Document:

LETTER AGREEMENT

 Exhibit 10.12 
 COMPUTER SOFTWARE INNOVATIONS, INC. 
 900 East Main Street, Suite T 
 Easley, South Carolina 29640 
 May 12,
2006 
 RBC Centura Bank 
 Attn: Mr. Charles Arndt 
 531 South Main Street, 2nd Floor 
 Greenville, SC
29601 
     Re: Waiver 
 Dear Mr. Arndt: 
 This
letter is being provided to you in connection with: (a) the March 14, 2005 Loan Agreement and related Loan Documents (as such term is defined in the Loan Agreement) between Computer Software Innovations, Inc. (“CSI”) and RBC
Centura Bank (the “Bank”) evidencing CSI’s credit facility with the Bank in the amount of $3,000,000, which credit facility was extended on March 1, 2006 and May 1, 2006; and (b) CSI’s February 10, 2006
promissory note and related agreements (collectively, the “Term Promissory Note”) evidencing a term loan with the Bank in the amount of $400,000. The Term Promissory Note, the Loan Agreement and the Loan Documents are hereinafter
referenced collectively as the “Credit Documents.” Specifically, this letter relates to a potential cross-default under the Credit Documents arising out of a default on certain outstanding subordinated debt owed by CSI to various parties
as described below. 
 On February 11, 2005, CSI executed five Promissory Notes, each in the amount of $375,040, in favor of each of the
following respective persons: Nancy K. Hedrick, Joe G. Black, Thomas P. Clinton, William J. Buchanan and Beverly N. Hawkins. Also on February 11, 2006, CSI executed a sixth Promissory Note in the amount of $1,875,200 in favor of Barron Partners
LP. The maturity date of the six Promissory Notes (the “Subordinated Notes”) was May 10, 2006. As of the date of this letter, there remains an outstanding principal balance on each of the Subordinated Notes. Consequently, there have
been defaults (the “Payment Defaults”) under the terms of the Subordinated Notes. 
 It is our desire to negotiate an extension of
the maturity date with the holders of the Subordinated Notes and we are optimistic that those negotiations will be successful. In order to comply with the requirements of the Credit Documents and to afford us more time to negotiate and finalize an
extension of maturity of the Subordinated Notes, we respectfully request that the Bank grant CSI a waiver with respect to any potential cross-default under the Credit Documents that may have been triggered solely by reason of the Payment Defaults on
the Subordinated Notes. Such waiver will relate only to Payment Defaults on the Subordinated Notes occurring prior to June 12, 2006. In consideration of the foregoing, CSI agrees with the Bank that it will be required to be in compliance with
the payment terms of the Subordinated Notes, or any extensions thereof, no later than June 12, 2006. CSI further agrees that, pursuant to the requirements of the Credit Documents, it will obtain the consent of the Bank with respect to any
amendments to the Subordinated Notes. 

 If the above described waiver is acceptable to the Bank, please indicate your assent by affixing your
signature and the date below and returning a copy of this letter to me and our legal counsel, Leatherwood Walker Todd & Mann, P.C., to the attention of William L. Pitman. Thank you in advance for your consideration of this letter. Please
call me if you have any questions concerning any of the foregoing. 
  

	
	Yours very truly,
	
	/s/ Nancy K. Hedrick
	Nancy K. Hedrick

  

			
	ACCEPTED AND AGREED TO
	This 12th day of May, 2006.
		
	By:	 	 /s/ Charles Arndt

		 	Charles Arndt
		 	Market Executive – South Carolina MarketsRestricted Stock Agreement

 Exhibit 10.1 
 COMPUCREDIT CORPORATION 
 RESTRICTED STOCK AGREEMENT 
 PLAN: CompuCredit Corporation 2004 Restricted Stock Plan 
 SHARES OF
RESTRICTED STOCK: 250,000 Shares 
 PURCHASE PRICE PER SHARE (IF ANY): $ 0.00 
 EFFECTIVE DATE OF GRANT: May 9, 2006 
 THIS RESTRICTED STOCK AGREEMENT, made and entered into this
9th day of May, 2006, by and between COMPUCREDIT CORPORATION, a Georgia corporation (“CompuCredit”), and
RICHARD HOUSE (the “Grantee”); 
 W I T N E S S E T H: 
 WHEREAS, the CompuCredit Corporation 2004 Restricted Stock Plan (the “Plan”) has been adopted by CompuCredit; and 
 WHEREAS, Article II of the Plan authorizes the Compensation Committee (“Committee”) to cause CompuCredit to enter into a written agreement with
the Grantee setting forth the form and the amount of any award and any conditions and restrictions of the award imposed by the Plan and this Agreement; and 
 WHEREAS, the Committee desires to make an award to the Grantee consisting of shares of restricted stock. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, including that provided under any non-compete or similar agreement, the receipt and sufficiency of which are hereby
acknowledged, CompuCredit and the Grantee hereby agree as follows: 
 1. General Definitions. Any capitalized terms herein shall have the meaning set
forth in the Plan, and, in addition, for purposes of this Restricted Stock Agreement, each of the following terms, when used herein, shall have the meaning set forth below: 
 (a) “Cause” shall mean, unless otherwise defined in an individual employment agreement between the Grantee and CompuCredit or any affiliate (in
which case such employment agreement definition shall govern), (i) the conviction of the Grantee for any felony or any misdemeanor involving moral turpitude, (ii) the willful and continued failure by the Grantee to substantially perform
the Grantee’s duties, as they may be defined from time to time, with the Grantee’s primary employer or to abide by the written policies of CompuCredit or the Grantee’s primary employer, or (iii) the willful engaging by the
Grantee in conduct which is demonstrably injurious to CompuCredit or any affiliate, monetarily or otherwise. 

 (b) “Common Stock” shall mean the common stock of CompuCredit, no par value per share.

 (c) “CompuCredit” shall mean CompuCredit Corporation. 
 (d) “Fair Market Value” of a share of Common Stock on a specified date shall mean: 
 (i) if the Common Stock is then traded on a national securities or quoted on the Nasdaq National Market System exchange, the closing price
on such date of a share of the Common Stock as traded on the largest securities exchange on which it is then traded or quoted on the Nasdaq National Market System, as the case may be; or 
 (ii) if the Common Stock is not then traded on a national securities exchange or quoted on the Nasdaq National Market System, the value
determined in good faith by the Committee. 
 (e) “Restricted Shares” shall mean the number of shares of Common Stock set forth on
page 1 of this Restricted Stock Agreement. 
 (f) “Vesting Date” shall mean the date that all conditions and restrictions imposed
upon the Restricted Shares granted in accordance with this Restricted Stock Agreement, including vesting pursuant to Section 3, are completely satisfied. 
 (g) “Disability” shall mean (i) a determination that the Grantee is disabled pursuant to the terms of any long-term disability insurance policy which the Company has purchased and which covers Grantee;
(ii) a reasonable determination by a reputable, independent, licensed medical doctor selected by the Company that, due to a mental or physical impairment or disability, Grantee has been incapable or unable to fully perform the duties performed
by him for the Company immediately prior to such disability for a period of at least 180 days in the aggregate (although not necessarily consecutively) within any consecutive 365 day period; or (iii) the entry of an order by a court of
competent jurisdiction adjudicating Grantee incompetent to manage his person or property. 
 2. Grant of Shares. Upon the terms and subject to the
conditions and limitations hereinafter set forth, the Grantee has been awarded the Restricted Shares. Until the Vesting Date the Restricted Shares shall not be transferable except as provided in the Plan. Subject to Section 4, after the Vesting
Date the Restricted Shares shall be reissued to the Grantee as unlegended shares of Common Stock. Until the Vesting Date the Restricted Shares shall be held by CompuCredit on behalf of the Grantee. Any Restricted Shares that do not or cannot vest
pursuant to Section 3 shall be forfeited to CompuCredit. 
  

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 3. Vesting. Subject to the terms, conditions, and limitations set forth herein, the Vesting Date for the
Restricted Shares shall occur on the fifth anniversary of the effective date of the grant set forth above (and on such date the Restricted Shares shall become 100% vested), provided that (a) the Grantee is a full-time employee of CompuCredit
(or one of its subsidiaries) on the applicable date, and (b) CompuCredit has achieved the 2006 performance objectives approved by the Committee. In addition, until the date set forth above, and provided that the Grantee is either on the Board
of Directors of CompuCredit (or one of its subsidiaries) or a full-time employee of CompuCredit (or one of its subsidiaries) at the time of a “change in control,” 20% of the Restricted Shares shall immediately vest upon a “change in
control” for each year (or part thereof) that has passed between the date of grant and the date of such “change in control.” For these purposes, a “change in control” shall mean the acquisition of 50% or more of the
“beneficial ownership” of the voting equity securities of CompuCredit (on a fully diluted as-converted basis) by any person or “group” (with the terms “beneficial ownership” and “group” having the meaning
given to them for purposes of Schedule 13D under the Securities Exchange Act of 1934) other than (i) Frank J. Hanna, III, David G. Hanna, their spouses, their descendants and the spouses of their descendants, (ii) trusts and other entities
established generally for the benefit of Frank J. Hanna, III, David G. Hanna, their spouses, their descendants and the spouses of their descendants, and/or (iii) charitable trusts, foundations or similar entities established by any of the
foregoing. 
 Notwithstanding the foregoing, any Restricted Shares that theretofore have not vested shall immediately vest upon termination
by CompuCredit (or its subsidiary) of Grantee’s employment other than for Cause or in the case of death or Disability of Grantee. A transfer of Grantee from CompuCredit to a subsidiary or vice versa shall not constitute a termination for these
purposes. 
 Upon vesting CompuCredit shall be entitled to retain (or if it is not then holding the shares, receive) shares of Common Stock
having a Fair Market Value, at the time of vesting, equal to such amount as CompuCredit determines is required under applicable federal, state or local law to be withheld and paid over to governmental taxing authorities by reason of the vesting of
such shares of Common Stock. 
 4. Transfer Subject to Compliance with Securities Laws. Notwithstanding the vesting of any Restricted Shares, Grantee
shall not be entitled to transfer any Restricted Shares except in compliance with applicable securities law. 
 5. No Right to Continued Employment.
The grant evidenced hereby does not confer upon the Grantee the right to continued employment with CompuCredit or any affiliate, nor shall it interfere with the right of CompuCredit or any affiliate to terminate his or her employment at any time.

 6. Miscellaneous. 
 (a) The terms of
this Restricted Stock Agreement shall be binding upon and shall inure to the benefit of any successors or assigns of CompuCredit and of the Grantee. 
 (b) The Grantee shall be entitled to vote and to receive dividends with respect to any Restricted Shares. 
  

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 (c) This grant has been made pursuant to the Plan and shall be subject to, and governed by, the terms and
provisions thereof. The Grantee hereby agrees to be bound by all the terms and provisions of the Plan. In the event of any conflict between the terms of the Plan and this Restricted Stock Agreement, the provisions of the Plan shall govern.

 (d) This Restricted Stock Agreement shall be governed by the laws of the State of Georgia. 
 IN WITNESS WHEREOF, CompuCredit and the Grantee have executed this Restricted Stock Agreement as of the day and year first above written. 
  

			
	 COMPUCREDIT CORPORATION

		
	By:	 	 /s/ David G. Hanna

		
	Its:	 	 Chief Executive Officer

	
	GRANTEE:
	
	 /s/ Richard R. House, Jr.
  

  
  
  
  

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