Document:

Future Advance Promisory Note

 Exhibit 10.5 
 FUTURE ADVANCE PROMISSORY NOTE 
 (“Promissory Note” or “Note”) 

 

	 $7,246,111.89 
	 MIAMI, FLORIDA 

 OCTOBER     , 2008 
 FOR VALUE RECEIVED,
the undersigned, POST, BUCKLEY, SCHUH & JERNIGAN, INC., a Florida corporation, (“Maker” or “Borrower”), promises to pay to the order of SUNTRUST BANK, a State Bank organized under the laws of Georgia,
(“Lender”), the principal sum of SEVEN MILLION TWO HUNDRED FORTY SIX THOUSAND ONE HUNDRED ELEVEN DOLLARS AND EIGHTY NINE CENTS ($7,246,111.89), together with interest thereon from date until paid according to the terms of this Note.
Interest shall accrue at a variable rate equal to the LIBOR (London Interbank Offered Rate) plus TWO HUNDRED TWENTY SEVEN (227) basis points (“LIBOR RATE”) which shall be quoted for a ONE MONTH period and adjusted on the first
day of each calendar month thereafter (“Interest Rate Determination Date”) based upon the LIBOR RATE quoted two business days prior to the 1st day of each calendar month. The LIBOR RATE shall remain fixed during each month based upon the interest rate established on the applicable Interest Rate Determination Date. LIBOR shall mean that rate per annum effective on any Interest
Rate Determination Date which is equal to the quotient of: i) the rate per annum equal to the offered rate for deposits in U.S. dollars for a one (1) month period, which rate appears on that page of Bloomberg reporting service, or such similar
service as determined by the Lender, that displays British Bankers’ Association interest settlement rates for deposits in U.S. Dollars, as of 11:00 a.m. (London, England time) two (2) Business Days prior to the Interest Rate Determination
Date; provided, that if no such offered rate appears on such page, the rate used for such Interest Period will be the per annum rate of interest determined by the Lender to be the rate at which U.S. dollar deposits for the Interest Period, are
offered to the Lender in the London Inter-Bank Market as of 11: 00 a.m. (London, England time), on the day which is two (2) Business Days prior to the Interest Rate Determination Date, divided by, (ii) a percentage equal to 1.00
minus the maximum reserve percentages (including any emergency, supplemental, special or other marginal reserves) expressed as a decimal (rounded upward to the next 1/100th of 1%) in effect on any day to which the Lender is subject with
respect to any LIBOR loan pursuant to regulations issued by the Board of Governors of the Federal Reserve System with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities” under Regulation D). This percentage
will be adjusted automatically on and as of the effective date of any change in any reserve percentage. Interest herein will be computed on the basis of a 360 day year and shall be calculated for the actual number of days elapsed. 
  

 1 

 Principal and Interest shall be payable in lawful money of the United States, at 777 Brickell Avenue,
Miami, Florida 33131, or at such other place as the holder hereof may designate in writing as follows: 
 Commencing the 1st day of December, 2008 and the 1st day of each month thereafter, until November 1, 2015 (“Maturity Date”), equal monthly principal payments in the amount of $30,192.13 together with accrued interest
based upon the unpaid and outstanding principal balance. 
 On November 1, 2015, the Maturity Date, this Promissory Note shall mature and
the entire unpaid principal balance together with accrued interest shall be due and payable in full. 
 The Maker and any endorsers,
sureties, guarantors and all others who are, or may become liable for the payment hereof severally: 
 a) waive presentment for payment,
demand, notice of demand, notice of non payment, or dishonor, protest and notice of protest of this Promissory Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this
Promissory Note. 
 b) waive all applicable exemption rights, whether under the State Constitution, Homestead Laws or otherwise, and also
waive valuation and appraisement. 
 c) consent to all extensions of time, renewals, postponements of time of payment of this Promissory Note
or other modifications hereof, from time to time or after the maturity date hereof, whether by acceleration or in due course, without notice, consent or consideration to any of the foregoing. 
 d) agree to any substitution, exchange, addition or release of any of the indebtedness evidenced by this Promissory Note, or the addition or release of
any party or person primarily or secondarily liable hereon. 
 e) agree that the holder shall not be required first to institute any suit, or
to exhaust its remedies against the undersigned maker or any other person or party liable hereunder or against the security in order to enforce the payment of this Note. 
 f) agree that notwithstanding the occurrence of any of the foregoing (except by the express written release by the holder or any such person), the undersigned shall be and remain jointly and severally directly and
primarily liable for all sums due under this Promissory Note. 
 In addition to the payments of principal and interest required to be paid
under the terms of this Promissory Note, if there shall be a default under the terms of this Promissory Note, the holder shall be entitled to recover from the Maker all of the holder’s costs of collection, including the holder’s reasonable
attorney’s fees, whether for services incurred in collection, litigation, bankruptcy proceedings, appeals or otherwise, and all other costs incurred in connection therewith. 
  

 2 

 All payments required to be paid under the terms of this Promissory Note shall first be applied to costs
that may be due from the maker to the holder, as aforesaid, and then shall be applied to interest due and owing and the remainder shall be applied to principal due and owing under the terms hereof. 
 This Promissory Note is secured by a Mortgage, Security Agreement and Assignment of Leases Rents and Profits (“Mortgage”) dated March 19,
2001, recorded March 21, 2001, in Official Records Book 6218 at Page 4333 of the Public Records of Orange County, Florida, and all future amendments and modifications thereto, including that certain Future Advance, Note and Mortgage
Modification Agreement of even date herewith. This Promissory Note is also secured by and subject to all of the terms and conditions of other instruments executed and delivered by the Maker to the Lender with the Mortgage as well as those of even
date herewith (all of such instruments shall be collectively referred to as the “Related Security Documents”) as security for and securing the indebtedness evidenced by this Promissory Note. This Promissory Note is to be construed and
enforced according to the laws of the State of Florida and reference is made to the Mortgage for rights as to the acceleration of the indebtedness evidenced by this Note. 
 In the event that any sums of money due under the terms of this Promissory Note shall not promptly and fully be paid when the same severally becomes due and payable, or in the event of any other default under the
terms of this Promissory Note or the Mortgage securing same, or if the Lender deems itself insecure, or upon any default in the payment of any sum due by Maker to Lender, under any other promissory note, security instrument or other written
obligation of any kind now existing or hereafter created, or upon the insolvency, bankruptcy, dissolution, death or incompetency of any Maker, endorser, or guarantor hereof, the entire principal indebtedness evidenced hereby, together with all
arrearage of interest hereon and other sums due hereunder and under said mortgage shall, at the option of the holder hereof, become due and payable immediately, without presentation, demand or further action of any kind and execution may forthwith
issue for the collection of same. 
 Provided that the holder has not exercised its right to accelerate the payment of this Promissory Note,
as hereinabove provided, a late charge of five (5%) percent of any payment required hereunder shall be imposed on each and every payment not received by the holder within TEN (10) days after it is due. The late charge is not a penalty, but
liquidated damages to defray administrative and related expenses due to such late payment. The late charge shall be immediately due and payable and shall be paid by the Maker to the holder without notice or demand; provided, however, under no
circumstances shall any such late charge be imposed which shall be in excess of the maximum legal interest rate chargeable under Florida law. 
 The Maker and any endorsers, sureties, guarantors, and all others who are or who may become liable for the payment hereof, severally expressly authorize and empower the holder, at its sole discretion, at any time after the occurrence of a
default hereunder, to appropriate and, in such order as the holder may elect, apply to the payment hereof or to the payment of any and all indebtedness, 

  

 3 

 
liabilities and obligations of such parties to the holder or any of the holder’s affiliates, whether now existing or hereafter created or arising or now
owned or howsoever after acquired by holder or any of the holder’s affiliates (whether such indebtedness, liabilities and obligations are or will be joint or several, direct or indirect, absolute or contingent, liquidated or unliquidated,
matured or unmatured, including but not limited to any letter of credit issued by the holder for the benefit of any such parties) any and all money, general or specific deposits or collateral of any such parties now or hereafter in the possession of
the holder, except that the holder’s right to appropriate and apply any and all money, general or specific deposits of the Maker, endorsers, sureties, and guarantors, shall not extend to any Individual Retirement Accounts and/or Keough accounts
that are in the possession of the holder. 
 The Maker and any endorsers, sureties, guarantors, and all others who are or who may become
liable for the payment hereof, severally, irrevocably and unconditionally : (a) agree that any suit, action or other legal proceeding arising out of or relating to this Promissory Note may be brought, at the option of the holder, in either a
court of record of the State of Florida in Miami-Dade County or in the United States District Court for the Southern District of Florida; (b) consent to the jurisdiction of each such Court in any such suit, action or proceeding; and
(c) waive any objection which it or they may have to the laying of venue of such suit, action or proceeding in any of such Courts. 
 Notwithstanding any provision herein or in any instrument now or hereafter securing this Promissory Note, the total liability for payments in the nature of interest shall not exceed the limits now imposed by the usury laws of Florida, and
any amount paid in excess thereof shall be applied to the unpaid principal balance. Such application shall be made to future installments of principal in the inverse order of their maturity and shall not change or modify the payments next due, but
shall accelerate the final maturity date. In the event of the acceleration of this Promissory Note, the total charges for interest and the nature of interest shall not exceed the maximum amount allowed by law and any excess portion of such charges
that may have been prepaid shall be refunded to the makers hereof at the time of acceleration. Such refund may be made by application of the amount involved against the sums due hereunder, but such crediting shall not cure or waive the default
occasioning acceleration. 
 Maker may prepay the loan, in whole or in part, at any time, without penalty. However, if Maker has entered into
a swap, an early termination of the swap agreement may result in either a net gain or a net cost to the Maker, depending upon market conditions at the time the swap agreement is terminated. 
 The Promissory Note holder may require that any partial prepayments (i) be made on the date monthly installments are due, and (ii) be in the
amount of one or more monthly installments which will be applied to principal. 
 Any partial prepayment shall be applied against the
principal amount outstanding and shall not postpone the due date of any subsequent monthly installments or change the amount of such installments, unless the Promissory Note holder shall otherwise agree in writing. 
  

 4 

 After maturity or default, this Promissory Note shall bear interest at the highest rate permitted under
the then applicable law (“Default Rate”), provided, however, in the event there is then no such highest rate applicable or in the event said highest rate is otherwise indeterminable, the parties agree that the applicable rate shall be
EIGHTEEN (18.00%) PERCENT per annum, further provided, however, in no event shall such rate exceed the highest rate permissible under the applicable law. 
 Post Judgment Interest Rate. The post judgment rate of interest for any judgment entered pursuant to this note or any other loan document executed in connection herewith shall be the greater of:
(i) the default rate set forth in this note; or, (ii) the rate established by the Comptroller of the State of Florida pursuant to Section 55.03 (1), Florida Statutes. 
 This Promissory Note shall be construed, interpreted, enforced, and governed by and in accordance with the laws of the State of Florida (excluding the
principles thereof governing conflicts of law) and federal law in the event federal law permits a higher rate of interest than State law. 
 If any provision or portion of this Promissory Note is declared or found by a Court of competent jurisdiction to be unenforceable or null and void, such provision or portion thereof shall be deemed stricken and severed from this Promissory
Note and the remaining provisions and portions thereof shall continue in full force and effect. 
 TRANSFER OF LOAN: The Lender
may. at any time, sell, transfer or assign the Note, the Security Instrument and the other Loan Documents, and any and all servicing rights with respect thereto, or grant participations therein or issue mortgage pass through certificates or other
securities evidencing a beneficial interest in a rated or unrated public offering or private placement (the “Securities”). Lender may forward to each purchaser, transferee, assignee, participant, investor in such Securities or any
Rating Agency (as hereinafter defined) rating such securities (collectively the “Investor”) and each prospective Investor, all documents and information which Lender now has or may hereafter acquire relating to the Debt and to
Borrower, any Guarantor and the Property, whether furnished by Borrower, any Guarantor or otherwise, as Lender determines necessary or desirable. The term “Rating Agency” shall mean each statistical rating agency that has assigned a
rating to the Securities. 
 LENDER AND MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL
BY JURY IN RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER EXTENDING CREDIT TO MAKER. FURTHER, MAKER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF LENDER, NOR THE LENDER’S COUNSEL, HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT LENDER WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. 
  

 5 

 THIS IS A FUTURE ADVANCE PROMISSORY NOTE AND THE PROPER FLORIDA DOCUMENTARY STAMP TAX HAVE BEEN PAID AND THE PROPER
DOCUMENTARY STAMPS HAVE BEEN AFFIXED TO THE FUTURE ADVANCE, NOTE AND MORTGAGE MODIFICATION AGREEMENT OF EVEN DATE HEREWITH SECURING THIS PROMISSORY NOTE. 
  

			
	POST, BUCKLEY, SCHUH & JERNIGAN, INC.
	a Florida corporation
		
	By:	 	 /s/ Donald J. Vrana

		 	DONALD J. VRANA
	As its:	 	Senior Vice President and Chief Financial Officer

  

							
	STATE OF FLORIDA	  	)	  		  	
	COUNTY OF HILLSBOROUGH	  	)	  		  	

 The foregoing instrument was acknowledged
before me this 28th day of October, 2008, by DONALD J. VRANA, as Senior Vice President and Chief Financial Officer of POST, BUCKLEY,
SCHUH & JERNIGAN, INC., a Florida Corporation, on behalf of the corporation. He/she (        ) is personally known to me or (        ) has produced as
identification a                     . 
  

	
	 /s/ Monica M. Vazquez

	NOTARY PUBLIC, STATE OF FLORIDA
	Print Name: Monica M. Vazquez
	Commission Number: DD735464

  

 6Seperation Agreement and Release

 EXHIBIT 10.44 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release (referred to
hereinafter as “Agreement”), effective September 2, 2008, is entered into by and between The PBSJ Corporation, a Florida corporation (the “Parent”), Post, Buckley, Schuh & Jernigan, Inc., a Florida corporation d/b/a
PBS&J (the “Subsidiary”) (hereinafter the Parent and the Subsidiary are referred to collectively, together with their affiliates and subsidiaries as “PBS&J”), and Todd J. Kenner, P.E., individually and on behalf of his
heirs, executors, administrators, legal representatives, and assigns (referred to hereinafter as “Kenner”). 
 WHEREAS, Kenner has
been employed by the Subsidiary as its President; and, 
 WHEREAS, Kenner has elected to voluntarily resign his employment with PBS&J and
PBS&J has accepted Kenner’s voluntary resignation; and, 
 WHEREAS, the parties desire to formalize the future obligations of each
party and to fully and completely resolve any and all claims, known and unknown, which the parties had, have or may have between them; 
 THEREFORE, in consideration of the promises and mutual covenants herein contained, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Kenner confirms his decision to voluntarily resign his employment with PBS&J, effective August 22, 2008. Kenner understands and acknowledges
that his resignation will also serve as his resignation from any committees, boards, and any other office or positions that he holds with PBS&J. 
 2. In recognition for his services to PBS&J and as consideration for Kenner’s agreement to the terms of this Agreement, PBS&J agrees as follows: 
  

	 	(a)	PBS&J agrees to pay to Kenner a cash severance benefit of One Hundred Sixty-Two Thousand Five Hundred Dollars and Zero Cents ($162,500.00), less all applicable tax withholdings.
This benefit shall be paid out in monthly installments over a six month period; 

  

	 	(b)	 With respect to Kenner’s participation in the Supplemental Income Program (“SIP”), PBS&J agrees to pay to Kenner a cash lump sum benefit in the
amount of Two Hundred Thirty-Four Thousand One Hundred and Fifty Dollars and Zero Cents ($234,150.00), less all applicable tax withholdings. PBS&J shall have no further obligation to Kenner with respect to any SIP agreement between
PBS&J and Kenner, all of which shall be 

  

									
	Initials:	 		 		 		 	
					
	  
	 		 	  
	 	1 of 9	 	
	Kenner	 		 	PBS&J	 		 	

	 	 
terminated and of no further force and effect. For purposes of this Agreement “SIP” shall include (i) that certain Supplemental Income
Agreement dated as of the 23rd day of August 1996, by and between the Parent, the Subsidiary and Kenner, (ii) that certain Amendment to
Supplemental Income Retirement Agreement dated the 1st day of January 2000, by and between the Parent and Subsidiaries (as defined therein) and
Kenner, and (iii) that certain Key Employee Supplemental Income Program Agreement dated the 1st day of January, 2004, by and between the
Parent, the Subsidiary and Kenner; 

  

	 	(c)	PBS&J will redeem common stock owned or held by Kenner as follows for $29.68 per share: (i) 7830 shares of common stock held in a 401(k) Trust (amounts deposited into
Kenner’s 401(k) account), (ii) 7752.61 shares of common stock held in an ESOP (amounts deposited into Kenner’s account), (iii) 79,859.78 shares of common stock owned or held directly. Shares identified in items (i) and
(ii) above will be redeemed for cash, and shares identified in (iii) above will be paid in the form of cash in the amount of $370,238.27, and promissory note (the “Note”) in the amount of $2,000,000, a copy of which is attached
as Addendum 1 to this Agreement. With respect to common stock redeemed as described in this paragraph, total cash received equals $832,730.13, from which all applicable taxes will be withheld; 

  

	 	(d)	PBS&J will redeem common stock in the form of (i) restricted stock of 6580 shares issued to Kenner in 1996 (adjusted for a split) pursuant to your SIP, and
(ii) restricted stock of 6528 shares which was issued to Kenner on October 31, 2000 (adjusted for a split and pro-rated through August 31, 2008). Any restricted stock which has not vested as of the effective date of his resignation
will be considered unvested and will be deemed canceled. With respect to restricted stock redeemed as described in this paragraph, total cash received equals $389,045.44, from which all applicable taxes will be withheld; and

  

	 	(e)	In accordance with the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Kenner will be provided the option of electing continuing health insurance coverage in the
same manner and at the same cost as is provided to other separating employees. 

 3. Kenner acknowledges and agrees that, with
the exception of those benefits set forth in this Agreement, he is not entitled to any other compensation or benefit of any kind or nature, from PBS&J or any of its affiliates. 
  

									
	Initials:	 		 		 		 	
					
	  
	 		 	  
	 	2 of 9	 	
	Kenner	 		 	PBS&J	 		 	

 4. Kenner agrees that he will not disparage, encourage or induce others to disparage or otherwise cast
PBS&J, its affiliates or any of their respective officers, directors or employees in a negative light 
 5. For a period of six months
following the effective date this Agreement, Kenner agrees to fully and promptly cooperate and to make himself available to PBS&J and its officers, directors or employees with respect to any inquiries which may arise concerning matters which he
was handling on behalf of PBS&J or its affiliates. 
 6. In consideration of the provisions, promises, terms and conditions of this
Agreement, the parties agree to the following restrictive covenants: 
  

	 	(a)	Confidentiality and Nondisclosure. Kenner agrees to treat all information received, acquired, maintained, prepared or used during the course of his employment with PBS&J
on a strictly confidential basis and not to disclose, use, give, loan, sell or otherwise dispose of, or make available to any person, firm or other entity, directly or indirectly, such information at any time in the future without the express
written authorization of the Chief Executive Officer of PBS&J. 

  

	 	(b)	Return of Property. Kenner agrees to return all PBS&J property in his possession (including any and all copies) including, but not limited to, credit cards, keys,
computers, computer software, files, manuals, letters, notes, records, drawings, art, notebooks, reports, documents, disks, and any other information, which he obtained, prepared, acquired, maintained or used during his employment with PBS&J.
Kenner’s obligation pursuant to this paragraph shall apply to all PBS&J property without regard to the form of the information and without regard to whether the property was maintained in his office, home or other location.

  

	 	(c)	Noncompetition: For a period six (6) months from the effective date of this Agreement, Kenner agrees not to, directly or indirectly, engage in, be employed by, or to
consult with, any business in competition with PBS&J or any of its affiliates. This restriction shall apply to, but not be limited to, those entities listed in Addendum 2 attached hereto. This restriction shall extend to any and all activities
by Kenner, whether as an employee, independent contractor, partner, joint venturer, officer, director, owner, stockholder or agent on behalf of himself or for any person, firm, partnership, corporation or other entity. 

  

									
	Initials:	 		 		 		 	
					
	  
	 		 	  
	 	3 of 9	 	
	Kenner	 		 	PBS&J	 		 	

	 	(d)	Nonsolicitation of Employees. For a period of two years from the effective date of this Agreement, Kenner agrees not to, directly or indirectly, solicit or otherwise induce
or encourage any employee of PBS&J or any of its affiliates to separate his or her employment with PBS&J or its affiliates. During this two year period, Kenner agrees not to directly or indirectly hire, on behalf of himself or any other
individual or entity, any employee currently employed by PBS&J or any of its affiliates. 

  

	 	(e)	Nonsolicitation of Clients. For a period of two years from the effective date of this Agreement, Kenner agrees not to, directly or indirectly, solicit, divert or alienate any
current or prospective client of PBS&J or any of its affiliates. 

 7. Enforcement of Restrictive Covenants. Kenner
acknowledges and agrees that damages at law alone will be an insufficient remedy to PBS&J and/or its affiliates in the event of a violation of any of the restrictive covenants set forth in paragraph 6. Accordingly, the parties agree that
PBS&J and/or its affiliates shall be entitled to obtain injunctive relief to enforce the provisions of paragraph 6. Kenner acknowledges and agrees that injunctive relief shall be in addition to any other rights or remedies available to
PBS&J, or its affiliates, at law or in equity, including, but not limited to, the recovery of actual damages. In the event of a breach of paragraph 6 by Kenner, in addition to any other equitable or legal relief available, Kenner agrees that he
will be obligated to repay the severance payment received pursuant to paragraph 2(a). The parties agree that no waiver by PBS&J of any breach of paragraph 6 by Kenner unless PBS&J expressly consents to the breach in a writing signed by the
Chief Executive Officer of PBS&J. Any such waiver of any breach of paragraph 6 by Kenner shall not be construed as a waiver of any subsequent breach by Kenner. Kenner acknowledges and agrees that the existence of any claim against PBS&J or
its affiliates, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of paragraph 6 by PBS&J or its affiliates. 
 8. In consideration of the provisions, promises, terms and conditions of this Agreement, Kenner hereby UNCONDITIONALLY, FULLY AND FINALLY RELEASES AND FOREVER DISCHARGES PBS&J from any and all duties, claims,
rights, complaints, charges, damages, costs, expenses, attorneys’ fees, debts, demands, actions, obligations, liabilities, and causes of action, of any and every kind, nature, and character whatsoever, whether known or unknown, whether arising
out of contract, tort, statute, settlement, equity or otherwise, whether foreseen or unforeseen, whether past, present, or future, whether fixed, liquidated, or contingent, which they have, had, or may in the future claim to have based on any act or
omission concerning any matter, cause, or thing arising prior to the date of this Agreement and up to the time of execution of this Agreement (all of the foregoing are hereinafter referred to collectively as the “Released Claims”);
provided, however, that nothing contained in this paragraph shall release PBS&J from its obligations to Kenner under this Agreement or the Note. 
  

									
	Initials:	 		 		 		 	
					
	  
	 		 	  
	 	4 of 9	 	
	Kenner	 		 	PBS&J	 		 	

 9. The Released Claims include, but are not limited to, those directly or indirectly arising out of, or
in any way pertaining to, claims arising under Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§ 1981, 1983, the Fair Labor Standards Act, the Americans with Disabilities Act, the Sarbanes-Oxley Act, the Florida Civil Rights Act, the
Florida Whistleblower Act, the Family and Medical Leave Act, the Age Discrimination in Employment Act, the Older Workers Benefits Protection Act, the Fair Credit Reporting Act, the Employee Retirement Income Security Act, or any other federal, state
or local law, ordinance, regulation, custom, rule or policy; or any cause of action in common law, including but not limited to actions in contract or tort, including any intentional torts; or any claim based upon or related to any instrument,
agreement, or document entered into by or between the parties. 
 10. The Released Claims shall be deemed to include a full and complete
release by Kenner of any and all claims against PBS&J, its officers, directors, employees, agents, insurers and attorneys, as well as any and all affiliates, including any employee benefit plans, as well as their respective, officers, directors,
employees, agents, insurers and attorneys. 
 11. Kenner represents that he does not presently have on file, and has not made in any forum,
any complaints, charges, or claims (whether civil, administrative, or criminal) against the PBS&J or any of its affiliates. Kenner represents that he is familiar with the quarterly reports filed by PBS&J on Form 10-Q, and the annual report
filed by PBS&J on Form 10-K, as filed with the United States Securities and Exchange Commission (collectively referred to hereinafter as the “Reports”). Kenner certifies to PBS&J, its officers and directors that, to his actual
knowledge, the financial statements and other information contained in the Reports fairly present, in all material respects, the financial condition and result of operations of the Company and that he has no reason to believe the Reports contain any
material inaccuracies or omissions. Kenner also certifies to PBS&J that he understands PBS&J’s internal accounting and disclosure controls and procedures (referred to hereinafter as the “Controls and Procedures”), and it is in
compliance with those aspects of the Controls and Procedures applicable to him. In addition, Kenner certifies that he (or those working under his supervision) has disclosed, in writing, to PBS&J’s Chief Financial Officer or his designees
through the quarterly certification process or otherwise (i) all deficiencies in the design or operation of the Controls and Procedures that could adversely affect the Company’s ability to record, process, summarize and report financial
data, known to him and (ii) any fraud or misconduct involving employees or agents of PBS&J, known to him. Kenner agrees that if, after signing this Agreement, he thereafter commences, joins in, or in any manner seeks relief through any suit
arising out of, based upon, or relating to any of the claims released hereunder, or asserts in any manner against PBS&J or its affiliates any of the claims released hereunder, Kenner shall pay to PBS&J, its affiliate, or the employee,
officer, director, agent, representative, or shareholder, or their successor in interest, in addition to any other damages caused by him, all attorneys’ fees incurred by any of them in defending or in otherwise responding to such suit or claim.

  

									
	Initials:	 		 		 		 	
					
	  
	 		 	  
	 	5 of 9	 	
	Kenner	 		 	PBS&J	 		 	

 12. Nothing in this Agreement shall be construed as an admission of wrongdoing by either party.

 13. Kenner agrees that, to the extent that any federal, state or local taxes and/or penalties of any kind may be due or payable as a
result of the consideration provided to him under the Agreement, he will be responsible for the payment of, and will pay, such taxes and/or penalties. Kenner agrees to indemnify, defend and hold PBS&J harmless from any and all tax penalties,
losses, costs, taxes, damages or expenses incurred as a result of any payments made under this Agreement. 
 14. This Agreement constitutes
the complete understanding between Kenner and PBS&J. Kenner acknowledges and declares that no other contract, promise or inducement has been made, whether oral or written. This Agreement shall supersede any and all other agreements, whether oral
or written, made prior to the date of execution herein. 
 15. Kenner acknowledges that he is advised to consult an attorney prior to signing
this Agreement. Kenner understands that whether or not he consults with an attorney is his decision. 
 16. Kenner acknowledges that he has
been offered the opportunity to take up to 21 days to consider this Agreement. Additionally, Kenner understands that he may revoke this Agreement within seven (7) days of his signing it. To be effective, a revocation must be in writing and
received by PBS&J General Counsel, Benjamin Butterfield, no later than 4:30 p.m. on the seventh calendar day following Kenner’s execution of the Agreement. Kenner understands that if he revokes this Agreement it will not be effective or
enforceable in any respect and he will not be entitled to the payments set forth in paragraph 2. Provided that Kenner has not validly revoked this Agreement within such time period, payments set forth in paragraphs 2(b), 2(c) and 2(d) of this
Agreement will be immediately paid to Kenner on the next business day following the expiration of such seven-day revocation period. 
 17. If
any provision of this Agreement is found invalid, or incapable of being enforced by reason of any law, rule or public policy, all other provisions shall, nevertheless, remain in full force and effect. 
 18. Assignability of Agreement; Acceleration of Note. 
  

									
	Initials:	 		 		 		 	
					
	  
	 		 	  
	 	6 of 9	 	
	Kenner	 		 	PBS&J	 		 	

	 	(a)	This Agreement, including the provisions of paragraphs 6 and 7, may be assigned, sold or otherwise conveyed by PBS&J to a successor or any other entity without Kenner’s
authorization or agreement. This Agreement shall be enforceable by any such successor or assign. Kenner does not have the ability to assign, sell or otherwise convey this Agreement. 

  

	 	(b)	All amounts due under the Note shall become due and payable following (i) any change in control of the Parent, or (ii) a sale of all or substantially all of the
Parent’s assets. 

 19. This Agreement shall be construed and governed in accordance with the laws of Florida. Any action
commenced to enforce the terms of this Agreement shall be filed and maintained exclusively in the Circuit Court of the Thirteenth Judicial Circuit in and for Hillsborough County, Florida. 
 20. In the event litigation is commenced to enforce the terms of this Agreement, the prevailing party shall be entitled to an award of reasonable legal
costs and attorneys’ fees. In the event Kenner pursues any claim included within the Released Claims, PBS&J, its affiliates, officers, directors or employees shall be entitled to an award of legal costs and attorneys’ fees incurred in
successfully defending the litigation. 
 21. No ambiguity in this Agreement shall be construed against any party based upon a claim that the
party drafted the ambiguous language. 
 22. This Agreement may only be modified, altered or rescinded pursuant to a subsequent written
agreement, signed by both parties. 
  

									
	Initials:	 		 		 		 	
					
	  
	 		 	  
	 	7 of 9	 	
	Kenner	 		 	PBS&J	 		 	

 This Agreement is freely and voluntarily entered into by the parties. The parties acknowledge that they
have read this Agreement and that they understand the words, terms, conditions and legal significance of this Agreement. 
  

					
	  
	 		 	  

	Date	 		 	TODD J. KENNER, P.E.

  

			
	State of Florida	 	}
	County of Hillsborough	 	}

 Sworn and subscribed before me this      day of September, 2008, by
Todd J. Kenner, P.E., who is personally known to me or who has produced
                                        
as identification. 
  

			
	 (seal)
	 	  

		 	Notary Public, State of Florida

  

									
	Initials:	 		 		 		 	
					
	  
	 		 	  
	 	8 of 9	 	
	Kenner	 		 	PBS&J	 		 	

							
		 		 	For The PBSJ Corporation,
				
	  
	 		 	By:	 	  

	Date	 		 	Printed Name:	 	  

		 		 	Title: 	 	  

  

			
	State of Florida	 	}
	County of Hillsborough	 	}

 Sworn and subscribed before me this      day of September, 2008, by
                        , who is personally known to me or who has produced
                                         as
identification. 
  

			
	 (seal)
	 	  

		 	Notary Public, State of Florida

  

							
		 		 	 For Post, Buckley, Schuh & Jernigan,
 Inc., a Florida corporation d/b/a PBS&J

				
	  
	 		 	By:	 	  

	Date	 		 	Printed Name:	 	  

		 		 	Title: 	 	  

  

			
	State of Florida	 	}
	County of Hillsborough	 	}

 Sworn and subscribed before me this      day of September, 2008, by
                        , who is personally known to me or who has produced
                                        
as identification. 
  

			
	 (seal)
	 	  

		 	Notary Public, State of Florida

  

									
	Initials:	 		 		 		 	
					
	  
	 		 	  
	 	9 of 9	 	
	Kenner	 		 	PBS&J	 		 	

 Addendum 1 
 See Attached Promissory Note 
 Referenced in Section 2(c) of the Separation Agreement and Release

 NON-NEGOTIABLE PROMISSORY NOTE 
  

			
	US $ 2,000,000	  	As of September 2, 2008

 FOR VALUE RECEIVED, the undersigned, PBSJ Corporation, a Florida corporation
(“Maker”), hereby promises to pay to Todd J. Kenner (“Payee”), at such place as Payee shall designate in writing, in lawful money of the United States of America, the principal sum of Two Million and No/l00 Dollars
(US $ 2,000,000.00) together with interest thereon, or on so much thereof as is from time to time outstanding, at the rates hereinafter set forth below, the principal sum and interest being payable as set forth below. 
 Section I. Rate of Interest 
 From and after the date hereof through December 30, 2008, interest shall accrue on the
outstanding principal balance hereof at 6% per annum which is the Prime Rate plus 1% (the “Applicable Rate”) as of the date hereof. On each December 31st following the date hereof, the interest rate hereunder shall be reset to the Applicable Rate as of the date thereof, such that from such December 31st through the next succeeding December 30th, interest shall accrue on the
outstanding principal balance hereof at such Applicable Rate. 
 Section II. Payment of Principal and Interest 
 Subject to Sections III, IV and V, Maker shall make quarterly payments of principal and interest to Payee in equal installments, in accordance with
the schedule attached as Exhibit “A” hereto. The first quarterly payment shall be due and payable on October 1, 2008 and quarterly thereafter until paid in full unless subject to a claim of set- off by Maker, through and including
September 1, 2011. Unless sooner paid or set-off, all sums due hereunder shall be paid on or before thirty-six (36) months after the date hereof. 
 Section III. Prepayments 
 Maker shall have the right to prepay the indebtedness evidenced by this
Note, in full or in part, at any time, without penalty, fee or charge. 
 Section IV. Events of Default 
 The occurrence of any of the following events or conditions shall constitute an “Event of Default” hereunder: 
 (a) Except as set forth in Section V, Maker shall fail to make any payment of principal or interest under this Note when due, and such failure
shall have continued for 30 days after written notice from Payee to Maker; 

 (b) Maker shall: (i) file a voluntary petition or assignment in bankruptcy or a voluntary petition
or assignment or answer seeking liquidation, reorganization, arrangement, readjustment of Maker’s debts, or any other relief under 11 U.S.C. §§ 101 et. seq. as the same may be amended (the “Bankruptcy Code”), or under
any other act or law pertaining to insolvency or debtor relief, whether state, federal, or foreign, now or hereafter existing; (ii) enter into any agreement indicating consent to, approval of, or acquiescence in, any such petition or
proceeding; (iii) apply for or permit the appointment, by consent or acquiescence, of a receiver, custodian or trustee of all or a substantial part of Maker’s property; (iv) make an assignment for the benefit of creditors; (v) be
unable or shall fail to pay Maker’s debts generally as such debts become due, or (vi) admit in writing Maker’s inability or failure to pay Maker’s debts generally as such debts become due; or 
 (c) There occurs (i) a filing or issuance against Maker of an involuntary petition in bankruptcy or seeking liquidation, reorganization,
arrangement, readjustment of Maker’s debts or any other relief under the Bankruptcy Code, or under any other act or law pertaining to insolvency or debtor relief, whether state, federal or foreign, now or hereafter existing; (ii) the
involuntary appointment of a receiver, liquidator, custodian or trustee of Maker or for all or a substantial part of Maker’s property; or (iii) the issuance of a warrant of attachment, execution or similar process against all or any
substantial part of the property of Maker and any of such (i) – (iii) shall not have been discharged (or provision shall not have been made for such discharge), or stay of execution thereof shall not have been procured, within ninety
(90) days from the date of entry thereof; or 
 (d) There occurs (i) a change in control of the Maker, or (ii) a sale of all
or substantially all of the assets of the Maker. 
 Upon any Event of Default, the total outstanding principal and all interest payable
hereunder shall become immediately due and payable. 
 Section V. Set-Off 
 Upon notice to Payee specifying in reasonable detail the basis therefor, Maker may set-off any Claim it may have against Payee against amounts otherwise
payable under this Note. The exercise of such right of set-off by Maker in good faith, whether or not ultimately determined to be justified, will not constitute an Event of Default under this Note; provided, however, that in the event
the Maker exercises such right to set-off and a court of competent jurisdiction enters a final adjudication that the Maker was not entitled to such set-off, then following such final determination the Maker will immediately make such payments which
were determined to be wrongfully set-off, plus interest at the Applicable Rate which would otherwise have been due on such amount. Neither the exercise of nor the failure to exercise such right of set-off will constitute an election of remedies or
limit Maker in any manner in the enforcement of any other remedies that may be available to it. For purposes of this Section V, “Claims” means any claims arising from any loss, liability, damage, expense (including costs of
investigation and defense and reasonable attorneys’ fees and expenses) or diminution of value sustained by Maker which arises from the direct or indirect act, failure to act, or omission, of Payee. 
  

 2 

 Section VI. General Provisions 
 In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by Maker or inadvertently received by Payee, then such excess sum shall be credited as a payment of principal, unless Maker shall notify Payee, in writing, that Maker elects to have such excess sum returned to Maker
forthwith. It is the express intent hereof that Maker not pay and Payee not receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be legally paid by Maker under applicable law. 
 Neither this Note nor any unpaid proceeds hereof may be assigned, negotiated or otherwise transferred by Payee, except by will or pursuant to the laws of
descent and distribution. 
 THIS NOTE, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER, SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS). 
 IN WITNESS WHEREOF, the
undersigned Maker has hereunto executed this instrument as of the day and year first above written. 
  

			
	MAKER:
	
	The PBSJ Corporation
		
	By:	 	  

	Name:	 	John B. Zumwalt, III
	Title:	 	Chairman, CEO

  

 3 

 Addendum 2 
 See Attached List 
 Referenced in Section 6(c) of Separation Agreement and Release 

 Addendum 2 to Separation Agreement 
  

			
	1. URS Corp	  	47. KCI Technologies
	2. Jacobs	  	48. Gresham, Smith and Partners
	3. AECOM Technology Corp	  	49. Vanasse Hangen Brustlin
	4. Fluor Corp	  	50. Greenman-Pedersen
	5. CH2M Hill	  	51. Woolpert Inc.
	6. The Shaw Group	  	52. Hazen and Sawyer
	7. Bechtel	  	53. Psomas
	8. Tetra Tech	  	54. Moffatt & Nichol
	9. Parsons	  	55. Greenhorne & O’Mara
	10. KBR	  	56. Kennedy/Jenks
	11. AMEC	  	57. Halcrow
	12. Parsons Brinckerhoff	  	58. Ellerbe Becket
	13. MWH Global	  	59. Jordan, Jones & Goulding
	14. Black & Veatch	  	60. Volkert & Associates
	15. HDR	  	61. Huitt-Zollars
	16. Earth Tech	  	
	17. Louis Berger Group	  	
	18. HNTB Cos	  	
	19. Arcadis US	  	
	20. HOK	  	
	21. Gensler	  	
	22. CDM	  	
	23. Kimley-Horn	  	
	24. Burns & McDonnell	  	
	25. MACTEC	  	
	26. Fugro	  	
	27. HKS	  	
	28. Stantec	  	
	29. Malcolm Prime	  	
	30. Michael Baker	  	
	31. Dewberry	  	
	32. Kleinfelder	  	
	33. Brown and Caldwell	  	
	34. Gannett Fleming	  	
	35. Stanley Consultants	  	
	36. Hatch Mott MacDonald	  	
	37. TranSystems Corp	  	
	38. David Evans and Associates	  	
	39. Carollo Engineers	  	
	40. Leo A Daly	  	
	41. RBF Consulting	  	
	42. Wilbur Smith Associates	  	
	43. Arup (Americas)	  	
	44. Golder Associates	  	
	45. Reynolds Smith and Hills	  	
	46. POWER Engineers Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]