Panossian
Name: Armen Panossian
Title: Managing Director

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its

sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

Credit Industriel et Commercial, New York Branch,
as a Lender

By: /s/ Gary Weiss
Name: Gary Weiss
Title: Managing Director 

By: /s/ Clifford Abramsky
Name: Armen Panossian
Title: Managing Director

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

Argo Re Ltd.,

as a Lender

By: Oaktree Capital Management, L.P.

Its: Investment Manager

By: /s/ Lin Tien
Name: Lin Tien
Title: Vice President 

By: /s/ Armen Panossian
Name: Armen Panossian
Title: Managing Director

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

Argonaut Insurance Company,
as a Lender

By: Oaktree Capital Management, L.P.

Its: Investment Manager

By: /s/ Lin Tien

Name: Lin Tien
Title: Vice President 

By: /s/ Armen Panossian
Name: Armen Panossian
Title: Managing Director

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

MACQUARIE BANK LIMITED,
as a Lender

By: /s/ Andrew McGrath
Name: Andrew McGrath
Title: Executive Director

By: /s/ Fiona Smith
Name: Fiona Smith
Title: Division Director

Signed in Sydney, POA Ref.

#2090 dated 26 Nov 2015

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
as a Lender

By: /s/ Gary Herzog
Name: Gary Herzog
Title: Managing Director 

By: /s/ Gordon Yip
Name: Gordon Yip
Title: Director
FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

Central Pacific Bank,
as a Lender

By: /s/ Carl A. Morita
Name: Carl A. Morita
Title: Vice President 

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

JMP CREDIT ADVISORS CLO III LTD.
By: JMP Credit Advisors LLC, As Attorney-in-Fact

By: /s/ Shawn S. O’Leary
Name: Shawn S. O’Leary
Title: Director

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

AXA IM Paris SA for and on behalf of Matignon Leveraged Loan Limited,
as a Lender

By: /s/ Yannick Le Serviget
Name: Yannick Le Serviget
Title: Senior Portfolio Manager
FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

AZB FUNDING 7,
as a Lender

By: /s/ Robert Gates
Name: Robert Gates
Title: Authorized Signatory

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan

so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

BANCO DE SABADELL, S.A., MIAMI BRANCH,
as a Lender

By: /s/ Enrique Castillo
Name: Enrique Castillo
Title: Structured Finance Americas Director

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

Bank of the Cascades,
as a Lender

By: /s/ Chip Reeves
Name: Chip Reeves
Title: President & Chief Operating Officer

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

BAWAG P.S.K. BANK FUR ARBEIT UND WIRTSCHAFT UND OSTERREICHISCHE POSTSPARKASSE AKTIENGESELLSCHAFT,
as a Lender

By: /s/ Stephan Schaffer
Name: Stephan Schaffer

By: /s/ Christian BeBenroth
Name: Christian BeBenroth

FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

Bronco Trading, LLC,
as a Lender

By: /s/ Karen Weich
Name: Karen Weich
Title:  Vice President
FLEETCOR TECHNOLOGIES OPERATING COMPANY, LLC SECOND AMENDMENT
    
By executing this signature page as an existing Term B Lender, the undersigned institution
consents and agrees to the terms of this Amendment.

☑ Consent and Convert (Cashless Settlement). The undersigned existing Term B Lender
hereby irrevocably and unconditionally approves the Amendment and converts 100% of
the outstanding principal amount of its portion of the existing Term B Loan (or such
lesser amount notified and allocated to such Term B Lender by the Administrative Agent
in its sole discretion) into a portion of the Term B-2 Loan.

☐ Consent and Reallocation. The undersigned existing Term B Lender hereby irrevocably
and unconditionally (a) approves the Amendment and the prepayment of 100% of the
outstanding principal amount of its portion of the existing Term B Loan, and (b) agrees to
purchase by way of assignment from the Term B-2 Lenders in accordance with the terms
of the Amendment, a portion of the Term B-2 Loan in a principal amount equal to the
principal amount of its portion of the existing Term B Loan prepaid (or such lesser
amount notified and allocated to such Term B Lender by the Administrative Agent in its
sole discretion). Such Term B Lender will receive a portion of the Term B-2 Loan in a
principal amount equal to the principal amount of its portion of the existing Term B Loan
so prepaid (or such lesser amount notified and allocated to such Term B Lender by the
Administrative Agent in its sole discretion).

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed and
delivered by a duly authorized officer as of the date first written above.

CALIFORNIA FIRST NATIONAL BANK 

as a Lender

By: /s/ Mark D. Cross
Name: Mark D. Cross
Title:  Executive Vice President, Chief Credit Officer

 

 

CHAR1\1502572v6
Schedule 1 

TERM B-2 LOAN COMMITMENTS AND APPLICABLE PERCENTAGES

	
			
	LENDER
	TERM B-2 LOAN COMMITMENT
	APPLICABLE PERCENTAGE OF TERM B-2 LOAN COMMITMENT

	Bawag PSK Bank Fur Arbeit Und Wirtschraft Und Osterreischische Post SPA Rkeasse Aktiengesellschaft
	$36,772,216.60
	15.009068000%

	Raymond James Bank, N. A.
	$36,750,000.00
	15.000000000%

	State Street Bank and Trust Company
	$19,600,000.00
	8.000000000%

	Bank of America, N.A.
	$15,923,267.69
	6.499292935%

	AIB Debt Management Limited
	$15,173,904.65
	6.193430469%

	Erste Group Bank AG
	$14,886,075.96
	6.075949371%

	Aozora Bank Ltd.
	$12,250,000.00
	5.000000000%

	Credit Industriel Et Commercial
	$12,250,000.00
	5.000000000%

	BlackRock Financial Management Inc.
	$11,699,153.72
	4.775164784%

	Credit Agricole Corporate and Investment Bank
	$10,126,666.70
	4.133333347%

	State Bank of India Nassau Offshore Banking Unit
	$9,898,989.77
	4.040403988%

	Neuberger Berman Fixed Income LLC
	$9,064,107.65
	3.699635776%

	Sumitomo Mitsui Trust Bank, Limited, New York Branch
	$5,716,666.69
	2.333333343%

	Central Pacific Bank
	$4,982,999.29
	2.033877261%

	Bank of the Cascades
	$4,083,333.31
	1.666666657%

	Stifel Bank and Trust
	$4,083,333.30
	1.666666653%

	Seix Investment Advisors LLC
	$3,266,666.69
	1.333333343%

	California First National Bank
	$2,701,052.33
	1.102470339%

	Octagon Credit Investors LLC
	$2,654,166.69
	1.083333343%

	AXA Investment Managers
	$2,654,166.62
	1.083333314%

	Wintrust Bank
	$2,450,000.00
	1.000000000%

	State Bank of India, London Branch
	$2,071,363.64
	0.845454547%

	ABRY 
	$1,837,500.00
	0.750000000%

	GSO Capital Partners LP
	$1,633,333.31
	0.666666657%

	MJX Asset Management, LLC
	$837,702.08
	0.341919216%

	JMP Credit Advisors LLC
	$816,666.69
	0.333333343%

	Banco de Sabadell, S.A., Miami Branch
	$408,333.31
	0.166666657%

	Macquarie Bank Limited
	$408,333.31
	0.166666657%

	TOTAL:
	$245,000,000.00
	100.000000000%

Schedule 2

CONVERSIONS

	
			
	LENDER
	PRINCIPAL AMOUNT HELD OF TERM B LOAN
	PRINCIPAL AMOUNT HELD OF TERM B-2 LOAN

	Bawag PSK Bank Fur Arbeit Und Wirtschraft Und Osterreischische Post SPA Rkeasse Aktiengesellschaft
	$36,772,216.60
	$36,772,216.60

	Raymond James Bank, N. A.
	$36,750,000.00
	$36,750,000.00

	State Street Bank and Trust Company
	$19,600,000.00
	$19,600,000.00

	AIB Debt Management Limited
	$15,173,904.65
	$15,173,904.65

	Erste Group Bank AG
	$14,886,075.96
	$14,886,075.96

	Credit Industriel Et Commercial
	$12,250,000.00
	$12,250,000.00

	Aozora Bank Ltd.
	$12,250,000.00
	$12,250,000.00

	BlackRock Financial Management Inc.
	$11,699,153.72
	$11,699,153.72

	Credit Agricole Corporate and Investment Bank
	$10,126,666.70
	$10,126,666.70

	State Bank of India Nassau Offshore Banking Unit
	$9,898,989.77
	$9,898,989.77

	Neuberger Berman Fixed Income LLC
	$9,064,107.65
	$9,064,107.65

	Sumitomo Mitsui Trust Bank, Limited, New York Branch
	$5,716,666.69
	$5,716,666.69

	Central Pacific Bank
	$4,982,999.29
	$4,982,999.29

	Bank of the Cascades
	$4,083,333.31
	$4,083,333.31

	Stifel Bank and Trust
	$4,083,333.30
	$4,083,333.30

	Seix Investment Advisors LLC
	$3,266,666.69
	$3,266,666.69

	California First National Bank
	$2,701,052.33
	$2,701,052.33

	Octagon Credit Investors LLC
	$2,654,166.69
	$2,654,166.69

	AXA Investment Managers
	$2,654,166.62
	$2,654,166.62

	Wintrust Bank
	$2,450,000.00
	$2,450,000.00

	State Bank of India, London Branch
	$2,071,363.64
	$2,071,363.64

	ABRY 
	$1,837,500.00
	$1,837,500.00

	GSO Capital Partners LP
	$1,633,333.31
	$1,633,333.31

	MJX Asset Management, LLC
	$2,746,969.77
	$837,702.08

	JMP Credit Advisors LLC
	$816,666.69
	$816,666.69

	Banco de Sabadell, S.A., Miami Branch
	$408,333.31
	$408,333.31

	Macquarie Bank Limited
	$408,333.31
	$408,333.31

	Oaktree Capital Management LP
	$7,644,000.00
	$0.00

	Land Bank of Taiwan Los Angeles Branch
	$3,511,666.69
	$0.00

	Monroe Capital Management LLC
	$2,450,000.00
	$0.00

	Bank of the Ozarks
	$408,333.31
	$0.00

	TOTAL:
	$245,000,000.00
	$229,076,732.31

Schedule 3

NON-CONSENTING TERM B LENDERS

Bank of the Ozarks
Land Bank of Taiwan Los Angeles Branch
Monroe Capital Management LLCTRUE Q4 2016 EX 10.33 Gunsagar Employment Agreement

Exhibit 10.33

TRUECAR, INC.
 
FORM OF SENIOR EXECUTIVE EMPLOYMENT AGREEMENT
 
This Employment Agreement (the “Agreement”) is entered into as of June 29, 2015, (the “Effective Date”) by and between TrueCar, Inc. (the “Company”), and Neeraj Gunsagar (“Executive” and, together with the Company, the “Parties”). For purposes of this Agreement, Company shall be defined to include any predecessors to TrueCar, Inc., including, but not limited to, Zag.com Inc.
 
RECITALS
 
WHEREAS, the Company wishes to continue to retain the services of Executive and Executive wishes to remain employed by the Company on the terms and subject to the conditions set forth in this Agreement.
 
WHEREAS, the Company and the Executive desire to conform the terms of Executive’s employment to be consistent with the Company’s standard form, as reflected herein.
 
NOW THEREFORE, in consideration of the foregoing recital and the respective undertakings of the Company and Executive set forth below, the Company and Executive agree as follows:
 
1.             Duties and Obligations.
 
(a)           Duties and Scope of Employment. As of the Effective Date, Executive will continue to serve as Chief Revenue Officer of the Company reporting directly to the Company’s Chief Financial Officer. Executive will have the authority generally allowed to persons discharging the duties of such position. Executive will render such business and professional services in the performance of his duties, consistent with Executive’s position within the Company, as will reasonably be assigned to him. The period of Executive’s employment under this Agreement is referred to herein as the “Employment Term.”
 
(b)           Obligations. During the Employment Term, Executive will perform his duties faithfully and to the best of his ability and will devote his full business efforts and time to the Company.
 
2.             At-Will Employment. Subject to the terms hereof, Executive’s employment with the Company remains “at-will” employment and may be terminated by the Company at any time with or without cause or with or without notice. However, as described in this Agreement, Executive may be entitled to severance benefits depending upon the circumstances of Executive’s termination of employment.
 
3.             Compensation.
 
(a)           Base Salary. During the Employment Term, the Company will pay Executive an annual base salary of $410,000 as compensation for his services (the “Base Salary”). The Base
 

 

Salary will be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholding. Executive’s Base Salary will be subject to review and adjustments will be made based upon the Company’s normal performance review practices.
 
(b)           Annual Bonus. Executive will be eligible to receive an annual performance-based bonus (the “Annual Bonus”) upon achievement of performance objectives to be determined by the Board, the Compensation Committee of the Board (the “Compensation Committee”), or the Board’s or Compensation Committee’s delegate, in its sole discretion. The amount of Annual Bonuses to be paid to Executive, if any, will be: (i) determined in the sole discretion of the Board, the Compensation Committee or their delegate; (ii) paid in accordance with the Company’s normal payroll practices and be subject to the usual, required withholding; and (iii) subject to Executive’s continued employment with the Company through the payment date. All or a portion of the Annual Bonus may, at the discretion of the Board, Compensation Committee or their delegate, be paid in the form of “spot” or periodic bonuses that may be paid throughout the year. In addition, the Board, Compensation Committee or their delegate, may, in their discretion, grant additional discretionary bonus amounts to the Executive.
 
(c)           Equity. Executive will be eligible to receive awards of stock options, restricted stock or other equity awards pursuant to any plans or arrangements the Company may have in effect from time to time. The Board or the Compensation Committee will determine in its discretion whether Executive will be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time and consistent with other grants made by the Company.
 
Notwithstanding any contrary provision in any prior agreement with the Company or any predecessor, no stock option granted on or after the Effective Date will include an early exercise feature, or the ability to be exercised by means of a loan extended by the Company or by means of a net exercise (other than pursuant to a cashless exercise program approved by the Company that the Company determines will be in the form of a net exercise, if the applicable stock option terms provide for exercise through a cashless exercise program established by the Company).
 
4.             Employee Benefits. During the Employment Term, Executive will be entitled to participate in executive benefit plans and programs of the Company, if any, on the same terms and conditions as other similarly-situated employees to the extent that Executive’s position, tenure, salary, age, health and other qualifications make Executive eligible to participate in such plans or programs, subject to the rules and regulations applicable thereto. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.
 
5.             Expenses. The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time.
 
6.             Severance Benefits.
 
(a)           Termination without Cause or Resignation for Good Reason Prior to a Change in Control. If the Company terminates Executive’s employment with the Company for a reason
 
-2-

 

other than Cause (and not by reason of Executive’s death or Disability), or Executive resigns from employment with the Company for Good Reason, and in each case, such termination occurs prior to a Change in Control, then subject to Section 8 of this Agreement, Executive will receive as severance from the Company: (i) continuing payments of Executive’s Base Salary as in effect on the date of Executive’s termination, payable in accordance with the Company’s standard payroll procedures during the Severance Period; (ii) the immediate vesting of each of Executives then-outstanding Equity Awards as to the number of shares subject to each such Equity Award that otherwise would have vested had he remained an employee of the company through the twelve (12)-month anniversary of Executive’s termination of employment; and (iii) subject to Section 6(d) below, the Company shall reimburse Executive for the payments Executive makes for medical, vision and dental coverage under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended or comparable state law (“COBRA”) during the Severance Period or until Executive has secured other employment that provides group health insurance coverage, whichever occurs first, provided Executive timely elects and pays for COBRA coverage and remains eligible for COBRA continuation coverage. With respect to Equity Awards granted on or after the Effective Date, the same vesting acceleration provisions provided in the prior sentence will apply to such Equity Awards except to the extent provided in the applicable equity award agreement by explicit reference to this Agreement or to a prior or later employment or other agreement providing for similar vesting acceleration provisions. Executive agrees and acknowledges that the terms of this Agreement may restrict the Company’s ability to make future modifications, including but not limited to the vesting schedule and/or payment timing, to Executive’s restricted stock units, performance shares and performance units without risking a violation of Section 409A (as defined below).
 
(b)           Termination due to Death or Disability. If Executive’s employment with the Company terminates due to Executive’s death or Disability, regardless of whether before, on or after a Change in Control, then subject to Section 8 of this Agreement, Executive or, if applicable, his/her estate (in which case references to “Executive” in this Section 6(b) and in Section 6(d) will be deemed to refer to Executive’s estate) will receive as severance from the Company: (i) the immediate vesting as to 100% of each of Executive’s then-outstanding Equity Awards; and (ii) subject to Section 6(d) below, the Company shall reimburse Executive for the payments Executive makes for medical, vision and dental coverage under COBRA during the Severance Period, provided Executive timely elects and pays for COBRA coverage and remains eligible for COBRA continuation coverage. With respect to Equity Awards granted on or after the Effective Date, the same vesting acceleration provisions provided in the prior sentence will apply to such Equity Awards except to the extent provided in the applicable equity award agreement by explicit reference to this Agreement or to a prior or later employment or other agreement providing for similar vesting acceleration provisions.
 
(c)           Termination Without Cause or Resignation for Good Reason on or after a Change in Control. If the Company terminates Executive’s employment with the Company for a reason other than Cause (and not by reason of Executive’s death or Disability), or Executive resigns from employment with the Company for Good Reason, and in each case, such termination occurs upon or after a Change in Control, then subject to Section 8 of this Agreement, Executive will receive as severance from the Company: (i) continuing payments of Executive’s Base Salary as in effect on the date of Executive’s termination, payable in accordance with the Company’s standard payroll procedures during the Severance Period; (ii) the immediate vesting as to 100% of each of Executive’s outstanding Equity Awards that both are outstanding as of the date of the termination of
 
-3-

 

Executive’s employment and were granted at least 90 days prior to the applicable Change in Control; and (iii) subject to Section 6(d) below, the Company shall reimburse Executive for the payments Executive makes for medical, vision and dental coverage under COBRA during the Severance Period or until Executive has secured other employment that provides group health insurance coverage, whichever occurs first, provided Executive timely elects and pays for COBRA coverage and remains eligible for COBRA continuation coverage. With respect to Equity Awards granted on or after the Effective Date, the same vesting acceleration provisions provided in the prior sentence will apply to such Equity Awards except to the extent provided in the applicable equity award agreement by explicit reference to this Agreement or to a prior or later employment or other agreement providing for similar vesting acceleration provisions.
 
(d)           COBRA Reimbursements. Any COBRA reimbursements under this Agreement shall be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy, provided that Executive submits documentation to the Company substantiating his payments for COBRA coverage. However, if the Company determines in its sole discretion that it cannot, without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), provide any COBRA reimbursements that otherwise would be due to Executive under this Section 6, the Company will not provide, and Executive will not be entitled to, any payments in lieu of any such reimbursements to which Executive is entitled under Section 6(b), but the Company will, in lieu of any such reimbursements to which Executive is entitled under Section 6(a) or 6(c) of this Agreement, provide to Executive a taxable monthly payment (“Healthcare Premium payment”) in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue his group health coverage at coverage levels in effect immediately prior to Executive’s termination (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage. At the same time each monthly Healthcare Premium payment (if any is due) is paid to Executive, the Company also will provide Executive with a gross-up amount, determined by the Company, necessary to pay federal and state income and employment taxes incurred by Executive with respect to such Healthcare Premium payment (with such gross-up to be calculated by the Company based on the withholding rates the Company has in effect for Executive at the time the Healthcare Premium payment is paid to Executive). Any Healthcare Premium payments and any related gross-up payments will cease to be provided when, and under the same terms and conditions, COBRA reimbursements would have ceased under this Section 6. For the avoidance of doubt, the taxable payments in lieu of COBRA reimbursements may be used for any purpose, including, but not limited to, continuation coverage under COBRA, and will be subject to all applicable withholdings. Notwithstanding anything to the contrary under this Agreement, if at any time the Company determines in its sole discretion that it cannot provide the payments contemplated by the preceding sentence without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive such payment or any further reimbursements for COBRA premiums.
 
(e)           Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company terminates (i) voluntarily by Executive (other than for Good Reason and other than due to Executive’s death or Disability), or (ii) for Cause by the Company, then Executive will not be entitled to receive severance or other benefits (including continued vesting) except for those (if any) as may then be established under the Company’s then-existing severance and benefits plans
 
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and practices or pursuant to other then-effective written agreements with the Company that have not been superseded by this Agreement.
 
(f)            Exclusive Remedy. In the event of a termination of Executive’s employment as set forth in Section 6 of this Agreement, the provisions of Section 6 are intended to be and are exclusive and in lieu of and supersede any other rights or remedies to which Executive or the Company otherwise may be entitled, whether at law, tort or contract or in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses). Executive will be entitled to no benefits, compensation or other payments or rights upon a termination of employment other than those benefits expressly set forth in Section 6 of this Agreement.
 
7.             Change in Control Benefits. In the event of a Change in Control that occurs while Executive remains an employee of the Company, if Executive remains employed with the Company (or any successor of the Company or subsidiary thereof) as of the first day immediately following the 12-month anniversary of the Closing of the Change in Control (such day, the “Post-CIC Anniversary Date”), then 100% of any Equity Awards that both are outstanding as of the Post-CIC Anniversary Date and were granted to Executive at least 90 days prior to the applicable Change in Control shall vest and become fully exercisable (to the extent applicable) at such time. With respect to Equity Awards granted on or after the Effective Date, but granted prior to the Closing, the same vesting acceleration provisions provided in the prior sentence will apply to such Equity Awards except to the extent provided in the applicable equity award agreement by explicit reference to this Agreement or to a prior or later employment or other agreement providing for similar vesting acceleration provisions.
 
8.             Conditions to Receipt of Severance; No Duty to Mitigate.
 
(a)           Separation Agreement and Release of Claims. The payment of any severance set forth in Section 6(a), Section 6(b), Section 6(c) and Section 6(d) above is contingent upon Executive signing and not revoking a release of claims agreement with the Company (which may include an agreement not to disparage the Company, non-solicit provisions and other standard terms and conditions) in a form reasonably acceptable to the Company (the “Release”) upon or following Executive’s separation from service and such Release becoming effective no later than sixty (60) days following Executive’s separation from service (such deadline, the “Release Deadline”). If the Release does not become effective by the Release Deadline, Executive will forfeit any rights to severance under this Agreement. In no event will severance payments or benefits be paid or provided until the Release actually becomes effective. In the event that Executive’s separation from service occurs at a time during the calendar year where it would be possible for the Release to become effective in the calendar year following the calendar year in which the Executive’s separation from service occurs if Executive took the full provided period to review the Release, all severance payments and benefits will be paid on the first payroll date to occur during the calendar year following the calendar year in which such separation from service occurs (the “Payroll Date”), or, if later: (i) the Release Deadline, (ii) such time as required by the payment schedule applicable to each severance benefit, or (iii) such time as required by Section 8(b)(ii); provided, however, that any acceleration of vesting of options and restricted stock will be provided on the Release effectiveness date. Except as required by Section 8(b)(ii), any payments and benefits that would have been made to Executive prior to the later of the Payroll Date or Release Deadline but for the payment requirements of the preceding sentence will be paid to Executive on the later of the Payroll Date or
 
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the Release Deadline following Executive’s separation from service and the remaining payments will be made as provided in this Agreement. In no event will Executive have discretion to determine the taxable year of payment of any severance payments or benefits.
 
(b)           Section 409A.
 
(i)           Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits payable to Executive, if any, pursuant to this Agreement, that when considered together with any other severance payments or separation benefits that are considered deferred compensation (together, the “Deferred Payments”) under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the final regulations and official guidance thereunder (“Section 409A”) will be payable until Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A.
 
(ii)          Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Executive’s separation from service, will become payable on the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following his separation from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this Section 8(b)(ii) will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.
 
(iii)         Any severance payment that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Payments for purposes herein. Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes herein.
 
(iv)        For purposes of this Agreement, “Section 409A Limit” means two (2) times the lesser of: (x) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable year of Executive’s termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto, or (y) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.
 
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(v)         The foregoing provisions are intended to comply with or be exempt from the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply or be exempt. Executive and the Company agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.
 
(c)           Confidential Information Agreement. Executive’s receipt of any payments or benefits under Section 6 will be subject to Executive continuing to comply with the terms of the Confidential Information Agreement (as defined in Section 11) and the provisions of this Agreement.
 
(d)           No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive may receive from any other source reduce any such payment.
 
9.             Limitation on Payments. In the event that the severance or change in control-related or other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 9, would be subject to the excise tax imposed by Section 4999 of the Code, then such payments or benefits will be either:
 
(a)    delivered in full, or
 
		
	(b)
	delivered as to such lesser extent which would result in no portion of such benefits being subject to excise tax under Section 4999 of the Code,

 
whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance or change in control-related benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments, which shall occur in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (ii) reduction of acceleration of vesting of equity awards, which shall occur in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock awards will be reduced first); and (iii) reduction of other benefits paid or provided to the Executive, which shall occur in reverse chronological order such that the benefit owed on the latest date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced. If more than one equity award was made to the Executive on the same date of grant, all such awards shall have their acceleration of vesting reduced pro rata. In no event shall the Executive have any discretion with respect to the ordering of payment reductions.
 
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Unless the Company and Executive otherwise agree in writing, any determination required under this Section 9 will be made in writing by a nationally recognized firm of independent public accountants selected by the Company (the “Accountants”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 9, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 9. The Company will bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 9.
 
10.          Definitions.
 
(a)           Cause. For purposes of this Agreement, “Cause” means: (i) Executive’s failure to perform his assigned duties responsibilities as an employee (other than a failure resulting from Executive’s Disability) after written notice thereof from the Company describing Executive’s failure to perform such duties or responsibilities; (ii) Executive engaging in any act of dishonesty, fraud or misrepresentation with respect to the Company; (iii) Executive’s violation of any federal or state law or regulation applicable to the business of the Company or its affiliates; (iv) Executive’s breach of any confidentiality agreement or invention assignment agreement (including, but not limited to, the Confidential Information Agreement) between Executive and the Company (or any affiliate of the Company); or (v) Executive being convicted of, or entering a plea of nolo contendere to, any crime. For purposes of clarity, Executive’s termination of employment due to death or Disability is not, by itself, deemed to be a termination by the Company other than for Cause or a resignation for Good Reason.
 
(b)           Change in Control. For purposes of this Agreement, “Change in Control” means the occurrence of any of the following:
 
(i)            Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control and, provided, further; that the Board may, in its reasonable judgment, determine that any change in the ownership of the stock of the Company as a result of a financing of the Company or otherwise, in the determination of the Board, for fundraising purposes, in each case that is approved by the Board prior to such change in ownership also will not be considered a Change in Control; or
 
(ii)           [RESERVED]; or
 
(iii)          Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the
 
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date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3) and, provided, further; that the Board may determine that certain asset transfers that should not, in the reasonable judgment of the Board (as constituted immediately prior to such asset transfers), be considered to be a “Change in Control” due to extenuating factors such as, for example, a determination being made to continue its business using only a certain subset of its assets rendering the remainder obsolete or retention of the proceeds from such sale by the Company for subsequent business use. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
 
For purposes of this definition of Change in Control, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
 
Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A.
 
Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
 
(c)           Closing. For purposes of this Agreement, “Closing” means the closing of the first transaction constituting a Change in Control that occurs on or following the Effective Date.
 
(d)           Disability. For purposes of this Agreement, “Disability” means Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Company employees.
 
(e)           Equity Awards. For purposes of this Agreement, “Equity Awards” means any of Executive’s stock options to purchase shares of the Company’s common stock, restricted shares of the Company’s common stock (including unvested shares Executive has purchased through an early exercise of a stock option grant), stock appreciation rights, restricted stock units,
 
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performance shares, performance units and any other equity compensation awards granted by the Company or any successor of the Company.
 
(f)             Good Reason. For purposes of this Agreement, “Good Reason” means Executive’s resignation within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s consent: (i) a material reduction in Executive’s Base Salary which reduction is not applicable to a majority of the Company’s senior management, excluding the substitution of substantially equivalent compensation and benefits; (ii) a material reduction of Executive’s authority, duties or responsibilities, unless Executive is provided with a comparable position; provided, however, that a reduction in authority, duties, or responsibilities primarily by virtue of the Company being acquired and made part of a larger entity whether as a subsidiary, business unit or otherwise (as, for example, when the Chief Executive Officer of the Company remains as such following an acquisition where the Company becomes a wholly owned subsidiary of the acquirer, but is not made the Chief Executive Officer of the acquiring corporation) will not constitute “Good Reason”; or (iii) a material change in the geographic location of Executive’s primary work facility or location; provided, that a relocation of fifty (50) miles or less from Executive’s then present location or to Executive’s home as his primary work location will not be considered a material change in geographic location. In order for an event to qualify as Good Reason, Executive must not terminate employment with the Company without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty (30) days following the date of such notice, and such grounds must not have been cured during such time.
 
(g)             Severance Period. For purposes of this Agreement, “Severance Period” means the period of time commencing immediately after Executive’s separation of service from the Company through the date that is six (6) months following such separation date, plus an additional two (2) months for every fully completed Year of Service; provided, however, that in all cases the Severance Period will end no later than on the twelve (12)-month anniversary of the date of Executive’s termination of employment.
 
(h)             Year of Service. For purposes of this Agreement, “Year of Service” means the twelve (12)-month period measured from Executive’s original start date with the Company (or any predecessor to the Company).
 
11.          Confidential Information. Executive confirms his continuing obligations under the Company’s standard At Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement dated as of January 31, 2012 (the “Confidential Information Agreement”).
 
12.          Successors.
 
(a)           The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” will include any
 
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successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 12(a) or which becomes bound by the terms of this Agreement by operation of law.
 
(b)           Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
 
13.          Notices.
 
(a)           General. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or when delivered by a private courier service such as UPS, DHL or Federal Express that has tracking capability. In the case of Executive, mailed notices will be addressed to him at the home address which he most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the Chief Executive Officer of the Company.
 
(b)           Notice of Termination. Any termination by the Company for Cause or by Executive for Good Reason or as a result of a voluntary resignation will be communicated by a notice of termination to the other party hereto given in accordance with Section 13(a) of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after the giving of such notice). The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of Good Reason will not waive any right of Executive hereunder or preclude Executive from asserting such fact or circumstance in enforcing Executive’s rights hereunder.
 
14.          Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision.
 
15.          Integration. This Agreement represents the entire agreement and understanding between the Parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral, including but not limited to Executive’s Offer Letter with the Company, entered into as of November 11, 2013, as well as any agreements being held in escrow by the Parties and which the Parties acknowledge never became effective, but this Agreement does not supersede any applicable Company policy with respect to the treatment of Company equity awards upon death or disability. This Agreement may be modified only by agreement of the Parties by a written instrument executed by the Parties that is designated as an amendment to this Agreement. Further, with respect to Equity Awards outstanding as of the Effective Date (the “Pre-Existing Equity Awards”), the acceleration of vesting provisions contained in this Agreement supersede and replace in their entirety, and act as amendments to, any acceleration of vesting provisions contained in the Pre-Existing Equity Award agreements (which agreements, to the extent not amended by this Agreement, remain in full force and effect); provided, however, for purposes of clarity, such
 
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provisions do not supersede or replace the merger, asset purchase, change in control or dissolution or liquidation provisions of the equity plan under which the applicable Pre-Existing Equity Award was granted.
 
16.          Waiver of Breach. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). The waiver of a breach of any term or provision of this Agreement will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.
 
17.          Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
 
18.          Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.
 
19.          Governing Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions).
 
20.          Arbitration. Any dispute or controversy arising out of or relating to any interpretation, construction, performance or breach of the Agreement or the Confidential Information Agreement, will be settled by arbitration pursuant to the arbitration provisions set forth in the Confidential Information Agreement.
 
21.          Acknowledgment. Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, including that Executive is waiving his right to a jury trial, and is knowingly and voluntarily entering into this Agreement.
 
22.          Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.
 
[Remainder of Page Intentionally Left Blank]
 
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IN WITNESS WHEREOF, each of the Parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and year first above written.
 
COMPANY: 
        

        

TRUECAR, INC.
 
	
			
	By:
	/s/ Troy Foster
	 

	 
	 
	 

	Title:
	CLCO
	 

 
	
			
	 
	 
	 

	EXECUTIVE:
	 

	 
	 

	/s/ Neeraj Gunsagar
	 

	 
	 
	 

 
[SIGNATURE PAGE TO SENIOR EXECUTIVE EMPLOYMENT AGREEMENT – 
NEERAJ GUNSAGAR]
 
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