Document:

Amendment No. 2 to the Credit Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 AMENDMENT NO. 2, CONSENT, WAIVER AND AGREEMENT dated as of
March 7, 2007 (this “Amendment”), to the Credit Agreement dated as of April 1, 2005, as amended by Amendment No. 1, Consent, Waiver and Agreement dated as of August 19, 2005 (as so amended, the
“Credit Agreement”), among AMI SEMICONDUCTOR, INC., a Delaware corporation (the “Borrower”), AMIS HOLDINGS, INC., a Delaware corporation (“Holdings”), the Lenders (as defined in
Article I of the Credit Agreement) and CREDIT SUISSE (formerly known as Credit Suisse First Boston), as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the
“Collateral Agent” ) for the Lenders. 
 A. Pursuant to the Credit Agreement, the Lenders have extended, and have
agreed to extend, credit to the Borrower. 
 B. The Borrower has requested that the Credit Agreement be amended to provide for an uncommitted
incremental term loan facility pursuant to which the Borrower will be entitled to incur additional term loans under the Credit Agreement in an aggregate principal amount of up to $150,000,000, subject to the terms and conditions set forth in the
Credit Agreement. 
 C. The Borrower has further requested that the Lenders agree to amend certain other provisions of the Credit Agreement
as set forth herein. 
 D. Holdings and the Borrower have informed the Administrative Agent that Holdings, the Borrower and certain
Subsidiary Guarantors intend to transfer or license certain intellectual property to one or more Subsidiaries incorporated under the laws of Belgium (each such transfer or license, a “Designated Intellectual Property
Transfer”). The consideration received in respect of all such Designated Intellectual Property Transfers shall be reasonably adequate. Holdings and the Borrower have requested that the Lenders consent to the Designated Intellectual
Property Transfers and waive compliance by Holdings and the Borrower with certain provisions of the Credit Agreement in connection therewith. 
 E. The Required Lenders are willing to grant such consent and waiver and to agree to such amendments, in each case on the terms and subject to the conditions set forth herein. 
 F. Capitalized terms used but not defined herein have the meanings assigned to them in the Credit Agreement. 
 Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which
are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Consent and Waiver. (a) The
Required Lenders hereby consent to the Designated Intellectual Property Transfers, and hereby waive compliance by Holdings and the Borrower with the provisions of Sections 6.05 and 6.07 of the Credit Agreement to the extent (but only to the extent)
necessary to sell, license, sublicense or otherwise transfer the assets in respect of the Designated Intellectual Property Transfers. 

 (b) The Required Lenders and the Requisite Term Lenders (as defined below) hereby waive compliance by the
Borrower with the provisions of Section 2.13(b) of the Credit Agreement to the extent (but only to the extent) that such Section would otherwise require the Borrower to prepay Term Loans with the Net Cash Proceeds of the Designated Intellectual
Property Transfers. For purposes of this Amendment, “Requisite Term Lenders” shall mean Term Lenders under the Credit Agreement holding a majority of the aggregate principal amount of outstanding Term Loans. 
 SECTION 2. Amendments. (a) Amendments to Article I: Definitions. 
 (i) Section 1.01 of the Credit Agreement is hereby amended by inserting the following defined terms in appropriate alphabetical
order: 
 “Incremental Term Borrowing” shall mean a Borrowing comprised of Incremental Term Loans.

 “Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment or an
outstanding Incremental Term Loan. 
 “Incremental Term Loan Amount” shall mean, at any time, the
excess, if any, of (a) $150,000,000 over (b) the aggregate amount of all Incremental Term Loan Commitments established prior to such time pursuant to Section 2.25. 
 “Incremental Term Loan Assumption Agreement” shall mean an Incremental Term Loan Assumption Agreement among, and
in form and substance reasonably satisfactory to, the Borrower, the Administrative Agent and one or more Incremental Term Lenders. 
 “Incremental Term Loan Commitment” shall mean the commitment of any Lender, established pursuant to Section 2.25, to make Incremental Term Loans to the Borrower. 
 “Incremental Term Loan Maturity Date” shall mean the final maturity date of any Incremental Term Loan, as set
forth in the applicable Incremental Term Loan Assumption Agreement. 
 “Incremental Term Loan Repayment
Dates” shall mean the dates scheduled for the repayment of principal of any Incremental Term Loan, as set forth in the applicable Incremental Term Loan Assumption Agreement. 
 “Incremental Term Loans” shall mean Term Loans made by one or more Lenders to the Borrower pursuant to
Section 2.01A. Incremental Term Loans may be made in the form of additional Term Loans or, to the extent permitted by Section 2.25 and provided for in the relevant Incremental Term Loan Assumption Agreement, Other Term Loans. 

“Other Term Loans” shall have the meaning assigned to such term in Section 2.25(a). 
  

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 (ii) The definition of “Borrower’s Portion of Excess Cash Flow” set forth
in Section 1.01 of the Credit Agreement is hereby amended by (1) deleting the word “or” appearing in the eighth line of such definition and replacing such word with a comma and (2) inserting the words “or (iii) to
pay Dividends pursuant to Section 6.06(g)” at the end of such definition. 
 (iii) The definition of
“Class” set forth in Section 1.01 of the Credit Agreement is hereby amended by (1) inserting the words “, Other Term Loans” immediately following the words “Term Loans” appearing in the second line of such
definition and (2) inserting the words “, an Incremental Term Loan Commitment” immediately following the words “a Term Loan Commitment” in the fourth line of such definition. 
 (iv) The definition of “Commitment” set forth in Section 1.01 of the Credit Agreement is hereby amended by inserting the
words “, Incremental Term Loan Commitment” immediately following the words “Term Loan Commitment” in the second line of such definition. 
 (v) The definition of “Loan Documents” set forth in Section 1.01 of the Credit Agreement is hereby amended by inserting the
words “, each Incremental Term Loan Assumption Agreement” immediately following the words “the Security Documents” in the second and third lines of such definition. 
 (vi) The definition of “Term Loan Commitment” set forth in Section 1.01 of the Credit Agreement is hereby amended by
inserting the sentence “Unless the context shall otherwise require, the term “Term Loan Commitments” shall include the Incremental Term Loan Commitments.” at the end of such definition. 
 (vii) The definition of “Term Loans” set forth in Section 1.01 of the Credit Agreement is hereby amended by inserting the
sentence “Unless the context shall otherwise require, the term “Term Loans” shall include any Incremental Term Loans.” at the end of such definition. 
 (b) Amendments to Article II: The Credits. 
 (i) Article II of the Credit Agreement is hereby amended by inserting a new Section 2.01A that reads in its entirety as follows: 
 “SECTION 2.01A. Incremental Term Loan Commitment. Each Lender having an Incremental Term Loan Commitment,
severally and not jointly, hereby agrees, subject to the terms and conditions and relying upon the representations and warranties set forth herein and in the applicable Incremental Term Loan Assumption Agreement, to make Incremental Term Loans to
the Borrower, in an aggregate principal amount not to exceed its Incremental Term Loan Commitment. Amounts paid or prepaid in respect of Incremental Term Loans may not be reborrowed.” 
 (ii) Section 2.02(a) of the Credit Agreement is hereby amended by inserting the words “(except, with respect to any Incremental
Term Borrowing, to the extent otherwise provided in the related Incremental Term Loan Assumption Agreement)” immediately following the words “and not less than $3,000,000” appearing in the ninth line thereof. 
  

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 (iii) Section 2.03 of the Credit Agreement is hereby amended by inserting the words
“, an Incremental Term Borrowing” immediately following the words “Term Borrowing” appearing in the thirteenth line thereof. 
 (iv) Section 2.09(a) of the Credit Agreement is hereby amended by inserting the words “(other than any Incremental Term Loan Commitments, which shall terminate as provided in the related Incremental Term
Loan Assumption Agreement)” immediately following the words “The Term Loan Commitments” appearing in the first and second lines thereof. 
 (v) Clause(c)(vii) of Section 2.10 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “(vii) no Interest Period may be selected for any Eurodollar Term Borrowing that would end later than a Term Loan Repayment Date, or
Incremental Term Loan Repayment Date, as applicable, occurring on or after the first day of such Interest Period if, after giving effect to such selection, the aggregate outstanding amount of (A) the Eurodollar Term Borrowings comprised of Term
Loans or Other Term Loans, as applicable, with Interest Periods ending on or prior to such Term Loan Repayment Date, or Incremental Term Loan Repayment Date, as applicable, and (B) the ABR Term Borrowings comprised of Term Loans or Other
Term Loans, as applicable, would not be at least equal to the principal amount of Term Borrowings to be paid on such Term Loan Repayment Date, or Incremental Term Loan Repayment Date, as applicable; and” 
 (vi) Section 2.11(a) of the Credit Agreement is hereby amended by (1) inserting “(i)” immediately following
“(a)” in the first line thereof, (2) inserting the words “other than Other Term Loans” immediately following the words “the Term Loans” on the fourth line thereof and (3) replacing in its entirety the
parenthetical in the fourth and fifth lines thereof with the parenthetical “(as adjusted from time to time pursuant to Sections 2.11(b), 2.12, 2.13(g) and 2.25(d))”. 
 (vii) Section 2.11(a) of the Credit Agreement is hereby further amended by inserting a new clause (ii) into Section 2.11(a)
that reads in its entirety as follows: 
 “(ii) The Borrower shall pay to the Administrative Agent, for the account
of the Incremental Term Lenders, on each Incremental Term Loan Repayment Date, a principal amount of the Other Term Loans (as adjusted from time to time pursuant to Sections 2.11(b), 2.12 and 2.13(g)) equal to the amount set forth for such date
in the applicable Incremental Term Loan Assumption Agreement, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.” 
 (viii) Section 2.11(c) of the Credit Agreement is hereby amended by (1) inserting the words “and Other Term Loans”
immediately following the 
  

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 words “all Term Loans” in the first line thereof, (2) deleting the comma that follows
“Term Loan Maturity Date” appearing in the second line thereof and replacing such comma with the words “and the Incremental Term Loan Maturity Date, respectively,”. 
 (ix) Section 2.13(g) of the Credit Agreement is hereby amended by (1) inserting the words “allocated pro rata between the
Term Loans and the Other Term Loans and” immediately following the words “under this Agreement shall be” in the first and second lines thereof, (2) inserting the words “and the Other Term Loans” immediately following
the words “in respect of the Term Loans” appearing in the second and third lines thereof and (3) replacing the words “Section 2.11(a)” with the words “Sections 2.11(a)(i) and (ii), respectively” in the third
line thereof. 
 (x) Article II of the Credit Agreement is hereby amended by inserting a new Section 2.25 thereof that
reads in its entirety as follows: 
 “SECTION 2.25. Incremental Term Loans. (a) The Borrower may, by written
notice to the Administrative Agent from time to time, request Incremental Term Loan Commitments in an amount not to exceed the Incremental Term Loan Amount from one or more Incremental Term Lenders, which may include any existing Lender; provided
that each Incremental Term Lender, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed). Such notice shall set forth (i) the amount of
the Incremental Term Loan Commitments being requested (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or such lesser amount equal to the remaining Incremental Term Loan Amount), (ii) the date on which such
Incremental Term Loan Commitments are requested to become effective (which shall be not less than 10 days nor more than 60 days after the date of such notice), and (iii) whether such Incremental Term Loan Commitments are commitments
to make additional Term Loans or commitments to make term loans with terms different from the Term Loans (“Other Term Loans”). 
 (b) The Borrower and each Incremental Term Lender shall execute and deliver to the Administrative Agent an Incremental Term Loan Assumption Agreement and such other documentation as the Administrative Agent shall
reasonably specify to evidence the Incremental Term Loan Commitment of each Incremental Term Lender. Each Incremental Term Loan Assumption Agreement shall specify the terms of the Incremental Term Loans to be made thereunder; provided that,
without the prior written consent of the Required Lenders, (i) the final maturity date of any Other Term Loans shall be no earlier than the Term Loan Maturity Date, (ii) the average life to maturity of the Other Term Loans shall be no
shorter than the average life to maturity of the Term Loans and (iii) if the initial yield on such Other Term Loans (as determined by the Administrative Agent to be equal to the sum of (x) the margin above the Adjusted LIBO Rate on such
Other Term Loans and (y) if such Other Term Loans are initially made at a discount or the Lenders making the same receive a fee directly or indirectly from Holdings, the Borrower or any Subsidiary for doing so (the amount of such discount or
fee, expressed as a percentage of the Other Term Loans, being referred to herein as “OID”), the amount of such OID divided by the lesser of (A) the average life to maturity of such Other Term Loans and (B) four)
exceeds by more than 25 basis points (the amount of such excess above 25 basis points being referred to herein as the “Yield Differential”) the Applicable Percentage then in effect for Eurodollar Term Loans, then the
Applicable Percentage then in effect for Term Loans shall automatically be increased by the Yield Differential, effective upon the making of the 
  

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 Other Term Loans. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental
Term Loan Assumption Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Term Loan Assumption Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to
reflect the existence and terms of the Incremental Term Loan Commitment and the Incremental Term Loans evidenced thereby. 
 (c) Notwithstanding the foregoing, no Incremental Term Loan Commitment shall become effective under this Section 2.25 unless (i) on the date of such effectiveness, the conditions set forth in paragraphs (b) and
(c) of Section 4.01 shall be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower, and (ii) except as otherwise specified in the
applicable Incremental Term Loan Assumption Agreement, the Administrative Agent shall have received (with sufficient copies for each of the Incremental Term Lenders) legal opinions, board resolutions and other closing certificates reasonably
requested by the Administrative Agent and consistent with those delivered on the Closing Date under Section 4.02. 
 (d) Each of
the parties hereto hereby agrees that the Administrative Agent may, in consultation with the Borrower, take any and all action as may be reasonably necessary to ensure that all Incremental Term Loans (other than Other Term Loans), when originally
made, are included in each Borrowing of outstanding Term Loans on a pro rata basis. This may be accomplished by requiring each outstanding Eurodollar Term Borrowing to be converted into an ABR Term Borrowing on the date of each Incremental Term
Loan, or by allocating a portion of each Incremental Term Loan to each outstanding Eurodollar Term Borrowing on a pro rata basis. Any conversion of Eurodollar Term Loans to ABR Term Loans required by the preceding sentence shall be subject to
Section 2.16. If any Incremental Term Loan is to be allocated to an existing Interest Period for a Eurodollar Term Borrowing, then the interest rate thereon for such Interest Period and the other economic consequences thereof shall be as set
forth in the applicable Incremental Term Loan Assumption Agreement. In addition, to the extent any Incremental Term Loans are not Other Term Loans, the scheduled amortization payments under Section 2.11(a)(i) required to be made after the
making of such Incremental Term Loans shall be ratably increased by the aggregate principal amount of such Incremental Term Loans.” 
 (c) Amendment to Article III: Representations and Warranties. Section 3.13 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “SECTION 3.13. Use of Proceeds. The Borrower will (a) use the proceeds of the Loans and will request the
issuance of Letters of Credit only for the purposes specified in the introductory statement to this Agreement (it being understood and agreed that the use of proceeds of the Revolving Loans to finance any Dividend permitted hereunder shall be
considered a general corporate purpose of the Borrower) and (b) use the proceeds of Incremental Term Loans only for the purposes specified in the applicable Incremental Term Loan Assumption Agreement.” 
 (d) Amendment to Article V: Affirmative Covenants. 
 (i) Section 5.04(c) of the Credit Agreement is hereby amended by (1) deleting the word “or” in the eleventh line thereof and replacing such word with a comma and (2) inserting the words
“or payments of Dividends pursuant to Section 6.06(g)” immediately following the words “investments pursuant to Section 6.04(o)” appearing in the eleventh line thereof. 
  

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 (ii) Section 5.08 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
 “SECTION 5.08. Use of Proceeds. Use the proceeds of the Loans and request
the issuance of Letters of Credit only for the purposes specified in the introductory statement to this Agreement (it being understood and agreed that the use of proceeds of the Revolving Loans to finance any Dividend permitted hereunder shall be
considered a general corporate purpose of the Borrower).” 
 (e) Amendments to Article VI: Negative Covenants. 
 (i) Section 6.06 of the Credit Agreement is hereby amended by (1) deleting the word “and” immediately following the
semicolon at the end of Section 6.06(d), (2) deleting the period and inserting a semicolon in place thereof at the end of Section 6.06(e) and (3) inserting new Sections 6.06(f) and 6.06(g) thereof, which shall read in their
entirety as follows: 
 “(f) so long as there will exist no Default or Event of Default (both before and after giving
effect to the payment thereof), Holdings may repurchase its common Equity Interests through open market purchases or through privately negotiated transactions in an aggregate amount not to exceed $50,000,000 (it being understood and agreed that,
without duplication, the Borrower may directly make any purchases permitted by this clause (f) or may pay cash Dividends to Holdings for the purpose of enabling Holdings to make any such purchase, and that any such direct purchase or Dividend
may be financed with the proceeds of the Revolving Loans); and 
 (g) in addition to the Dividends permitted by paragraphs
(a) through (f) above, the Borrower may pay cash Dividends to Holdings and Holdings may use the proceeds of such Dividends to pay cash Dividends to its equity holders, in an amount not to exceed the Borrower’s Portion of Excess Cash
Flow; provided that, (i) there shall exist no Default or Event of Default (both before and after giving effect to the payment of such Dividend) and (ii) at the time of the proposed Dividend, the Leverage Ratio does not exceed 2.5 to
1.0 (calculated on a pro forma basis to give effect to any borrowings made in connection therewith in a manner consistent with the term “Pro Forma Basis”).” 
 SECTION 3. Other Agreements. Holdings, the Borrower and the Required Lenders hereby agree that: 
 (a) no portion of any basket provided for in Section 6.05(a) of the Credit Agreement shall be deemed utilized by the receipt of the Net Cash Proceeds
from the Designated Intellectual Property Transfers; and 
 (b) contemporaneously with the consummation of a Designated Intellectual Property
Transfer, the assets sold, licensed, sublicensed or otherwise transferred in respect of such 
  

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 Designated Intellectual Property Transfer shall be deemed to have been automatically released from the Liens created
pursuant to the Security Documents, and the Administrative Agent and the Collateral Agent are hereby authorized to take any action deemed appropriate to effect the foregoing. 
 SECTION 4. Representations and Warranties. To induce the other parties hereto to enter into this Amendment, Holdings and the Borrower
represent and warrant to each of the Lenders, the Administrative Agent and the Collateral Agent that, after giving effect to this Amendment and the transactions contemplated hereby, (a) this Amendment has been duly executed and delivered by
Holdings, the Borrower and each Subsidiary Guarantor, (b) the representations and warranties set forth in Article III of the Credit Agreement are true and correct in all material respects on and as of the date hereof, except to the extent
such representations and warranties expressly relate to an earlier date, and (c) no Default or Event of Default has occurred and is continuing. 
 SECTION 5. Effectiveness. This Amendment shall become effective as of the date first written above on the date on which: 
 (a) the Administrative Agent (or its counsel) shall have received counterparts of this Amendment that, when taken together, bear the signatures of (i) the Borrower, (ii) Holdings, (iii) each Subsidiary
Guarantor, (iv) the Required Lenders and (v) the Requisite Term Lenders; and 
 (b) the Administrative Agent shall have received,
for the account of each Lender that executes and delivers a copy of this Amendment to the Administrative Agent (or its counsel) at or prior to 5:00 p.m., New York City time, on March 7, 2007 (the “Signing Date”), an
amendment fee in an amount equal to 0.075% of the sum of such Lender’s Revolving Credit Commitment (whether used or unused) and the principal amount of such Lender’s outstanding Term Loans, in each case as of the Signing Date. 

SECTION 6. Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit,
impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Collateral Agent or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing
herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan
Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein. After the date hereof, any reference to the Credit Agreement
shall mean the Credit Agreement, as modified hereby. This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
 SECTION 7. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract. Delivery of an executed counterpart of a signature page of this Amendment by
facsimile transmission shall be as effective as delivery of a manually executed counterpart hereof. 
  

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 SECTION 8. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 9. Headings. The headings of this Amendment are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof. 
 SECTION 10. Expenses. The Borrower agrees to
reimburse the Administrative Agent for all out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the Administrative Agent. 

SECTION 11. Reaffirmation of Guaranties and Security Documents. Each Subsidiary Guarantor (and, to the extent applicable, the Borrower),
by its signature below, hereby (a) agrees that, notwithstanding the effectiveness of this Amendment, the Guarantee and Collateral Agreement and each of the other Security Documents continue to be in full force and effect and (b) affirms
and confirms its guaranty of all of the Obligations and the pledge of and/or grant of a security interest in its assets as Collateral to secure such Obligations, all as provided in the Guarantee and Collateral Agreement and the other Security
Documents as originally executed, and acknowledges and agrees that such guaranty, pledge and/or grant continue in full force and effect in respect of, and to secure, the Obligations under the Credit Agreement, as amended hereby, and the other Loan
Documents. 
 [Remainder of this page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized
officers as of the day and year first above written. 
  

			
	AMI SEMICONDUCTOR, INC.,
		
	By	 	 /s/ David A. Henry

	Name:	 	David A. Henry
	Title:	 	Chief Financial Officer
	
	AMIS HOLDINGS, INC.,
		
	By	 	 /s/ David A. Henry

	Name:	 	David A. Henry
	Title:	 	Chief Financial Officer

  

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	CREDIT SUISSE, CAYMAN ISLANDS BRANCH (formerly known as Credit Suisse First Boston, acting through its Cayman Islands Branch), individually and as Administrative Agent and Collateral
Agent,
		
	By	 	 /s/ Doreen Barr

	Name:	 	Doreen Barr
	Title:	 	Vice President
		
	By	 	 /s/ Denise L. Alvarez

	Name:	 	Denise L. Alvarez
	Title:	 	Associate

  

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 SIGNATURE PAGE TO AMENDMENT NO. 2, 
 CONSENT, WAIVER AND AGREEMENT 
 DATED AS OF MARCH 7, 2007, TO 
 THE AMI SEMICONDUCTOR, INC. 
 CREDIT AGREEMENT

 DATED AS OF APRIL 1, 2005 
 Name
of Lender: Credit Suisse, Cayman Islands Branch 
  

			
	By	 	 /s/ Robert Hetu

	Name:	 	Robert Hetu
	Title:	 	Managing Director
		
	By	 	 /s/ Denise Alvarez

	Name:	 	Denise Alvarez
	Title:	 	Associate

  

			
	Name of Lender: Eaton Vance Short Duration Diversified Income Fund
		
	By:	 	 /s/ Michael B. Botthof

		 	As Investment Advisor
	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	Name of Lender: Eaton Vance CDO X PLC
		
	By:	 	 /s/ Michael B. Botthof

		 	As Investment Advisor
	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	Name of Lender: MSIM Peconic Bay, Ltd.
		
	By:	 	 /s/ John Hayes

		 	Interim Collateral Manager
	Name:	 	John Hayes
	Title:	 	Executive Director
	
	Name of Lender: Zions First National Bank
		
	By:	 	 /s/ Michael J. Poll

	Name:	 	Michael J. Poll
	Title:	 	Director of Regional Credit
	
	Name of Lender: Wells Fargo Bank, National Association
		
	By:	 	 /s/ Linda K. Armstrong

	Name:	 	Linda K. Armstrong
	Title:	 	Vice President and Commercial Relationship Manager
	
	Name of Lender: Van Kampen Senior Income Trust
		
	By:	 	 /s/ Darvin D. Pierce

	Name:	 	Darvin D. Pierce
	Title:	 	Executive Director

  

			
	Name of Lender: US Bank National Association
		
	By:	 	 /s/ James W. Henken

	Name:	 	James W. Henken
	Title:	 	Vice President
	
	Name of Lender: Union Bank of California, N.A.
		
	By:	 	 /s/ James B. Goudy

	Name:	 	James B. Goudy
	Title:	 	Vice President
	
	Name of Lender: Humboldt Woods Segregated Portfolio
		
	By:	 	 /s/ Douglas L. Winchell

		 	As Collateral Manager
	Name:	 	Douglas L. Winchell
	Title:	 	Officer
	
	Name of Lender: Stone Tower Credit Funding I Ltd.
		
	By:	 	 /s/ Michael W. Delpercio

		 	As Its Collateral Manager
	Name:	 	Michael W. Delpercio
	Title:	 	Authorized Signatory
	
	Name of Lender: Stone Tower CLO VI Ltd.
		
	By:	 	 /s/ Michael W. Delpercio

	Name:	 	Michael W. Delpercio
	Title:	 	Authorized Signatory
	
	Name of Lender: Stone Tower CLO V Ltd.
		
	By:	 	 /s/ Michael W. Delpercio

	Name:	 	Michael W. Delpercio
	Title:	 	Authorized Signatory
	
	Name of Lender: Stone Tower CLO IV Ltd.
		
	By:	 	 /s/ Michael W. Delpercio

	Name:	 	Michael W. Delpercio
	Title:	 	Authorized Signatory
	
	Name of Lender: Stone Tower CLO III Ltd.
		
	By:	 	 /s/ Michael W. Delpercio

	Name:	 	Michael W. Delpercio
	Title:	 	Authorized Signatory
	
	Name of Lender: Granite Ventures IV Ltd.
		
	By:	 	 /s/ Michael W. Delpercio

	Name:	 	Michael W. Delpercio
	Title:	 	Authorized Signatory
	
	Name of Lender: Granite Ventures III Ltd.
		
	By:	 	 /s/ Michael W. Delpercio

	Name:	 	Michael W. Delpercio
	Title:	 	Authorized Signatory

  

			
	Name of Lender: Granite Ventures II Ltd.
		
	By:	 	 /s/ Michael W. Delpercio

	Name:	 	Michael W. Delpercio
	Title:	 	Authorized Signatory
	
	Name of Lender: Cornerstone CLO Ltd.
		
	By:	 	 /s/ Michael W. Delpercio

	Name:	 	Michael W. Delpercio
	Title:	 	Authorized Signatory
	
	Name of Lender: XL Re Ltd.
		
	By:	 	 /s/ Christopher E. Jansen

	Name:	 	Christopher E. Jansen
	Title:	 	Managing Partner
	
	Name of Lender: Stanfield Veyron CLO, Ltd
		
	By:	 	 /s/ Christopher E. Jansen

	Name:	 	Christopher E. Jansen
	Title:	 	Managing Partner
	
	Name of Lender: Stanfield Vantage CLO, Ltd.
		
	By:	 	 /s/ Christopher E. Jansen

	Name:	 	Christopher E. Jansen
	Title:	 	Managing Partner
	
	Name of Lender: Stanfield Bristol CLO, Ltd.
		
	By:	 	 /s/ Christopher E. Jansen

	Name:	 	Christopher E. Jansen
	Title:	 	Managing Partner
	
	Name of Lender: Eagle Loan Trust
		
	By:	 	 /s/ Christopher E. Jansen

	Name:	 	Christopher E. Jansen
	Title:	 	Managing Partner
	
	Name of Lender: Yorkville CBNA Loan Funding LLC, for
	Itself or as agent for Yorkville CFPI Loan Funding LLC
		
	By:	 	 /s/ Erich VanRavenswaay

	Name:	 	Erich VanRavenswaay
	Title:	 	Assistant Vice President
	
	 Name of Lender: Putnam Variable Trust – PVT
 Diversified Income Fund

		
	By:	 	 /s/ Beth Mazor

	Name:	 	Beth Mazor
	Title:	 	V.P.
	
	Name of Lender: Putnam Premier Income Trust
		
	By:	 	 /s/ Beth Mazor

	Name:	 	Beth Mazor
	Title:	 	V.P.
	
	Name of Lender: Putnam Floating Rate Income Fund
		
	By:	 	 /s/ Beth Mazor

	Name:	 	Beth Mazor
	Title:	 	V.P.

  

			
	Name of Lender: Putnam Diversified Income Trust
		
	By:	 	 /s/ Beth Mazor

	Name:	 	Beth Mazor
	Title:	 	V.P.
	
	Name of Lender: Putnam Bank Loan Fund (Cayman)
	Master Fund, a series of the Putnam Offshore Master Series Trust,
		
	By:	 	 /s/ Angela Patel

	Name:	 	Angela Patel
	Title:	 	Vice President
	
	Name of Lender: North Fork Business Capital Corporation
		
	By:	 	 /s/ Ron Walker

	Name:	 	Ron Walker
	Title:	 	VP
	
	Name of Lender: Clydesdale CLO 2005, Ltd.
		
	By:	 	 /s/ Robert Hoffman

	Name:	 	Robert Hoffman
	Title:	 	Vice President
	
	Nomura Corporate Research and Asset Management Inc.
	As Investment Manager
	
	Name of Lender: Centaurus Loan Trust
		
	By:	 	 /s/ Robert Hoffman

	Name:	 	Robert Hoffman
	Title:	 	Vice President
	
	Nomura Corporate Research
	And Asset Management Inc.
	As Investment Adviser
	
	Name of Lender: Mizuho Corporate Bank, LTD.
		
	By:	 	 /s/ James Fayen

	Name:	 	James Fayen
	Title:	 	Deputy General Manager
	
	Name of Lender: LightPoint CLO V, Ltd.
		
	By:	 	 /s/ Colin Donlan

	Name:	 	Colin Donlan
	Title:	 	Director
	
	Name of Lender: Keybank National Association
		
	By:	 	 /s/ Kim A. Richmond

	Name:	 	Kim A. Richmond
	Title:	 	Assistant Vice President
	
	Name of Lender: General Electric Capital Corporation
		
	By:	 	 /s/ Rebecca A. Ford

	Name:	 	Rebecca A. Ford
	Title:	 	Duly Authorized Signatory

			
	Name of Lender: Senior Debt Portfolio
	By: Boston Management and Research
	As Investment Advisor
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	Name of Lender: Grayson & Co.
	
	By: Boston Management and Research
	As Investment Advisor
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	Name of Lender: Eaton Vance
	VT Floating-Rate Income Fund
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	Name of Lender: Eaton Vance Variable Leverage Fund Ltd.
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	Name of Lender: Eaton Vance Senior Income Trust
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	Name of Lender: Eaton Vance Senior Floating-Rate Trust
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	Name of Lender: Eaton Vance Limited Duration Income Fund
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice President
	
	Name of Lender: Eaton Vance Floating-Rate Income Trust
		
	By:	 	 /s/ Michael B. Botthof

	Name:	 	Michael B. Botthof
	Title:	 	Vice PresidentEmployment Agreement

 Exhibit 10.6 
 EMPLOYMENT AGREEMENT 
  

			
	Parties:	  	GSI COMMERCE, INC.,
		  	a Delaware corporation (“Employer”)
		  	935 First Avenue
		  	King of Prussia, PA 19406
		
		  	ROBERT LIEWALD (“Executive”)
		  	412 Monroe Boulevard
		  	King of Prussia, PA 19406
		
	Date:	  	August 21, 2006

 Background: Employer, through its subsidiaries, is a provider of e-commerce solutions that enable
retailers, branded manufacturers, entertainment companies and professional sports organizations to operate e-commerce businesses (the “Business”). Employer and Executive were parties to an Employment Agreement, dated April 23, 2002
(the “Prior Agreement”), pursuant to which Executive was employed as Executive Vice President, Merchandising. The Prior Agreement expired on December 31, 2005. During the term of the Prior Agreement, Executive assumed additional
responsibilities with Employer, including business management responsibility for the partners in Employer’s sporting goods category. Employer desires to continue to employ Executive, and Executive desires to continue such employment, on the
terms and conditions stated below. 
 INTENDING TO BE LEGALLY BOUND, and in consideration of the mutual agreements stated below, Executive
and Employer agree as follows: 
 1. Employment and Term. Employer hereby employs Executive, and Executive accepts such employment,
subject to all of the terms and conditions of this Agreement, for a term beginning on January 1, 2006 and ending on April 1, 2010, unless extended in writing by Employer and Executive or sooner terminated in accordance with other
provisions hereof (the “Term”). 
 2. Position and Duties. 
 2.1 Executive Vice President, Merchandising. During the Term, Executive will continue to serve as Executive Vice President,
Merchandising. In that capacity, Executive will have supervision and control over, and responsibility for, formulating and directing Employer’s overall buying and merchandising strategy and overseeing the execution of all buying and
merchandising programs. 

 2.2 Executive Vice President, Business Management – Sporting Goods. During
the Term, Executive will also continue to serve as Executive Vice President, Business Management – Sporting Goods, subject to the provisions of this Agreement. In that capacity, Executive will have supervision and control over, and
responsibility for, the business management and account management functions for partners in the sporting goods category of Employer’s Business. Employer and Executive acknowledge that Employer currently is looking to hire an executive to take
over this responsibility (the “New Business Management Executive”) and that Employer expects to hire such executive by December 31, 2006. At such time as Employer hires the New Business Management Executive (the “Transition
Date”), Executive will cease serving as Executive Vice President, Business Management – Sporting Goods but will continue serving as Executive Vice President, Merchandising as set forth in Section 2.1. 
 2.3 Other Responsibilities and Loyalty. Executive will also have such other responsibilities and duties consistent with his
position or positions with Employer, as may from time to time be prescribed by Employer’s Chief Executive Officer, President and Chief Operating Officer or Board of Directors. Executive will devote all of his working time, energy, skill and
best efforts to the performance of his duties hereunder in a manner which will faithfully and diligently further the business and interests of Employer; provided, however, that Executive may devote a reasonable amount of time and energy for personal
investment and civic and charitable activities. 
 2.4 Reporting. Until the Transition Date, Executive will report to,
and be subject to the direction of, Employer’s President and Chief Operating Officer. On and after the Transition Date, Employer may change Executive’s reporting responsibility. 
 3. Compensation, Benefits and Expenses. 
 3.1 Base Salary. Employer will pay to Executive a minimum annual base salary (“Base Salary”) of Three Hundred Twenty-five Thousand Five Hundred Dollars ($325,000). Executive’s Base Salary will be
payable in accordance with Employer’s normal payroll practices, subject to payroll deductions and required withholdings. Executive’s Base Salary will be reviewed from time to time by Employer’s Board of Directors or Compensation
Committee and will be subject to such annual increases, if any, as may be approved by Employer’s Board of Directors or Compensation Committee. 
 3.2 Bonuses. 
 3.2.1 Annual Bonus. In addition to his Base Salary, Executive
will be eligible to participate in any annual bonus plan made available to similarly situated employees of the Employer, subject to the terms and provisions thereof. 
 3.2.2 Signing Bonus. Upon signing this Agreement, Employer will pay to Executive a one-time bonus of $25,000, subject to payroll
deductions and required withholdings. 
  

 2 

 3.2.3 Transition Bonus. In the event that Employer does not hire the New Business
Management Executive by the end of Employer’s fourth fiscal quarter of 2006, and provided that Executive is, at that time, still performing the responsibilities of Executive Vice President, Business Management – Sporting Goods, Employer
will pay to Executive a bonus of $10,000 as of the last day of that quarter and will pay Executive an additional bonus of $25,000 as of the last day of each fiscal quarter thereafter during which Executive continued to perform the responsibilities
of Executive Vice President, Business Management – Sporting Goods. To the extent that Executive does not perform those responsibilities for the entirety of a given quarter, the bonus payable by Employer with respect to that quarter will be
prorated based on the number of days in the quarter during which Executive actually performed such responsibilities. 
 3.3
Benefits. Executive will be entitled to participate in any equity incentive, stock option, stock purchase, profit sharing, savings, bonus, health insurance, life insurance, group insurance, disability insurance, pension, retirement and other
benefit plans or programs of Employer now existing, or established hereafter, and offered to similarly situated employees of Employer, subject to the terms and provisions thereof. Executive acknowledges that Executive’s participation in the
employee benefit plans or programs of Employer are subject to the terms and conditions of such plan or programs and that Employer may change its plans or programs. 
 3.4 Personal Time-off. Executive will be eligible for paid personal time-off in accordance with Employer’s policy as in effect
from time to time. 
 3.5 Expenses. Employer will reimburse Executive for all actual, ordinary, necessary and
reasonable expenses incurred by Executive in the course of his performance of services hereunder. If, after the date of this Agreement, Executive establishes his principal residence at a location more than 50 miles from Employer’s headquarters
in King of Prussia, PA, then beginning on the date Executive establishes such principal residence and continuing for so long as Executive is employed by Employer, Employer also will reimburse Executive for commuting expenses of up $833 per month,
subject to payroll deductions and required withholdings. Executive will properly account for all such expenses. 
 3.6
Housing Allowance. If, after the date of this Agreement, Executive establishes his principal residence at a location more than 50 miles from Employer’s headquarters in King of Prussia, PA, then beginning on the date Executive establishes
such principal residence and continuing for so long as Executive is employed by Employer, Employer will pay to Executive a housing allowance of $2,500 per month. This allowance , less payroll deductions and all required withholdings, will be payable
in accordance with Employer’s normal payroll practices. 
 4. Termination. 
 4.1 Termination by Death. If Executive dies, then this Agreement will terminate immediately, and Executive’s rights to
compensation and benefits hereunder will terminate as of the date of death, except that Executive’s heirs, personal representatives or estate will be entitled to any unpaid portion of Executive’s Base Salary and accrued benefits up to the
date of termination and any benefits which are to be continued or paid after the date of termination in accordance with the terms of the corresponding benefit plans or programs. 
  

 3 

 4.2 Termination by Disability. If, as a result of sickness or injury (as defined
in Employer’s group long-term disability insurance policy then in force), Executive is unable to perform the essential duties of his employment on a full-time basis, Executive will continue to receive his Base Salary and the benefits and
personal time-off provided for in Section 3.3 through Section 3.6 (to the extent Executive continues to be eligible therefor under the terms of such benefit plans or programs) for a period of one hundred eighty (180) days following
the Onset of Disability (as defined in this Section 4.2). Any amounts due to Executive under this Section 4.2 will be reduced, dollar-for-dollar, by any amounts received by Executive under any disability insurance policy or plan provided
to Executive and paid for by Employer. If Executive’s inability to perform the essential duties of his employment on a full-time basis continues for more than one hundred eighty (180) days after the Onset of Disability or for periods
aggregating more than one hundred eighty (180) days during any twelve (12) month period, then Employer may, upon written notice to Executive, terminate Executive’s employment, and Executive’s rights to compensation and benefits
hereunder, except that Executive will be entitled to any unpaid portion of his Base Salary and accrued benefits up to the date of termination and any benefits which are to be continued or paid after the date of termination in accordance with the
terms of the corresponding benefit plans or programs. 
 “Onset of Disability” means the first day on which
Executive is unable to perform the essential duties of his employment on a full-time basis by reason of such injury or sickness. 
 4.3 Termination for Cause. Employer may, at any time, upon written notice to Executive, terminate Executive’s employment, and Executive’s rights to compensation and benefits hereunder, for Cause (as defined in this
Section 4.3), except that Executive will be entitled to any unpaid portion of his Base Salary and accrued benefits up to the date of termination and any benefits which are to be continued or paid after the date of termination in accordance with
the terms of the corresponding benefit plans or programs. 
 “Cause” will exist if the Board or the Compensation
Committee in good faith determines that (i) Executive is grossly negligent or engaged in willful misconduct in the performance of his duties under this Agreement , (ii) Executive is convicted of, or enters a plea of guilty or nolo
contendere to, a crime constituting a felony or any criminal offense involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof other than an automobile offense, or (iii) Executive breaches, in a
material respect, this Agreement or any written material agreement between the Executive and Employer or violates, in a material respect, Employer’s Code of Business Conduct or any of Employer’s material policy statements. Notwithstanding
the foregoing, Cause shall only exist after (A) Employer delivers written notice to Executive of its intention to terminate for Cause within ninety (90) days after Employer has actual knowledge of the facts and circumstances upon which
Employer seeks to rely as a basis for its right to terminate for Cause, (B) such notice sets forth in reasonable detail such facts and circumstances and (C) Executive has failed to correct any of the events listed in clauses (i)-(iii) of
the immediately preceding sentence, if such events are reasonably capable of being corrected, within thirty (30) days following delivery of Employer’s written notice of its intention to terminate for Cause. 
  

 4 

 4.4 Termination Without Cause. Employer may, upon ten (10) days prior written
notice to Executive, terminate Executive’s employment, and Executive’s rights to compensation and benefits hereunder, for any reason or no reason, in which case Employer will pay to Executive his Base Salary, in accordance with
Employer’s normal payroll practices, until the end of the period following such termination (the “Severance Period”) as follows: 
  

			
	 Termination Occurring During
	  	Severance Period
	 First Year of Term
	  	24 Months
	 Second Year of Term
	  	18 Months
	 Third Year of Term
	  	12 Months
	 Thereafter
	  	12 Months

 4.5 Resignation. Executive may, upon thirty (30) days prior written
notice to Employer, resign or terminate Executive’s employment with Employer, for any reason Executive deems appropriate, in which case Executive will be entitled to any unpaid portion of his Base Salary and accrued benefits up to the date of
resignation or termination and any benefits which are to be continued or paid after the date of resignation or termination in accordance with the terms of the corresponding benefit plans or programs. 
 4.6 Termination By Employer Without Cause; Resignation by Executive for Good Reason Following a Change in Control. If within ninety
(90) days before or seven hundred thirty (730) days following a Change in Control (as defined below), Employer terminates Executive’s employment without Cause or Executive resigns for Good Reason (as defined below), then
(a) Executive will be entitled to the payments and benefits described in Section 4.4 upon such termination or resignation, and (b) notwithstanding any contrary provision contained in any of Executive’s outstanding Equity Awards
(as defined below) or in any of Employer’s Equity Plans (as defined below), all Equity Awards held by Executive shall immediately become fully vested, all restrictions set forth in such Equity Awards related to the passage of time and/or
continued employment shall immediately lapse, all option shares and other rights exercisable under such Equity Awards shall immediately become fully exercisable, and Executive shall have continued exercisability of each stock option and stock
appreciation right held by Executive (if any) for the remaining term of each such Equity Award; provided, however, that for stock options and stock appreciation rights granted prior to the date of this Agreement, such period shall not exceed the
latest date possible that would not cause such option or stock appreciation right to become subject to Section 409A of the Code. 
  

 5 

 “Change in Control,” means the occurrence, in a single transaction or in a
series of related transactions, of any one or more of the following events: 
 (i) any Exchange Act Person becomes the Owner,
directly or indirectly, of securities of Employer representing more than fifty percent (50%) of the combined voting power of Employer’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction,
covered by subsection (ii) below. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition of securities of Employer from Employer by an investor, any Affiliate (as such term is
defined in Rule 405 of the Securities Act of 1933, as amended) thereof or any other Exchange Act Person in a transaction or series of related transactions the primary purpose of which is to obtain financing for Employer through the issuance of
equity securities or (B) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or
other acquisition of voting securities by Employer reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by Employer,
and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned
by the Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur; 
 (ii)
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) Employer and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of Employer immediately
prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving corporation, partnership, limited liability
company or other entity (each an “Entity”) in such merger, consolidation or similar transaction or (B) more than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger,
consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of Employer immediately prior to such transaction; 
 (iii) the stockholders of Employer approve or the Board approves a plan of complete dissolution or liquidation of Employer, or a complete
dissolution or liquidation of Employer shall otherwise occur; 
 (iv) there is consummated a sale, lease, exclusive license
or other disposition of all or substantially all of the consolidated assets of Employer and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of Employer and its
subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of the voting securities of which are Owned by stockholders of Employer in substantially the same proportions as their Ownership of the outstanding voting
securities of Employer immediately prior to such sale, lease, license or other disposition; or 
 (v) individuals who, on the
date of this Agreement, are directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the directors; provided, however, that if the appointment or election (or nomination for election) of any
new director was approved or recommended by a majority vote of the Incumbent 

  

 6 

 
Board, such new director shall be considered a member of the Incumbent Board, unless such new director’s initial assumption of office occurs as a result
of or in connection with either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended) or other actual or threatened solicitation of
proxies or consents by or on behalf of an Entity other than the Incumbent Board. 
 “Equity Award” means any stock
option, restricted stock award, restricted stock unit or other equity incentive award of any type granted by Employer to Executive, whether granted before, on or after the date of this Agreement, as the same may be adjusted or converted as a result
of any recapitalization, stock dividend, spin-off or similar event. 
 “Equity Plan” means any stock option plan,
restricted stock plan or other equity incentive or equity compensation plan of Employer. 
 “Exchange Act Person”
means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” shall not include (i) Employer or any Affiliate, (ii) any employee
benefit plan of Employer or any Affiliate or any trustee or other fiduciary holding securities under an employee benefit plan of Employer or any Affiliate, (iii) an underwriter temporarily holding securities pursuant to an offering of such
securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of Employer in substantially the same proportions as their Ownership of stock of Employer or (v) any natural person, Entity or “group” (within the
meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) that, as of the date of this Agreement, is the Owner, directly or indirectly, of securities of Employer representing more than fifty percent (50%) of the
combined voting power of Employer’s then outstanding securities. 
 “Good Reason” means the occurrence of one
or more of the following events or conditions, without the Executive’s express prior written consent, provided that upon the first occurrence of any such event or condition, Executive shall have given Employer notice that he is resigning his
employment with Employer due to the occurrence of such event or condition and Employer shall not have corrected the situation within ten (10) days after the Executive gives such notice: 
 (i) a material reduction in Executive’s duties, positions, titles, offices, authority or responsibilities relative to the duties,
position, titles, offices, authority or responsibilities in effect immediately prior to the first to occur of the event or condition resulting in Executive’s notice of resignation and the Change in Control; the assignment to Executive of any
duties or responsibilities that are substantially inconsistent with Executive’s duties, positions, titles, offices, authority or responsibilities as in effect immediately before such assignment; or any removal of Executive from or failure to
reappoint or reelect Executive to any of such positions, titles or offices; provided that any of the foregoing that result solely from the fact that Employer is no longer a publicly traded and listed company shall not by itself constitute Good
Reason under this clause (i); and provided further that the reduction in Executive’s positions and responsibilities contemplated by Section 2.2 hereof shall not by itself constitute Good Reason under this clause (i); 
  

 7 

 (ii) a reduction in Executive’s Base Salary as in effect immediately prior to the
first to occur of the event or condition resulting in Executive’s notice of resignation and the Change in Control; 
 (iii) a reduction in Executive’s bonus or other cash incentive compensation opportunity as in effect immediately prior to the first to occur of the event or condition resulting in Executive’s notice of resignation and the Change
in Control; a reduction or negative change in Executive’s equity award or other long-term non-cash incentive opportunities (the value of which is measured as of the date of grant using a reasonable valuation methodology consistently applied);
or a reduction or negative change in Executive’s benefits other than Base Salary, bonus or other cash and non-cash incentive compensation as in effect immediately prior to the first to occur of the event or condition resulting in
Executive’s notice of resignation and the Change in Control; provided that Good Reason shall not exist under this clause (iii) if, after a Change in Control, Employer offers Executive a range of cash and non-cash bonus and incentive
opportunities and other benefits which, taken as a whole, are comparable to the cash and non-cash bonus and incentive opportunities and other benefits provided to Executive immediately prior to the Change in Control; 
 (iv) the failure of the Company to timely pay or provide to Executive any portion of Executive’s compensation or benefits then due
to Executive; 
 (v) a relocation of Executive’s principal place of employment that will result in an increase of more
than thirty (30) miles in Executive’s one-way commute as compared to the Executive’s one-way commute, prior to the first to occur of the event or condition resulting in Executive’s notice of resignation and the Change of Control;

 (vi) any material breach by Employer of this Agreement or any material agreement between Employer and Executive, including
any indemnification agreement or agreement relating to any Equity Award; or 
 (vii) the failure by Employer to obtain,
before a Change in Control occurs, an agreement in writing from any successors and assigns to all or substantially all of the business or assets of Employer to assume and agree to perform this Agreement unless otherwise assumed by such successors
and assigns by operation of law. 
 “Own,” “Owned,” “Owner,” “Ownership” means that in
relation to certain securities, a person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with
respect to such securities. 
  

 8 

 4.7 Release. Notwithstanding the foregoing, Executive will not receive any of the
payments set forth under Section 4, unless upon Executive’s termination of employment Executive furnishes Employer with an effective waiver and release of claims (the “Release”) in the form attached hereto as
Exhibit “A”.  
 4.8 Application of Section 409A. In the event that any cash
severance benefit or continued medical benefit under this Section 4 fails to satisfy the distribution requirement of Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended, as a result of the application of
Section 409A(a)(2)(B)(i) of the Code, then the payment of such benefits will be delayed to the minimum extent necessary so that such benefits are not subject to the provisions of Section 409A(a)(1) of the Code. The Board may attach
conditions to or adjust the amounts paid pursuant to this Section 4.8 to preserve, as closely as possible, the economic consequences that would have applied in the absence of this Section 4.8; provided, however, that no such condition or
adjustment will result in the payments being subject to Section 409A(a)(1) of the Code. 
 4.9 Parachute Payments.
Anything in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from Employer pursuant to this Agreement or otherwise (a “Payment”) would (i) constitute a “parachute payment”
within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The
“Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion of the Payment, up to and including the total
Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an
after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that
the Payment equals the Reduced Amount, reduction shall occur in the following order unless Executive elects in writing a different order: reduction of cash payments; cancellation of accelerated vesting of Equity Awards; reduction of employee
benefits. If acceleration of vesting of Equity Award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s Equity Awards unless Executive elects in writing a
different order for cancellation. 
 Employer shall appoint a nationally recognized independent accounting firm to make the
determinations required hereunder, which accounting firm shall not then be serving as accountant or auditor for the individual, entity or group that effected the Change in Control. Employer shall bear all expenses with respect to the determinations
by such accounting firm required to be made hereunder. 
 The accounting firm engaged to make the determinations hereunder
shall provide its calculations, together with detailed supporting documentation, to Employer and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by
Employer or Executive) or such other time as 

  

 9 

 
requested by Employer or Executive. If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the
application of the Reduced Amount, it shall furnish Employer and Executive with an opinion reasonably acceptable to the Executive that no Excise Tax will be imposed with respect to such Payment. Employer shall be entitled to rely upon the accounting
firm’s determinations, which shall be final and binding on all persons. 
 5. Procedure Upon Termination. Upon termination of his
employment, Executive will promptly return to Employer all documents (including copies) and other materials and property of Employer, or pertaining to its business, including without limitation partner, customer and prospect lists, contracts, files,
manuals, letters, reports and records in his possession or control, no matter from whom or in what manner acquired. 
 6. Inventions.
Executive will promptly and fully communicate to Employer, in writing, all trade secrets, inventions, mask works, ideas, processes, formulas, source and object codes, data, programs, other works of authorship, know-how, improvements, discoveries,
developments, designs and techniques (collectively referred to as “Inventions”), whether or not patentable or registrable under copyright or similar statutes, which are made, conceived, reduced to practice or learned by Executive, whether
alone or jointly with others, at any time during the term of Executive’s employment with Employer, which relate to the business or operations of Employer or which relate to methods, designs, products or systems sold, leased, licensed or under
development by Employer (such concepts, ideas and designs are referred to as “Employer Inventions”). Executive acknowledges that Employer owns all right, title and interest in and to any and all Employer Inventions (and all Proprietary
Rights with respect thereto) and hereby assigns and agrees to assign in the future (when any such Inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to Employer (or to such third party
as Employer may direct) all of Executive’s right, title and interest in and to any and all Employer Inventions (and all Proprietary Rights with respect thereto). Executive acknowledges that all original works of authorship which are made by
Executive (solely or jointly with others) within the scope of Executive’s employment and which are protectable by copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section 101). Executive
will, at Employer’s expense, sign all documents and take such other actions as Employer may reasonably request to confirm its ownership in Employer Inventions. 
 “Proprietary Rights” means all trade secret, patent, copyright, mask work and other intellectual property rights throughout the
world. 
 7. Nondisclosure. At all times during Executive’s employment with Employer and thereafter, except with the express
prior written consent of an executive officer of Employer other than Executive or in connection with the proper performance of services under this Agreement, Executive will not, directly or indirectly, communicate, disclose or divulge to any Person,
or use for the benefit of any Person, any Proprietary Information or any Third Party Information. 
 “Proprietary
Information” means any and all confidential and/or proprietary knowledge, data or information of Employer, no matter when or how acquired. By way of illustration, but not limitation, Proprietary Information includes (i) trade secrets,
inventions, mask works, ideas, processes, formulas, source and object codes, data, programs, other works of authorship, know- how, improvements, discoveries, developments, designs and techniques (collectively referred to as “Inventions”);
(ii) the terms 

  

 10 

 
and details of contracts and arrangements with and proposals to entities for which Employer operates e-commerce businesses (“Partners”) and
prospective Partners; (iii) personal, financial and other information obtained from customers of the e-commerce businesses that Employer operates (“E-Commerce Customers”); (iv) non-public pricing information, vendor prices,
buying and pricing strategies and merchandise plans, including the terms of contracts and arrangements with vendors; (v) promotional, marketing and advertising strategies and plans, including the terms of contracts and arrangements relating to
promotions, marketing and advertising; (vi) non-public financial and statistical information relating to Employer, its business and the e-commerce businesses operated by Employer, including budgets, financial and business forecasts, expansion
plans and business strategies; and (vii) information regarding the skills and compensation of other employees of Employer. For purposes of this Section 7, confidential information will not include any information which is now known by the
general public, which becomes known by the general public other than as a result of a breach of this Agreement by Executive or which is independently acquired by Executive. 
 “Person” means any individual, sole proprietorship, joint venture, partnership, corporation, association, cooperative, trust,
estate, government body, administrative agency, regulatory authority or other entity of any nature. 
 “Third Party
Information” means any and all confidential or proprietary data, knowledge and information received from third parties, including Partners, prospective Partners and E-Commerce Customers, subject to a duty on Employer’s part to maintain the
confidentiality of such data, knowledge or information and to use it only for certain purposes. 
 8. Non-Competition. Executive
acknowledges that Employer’s business is highly competitive. Accordingly, for the longer of (i) one (1) year after the date of the termination of Executive’s employment with Employer for any reason or (ii) the period of time
with respect to which Employer is paying Executive severance or separation compensation (the “Restricted Period”), except with Employer’s express prior written consent, Executive will not, directly or indirectly, in any capacity, for
the benefit of any Person: 
 (a) Communicate with or solicit any Person who, as of or during the one (1) year prior to
the termination of Executive’s employment with Employer, was an employee, consultant, agent or representative of Employer or any of its subsidiaries, or who, during the restricted Period, becomes an employee, consultant, agent or representative
of Employer or any of its subsidiaries, in any manner which interferes or might interfere with such Person’s relationship with Employer or any such subsidiary, or in an effort to obtain any such employee, consultant, agent or representative as
an employee, consultant, agent or representative of any other Person; 
 (b) Communicate with or solicit any Person who, as of
or during the one (1) year prior to the termination of Executive’s employment with Employer, was a partner, customer, client or prospect of Employer or any of its subsidiaries, or who, during the Restricted Period, becomes a partner,
customer, client or prospect of Employer or any of its subsidiaries, in any manner 

  

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which interferes or might interfere with such Person’s relationship with Employer or any such subsidiary, or in an effort to obtain any such a partner,
customer, client or prospect as a partner, customer, client or prospect of any other Person which conducts a business competitive with all or any material part of the Business; or 
 (c) Establish, own, manage, operate or control, or participate in the establishment, ownership, management, operation or control of, or be
a director, officer, employee, agent or representative of, or be a consultant to, any Person which conducts a business competitive with all or any material part of the Business. 
 9. Consideration and Enforcement of Covenants. Executive expressly acknowledges that the covenants contained in Sections 6, 7 and 8 of this
Agreement (“Covenants”) are a material part of the consideration bargained for by Employer and, without the agreement of Executive to be bound by the Covenants, Employer would not have agreed to enter into this Agreement. Executive
acknowledges that any breach by Executive of any of the Covenants will result in irreparable injury to Employer for which money damages could not adequately compensate. If there is such a breach, Employer will be entitled, in addition to all other
rights and remedies which Employer may have at law or in equity, to have an injunction issued by any competent court enjoining and restraining Executive and all other Persons involved therein from continuing such breach. The existence of any claim
or cause of action which Executive or any such other Person may have against Employer will not constitute a defense or bar to the enforcement of any of the Covenants. If Employer must resort to litigation to enforce any of the Covenants which has a
fixed term, then such term will be extended for a period of time equal to the period during which a breach of such Covenant was occurring, beginning on the date of a final court order (without further right of appeal) holding that such a material
breach occurred or, if later, the last day of the original fixed term of such Covenant. If any portion of any Covenant or its application is construed to be invalid, illegal or unenforceable, then the other portions and their application will not be
affected thereby and will be enforceable without regard thereto. If any of the Covenants is determined to be unenforceable because of its scope, duration, geographical area or similar factor, then the court making such determination will have the
power to reduce or limit such scope, duration, area or other factor, and such Covenant will then be enforceable in its reduced or limited form. Any breach of the Covenants contained herein shall constitute a material breach of this Agreement and
shall discharge, to the extent not prohibited by applicable law, Employer from any and all of its obligations to make payments or provide benefits under any provision of this Agreement including Section 4 hereof. 
 10. No Mitigation. Executive shall not be required to mitigate the amount of any payments and/or benefits under this Agreement by seeking other
employment or otherwise. The payments and/or benefits to be provided pursuant to Section 4 hereof shall not be reduced by any compensation or benefits payable or provided to Executive as a result of employment by another employer after the date
of termination or otherwise. The specific arrangements referred to in this Agreement are not intended to exclude any other payments and/or benefits which may be available to Executive upon a termination of employment with Employer pursuant to any
other agreement between Employer and Executive. 
  

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 11. Survival of Obligations. Notwithstanding anything to the contrary contained herein,
Section 5 through Section 17 of this Agreement shall survive any termination of this Agreement and the termination of the Employment Term. Certain payments and benefits owed to Executive under Section 4 hereof shall survive the
termination of this Agreement to the extent provided for in Section 4. 
 12. Applicable Law. This Agreement will be governed by
and construed in accordance with the substantive laws (and not the choice of laws rules) of the Commonwealth of Pennsylvania applicable to contracts made and to be performed entirely therein. Each of the parties irrevocably consents to service of
process by certified mail, return receipt requested, postage prepaid, to the address at which such party is to receive notice in accordance herewith. Each of the parties irrevocably consents to the jurisdiction of the state courts in Montgomery
County, Pennsylvania and the federal courts in the Eastern District of Pennsylvania in any and all actions between the parties arising hereunder. 
 13. Notices. All notices, consents or other communications required or permitted to be given under this Agreement must be in writing and will be deemed to have been duly given (i) when delivered personally, (ii) three
(3) business days after being mailed by first class certified mail, return receipt requested, postage prepaid, or (iii) one (1) business day after being sent by a nationally recognized express courier service, postage or delivery
charges prepaid, to the parties at their respective addresses stated on the first page of this Agreement. Notices may also be given by prepaid telegram, facsimile or electronic mail and will be effective on the date transmitted if confirmed within
twenty-four (24) hours thereafter by a signed original sent in the manner provided in the preceding sentence. Either party may change its address for notice and the address to which copies must be sent by giving notice of the new address to the
other party in accordance with this Section 13, provided that any such change of address notice will not be effective unless and until received. 
 14. Prior Agreements. Executive represents to Employer (i) that there are no restrictions, agreements or understandings whatsoever to which Executive is a party which would prevent or make unlawful his
execution of this Agreement or his employment hereunder, (ii) that Executive’s execution of this Agreement and Executive’s employment hereunder do not constitute a breach of any contract, agreement or understanding, oral or written,
to which Executive is a party or which Executive is bound, and (iii) that Executive has full legal right and capacity to execute this Agreement and to enter into employment by Employer. All prior employment agreements between Executive and
Employer are hereby terminated as of the date hereof as fully performed on both sides. 
 15. Parties in Interest. This Agreement is
for the personal services of Executive and will not be assignable by either party without the express prior written consent of the other party; provided, however, that Employer shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of Employer to assume and agree to perform this Agreement in the same manner and to the same extent that Employer would be required to perform if no such
succession had taken place; provided, further, that no such assumption or agreement by such successor shall relieve 

  

 13 

 
Employer of any of its obligations under this Agreement. Subject to the provisions of Section 4 and this Section 15, this Agreement will inure to
the benefit of and bind each of the parties hereto and the successors and assigns of Employer and the personal representatives, estate and heirs of Executive. 
 16. Entire Understanding. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous, oral or written,
express or implied, agreements and understandings. 
 17. Amendment and Waiver. This Agreement may not be amended, modified or
terminated unless in writing and signed by Executive and a duly authorized representative of Employer other than Executive. No waiver with respect to this Agreement will be enforceable unless in writing and signed by the party against which
enforcement is sought (which, in the case of the Employer, must be a duly authorized representative of Employer other than Executive). Neither the failure nor any delay on the part of either party to exercise any right, remedy, power or privilege
under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor will
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. 
 18. Section Headings. Any headings preceding the text of any of the Sections or Subsections of this Agreement are inserted for convenience of
reference only, and will neither constitute a part of this Agreement nor affect its construction, meaning, or effect. 
 IN WITNESS WHEREOF,
the parties have duly executed and delivered this Agreement as of the date first stated above. 
  

									
	GSI COMMERCE, INC.	 		 	
					
	By:	 	/s/ Michael G. Rubin	 		 		 	/s/ Robert Liewald
		 	Michael G. Rubin	 		 		 	ROBERT LIEWALD
		 	Chairman and Chief Executive	 		 		 	
		 	Officer	 		 		 	

  

 14 

 EXHIBIT A 
 RELEASE AND WAIVER OF CLAIMS 
 In consideration of the benefits and mutual agreements set forth in
the Employment Agreement, dated August 21, 2006 (the “Agreement”), between GSI Commerce, Inc, (“Employer”) and Robert Liewald (“Executive”), to which this form is attached, Executive, intending to be legally bound,
agrees to the following release and waiver (“Release and Waiver”): 
 In exchange for the consideration provided to Executive by
the Agreement that Executive is not otherwise entitled to receive and the other commitments of Employer in the Agreement, Executive and his or her heirs, representatives, agents and attorneys hereby generally and completely releases Employer and its
directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates and assigns from any and all claims, liabilities and obligations, both known and unknown, that
arise out of or are in any way related to events, acts, conduct or omissions occurring prior to Executive signing this Release and Waiver. This general release includes, but is not limited to: (1) all claims arising out of or in any way related
to Executive’s employment with Employer or the termination of that employment; (2) all claims related to Executive’s compensation or benefits from Employer, including, but not limited to, salary, bonuses, commissions, vacation pay,
expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in Employer; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair
dealing; (4) all tort claims, including, but not limited to, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including, but not limited
to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in
Employment Act of 1967 (as amended) (“ADEA”), and the Pennsylvania Fair Employment and Housing Act (as amended). Notwithstanding the foregoing, this general release specifically excludes any and all claims that Executive may have in regard
to (a) any ongoing severance or employment obligations of Employer to Executive under the Agreement or any other written agreement or arrangement between Employer and Executive, including any bonus plan, benefit plan and other agreement or
arrangement, (b) any ongoing obligations of Employer to Executive under any written stock option agreement, restricted stock award agreement, restricted stock unit award agreement or other equity award agreement evidencing an option or other
equity award granted or awarded by Employer to Executive, (c) any indemnification obligations of Employer to Executive as a former director, officer and/or employee of Employer or any of its subsidiaries pursuant to Employer’s certificate
of incorporation or bylaws or any indemnification or other written agreement, (d) any rights Executive may have under any directors and officers liability insurance policy of Employer, and (e) any rights Executive may have arising by
virtue of his status as a stockholder of Employer. 
 Executive also acknowledges that he or she has read and understands
Section 1542 of the Pennsylvania Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by
him must have materially affected his settlement with the debtor.” Executive hereby expressly waives and relinquishes all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to
any claims he or she may have against Employer. 

 Executive acknowledges that, among other rights, he or she is waiving and releasing any rights he or she
may have under ADEA, that this Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which he or she was already entitled as an executive of Employer.
Executive further acknowledges that he or she has been advised, as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate to claims under the ADEA which may arise after this Release
and Waiver is executed; (b) he or she should consult with an attorney prior to executing this Release and Waiver; (c) he or she has twenty-one (21) days in which to consider this Release and Waiver (although he or she may choose
voluntarily to execute this Release and Waiver earlier); (d) he or she has seven (7) days following the execution of this Release and Waiver to revoke his or her consent to this Release and Waiver; and (e) this Release and Waiver
shall not be effective until the eighth day after he or she executes this Release and Waiver and the revocation period has expired (the “Effective Date”). 
 This Release and Waiver, including any referenced documents, constitutes the complete, final and exclusive embodiment of the entire agreement between Employer and Executive with regard to the subject matter hereof.
Executive is not relying on any promise or representation by Employer that is not expressly stated herein. This Release and Waiver may only be modified by a writing signed by both Executive and a duly authorized officer of Employer. 
  

									
	Date:	 	  	 		 	By:	 	  
		 		 		 		 	ROBERT LIEWALD

  

 2

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