Document:

Exhibit 10.1

 

FinServ Acquisition Corp. II

1345 Avenue of the Americas

New York, NY 10105

Tel. (929) 529-7125

 

August 12, 2022

 

Via Electronic Mail

 

Mr. Steven Handwerker

Principal

Cooper Advisers LLC

6799 Collins Avenue, Suite 705

Miami Beach, FL 33141

 

	 	Re:	Independent Contractor Agreement

Dear Mr. Handwerker:

This letter agreement (this
“Agreement”) sets forth the terms and conditions whereby Cooper Advisers LLC (“Cooper” or “Consultant”)
agrees to provide certain services (as described below) to FinServ Acquisition Corp. II (the “Company”). This Agreement
further sets forth your agreement to abide by, in your individual capacity, the terms set forth in §§ 3.2, 3.3, 5, 7, 8 and
9 of this Agreement and, in those sections, the term “you” refers to you in your individual capacity.

 

1.          
SERVICES.

1.1           
The Company hereby engages Consultant, and Consultant hereby accepts such engagement, as an independent contractor, on a non-exclusive
basis, to perform such consulting services as requested by the Company from time to time (collectively the “Services”).
Nothing herein shall prohibit the Company from engaging other persons or entities to perform the same or similar services.

1.2           
Consultant’s services will entail finding appropriate potential business combination partners for the Company, supervising
and performing due diligence on such business combination partners, and assisting with the negotiation and closing of a business combination
transaction in coordination with, and with direction from, the Company’s senior management.

1.3           
The Company shall not control the manner or means by which Consultant performs the Services, including, but not limited to, the
time and place Consultant performs the Services.

1.4           
To the extent Consultant performs any Services on the Company’s premises or using the Company’s equipment, Consultant’s
personnel shall comply with all applicable policies of the Company.

 

     

     

    

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August 12, 2022

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2.          
TERM/AT-WILL
RELATIONSHIP. The term of this Agreement shall commence on August 12, 2022 and terminate upon the earlier of: (a) termination
of this engagement at will in accordance with the terms of this Agreement; or (b) the consummation of a business combination. This Agreement
is “at-will,” meaning that either party may terminate the engagement at any time, for any reason, or no reason, with 15 days
prior written notice to the other party. The period of time during which Company engages Consultant shall be referred to as “Term.”

3.          
FEES, SHARE GRANTS, AND EXPENSES.

3.1           
As full compensation for the Services during the Term, on behalf of the Company, or any of its officers, directors, shareholders,
or employees, the Company shall pay a quarterly fee of $30,000.00 (Thirty Thousand Dollars) (the “Fees”), on the last
day of the calendar quarter in which the Services are provided. For the quarter ending September 30, 2022, Consultant shall be paid the
regular quarterly fee of $30,000. If the Services end before the last day of a calendar quarter, the Fee for that quarter shall be pro-rated
based on the number of days of the calendar quarter that have passed before the end of the Term.

3.2           
Consultant agrees that, absent a written agreement signed by the Chief Executive Officer of the Company, Consultant shall not be
entitled to any remuneration of any kind, other than that expressly set forth in this Agreement, for any work or services Consultant performs
for, or information Consultant provides to, the Company or any of its agents, during the Term, regardless of whether such work or services
fall within this Agreement’s definition of “Services.”

3.3           
Consultant acknowledges that you have not been promised, and are not entitled to, a position as an employee, contractor, or director,
with the entity that results from any business combination into which the Company enters. Consultant and you agree that no such promise
shall be binding the absence of a written agreement signed by the Company’s Chief Executive Officer or President of the Company.

3.4           
Consultant acknowledges that Consultant will receive an IRS Form 1099-MISC from the Company, and that Consultant shall be solely
responsible for all federal, state, and local taxes arising from any payments made to Consultant for the Services.

4.          
RELATIONSHIP OF THE PARTIES.

4.1           
Consultant is an independent contractor of the Company, and this Agreement shall not be construed to create any association, partnership,
joint venture, employee, or agency relationship between Consultant and the Company, or between you and the Company, for any purpose.

4.2           
Without limiting Section 4.1, neither you nor any of Consultant’s principals or agents will be eligible to participate in
any vacation, group medical or life insurance, disability, profit sharing or retirement benefits, or any other fringe benefits or benefit
plans offered by the Company to its employees, and the Company will not be responsible for withholding or paying any income, payroll,
Social Security, or other federal, state, or local taxes, making any insurance contributions, including for unemployment or disability,
or obtaining workers' compensation insurance on behalf or Consultant or on behalf of you.

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		5.	CONFIDENTIALITY, NON-COMPETITION, AND NON-SOLICITATION.

5.1           
Confidential
Information. During the Term, Consultant may receive confidential and proprietary information relating to the Company’s
business (the “Confidential Information”). Confidential Information will not, however, include information which (i)
is or becomes publicly available other than as a result of Consultant’s disclosure in violation of this Agreement, (ii) is or becomes
available to Consultant from a third party which, to Consultant’s actual knowledge is not bound by confidentiality obligations to
the Company with respect to such information, (iii) is known to Consultant prior to disclosure by or from the Company or (iv) is or has
been independently developed by Consultant without use of any Confidential Information. The Confidential Information may include, but
is not limited to, confidential and proprietary information regarding the Company’s business strategies, financial information,
internal organization, processes, methods, and know-how, as well as information of third parties as to which the Company has an obligation
of confidentiality. Consultant agrees that the Confidential Information is the sole, exclusive and valuable property of the Company. Consultant
also agrees not to use the Confidential Information other than to perform the Services, and not to disclose the Confidential Information,
in whole or in part, in any form, to any third party (other than as reasonably necessary to perform the Services hereunder), either during
or at any time after the Term. Consultant agrees any copies, reproductions or other derivatives of the Confidential Information shall
remain the property of the Company and upon the expiration or termination of this Agreement for any reason, Consultant agree to immediately
cease using and to promptly return to the Company all whole and partial copies, reproductions and any other derivatives of the Confidential
Information provided to Consultant or otherwise in Consultant’s possession or under Consultant’s control and to destroy any
and all copies thereof. This Section 5.1 and 5.2 shall survive for a period of two years following the expiration or termination
of this Agreement for any reason; following such period, the obligations set forth in this Section 5.1 and 5.2 shall terminate.

5.2           
Non-Solicitation of Employees. Consultant agrees and covenants not to directly or indirectly solicit, hire, recruit,
attempt to hire or recruit, or induce the termination of employment of any employee of the Company during the six (6) months, to run
consecutively, beginning at the end of the Term.

6.          
TERMINATION.

6.1           
Consultant or the Company may terminate this Agreement, with 15 days prior written notice to the other party to this Agreement.

6.2           
Upon expiration or termination of this Agreement for any reason, or at any other time upon the Company’s written request,
Consultant shall, within five calendar days, after such termination:

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(a)            
deliver to the Company all work product and all hardware, software, or other materials provided for Consultant’s use by the
Company;

(b)            
deliver to the Company all tangible documents and materials (and any copies) containing, reflecting, incorporating, or based on
the Confidential Information;

(c)            
permanently erase all of the Confidential Information from Consultant’s computers and electronic devices; and

(d)            
certify in writing to the Company that Consultant has complied with the requirements of this clause.

7.          
OTHER
BUSINESS ACTIVITIES. Consultant and the Company agree that you may be engaged or employed in any other business, trade, profession,
or other activity which does not materially impair Consultant’s ability to provide the Services or place Consultant or you in a
conflict of interest with the Company.

8.          
INDEMNIFICATION. You shall remain entitled to indemnification in accordance with that certain Indemnity Agreement dated
February 17, 2021 between you and the Company.

9.          
WAIVER OF TRUST. Notwithstanding anything to the contrary in this Agreement, you, on behalf of yourself, your affiliates,
and any of your or their respective representatives, (a) acknowledge and agree that: (i) the SPAC has established a trust account for
the benefit of the SPAC and certain of its existing shareholders (the “Trust Account”); and (ii) neither you, nor your affiliates,
or any of your or their respective representatives have now or in the future any right, title, interest or claim of any kind, whether
arising from this Agreement or otherwise, in or to any monies in the Trust Account or distributions therefrom to the SPAC’s public
stockholders (each, a “Claim”); and (b) hereby irrevocably waive any Claims that you or they may have now or in the future
and agree not to seek recourse for any Claim against the Trust Account (or distributions therefrom to the SPAC’s public stockholders)
for any reason whatsoever. Notwithstanding anything to the contrary in this Agreement, this paragraph will survive any termination or
expiration of this Agreement and continue indefinitely.

10.       
ASSIGNMENT. Neither party shall assign any rights, or delegate or subcontract any obligations, under this Agreement
without the other party’s prior written consent. Any assignment in violation of the foregoing shall be deemed null and void. Subject
to the limits on assignment stated above, this Agreement will inure to the benefit of, be binding on, and be enforceable against each
of the parties hereto and their respective successors and assigns.

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11.       
MISCELLANEOUS.

11.1        
All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”)
shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other address
that may be designated by the receiving party from time to time in accordance with this Section). All Notices shall be delivered by personal
delivery, nationally recognized overnight courier (with all fees prepaid), facsimile or email (with confirmation of transmission). Except
as otherwise provided in this Agreement, a Notice is effective only if (a) the receiving party has received the Notice and (b) the party
giving the Notice has complied with the requirements of this Section.

11.2        
This Agreement constitutes the sole and entire agreement of the parties to this Agreement with
respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations,
and warranties, both written and oral, with respect to such subject matter. The
provisions of this Agreement are for the sole benefit of the
parties hereto and their successors and permitted assigns, and they will not be construed as conferring any rights to any third party
(including any third party beneficiary rights). For the avoidance of doubt, it is expressly stated that the “Insider” Letter
Agreement, dated February 17, 2021, among you, the Company, FinServ Holdings LLC, and certain other insiders, shall remain in full force
and effect and is not cancelled or modified by this Agreement.

11.3        
This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto.

11.4        
This Agreement and all related documents, and all matters arising out of or relating to this Agreement, whether sounding in contract,
tort, or statute, are governed by, and construed in accordance with, the laws of the State of New York (including its statutes of limitations),
without giving effect to principles of conflicts of laws. With respect to any disputes concerning this agreement or Consultant’s
engagement, the parties consent to the exclusive jurisdiction of the state and federal courts with jurisdiction over New York County,
New York. The parties waive any right to a trial by jury with respect to such disputes.

11.5        
The invalidity, illegality, or unenforceability of any term of this Agreement shall not affect any other term of this Agreement.

11.6        
 This Agreement may be executed in multiple counterparts and by facsimile signature, each of which shall be deemed an original
and all of which together shall constitute one instrument.

11.7        
Sections 5, 8, 9, 10, and 11 shall survive the termination of this Agreement.

11.8        
By his signature below, Steven Handwerker agrees that: (a) he is personally bound by §§ 3.2, 3.3, 5, 7, 8 and 9 of this
Agreement; (b) that all references to “Consultant” in those sections shall also be considered to refer to him personally and;
(c) that the obligations of “Consultant” set forth in those sections of this Agreement shall also be considered his personal
obligations.

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If this letter accurately
sets forth our understanding, kindly execute the enclosed copy of this letter and return it to the undersigned.

 

	 	Very truly yours,
	 	 	 
	 	FINSERV ACQUISITION CORP.
	 	 	 
	 	 	 
	 	By:	/s/ Lee Einbinder
	 	 	Lee Einbinder, Chief Executive Officer

 

 

	ACCEPTED AND AGREED:	 
	 	 	 
	COOPER ADVISERS LLC	 
	 	 	 
	 	 	 
	BY:	/s/ Steven Handwerker	 
	 	Steven Handwerker, Principal	 
	 	 	 
	Dated: August 12, 2022 	 
	 	 	 
	 	 	 
	ACCEPTED AND AGREED	 
	 	 	 
	 	 	 
	BY:	/s/ Steven Handwerker	 
	 	Steven Handwerker, in his	 
	 	individual capacity, as to	 
	 	Sections 3.2, 3.3, 5, 7, 8	 
	 	and 9 only.	 
	 	 	 
	Dated: August 12, 2022	 

 

 

    6Document

Exhibit 10.1
FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of August 9, 2022 (the “First Amendment Effective Date”), is entered into among BigBear.ai Holdings, Inc., a Delaware corporation (the “Lead Borrower”), the other Borrowers party hereto, the Guarantors party hereto, the Lenders party hereto and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), collateral agent (in such capacity, the “Collateral Agent”), Swingline Lender and as an Issuing Bank. Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below), as applicable.
RECITALS
WHEREAS, the Borrowers, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent, are parties that that certain Credit Agreement, dated as of December 7, 2021 (as amended, modified, supplemented, increased, extended, restated, renewed, refinanced and replaced from time to time prior to the First Amendment Effective Date, the “Existing Credit Agreement”);
WHEREAS, the Borrowers have requested that the Existing Credit Agreement be amended as set forth below (the Existing Credit Agreement, as so amended, the “Credit Agreement”), in each case, subject to the terms and conditions specified in this Amendment; and
WHEREAS, each party hereto is willing to amend the Existing Credit Agreement as set forth below, in each case, subject to the terms and conditions specified in this Amendment and in the Credit Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Amendments to Existing Credit Agreement. The Existing Credit Agreement is hereby amended as follows:
(a)Section 1.01 is amended to insert the following definitions in appropriate alphabetical order: 
“First Amendment” means that certain First Amendment to Credit Agreement, dated as of the First Amendment Effective Date, by and among the Borrowers, the Guarantors, the Lenders party thereto and the Administrative Agent. 
“First Amendment Effective Date” means August 9, 2022. 
(b)Section 4.02 is amended to add a new clause (d) to read as follows: 
(d)    The Administrative Agent shall have received a duly executed and completed Compliance Certificate required by Section 5.01(c) for the Fiscal Quarter ending September 30, 2022.
(c)Section 6.14(a)(ii) is amended and restated in its entirety to read as follows: 

(ii)    Fixed Charge Coverage Ratio.  On the last day of any Test Period (commencing with the Fiscal Quarter ending March 31, 2022), the Lead Borrower shall not permit the Fixed Charge Coverage Ratio to be less than 1.10 to 1.00; provided, that commencing with each Test Period ending on or after September 30, 2023, the Lead Borrower shall not permit the Fixed Charge Coverage Ratio to be less than 1.25 to 1.00 in the event that the Outstanding Amount of all Revolving Loans as of the last day of such Test Period exceeds 30% of the Total Revolving Credit Commitments; provided, further that, for purposes of determining compliance with this Section 6.14(a)(ii) only (and not, for the avoidance of doubt, for purposes of determining compliance with any provision of this Agreement which references this Section 6.14 or otherwise requires Pro Forma Compliance with any financial covenant set forth in this Section 6.14), the Lead Borrower shall not be required to demonstrate compliance with the minimum Fixed Charge Coverage Ratio set forth above for the Fiscal Quarter ended June 30, 2022. 
2.Conditions Precedent. This Amendment shall be effective upon receipt by the Administrative Agent of counterparts of this Amendment duly executed by (a) a Responsible Officer of each Loan Party, (b) the Required Lenders and (c) the Administrative Agent.
3.Miscellaneous.
(a)The Loan Documents and the obligations of the Loan Parties thereunder are hereby ratified and confirmed and shall remain in full force and effect according to their terms, as amended hereby.
(b)Each Loan Party (i) acknowledges and consents to all of the terms and conditions of this Amendment and the transactions contemplated hereby, (ii) affirms all of its obligations under the Loan Documents to which it is a party, and (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents to which it is a party. Each Loan Party hereby acknowledges that, as of the First Amendment Effective Date, the security interests and Liens granted to the Collateral Agent for the benefit of the Secured Parties under the Collateral Documents to secure the Secured Obligations are in full force and effect, are properly perfected, and are enforceable in accordance with the terms of the Collateral Documents and the other Loan Documents.
(c)Each Loan Party hereby represents and warrants to the Agents and the Lenders as follows:
(i)After giving effect to this Amendment: (A) the representations and warranties of each Loan Party contained in the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection with the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date, and (B) no Default exists.
(ii)The Persons signing this Amendment as Guarantors include all of the Subsidiaries existing as of the First Amendment Effective Date that are required to become Guarantors pursuant to the Existing Credit Agreement on or prior to the First Amendment Effective Date.

(d)This Amendment may be executed in any number of counterparts and by the various parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by telecopy or in any other electronic format (such as .pdf format) shall be effective as delivery of a manually executed original counterpart of this Amendment. Subject to Section 9.15 of the Credit Agreement, execution of this Amendment shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper based recordkeeping system, as the case may be.
(e)This Amendment is a Loan Document. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or any Agent under any of the Loan Documents, nor, except as expressly provided herein, constitute a waiver or amendment of any provision of any of the Loan Documents. Upon the effectiveness hereof, all references to the “Credit Agreement” set forth in any other agreement or instrument shall, unless otherwise specifically provided, be references to the Credit Agreement as amended hereby.
(f)THIS AMENDMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS. THIS AMENDMENT SHALL BE FURTHER SUBJECT TO THE TERMS AND CONDITIONS OF SECTIONS 9.10 AND 9.11 OF THE CREDIT AGREEMENT, THE TERMS OF WHICH ARE INCORPORATED HEREIN BY REFERENCE AS IF FULLY SET FORTH HEREIN.
[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this First Amendment to Credit Agreement to be duly executed and delivered by a duly authorized officer as of the date first above written.
BORROWERS:     BIGBEAR.AI HOLDINGS, INC., as the Lead Borrower
BIGBEAR.AI INTERMEDIATE HOLDINGS, LLC, as a Borrower

By: /s/    Louis R. Brothers            
Name: Louis R. Brothers 
Title:   Chief Executive Officer

BIGBEAR.AI, LLC, as a Borrower
NUWAVE SOLUTIONS, L.L.C., as a Borrower
PCI STRATEGIC MANAGEMENT, LLC, as a Borrower
PROMODEL GOVERNMENT SOLUTIONS, INC., as a Borrower
OPEN SOLUTIONS GROUP, LLC, as a Borrower

By: /s/     Andre Hentz                
Name: Andre Hentz
Title:   Chief Administrative Officer

GUARANTORS:     PROMODEL CORPORATION, as a Guarantor

    
By: /s/     Andre Hentz                
Name: Andre Hentz
Title:   Chief Administration Officer

[SIGNATURE PAGES CONTINUE]

BIGBEAR.AI HOLDINGS, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

ADMINISTRATIVE AGENT AND
COLLATERAL AGENT:    BANK OF AMERICA, N.A., 
    as Administrative Agent and as Collateral Agent
    By: /s/     Larry Van Sant            
Name: Larry Van Sant
Title: Senior Vice President
LENDERS:    BANK OF AMERICA, N.A., as a Lender, Swingline Lender and as an Issuing Bank 
    By: /s/     Larry Van Sant            
Name: Larry Van Sant
Title: Senior Vice President

BIGBEAR.AI HOLDINGS, INC.
FIRST AMENDMENT TO CREDIT AGREEMENT

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