Document:

EX-10.1

 Exhibit 10.1 
 Execution Version 
 AMENDMENT NO. 2 TO CREDIT AGREEMENT 

AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of October 5, 2012 (this “Amendment”), is entered into by and among
Zayo Group, LLC, a Delaware limited liability company (“Zayo Group”), Zayo Capital, Inc., a Delaware corporation (“Zayo Capital”; and together with Zayo Group, the “Borrowers”), Morgan Stanley
Senior Funding, Inc., as term facility administrative agent (the “Term Facility Administrative Agent”), SunTrust Bank, as revolving facility administrative agent (the “Revolving Facility Administrative Agent” and,
together with the Term Facility Administrative Agent, the “Administrative Agents”), Morgan Stanley Senior Funding, Inc., as a joint lead arranger and joint bookrunner for the Amendment (“MSSF”), Barclays Bank PLC,
as a joint lead arranger, joint bookrunner and syndication agent for the Amendment (“Barclays” and together with MSSF, the “Arrangers”) and the undersigned lenders (the “Lenders”). 

PRELIMINARY STATEMENTS: 

WHEREAS, the Borrowers, certain subsidiaries thereof, the Administrative Agents and the Lenders entered into that certain Credit
Agreement, dated as of July 2, 2012 (as amended through the date hereof, the “Credit Agreement”; capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement);

 WHEREAS, the Borrowers, the undersigned Lenders and the Administrative Agents have agreed to amend the Credit Agreement as
hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the parties hereto hereby agree as follows: 
 SECTION 1.
Amendments to Credit Agreement. The Credit Agreement is, effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3, hereby amended as follows: 

(a) Section 1.1 of the Credit Agreement shall be amended by adding the following new definitions thereto in proper alphabetical
order: 
 “Second Amendment” means that certain Amendment No. 2 to Credit Agreement, dated as of
October 5, 2012, among the Borrowers, the Administrative Agents, Morgan Stanley Senior Funding, Inc. and Barclays Bank PLC, as arrangers for the Second Amendment and certain Lenders. 

“Second Amendment Effective Date” means the date on which all of the conditions contained in Section 3 of the
Second Amendment have been satisfied or waived by the Administrative Agents. 
 Amendment No. 2 to 

Credit Agreement 

 (b) Section 1.1 of the Credit Agreement is hereby amended by restating clauses
(a) and (b) of the definition of “Applicable Margin” as follows: 
 (a) in respect of the
Term Loan Facility (i) 3.00% per annum for Base Rate Loans and (ii) 4.00% per annum for Eurodollar Loans; and 
 (b) in respect of the Revolving Loan Facility (i) from the Agreement Date through (and including) the date five (5) Business Days after the date on which the Compliance Certificate is delivered
to the Revolving Facility Administrative Agent for the fiscal quarter ending on September 30, 2012, (x) 2.50% per annum for Base Rate Loans and (y) 3.50% per annum for Eurodollar Loans, and (ii) thereafter, the
applicable margin determined by the Revolving Facility Administrative Agent based upon the Total Leverage Ratio for the fiscal quarter most recently ended, effective as of the fifth Business Day after the day the Compliance Certificate is delivered
to the Revolving Facility Administrative Agent for such fiscal quarter most recently ended, expressed as a per annum rate of interest as set forth in the table below: 
  

											
	 Level
	  	 Total Leverage Ratio
	  	Applicable Margin
for Eurodollar
Loans	 	 	Applicable Margin for
Base Rate Loans	 
	 I
	  	Greater than 4.50 to 1.00	  	 	3.50	% 	 	 	2.50	% 
	 II
	  	Less than or equal to 4.50:1.00 but greater than 3.50:1.00	  	 	3.25	% 	 	 	2.25	% 
	 III
	  	Less than or equal to 3.50:1.00 but greater than 3.00:1.00	  	 	3.00	% 	 	 	2.00	% 
	 IV
	  	Less than or equal to 3.00:1.00 but greater than 2.50:1.00	  	 	2.75	% 	 	 	1.75	% 
	 V
	  	Less than or equal to 2.50:1.00	  	 	2.50	% 	 	 	1.50	% 

 (c) Section 1.1 of the Credit Agreement is hereby amended by restating clause (a) of the
definition of “Eurodollar Rate” as “(a) solely in the case of any Term Loan, 1.25% per annum and”; 

(d) Section 1.1 of the Credit Agreement is hereby amended by restating clause (iv) of the definition of “Base Rate”
as “(iv) solely in the case of any Term Loan, 2.25%.”; 
 (e) Section 2.5(d) of the Credit Agreement is hereby
amended by deleting the phrase “on a pro rata basis among the Lenders in accordance with their respective Commitment Ratios;” and replacing it in its entirety with the phrase “(i) on a pro rata basis among the Lenders in accordance
with their respective Commitment Ratios or (ii) solely in connection with the Second Amendment on the Second Amendment Effective Date, of any Revolving Facility Lender or Lenders, as selected at the Borrowers’ discretion;”;

  

					
		 	2	  	Amendment No. 2 to
		 		  	Credit Agreement

 (f) The first sentence of Section 2.17(b)(i) of the Credit Agreement is hereby
restated in its entirety to read as follows: 
 The Borrowers may at any time or from time to time, after the
Second Amendment Effective Date, upon not less than five (5) Business Days written notice to each Administrative Agent (whereupon the applicable Administrative Agent shall promptly deliver a copy of such notice to each of the applicable
Lenders), request that one or more new tranche of Term Loans (the “Incremental Term Loans”) or one or more new tranche of Revolving Loans be made available to the Borrowers (the “Incremental Revolving Loans”,
together the “Incremental Loans”) in an aggregate amount, together with any Funded Debt incurred pursuant to Section 8.1(r) on or after the Second Amendment Effective Date, not to exceed (A) $750,000,000,
provided that, immediately prior to, and after giving effect to the incurrence of such Incremental Loans and any transaction consummated in connection therewith, (x) the representations and warranties contained in Article V
and the other Loan Documents are true and correct in all material respects, (y) no Default or Event of Default shall have occurred and be continuing and (z) the Senior Secured Leverage Ratio is no greater, calculated on a pro forma basis,
than 4.50 to 1.00, plus (B) an aggregate additional amount of Incremental Loans, provided that, immediately prior to, and after giving effect to the incurrence of such aggregate additional amount of Incremental Loans and any
transaction consummated in connection therewith, (x) the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects, (y) no Default or Event of Default shall
have occurred and be continuing and (z) the Senior Secured Leverage Ratio is no greater, calculated on a pro forma basis, than 4.00 to 1.00. 
 (g) Section 8.1(r) of the Credit Agreement is hereby restated in its entirety to read as follows: 
 (r) Permitted Secured Indebtedness, together with any Funded Debt incurred pursuant to Section 2.17(b), in an aggregate amount not to exceed (A) $750,000,000, provided that,
immediately prior to, and after giving effect to the incurrence of such Permitted Secured Indebtedness and any transaction consummated in connection therewith, the Senior Secured Leverage Ratio is no greater, calculated on a pro forma basis, than
4.50 to 1.00, plus (B) an aggregate additional amount of Permitted Secured Indebtedness, provided that, immediately prior to, and after giving effect to the incurrence of such aggregate additional amount of Permitted Secured
Indebtedness and any transaction consummated in connection therewith, the Senior Secured Leverage Ratio is no greater, calculated on a pro forma basis, than 4.00 to 1.00; and 

  

					
		 	3	  	Amendment No. 2 to
		 		  	Credit Agreement

 (h) The first proviso to Section 8.7(c) of the Credit Agreement is hereby restated in
its entirety to read as follows: 
 provided, however, that the Borrower Parties and their
Restricted Subsidiaries shall be permitted to consummate an acquisition described above if, (i) before and after giving effect to such acquisition, no Default or Event of Default has occurred and is continuing or would result from the making of
such acquisition and (ii) the Borrower Parties are in compliance with the Financial Covenants on a Pro Forma Basis and the Administrative Borrower, on behalf of the Borrower Parties, delivers to each Administrative Agent a certificate, together
with supporting documents in form and substance reasonably satisfactory to each Administrative Agent, executed by an Authorized Signatory certifying to compliance with the Financial Covenants on a Pro Forma Basis, as of the date of such proposed
acquisition, both before and after giving effect to such acquisition. 
 SECTION 2. Reference to and Effect on the Loan
Documents. 
 (a) On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like
import referring to the “Credit Agreement”, shall mean and be a reference to the Credit Agreement, as amended by this Amendment. 
 (b) The Credit Agreement, as specifically amended by this Amendment, and the other Loan Documents are, and shall continue to be, in full force and effect, and are hereby in all respects ratified and
confirmed. 
 (c) Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of any Lender or the Administrative Agents under the Credit Agreement or any other Loan Document, nor shall it constitute a waiver of any provision of the Credit Agreement or any Loan Document.

 SECTION 3. Conditions of Effectiveness. This Amendment shall become effective as of the date (the “Effective
Date”) on which the following conditions shall have been satisfied (or waived): 
 (a) The Administrative Agents shall
have received counterparts of this Amendment executed by the Borrowers, the Arrangers, the Lenders and any Increasing Lenders on, or prior to, 12:00 p.m., New York City time on October 3, 2012 (the “Consent Deadline”) ;

 (b) After giving effect to this Amendment and the transactions contemplated hereby, the representations and warranties set
forth in Article 5 of the Credit Agreement (as amended by this Amendment) are true and correct in all material respects as of the Effective Date, with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date) and immediately prior to and after giving effect to the Effective Date,
no Default or Event of Default shall have occurred and be continuing; and 
 (c) The Borrowers shall have paid all reasonable
and documented costs and expenses of the Administrative Agents in connection with this Amendment (including the reasonable and documented fees, disbursements and other charges of Shearman & Sterling LLP as counsel to the Administrative
Agents). 
 SECTION 4. Representations and Warranties. Each of the Borrowers hereby represents and warrants to the
Administrative Agents that: 

  

					
		 	4	  	Amendment No. 2 to
		 		  	Credit Agreement

 (a) on and as of the date hereof (i) it has all requisite corporate or other power and
authority to enter into and perform its obligations under this Amendment, the Credit Agreement as amended hereby and the other Loan Documents to which it is a party, and (ii) this Amendment has been duly authorized, executed and delivered by
it; 
 (b) this Amendment, and the Credit Agreement as amended hereby, constitute legal, valid and binding obligations of such
party, enforceable against it in accordance with their respective terms, subject only to any limitation under Laws relating to (i) bankruptcy, insolvency, reorganization, moratorium or creditors’ rights generally; and (ii) general
equitable principles including the discretion that a court may exercise in the granting of equitable remedies; and 
 (c)
immediately upon consummation of the transactions contemplated in connection with this Amendment on the Effective Date, the commitments for the Revolving Loan Facility shall reflect Lenders, amounts and percentages substantially the same as those
set forth on Annex I hereto. 
 SECTION 5. Increasing Lenders. If any Lender declines or fails to consent to this
Amendment by returning an executed counterpart of this Amendment to the applicable Administrative Agent prior to the Consent Deadline, then pursuant to and in compliance with the terms of Section 11.16 of the Credit Agreement, such Lender may
be replaced and its commitments and/or obligations purchased and assumed by either a new lender (a “New Lender”) or an existing Lender which is willing to increase its Revolving Loan Commitments and/or Term Loans as set forth on
such Lender’s signature page hereto (an “Existing Lender” and, together with any New Lender, the “Increasing Lenders”) upon execution of this Amendment (which will also be deemed to be the execution of an
Assignment and Assumption Agreement substantially in the form of Exhibit A hereto). 
 SECTION 6. Costs and Expenses. The
Borrowers agree that all reasonable out-of-pocket expenses incurred by the Administrative Agents in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and
documents to be delivered hereunder or in connection herewith (including, without limitation, the reasonable fees, charges and disbursements of counsel for the Administrative Agents), are expenses that the Borrowers are required to pay or reimburse
pursuant to Section 11.2 of the Credit Agreement. 
 SECTION 7. Execution in Counterparts. This Amendment may be
executed in one or more counterparts (and by different parties hereto in different counterparts), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or other
electronic transmission of an executed counterpart of a signature page to this Amendment, including by email with a pdf copy hereof attached, shall be effective as delivery of an original executed counterpart of this Amendment. 

SECTION 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

  

					
		 	5	  	Amendment No. 2 to
		 		  	Credit Agreement

 SECTION 9. WAIVER OF RIGHT OF TRIAL BY JURY. EACH PARTY TO THIS AMENDMENT HEREBY
EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT, OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE
CREDIT AGREEMENT AS AMENDED HEREBY, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES
HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  

					
		 	6	  	Amendment No. 2 to
		 		  	Credit Agreement

 IN WITNESS WHEREOF, the parties have caused this Amendment No. 2 to Credit
Agreement to be executed by their respective authorized officers as of the date first above written. 
  

			
	 ZAYO GROUP, LLC,

	 as a Borrower

		
	 By:
	 	/s/ Scott E. Beer
		 	Name: Scott E. Beer
		 	 Title: Vice President, General Counsel
 and Secretary

	
	 ZAYO CAPITAL, INC.,

	 as a Borrower

		
	 By:
	 	/s/ Scott E. Beer
		 	Name: Scott E. Beer
		 	 Title: Vice President, General Counsel
 and Secretary

  
 Signature Page
to 
 Amendment No. 2 to Credit Agreement 

 
			
	 MORGAN STANLEY SENIOR FUNDING,
 INC., as Term Facility Administrative Agent

		
	By:	 	/s/ S Stephen B. King
		 	Name: Stephen B. King
		 	Title: VP

  
 Signature Page
to 
 Amendment No. 2 to Credit Agreement 

 
			
	 SUNTRUST BANK,

	 as Revolving Facility Administrative Agent

		
	 By:
	 	 /s/ Andrew Cozewith

		 	 Name: Andrew Cozewith

		 	 Title: Director

  
 Signature Page
to 
 Amendment No. 2 to Credit Agreement 

 EXHIBIT A 

FORM OF ASSIGNMENT AND ACCEPTANCE 
 Reference is made to that certain Credit Agreement, dated as of July 2, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”;
capitalized terms used herein without definitions shall have the meanings ascribed thereto in the Credit Agreement), by and among ZAYO GROUP, LLC, a Delaware limited liability company (the “Administrative Borrower”), ZAYO CAPITAL,
INC., a Delaware corporation (“Zayo Capital”; and together with Administrative Borrower, each, individually a “Borrower” and, collectively, the “Borrowers”), the Persons party thereto from time to
time as Guarantors, the financial institutions party thereto from time to time as lender (the “Lenders”), SUNTRUST BANK, as the Issuing Bank, SUNTRUST BANK, as the Collateral Agent, MORGAN STANLEY SENIOR FUNDING, INC., as
administrative agent for the Term Loan Facility (in such capacity, the “Term Facility Administrative Agent”), and SUNTRUST BANK, as the administrative agent for the Revolving Loan Facility (in such capacity, the “Revolving
Facility Administrative Agent” and, together with the Term Facility Administrative Agent, each, individually an “Administrative Agent” and, collectively, the “Administrative Agents”). 

The “Assignor” and the “Assignee” referred to on Schedule 1 agree as follows: 

The Assignor hereby sells and assigns to the Assignee without recourse, and the Assignee hereby purchases and assumes from the Assignor,
an interest in and to the Assignor’s rights and obligations under the Credit Agreement as of the date hereof equal to the percentage interest specified on Schedule 1 of all outstanding rights and obligations under the Credit
Agreement. After giving effect to such sale and assignment, the Assignee’s Commitment and the amount of the Loans owing to the Assignee will be as set forth on Schedule 1. 

The Assignor (a) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder
and that such interest is free and clear of any adverse claim, (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Documents
or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any other instrument or document furnished pursuant thereto, and (c) makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Borrowers or the performance or observance by the Borrowers of any of their obligations under the Loan Documents or any other instrument or document furnished pursuant thereto.

 The Assignee (a) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent
financial statements delivered thereunder and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance, (b) agrees that it will, independently
and without reliance upon the applicable Administrative Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Credit Agreement, (c) confirms that it is an Eligible Assignee, (d) appoints and authorizes the applicable Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under
the Credit Agreement as are delegated to such Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto, (e) agrees that it will perform in accordance with their terms all of the
obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender, and (f) attaches any U.S. Internal Revenue Service forms required under Section 2.8(b)(v) of the Credit Agreement. 

 Following the execution hereof, the Assignor and the Assignee shall deliver this Assignment
and Acceptance, along with (a) a processing and recordation fee of $3,500 payable by the Assignee to the applicable Administrative Agent and (b) if the Assignee is not a Lender, a completed Administrative Questionnaire, for acceptance and
recording by the applicable Administrative Agent. Unless otherwise indicated on Schedule 1, the effective date for this Assignment and Acceptance (the “Effective Date”) shall be the date of acceptance hereof by the
applicable Administrative Agent. 
 Upon such acceptance and recording by the applicable Administrative Agent, as of the
Effective Date, (a) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Acceptance and the Credit Agreement, shall have the rights and obligations of a Lender thereunder, and (b) the
Assignor shall, to the extent provided in this Assignment and Acceptance and the Credit Agreement, relinquish its rights and be released from its obligations under the Credit Agreement. 

Upon such acceptance and recording by the applicable Administrative Agent, from and after the Effective Date, such Administrative Agent
shall make all payments under the Credit Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and commitment fees with respect thereto) to the Assignee. The Assignor and Assignee
shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Effective Date directly between themselves. 
 This Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of New York. 
 This Assignment and Acceptance may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such separate counterparts shall together constitute but one and the
same agreement. In proving this Assignment and Acceptance in any judicial proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Any signatures
delivered by a party by facsimile transmission or by other electronic transmission shall be deemed an original signature hereto. 

[Remainder of this page intentionally left blank] 

  
 3 

 IN WITNESS WHEREOF, the Assignor and the Assignee have caused this Assignment and
Acceptance to be executed by their authorized signatory as of the date specified thereon. 
  

			
	[NAME OF ASSIGNOR], as the Assignor
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	Date:	 	                    
            , 20                    
	
	[NAME OF ASSIGNEE], as the Assignee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	Date:	 	                    
            , 20                    

  

			
	 ACCEPTED [AND APPROVED]1 THIS              DAY

	 OF             ,
20            :

	
	 [SUNTRUST BANK, as the Administrative Agent for the Revolving Loan Facility

		
	By:	 	  

	Name:	 	  

	Title:	 	                            
                                         
                                       ]2
	
	 [MORGAN STANLEY, as the Administrative Agent for the Term Loan Facility

		
	By:	 	  

	Name:	 	  

	Title:	 	                           
                                         
                                        
]3
	
	 [ZAYO GROUP, LLC, as Administrative

	 Borrower, on behalf of the Borrowers

		
	By:	 	  

	Name:	 	  

	Title:	 	                            
                                         
                                       ]4

  

	1 	 If required under the definition of Eligible Assignee or Section 11.5(b) of the Credit Agreement. 

	2 	 If applicable. 

	3 	 If applicable. 

	4 	 If required under the definition of Eligible Assignee or Section 11.5(b) of the Credit Agreement 

 SCHEDULE 1 

ASSIGNMENT AND ACCEPTANCE 
  

			
		
	 Type of Commitment/Loan Assigned: [Revolving Loan] [Term Loan]

 
 Commitment/Loans of Assignor prior to
assignment:
	  	$
                                         
                       
		
	 Commitment/Loans assigned to Assignee:
	  	$
                                         
                       
		
	 Commitment/Loans of Assignor after assignment:
	  	$
                                         
                       
		
	 Commitment/Loans Ratio of Assignee after assignment:
	  	                             
                                    %
		
	 The Assignee’s Domestic Lending Office:
	  	  

		
		  	  

		
		  	  

		
	 The Assignee’s Eurodollar Lending Office:
	  	  

		
		  	  

		
		  	  

		
	Effective Date (if other than date of acceptance by the applicable Administrative Agent):	  	                    ,20         
   

 Annex I 

Revolving Loan Facility 
  

									
	 Lender
	  	Revolving Loan Commitment	 	  	Commitment Ratio	 
	 Morgan Stanley Senior Funding, Inc.
	  	$	53,333,333.34	  	  	 	23.7037036	% 
			
	 Barclays Bank PLC
	  	$	53,333,333.33	  	  	 	23.7037036	% 
			
	 SunTrust Bank
	  	$	53,333,333.33	  	  	 	23.703704	% 
			
	 Royal Bank of Canada
	  	$	30,000,000.00	  	  	 	13.3333333	% 
			
	 UBS Loan Finance LLC
	  	$	25,000,000.00	  	  	 	11.1111111	% 
			
	 Goldman Sachs Bank USA
	  	$	10,000,000.00	  	  	 	4.4444444	% 
			
	 Totals
	  	$	225,000,000	  	  	 	100	%Exhibit 10.7

 Exhibit 10.7 
 Severance Agreement 
 This Severance Agreement (this
“Agreement”) is dated as of January 31, 2012 and is made by and between Imperial Holdings, Inc., a Florida corporation (the “Company”), and Michael Altschuler (“Employee”). 

W i t n e s s e t h: 
 Whereas, Employee is currently employed by the Company or an affiliate thereof; and 
 Whereas, the Company desires to retain Employee, whose knowledge, experience and abilities with respect to the business and affairs of the Company are valuable to the Company and would be
difficult to replace, and Employee desires to be so retained, in each case, upon the terms and subject to the conditions set forth in this Agreement. 
 Now, Therefore, in consideration of the forgoing premises and the mutual covenants and promises contained herein, and for other good and valuable consideration, the Company and Employee hereby
agree as follows: 
 TERM 
 The term of this Agreement shall commence on the date hereof and shall continue until December 31, 2013; provided, however, that if a Change in Control (as defined below) occurs prior
to December 31, 2013, the term of this Agreement shall be extended through the date that is not less than 6 months from the date of such Change in Control. Notwithstanding the foregoing, the Compensation Committee of the Board of Directors may
terminate this Agreement upon six months notice to Employee unless a Change of Control shall have occurred. The period during which this Agreement is in effect shall be referred to as the “Term”. 

TERMINATION OF EMPLOYMENT 

Termination by the Company. The Company may terminate Employee’s employment with the Company with or without Cause. For
purposes of this Agreement, “Cause” shall mean a good faith finding by the Company that Employee has done any of the following: (i) failed, neglected, or refused to perform the lawful employment duties related to his or
her position or as from time to time assigned to him or her (other than due to Disability (as defined below)); (ii) committed any willful, intentional, or negligent act having the effect of materially injuring the interest, business, or
reputation of the Company; (iii) violated or failed to comply in any material respect with the Company’s published rules, regulations, or policies, as in effect or amended from time to time; (iv) committed an act
constituting a felony or misdemeanor involving moral turpitude, fraud, theft, or dishonesty; (v) misappropriated or embezzled any property of the Company (whether or not an act constituting a felony or misdemeanor); or
(vi) breached any material provision of this Agreement or any other applicable confidentiality, non-compete, non-solicit, general release, covenant not-to-sue, or other agreement with the Company. For purposes of this Agreement,
“Disability” shall mean the inability of Employee to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment, which can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months. 
 Termination by Employee. Employee may terminate
Employee’s employment with the Company for any reason. 
 Notice of Termination. Any termination of Employee’s
employment by the Company or by Employee shall be communicated by a written Notice of Termination addressed to the other party to this Agreement. A “Notice of Termination” shall mean a notice stating that Employee’s employment
with the Company has been or will be terminated and the specific provisions of this Section 2 under which such termination is being effected. 

 Date of Termination. As used in this Agreement, the term “Date of
Termination” shall mean (i) if Employee’s employment is terminated by the Company for Cause, the date any applicable cure period expires (and, if there is no applicable cure period, the date specified in the Notice of
Termination); provided, that if Employee is entitled to cure the nature of such termination and so cures, the Notice of Termination shall be of no force or effect; (ii) if Employee’s employment terminates by reason of
Employee’s death, the date of Employee’s death; and (iii) if Employee’s employment is terminated for any other reason, the date specified in the Notice of Termination (which shall be at least 15 days but no more than 30
days after the date of such notice) and, if no such notice is given, the actual date of termination of employment. 

Payments Upon Termination Without Cause By the Company. If, during the Term, the Company terminates Employee’s employment
without Cause in connection with a reduction in force or similar job elimination that is not driven by individual performance or behavior, the Company shall pay or provide to Employee: 

any accrued and unpaid base salary, earned but unused vacation days, and unreimbursed business expenses properly incurred,
in each case, through the Date of Termination and, to the extent not previously paid, any earned and unpaid annual bonus for the Company’s fiscal year ended immediately prior to the Company’s fiscal year that includes the Date of
Termination and any benefits under any benefit plan maintained by the Company for which Employee is otherwise entitled (collectively, the “Accrued Benefits”), which shall be paid on the tenth day after the Date of Termination (or,
if such day is not a business day, the next business day after such day); plus 
 as
liquidated damages in respect of claims based on provisions of this Agreement and provided that Employee executes and delivers (and does not revoke) a general release of all claims in the form attached hereto as Exhibit A (the
“Release”) within the applicable 28 or 52 day time period provided for therein (the “Applicable Release Period”) 24 months’ base salary, which base salary shall be paid in substantially equal periodic
installments on the Company’s regular payroll dates beginning on the next payroll date immediately following the effective date of the Release. 
 Termination For Any Other Reason. If Employee’s employment is terminated for any reason other than by the Company without Cause during the Term, the Company shall pay Employee the Accrued
Benefits on the tenth day after the Date of Termination (or, if such day is not a business day, the next business day after such day). 
 Effect of Termination on Other Plans and Programs. In the event that Employee’s employment with the Company is terminated for any reason, Employee shall be entitled to receive all amounts
payable and benefits accrued under any otherwise applicable plan, policy, program or practice of the Company in which Employee was a participant immediately prior to the Date of Termination in accordance with the terms thereof; provided, that
if Employee receives payments pursuant to Section 2(e)(ii) of this Agreement, Employee shall not be entitled to receive any payments or benefits under any such plan, policy, program or practice providing any severance except as set out in this
Agreement, and the provisions of this Section 2(e) shall supersede the provisions of any such plan, policy, program or practice while the terms of this Agreement are in effect. 

Resignation Upon Termination. Effective as of any Date of Termination or otherwise as of the date of Employee’s termination
of employment with the Company, Employee shall resign, in writing, from all positions then held by Employee with the Company and its affiliates unless otherwise requested by the Company. 

 Change of Control. For purposes of this Agreement, “Change in
Control” means the first date on which any of the following occurs: 
 any one person, or more than one
person acting as a group (as determined under Treas. Reg. section 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value
or total voting power of the stock of the Company; provided, however, that the acquisition of stock of the Company or by any subsidiary of the Company shall not be deemed to result in a Change in Control; 

any one person, or more than one person acting as a group (as determined under Treas. Reg. section 1.409A-3(i)(5)(v)(B)),
acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets of the Company that have a total gross fair market value (as determined under Treas. Reg.
Section 1.409A-3(i)(5)(vii)(A)) equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions; provided, however, that the acquisition of
assets of the Company by any subsidiary of the Company shall not be deemed to result in a Change in Control; 
 a
majority of members of the Company’s Board of Directors on the date hereof is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the directors of the Company’s Board of Directors
before the date of the appointment or election; or 
 the liquidation or dissolution of the Company (other than a
liquidation or dissolution occurring upon a merger or consolidation thereof). 
 Notwithstanding the foregoing, a “Change in Control”
shall not be deemed to occur if the Company files for bankruptcy, liquidation or reorganization under the United States Bankruptcy Code. 

COVENANTS 

Non-Competition, Non-Disclosure, Non-Disparagement. The Confidentiality and Non-Competition Agreement, dated as of the date
thereof, by and between Employee and Imperial Finance & Trading, LLC (the “Confidentiality and Non-Competition Agreement”) and the Binding Mediation and Arbitration Agreement, dated as of the date thereof, by and between
Employee and Imperial Finance & Trading, LLC (the “Binding Mediation and Arbitration Agreement”) are incorporated by reference herein and made a part hereof, and as so incorporated, shall remain in full force and effect in
accordance with their terms. 
 Confidentiality of Agreement. The parties to this Agreement agree not to disclose its
terms to any Person, other than their attorneys, accountants, financial advisors or, in Employee’s case, members of Employee’s immediate family or, in the Company’s case, for any reasonable purpose that is reasonably related to its
business operations; provided, however, that this Section 3(b) shall not be construed to prohibit any disclosure required by law or regulation, or in any proceeding to enforce the terms and conditions of this Agreement.

 Cooperation. Employee shall provide Employee’s reasonable cooperation in connection with any action or proceeding
(or any appeal from any action or proceeding), including, without limitation, any investigations, audits, or similar proceedings, which relate to events occurring during Employee’s employment with the Company. 

 CERTAIN ACKNOWLEDGMENTS; INJUNCTIVE RELIEF WITH RESPECT TO COVENANTS 

Certain Acknowledgements. Employee acknowledges and agrees that Employee has had and will continue to have a prominent role in the
development of the goodwill of the Company and its affiliates, and has established and will continue to establish and develop relations and contacts with the principal business relationships of the Company and its affiliates, all of which constitute
valuable goodwill of, and could be used by Employee to compete unfairly with, the Company and its affiliates and that (i) in the course of Employee’s employment with the Company, Employee will obtain confidential and proprietary
information and trade secrets concerning the business and operations of the Company and its affiliates that could be used to compete unfairly with the Company and its affiliates; (ii) the covenants and restrictions incorporated in
Section 3 are intended to protect the legitimate interests of the Company and its affiliates in their respective goodwill, trade secrets and other confidential and proprietary information; and (iii) Employee desires to be bound by such
covenants and restrictions. 
 Injunctive Relief. Employee acknowledges and agrees that the covenants, obligations and
agreements of Employee incorporated by reference into Section 3 relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause the Company and its affiliates
irreparable injury for which adequate remedies are not available at law. Therefore, Employee agrees that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) to
restrain Employee from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and remedies the Company and its affiliates may have. 

SECTION 280G LIMITATION 
 Limitation on Payments. Notwithstanding any provision of this Agreement, if any portion of the severance payments or any other payment under this Agreement, or under any other agreement with
Employee or plan of the Company or its affiliates (in the aggregate, the “Total Payments”), would constitute an “excess parachute payment” and would, but for this Section 5, result in the imposition on Employee of an
excise tax under section 4999 of the Internal Revenue Code of 1986, as amended, then the Total Payments to be made to Employee shall be delivered in such amount so that no portion of the Total Payment will be subject to the excise tax. 

Determination of Limit. Within forty (40) days following the Date of Termination or notice by one party to the other of its
belief that there is a payment or benefit due Employee that will result in an excess parachute payment, Employee and the Company, at the Company’s expense, shall obtain the opinion (which need not be unqualified) of a nationally recognized tax
counsel (“National Tax Counsel”) selected by the Company (which may be regular outside counsel to the Company), which opinion sets forth (i) the amount of the Base Period Income (as defined below), (ii) the
amount and present value of the Total Payments, (iii) the amount and present value of any excess parachute payments determined without regard to any reduction of Total Payments pursuant to Section 5(a). The opinion of National Tax
Counsel shall be addressed to the Company and Employee and shall be binding upon the Company and Employee. If such National Tax Counsel opinion determines that the Total Payments should be reduced pursuant to Section 5(a), then the payments
under Section 2(d) or any other payment or benefit determined by such counsel to be includable in Total Payments shall be reduced or eliminated so that under the bases of calculations set forth in such opinion there will be no excess parachute
payment. In such event, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles: (1) the portion of the Total Payments that does not constitute deferred compensation under
section 409A of the Code shall first be reduced (if necessary, to zero), and then (2) all other Total Payments shall thereafter be reduced (if necessary, to zero) with, in each case, cash payments being reduced before non-cash payments
(and, within each category, payments to be paid last being reduced first). 

 Excess Payments; Underpayments. It is possible that, after the determinations and
selections made pursuant to Section 5, Employee will receive payments and/or benefits that are, in the aggregate, either more or less than the amount determined under Section 5 (hereafter referred to as an “Excess Payment”
or “Underpayment”, as applicable). If it is established, pursuant to a final determination by a court of competent jurisdiction or by an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an
Excess Payment has been made, then Employee shall promptly repay the Excess Payment to the Company, together with interest on the Excess Payment at the applicable federal rate (as defined in section 1274(d) of the Code) from the date of
Employee’s receipt of such Excess Payment until the date of such repayment. In the event that it is determined pursuant to a final determination by a court of competent jurisdiction or by the National Tax Counsel, upon request of either party,
that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to Employee (but in any event within ten (10) days of such determination), together with interest on such amount at the applicable federal
rate from the date such amount would have been paid to Employee had the provisions of Section 5 not been applied until the date of payment. 
 Definitions and Assumptions. For purposes of this Agreement: (i) the terms “excess parachute payment” and “parachute payments” shall have the meanings assigned to
them under section 280G of the Code and such “parachute payments” shall be valued as provided therein; (ii) present value shall be calculated in accordance with section 280G(d)(4) of the Code; (iii) the term
“Base Period Income” means an amount equal to Employee’s “annualized includible compensation for the base period” as defined in section 280G(d)(1) of the Code; and (iv) for purposes of the opinion of National Tax
Counsel, the value of any noncash benefits or any deferred payment or benefit shall be determined by the Company’s independent auditors in accordance with the principles of sections 280G(d)(3) and (4) of the Code, which determination shall
be evidenced in a certificate of such auditors addressed to the Company and Employee. 
 Reasonableness of Compensation.
If such National Tax Counsel so requests in connection with the opinion required by this Section 5, Employee and the Company shall obtain, at the Company’s expense, and the National Tax Counsel may rely on, the advice of a firm of
recognized executive compensation consultants as to the reasonableness of any item of compensation to be received by the Employee solely with respect to its status under section 280G of the Code. 

Indemnification. The Company agrees to bear all costs associated with, and to indemnify and hold harmless, the National Tax
Counsel of and from any and all claims, damages, or expenses resulting from or relating to its determinations pursuant to this Section 5, except for claims, damages, or expenses resulting from the gross negligence or willful misconduct of such
firm. 
 Changes to Code Section. This Section 5 shall be amended to comply with any amendment or successor
provision to sections 280G or 4999 of the Code. If such provisions are repealed without successor, then this Section 5 shall be cancelled without further effect. 
 ENTIRE AGREEMENT 
 This Agreement constitutes the entire agreement between
the Company and its affiliates and Employee with respect to the subject matter hereof and, except as contemplated by this Section 6 and Section 2(g), supersedes all undertakings and agreements, whether oral or in writing, previously
entered into by the Company and/or its affiliates and Employee with respect thereto, including, without limitation, any offer letter, change of control agreement, board resolution or oral agreement. All prior correspondence and proposals and all
prior offer letters, promises, representations, understandings, arrangements and agreements relating to such subject matter (including, but not limited to, those made to or with Employee by any other person) are merged herein and superseded hereby.
However, for the avoidance of doubt, the provisions of the employment offer letter, dated as of the date thereof, by and between the Company and Employee (the “Existing Agreement”) that do not relate to severance or other
termination benefits that were in effect immediately prior to the date hereof shall remain in full force and effect during the term of this Agreement. Notwithstanding the foregoing provisions of this Section 6, the provisions of the Existing
Agreement that provided for the payment of severance and other termination benefits that were in effect immediately prior to the date hereof shall again be in full force and effect following the expiration of the Term if Employee is then employed by
the Company. 

 GENERAL PROVISIONS 
 Binding Effect; Assignment. This Agreement shall be binding on and inure to the benefit of the Company and its respective successors and permitted assigns. This Agreement shall also be binding on
and inure to the benefit of Employee and Employee’s heirs, executors, administrators and legal representatives. This Agreement shall not be assignable by any party hereto without the prior written consent of the other parties hereto, except as
provided pursuant to this Section 7(a). The Company may effect such an assignment without prior written approval of Employee upon the transfer of all or substantially all of its business and/or assets (by whatever means). 

Governing Law; Waiver of Jury Trial. 
 Governing Law; Consent to Jurisdiction. This Agreement shall be governed in all respects, including as to interpretation, substantive effect and enforceability, by the internal laws of the State of
Florida, without regard to conflicts of laws provisions thereof that would require application to the laws of another jurisdiction other than those that mandatorily apply. Each party hereby irrevocably submits to the jurisdiction of the courts of
the State of Florida and the federal courts of the United States of America located in Florida solely in respect of the interpretation and enforcement of the provisions of this Agreement and in respect of the transactions contemplated hereby.

 Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under
this Agreement is likely to involve complicated and difficult issues, and therefore each party hereby irrevocably and unconditionally waives any right such party may have to a trial by jury in respect of any litigation directly or indirectly arising
out of or relating to this Agreement, or the breach, termination or validity of this Agreement, or the transactions contemplated by this Agreement. 
 Taxes. All amounts payable and benefits provided hereunder shall be subject to any and all applicable taxes, as required by applicable federal, state, local and foreign laws and regulations.

 Amendments; Waiver. No provision of this Agreement may be modified, waived or discharged unless such modification,
waiver or discharge is approved by a Person authorized by the Company and is agreed to in writing by Employee. No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No waiver of any provision of this Agreement shall be implied from any
course of dealing between or among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. 
 Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of
the remaining provisions contained herein shall not be affected thereby. 

 Notices. Any notice given pursuant to this Agreement shall be in writing and
delivered personally, sent by reputable, overnight courier service (charges prepaid), sent by registered or certified mail, return receipt requested and postage prepaid, or by facsimile, and addressed to (i) if to the Company: Imperial
Holdings, Inc., 701 Park of Commerce Blvd., Suite 301, Boca Raton, FL 33487, Attn: General Counsel, with a copy (which shall not constitute notice) to Morrison Cohen LLP, 909 Third Avenue, New York, NY 10022, Attn: Alan M. Levine, Esq.; and
(ii) if to Employee, at the last known address of Employee set forth on the books and records of the Company. Any party to this Agreement may designate a new address by notice to that effect given to the other party hereto. Such notice shall be
deemed to have been given and shall be effective: at the time delivered by hand, if personally delivered; one business day after being sent, if sent by reputable, overnight courier service; on the third business day after mailing, if sent by
registered or certified mail; and at the time when confirmation of successful transmission is received by the sending facsimile machine, if sent by facsimile. 
 Survival. The Company and Employee hereby agree that the provisions of this Agreement that are intended to survive the expiration of this Agreement shall survive the expiration of this Agreement in
accordance with their terms. 
 Section 409A. The parties intend that any amounts payable hereunder shall either
comply with or be exempt from section 409A of the Code (“Section 409A”) (including under Treasury Regulation §§ 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the
exceptions under subparagraph (iii) and subparagraph (v)(D)) and other applicable provisions of Treasury Regulation §§ 1.409A-1 through A-6). For purposes of Section 409A, each payment that may be made under this Agreement shall
be deemed to be a separate payment. With respect to amounts under the Agreement that are “deferred compensation” subject to Section 409A (i) any provisions of this Agreement that provide for payment that is triggered by
Employee’s employment termination (or substantially similar phrase) shall be deemed to provide for payment that is triggered only by Employee’s “separation from service” within the meaning of Treasury Regulation Section
§1.409A-1(h), and (ii) if Employee is a “specified employee” within the meaning of Treasury Regulation Section §1.409A-1(i) on the date of his or her separation from service (with such status determined by the Company
in accordance with rules established by the Company in writing in advance of the “specified employee identification date” that relates to the date of such separation from service or in the absence of such rules established by the Company,
under the default rules for identifying specified employees under Treasury Regulation Section 1.409A-1(i)), then any payment triggered by such separation from service shall not be made until the date which is the earlier of (A) the
expiration of the six (6)-month period measured from the date of such separation from service and (B) the date of Employee’s death, to the extent required under Code Section 409A; upon the expiration of the foregoing delay period, all
payments delayed pursuant to this clause (ii) shall be paid to Employee in a lump sum and any remaining payments due under this Agreement shall be paid in accordance with the normal payment dates specified for them in this Agreement. For the
avoidance of doubt, it is intended that any expense reimbursement made to Employee hereunder shall be exempt from Section 409A. Notwithstanding the foregoing, if any expense reimbursement made hereunder shall be determined to be “deferred
compensation” within the meaning of Section 409A, then (i) the amount of expenses eligible for reimbursement during one taxable year shall not affect the amount of the expenses eligible for reimbursement during any other taxable year,
(ii) the expense reimbursement shall be made on or before the last day of Employee’s taxable year following the taxable year in which the expense was incurred and (iii) the right to expense reimbursement hereunder shall not be subject
to liquidation or exchange for another benefit. The Company makes no representation to Employee regarding the tax treatment of any payment under this Agreement, and Employee is solely responsible for all taxes due with respect to any payment under
this Agreement. 
 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original, and all of which together shall constitute one and the same instrument. The parties hereto agree to accept a signed facsimile copy or portable document format of this Agreement as a fully binding original. 

 Headings. The section and other headings contained in this Agreement are for the
convenience of the parties only and are not intended to be a part hereof or to affect the meaning or interpretation hereof. 

— Signature page follows — 
 IN WITNESS WHEREOF, the Company has duly executed this Agreement by its authorized representative, and Employee has hereunto set Employee’s hand, in each case effective as of the date first
above written. 
  

			
	IMPERIAL HOLDINGS, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 
			
	
	EMPLOYEE
		
	By:	 	 
	Name:	 	Michael Altschuler

 Exhibit A 
 NOTICE OF TERMINATION, GENERAL RELEASE AND SEPARATION AGREEMENT 
 This Notice of
Termination, General Release and Separation Agreement (this “Agreement”) between Imperial Holdings, Inc., its affiliates, subsidiaries, successors and parents, which in this Agreement are collectively referred to as “Company,”
and Michael Altschuler, whose name and signature appear at the end of this document, and who is referred to herein as “Employee.” 

1. Background. Company and Employee entered into a Severance Agreement, dated as of January
            , 2012 (the “Severance Agreement”) which provides for the Company’s right to terminate Employee’s employment Without Cause. The Severance
Agreement also provides for certain severance to become payable to Employee conditioned upon Employee’s execution of a general release agreement acceptable to the Company. This Agreement shall constitute Notice of Employee’s Termination of
Employment Without Cause, Company’s commitment to pay severance as set forth in the Severance Agreement, Employee’s General Release and other terms and conditions agreed to by Company and Employee as set forth herein. 

2. Notice of Termination. Employee’s employment with Company is terminated Without Cause effective
[                    ]. 
 3.
Other Benefits; Additional Consideration by Company. As consideration for Employee to enter into this Agreement and for his/her reaffirming his/her commitment to adhere to all of the covenants incorporated into the Severance Agreement, Employee
shall be entitled to receive benefits under the Severance Agreement. 
 4. Acknowledgement. Employee understands that the
Severance and Accrued Benefits provided under the Severance Agreement and this Agreement, and the other benefits provided in this Agreement will not be paid or provided unless s/he timely executes this Agreement and it becomes effective eight days
following Employee’s signature. 
 5. General Release. Employee understands and agrees that acceptance of this Agreement
means that, except as stated in paragraph 8, Employee is forever releasing, waiving and giving up any and all claims s/he may have, whether known or unknown, except those not specifically waived as set forth in paragraph 8 below, against the
Company, its board of directors, any of its subsidiaries or affiliates, or any of their employees, directors, officers, agents, plan sponsors, administrators, successors, fiduciaries, or attorneys, (all of these release parties shall be collectively
referred to as "Releasees") for any personal monetary relief for employee benefits or remedies that are based on any act or failure to act that occurred before Employee signed this Agreement. Employee understands that this General Release includes
any and all claims or causes of action relating to his/her employment and termination of employment; any Company policy, practice, contract or agreement; any tort or personal injury; any laws or agreements governing the payment of wages, commissions
or other compensation; any laws governing employment discrimination including, but not limited to, the following laws: 
 Title VII of The Civil
Rights Act of 1964; 
 Age Discrimination in Employment Act (ADEA); 
 Older Workers Benefit Protection Act; 
 Employee Retirement Income Security Act; 

The Americans with Disabilities Act; 
 The Equal
Pay Act; 
 The Florida Civil Rights Act; 
 The Palm Beach County Equal Employment Ordinance; and 
 any state or local laws; any laws
governing whistle blowing or retaliation, including, but not limited to The Florida Whistleblowers Act, any laws, regulations or agreements that provide for punitive, liquidated, exemplary or statutory damages; and any laws or agreements that
provide for payment of attorney fees, costs or expenses. This Agreement specifically includes Employee’s covenant not to sue or to file with any local, state or federal court or administrative agency, any claims or suits of any nature against
the Company or the Releasees. 
 6. Jury Trial Waiver. COMPANY AND EMPLOYEE EACH AGREE THAT IN ANY ACTION OR PROCEEDING ARISING FROM,
UNDER OR PURSUANT TO THIS AGREEMENT, THE PARTIES TO THIS AGREEMENT SHALL, AND DO HEREBY, ABSOLUTELY AND UNCONDITIONALLY WAIVE TRIAL BY JURY. 

7. Future Employment & Non-Disparagement. Employee agrees that s/he is not now or hereafter entitled to reemployment with Company and
s/he agrees not to knowingly seek such employment, on any basis directly or indirectly through an employment agency or other third party. Employee further agrees and acknowledges that should s/he apply for any position in contradiction of this
paragraph, Company may ignore and/or disregard such application and fail to consider it based on this paragraph. Employee agrees that at no time in the future will Employee make any statements (orally or in writing, including, without limitation,
whether in fiction or nonfiction) or take any actions which in any way disparage or defame Company, its officers, directors, board members, employees, third party vendors, consultants or advisors, or in any way, directly or indirectly, cause or
encourage the making of such statements by others or the taking of such actions by anyone else, including but not limited to by other current or former employees of Company. Employee acknowledges that

 
any disparagement and/or incitement of others to disparage Company, its officers, directors, board members, employees, third party vendors, consultants or advisors would constitute a material
breach of this Agreement, whereby Employee forfeits his/her rights to receive the Severance Payments due pursuant to paragraph 3 above and Section 2 of the Severance Agreement. 
 8. Claims Not Waived. Employee understands that this Agreement does not waive any claims that s/he may have: (a) to challenge the validity of the releases contained in this Agreement under the
Older Workers Benefit Protection Act (“OWBPA”) or to exercise any other rights protected by OWBPA; (b) to compensation for illness or injury or medical expenses under any workers’ compensation statute; (c) to benefits under
any benefit plan currently maintained by Company for which s/he is otherwise be entitled; (d) rights under any law or any policy or plan currently maintained by Company that provides health insurance continuation or conversion rights such as
that federal law commonly known as COBRA; (e) to any claim that by law cannot be released or waived; (f) to twenty-four (24) months of severance payments due pursuant to Section 2 of the Severance Agreement, as well as the
accrued benefits specified under the Severance Agreement; and (g) any and all rights the Employee has to be indemnified and held harmless as an employee or, if applicable, officer of the Company under law or under the Company’s charter,
bylaws, or other governing instruments and related rights as an insured under any insurance policies obtained by the Company in connection therewith. 
 9. Government Cooperation. Nothing in this Agreement prohibits Employee from cooperating with any government agency including, but not limited to, the U. S. Equal Employment Opportunity Commission
(“EEOC”). However, Employee releases any right to recover any monetary amounts or benefits resulting from any claim or charge investigated by the EEOC, any other government agency or under any legal action brought against the Company by
anyone else. 
 10. Non-admission. Employee and Company both acknowledge and agree that nothing in this Agreement is meant to suggest
that either party has violated any law or contract and, in fact, Employee affirms s/he has no knowledge of any facts, circumstances, omissions or conduct by the Company which would constitute a violation of rule, law or regulation. 

11. Voluntary Agreement. Employee acknowledges and states that s/he has entered into this Agreement knowingly and voluntarily. 

12. Recommendation to Consult With An Attorney. Employee acknowledges that s/he is advised that s/he should consult an attorney of his/her own
choice about this Agreement, and every matter that it covers before signing this Agreement. 
 13. Complete Agreement. Employee
understands and agrees that this Agreement and the Severance Agreement contain the entire understanding between Employee and the Company relating to his/her employment and the termination of his/her employment. 

14. Effective Date and Revocation. This Agreement shall not be effective until eight (8) days after Employee signs it and returns it to the
Company’s Chief Executive Officer or General Counsel. During that seven-day period Employee may revoke his/her acceptance of this Agreement by delivering to the Company's General Counsel a written statement stating s/he wishes to revoke this
Agreement or not be bound by it in which case s/he will not be entitled to receive any severance pay and benefits under this Agreement and/or the Severance Agreement. 
 15. Final and Binding Effect. Employee understands that if this Agreement becomes effective it will have a final and binding effect and that by signing and not timely revoking this Agreement s/he
may be giving up legal rights. 
 16. Representations. By signing this Agreement, Employee represents that s/he has read this entire
document and understands all of its terms. 
 17. Consideration Period. Employee may consider whether to sign and accept this Agreement
by taking up to [twenty-one days (21) or forty-five days (45)] from the day s/he received it. 
 18. Governing Law and Interpretation.
This Agreement shall be governed by and construed in accordance with the laws of the State of Florida and the Unites States of America without giving effect to the principles of conflicts of law. Employee hereby submits to the personal and
exclusive jurisdiction of the United States District Court of the Southern District of Florida and the Courts of the State of Florida located within Palm Beach County, Florida in any action or proceeding arising out of, or relating to, this
Agreement (whether such action arises under contract, tort, equity or otherwise). Employee hereby irrevocably waives any objection which Employee now or hereafter may have to the laying of venue or personal jurisdiction of any such action or
proceeding brought in said courts. Jurisdiction and venue of all such causes of action shall be exclusively vested in the United States District Court for the Southern District of Florida or the Courts of the State of Florida located within Palm
Beach County, Florida. Employee irrevocably waives Employee’s right to object to or challenge the above selected forum on the basis of inconvenience or unfairness under 28 U.S.C. § 1404, or similar state or federal statutes. 

19. AMENDMENT. THIS AGREEMENT MAY NOT BE MODIFIED, ALTERED OR CHANGED EXCEPT IN WRITING AND SIGNED BY BOTH PARTIES WHEREIN SPECIFIC REFERENCE IS MADE
TO THIS AGREEMENT. 

 20. SIGNATURES. THIS AGREEMENT MAY BE EXECUTED IN COUNTERPARTS, ANY SUCH COPY OF WHICH TO BE
DEEMED AN ORIGINAL, BUT ALL OF WHICH TOGETHER SHALL CONSTITUTE THE SAME INSTRUMENT. 
 21. ASSIGNMENT. COMPANY AND RELEASEES HAVE
THE RIGHT TO ASSIGN THIS AGREEMENT, BUT EMPLOYEE DOES NOT. THIS AGREEMENT INURES TO THE BENEFIT OF THE SUCCESSORS AND ASSIGNS OF THE EMPLOYER, WHO ARE INTENDED THIRD PARTY BENEFICIARIES OF THIS AGREEMENT. 

EMPLOYEE IS ADVISED THAT EMPLOYEE HAS FORTY-FIVE (45) CALENDAR DAYS TO CONSIDER THIS AGREEMENT, AND SEVEN (7) CALENDAR DAYS
TO REVOKE AFTER EXECUTION. EMPLOYEE IS HEREBY ADVISED IN WRITING TO CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOICE PRIOR TO EXECUTION OF THIS AGREEMENT. 
 EMPLOYEE FREELY AND KNOWINGLY ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL RELEASABLE CLAIMS EMPLOYEE HAS OR MIGHT HAVE AGAINST COMPANY. 

[Signature Page Follows] 
  

									
	 Agreed to and accepted by Michael Altschuler
 who is referred to throughout this Agreement as
 Employee:
	 		 	Imperial Holdings, Inc.
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:
		 	 	 		 	Date:	 	
		 	Dated:                            
                                         
                   	 		 		 	
		 	Agreement was given to Michael Altschuler on
[                    ].

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