Document:

Exhibit

EXECUTION VERSION

INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 3 dated as of March 7, 2019 (this “Agreement”), relating to the CREDIT AGREEMENT dated as of January 31, 2017 (as amended by that certain Incremental Assumption Agreement and Amendment No. 1 dated as of August 17, 2017, and that certain Incremental Assumption Agreement and Amendment No. 2 dated as of February 28, 2018, and as further amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among TEREX CORPORATION, a Delaware corporation (“Terex”), NEW TEREX HOLDINGS UK LIMITED, with company number 02962659, a limited company organized under the laws of England, TEREX INTERNATIONAL FINANCIAL SERVICES COMPANY UNLIMITED COMPANY, with company number 327184, a company organized under the laws of Ireland, and TEREX AUSTRALIA PTY LTD (ACN 010 671 048), a company organized under the laws of Australia and registered in Queensland, Australia, the Lenders (as defined in Article I of the Credit Agreement), the Issuing Banks (as defined in Article I of the Credit Agreement) and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) for the Lenders.
A.Pursuant to Section 2.27 of the Credit Agreement, Terex has requested that the persons set forth on Schedule I hereto (the “2019 U.S. Term Lenders”) provide Incremental Term Loans in the form of Other Term Loans denominated in dollars (the “2019 U.S. Term Loans”; the commitments to make such loans, the “2019 U.S. Term Loan Commitments”) to Terex in an aggregate principal amount equal to $200,000,000.
B.    The Borrowers have requested that the Credit Agreement be amended in accordance with Section 2.27(b) of the Credit Agreement to reflect the existence and terms of this Agreement, the 2019 U.S. Term Loan Commitments and the 2019 U.S. Term Loans (the Credit Agreement, as amended hereby, being referred to as the “Amended Credit Agreement”).
C.    Terex may sell the North American mobile crane product lines manufactured in Terex USA LLC’s Oklahoma City facility in one or more transactions (collectively, the “MCP Sale”) for consideration which may be in the form of cash, non‐cash or a combination thereof and, in connection therewith, has requested that the Credit Agreement be amended as set forth herein.
D.    The 2019 U.S. Term Lenders are willing to provide Terex with the 2019 U.S. Term Loans and the Required Lenders are willing to consent to such amendments, in each case on the terms and subject to the conditions set forth herein and in the Amended Credit Agreement.

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E.    Accordingly, 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.  Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The rules of interpretation set forth in Section 1.02 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.  This Agreement shall be an “Incremental Assumption Agreement” for all purposes of the Amended Credit Agreement and the other Loan Documents.
SECTION 2.      2019 U.S. Term Loan Commitments.  (a) On the terms and subject to the conditions set forth herein and in the Amended Credit Agreement, each 2019 U.S. Term Lender hereby agrees, severally and not jointly, to make a 2019 U.S. Term Loan to Terex on the Incremental Effective Date (as defined below) in an aggregate principal amount not to exceed the amount of the 2019 U.S. Term Loan Commitment set forth opposite its name on Schedule I hereto. Terex hereby unconditionally promises to repay the 2019 U.S. Term Loans in accordance with this Agreement and with Section 2.11 of the Amended Credit Agreement.  Amounts borrowed as 2019 U.S. Term Loans and subsequently repaid may not be reborrowed.
(b)      The Incremental Term Loan Maturity Date for the 2019 U.S. Term Loans shall be the Term Loan Maturity Date and, for purposes of Section 2.11(c) of the Credit Agreement, the 2019 U.S. Term Loans shall amortize as provided in Schedule III hereto.  With effect from the Incremental Effective Date, unless the context shall otherwise require, (i) the 2019 U.S. Term Loans shall constitute “Incremental Term Loans” and “Other Term Loans” and (ii) each person that holds 2019 U.S. Term Loans from time to time shall be an “Incremental Term Lender” and a “Lender”, in each case, for all purposes under the Amended Credit Agreement and the other Loan Documents.
(c)      The proceeds of the 2019 U.S. Term Loans shall be used solely for general corporate purposes, including the repayment of Revolving Loans, to finance capital expenditures and to pay fees and expenses in connection with the 2019 U.S. Term Loans.
(d)      Unless previously terminated, the 2019 U.S. Term Loan Commitments shall terminate upon the earlier to occur of (i) the making of the 2019 U.S. Term Loans on the Incremental Effective Date and (ii) 5:00 p.m., New York City time, on March 7, 2019.
SECTION 3.      Amendments.  Effective as of the Incremental Effective Date, the Credit Agreement is hereby amended as follows:
(a)      Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in proper alphabetical order:
“2019 U.S. Term Loan Commitments” shall mean the Incremental Term Loan Commitments in an aggregate amount of $200,000,000 established pursuant to the Incremental Assumption Agreement and Amendment No. 3.

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“2019 U.S. Term Loans” shall mean the Incremental Term Loans made by the Lenders to Terex pursuant to the Incremental Assumption Agreement and Amendment No. 3.
“Applicable Credit Rating” means, at any time, the public corporate rating from S&P and the public corporate family rating from Moody’s, in each case of Terex at such time.  Terex shall promptly inform the Administrative Agent of any change in the Applicable Credit Rating that would result in a change in the Applicable Percentage.
“Incremental Assumption Agreement and Amendment No. 3” shall mean that certain Incremental Assumption Agreement and Amendment No. 3 dated as of March 7, 2019, among Terex, the other Loan Parties party thereto, the Lenders party thereto, the Administrative Agent and the Collateral Agent.
“MCP Sale” has the meaning assigned to such term in the Incremental Assumption Agreement and Amendment No. 3.
“Third Incremental Effective Date” shall mean the date on which the conditions precedent set forth in Section 5 of the Incremental Assumption Agreement and Amendment No. 3 shall have been satisfied, which date is March 7, 2019.
(b)      Section 1.01 of the Credit Agreement is hereby further amended by:
(i)    amending and restating clause (a) of the definition of the term “Applicable Percentage” in its entirety as follows:
(a)      (i) with respect to any U.S. Term Loan, (A) 2.00% per annum, in the case of a Eurocurrency Term Loan, or (B) 1.00% per annum, in the case of an ABR Term Loan, and (ii) with respect to any 2019 U.S. Term Loan, (A) 2.75% per annum, in the case of a Eurocurrency 2019 U.S. Term Loan, or (B) 1.75% per annum, in the case of an ABR 2019 U.S. Term Loan; provided that, during any period that the Applicable Credit Rating shall be BB- or better from S&P and Ba3 or better from Moody’s, in each case with no negative outlook, and no Event of Default shall have occurred and be continuing, each of the Applicable Percentages referred to above in clause (a)(ii) shall be reduced by 0.25%, and
(ii)    amending the definition of the term “Class” by (A) inserting the words “2019 U.S. Term Loans,” immediately before the term “Multicurrency Swingline Loans” therein and (B) inserting the words “U.S. Term Loan Commitment, 2019 U.S. Term Loan Commitment,” immediately before the term “Multicurrency Swingline Commitment” therein;

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(iii)    amending the definition of the term “Commitment” by inserting the words “2019 U.S. Term Loan Commitment,” immediately before the term “Multicurrency Swingline Commitment” therein;
(iv)    amending the definition of the term “Incremental Term Loans” by inserting the words “of any Class” immediately after the words “additional Term Loans” therein;
(v)    amending and restating the definition of the term “Other Term Loans” in its entirety as follows:
“Other Term Loans” shall mean (a) with respect to the U.S. Term Loans, Incremental Term Loans that have terms different from the U.S. Term Loans and (b) with respect to the 2019 U.S. Term Loans, Incremental Term Loans that have terms different from the 2019 U.S. Term Loans.
(vi)    amending the definition of the term “Term Borrowing” by deleting the word “U.S.” therein; and
(vii)    amending the definition of the term “Term Loans” by replacing the words “the U.S. Term Loans” with the words “, collectively, the U.S. Term Loans and the 2019 U.S. Term Loans”.
(c)      Section 2.12(d) of the Credit Agreement is hereby amended by (i) substituting for the words “Second Incremental Effective Date” therein the words “Third Incremental Effective Date” and (ii) inserting the word “2019” immediately before the words “U.S. Term Loans” in each instance they appear therein.
(d)      Section 2.27(a) of the Credit Agreement is hereby amended by deleting the words “term loans with terms different from the U.S. Term Loans (“Other Term Loans”)” and substituting therefor the words “Other Term Loans”.
(e)      Section 2.27(b) of the Credit Agreement is hereby amended by (i) moving the clause designator “(i)” from immediately before the words “if the initial yield” to immediately following the words “provided that,”, (ii) inserting the words “except with respect to the U.S. Term Loans,” immediately before the words “until the date that is 18 months”, (iii) replacing the words “Closing Date” with the words “Third Incremental Effective Date”, (iv) inserting the word “such” immediately following the words “Eurocurrency Term Loans of any” and (v) inserting the word “such” immediately before the words “adversely affected Class”, in each case in the proviso to the second sentence thereof.
(f)      Section 2.27(d) of the Credit Agreement is hereby amended by (i) replacing the words “U.S. Term Loans” with the words “Term Loans of the applicable Class” in the first sentence therein and (ii) inserting the word “applicable” immediately before the words “scheduled amortization payments” in the fourth sentence therein.

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(g)      Section 3.22 of the Credit Agreement is hereby amended by inserting the words “and the Third Incremental Effective Date, as applicable” immediately before the period at the end thereof.
(h)      Section 6.05(b) of the Credit Agreement is hereby amended by inserting the following proviso immediately before the period at the end thereof:
“; provided that clause (ii) above shall not be required to be satisfied with respect to the MCP Sale”.
SECTION 4.      Representations and Warranties.  To induce the other parties hereto to enter into this Agreement, each Loan Party party hereto hereby represents and warrants to the Administrative Agent and each of the 2019 U.S. Term Lenders that:
(a)      This Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against each of the Loan Parties party hereto in accordance with its terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(b)      At the time of and immediately after giving effect to this Agreement, the representations and warranties set forth in Article III of the Amended Credit Agreement are true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality, Material Adverse Effect or words of similar import, in all respects) on and as of the date hereof with the same effect as though 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 they shall have been true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality, Material Adverse Effect or words of similar import, in all respects) as of such earlier date.
(c)      Each Borrower and each other Loan Party is in compliance in all material respects with all the terms and provisions set forth in each Loan Document on its part to be observed or performed, and at the time of and immediately after giving effect to this Agreement, no Event of Default or Default has occurred and is continuing.
(d)      The information included in any certification regarding beneficial ownership as required by 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”) provided by any Loan Party on or prior to the Incremental Effective Date to any Lender in connection with this Agreement, the Credit Agreement or any other Loan Document is true and correct in all material respects.
SECTION 5.      Conditions to Effectiveness.  The effectiveness of this Agreement and the obligations of the 2019 U.S. Term Lenders to provide the 2019 U.S. Term Loans are subject to the satisfaction or waiver of the following conditions precedent (the date on which all such conditions are satisfied or waived, the “Incremental Effective Date”):

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(a)      the Administrative Agent shall have received counterparts of this Agreement that, when taken together, bear the signatures of Terex, each Subsidiary Borrower, each Subsidiary Guarantor, each 2019 U.S. Term Lender and the Required Lenders;
(b)      the representations and warranties set forth in Section 4 shall be true and correct, and the Administrative Agent shall have received a certificate to that effect, dated the Incremental Effective Date and signed by a President, a Vice President or a Financial Officer of Terex;
(c)      Terex shall have paid (i) to each 2019 U.S. Term Lender an upfront fee in an aggregate amount equal to 0.50% of the aggregate principal amount of the 2019 U.S. Term Loan of such 2019 U.S. Term Lender on the Incremental Effective Date (which fee may, at the option of the Administrative Agent, take the form of original issue discount) and (ii) to the Administrative Agent and the 2019 U.S. Term Lenders all fees and other amounts due and payable by it on or prior to the Incremental Effective Date and, to the extent invoiced, reimbursement or payment of all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by any Loan Party under any Loan Document;
(d)      the Administrative Agent shall have received (i) a certificate as to the good standing of Terex and each Subsidiary Guarantor as of a recent date, from the Secretary of State (or comparable entity) of the state (or comparable jurisdiction) of its organization (or, if such jurisdiction does not issue such certificates, a comparable document or the results of searches of official registries demonstrating good standing or lack of insolvency proceedings against such person, as available); (ii) a certificate of the Secretary or Assistant Secretary of Terex and each Subsidiary Guarantor dated the Incremental Effective Date and certifying (A) that attached thereto is a true and complete copy of (1) the by-laws (or comparable organizational documents) and (2) the certificate or articles of incorporation (or comparable organizational documents), including all amendments thereto, certified as of a recent date by such Secretary of State (or comparable entity), in each case of such person as in effect on the Incremental Effective Date and at all times since a date prior to the date of the resolutions described in clause (B) below (or, if such by-laws (or comparable documents) or certificate or articles of incorporation (or comparable documents) have not been amended or modified since any delivery thereof to the Administrative Agent on or following the Closing Date, certifying that no such amendment or modification has occurred), (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors (or comparable governing body) of Terex and each Subsidiary Guarantor authorizing the execution, delivery and performance of this Agreement and, in the case of Terex, the borrowing hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and (C) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such person; and (iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above;

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(e)      on the Incremental Effective Date, immediately after giving effect to the making of the 2019 U.S. Term Loans, the Senior Secured Leverage Ratio shall be less than or equal to 2.75 to 1.00, and the Administrative Agent shall have received a certificate to that effect (containing reasonably detailed calculations thereof) dated as of the Incremental Effective Date and executed by a Financial Officer of Terex;
(f)      the Administrative Agent shall have received, on behalf of itself and the Lenders, executed legal opinions of (i) the General Counsel of Terex and (ii) Bryan Cave Leighton Paisner LLP, counsel to the Borrower and the Subsidiary Guarantors, in each case, (A) dated the Incremental Effective Date, (B) addressed to the Administrative Agent and the 2019 U.S. Term Lenders and (C) covering such matters as the Administrative Agent shall reasonably request, and Terex hereby requests such counsel to deliver such opinions; and
(g)      the Administrative Agent shall have received all documentation and other information reasonably requested by it that is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation.
The Administrative Agent shall notify Terex and the 2019 U.S. Term Lenders of the Incremental Effective Date, and such notice shall be conclusive and binding.
SECTION 6.      Real Estate Collateral.  Terex shall, and shall cause Terex USA, LLC to, deliver to the Collateral Agent as soon as practicable and in any event within 60 calendar days after the Incremental Effective Date (or such later date as shall be acceptable to the Collateral Agent in its sole discretion), (a) an amendment to the Mortgage encumbering the Mortgaged Property which shall provide that such Mortgage remains in full force and effect and continues to secure the Obligations and (b) if available in the applicable jurisdiction, a date down endorsement to the mortgagee’s title policy issued to the Administrative Agent in connection with the Mortgage in respect of the Mortgaged Property, in each case in form and substance satisfactory to the Administrative Agent.
SECTION 7.      Consent and Reaffirmation. Terex and each Subsidiary Guarantor hereby (a) consents to this Agreement and the transactions contemplated hereby, (b) agrees that, notwithstanding the effectiveness of this Agreement, the Guarantee and Collateral Agreement and each of the other Security Documents to which it is a party continue to be in full force and effect, (c) affirms and confirms its guarantee (in the case of a Guarantor) of the Obligations and the pledge and/or grant (in the case of a Grantor (as defined in the Guarantee and Collateral Agreement)) of a security interest in its assets as Collateral pursuant to the Security Documents to secure the Obligations, all as provided in the Loan Documents, and (d) acknowledges and agrees that such guarantee, pledge and/or grant continues in full force and effect in respect of, and to secure, the Obligations, including the 2019 U.S. Term Loans.  Without limiting the foregoing, nothing herein contained shall be construed as a novation of any of the Loan Documents or a substitution or novation of the Obligations or instruments guaranteeing or securing the same, which Loan Documents, Obligations and instruments shall remain and continue in full force and effect.

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SECTION 8.      Applicable Law.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
SECTION 9.      Counterparts.  This Agreement 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 signature page to this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement.
SECTION 10.      Notices.  All notices hereunder or in connection herewith shall be given in accordance with the provisions of Section 9.01 of the Credit Agreement.
SECTION 11.      Headings.  Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.
[Remainder of this page intentionally left blank]

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

	By

	 
	/s/ Eric I Cohen

	 
	Name: Eric I Cohen

	 
	Title:   Senior Vice President

	
		
	NEW TEREX HOLDINGS UK LIMITED,

	by

	 
	/s/ Eric I Cohen

	 
	Name: Eric I Cohen

	 
	Title:   Director

	
		
	TEREX INTERNATIONAL FINANCIAL SERVICES COMPANY UNLIMITED COMPANY,

	by

	 
	/s/  Ramon Oliu

	 
	Name: Ramon Oliu

	 
	Title:   Director

	
		
	TEREX AUSTRALIA PTY LTD 
(ACN 010 010 671 048),  

	by

	 
	/s/  John D. Sheehan

	 
	Name: John D. Sheehan

	 
	Title:   Director

	by

	 
	/s/ Eric I Cohen                                     

	 
	Name:  Eric I Cohen

	 
	Title:  Company Secretary

[Signature Page to Incremental Assumption Agreement and Amendment No. 3]

	
		
	GENIE INDUSTRIES, INC. 
TEREX SOUTH DAKOTA, INC. 
TEREX WASHINGTON, INC.
TEREX ADVANCE MIXER, INC.
TEREX FINANCIAL SERVICES, INC.,

	

By

	 
	/s/ Eric I Cohen

	 
	Name: Eric I Cohen

	 
	Title:   Vice President

	
		
	TEREX USA, LLC,

	By

	 
	/s/ Eric I Cohen

	 
	Name: Eric I Cohen

	 
	Title:   Senior Vice President

	
		
	TEREX UTILITIES, INC.,

	By

	 
	/s/ Eric I Cohen

	 
	Name: Eric I Cohen

	 
	Title:   President

[Signature Page to Incremental Assumption Agreement and Amendment No. 3]

	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, individually as a 2019 U.S. Term Lender and as Administrative Agent and Collateral Agent,

	 

	By

	 
	 

	 
	Name:

	 
	Title:

	 

	By

	 
	 

	 
	Name:

	 
	Title:

	 

	 
	 

	 
	 

[Signature Page to Incremental Assumption Agreement and Amendment No. 3]

LENDER SIGNATURE PAGE TO INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 3 DATED AS OF THE DATE FIRST WRITTEN ABOVE RELATING TO THE TEREX CORPORATION CREDIT AGREEMENT

Name of Institution: ____________________________________________________

	
		
	By
	 

	 
	Name:

	 
	Title:

	For any institution requiring a second signature line:

	By
	 

	 
	Name:

	 
	Title:

 

[Signature Page to Incremental Assumption Agreement and Amendment No. 3]

SCHEDULE I
2019 U.S. Term Loan Commitments

	
				
	2019 U.S. Term Lender
	2019 U.S. Term Loan Commitment

	Credit Suisse AG, Cayman Islands Branch
	

	$200,000,000
	

	TOTAL
	

	$200,000,000
	

SCHEDULE II1 
SUBSIDIARY GUARANTORS

	
		
	Subsidiary
	State of Formation

	Genie Industries, Inc.
	Washington

	Terex South Dakota, Inc.
	Delaware

	Terex USA, LLC
	Delaware

	Terex Utilities, Inc.
	Oregon

	Terex Washington, Inc.
	Washington

	Terex Advance Mixer, Inc.
	Delaware

	Terex Financial Services, Inc.
	Delaware

________________________
1 This Schedule II hereto is for reference purposes only.

SCHEDULE III
2019 U.S. TERM LOAN AMORTIZATION

For purposes of Section 2.11(c) of the Credit Agreement, the 2019 U.S. Term Loans shall amortize according to the following schedule (based upon the aggregate principal amount of the 2019 U.S. Term Loans outstanding on the Incremental Effective Date, and subject to adjustment as provided in Sections 2.11(c) of the Credit Agreement):
	
		
	DATE
	SCHEDULED 2019 U.S. 
TERM LOAN REPAYMENTS

	June 30, 2019
September 30, 2019
December 31, 2019
	0.25%
0.25%
0.25%

	March 31, 2020
June 30, 2020
September 30, 2020
December 31, 2020
	0.25%
0.25%
0.25%
0.25%

	March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
	0.25%
0.25%
0.25%
0.25%

	March 31, 2022
June 30, 2022
September 30, 2022
December 31, 2022
	0.25%
0.25%
0.25%
0.25%

	March 31, 2023
June 30, 2023
September 30, 2023
December 31, 2023
	0.25%
0.25%
0.25%
0.25%

	Term Loan Maturity Date
	RemainderEX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (this “Release”) is entered into by Capital Senior Living, Inc. (the “Company”), and
Brett D. Lee (“Employee”) as of the date this Release is signed by Employee. The Company and Employee are referred to as the “Parties.” This Release cancels and supersedes all prior agreements relating to Employee’s
employment with the Company except as provided in this Release. 
 WHEREAS, the Company and Employee entered into an Amended and Restated
Employment Agreement as of 11th day of September, 2018 (the “Employment Agreement”). This Release is entered into by and between Employee and the Company, pursuant to the Employment Agreement; 

WHEREAS, because of Employee’s employment as an employee of the Company, Employee has obtained intimate and unique knowledge of all
aspects of the Company’s business operations, current and future plans, financial plans and other confidential and proprietary information; 

WHEREAS, Employee’s employment with the Company and all other positions, if any, held by Employee in the Company or any of its
subsidiaries or affiliates, including officer positions, terminated effective as of February 28, 2019 (the “Separation Date”); and 

WHEREAS, except as otherwise provided herein, the Parties desire to finally, fully and completely resolve all disputes that now or may exist
between them, including, but not limited to those concerning the Employment Agreement (except for the post-termination obligations contained in the Employment Agreement), Employee’s job performance and activities while employed by the Company
and Employee’s hiring, employment and separation from the Company, and all disputes over benefits and compensation connected with such employment; 

NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

1.    Termination of Employee’s Employment. Employee’s employment with the Company terminated on the
Separation Date. 
 2.    Certain Payments and Benefits. 

(a)    Accrued Obligations. In accordance with the Company’s customary payroll practices, the
Company shall pay Employee for all unpaid salary, unreimbursed business expenses, and any accrued but unused vacation through the Separation Date (“Accrued Obligations”). 

(b)    Separation Benefits. Subject to Employee’s consent to and fulfillment of Employee’s
obligations in this Release and Employee’s post-termination obligations in the Employment Agreement, and provided that Employee does not revoke this Release, the Company shall pay Employee the amount of his current base salary for a period of
one year, minus normal payroll withholdings and taxes (“Separation Benefit”), payable in accordance with the Company’s normal payroll policies, in approximately equal installments no less frequently than semi-monthly. 

  
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 (c)    Stock Awards. Employee shall retain the
10,297 shares of Company stock that vested on September 20, 2018, which are all his Company stock awards that are vested. 

(d)    Waiver of Additional Compensation or Benefits. Other than the compensation and payments
provided for in this Release and the post-termination benefits provided for in the Employment Agreement, Employee shall not be entitled to any additional compensation, benefits, payments or grants under any agreement, benefit plan, severance plan or
bonus or incentive program established by the Company. Employee agrees that the waiver and release in Section 3 below covers any claims Employee might have regarding Employee’s compensation and any benefits Employee may or may not have
received during Employee’s employment with the Company. 
 3.    General Release and Waiver. In
consideration of the payments and other consideration provided for in this Release, that being good and valuable consideration, the receipt, adequacy and sufficiency of which are acknowledged by Employee, Employee, on Employee’s own behalf and
on behalf of Employee’s agents, administrators, representatives, executors, successors, heirs, devisees and assigns (collectively, the “Releasing Parties”) hereby fully releases, remises, acquits and forever discharges the Company,
and all of its affiliates, and each of their respective past, present and future officers, directors, shareholders, equity holders, members, partners, agents, employees, consultants, independent contractors, attorneys, advisers, successors and
assigns (collectively, the “Released Parties”), jointly and severally, from any and all claims, rights, demands, debts, obligations, losses, causes of action, suits, controversies, setoffs, affirmative defenses, counterclaims, third party
actions, damages, penalties, costs, expenses, attorneys’ fees, liabilities and indemnities of any kind or nature whatsoever (collectively, the “Claims”), whether known or unknown, suspected or unsuspected, accrued or unaccrued,
whether at law, equity, administrative, statutory or otherwise, and whether for injunctive relief, back pay, fringe benefits, reinstatement, reemployment, or compensatory, punitive or any other kind of damages, which any of the Releasing Parties
ever have had in the past or presently have against the Released Parties, and each of them, arising from or relating to Employee’s employment with the Company or its affiliates or the termination of that employment or any circumstances related
thereto, or (except as otherwise provided below) any other matter, cause or thing whatsoever, including without limitation all claims arising under or relating to employment, employment contracts, employee benefits or purported employment
discrimination or violations of civil rights of whatever kind or nature, including without limitation all claims arising under the Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act, as amended, the Family
and Medical Leave Act of 1993, the Equal Pay Act of 1963, the Rehabilitation Act of 1973, Title VII of the United States Civil Rights Act of 1964, 42 U.S.C. § 1981, the Employee Retirement Income Security Act, the Civil Rights Act of 1991, the
Civil Rights Acts of 1866 and/or 1871, the Genetic Information Nondiscrimination Act, Chapter 21 of the Texas Labor Code, the Texas Payday Law, the Texas Labor Code or any other applicable federal, state or local employment statute, law or
ordinance, including, without limitation, any disability claims under any such laws, claims for wrongful discharge, claims arising under state law, contract claims including breach of express or implied

  
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contract, alleged tortious conduct, claims relating to alleged fraud, breach of fiduciary duty or reliance, breach of implied covenant of good faith and fair dealing, and any other claims arising
under state or federal law, as well as any expenses, costs or attorneys’ fees. Employee further agrees that Employee will not file or permit to be filed on Employee’s behalf any such claim. Notwithstanding the preceding sentence or any
other provision of this Release, this Release is not intended to interfere with Employee’s right to file a charge with the Equal Employment Opportunity Commission (the “EEOC”), or other governmental agency, in connection with any
claim Employee believes Employee may have against the Company or its affiliates. However, by executing this Release, Employee hereby waives the right to recover in any proceeding Employee may bring before the EEOC or any other governmental agency or
in any proceeding brought by the EEOC or other governmental agency on Employee’s behalf. This Release shall not apply to any of the Company’s obligations under this Release or post-termination obligations under the Employment Agreement.
Employee acknowledges that certain of the payments and benefits provided for in Section 2 of this Release constitute good and valuable consideration for the release contained in this Section 3. 

4.    Return of Company Property. As soon as possible, Employee shall, to the extent not previously returned or
delivered: (a) return all equipment, records, files, programs or other materials and property in Employee’s possession which belongs to the Company or any of its affiliates, including, without limitation, all computers, printers, laptops,
personal data assistants, cell phones, credit cards, keys and access cards; and (b) deliver all original and copies of confidential and proprietary information (as described in Paragraph 8 of the Employment Agreement) in Employee’s
possession and notes, materials, records, plans, technical data or other documents, files or programs (whether stored in paper form, computer form, digital form, electronically or otherwise) in Employee’s possession that contain Proprietary
Information. By signing this Release, Employee represents and warrants that Employee has not retained and has or will timely return and deliver all the items described or referenced in subsections (a) or (b) above; and, that should Employee
later discover additional items described or referenced in subsections (a) or (b) above, Employee will promptly notify the Company and return/deliver such items to the Company. 

5.    Non-Disparagement. Employee agrees that Employee will not, directly
or indirectly, disclose, communicate, or publish any disparaging information concerning the Company or the Released Parties, or cause others to disclose, communicate, or publish any disparaging information concerning the same. Notwithstanding the
foregoing, the provisions of this Section shall not apply with respect to any charge filed by Employee with the EEOC or other comparable agency or in connection with any proceeding with respect to any claim not released by this Release. 

6.    Protected Rights. Employee understands that nothing contained in this Release limits Employee’s ability
to file a charge or complaint with the EEOC, the NLRB, OSHA, the SEC or any other federal, state or local governmental agency or commission (“Government Agencies”). Employee further understands that this Release does not limit
Employee’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
Company. This Release does not limit Employee’s right to receive an award for information provided to any Government Agencies. 

  
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 7.    Not An Admission of Wrongdoing. This Release shall not in
any way be construed as an admission by either Party of any acts of wrongdoing, violation of any statute, law or legal or contractual right. 

8.    Voluntary Execution of the Release. Employee and the Company represent and agree that they have had an
opportunity to review all aspects of this Release, and that they fully understand all the provisions of this Release and are voluntarily entering into this Release. Employee further represents that Employee has not transferred or assigned to any
person or entity any claim involving the Company or any portion thereof or interest therein. 
 9.    Continuing
Obligations. Employee reaffirms and understands his continuing obligations in the Employment Agreement, including Sections 7, 8, 9, and 10. 

10.    Binding Effect. This Release shall be binding upon the Company and upon Employee and Employee’s heirs,
administrators, representatives, executors, successors and assigns and the Company’s representatives, successors and assigns. In the event of Employee’s death, this Release shall operate in favor of Employee’s estate and all payments,
obligations and consideration will continue to be performed in favor of Employee’s estate. 

11.    Severability. Should any provision of this Release be declared or determined to be illegal or invalid by any
government agency or court of competent jurisdiction, the validity of the remaining parts, terms or provisions of this Release shall not be affected and such provisions shall remain in full force and effect. 

12.    Entire Agreement. Except for the post-termination obligations in the Employment Agreement, this Release sets
forth the entire agreement between the Parties, and fully supersedes any and all prior agreements, understandings, or representations between the Parties pertaining to Employee’s employment with the Company, the subject matter of this Release
or any other term or condition of the employment relationship between the Company and Employee. Employee represents and acknowledges that in executing this Release, Employee does not rely, and has not relied, upon any representation(s) by the
Company or its agents except as expressly contained in this Release or the Employment Agreement. Employee and the Company agree that they have each used their own judgment in entering into this Release. 

13.    Consideration and Revocation Periods. Employee, by Employee’s free and voluntary act of signing below,
(a) acknowledges that Employee has been given a period of twenty-one (21) days to consider whether to agree to the terms contained herein, (b) acknowledges that Employee has been advised to consult with an attorney prior to executing
this Release, (c) acknowledges that Employee understands that this Release specifically releases and waives all rights and claims Employee may have under the ADEA, prior to the date on which Employee signs this Release, and (d) agrees to
all of the terms of this Release and intends to be legally bound thereby. The Parties acknowledge and agree that each Party has reviewed and negotiated the terms and provisions of this Release and has contributed to its preparation (with advice of
counsel). Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Release. Rather, the terms of this Release shall be construed fairly as to
both Parties and not in favor of or against either Party, regardless of which Party generally was responsible for the preparation of this Release. 

  
 4 

 This Release will become effective, enforceable and irrevocable on the eighth day after the date on which it
is executed by Employee (the “Effective Date”). During the seven-day period prior to the Effective Date, Employee may revoke Employee’s agreement to accept the terms hereof by giving notice to
the Company of Employee’s intention to revoke. If Employee exercises Employee’s right to revoke hereunder, Employee shall not be entitled, except as required by applicable wage payment laws, including but not limited to the Accrued
Obligations, to any payment hereunder until Employee executes and does not revoke a comparable release of claims, and to the extent such payments or benefits have already been made, Employee agrees that Employee will immediately reimburse the
Company for the amounts of such payments and benefits to which he is not entitled. 
 14.    Notices. All notices
and other communications hereunder will be in writing. Any notice or other communication hereunder shall be deemed duly given if it is delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid, and
addressed to the intended recipient as set forth: 
 If to Employee: 

Brett D. Lee 
 8 Waters Edge
Ct. 
 Heath, TX 75032 
 If to
the Company: 
 Capital Senior Living Corporation 

14160 Dallas Parkway, Suite 300 

Dallas TX 75254-4383 
 Attention:
General Counsel 
 Any Party may change the address to which notices and other communications are to be delivered by giving the other Party notice. 

15.    Governing Law. This Release shall be governed by the laws of the State of Texas. 

16.    Counterparts. This Release may be executed in counterparts, each of which when executed and delivered (which
deliveries may be by facsimile or other electronic method of delivery) shall be deemed an original and all of which together shall constitute one and the same instrument. 

17.    No Assignment of Claims. Employee represents and agrees that Employee has not transferred or assigned, to
any person or entity, any claim involving the Company, or any portion thereof or interest therein. 
 18.    No
Waiver. This Release may not be waived, modified, amended, supplemented, canceled or discharged, except by written agreement of the Parties. Failure to exercise and/or delay in exercising any right, power or privilege in this Release shall not
operate as a waiver. No 

  
 5 

 
waiver of any breach of any provision shall be deemed to be a waiver of any preceding or succeeding breach of the same or any other provision, nor shall any waiver be implied from any course of
dealing between or among the Parties. 
 I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING RELEASE, THAT I UNDERSTAND ALL OF ITS TERMS AND THAT I AM
RELEASING CLAIMS AND THAT I AM ENTERING INTO IT VOLUNTARILY. 
  

	
	EMPLOYEE
	
	 /s/ Brett D. Lee

	 Brett D. Lee

8 Waters Edge Ct.

	 Heath, TX 75032

	
	 Date: March 1, 2019

  

			
	CAPITAL SENIOR LIVING, INC.
		
	By:	 	 /s/ Kimberly S. Lody

		 	Kimberly S. Lody
		 	President and Chief Executive Officer
	
	14160 Dallas Parkway, Suite 300
	Dallas, TX 75254
	
	Date: March 4, 2019

  
 6

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