Document:

Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 3 TO CREDIT
AGREEMENT, dated as of August 6, 2021 (this “Amendment”), is made and entered into by and among BALDWIN RISK PARTNERS,
LLC, a Delaware limited liability company (the “Borrower”), each of the Guarantors party hereto, each of the entities
with an Incremental Revolving Credit Commitment (as defined below) listed under the caption “Incremental No. 1 Revolving Credit
Lenders” on the signature pages hereto (each, in such capacity, an “Incremental No. 1 Revolving Credit Lender”
and, collectively, the “Incremental No. 1 Revolving Credit Lenders”) and JPMORGAN CHASE BANK, N.A., as Administrative
Agent (in such capacity, the “Administrative Agent”). JPMorgan Chase Bank, N.A., Bank of America, N.A., Wells Fargo
Bank, National Association, Capital One, National Association and Cadence Bank, N.A. are acting as joint lead arrangers and joint bookrunners
(in such capacities, the “Amendment No. 3 Arrangers”).

 

WHEREAS, reference is made to
the Credit Agreement dated as of October 14, 2020 as amended by Amendment No. 1, dated as of May 7, 2021 and Amendment No. 2, dated as
of June 2, 2021 and as may be further amended, restated, amended and restated, extended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among the Borrower, the Guarantors party thereto, the lenders and issuing
banks from time to time party thereto and the Administrative Agent;

 

WHEREAS, it is intended that
the Borrower will obtain the Incremental No. 1 Revolving Credit Commitments (as defined below) in the form of an increase to the Revolving
Commitments (as defined in the Credit Agreement) (the “Transactions”);

 

WHEREAS, subject to the terms
and conditions of the Credit Agreement, and pursuant to Section 2.25(a)(i)(x) of the Credit Agreement, the Borrower has requested that
(a) the Incremental No. 1 Revolving Credit Lenders provide Incremental No. 1 Revolving Credit Commitments in an aggregate principal amount
of $75,000,000, and (b) the Credit Agreement be amended pursuant to Section 2.25 and Section 11.1(b)(iv) thereof in the manner provided
for herein; and

 

WHEREAS, (a) the Incremental
No. 1 Revolving Credit Lenders are willing to provide the Incremental No. 1 Revolving Credit Commitments to the Borrower on the Amendment
No. 3 Effective Date and (b) the parties hereto wish to amend the Credit Agreement on the terms and subject to the conditions set forth
herein and in the Credit Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged,
the parties hereto agree as follows:

 

SECTION 1. Defined Terms;
Interpretation; Etc. Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit
Agreement. This Amendment constitutes a “Loan Document” (as defined in the Credit Agreement).

 

SECTION 2. Incremental
No. 3 Revolving Credit Commitments.

 

(a) Incremental No. 1 Revolving
Credit Commitments.

 

(i)       Each
Incremental No. 1 Revolving Credit Lender hereby agrees, severally and not jointly, to provide an Incremental No. 1 Revolving Credit Commitment
to the Borrower, effective as of the Amendment No. 3 Effective Date, in dollars in an aggregate principal amount equal to the amount set
forth opposite such Incremental No. 1 Revolving Credit Lender’s name on Schedule I attached hereto (each, an “Incremental
No. 1 Revolving Credit Commitment” and, collectively, the “Incremental No. 1 Revolving Credit Commitments”),
on

 

     

     

    

the terms set forth
herein and in the Credit Agreement (as amended hereby), and subject to the conditions set forth herein. The Incremental No. 1 Revolving
Credit Commitments shall be deemed to be “Revolving Commitments” (as defined in the Credit Agreement (as amended hereby))
for all purposes of the Loan Documents having terms and provisions identical to those applicable to the Revolving Commitments outstanding
immediately prior to the Amendment No. 3 Effective Date (the “Existing Revolving Credit Commitments”).

 

(ii)       Notwithstanding
anything to the contrary contained herein or in the Credit Agreement, from and after the Amendment No. 3 Effective Date, the Existing
Revolving Credit Commitments and the Incremental No. 1 Revolving Credit Commitments shall constitute a single class of Commitments for
all purposes under the Credit Agreement (as amended hereby).

 

(b) Each Incremental No. 1
Revolving Credit Lender (i) confirms that a copy of the Credit Agreement and the other applicable Loan Documents, together with copies
of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Amendment and provide an Incremental No. 1 Revolving Credit Commitment have been made
available to such Incremental No. 1 Revolving Credit Lender; (ii) agrees that it will, independently and without reliance upon any other
Lender or agent 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 or the other applicable Loan Documents, including this Amendment;
(iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the
Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers
as are reasonably incidental thereto; and (iv) acknowledges and agrees that upon the Amendment No. 3 Effective Date such Incremental No.
1 Revolving Credit Lender shall be a “Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents,
and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender
thereunder.

 

SECTION 3. Incremental
Amendment Effective Date Reallocation.

 

(a) On the Amendment No. 3
Effective Date, each of the Revolving Lenders holding Existing Revolving Credit Commitments is hereby deemed to assign to each of the
Incremental No. 1 Revolving Credit Lenders pursuant to Section 11.6 of the Credit Agreement notwithstanding that no Assignment and Assumption
will be executed and delivered to the Administrative Agent, and each of the Incremental No. 1 Revolving Credit Lenders is hereby deemed
to purchase from each of the Revolving Lenders holding Existing Revolving Credit Commitments, at the principal amount thereof, such interests
in the Revolving Loans outstanding on the Amendment No. 3 Effective Date as shall be necessary in order that, after giving effect to all
such assignments and purchases, such Revolving Loans are held by the Lenders ratably in accordance with their Revolving Commitments after
giving effect to the addition of such Incremental No. 1 Revolving Credit Commitments to the Existing Revolving Credit Commitments.

 

(b) With effect from and including
the Amendment No. 3 Effective Date and the increase in the Revolving Commitments as contemplated hereby, each Revolving Lender (other
than any Incremental No. 1 Revolving Credit Lender), immediately prior to such increase will automatically and without further act be
deemed to have assigned to each Incremental No. 1 Revolving Credit Lender, and each Incremental No. 1 Revolving Credit Lender will automatically
and without further act be deemed to have assumed, a portion of such Revolving Lender’s participations under the Credit Agreement
in outstanding Letters of Credit such that, after giving effect to each such deemed assignment and assumption of participations, the percentage
of the aggregate outstanding participations under the Credit Agreement in

 

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Letters of Credit held by each
Lender will equal the percentage of the aggregate Revolving Commitments (after giving effect to the Incremental No. 1 Revolving Credit
Commitments) represented by such Revolving Lender’s Revolving Commitment (after giving effect to the Incremental No. 1 Revolving
Credit Commitments, if applicable).

 

SECTION 4. Amendments
to Credit Agreement.

 

(a) Section 1.01 of the Credit
Agreement is hereby amended by adding the following definitions in proper alphabetical sequence:

 

“Amendment
No. 3” shall mean Amendment No. 3 to this Agreement, dated as of August 6, 2021.

 

“Amendment
No. 3 Effective Date” means the date on which the conditions precedent set forth in Section 5 of the Amendment No. 3 were satisfied
or waived in accordance therewith.

 

“Incremental
No. 1 Revolving Credit Commitments” means the Revolving Commitments made on the Amendment No. 3 Effective Date pursuant to the
Amendment No. 3.

 

(b) The definition of “Revolving
Commitment” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Revolving
Commitment”: as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate in Designated
Acquisition Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under
the heading “Revolving Commitment” opposite such Lender’s name on Schedule II to Amendment No. 3 or in the Assignment
and Assumption, Refinancing Amendment or Incremental Amendment pursuant to which such Lender became a party hereto, as applicable, as
the same may be changed from time to time pursuant to the terms hereof. The Revolving Commitments shall include all Incremental No. 1
Revolving Credit Commitments. The Total Revolving Commitments as of the Amendment No. 3 Effective Date is $475,000,000. For the avoidance
of doubt, the availability of Revolving Commitments shall be reduced by the Elected Amount of BRP C Corp. Acquisition Indebtedness that
are Designated Acquisition Swingline Loans.

 

(c) The definition of “Revolving
Lender” in Section 1.01 of the Credit Agreement is hereby amended to add the following sentence after the last sentence thereof:

 

“For the avoidance
of doubt, each Revolving Lender making an Incremental No. 1 Revolving Credit Commitment pursuant to the Amendment No. 3 shall constitute
a “Revolving Lender” hereunder and, after the Amendment No. 3 Effective Date, the Administrative Agent shall update and/or
modify the Register to give effect to the Amendment No. 3 Effective Date and the transactions contemplated by the Amendment No. 3.”

 

(d) Schedule 1.1A-1 (solely
with respect to the Revolving Commitments set forth thereon) to the Credit Agreement is hereby amended and restated as set forth in Schedule
II to this Amendment.

 

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(e) Exhibit I to the Credit
Agreement is hereby amended and restated as set forth in Schedule III to this Amendment.

 

SECTION 5. Conditions
Precedent to Incremental Revolving Credit Commitments. This Amendment and each Incremental No. 1 Revolving Credit Lender’s
obligation to provide the Incremental No. 1 Revolving Credit Commitments pursuant to this Amendment shall become effective as of the date
on which the following conditions precedent are satisfied (such date, the “Amendment No. 3 Effective Date”):

 

(a) The Administrative
Agent shall have received from the Borrower, each other Loan Party, each Incremental No. 1 Revolving Credit Lender either (i) a counterpart
of this Amendment duly executed and delivered on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent
(which may include facsimile or other electronic transmission of a signed counterpart of this Amendment) that such party has duly executed
and delivered a counterpart of this Amendment.

 

(b) The Administrative
Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders (including, without limitation,
the Incremental No. 1 Revolving Credit Lenders) and dated the Amendment No. 3 Effective Date) of (i) Davis Polk & Wardwell LLP, counsel
to the Loan Parties, (ii) Morris, Nichols, Arsht & Tunnell LLP, Delaware counsel to the Loan Parties and (iii) Hill Ward Henderson,
Florida counsel to the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent.

 

(c) The Administrative
Agent shall have received a certificate of each Loan Party, dated the Amendment No. 3 Effective Date and in form and substance reasonably
satisfactory to the Administrative Agent, executed by any Responsible Officer of such Loan Party, including or attaching the documents
or certifications, as applicable, referred to in paragraph (d) of this Section 5.

 

(d) The Administrative
Agent shall have received (i) as to each Loan Party, either (x) a copy of each certificate or articles of incorporation or organization
or other applicable constitutive documents of such Loan Party certified, to the extent applicable, as of a recent date by the applicable
Governmental Authority or (y) written certification by such Loan Party’s secretary, assistant secretary or other Responsible Officer
that such Loan Party’s certificate or articles of incorporation or organization or other applicable constitutive documents most
recently certified and delivered to the Administrative Agent prior to the Amendment No. 3 Effective Date pursuant to the Loan Documents
remain in full force and effect on the Amendment No. 3 Effective Date without modification or amendment since such original delivery,
(ii) as to each Loan Party, either (x) signature and incumbency certificates of the Responsible Officers of such Loan Party executing
the Loan Documents to which it is a party or (y) written certification by such Loan Party’s secretary, assistant secretary or other
Responsible Officer that such Loan Party’s signature and incumbency certificates most recently delivered to the Administrative Agent
prior to the Amendment No. 3 Effective Date pursuant to the Loan Documents remain true and correct as of the Amendment No. 3 Effective
Date, (iii) copies of resolutions of the board of directors and/or similar governing bodies of each Loan Party approving and authorizing
the execution, delivery and performance of the Loan Documents to which it is a party, certified as of the Amendment No. 3 Effective Date
by a secretary, an assistant secretary or a Responsible Officer of such Loan Party as being in full force and effect without modification
or amendment, and (iv) a certificate of existence or good standing (to the extent such concept exists) from the

 

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applicable Governmental
Authority of each Loan Party’s jurisdiction of incorporation, organization or formation as of a reasonably recent date.

 

(e) The Administrative
Agent shall have received for each Incremental No. 1 Revolving Credit Lender that shall have requested a promissory note at least three
(3) Business Days prior to the Amendment No. 3 Effective Date, a duly completed and executed promissory note for such Incremental No.
1 Revolving Credit Lender.

 

(f) The Administrative
Agent shall have received all fees and other amounts due and payable on or prior to the Amendment No. 3 Effective Date, including, to
the extent invoiced at least three (3) Business Days prior to the Amendment No. 3 Effective Date, reimbursement or payment of all out-of-pocket
expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party pursuant
to Section 11.5 of the Credit Agreement.

 

(g) The Administrative
Agent shall have received a certificate from the chief financial officer, treasurer or other financial officer of the Borrower certifying
as to the solvency of the Borrower on a consolidated basis after giving effect to the Transactions, substantially in the form of Schedule
III hereto.

 

(h) The Administrative
Agent and Incremental No. 1 Revolving Credit Lenders shall have received, prior to the Amendment No. 3 Effective Date, (i) all documentation
and other information about the Borrower and the other Loan Parties as shall have been reasonably requested in writing at least ten (10)
Business Days prior to the Amendment No. 3 Effective Date by the Administrative Agent or such Incremental No. 1 Revolving Credit Lender
that they shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act and regulations pertaining to beneficial
ownership of legal entity customers, and (ii) to the extent the Borrower qualifies as a “legal entity customer” under 31 C.F.R.
§ 1010.230 (the “Beneficial Ownership Regulation”), a customary certification regarding beneficial ownership required
by the Beneficial Ownership Regulation in relation to the Borrower to the extent requested in writing at least five (5) Business Days
prior to the Amendment No. 3 Effective Date by the Administrative Agent or such Incremental No. 1 Revolving Credit Lender.

 

(i) The Borrower shall
have paid to the Administrative Agent, for the ratable account of the Revolving Lenders immediately prior to the Amendment No. 3 Effective
Date, all accrued and unpaid interest on the outstanding Revolving Loans to, but not including, the Amendment No. 3 Effective Date.

 

(j) Upon the effectiveness
of this Amendment, no Default or Event of Default shall exist.

 

(k) The representations
and warranties in Section 6 of this Amendment shall be true and correct in all material respects, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects
as of such earlier date.

 

(l) The Administrative
Agent shall have received a certificate of a Responsible Officer of Borrower, dated the Amendment No. 3 Effective Date, certifying compliance
with the conditions set forth in paragraphs (j) and (k) of this Section 5.

 

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The Administrative Agent shall notify the Borrower
and the Lenders of the Amendment No. 3 Effective Date, and such notice shall be conclusive and binding.

 

SECTION 6. Representations
and Warranties. Each Loan Party represents and warrants to the Lenders as of the Amendment No. 3 Effective Date that:

 

(a)
Such Loan Party is duly organized (or where applicable in the relevant jurisdiction, registered or incorporated), validly existing
and (where applicable in the relevant jurisdiction) in good standing under the laws of the jurisdiction of its organization, registration
or incorporation, as the case may be, (b) has the power and authority to own and operate its property, to lease the property it operates
as lessee and to conduct the business in which it is currently engaged and (c) is in compliance with all Requirements of Law, except in
the case of clauses (a) (except as it relates to the due organization and valid existence of the Borrower), (b) and (c) above, to the
extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)
Such Loan Party has the power and authority, and the legal right, to enter into, make, deliver and perform this Amendment and the
other Loan Documents to which it is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Such Loan Party
has taken all necessary organizational action to authorize the execution, delivery and performance of this Amendment and, in the case
of the Borrower, to authorize the extensions of credit on the terms and conditions of this Amendment.

 

(c)
Such Loan Party has duly executed and delivered this Amendment and upon such execution, this Amendment will constitute, a legal,
valid and binding obligation of each applicable Loan Party, enforceable against each such Loan Party in accordance with its terms, except
as enforceability may be limited by such Legal Reservations.

 

(d)
Neither the execution, delivery or performance by such Loan Party of this Amendment nor compliance with the terms and provisions
hereof nor the other transactions contemplated hereby will (a) violate any Contractual Obligation of the Borrower or any Group Member
(except, individually or in the aggregate, as would not reasonably be expected to result in a Material Adverse Effect), or violate any
material Requirement of Law or the Organizational Documents of such Loan Party and (ii) result in, or require, the creation or imposition
of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law, any such Organizational Documents or
any such Contractual Obligation (other than the Liens created by the Security Documents and other than any other Permitted Liens) except,
individually or in the aggregate, as would not reasonably be expected to result in a Material Adverse Effect.

 

(e)
Before and after giving effect to this Amendment, each of the representations and warranties made by such Loan Party herein or
pursuant to the Loan Documents are true and correct in all material respects (except where such representations and warranties are already
qualified by materiality, in which case such representation and warranty are accurate in all respects) on and as of the date hereof as
if made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in
which case such representations and warranties are true and correct in all material respects (except where such representations and warranties
are already qualified by materiality, in which case such representation and warranty are accurate in all respects) as of such earlier
date.

 

(f)
At the time of and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

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SECTION 7. Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which, when taken together, shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Amendment by electronic imaging shall be as effective as delivery of a manually executed counterpart of this Amendment. The
words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating
to this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries 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, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION 8. Governing Law;
Submission to Jurisdiction; Waivers, Waivers of Jury Trial. The applicable law, submission to jurisdiction and waiver provisions
set forth in Sections 11.13, 11.14 and 11.18 of the Credit Agreement shall apply to this Amendment, mutatis mutandis.

 

SECTION 9. Heading.
The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

SECTION 10. Effect of
Amendment.

 

(a) This Amendment shall not
constitute a novation of the Credit Agreement or any of the Loan Documents. Except as expressly set forth herein, this Amendment shall
not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the
Agents under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any
other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. By executing
and delivering a copy hereof, each Loan Party hereby consents to this Amendment and the transactions contemplated hereby and hereby ratifies
and reaffirms its respective guarantees, pledges and grants of security interests, as applicable, under and subject to the terms of each
of the Loan Documents to which it is party, and agrees that, after giving effect to this Amendment, such guarantees, pledges and grants
of security interests, and the terms of each of the Security Documents to which it is a party, shall continue to be in full force and
effect, including to secure the Obligations (including, without limitation, the loans borrowed pursuant to Incremental No. 1 Revolving
Credit Commitments). For the avoidance of doubt, on and after the Amendment No. 3 Effective Date, this Amendment shall for all purposes
constitute a “Loan Document ” and “Incremental Amendment.”

 

(b) Each Incremental No. 1
Revolving Credit Lender party hereto (i) confirms that it has received a copy of the Credit Agreement, this Amendment and the other Loan
Documents, together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, any other Agent,
any Amendment No. 3 Arranger or any Incremental No. 1 Revolving Credit Lender 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;
(iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion
under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with
such powers and discretion as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all
of the obligations which by the terms of the Credit Agreement are required

 

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to be performed by it as a Lender.
Upon the Amendment No. 3 Effective Date, the undersigned Incremental No. 1 Revolving Credit Lender shall become a Lender under the Credit
Agreement (as amended hereby) and shall have the respective Incremental No. 1 Revolving Credit Commitments set forth next to its name
on the Schedule I hereto.

 

(c) Upon execution and delivery
hereof, the Administrative Agent will record in the Register the Incremental No. 1 Revolving Credit Commitments made by the Incremental
No. 1 Revolving Credit Lenders.

 

[Remainder of this page intentionally
left blank]

 

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

 

	 	BALDWIN RISK PARTNERS, LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Brad Hale
	 	 	Name:	Brad Hale
	 	 	Title:	Chief Financial Officer

 

 

[Signature Page to Amendment No.3]

     

     

    

	 	Baldwin Krystyn Sherman Partners, LLC 

BRP Colleague Inc.

BRP Insurance Intermediary Holdings, LLC 

BRP Main Street Insurance Holdings, LLC 

BRP Medicare Insurance Holdings, LLC 

BRP Medicare Insurance, LLC 

BRP Medicare Insurance II, LLC 

BRP Medicare Insurance III, LLC 

Connected Risk Solutions, LLC 

Guided Insurance Solutions, LLC 

BRP Financial Services Holdings, LLC 

BKS Financial Investments, LLC 

BRP Securities, LLC 

League City Office Building, LLC 

Millennial Specialty Insurance, LLC 

BRP Pendulum, LLC 

BKS Venture Investments, LLC 

Armfield, Harrison & Thomas, LLC 

BRP Middle Market Insurance Holdings, LLC 

Insgroup, LLC 

Insgroup Dallas, LLC 

360 RX Solutions, LLC 

Burnham Benefits Insurance Services, LLC 

Burnham Gibson Wealth Advisors, LLC 

Burnham Risk and Insurance Solutions, LLC 

BRP Effective Coverage, LLC
	 	 	 
	 	 	 
	 	By: 	/s/ Brad Hale
	 	 	Name:	Brad Hale
	 	 	Title:  	Authorized Representative

 

[Signature Page to Amendment No.3]

     

     

    

	 	JPMORGAN CHASE BANK, N.A.,
	 	as Administrative Agent and as an Incremental No. 1 Revolving Credit Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Edyn Hengst
	 	 	Name:	Edyn Hengst
	 	 	Title:	Authorized Officer

 

[BRP – Signature Page to Amendment No.
3]

     

     

    

	 	BANK OF AMERICA, N.A.,
	 	as Incremental No. 1 Revolving Credit Lender
	 	 	 	 
	 	 	 	 
	 	By:	Cameron Cardozo
	 	 	Name:	Cameron Cardozo
	 	 	Title:	Senior Vice President

 

[BRP – Signature Page to Amendment No.
3]

     

     

    

	 	Wells Fargo Bank, NA,
	 	as Incremental No. 1 Revolving Credit Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ William R. Goley
	 	 	Name:	William R. Goley
	 	 	Title:	Managing Director

 

[BRP – Signature Page to Amendment No.
3]

     

     

    

	 	Capital One, National Association,
	 	as Incremental No. 1 Revolving Credit Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Thomas Lawler
	 	 	Name:	Thomas Lawler
	 	 	Title:	Senior Vice President

 

[Signature Page to Amendment No. 3]

     

     

    

 

	 	Cadence Bank, N.A.
	 	as Incremental No. 1 Revolving Credit Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Leslie Fredericks
	 	 	Name:	Leslie Fredericks
	 	 	Title:	Senior Vice President

 

[BRP – Signature Page to Amendment No.
3]

     

     

    

Schedule I

 

As of the Amendment
No. 3 Effective Date:

 

	Incremental
    No. 1 Revolving Credit Lender	Incremental
    No. 1 Revolving Credit Commitment
	JPMorgan
    Chase Bank, N.A.	$10,000,000.00
	Bank
    of America, N.A.	$7,000,000.00
	Wells
    Fargo Bank, National Association	$12,000,000.00
	Capital
    One, National Association	40,000,000.00
	Cadence
    Bank, N.A.	$6,000,000.00
	Total:	$75,000,000.00

     

     

    

Schedule II

 

Amended and Restated Revolving Commitment Schedule

 

	Lender	Commitment (as of the Amendment No. 3 Effective Date)	
    Commitment (prior to the Amendment No.
3 

    Effective Date)

	JPMorgan Chase Bank, N.A.	$124,000,000.00	$114,000,000.00
	Bank of America, N.A.	$100,000,000.00	$93,000,000.00
	Wells Fargo Bank, National Association	$105,000,000.00	$93,000,000.00
	Capital One, National Association	$90,000,000.00	$50,000,000.00
	Cadence Bank, N.A. 	$31,000,000.00	$25,000,000.00
	Lake Forest Bank & Trust Company, N.A. 	$25,000,000.00	$25,000,000.00
	Total	$475,000,000.00	$400,000,000.00

     

     

    

Schedule III

 

FORM OF SOLVENCY CERTIFICATE

 

[ ], 2020

 

To the Administrative Agent and each of the Lenders party to the Amendment
referred to below:

 

I, the undersigned chief financial
officer of Baldwin Risk Partners, LLC, a Delaware limited liability company (“Borrower”), in that capacity only and
not in my individual capacity (and without personal liability), do hereby certify as of the date hereof, and based upon facts and circumstances
as they exist as of the date hereof (and disclaiming any responsibility for changes in such facts and circumstances after the date hereof),
that:

 

1.       This
certificate is furnished to the Administrative Agent and the Lenders pursuant to Section 5(g) of the Amendment No. 3 to Credit Agreement,
dated as of August 6, 2021 (“Amendment No. 3”), among Borrower, each Lender party thereto, each of the Guarantors party
thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), which amends that certain

 

Credit Agreement dated as of
October 14, 2020 as amended by Amendment No. 1, dated as of May 7, 2021 and Amendment No. 2, dated as of June 2, 2021, as further amended
or otherwise modified from time to time, including by the Amendment No. 3 (the “Credit Agreement”), among the Borrower,
the Guarantors, the Lenders from time to time party thereto and the Administrative Agent. Unless otherwise defined herein, capitalized
terms used in this certificate shall have the meanings set forth in the Credit Agreement.

 

2.       For
purposes of this certificate, the terms below shall have the following definitions:

 

(a)       “Fair
Value”

 

The amount at which the assets
(both tangible and intangible), in their entirety, of Borrower would change hands between a willing buyer and a willing seller, within
a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under any compulsion
to act.

 

(b)       “Present
Fair Salable Value”

 

The amount that could be obtained
by an independent willing seller from an independent willing buyer if the assets of Borrower are sold with reasonable promptness in an
arm’s-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can
be reasonably evaluated.

 

(c)       “Liabilities”

 

The recorded liabilities (including
contingent liabilities that would be recorded in accordance with GAAP) of Borrower, as of the date hereof after giving effect to the consummation
of the Transactions, determined in accordance with GAAP consistently applied.

 

(d)       “Will
be able to pay their Liabilities as they mature”

 

     

     

    

For the period from the date
hereof through the Maturity Date, Borrower will have sufficient assets and cash flow to pay its Liabilities as those liabilities mature
or (in the case of contingent Liabilities) otherwise become payable, in light of business conducted or anticipated to be conducted by
the Loan Parties and in light of the anticipated credit capacity.

 

(e)       “Do
not have Unreasonably Small Capital”

 

Borrower after consummation
of the Transactions (as defined in the Amendment) is a going concern and has sufficient capital to reasonably ensure that it will continue
to be a going concern for the period from the date hereof through the Maturity Date. I understand that “unreasonably small capital”
depends upon the nature of the particular business or businesses conducted or to be conducted, and I have reached my conclusion based
on the needs and anticipated needs for capital of the business conducted or anticipated to be conducted by the Borrower and in light of
the anticipated credit capacity.

 

3.       For
purposes of this certificate, I, or officers of the Borrower under my direction and supervision, have performed the following procedures
as of and for the periods set forth below.

 

(a)       I
have reviewed the financial statements most recently delivered pursuant to Section 3.23 of the Credit Agreement.

 

(b)       I
have knowledge of and have reviewed to my satisfaction the Credit Agreement.

 

(c)       
As chief financial officer of the Borrower, I am familiar with the financial condition of the Borrower.

 

4.       Based
on and subject to the foregoing, I hereby certify on behalf of Borrower that after giving effect to the consummation of the Transactions
(as defined in the Amendment), it is my opinion that (a) the Fair Value of the assets of the Borrower exceeds its Liabilities, (b) the
Present Fair Salable Value of the assets of Borrower exceeds its Liabilities; (c) Borrower does not have Unreasonably Small Capital; and
(d) Borrower will be able to pay its Liabilities as they mature.

 

* * *

 

     

     

    

IN WITNESS WHEREOF, Borrower
has caused this certificate to be executed on its behalf by the undersigned chief financial officer as of the date first written above.

 

	 	BALDWIN RISK PARTNERS, LLC
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 
	 	 	Name: 	Brad Hale
	 	 	Title:	Chief Financial Officer

  

[Signature Page to Solvency Certificate]Exhibit 10.1
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TRANSITION SUPPORT AGREEMENT AND GENERAL RELEASE
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THIS TRANSITION SUPPORT AGREEMENT AND GENERAL RELEASE (the “Agreement and General Release”) is made and entered into on August 3, 2021 by and among John Newland (“Executive”) and PetIQ, LLC, an Idaho limited liability company (“Employer”). Executive’s last day of employment will be the later of (i) the date on which the 2021 Form 10-K for PetIQ, Inc., a Delaware corporation (“PetIQ, Inc.”), is signed or (ii) March 31, 2022 (the “Retirement Date”).
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WHEREAS, Executive has been employed by Employer pursuant to the Employment and Non­Competition Agreement by and between the Employer and the Executive dated May 9, 2019 (the “Employment Agreement”) and the parties now wish to provide for the transition of Executive’s employment and resolve all outstanding claims and disputes between them relating to such employment in anticipation of Executive’s retirement on the Retirement Date; and
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WHEREAS, the press release for Executive’s retirement is attached as Exhibit A hereto.
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NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth in this Agreement and General Release and the Supplemental Release (defined below), the sufficiency of which the parties acknowledge, it is agreed as follows:
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		1.
	Executive shall execute and deliver (i) this Agreement and General Release no later than the twenty-first (21st) day after Executive’s receipt of this Agreement and General Release; and (ii) the Supplemental Release Agreement attached as Exhibit B hereto (the “Supplemental Release) no earlier than the Retirement Date and no later than the twenty-first (21st) day following the Retirement Date. Executive acknowledges and agrees that he will continue to serve the Employer in a professional and courteous manner and to the best of his ability, consistent with the duties and responsibilities of his position as Chief Financial Officer (“CFO”) of Employer, through the earlier of (i) the Retirement Date and (ii) the appointment of a successor CFO by the board of directors of PetIQ, Inc. (the “Board”). From the effective date of this Agreement and General Release through the Retirement Date (the “Transition Period”), (i) the Board or its designee shall, in its discretion, determine whether to remove or add Executive to any committee (ii) and Executive shall provide transition services to the best of his ability and in a diligent, businesslike and efficient manner, including working with the Employer’s executive management team and direct reports to transition the business, assisting with knowledge transfer, building-out the relationships with Executive’s direct reports and applicable third parties, and performing other transition services as may be assigned to Executive from time to time by the Chief Executive Officer of Employer or the Board. Notwithstanding the foregoing, Employer may terminate Executive prior to the Retirement Date for Cause (as defined under the Employment Agreement) or breach of this Agreement and General Release, which shall include Executive’s failure to use his best efforts to perform the services at Employer’s direction through the Retirement Date, and Executive shall not be entitled to any additional payment hereunder. Provided that Executive’s employment is not terminated for Cause, due to death or Disability (as defined in the Employment Agreement), due to Executive’s breach of this Agreement and General Release or due to Executive’s voluntary resignation, Executive shall continue to receive his current base salary and be allowed to remain as an active participant in the retirement, health and welfare benefit plans sponsored by the Employer during the Transition Period.

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		2.
	In consideration for Executive’s promises, covenants and agreements in this Agreement and General Release, Employer agrees to (i) continue to pay Executive’s base salary for a period of twenty-four (24) months following the expiration of the revocation period set forth in the Supplemental Release, less applicable withholdings, in accordance with the Employer’s payroll practices commencing at the first payroll period following the expiration of the revocation period

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referenced in the Supplemental Release; and (ii) to the extent that Executive is eligible for and elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), to provide Executive one hundred percent (100%) subsidized continuation coverage under COBRA in effect as of the Retirement Date on an after-tax basis for himself and his eligible dependents through the earlier of (A) the end of the eighteen (18) month period following the Retirement Date (the “COBRA Period”) and (B) the date on which Executive becomes eligible for a group health plan with another employer. In addition, to the extent Executive is not eligible for a group health plan with another employer, Employer shall reimburse Executive for hundred percent (100%) of the reasonable premiums for health care coverage for himself and his eligible dependents, on an after-tax basis, for six (6) months following the COBRA Period. The foregoing amounts are intended to constitute all severance benefits under the Employment Agreement and the Executive shall not be entitled to any other payments or benefits thereunder. Executive shall remain eligible for his 2021 annual performance bonus but not his 2022 annual performance bonus or any other annual performance bonus thereafter.
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		3.
	The parties agree that the payments and benefits described in Section 2 and the treatment of incentive equity set forth in Section 4 of this Agreement and General Release are in full, final and complete settlement of all claims Executive may have against Employer and its past and present subsidiaries and affiliates, including, but not limited to, PetIQ, Inc. and PetIQ Holdings, LLC, a Delaware limited liability company, and the respective officers, directors, owners, members, shareholders, employees, agents, advisors, consultants, insurers, attorneys, successors and/or assigns of each of the foregoing (collectively, the “Releasees”). For the avoidance of doubt, this Agreement and General Release and the Supplemental Release provides for the sole and exclusive benefits for which Executive is eligible as a result of Executive’s termination of employment, and Executive shall not be eligible for any benefits under any other agreement or arrangement with any Releasee providing for benefits upon a separation from service or any retention, sale, transaction, phantom equity, or other incentive payments, including any severance or termination provisions set forth in the Employment Agreement related to a termination without Cause (as such term is defined in the Employment Agreement).

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		4.
	(a) With respect to all stock options and restricted stock units granted to Executive as of the date hereof pursuant to certain Nonqualified Stock Option Agreements and certain Restricted Stock Unit Agreements (collectively, the “Current Stock Awards”), each by and between Employer and Executive and issued under the PetIQ, Inc. 2017 Omnibus Incentive Plan, as in effect and as amended from time to time (the “Stock Plan”), all unvested amounts shall be fully accelerated effective as of the effective date of the Supplemental Release pursuant to the terms of the Stock Plan and Stock Awards.

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(b)Executive shall be eligible to receive long term incentive awards of stock options and restricted stock units in March 2022, the aggregate value of which will equal 100% of Executive’s base salary consistent with past practice and as reasonably determined by the Board or the Compensation Committee of PetIQ, Inc., which awards shall be one hundred percent (100%) vested on the Retirement Date (the “2022 Stock Awards” and collectively with the Current Stock Awards, the “Stock Awards”); provided, that to the extent that there is a breach of this Agreement and General Release, including a breach of any Restrictive Covenants, the Stock Awards will be subject to cancellation, forfeiture and clawback.
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(c)Executive and Employer acknowledge and agree that each Stock Award that constitutes a nonqualified stock option is hereby amended such that the exercise period for such Stock Awards shall be extended through the date that is twenty-four (24) months following the expiration of the revocation period set forth in the Supplemental Release.
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2

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		5.
	Executive acknowledges and agrees that he shall continue to abide by all policies of Employer during and after the Transition Period, as applicable, including, but not limited to, such policies set forth in the Employer’s Employee Handbook, Code of Business Conduct and Ethics, Code of Ethics for Senior Financial Officers, insider trading policy and clawback policy.

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		6.
	Nothing in this Agreement and General Release or the Supplemental Release shall be construed as an admission of liability by Employer or any other Releasee, and Employer specifically disclaims liability to or wrongful treatment of Executive on the part of itself and all other Releasees.

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		7.
	To the extent permitted by applicable law, Executive agrees that Executive will not encourage or assist any person to litigate claims or file administrative charges against the Employer or any other Releasee, unless required to provide testimony or documents pursuant to a lawful subpoena or other compulsory legal process, in which case Executive agrees to notify the Employer immediately of Executive receipt of such subpoena so that the Employer has the opportunity to contest the same. If any court has or assumes jurisdiction of any action against the Employer or any of its affiliates on behalf of Executive, Executive will request that court to withdraw from or dismiss the matter with prejudice.

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		8.
	Executive represents and warrants that Executive has not filed any complaints or charges against Employer or any of its affiliates with the Equal Employment Opportunity Commission (“EEOC”), or with any other federal, state or local agency or court, and covenants that Executive will not seek to recover on any claim released in this Agreement and General Release or in the Supplemental Release.

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		9.
	In consideration for the payments and benefits set forth in Section 2 of this Agreement and General Release and the benefits set forth in Section 4 of this Agreement and General Release, and the other promises, agreements and undertakings contained herein, Executive covenants not to sue, and fully and forever releases and discharges Employer and all other Releasees from any and all legally waivable claims, liabilities, damages, demands, and causes of action or liabilities of any nature or kind, whether now known or unknown, arising out of, relating to, or in any way connected with Executive’s employment with Employer or any of its affiliates or subsidiaries, or the termination of such employment; provided, however, that nothing in this Agreement and General Release shall either waive any rights or claims of Executive (i) that arise after Executive signs this Agreement and General Release; (ii) to enforce the terms of this Agreement and General Release; (iii) for the provision of benefits conferred to Executive or Executive beneficiaries under the terms of Employer’s medical, dental, life insurance or defined contribution retirement benefit plans; or (iv) Executive’s right to indemnification under the Employer’s Amended and Restated Bylaws, and to coverage under the Employer’s D&O insurance policies to the extent covered prior to the Retirement Date. This release includes but is not limited to claims arising under federal, state or local laws, including but not limited to Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), the Older Workers Benefit Protection Act, the Equal Pay Act of 1963, the Americans with Disabilities Act of 1990, as amended, the Worker Adjustment and Retraining Notification Act of 1988, as amended, waivable claims under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (including but not limited to fiduciary claims), waivable claims under the Fair Labor Standards Act, the Family Medical Leave Act, claims for attorneys’ fees or costs, any and all statutory or common law provisions relating to or affecting Executive’s employment with Employer or its affiliates or concerning employment discrimination, termination, retaliation and equal opportunity, and any and all claims in contract, tort, or premised on any other legal theory. Executive acknowledges that Executive is releasing claims based on age, race, color, sex, sexual orientation or preference, marital status, religion, national origin, citizenship, veteran status, disability and other legally protected categories. This provision is intended to constitute a general release of all of Executive’s presently existing covered claims against the

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3

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Releasees, to the maximum extent permitted by law. Executive hereby represents and warrants to Employer that Executive has not assigned, transferred, sold, encumbered, pledged, hypothecated, mortgaged, distributed, or otherwise disposed of or conveyed to any third party any right or claim against Employer which has been released in this Agreement and General Release.
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		10.
	Nothing in this Agreement and General Release or the Supplemental Release shall be construed to: (a) waive any claim for worker’s compensation or unemployment benefits; (b) waive or affect any claim that cannot be released by an agreement voluntarily entered into between private parties; (c) limit Executive’s ability to file a charge or complaint with the EEOC, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”); (d) limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Employer; (e) release claims challenging the validity of this Agreement and General Release under the ADEA; (f) waive any rights of Executive with respect to vested equity held by him in the Employer; or (g) release the Employer from its obligations under this Agreement and General Release or the Supplemental Release. Executive expressly waives and agrees to waive any right to recover monetary damages for personal injuries in any charge, complaint or lawsuit filed by Executive or anyone else on behalf of Executive for any released claims. This Agreement and General Release and the Supplemental Release does not limit Executive’s right to receive an award for information provided to any Government Agencies.

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		11.
	Executive acknowledges that all Confidential Information, defined herein, regarding Employer’s or any of its affiliates’ business compiled, created or obtained by, or furnished to, Executive during the course of or in connection with Executive’s employment with Employer or any of its subsidiaries (the “Group”) is the exclusive property of Employer or such subsidiary. For purposes of this Agreement and General Release, Confidential Information shall include, but is not limited to, all information not generally known to the public relating to the Group’s business processes, practices, methods, strategies, techniques, financial information, marketing information, pricing information, design information, personnel information, employee lists, market studies, agreements, proposals, database information, customer and prospective customer information and customer and prospective customer lists. Upon or before execution of this Agreement and General Release, Executive will return to Employer all originals and copies of any material containing Confidential Information, and Executive further agrees that Executive will not, directly or indirectly, use or disclose such information, except as required by law or in any judicial or administrative proceeding with subpoena power. Executive will also return to Employer upon or before the Retirement Date any other items in Executive possession, custody or control that are the property of the Group, including, but not limited to, Executive files, laptop, credit cards, power cords, credit card issued by the Group, identification card, data storage devices, passwords and office fob/keys.

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		12.
	In consideration for the payments and benefits outlined in this Agreement and General Release and the Supplemental Release, Executive acknowledges and agrees that he continues to be bound by the post-termination cooperation and non-assistance covenants set forth in Sections 3(d) and 3(e) of the Employment Agreement and the restrictive covenants set forth in Section 5 of the Employment Agreement and Section 7 of the Stock Awards; provided, however, that the post-termination restricted periods shall continue through the end of the twenty-four (24) month period commencing on the Retirement Date (the “Restrictive Covenants”). Executive acknowledges and agrees that such Restrictive Covenants are incorporated herein by reference.

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		13.
	Executive acknowledges that (i) Executive has been given at least twenty-one (21) calendar days to consider this Agreement and General Release and that modifications hereof which are mutually agreed upon by the parties hereto, whether material or immaterial, do not restart the twenty-

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4

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one (21) day period; (ii) Executive has seven (7) calendar days from the date Executive executes this Agreement and General Release in which to revoke it; and (iii) this Agreement and General Release will not be effective or enforceable nor the amounts set in Section 2 and the benefits set forth in Section 4 of this Agreement and General Release paid unless the seven-day revocation period ends without revocation by Executive. Revocation can be made by delivery and receipt of a written notice of revocation to R. Michael Herrman, Michael.Herrman@petiq.com, by midnight on or before the seventh calendar day after Executive signs the Agreement and General Release.
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		14.
	Executive acknowledges that Executive has been advised to consult with an attorney of Executive’s choice with regard to this Agreement and General Release and the Supplemental Release. Executive hereby acknowledges that Executive understands the significance of this Agreement and General Release and the Supplemental Release, and represents that the terms of this Agreement and General Release and Supplemental Release are fully understood and voluntarily accepted by Executive.

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		15.
	In the event of any lawsuit against Employer or any of its affiliates that relates to alleged acts or omissions by Executive during his employment with Employer, Executive agrees to cooperate with Employer or its affiliate by voluntarily providing truthful and full information as reasonably necessary for Employer or its affiliate to defend against such lawsuit, provided that Employer shall reimburse Executive’s reasonable expenses incurred in providing such assistance subject to Executive’s delivery of written notice to Employer prior to the time such expenses are incurred.

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		16.
	This Agreement and General Release and the Supplemental Release shall be binding on Employer and Executive and upon their respective heirs, representatives, successors and assigns, and shall run to the benefit of the Releasees and each of them and to their respective heirs, representatives, successors and assigns.

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		17.
	Executive acknowledges and agrees that Executive has carefully read this Agreement and General Release and the Supplemental Release and understands that it is a release of all claims, known and unknown, past or present including all claims under the ADEA. Executive warrants that Executive is executing this Agreement and General Release and the Supplemental Release without any representation of any kind or character by Employer or its affiliates not expressly set forth herein.

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		18.
	(a) It is intended that any amounts payable under this Agreement and General Release shall be exempt from and avoid the imputation of any tax, penalty or interest under Section 409A of the Internal Revenue Code of 1986, as amended and the regulations, rules and other guidance promulgated thereunder (collectively, “Section 409A”) to the fullest extent permissible under applicable law; provided that if any such amount is or becomes subject to the requirements of Section 409A, it is intended that those amounts shall comply with such requirements. This Agreement and General Release shall be construed and interpreted consistent with that intent. In furtherance of that intent, if payment or provision of any amount or benefit hereunder that is subject to Section 409A at the time specified herein would subject such amount or benefit to any additional tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or provision of such amount or benefit could be made without incurring such additional tax. In no event, however, shall the Employer be liable for any tax, interest or penalty imposed on Executive under Section 409A or any damages for failing to comply with Section 409A.

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(b)Executive acknowledges and agrees that as of the Retirement Date he is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) and, therefore, Executive shall not be entitled to any payment or benefit pursuant to this Agreement and General Release that constitutes nonqualified deferred compensation for purposes of Section 409A and that is payable
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5

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upon a separation from service (within the meaning of Section 409A) until the earlier of (A) the date which is six (6) months after his separation from service for any reason other than death, or (B) the date of Executive’s death; provided that this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A. Any amounts otherwise payable to Executive upon or in the six (6) month period following Executive’s separation from service that are not so paid by reason of this Section 5 shall be paid (without interest) as soon as practicable (and in any event within thirty (30) days) after the date that is six (6) months after Executive’s separation from service (provided that in the event of Executive’s death after such separation from service but prior to payment, then such payment shall be made as soon as practicable, and in all events within thirty (30) days, after the date of Executive’s death).
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(c)For purposes of Section 409A, Executive’s right to receive any installment payments hereunder shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement and General Release specifies a payment period with reference to a number of days (e.g., payment shall be made within thirty (30) days following a certain date), the actual date of payment within the specified period shall be within the sole discretion of the Employer.
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		19.
	This Agreement and General Release and the Supplemental Release sets forth the entire agreement between Executive and Employer, and fully supersedes any and all prior agreements or understandings between them regarding its subject matter, provided that, nothing herein shall supersede the Restrictive Covenants. This Agreement and General Release and the Supplemental Release may only be modified by written agreement signed by both parties.

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		20.
	Executive acknowledges and agrees that if Executive has breached any term of this Agreement and General Release or the Supplemental Release, including, but not limited to, the Restrictive Covenants, then Executive will be obligated to pay and return to Employer any payments and benefits paid under Section 2 and Section 4 on or after the date of such breach within the thirty (30) days following the breach.

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		21.
	The Employer and Executive agree that in the event any provision of this Agreement and General Release or Supplemental Release is deemed to be invalid or unenforceable by any court or administrative agency of competent jurisdiction, or in the event that any provision cannot be modified so as to be valid and enforceable, then that provision shall be deemed severed from the Agreement and General Release or Supplemental Release and the remainder of the Agreement and General Release and Supplemental Release shall remain in full force and effect.

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		22.
	This Agreement and General Release and the Supplemental Release will be governed by and construed in accordance with the laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

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		23.
	To the extent permissible under applicable law, each of the parties hereto hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement and General Release and the Supplemental Release.

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		24.
	The language of all parts of this Agreement and General Release and the Supplemental Release in all cases shall be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties.

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[Signature Page Follows]
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PLEASE READ CAREFULLY. THIS 
AGREEMENT AND GENERAL RELEASE INCLUDES A
RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
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	“EMPLOYER”

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	PETIQ, LLC

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	By: 
	/s/ McCord Christensen

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	Name:
	McCord Christensen

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	Title:
	CEO

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	PETIQ, LLC

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	By: 
	/s/ R. Michael Herrman

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	Name:
	R. Michael Herrman

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	Title:
	EVP, General Counsel & Corporate Secretary

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	“EMPLOYEE”

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	/s/ John Newland

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	John Newland

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	Date: 8/3/21

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EXHIBIT A: PRESS RELEASE
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PetIQ, Inc. Announces CFO Transition Plan
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John Newland to Retire After More Than Seven Years as CFO 
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Company Initiates Search for Successor
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EAGLE, Idaho, August 4, 2021 (GLOBE NEWSWIRE) -- PetIQ, Inc. (“PetIQ’’ or the “Company”) (Nasdaq: PETQ), a leading pet medication and wellness company, today announced that after more than seven years with the Company, John Newland will retire from his role as Chief Financial Officer (“CFO”), effective March 31, 2022, following its reporting of fiscal year 2021 results. The Company has initiated a search to identify a new CFO.
“John has been an important member of our executive team having successfully helped us transition our business from a privately-held to publicly-traded company. Over his tenure with the Company, he’s built a strong finance team that’s helped us integrate four strategic acquisitions and support the growth of our business,” commented Cord Christensen, PetIQ’s Chairman and Chief Executive Officer. “On behalf of everyone at PetIQ, I would like thank John for his service and I look forward to continuing to work closely with him during the transition.”
Mr. Newland said, “It has been a privilege to work with the talented and dedicated team at PetIQ. I have great confidence in the Company’s ability to achieve its strategic and financial goals and believe PetIQ remains well-positioned to benefit from the robust pet health and wellness industry tailwinds and create value well into the future.”
About PetlQ
PetIQ is a leading pet medication and wellness company delivering a smarter way for pet parents to help their pets live their best lives through convenient access to affordable veterinary products and services. The company engages with customers through more than 60,000 points of distribution across retail and e-commerce channels with its branded distributed medications, which is further supported by its own world-class medications manufacturing facility in Omaha, Nebraska. The company’s national service platform, VIP Petcare, operates in over 3,400 retail partner locations in 41 states providing cost effective and convenient veterinary wellness services. PetIQ believes that pets are an important part of the family and deserve the best products and care we can give them.
Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,”
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EXHIBIT A: PRESS RELEASE
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“project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could” and similar expressions. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances, or achievements expressed or implied by the forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, the impact of COVID-19 on our business and the global economy; our ability to successfully grow our business through acquisitions; our dependency on a limited number of customers; our ability to implement our growth strategy effectively; disruptions in our manufacturing and distribution chains; competition from veterinarians and others in our industry; reputational damage to our brands; economic trends and spending on pets; the effectiveness of our marketing and trade promotion programs; recalls or withdrawals of our products or product liability claims; our ability to manage our manufacturing and supply chain effectively; disruptions in our manufacturing and distribution chains; our ability to introduce new products and improve existing products; our failure to protect our intellectual property; costs associated with governmental regulation; our ability to keep and retain key employees; our ability to sustain profitability; and the risks set forth under the “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020 and other reports filed time to time with the Securities and Exchange Commission.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or operating results. The forward­looking statements speak only as of the date on which they are made, and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Consequently, you should not place undue reliance on forward-looking statements.
Contact: lnvestor.relations@petiq.com or 208.513.1513
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EXHIBIT B: SUPPLEMENTAL RELEASE
I, John Newland, in consideration of and subject to the performance of the obligations by PetIQ, LLC, an Idaho limited liability company (the “Employer”), under the Transition Support Agreement and General Release by and between the Employer and me, dated         , 2021 (the “Agreement and General Release”), do hereby release and forever discharge as of the date hereof Employer and its past and present affiliates, and the respective officers, directors, owners, members, employees, agents, advisors, consultants, insurers, attorneys, successors and/or assigns of each of the foregoing (collectively, the “Releasees”) to the extent provided by virtue of this Supplemental Release of Claims, dated         , 2022 (the “Supplemental Release”). I understand that my employment with the Employer ended on ________,2022.
		1.
	I understand that the payments and benefits granted in Section 2 and the benefits outlined in Section.4. of the Agreement and General Release represent consideration for signing this Supplemental Release and are not salary, wages or benefits to which I was already entitled.

		2.
	I covenant not to sue, and fully and forever release and discharge Employer and all other Releasees from any and all legally waivable claims, liabilities, damages, demands, and causes of action or liabilities of any nature or kind, whether now known or unknown, arising out of or in any way connected with my employment with Employer or any of its affiliates or the termination of such employment; provided, however, that nothing in this Supplemental Release shall either waive any of my rights or claims (i) that arise after I sign this Supplemental Release; (ii) to enforce the terms of this Supplemental Release or the Agreement and General Release; (iii) for the provision of benefits conferred to me or my beneficiaries under the terms of Employer’s medical, dental, life insurance or defined contribution retirement benefit plans; (iv) my right to indemnification under the Employer’s Amended and Restated Bylaws, and to coverage under the Employer’s D&O insurance policies, to the extent covered prior to the date hereof; or (v) to any unpaid wages from the last payroll period preceding the Retirement Date. This release includes but is not limited to claims arising under federal, state or local laws concerning employment discrimination, termination, retaliation and equal opportunity, including but not limited to Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended (the “ADEA’’), the Equal Pay Act of 1963, the Americans with Disabilities Act of 1990, as amended, the Worker Adjustment and Retraining Notification Act of 1988, as amended, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (including but not limited to fiduciary claims), claims for attorneys’ fees or costs, any and all statutory or common law provisions relating to or affecting my employment with Employer or its affiliates, and any and all claims in contract, tort, or premised on any other legal theory. I acknowledge that I am releasing claims based on age, race, color, sex, sexual orientation or preference, marital status, religion, national origin, citizenship, veteran status, disability and other legally protected categories. This provision is intended to constitute a general release of all of my presently existing covered claims against the Releasees, to the maximum extent permitted by law.

		3.
	I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by Section 2 above.

		4.
	I acknowledge that (i) I have been given at least twenty-one (21) calendar days to consider this Supplemental Release and that modifications hereof which are mutually agreed upon by the parties hereto, whether material or immaterial, do not restart the twenty-one (21) day period; (ii) that I have seven (7) calendar days from the date that I execute this Supplemental Release in which to revoke it; and (iii) this Supplemental Release will not be effective or enforceable nor the amounts set forth in Section 2 of the Agreement and General Release paid unless the seven-day revocation period ends without revocation by me. Revocation can be made by delivery and receipt of a written

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notice of revocation to R. Michael Herrman, Michael.Herrman@petiq.com, by midnight on or before the seventh calendar day after I sign the Supplemental Release.
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		5.
	In exchange for my waiver and release of claims against Employer and all other Releasees, and non-revocation of such release, Employer expressly waives and releases any and all known claims against me arising out of or related to my employment with Employer during the Transition Period that may be waived and released by law with the exception of claims arising out of or attributable to: (i) events, acts, or omissions taking place after the parties’ execution of this Supplemental Release; (ii) my breach of any terms and conditions of the Agreement and General Release or this Supplemental Release; and (iii) my fraud, embezzlement, gross negligence, and/or willful misconduct occurring during my employment with Employer.

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		6.
	The parties hereby acknowledge the rights and obligations under Sections 2, 3, 4, 5, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 and 21 of the Agreement and General Release, and agree to incorporate Sections 2, 3, 4, 5, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 and 21 of the Agreement and General Release into this Supplemental Release and to be bound by such provisions hereunder as if such provisions were originally stated herein. This Supplemental Release may only be modified by written agreement signed by both parties.

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		7.
	The parties agree that in the event any provision of this Supplemental Release is deemed to be invalid or unenforceable by any court or administrative agency of competent jurisdiction, or in the event that any provision cannot be modified so as to be valid and enforceable, then that provision shall be deemed severed from the Supplemental Release and the remainder of the Supplemental Release shall remain in full force and effect.

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		8.
	This Supplemental Release will be governed by and construed in accordance with the laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

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		9.
	Each of the parties hereto hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Supplemental Release.

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BY SIGNING THIS SUPPLEMENTAL RELEASE, I REPRESENT AND AGREE THAT:
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		(a)
	I HAVE READ IT CAREFULLY;

		(b)
	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; AND

		(c)
	I AGREE THAT THE PROVISIONS OF THIS SUPPLEMENTAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE EMPLOYER AND BY ME.

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[Signature Page Follows]
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10

PLEASE READ CAREFULLY. THIS
AGREEMENT AND GENERAL RELEASE INCLUDES A 
RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
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	“EMPLOYER”

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	PETIQ, LLC

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	By: 
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	Name:
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	Title:
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	PETIQ, LLC

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	By: 
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	Name:
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	Title:
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	“EMPLOYEE”

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	John Newland

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	Date: 

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11

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