Document:

Exhibit 10.12

      

       

      

      AMENDMENT TO

        EMPLOYMENT AGREEMENT

       

      

      This Amendment (this “Amendment”) to the Employment
          Agreement (as defined below), dated as of June 6, 2019, is entered into by and between Sidney Peryar (“Employee”) and Insurance Auto Auctions, Inc., together with its
          subsidiaries (collectively, the “Company”).  All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Employment Agreement (as
          defined below).

       

        

      WHEREAS, Employee and the Company are party to an employment agreement dated as of October 6, 2004, and amended as of December 1, 2008
          (the “Employment Agreement”); and

          

        

      WHEREAS, the parties to the Employment Agreement wish to amend the Employment Agreement to modify the make certain administrative and
          regulatory changes.

       

        

      NOW, THEREFORE, in consideration for the mutual covenants and promises hereinafter set forth and for other good and valuable
          consideration, and expressly intending to be legally bound, thereby and hereby, the parties agree as follows:

       

        

      1.          All references to “Kerley” in the Employment Agreement shall be replaced
          by references to “Employee.”

       

        

      2.          Section 3.3(a)(iii) of the Employment Agreement is hereby amended by
          inserting the following at the end thereof:

       

        

      Within ninety (90) days of the occurrence of an Involuntary Termination event, Employee may provide the Company with written
          notice of Employee’s termination of employment to be effective thirty (30) days after delivery of such notice, during which the Company shall have the opportunity to cure such Involuntary Termination event.

       

        

      3.          Section 3.4 of the Employment Agreement is hereby replaced with the
          following:

          

        

      Section 280G. In the event that any payments or
          benefits otherwise payable to Employee, whether or not pursuant to this Agreement, (1) constitute “parachute payments” within the meaning of Section 280G of the Code, and (2) but for this Section 3.4, would be subject to the excise tax imposed by
          Section 4999 of the Code, then such payments and benefits will be either (x) delivered in full, or (y) delivered as to such lesser extent that would result in no portion of such payments and benefits being subject to excise tax under Section 4999
          of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and any equivalent state or local excise taxes),
          results in the receipt by Employee on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such payments and benefits may be taxable under Section 4999 of the Code.

      
        
          

      

      
      4.          The second and third sentences of Section 6.4 of the Employment Agreement
          are hereby replaced with the following:

       

        

      The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue
          Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”), to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in
          compliance therewith.  Notwithstanding anything contained in this Agreement to the contrary, Employee shall not be considered to have terminated employment with the Company for purposes of any payments under this Agreement which are subject to
          Section 409A until Employee would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A.  Each amount to be paid or benefit to be provided under this Agreement shall be construed as a
          separate and distinct payment for purposes of Section 409A.  Without limiting the foregoing and notwithstanding anything contained in this Agreement to the contrary, to the extent required to avoid accelerated taxation and/or tax penalties under
          Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement or any other arrangement between Employee and the Company during the six (6) month period immediately following
          Employee separation from service shall instead be paid on the first business day after the date that is six (6) months following Employee’s separation from service (or, if earlier, Employee’s date of death). To the extent required to avoid
          accelerated taxation and/or tax penalties under Section 409A, amounts reimbursable to Employee under this Agreement shall be paid to Employee on or before the last day of the year following the year in which the expense was incurred and the
          amount of expenses eligible for reimbursement (and in kind benefits provided to Employee) during one year may not affect amounts reimbursable or provided in any subsequent year.  The Company makes no representation that any or all of the payments
          described in this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment.  Employee understands and agrees that Employee shall be solely responsible for the
          payment of any taxes, penalties, interest or other expenses incurred by Executive on account of non-compliance with Section 409A.

       

        

      5.          Except as otherwise expressly provide herein, all of the terms and
          provisions of the Employment Agreement shall remain in full force and effect and this Amendment shall not amend or modify any other rights, powers, duties or obligations of any party to the Agreement.

       

        

      6.          This Amendment may be executed in counterparts, which together shall
          constitute one and the same original.

      
        2

        
          

      

      IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment, or caused this Amendment to be duly executed on their behalf,
          as of the day and year first above written.

       

        

       

      
      	 	
              INSURANCE AUTO AUCTIONS, INC.

            
	 	 	 
	 	
              By:

            	/s/ John Kett

            
	 	Printed: 	
              John Kett

                

            
	 	Title:	
              CEO

                

            

      

      

       
      
        	 	
                EMPLOYEE

                

              
	 	 	 
	 	 	/s/ Sidney Peryar

              
	 	 	
                Sidney Peryar

              

      

      

    

  

  3Exhibit 10.13

  

   

  

   

      

  EMPLOYMENT AGREEMENT

   

      

  This Agreement is made and entered into on the 15 day of October, 2015 by and between Maju Abraham (“Employee”) and Insurance Auto Auctions,
      Inc. (“Employer”), together with its subsidiaries, (collectively, “the Company”). The Company is an intended third-party beneficiary of this Agreement between Employer and Employee and shall be entitled to enforce its provisions to the same extent as
      Employer.

   

    

  RECITALS

   

        

  Importance of Employee’s Position to Company: Employee
      acknowledges and agrees that he holds a position of trust and confidence to aid Employer in the development and retention of Company Business and Customers. As a result, Employee has and will develop many valuable relationships on behalf of Employer
      and have access to Company’s Confidential Information.

   

    

  Purpose: This Agreement is intended to set forth certain, but
      not all, terms and conditions of employment between Employee and Employer, including a provision that Employee agrees to abide by the provisions of, and sign, this Agreement. This Agreement provides for certain restrictions on disclosure and for the
      protection of the Company’s Business, Customers, and Confidential Information. This Agreement provides for a reasonable and necessary period of non-competition and non-solicitation by Employee effective when the employment relationship is terminated
      by either party, regardless of cause, in order to protect the Company’s Business, goodwill, Customers and Confidential Information, all of which belong to the Company.

   

    

  Consideration: In consideration for Employee’s signing of
      this Agreement including signing Exhibit A to Employment Agreement (Restrictive Covenant), and fulfilling the promises herein, Employer will (a) employ Employee and (b) provide a Severance Payment (as defined herein) under certain conditions.

   

    

  Relationship of the Parties: Employee is an at-will employee
      of Employer. Nothing in this Agreement changes the existing at-will employment relationship or creates any new or different rights to continued employment or benefits, except to the new Severance Payment described later.

   

    

  ARTICLE 1

      DEFINITIONS

   

        

  As used in this Agreement, the terms in bold shall have the following meanings:

   

    

  
    	

          	
            Business: The Company is engaged in the
                business of offering salvage auto auction services, focusing on the automotive total-loss industry, providing both sellers and buyers with solutions to process and acquire total-loss, recovered-theft, fleet lease, donation, dealer trade-in,
                and collision damaged rental vehicles at physical auction locations as well as proprietary Internet venues. The Company’s salvage vehicle auction network includes proprietary Internet venues and numerous physical auction locations across
                the United States. The Company plans to open additional locations throughout the United States in the future.

             

              

          

    
       

      

      	
              Employment Agreement— Page 1

            	
               

            

    

    
       

      

    

  

  
    
      
        

    

    	

          	
            Person means any individual,
                partnership, corporation, association, limited liability company, joint stock company, trust, joint venture, unincorporated organization, governmental entity, or any department, agency or political subdivision thereof, or an accrediting
                body.

             

              

          

  

  
    	

          	
            Customer(s) means the vendor(s),
                supplier(s) or other Person who creates or provides to Company the products and services sold at auctions as well as the purchasers of such products and/or services at the Company’s auctions. Customer(s) include, but are not limited to, a
                variety of motor vehicle sellers, including, but not limited to, insurance companies, dealerships, rental car companies, fleet lease companies, as well as purchasers of the products and services at Company auctions, without limitation.

             

              

          

  

  
    	

          	
            Resignation means the Employee
                terminates the current employment relationship or withholds his services on behalf of the Company for any reason.

             

              

          

  

  
    	

          	
            Termination for Cause means Company
                termination of the Employee’s employment for:

             

              

          

  

  
    	
            (a)

          	
            conviction of a felony or a crime involving moral turpitude;

             

              

          

  

  
    	
            (b)

          	
            misappropriation of anything of value including but not limited to monies, assets or property; or

             

              

          

  

  
    	
            (c)

          	
            any willful action or inaction of the Employee which, in the reasonable opinion of the Company, constitutes dereliction (willful neglect or willful
                abandonment of assigned duties).

             

              

          

  

  
    	

          	
            Termination Without Cause means a
                termination of the Employee’s employment by the Company without Cause as defined herein.

             

              

          

  

  	

        	
          Total Disability means the Employee’s
              inability, because of illness, injury or other physical or mental incapacity, to perform his duties hereunder (as determined by the Employer in good faith) for a continuous period of one hundred eighty (180) consecutive days, or for a total
              of one hundred eighty (180) days within any three hundred sixty (360) consecutive day period, in which case such Total Disability shall be deemed to have occurred on the last day of such one hundred eighty (180) day or three hundred sixty
              (360) day period, as applicable.

           

            

        

  	

        	
          Triggering Event. Employee’s employment
              with Employer shall terminate upon the occurrence of any of the following triggering events:

           

            

        

  
    	
            (a)

          	
            Employee’s death;

             

              

          

  

  
    	
            (b)

          	
            Employee’s Total Disability;

             

              

          

  

  
    	
            (c)

          	
            Employee’s Resignation;

             

              

          

  

  
    	
            (d)

          	
            Termination for Cause; or

             

              

          

     

    

    
      	
              Employment Agreement— Page 2

            	
               

            

    

  

  
    
      
        

    

    	
            (e)

          	
            Termination without Cause.

             

              

          

  

  A transfer of Employee to a subsidiary, affiliate or entity within the Insurance Auto Auctions, Inc. family of companies shall not
      constitute: (i) a termination of employment, (ii) a Triggering Event, or (iii) an entitlement of severance.

   

    

   ARTICLE 2

      SEVERANCE

   

        

  Right to Severance: The rights of Employee to the Severance
      Payment shall be as follows:

   

    

  (a)          Resignation

          and Termination for Cause. In the event of Employee’s Resignation or a Termination for Cause, the Company will have no obligation to pay severance.

   

    

  (b)          Death.
      In the event of Employee’s death, the Company will have no obligation to pay severance.

   

    

  (c)          Total
          Disability. In the event of Employee’s Total Disability, the Company will have no obligation to pay severance.

   

    

  (d)          Termination

          Without Cause.

   

    

  
    (i)          Severance Payment; Release. If the Triggering Event was a Termination Without Cause (including an official reduction in force), in exchange for the Employee’s execution of a full and complete waiver
        and release of any and all claims against the Company, its parent and affiliated entities, its successors and assigns, and each of their officers, directors, agents, and employees, the Company shall provide to the Employee a “Severance Payment”
        that includes as severance, an amount equal to three (3) weeks of Employee’s annual base salary for each year of service at the rate in effect as of the Termination Without Cause. However, in no event shall the Severance Payment exceed an amount
        equal to the Employee’s annual base salary for a one (1) year period. All such severance payments shall be paid to the Employee in accordance with the Company’s normal payroll practices, but in no event, less frequently than twelve (12) equal
        monthly installments. The Company may accelerate the payments in its sole discretion. The Employee acknowledges and agrees that the Severance Payment provided in this section is in lieu of and exclusive of any other severance and benefits to which
        Employee may be entitled.

     

   

    

   

  Termination Certificate. Regardless of the basis for
      termination, upon departure of Employee for any reason other than death, Employee or his personal representative agrees to sign and comply with a Termination Certificate in the form of Exhibit B attached to this Agreement.

   

    

  
    	
            Employment Agreement— Page 3

          	
             

          

     

  
    
      

  

  ARTICLE 3

      GENERAL PROVISIONS

   

        

  Assignment. This Agreement shall be assignable and
      transferrable by the Company to any successor in interest (including by way of merger or sale of the Company). Employee provides express consent to such assignment and agrees to execute a separate acknowledgment of consent to such assignment to the
      benefit of any successor in interest. This Agreement is not assignable by Employee.

   

    

  Notices. All notices, demands or other communications to be
      given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be delivered personally or delivered by overnight courier service, to the following addresses, or such other addresses as shall be given by notice
      delivered hereunder, and shall be deemed to have been given upon delivery, if delivered personally, or one business day after timely delivery to the overnight courier service, if delivered by overnight courier service:

   

   

  
  	 	
          If to the Company:

        	 	
          Insurance Auto Auctions, Inc.

        	 
	 	 	 	
          Attention: General Counsel

        	 
	 	 	 	
          Two Westbrook Corporate Center, Suite 500

        	 
	 	 	 	
          Westchester, IL 60154

        	 
	 	 	 	 	 
	 	
          If to Employee:

        	 	
          Maju Abraham

        	 
	 	 	  

        	 

        	 
	 	 	  

        	  

        	 

   
   

    

  Entire Agreement. With the exception of any project-specific
      confidentiality agreement entered into between the parties hereafter in the course and scope of employment, this Agreement sets forth the entire agreement and understanding between the Company and the Employee relating to the subject matter hereof
      and supersedes and merges all prior discussions between them. The parties have not relied on any representations, oral or written, which are not set out in this Agreement; and no previous agreement, either oral or written, will have any effect on the
      terms or provisions of this Agreement.

   

    

  Amendments and Waivers. No modification, amendment or waiver
      of any provisions of this Agreement shall be effective unless approved in writing by each of the parties. The Company’s failure at any time to enforce any of the provisions of this Agreement against Employee or other employees of the Company shall in
      no way be construed as a waiver of such provisions and will not affect the right of the Company to enforce each and every provision in accordance with its terms.

   

    

  Successors and Assigns. All covenants and agreements
      contained in this Agreement by or on behalf of either party shall bind such party and its heirs, legal representatives, successors and assigns and inure to the benefit of the other party hereto and their heirs, legal representatives, successors and
      assigns to the extent any such assignment was in compliance with this Agreement; provided that, it is expressly understood that all covenants and agreements contained in this Agreement by or on behalf of the Employee shall inure to the benefit of the
      Company’s legal representatives, successors and assigns in the event of the transfer, merger or sale of the Company, its assets or stock.

  

    	
            Employment Agreement— Page 4

          	
             

          

  

  
    
      

  

  Governing Law. This Agreement and any claims relating to or
      arising out of Employee’s employment or relationship with the Company shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Agreement shall be governed by
      the laws of the State of Illinois without giving effect to the provisions thereof regarding conflict of laws.

   

    

  Venue and Jurisdiction. The Employee agrees that any suit,
      action or proceeding relating in any way to this Agreement or Employee’s employment or relationship with the Company, shall be brought and enforced in the Superior Court of Cook County of the State of Illinois or in the District Court of the United
      States of America for the Northern District of Illinois. Due to Employee’s extensive contacts with the State of Illinois, he submits to the jurisdiction of each such court and waives and agrees not to assert, in connection therewith, any claim that
      the Employee is not personally subject to the jurisdiction of such courts, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.

   

    

  Waiver of Jury Trial. In any suit, action or proceeding
      relating in any way to this Agreement or Employee’s employment relationship with the Company, Employee and Company expressly agrees to waive his right to a trial by jury and expressly agrees to a trial only to the presiding judge and not a jury.

   

    

  Attorneys’ Fees. Employee expressly agrees to pay the Company
      for all attorneys’ fees and costs it incurs in responding to any breach or threatened breach of this Agreement.

   

    

  Severability. If any portion of this Agreement shall be for
      any reason, invalid or unenforceable, the remaining portion or portions shall nevertheless be valid, enforceable and carried into effect to the fullest extent permitted by the law.

   

    

  Headings. The descriptive headings of this Agreement are
      inserted for convenience only and do not constitute a part of this Agreement.

   

    

  Counterparts. This Agreement may be executed in two or more
      counterparts, any one of which need not contain the signatures of more than one party, but all of which, taken together, shall constitute one and the same Agreement.

   

    

  Employee Acknowledgement. Employee acknowledges receipt of a
      copy of this Agreement. Employee has read and understands the obligations under this Agreement and agrees to abide by the promises to the Employer and the Company described in this Agreement. Employee acknowledges that Employee was given an
      opportunity to ask questions about this Agreement and consult counsel regarding this Agreement before signing this Agreement. Employee specifically understands and acknowledges that Employee’s obligations under this Agreement continue after
      employment with the Employer ends.

   

    

  
    	
            Employment Agreement— Page 5

          	
             

          

     

  
    
      

  

   

    

  IN WITNESS WHEREOF, the parties hereto have executed this Agreement on this date.

  

  	 	
          INSURANCE AUTO AUCTIONS, INC.

        
	 	 	 
	 	
          By:

        	 /s/ John Kett

        
	 	
          Printed:

        	 John Kett

        
	 	
          Title:

        	 CEO

        
	 	 	 
	 	
          EMPLOYEE

        	 
	 	 	 
	 	 /s/ Maju Abraham 
	 	
          Printed:

        	 Maju Abraham

        
	 	 	 

   

  

  
    	
            Employment Agreement— Page 6

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