Document:

EX-10.25

 Exhibit 10.25 

EXECUTION VERSION 
 SECOND
AMENDMENT TO CREDIT AGREEMENT 
 This Second Amendment (this “Amendment”) to the Credit Agreement dated
January 22, 2015 among Patriot National, Inc., a Delaware corporation (“Borrower”), the Lenders (as defined therein) and BMO Harris Bank N.A., as administrative agent (as previously amended, supplemented or otherwise modified,
the “Credit Agreement”) is dated as of August 14, 2015. 
 1. Definitions. Capitalized terms used
and not defined in this Amendment have the respective meanings assigned to them in the Credit Agreement. 
 2.
Amendments to the Credit Agreement. As of the Second Amendment Effective Date (defined below), the Credit Agreement is hereby amended as follows: 

(a) In Section 1.1, the following new defined terms shall be inserted in proper alphabetical order: 

“Add-On Term Lender” means any Lender that is the holder of an Add-On Term Loan. 

“Add-On Term Loan” – see Section 2.1.3. 

“Initial Term Loan” – see Section 2.1.3. 

“Second Amendment” means the Second Amendment to Credit Agreement dated as of August 13, 2015 among the Borrower, the
other Loan Parties, the Lenders party thereto and the Administrative Agent. 
 “Second Amendment Effective Date” means the
date on which all of the conditions set forth in Section 4 of the Second Amendment have been satisfied. 
 (b) In
Section 1.1, the following definitions are amended in their entirety to read as follows: 
 “Adjusted EBITDA” is
defined as Consolidated Net Income plus, to the extent deducted in determining net income, tax expense (or less any tax benefits), Interest Expense, depreciation and amortization, net realized losses (or less any gains) on investments, loss on
exchange of units and warrants, increase (or less any decrease) in the fair value of common stock and warrant redemption liability, non-cash stock compensation, and up to (x) $5,000,000 in any Fiscal Year beginning with Fiscal Year 2016 and
(y) $5,000,000 for the period from the Second Amendment Effective Date through the end of Fiscal Year 2015 of non-capitalized fees and expenses related to Permitted Acquisitions that have been completed. For any period in which a Permitted
Acquisition of a line of business or entity occurs, Adjusted EBITDA shall be calculated on a pro forma basis as if the acquired line of business or entity had been acquired on the first day of such period. Adjusted EBITDA for the Fiscal Quarter
ending September 30, 2014 shall equal $9,737,868. 

 “Lender” means (a) each Person identified as a “Lender” on the
signature pages hereof, (b) each Person that becomes a party hereto pursuant to an Assignment Agreement or a joinder agreement and (c) the respective successors and assigns of the foregoing. References to the “Lenders” and to the
“Revolving Lenders” shall include each Issuing Lender and the Swing Line Lender; for purposes of clarification only, to the extent that BMO Harris Bank N.A. (or any other Issuing Lender or successor Swing Line Lender) may have rights or
obligations in addition to those of the other Lenders or the other Revolving Lenders, as applicable, due to its status as an Issuing Lender or the Swing Line Lender, its status as such will be specifically referenced. 

“Term Percentage” means, as to any Term Lender, the percentage that (a) the outstanding principal amount of such
Lender’s Term Loan is of (b) the aggregate outstanding principal amount of all Term Loans. The Term Percentage of each Lender as of the Second Amendment Effective Date is set forth across from such Lender’s name on Schedule
2.1. 
 (c) Section 2.1.1 is amended in its entirety to read as follows: 

2.1.1 Revolving Loans. Each Revolving Lender will make loans in Dollars to the Borrower on a revolving basis (“Revolving
Loans”) during the period from the Effective Date to the Revolving Termination Date in an amount equal to such Revolving Lender’s Revolving Percentage of the aggregate amount of all Revolving Loans requested by the Borrower from time
to time; provided that the Revolving Outstandings shall not at any time exceed the Revolving Commitment Amount; provided further that until such time as the Borrower delivers a Compliance Certificate demonstrating that the Total
Leverage Ratio is equal to or less than 2.25 to 1.00 and the Borrower’s Adjusted EBITDA for the twelve-month period then ended is at least $70,000,000, the Revolving Outstandings shall not exceed $30,000,000 (for purposes of calculating
Adjusted EBITDA in any Compliance Certificate delivered pursuant to this Section 2.1.1, the add-back in the definition of Adjusted EBITDA for non-capitalized fees and expenses related to Permitted Acquisitions shall be excluded). 

(d) Section 2.1.2 is amended in its entirety to read as follows: 

2.1.2 Letters of Credit. (a) Each Issuing Lender will issue standby letters of credit (each a “Letter of Credit”)
in Dollars at the request of and for the account of the Borrower from time to time, subject to Section 2.3, before the date that is 30 days prior to the scheduled Revolving Termination Date, and (b) as more fully set forth in
Section 2.3, each Revolving Lender agrees to purchase a participation in each Letter of Credit; provided that (x) the aggregate Stated Amount of all Letters of Credit shall not at any time exceed $10,000,000 and (y) the
Revolving Outstandings shall not at any time exceed the Revolving Commitment Amount; provided further until such time as the Borrower delivers a 

  
 2 

 
Compliance Certificate demonstrating that the Total Leverage Ratio is equal to or less than 2.25 to 1.00 and the Borrower’s Adjusted EBITDA for the twelve-month period then ended is at least
$70,000,000, the Revolving Outstandings shall not exceed $30,000,000 (for purposes of calculating Adjusted EBITDA in any Compliance Certificate delivered pursuant to this Section 2.1.2, the add-back in the definition of Adjusted EBITDA
for non-capitalized fees and expenses related to Permitted Acquisitions shall be excluded). 
 (e) Section 2.1.3 is
amended in its entirety to read as follows: 
 2.1.3 Term Loans. 

(a) On the Effective Date, each Term Lender made a term loan (each, an “Initial Term Loan”) in Dollars to the Borrower in the
amount set forth on Part A of Schedule 2.1.3. The aggregate amount of Initial Term Loans on the Effective Date was $40,000,000. 
 (b)
Prior to the Second Amendment Effective Date, certain Term Lenders made Incremental Term Loans to the Borrower in the amounts set forth on Part B of Schedule 2.1.3 and in an aggregate amount of $20,000,000 (the “Initial Incremental
Term Loans” and together with the Initial Term Loans, the “Initial Loans”) 
 (c) On the Second Amendment Effective
Date, each Add-On Term Lender will make a term loan (each, an “Add-On Term Loan”, and together with the Initial Loans and any Incremental Term Loans made pursuant to Section 2.5, the “Term Loans”) in
Dollars in the amount set forth on Part C of Schedule 2.1.3. The aggregate amount of all Add-On Term Loans on the Second Amendment Effective Date is $50,000,000. 

(c) Term Loans that are repaid may not be reborrowed. 

(f) Section 2.4.1 

2.4.1. Swing Line Loans. Subject to the terms and conditions of this Agreement, the Swing Line Lender may from time to time, in its
discretion, make loans to the Borrower (collectively the “Swing Line Loans” and individually each a “Swing Line Loan”) in accordance with this Section 2.4 in an aggregate amount not at any time exceeding
$10,000,000; provided that the Revolving Outstandings shall not at any time exceed the Revolving Commitment Amount; provided further that until such time as the Borrower delivers a Compliance Certificate demonstrating that the Total
Leverage Ratio is equal to or less than 2.25 to 1.00 and the Borrower’s Adjusted EBITDA for the twelve-month period then ended is at least $70,000,000, the Revolving Outstandings shall not exceed $30,000,000 (for purposes of calculating
Adjusted EBITDA in any Compliance Certificate delivered pursuant to this Section 2.4.1, the add-back in the definition of Adjusted EBITDA for non-capitalized fees and expenses related to Permitted Acquisitions shall be excluded). Amounts
borrowed under this 

  
 3 

 
Section 2.4 may be borrowed, repaid and (subject to the agreement of the Swing Line Lender) reborrowed until the Revolving Termination Date. Swing Line Loans shall be Base Rate Loans.

 (g) Section 2.5(a) is amended in its entirety to read as follows: 

(a) If no Unmatured Event of Default or Event of Default exists, the Borrower may, by written notice (substantially in the form of Exhibit
I) to the Administrative Agent (which shall promptly advise each Lender) request the making of an additional tranche of term loans (each an “Incremental Term Loan”) by an amount for all such requests, plus the amount of any
increases in the Revolving Commitments pursuant to Section 2.6, not to exceed $40,000,000 from and after the Second Amendment Effective Date; provided that any such request shall (x) be in a minimum amount of $5,000,000 or a
higher integral multiple of $1,000,000 and (y) set forth the date that the Borrower proposes the Incremental Term Loans be made, the requested amount and the proposed terms of the Incremental Term Loans. At the time of sending such notice, the
Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders).

 (h) Section 2.5(e) is amended in its entirety to read as follows: 

(e) The Incremental Term Loans shall be on the same terms as the Term Loans made prior to such date with an amortization schedule in accordance
with Schedule 6.1(b). The supplement to this Agreement referenced in Section 2.5(f) may, without the consent of any Lender that is not an Incremental Lender, effect such amendments to this Agreement and the other Loan Documents as
may be necessary or appropriate, in the opinion of the Administrative Agent to effect the provisions of this Section 2.5, including an amortization schedule that sets forth the amounts of each amortization payment in accordance with
Schedule 6.1(b). 
 (i) Section 2.5(h) is amended in its entirety to read as follows: 

(h) The Incremental Term Loans, shall constitute Term Loans under, and shall be entitled to all the benefits afforded by, this Agreement and
the other Loan Documents and shall, without limiting the foregoing, benefit equally and ratably with respect to the security interests created by the Collateral Documents. The Loan Parties shall take any actions reasonably required by the
Administrative Agent to ensure and/or demonstrate that the Lien and security interests granted by the Collateral Documents continue to be perfected under the Uniform Commercial Code (as defined in the Security Agreement) or other Applicable Law
relating to the perfection of security interests after giving effect to the establishment of the Incremental Term Loans. 

  
 4 

 (j) Section 2.6(a) is amended in its entirety to read as follows: 

(a) Request for Increase. Provided there exists no Unmatured Event of Default or Event of Default, upon notice (substantially in the
form of Exhibit I) to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time to time request an increase in the Revolving Commitments by an amount for all such requests, plus the amount of any
Incremental Term Loans, not to exceed $40,000,000 from and after the Second Amendment Effective Date; provided that (i) any such request for an increase shall be in a minimum amount of $5,000,000 or a higher integral multiple of
$1,000,000 and (ii) the Borrower may make a maximum of three such requests. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Revolving Lender is
requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Revolving Lenders). 

(k) Section 6.1 is amended in its entirety to read as follows: 

6.1 Repayment of Loans. (a) The Initial Loans and the Add-On Term Loans shall be repaid in installments on the dates and in the
amounts set forth on Schedule 6.1(a) and the Incremental Term Loans shall be repaid in installments on the dates and in the amounts set forth on Schedule 6.1(b), in each case, with a final installment on the Term Maturity Date in an
amount equal to the then unpaid principal balance of such Term Loans. Each such installment shall be applied to repay such Term Loans of the Term Lenders according to their respective Term Percentages. 

(l) Section 12.1 is amended by replacing the term “Term Loans” with “Initial Term Loans” in each place
where it appears therein. 
 (m) Schedule 2.1 of the Credit Agreement is replaced with Schedule 2.1 attached hereto. 

(n) Schedule 2.1.3 attached hereto is added to the Credit Agreement. 

(o) Schedule 6.1 of the Credit Agreement is replaced with Schedules 6.1(a) and 6.1(b) attached hereto. 

(p) Schedule 9.14 of the Credit Agreement is replaced with Schedule 9.14 attached hereto. 

3. Representations and Warranties. Each Loan Party represents and warrants to the Administrative Agent and the Lenders
that: 
 (a) Authorization; No Conflict. The execution, delivery and performance by such Loan Party of this
Amendment, and the consummation of the transactions contemplated hereby, (i) are within such Loan Party’s limited liability company, limited partnership or corporate powers, as applicable, (ii) have been duly authorized by all

  
 5 

 
necessary limited liability company, limited partnership or corporate action, as applicable, (iii) do not contravene (x) such Loan Party’s organizational documents or (y) any
law, regulation or contractual restriction binding on or affecting such Loan Party and (iv) will not result in or require the creation or imposition of any Lien upon or with respect to any of the properties of such Loan Party or any of its
Subsidiaries. 
 (b) Governmental Approvals. No authorization or approval or other action by, and no notice to or
filing with, any Governmental Authority or regulatory body or any other third party is required for the due execution, delivery and performance by such Loan Party of this Amendment. 

(c) Enforceability. This Amendment has been duly executed and delivered by such Loan Party and is the legal, valid and
binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as affected by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws
relating to or affecting the enforcement of creditors’ rights generally and/or (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or in equity). 

(d) Representations and Warranties. On the date hereof, each representation and warranty set forth in Section 9 of
the Credit Agreement, as amended by this Amendment, is true and correct in all material respects on and as of the date hereof with the same effect as if made on and as of the date hereof (except to the extent any such representation or warranty is
expressly stated to have been made as of a specific date, in which case such representation or warranty was true and correct as of such date). 

(e) No Default. No Event of Default or Unmatured Event of Default exists or will exist after giving effect to this
Amendment. 
 4. Effectiveness. This Amendment shall become effective on the date (the “Second Amendment Effective
Date”) when the Administrative Agent has received each of the following, in form and substance satisfactory to the Administrative Agent: 

(a) counterparts of this Amendment signed by each Loan Party, the Administrative Agent, each Add-On Term Lender and the
Required Lenders; 
 (b) a certificate signed by each Loan Party certifying that the representations and warranties set forth
in Sections 3(a) through 3(e) are true and correct; 
 (c) favorable opinions of Baker & Hostetler
LLP, counsel to the Loan Parties, addressed to the Lenders and the Administrative Agent; 
 (d) evidence that concurrently
with the effectiveness of this Amendment, the Borrower will acquire Global HR Research, LLC; 
 (e) certified copies of all
documents evidencing any necessary corporate (or other similar) action, and any material third-party consents and governmental approvals (if any) required for the execution, delivery and performance (including the intended use of the Add-On
Term Loans) by each Loan Party of this Amendment; 

  
 6 

 (f) certified copies of resolutions of the Governing Body of each Loan Party
authorizing or ratifying the execution, delivery and performance by such Person of this Amendment; 
 (g) certified copies of
Uniform Commercial Code and other lien search reports dated a date reasonably near to the Second Amendment Effective Date, listing all effective financing statements that name any Loan Party (under its present name and any previous names) as debtor,
together with copies of such financing statements; 
 (h) a pro forma Compliance Certificate giving effect to the Acquisition
of Global HR Research, LLC and the Add-On Term Loans; 
 (i) all documentation and other information required by bank
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act; 

(j) certification that since December 31, 2014, there has been no event that constitutes or would reasonably be expected
to have a Material Adverse Effect; 
 (k) evidence that all fees and other amounts that are then due and payable pursuant to
the Fee Letter dated as of June 29, 2015 between the Borrower and BMO Capital Markets Corp. and pursuant to Section 15.6 of the Credit Agreement shall have been paid; 

(l) a joinder agreement with respect to any Add-On Lender that was not a party to the Credit Agreement; 

(m) evidence that on the Second Amendment Effective Date, after giving effect to the Add-On Term Loans and the Acquisition
described in Section 4(h), the Borrower has a Total Leverage Ratio of less than 3.0 to 1.0; provided that solely for purposes of this Section 4(m), Total Leverage Ratio shall be calculated by including in Total Debt the
unused portion of the Revolving Commitment Amount and excluding from Total Debt the amount of any Capitalized Lease Obligations; 

(n) the Revolving Oustandings shall not be greater than $30,000,000; and 

(o) such other documents as the Administrative Agent or any Lender may reasonably request. 

5. Continuing Effectiveness, etc. 

(a) Except to the extent expressly set forth herein, all of the terms and conditions of the Credit Agreement and the other Loan
Documents remain unchanged and in full force and effect. Each Loan Party affirms that after giving effect to this Amendment, the Credit Agreement, as modified hereby, and each other Loan Document 

  
 7 

 
to which any Loan Party is a party will remain in full force and effect and will continue to constitute a legal, valid and binding obligation of such Loan Party, enforceable against such Loan
Party in accordance with its terms except insofar as such enforcement may be limited by Debtor Relief Laws. 
 (b) Upon the
effectiveness hereof, all references to the Credit Agreement set forth in any other agreement or instrument shall, unless otherwise specifically provided, be references to the Credit Agreement as amended hereby. 

6. Miscellaneous. The provisions of Sections 1.2, 15.6(a), 15.7, 15.9, 15.10, 15.11, 15.12, 15.16 and 15.17 of the Credit
Agreement are incorporated herein by reference, mutatis mutandis.  
 [Signature Page Follows] 

  
 8 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written
above. 
  

			
	PATRIOT NATIONAL, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	PATRIOT SERVICES, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	PATRIOT BENEFITS ADMINISTRATORS, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	PATRIOT CAPTIVE MANAGEMENT, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	PATRIOT CARE, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	PATRIOT CARE HOLDINGS, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	PATRIOT CARE SERVICES, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO

 
			
	PATRIOT CLAIM SERVICES, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	PATRIOT LEGAL SERVICES, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	PATRIOT RECOVERY SERVICES, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	PATRIOT TECHNOLOGY SOLUTIONS, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	VIKARAN TECHNOLOGY SOLUTIONS, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	CORPORATE CLAIMS MANAGEMENT, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	FORZA LIEN, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO
	
	INSURELINX, INC.
		
	 By:
	 	 /s/ Steven M. Mariano

	 Name:
	 	Steven M. Mariano
	 Title:
	 	CEO

 
			
	PATRIOT RISK SERVICES, INC.
		
	 By:
	 	 /s/ Christopher L. Pizzo

	 Name:
	 	Christopher L. Pizzo
	 Title:
	 	Secretary
	
	PATRIOT CARE MANAGEMENT, INC.
		
	 By:
	 	 /s/ Christopher L. Pizzo

	 Name:
	 	Christopher L. Pizzo
	 Title:
	 	Vice-President, Secretary
	
	PATRIOT UNDERWRITERS, INC.
		
	 By:
	 	 /s/ Christopher L. Pizzo

	 Name:
	 	Christopher L. Pizzo
	 Title:
	 	Secretary
	
	CONTEGO INVESTIGATIVE SERVICES, INC.
		
	 By:
	 	 /s/ Christopher L. Pizzo

	 Name:
	 	Christopher L. Pizzo
	 Title:
	 	Vice-President
	
	TRIGEN INSURANCE SOLUTIONS, INC.
		
	 By:
	 	 /s/ Christopher L. Pizzo

	 Name:
	 	Christopher L. Pizzo
	 Title:
	 	Vice-President, Secretary
	
	TRIGEN HOSPITALITY GROUP, INC.
		
	 By:
	 	 /s/ Elizabeth M. Hensen

	 Name:
	 	Elizabeth M. Hensen
	 Title:
	 	Assistant Secretary
	
	CWIBENEFITS, INC.
		
	 By:
	 	 /s/ Elizabeth M. Hensen

	 Name:
	 	Elizabeth M. Hensen
	 Title:
	 	Assistant Secretary

 
							
	CONTEGO SERVICES GROUP, LLC
		
	By:	 	Patriot Services, Inc., its Manager
			
		 	By:	 	 /s/ Steven M. Mariano

		 	Name:	 	Steven M. Mariano
		 	Title:	 	CEO
	
	CONTEGO RECOVERY, LLC
		
	By:	 	Contego Services Group, LLC, its Manager
			
		 	By:	 	Patriot Services, Inc., its Manager
				
		 		 	By:	 	 /s/ Steven M. Mariano

		 		 	Name:	 	Steven M. Mariano
		 		 	Title:	 	CEO
	
	DECISION UR, LLC
		
	By:	 	Patriot Technology Solutions, Inc., its Manager
			
		 	By:	 	 /s/ Steven M. Mariano

		 	Name:	 	Steven M. Mariano
		 	Title:	 	CEO

 
			
	BMO HARRIS BANK N.A., as Administrative Agent and a Lender
		
	 By:
	 	         /s/ Joan Spiotto
Murphy

 
			
	 Name:
	 	Joan Spiotto Murphy

 
			
	 Title:
	 	Director

 
			
	FIFTH THIRD BANK
		
	 By:
	 	         /s/ Gary
Ladolcetta

 
			
	 Name:
	 	Gary Ladolcetta

 
			
	 Title:
	 	SVP

 
			
	SUNTRUST BANK
		
	 By:
	 	         /s/ Paula
Mueller

 
			
	 Name:
	 	Paula Mueller

 
			
	 Title:
	 	Director

 
			
	CITY NATIONAL BANK OF FLORIDA
		
	 By:
	 	         /s/ Gabriella
Cioli

 
			
	 Name:
	 	Gabriella Cioli

 
			
	 Title:
	 	SVP – Corporate Banking

 
			
	THE PRIVATEBANK AND TRUST COMPANY
		
	 By:
	 	         /s/ Andrew C.
Haak

 
			
	 Name:
	 	Andrew C. Haak

 
			
	 Title:
	 	Managing Director

 SCHEDULE 2.1 

LENDERS, COMMITMENTS AND PERCENTAGES 
  

																					
	 Lender
	  	Term 
Loan	 	  	Term
Percentage	 	 	Revolving
Commitment	 	  	Revolving
Percentage	 	 	Total
Percentage	 
	 BMO Harris Bank N.A.
	  	$	31,725,000.00	  	  	 	29.038901602	% 	 	$	13,500,000	  	  	 	33.750000000	% 	 	 	30.301507538	% 
	 Fifth Third Bank
	  	$	29,293,750.00	  	  	 	26.813501144	% 	 	$	11,000,000	  	  	 	27.500000000	% 	 	 	26.997487437	% 
	 SunTrust Bank
	  	$	22,590,625.00	  	  	 	20.677917620	% 	 	$	8,500,000	  	  	 	21.250000000	% 	 	 	20.831239531	% 
	 City National Bank of Florida
	  	$	10,640,625.00	  	  	 	9.739702517	% 	 	$	7,000,000	  	  	 	17.500000000	% 	 	 	11.819514238	% 
	 The PrivateBank and Trust Company
	  	$	15,000,000.00	  	  	 	13.729977117	% 	 	 	—  	  	  	 	—  	  	 	 	10.050251256	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 TOTALS
	  	$	109,250,000.00	  	  	 	100.000000000	% 	 	$	40,000,000	  	  	 	100.000000000	% 	 	 	100.000000000	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 

 SCHEDULE 2.1.3 

TERM LOANS 
 Part A: Initial Term Loans: 

 

					
	 Lender
	  	Initial Term
Loan	 
	 BMO Harris Bank N.A.
	  	$	13,500,000	  
	 Fifth Third Bank
	  	$	11,000,000	  
	 SunTrust Bank
	  	$	8,500,000	  
	 City National Bank of Florida
	  	$	7,000,000	  
		  	  
	  
	 
	 TOTALS
	  	$	40,000,000	  
		  	  
	  
	 

 Part B: Initial Incremental Term Loans: 
  

									
	 Lender
	  	Incremental
Term Loan
(May 1, 2015)	 	  	Incremental
Term Loan
(June 30,
2015)	 
	 BMO Harris Bank N.A.
	  	$	3,375,000	  	  	$	5,125,000	  
	 Fifth Third Bank
	  	$	2,750,000	  	  	$	2,750,000	  
	 SunTrust Bank
	  	$	2,125,000	  	  	$	2,125,000	  
	 City National Bank of Florida
	  	$	1,750,000	  	  	$	0	  
		  	  
	  
	 	  	  
	  
	 
	 TOTALS
	  	$	10,000,000	  	  	$	10,000,000	  
		  	  
	  
	 	  	  
	  
	 

 Part C: Add-On Term Loans: 
  

					
	 Lender
	  	Add-On Term
Loan	 
	 BMO Harris Bank N.A.
	  	$	10,000,000	  
	 Fifth Third Bank
	  	$	13,000,000	  
	 SunTrust Bank
	  	$	10,000,000	  
	 City National Bank of Florida
	  	$	2,000,000	  
	 The PrivateBank and Trust Company
	  	$	15,000,000	  
		  	  
	  
	 
	 TOTALS
	  	$	50,000,000	  
		  	  
	  
	 

 SCHEDULE 6.1(a) 

TERM LOAN AMORTIZATION SCHEDULE1 

 

					
	Date	  	Amount	 
	 September 30, 2015
	  	$	1,375,000	  
	 December 31, 2015
	  	$	1,375,000	  
	 March 31, 2016
	  	$	1,375,000	  
	 June 30, 2016
	  	$	1,375,000	  
	 September 30, 2016
	  	$	1,375,000	  
	 December 31, 2016
	  	$	1,375,000	  
	 March 31, 2017
	  	$	1,375,000	  
	 June 30, 2017
	  	$	2,062,500	  
	 September 30, 2017
	  	$	2,062,500	  
	 December 31, 2017
	  	$	2,062,500	  
	 March 31, 2018
	  	$	2,062,500	  
	 June 30, 2018
	  	$	2,062,500	  
	 September 30, 2018
	  	$	2,062,500	  
	 December 31, 2018
	  	$	2,062,500	  
	 March 31, 2019
	  	$	2,062,500	  
	 June 30, 2019
	  	$	2,750,000	  
	 September 30, 2019
	  	$	2,750,000	  
	 December 31, 2019
	  	$	2,750,000	  

  

	1 	With respect to all Term Loans made on or prior to the Second Amendment Effective Date. 

 SCHEDULE 6.1(b) 

INCREMENTAL TERM LOAN AMORTIZATION SCHEDULE 
  

			
	 Installment Payment Dates
	  	 Percentage of Original Principal Amount of

Incremental Term Loans to be Paid

	 Last day of each Fiscal Quarter beginning with the Fiscal Quarter ending June 30, 2015 and ending
March 31, 2017
	  	5.0% per annum
		
	 Last day of each Fiscal Quarter beginning with the Fiscal Quarter ending June 30, 2017 and ending
March 31, 2019
	  	7.5% per annum
		
	 Last day of each Fiscal Quarter beginning with the Fiscal Quarter ending June 30, 2019 and ending
December 31, 2019
	  	10.0% per annum

 SCHEDULE 9.14 

SUBSIDIARIES 
  

									
	 	  	 Subsidiary
	  	Jurisdiction	  	 Ownership
	  	Type
	1.	  	Patriot Services, Inc.	  	Delaware	  	Patriot National, Inc. owns 100%	  	Domestic
	2.	  	Contego Services Group, LLC	  	Delaware	  	 Patriot Services, Inc. owns 97%;
 Steven M.
Mariano owns 3%
	  	Domestic
	3.	  	Contego Recovery, LLC	  	Delaware	  	Contego Services Group, LLC is the sole Member	  	Domestic
	4.	  	Contego Investigative Services, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	5.	  	Patriot Recovery Services, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	6.	  	Patriot Legal Services, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	7.	  	Patriot Technology Solutions, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	8.	  	Decision UR, LLC	  	California	  	 Patriot Technology Solutions, Inc. owns 98.8%

Kevin Hamm owns 1.2%
	  	Domestic
	9.	  	InsureLinx, Inc.	  	Florida	  	Patriot Technology Solutions, Inc. owns 100%	  	Domestic
	10.	  	Vikaran Technology Solutions, Inc.	  	Delaware	  	Patriot Technology Solutions, Inc. owns 100%	  	Domestic
	11.	  	Patriot Captive Management, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	12.	  	Patriot Captive Management (Cayman), Ltd.	  	Cayman
Islands	  	Patriot Captive Management, Inc. owns 100%	  	Foreign
	13.	  	Patriot Captive Management (Bahamas), Ltd.	  	Bahamas	  	Patriot Captive Management, Inc. owns 100%	  	Foreign
	14.	  	Patriot Risk Services, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	15.	  	Corporate Claims Management, Inc.	  	Delaware	  	Patriot Risk Services, Inc. owns 100%	  	Domestic
	16.	  	CWIBenefits, Inc.	  	Delaware	  	Patriot Risk Services, Inc. owns 100%	  	Domestic
	17.	  	Patriot Benefits Administrators, Inc.	  	Delaware	  	Patriot Risk Services, Inc. owns 100%	  	Domestic
	18.	  	Patriot Claim Services, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	19.	  	Patriot Care, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	20.	  	Patriot Care Holdings, Inc.	  	Delaware	  	Patriot Care, Inc. owns 100%	  	Domestic
	21.	  	Patriot Care Services, Inc.	  	Delaware	  	Patriot Care Holdings, Inc. owns 100%	  	Domestic
	22.	  	Patriot Care Management, Inc.	  	Delaware	  	Patriot Care Services, Inc. owns 100%	  	Domestic
	23.	  	Forza Lien, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	24.	  	Patriot Underwriters, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	25.	  	TriGen Insurance Solutions, Inc.	  	Delaware	  	Patriot Services, Inc. owns 100%	  	Domestic
	26.	  	TriGen Hospitality Group, Inc.	  	Delaware	  	TriGen Insurance Solutions, Inc. owns 100%	  	Domestic
	27.	  	PN India Holdings	  	Mauritius	  	Patriot Services, Inc. owns 100%	  	Foreign

 1. As of the date of the Initial Public Offering, PennantPark (as defined on Schedule 12.1) and certain of its
affiliates (collectively, the “PennantPark Entities”) held warrants to purchase an aggregate of 1,110,555 shares of the Borrower’s common stock at an exercise price of $2.67 per share, of which 626,295 were issued on November 27,
2013, in connection with and as part of the consideration for the initial tranche of the PennantPark Loan Agreement (as defined on Schedule 12.1) (prior to its amendment and restatement), and 484,260 were issued on August 6, 2014, in connection
with and as part of the consideration for the additional tranche of the PennantPark Loan Agreement. In connection with the Initial Public Offering, the Pennant Park Entities exercised their warrants in respect of 965,700 shares and as of the date of
the 

 
Second Amendment, they hold warrants on 144,855 shares. The warrants expire 10 years after their respective issuance. On the fifth anniversary of the respective issuance date, the PennantPark
Entities will have the option to put to the Borrower any warrants then held by them at a purchase price based on a valuation determined by an independent appraiser in accordance with the warrant provisions. The warrants contain customary adjustment
provisions, as well as certain anti-dilution provisions with respect to an issuance or sale of the Borrower’s common stock for a consideration less than $2.67 per share. 

2. The Borrower has adopted an equity incentive plan and has issued, and may from time to time, issue options pursuant to that plan.Exhibit

Exhibit 10.29
RETIREMENT AGREEMENT AND GENERAL RELEASE
YUM! Restaurants (Hong Kong) Ltd., a Hong Kong corporation (“Employer”), and Jing-Shyh S. Su, who can be reached at Yum Restaurants China 12-20F, 2 Grand Gateway, Shanghai, China 200030 and resides at Flat A, 25/F, South Tower 3 Residence Bel-Air Island South 38 Bel-Air Avenue, Hong Kong, and his heirs, executors, administrators, successors, and assigns (collectively referred to throughout this Retirement Agreement and General Release as “Executive”) (collectively, the “Parties”), agree that:
1.Retirement Transition. Executive has decided to retire, and Executive and Employer have agreed on the following transition plan: Executive hereby retires, effective as of August 19, 2015 (the “Director/Officer Retirement Date”), from all directorships and officer positions that Executive holds with Employer, with YUM! Brands, Inc. (“Yum”) and with any of their respective subsidiaries, parents, business units or affiliates (collectively, “Affiliates”), excluding Executive’s position as a director of Yum.  As a result, all of Executive’s directorships and officer positions with Employer, Yum and all of their respective Affiliates (other than his position as director of Yum) will terminate on the Director/Officer Retirement Date and Executive agrees to take such actions as Employer, Yum or any of their respective Affiliates may request to reflect Executive’s resignation from such positions. Executive will continue to be employed by Employer up to and including February 15, 2016, or such other date as may be agreed by the Parties in writing, which date shall be Executive’s last day of employment (the “Retirement Date”).  From the date of this Retirement Agreement and General Release until the Retirement Date, Executive’s duties will be as assigned by Employer and Yum, but will be primarily to assist Micky Pant in a smooth transition to becoming the Chief Executive Officer of Yum! China Division.  As of the Retirement Date, Executive’s employment with Employer, and all other positions which Executive holds with Employer, Yum and all of their respective Affiliates, including directorships and officer positions, other than as a director of Yum, that have not terminated sooner, will terminate, and to the extent requested to do so, Executive agrees to resign from any and all positions with Employer, Yum or any of their respective Affiliates (other than as a director of Yum) effective on the date requested but no later than the Retirement Date.
2.Compensation until Retirement Date. Executive will continue to receive his salary at the current rate of $1,100,000.00 per annum, will continue to receive the same allowances and will continue to participate in employee benefits plans on the same terms and conditions as similarly-situated employees of Employer through the Retirement Date.  Effective on the Retirement Date, Executive’s salary, participation in employee benefit plans, allowances, including, but not limited to, Executive’s foreign service premium, club membership, transportation expenses and housing expenses, and any other payment or compensation from Employer, Yum and any of their respective Affiliates shall end, except as specifically provided for in this Retirement Agreement and General Release. Executive’s 2015 bonus will be determined during normal year-end process based on actual team factor and individual factors and paid during 2016 at the same time of other 2015 bonuses are paid.

3.Consideration.  In consideration for Executive’s signing this Retirement Agreement and General Release and the Reaffirmation set forth at the end of this Retirement Agreement and General Release (the “Reaffirmation”) and his compliance with the promises made herein, Employer shall, or shall cause one of its Affiliates to, pay the following amounts:
(a)Tax Equalization Payments.  Executive will remain eligible to receive tax equalization payments, not exceeding $5,000,000 in the aggregate (inclusive of any tax gross-up payments), for PRC income tax incurred by Executive (i) with respect to payments made to Executive under the Executive Income Deferral Plan (the “EID”) after the Director/Officer Retirement Date and (ii) with respect to gains recognized by Executive in connection with the exercise of stock options and exercise of stock appreciation rights after the Director/Officer Retirement Date.  The tax equalization payments payable pursuant to this Section 3(a) will be calculated and administered in a manner that is consistent with past practices relating to the Tax Equalization Program described in the letter agreement, as amended, between YUM! Restaurants International, Inc. and Executive dated July 13, 2004 (the “Letter Agreement”). 
(b)Tax Preparation Assistance.  Executive will continue to receive income tax preparation assistance for the 2015, 2016 and 2017 tax years in accordance with past practice. 
4.Other Compensation and Employee Benefits To Be Provided to Executive.
(a)Stock Options.  For stock options and stock appreciation rights that have vested prior to the Retirement Date as listed on Exhibit A, Executive will remain entitled to exercise such stock options and stock appreciation rights for the remainder of the term of such stock options and stock appreciation rights, as applicable.  All other stock options and stock appreciation rights will be immediately forfeited by Executive effective on the Retirement Date.
(b)Performance Share Plan.  The grants pursuant to the performance share plan as listed on Exhibit A will vest in accordance with their terms on a pro-rata basis at the end of the applicable performance period subject to satisfaction of the applicable performance goals.  The pro-rata payment for each such grant made pursuant to the performance share plan will equal the payment that Executive otherwise would have received based on satisfaction of the applicable performance goals at the end of the applicable performance period, if any, multiplied by a fraction, the numerator of which is equal to the number of months  (or portion thereof) during the applicable performance period prior to the Retirement Date and the denominator of which is equal to the number of months in the applicable performance period.
(c)Restricted Stock Units.  Executive has previously vested in 171,448 restricted stock units (the “RSUs”) and associated dividend equivalent units.  Yum will distribute 171,448 shares of stock in settlement of the RSUs in accordance with the terms of the RSUs, which distribution shall occur on the one-year anniversary of the Retirement Date.  On the first anniversary of the Retirement Date, Yum will also distribute additional shares of stock in settlement of vested dividend equivalent units associated with the RSUs in accordance with the terms of the RSUs.
(d)Executive Income Deferral Plan.  Yum will make payments to Executive of all of his accrued benefits under the EID in accordance with the terms of the EID.

(e)YIRP.  Yum will make payments to Executive of all of his accrued benefits under the YUM! Brands International Retirement Plan in accordance with the terms of such plan, which payment shall be made in a lump sum within 60 days following the Retirement Date.
5.No Consideration Absent Execution of this Retirement Agreement and General Release.  Executive understands and agrees that the benefits specified in Section 3 above are greater than the benefits that would otherwise be available to him upon his retirement, and that he would not be entitled to receive the benefits specified in Section 3 above, except for his execution of this Retirement Agreement and General Release and the fulfillment of the promises contained herein.
6.Post-Employment Restrictions.
(a)From and after the date of this Retirement Agreement and General Release, including after the Retirement Date, Executive will continue to comply with the requirements of Section 8 of the grant agreements for the RSUs (as defined in Section 4(c) above) and with the terms of any other applicable plan or agreement between him and Employer, Yum or any of their respective Affiliates, including any agreement relating to the benefits referenced in Section 4(a), (b), (d), and (e) above.
(b)During the period of eighteen (18) months after the Retirement Date, and without regard to the grant agreements for the RSUs or any other applicable agreement between him and Employer, Yum or any of their respective Affiliates, Executive agrees to comply with the following terms restricting his ability to work for certain competitive enterprises and to solicit employees of Employer, Yum and their respective Affiliates:  
i)Executive shall not, without the prior written consent of the Chairman of the Management Planning and Development Committee of the Board of Directors of Yum, directly or indirectly Manage the business in (A) the United States, (B) China, (C) Taiwan, or (D) Thailand of, or Own, any of the following entities or any subsidiary or successor company of any of the following entities: (u) McDonald’s Corporation, (v) Dicos (owned by the Ting Hsin International Group), (w) Starbucks Corporation, (x) PizzaExpress, (y) Domino’s Pizza, Inc., and (z) Papa John’s International, Inc.
ii)Executive shall not, without the prior written consent of the Chairman of the Management Planning and Development Committee of the Board of Directors of Yum, directly or indirectly Manage the business in (A) China, (B) Taiwan, or (C) Thailand of, or Own, any other entity that (x) operates (directly or indirectly through affiliates, franchisees, licensees or other entities) quick service restaurants or casual dining restaurants or both types of restaurants in such country that are in competition with Employer, Yum, any of their respective Affiliates or any franchisees or licensees of Employer, Yum or any of their respective Affiliates in such country and (y) generated (including revenue of such entity and its affiliates, franchisees and licensees) more than $500,000,000 of gross revenue (or the foreign currency equivalent thereof) from such operation in such country for the fiscal year of such entity immediately preceding the time that Executive is so Managing or Owning.

iii)Executive shall not, without the prior written consent of the Chairman of the Management Planning and Development Committee of the Board of Directors of Yum, directly or indirectly Manage the business in the United States of, or Own, (A) any of the following entities or any subsidiary or successor company of any of the following entities: (v) Wendy’s Corporation, (w) Burger King Corporation, (x) AFC Enterprises, Inc., (y) Subway Restaurants, or (z) Little Caesar’s Pizza or (B) any other entity that (x) operates (directly or indirectly through affiliates, franchisees, licensees or other entities) quick service restaurants in the United States that are in competition with Employer, Yum or any of their respective Affiliates or any franchisees or licensees of Employer, Yum or any of their respective Affiliates in the United States and (y) generated (including revenue of such entity and its affiliates, franchisees and licensees) more than $100,000,000 of gross revenue from such operation in the United States for the fiscal year of such other entity immediately preceding the time that Executive is so Managing or Owning (each of such entities, together with the entities referred to in clauses (i) and (ii) preceding, a “Specified Competitor”).
iv)Executive shall not directly or indirectly solicit or encourage any employee of Employer, Yum or any of their respective Affiliates who was an employee of Employer, Yum or any of their respective Affiliates as of the time of such solicitation or encouragement to leave Employer, Yum or any of their respective Affiliates to accept any position with a Specified Competitor (or any of its affiliates).
v)Executive shall not directly or indirectly contact any franchisee or vendor that is a franchisee or vendor of Employer, Yum or any of their respective Affiliates at the time of such contact for the purpose of soliciting or encouraging such franchisee or vendor to alter its relationship with Employer, Yum or any of their respective Affiliates in any way that would be adverse to Employer, Yum or any of their respective Affiliates.
For purposes of this Section 6(b), “Manage” the business of an entity shall mean: (I) directly or indirectly engage in, or participate in, the management of the business of such entity (or any of its subsidiaries engaging in such business) in any material respect; or (II) directly or indirectly provide input, advice, guidance, or suggestions in any material respect regarding the business of such entity (or any of its subsidiaries engaging in such business) to anyone responsible for management of such business; and “Own” an entity shall mean: own any equity interest in such entity, provided, however, nothing herein shall restrict Executive from owning less than five percent (5%) of the publicly traded stock of an entity.
7.Breach of Covenants.  
(a)If Executive breaches any of the covenants set forth in Section 6(a) above, Executive will continue to be subject to any forfeiture and repayment provisions of the grant agreements for the RSUs, as well as any other remedy provisions of the grant agreements for the RSUs and the stock options and stock appreciation rights (and the plans under which such awards were granted), the Performance Share Plan, the EID, or the YIRP.  

(b)If Executive breaches any of the provisions of this Retirement Agreement and General Release, including, but not limited to, any of the covenants set forth in Section 6(a), 6(b), 10, 11, or 12, Employer, Yum or any of their respective Affiliates may exercise any and all remedies it may have at law or in equity, including, without limitation, injunctive relief and the right to stop payment or to demand repayment of financial and other benefits provided pursuant to this Retirement Agreement and General Release as damages, where permitted by any law.  
8.General Release of Claims.  Executive knowingly and voluntarily releases and forever discharges, to the full extent permitted by law, Employer, Yum and each of their respective past, present, and future Affiliates, insurers, predecessors, representatives, successors and assigns (each, a “Company Entity”) and the past, present and future employees, officers, directors, members, managers, and agents of Employer, Yum and each  Company Entity, individually and in their corporate capacities, and the employee benefit plans, programs and arrangements of Employer, Yum and each Company Entity, and their administrators, functionaries and fiduciaries (collectively referred to as “Releasees”), of and from any and all present or future Claims (as defined below), known and unknown, asserted and unasserted, foreseeable and unforeseeable, Executive had, has or may have against Releasees, or any of them, as of the date of execution of this Retirement Agreement and General Release, and as of the date of the Reaffirmation, including, but not limited to, any allegations in connection with his employment with or his holding of any office with Releasees, or any of them, any allegations in connection with the fact that Executive’s employment will end on the Retirement Date, and any claims related to pay, promotion, commission, hours, bonuses, equity awards, pension, disability, physical or mental affliction, benefits including, but not limited to, vacation days and payment for unused vacation, reimbursement for expenses, or terms and conditions of employment, or which may in any way be derivative from such employment, except as specifically provided in this Retirement Agreement and General Release. “Claim" means any complaint, action, suit, cause of action (whether contractual, equitable, tortious or otherwise), proceeding, arbitration, liability, account, cost or expense (including any legal costs or expense), claim, and demand, including, but not limited to, any alleged violation of:
		
	▪
	Title VII of the Civil Rights Act of 1964, as amended;

		
	▪
	The Civil Rights Act of 1991;

		
	▪
	Sections 1981 through 1988 of Title 42 of the United States Code,

		
	▪
	The Employee Retirement Income Security Act of 1974, as amended (excepting any vested rights under any tax qualified plan);

		
	▪
	The Immigration Reform and Control Act, as amended;

		
	▪
	The Americans with Disabilities Act of 1990, as amended;

		
	▪
	The Genetic Information Nondiscrimination Act of 2008;

		
	▪
	The Age Discrimination in Employment Act of 1967, as amended;

		
	▪
	The Workers Adjustment and Retraining Notification Act, as amended;

		
	▪
	The Occupational Safety and Health Act, as amended;

		
	▪
	The Sarbanes-Oxley Act of 2002;

		
	▪
	The National Labor Relations Act, as amended;

		
	▪
	The Fair Labor Standards Act, as amended;

		
	▪
	The Family and Medical Leave Act of 1993;

		
	▪
	Any federal, state or local whistleblower law;

		
	▪
	Any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance;

		
	▪
	Any public policy, contract, employment contract, tort, or common law; 

		
	▪
	Any Hong Kong statute (including, but not limited to, the Employment Ordinance, any of the Hong Kong Anti Discrimination Ordinances and the Personal Data (Privacy) Ordinance);

		
	▪
	Any legislation of the People's Republic of China;

		
	▪
	Any claim arising under the law of other countries that may apply or be argued to apply to the engagement or employment of Employee by Employer and obligations or liabilities which may flow from or arise from such engagement or employment; or

		
	▪
	Any other law of any other country, state, province, or other unit of government that may apply or be argued to apply to the relationship between Executive and Employer, Yum or any other Releasee.

And Executive also specifically releases any claims under any law that may provide for the payment of Executive’s attorneys’ fees or costs, or for the payment to Executive of any other obligation or liability which may arise or flow from the relationship between Executive and Employer, Yum or any of their respective Affiliates or any other Releasee.
9.Affirmations.  Executive affirms that he has decided to retire voluntarily and not under coercion from Employer, Yum or any of their respective Affiliates or any other Releasee, and that he has not filed or caused to be filed, and presently is not a party to, any claim, complaint, or action against any Releasee in any forum or form.  Executive further affirms that he has been paid and/or has received, or will receive under the terms of this Retirement 

Agreement and General Release, all leave (paid or unpaid), compensation, wages, bonuses, commissions, equity awards and/or benefits to which he may be entitled under any employment contract made at any time with Employer, Yum or any of their respective Affiliates or any other Releasee or which may be due to him under the laws of any jurisdiction. Executive affirms his understanding that his receipt and the terms of the outstanding equity awards listed on Exhibit A hereto will be governed by the terms of the plans under which those awards were made and the award agreements applicable thereto.  Executive furthermore affirms that he has no known workplace injuries or occupational diseases and has been provided and/or has not been denied any leave requested under the Family and Medical Leave Act or related state or local leave or disability laws.
10.Covenant Not to Sue. A “covenant not to sue” is a legal term which means Executive promises not to file a lawsuit in court. It is different from the General Release of Claims covered above. Besides waiving and releasing the Claims set forth in Section 8 above, Executive further agrees never to sue Employer, Yum or any of their respective Affiliates or any other Releasee in any form for any reason covered in Section 8 above. If Executive sues or brings a legal action against Employer or any other Releasee, Executive shall be liable to such party for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit or action. Notwithstanding this Covenant Not To Sue, Executive may bring a claim against Employer to enforce this Retirement Agreement and General Release or for any benefit to which Executive is entitled under the terms of this Retirement Agreement and General Release, pursuant to the provisions of Section 15 of this Retirement Agreement and General Release, and Executive may file a charge of discrimination with the U.S. Equal Employment Opportunity Commission or other administrative agency, but agrees not to accept any monetary award or compensation based on any such charge.
11.Non-Disparagement.  Executive agrees not to defame, disparage or demean Employer, Yum or any of their respective Affiliates or any other Releasee in any manner whatsoever.
12.Confidentiality.
(a)Confidentiality of this Retirement Agreement and General Release. Executive agrees not to disclose any information regarding the existence or substance of this Retirement Agreement and General Release during the negotiations of this Retirement Agreement and Release up to and including the time the Retirement Agreement and General Release is filed publicly, except to his spouse, tax advisor, and an attorney with whom Executive chooses to consult regarding his consideration of this Retirement Agreement and General Release, or unless otherwise required by law.  However, to the extent that Executive might disclose this information to these limited categories of individuals, Executive agrees to advise any such individual of the foregoing strict confidentiality obligation and that the foregoing confidentiality obligation applies to all persons that have knowledge of or are informed about the terms and conditions of this Retirement Agreement and General Release.  
(b)Protection of Confidential Information Belonging to Employer, Yum and Affiliates.  Executive acknowledges and agrees that, during his employment with Employer, Yum and their respective Affiliates and his term as a director of Yum, he has had and will have access to and came and will come into contact with and learned and will learn various trade secrets and other Confidential Information, which are the property of the Employer, Yum or their respective Affiliates or other Releasees.  “Confidential Information” means all confidential information of Releasees in whatsoever form, including electronic and hard copy, and includes, but is not limited to: (i) methods, 

procedures, devices and other means used by any Releasee in the conduct of its business, marketing plans and strategies, pricing plans and strategies, sales procedures, acquisition or divestiture plans and strategies, data processing programs, databases, research projects, operating policies and procedures, business plans, sales, profits, business and financial information and projections, and all other matters of a technical or strategic nature; (ii) information with respect to any Releasee’s employees, including, but not limited to, their names and addresses, compensation, experience, qualifications, abilities, job performance and similar information; (iii) information that is required to be kept confidential either by agreement, by law or by a policy of Employer, Yum, or any of their respective Affiliates; (iv) information that, if disclosed, could (a) disrupt or impair operations or harm the reputation of Employer, Yum, or any of their respective Affiliates or any other Releasee, (b) interfere with existing contractual or other relationships with franchisees, customers, or suppliers of Employer, Yum or any of their respective Affiliates or any other Releasee, or (c) affect the profitability or shareholder equity of Employer, Yum or any of their respective Affiliates.  In addition to the above, Confidential Information includes, but is not limited to:

		
	a.
	Technology developed by Employer, Yum or any of their respective Affiliates and any research data or other documentation related to the development of such technology;

		
	b.
	Information related to products, product technology, product research and development and consumer testing/research/information regarding products of Employer, Yum or any of their respective Affiliates or that Employer, Yum or any of their respective Affiliates is developing or considering for development;

		
	c.
	Training materials developed by and utilized by Employer, Yum or any of their respective Affiliates; and

		
	d.
	Any other information that Executive acquired as a result of his employment with Employer, Yum or any of their respective Affiliates and that he has a reasonable basis to believe they would not want disclosed to a business competitor or to the general public.

(c)Importance of Confidential Information. Executive understands and acknowledges that Confidential Information provides a competitive advantage over others who do not have this information, and that Employer, Yum or their respective Affiliates will be harmed if the Confidential Information is disclosed.  All of the Confidential Information is not publicly available from directories or other public sources and has been developed, acquired or compiled by the relevant Releasee at great effort and expense.  Executive acknowledges and agrees that any disclosure, divulging, revealing or other use of any of the Confidential Information by Executive, other than in furtherance of the business of Employer, Yum and their respective Affiliates, will be highly detrimental to Employer, Yum and their respective Affiliates, and serious loss of business and pecuniary damage may result therefrom.  Accordingly, Executive specifically covenants and agrees to hold all Confidential Information and any documents containing or reflecting the same in the strictest confidence as long as they remain confidential, and Executive will not, at any time, without the prior written consent of Employer and Yum, disclose, divulge or reveal to any person whomsoever, or use for any purpose other than for the exclusive benefit of Employer, Yum and their respective Affiliates, any Confidential Information whatsoever, whether contained in Executive’s memory or embodied in writing or other physical form.  Executive also agrees to continue to be bound by all applicable policies of Employer, Yum and their 

respective Affiliates and any existing agreements with Employer, Yum and their respective Affiliates addressing Confidential Information.
(d)Return of Property. Executive agrees to return to, or at the direction of, Employer or other relevant Releasee all Confidential Information and all property of Employer, Yum or any of their respective Affiliates and other Releasees, including any electronic materials that Executive may possess on devices or in the cloud in locations that are not under the control of Employer, Yum or their respective Affiliates and other Releasees.  Employer is under no obligation to provide Executive with any of the consideration set forth herein until Executive fully complies with this provision.
(e)Permitted Disclosures Do Not Violate Retirement Agreement and General Release.  Nothing in this Section or elsewhere in this Retirement Agreement and General Release prohibits Executive from reporting possible violations of federal, state, or local law or regulation to any governmental agency or entity, including but not limited to the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the U.S. Congress and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal, state or local law or regulation.
13.Future Assistance.  For at least two years after the Retirement Date, and thereafter as reasonable, Executive agrees to provide the Employer, Yum and their respective Affiliates and/or any of their respective authorized agents or attorneys his full and complete cooperation and assistance by providing truthful information in connection with any and all circumstances, facts or events existing or occurring during Executive’s employment, such cooperation and assistance to include assisting with the prosecution or defense of claims by or against Employer, Yum or any of their respective Affiliates as they relate to circumstances, facts or events existing or occurring during Executive’s employment.
14.Governing Law and Interpretation; Currency.  This Retirement Agreement and General Release shall be governed and interpreted in accordance with the laws of the state of Kentucky and United States law without regard to its conflict of laws provision.  All references in this Retirement Agreement and General Release are to monetary amounts are stated in U.S. dollars.
15.Arbitration and Injunction Proceedings; Consent to Jurisdiction.  Any dispute, controversy or claim arising under or in connection with this Retirement Agreement and General Release or with Executive’s relationship with the Employer, Yum or any of their respective Affiliates arising after Executive executes this Retirement Agreement and General Release shall be settled exclusively by arbitration in accordance with the commercial dispute rules of the American Arbitration Association (“AAA Rules”) applicable to disputes between parties located in different countries then in effect.  The arbitration proceedings and all documents and testimony related to the proceedings shall be kept confidential. A three-member panel of arbitrators shall be selected in accordance with such AAA Rules.  Each party will pay the fees of its own attorneys and all other expenses connected with its presentation of its own case.  Employer agrees to pay one half of all fees charged by the arbitrators, and Executive agrees to pay the other half. Any arbitration held pursuant to this Section shall take place in Louisville, Kentucky, unless Executive and Employer agree in writing to a different location.  Notwithstanding the above, any request for an injunction may be pursued in court, without any arbitration proceeding and without regard to any pending arbitration proceeding. Any such court action 

pertaining to this Retirement Agreement and General Release shall be brought exclusively in the courts located in the state of Kentucky, and the Parties hereby expressly represent and agree that they are subject to the personal jurisdiction of the appropriate federal or state court in Kentucky.  Should any provision of this Retirement Agreement and General Release be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Retirement Agreement and General Release in full force and effect.
16.Non-admission of Wrongdoing.  The Parties agree that neither this Retirement Agreement and General Release nor the furnishing of the consideration for this Retirement Agreement and General Release shall be deemed or construed at anytime for any purpose as an admission by Employer, Yum or any of their respective Affiliates or any other Releasees of any liability or unlawful conduct of any kind.
17.Amendment.  This Retirement Agreement and General Release may not be modified, altered or changed except upon express written consent of both Parties and Yum wherein specific reference is made to this Retirement Agreement and General Release.
18.Entire Agreement.  This Retirement Agreement and General Release sets forth the entire agreement between the Parties, and, except as expressly set forth or referenced herein, fully supersedes any prior obligation and agreement of Employer, Yum or any of their respective Affiliates or any other Releasee to or with Executive, including but not limited to the Letter Agreement.  Executive acknowledges that he has not relied on any representations, promises, or agreements of any kind made to him in connection with his decision to accept this Retirement Agreement and General Release, except for those set forth in this Retirement Agreement and General Release.  This Retirement Agreement and General Release shall be binding upon the Parties and their respective successors and assigns and shall inure to the benefit of the Parties, Yum, Employer’s and Yum’s respective Affiliates, and the other Releasees, and their respective successors and assigns; provided that Executive shall not be permitted to assign any of his rights or obligations hereunder without the prior written consent of Employer and Yum.
19.Non-Waiver.  The failure of any party at any time to enforce any of the provisions of this Retirement Agreement and General Release shall not be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision hereof in accordance with its terms.
20.Counterparts.  This Retirement Agreement and General Release may be executed in counterparts and shall be fully effective when each Party has executed a counterpart (and shall remain fully effective whether or not the Reaffirmation is executed, except for Section 3).
21.Knowing and Voluntary.  HAVING ELECTED TO EXECUTE THIS RETIREMENT AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES HEREIN, AND TO RECEIVE THE EXTRA BENEFITS IN SECTION 3 ABOVE, EXECUTIVE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS RETIREMENT AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS HE HAS OR MIGHT HAVE AGAINST RELEASEES.  EXECUTIVE ALSO KNOWINGLY AND VOLUNTARILY ACKNOWLEDGES:
(a)THAT THIS AGREEMENT AND GENERAL RELEASE IS WRITTEN IN A MANNER UNDERSTOOD BY HIM;

(b)THAT THIS RETIREMENT AGREEMENT AND GENERAL RELEASE REFERS TO RIGHTS UNDER VARIOUS LAWS IN THE UNITED STATES AND IN OTHER COUNTRIES;
(c)THAT THIS RETIREMENT AGREEMENT AND RELEASE DOES NOT WAIVE ANY CLAIMS REGARDING MATTERS THAT OCCUR AFTER THE DATE HE SIGNS OR REAFFIRMS THIS RETIREMENT AGREEMENT AND GENERAL RELEASE; AND
(d)THAT HE HAS RECEIVED VALUABLE CONSIDERATION FOR THIS RETIREMENT AGREEMENT AND GENERAL RELEASE OTHER THAN AMOUNTS TO WHICH HE IS ALREADY ENTITLED; AND
(e)THAT HE HAS CONSULTED WITH AN ATTORNEY OF HIS CHOICE ABOUT THE MEANING OF THIS RETIREMENT AGREEMENT AND GENERAL RELEASE AND THE WAIVER OF RIGHTS CONTAINED IN THIS RETIREMENT AGREEMENT AND GENERAL RELEASE, AND THAT HE HAS HAD SUFFICIENT OPPORTUNITY TO DO SO, PRIOR TO EXECUTION OF THIS RETIREMENT AGREEMENT AND GENERAL RELEASE.  
IN WITNESS WHEREOF, the Parties hereto knowingly and voluntarily executed this Retirement Agreement and General Release as of _____________, 2015.
	
		
	By:_/s/ Jing-Shyh S. Su_______________
	YUM! (Hong Kong) Ltd.

	Jing-Shyh S. Su
	 

	 
	By:

	Date:_____________________, 2015
	 

	 
	Title:

	 
	 

	 
	Date:_________________________________, 2015

REAFFIRMATION OF RETIREMENT AGREEMENT AND GENERAL RELEASE

Having duly considered and reviewed the Retirement Agreement and General Release as of the Retirement Date, Executive hereby knowingly, and after due consideration, reaffirms his agreement to all of its terms, including the General Release of Claims set forth in Section 8 of the Retirement Agreement and General Release, and confirms that he releases all Claims up to and including the date of this Reaffirmation.

IN WITNESS WHEREOF, Executive knowingly and voluntarily executed this Reaffirmation of the Retirement Agreement and General Release as of _____________, 2016.

	
		
	By:  /s/ Jing-Shyh S. Su________________
	 

	Jing-Shyh S. Su
	 

	 
	 

	Date:_____________________, 2016

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}]]