Document:

Employment Agreement between Dennis Ryan and Datrek

 Exhibit 10.15 
  
 EMPLOYMENT AGREEMENT 
  

This Employment Agreement (“Agreement”) is made and entered into on this 15th day of October, 2004, effective as of the date set forth in paragraph 2.1 below, and is by and between Datrek Acquisition, Inc., a Florida corporation (the
“Company”), and Dennis Ryan (hereinafter called the “Executive”). 
  
 R E C I T A L S 
  
 The Executive possesses knowledge and skills which the Company believes will be of substantial benefit to its operations and success, and the Company desires to employ the Executive on the terms and conditions set forth below. 

 
 The Executive is willing to make his services available to the Company on
the terms and conditions set forth below. 
  
 AGREEMENT

  
 NOW, THEREFORE, in consideration of the premises and
mutual covenants set forth herein, the parties agree as follows: 
  
 1. Employment. 
  
 1.1 Employment and
Term. The Company hereby agrees to employ the Executive and the Executive hereby agrees to serve the Company on the terms and conditions set forth herein. 
  

1.2 Duties of Executive. During the Term of Employment under this Agreement, the Executive shall serve as the Chief Executive Officer and
President of the Company. The Executive shall diligently perform all services as may be assigned to him by the Board of Directors of the Company (the “Board”) (provided that, such services shall not materially differ from the services
currently provided by the Executive), and shall exercise such power and authority as may from time to time be delegated to him by the Board. The Executive shall devote his full time and attention to the business and affairs of the Company, render
such services to the best of his ability, and use his best efforts to promote the interests of the Company. The Executive shall render such services at the Company’s location at 835 Bill Jones Industrial Drive, Springfield, Tennessee 37172, or
at another suitable location selected by the Company in Davidson County, Tennessee. It shall not be a violation of this Agreement for the Executive to (i) serve on corporate, civic or charitable boards or committees, (ii) deliver lectures, fulfill
speaking engagements or teach at educational institutions, or (iii) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities to the Company in accordance
with this Agreement. 

 2. Term. 
  

2.1 Initial Term. The initial Term of Employment under this Agreement, and the employment of the Executive hereunder, shall commence on the date
hereof (the “Commencement Date”) and shall expire on January 1, 2009, unless sooner terminated in accordance with Section 5 hereof (the “Initial Term”). 
  
 2.2 Renewal Terms. At the end of the Initial Term, the Term of Employment automatically shall renew for successive
one year terms (subject to earlier termination as provided in Section 5 hereof), unless the Company or the Executive delivers written notice to the other at least 30 calendar days prior to the Expiration Date of its or his election not to renew the
Term of Employment. 
  
 2.3 Term of Employment and Expiration
Date. The period during which the Executive shall be employed by the Company pursuant to the terms of this Agreement is sometimes referred to in this Agreement as the “Term of Employment,” and the date on which the Term of Employment
shall expire (including the date on which any renewal term shall expire), is sometimes referred to in this Agreement as the “Expiration Date.” 
  
 3. Compensation. 
  
 3.1 Base Salary. The Executive shall receive a base salary at the annual rate of $150,000.00 (the “Base Salary”) during the Term of
Employment, with such Base Salary payable in installments consistent with the Company’s normal payroll schedule, subject to applicable withholding and other taxes. The Base Salary shall be reviewed, at least annually, for merit increases and
may, by action and in the sole discretion of the Board, be increased at any time or from time to time. 
  
 3.2 Bonuses. During the Term of Employment, the Executive shall be eligible to receive bonuses pursuant to any management bonus program of the
Company then in effect in such amounts and at such times as the Board shall determine in its sole discretion pursuant to the terms of the program. If at any time during the Term of Employment the Executive is terminated without cause or as a result
of disability of the Executive pursuant to the terms hereof or in the event of the death of the Executive, then the Executive (or the estate of the deceased Executive as the case may be) shall be entitled to receive a pro-rata portion of the bonus,
if any, which accrued during the applicable year in which said termination occurs. The amount of such bonus, assuming the Executive’s achievement of applicable milestones, shall be based upon the same percentage of salary as is used by Golf
Acquisition, Inc. to determine the bonuses of Michael S. Hedge and Deborah Ryan. 
  
 4. Expense Reimbursement and Other Benefits. 
  
 4.1 Reimbursement of Expenses. Upon the submission of proper substantiation by the Executive, and subject to such rules and guidelines as the Company may from time to time adopt, the Company shall reimburse the
Executive for all reasonable expenses actually paid or incurred by the Executive during the Term of Employment in the course of and 

 pursuant to the business of the Company. The Executive shall account to the Company in writing for all expenses for which
reimbursement is sought and shall supply to the Company copies of all relevant invoices, receipts or other evidence reasonably requested by the Company. 
  
 4.2 Compensation/Benefit Programs. During the Term of Employment, the Executive shall be entitled to participate in all medical, dental,
hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executives and/or key employees, including savings, pension,
profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans. 
  
 4.3 Working Facilities. During the Term of Employment, the Company shall furnish the Executive with an office, secretarial help and such other
facilities and services suitable to his position and adequate for the performance of his duties hereunder. 
  
 4.4 Stock Options. During the Term of Employment, the Executive shall be eligible to be granted options (the “Stock Options”) to purchase
common stock (the “Common Stock”) of the Company under (and therefore subject to all terms and conditions of) the Company’s 2004 Stock Option Plan, as may be amended from time-to-time, and any successor plan thereto (the “Stock
Option Plan”) and all rules of regulation of the Securities and Exchange Commission applicable to stock option plans then in effect. The number of Stock Options and terms and conditions of the Stock Options shall be determined by the Committee
appointed pursuant to the Stock Option Plan, or by the Board, in its sole discretion and pursuant to the Stock Option Plan. The Company shall issue to the Executive 25,000 Stock Options with an exercise price of $1.00 per share of Common Stock,
vesting  1/3,  1/3, and  1/3 after one year, two years and three years of the Term
of Employment, respectively. Such Stock Options shall be granted at the same time and in the same schedule as Stock Options are granted to Michael S. Hedge, as Chief Executive Officer of the Company. 
  
 4.5 Automobile Allowance. During the Term of Employment, the Company
shall pay Executive an automobile allowance of $700 per month (subject to any applicable withholding or other taxes and payable on the 15th day of each month). 
  
 4.6 Other
Benefits. The Executive shall be entitled to six weeks of vacation each calendar year during the Term of Employment, to be taken at such times as the Executive and the Company shall mutually determine and provided that no vacation time shall
interfere with the duties required to be rendered by the Executive hereunder. Any vacation time not taken by Executive during any calendar year may not be carried forward into any succeeding calendar year. The Executive shall receive such additional
benefits, if any, as the Board of the Company shall from time to time determine. Following March 1, 2007, the Executive shall be entitled to seven weeks of vacation each calendar year during the Term of Employment. 

 5. Termination. 
  
 5.1 Termination for Cause. The Company shall at all times have the right, upon written notice to the Executive, to
terminate the Term of Employment, for Cause. For purposes of this Agreement, the term “Cause” shall mean (i) an action or omission of the Executive which constitutes a willful and material breach of, or failure or refusal (other than by
reason of his disability) to perform his duties under, this Agreement which is not cured within fifteen (15) calendar days after receipt by the Executive of written notice of same, (ii) fraud, embezzlement, misappropriation of funds or breach of
trust in connection with his services hereunder, (iii) indictment or other formal charge by any governmental authority of a felony or any other crime which involves dishonesty or a breach of trust, or (iv) gross negligence in connection with the
performance of the Executive’s duties hereunder, which is not cured within fifteen (15) calendar days after written receipt by the Executive of written notice of same. Any termination for Cause shall be made in writing to the Executive, which
notice shall set forth in detail all acts or omissions upon which the Company is relying for such termination. The Executive (together with legal counsel of his choice) shall have the right to address the Board regarding the acts set forth in the
notice of termination. Upon any termination pursuant to this Section 5.1, the Company shall only be obligated to pay to the Executive his Base Salary to the date of termination. The Company shall have no further liability hereunder (other than for
reimbursement for reasonable business expenses incurred prior to the date of termination), subject, however, to the provisions of Section 4.1. 
  
 5.2 Disability. The Company shall at all times have the right, upon written notice to the Executive, to terminate the Term of Employment, if the
Executive shall become entitled to benefits under the Company’s group disability policy or any individual disability policy then in effect, or, if the Executive shall as the result of mental or physical incapacity, illness or disability, become
unable to perform his obligations hereunder for a period of 180 days in any 12-month period. The Company shall have sole discretion based upon competent medical advice to determine whether the Executive continues to be disabled. Upon any termination
pursuant to this Section 5.2, the Company shall (i) pay to the Executive any unpaid Base Salary through the effective date of termination specified in such notice, (ii) pay to the Executive a severance payment equal to six months of the
Executive’s Base Salary at the time of the termination of the Executive’s employment with the Company, (iii) any bonus due under Section 3.2, above, and (iv) continue to provide the Executive with the Benefits (as defined below) for such
six-month period. The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses incurred prior to the date of termination, subject, however to the provisions of Section 4.1). 
  
 5.3 Death. Upon the death of the Executive during the Term of
Employment, the Company shall pay to the estate of the deceased Executive any unpaid Base Salary through the Executive’s date of death and any bonus due under Section 3.2, above. The Company shall have no further liability hereunder (other than
for reimbursement for reasonable business expenses incurred prior to the date of the Executive’s death), subject, however to the provisions of Section 4.1. 

 5.4 Termination Without Cause. At any time the Company shall have the right to terminate the Term
of Employment by written notice to the Executive. Upon any termination pursuant to this Section 5.4 (that is not a termination under any of Sections 5.1, 5.2, 5.3, or 5.5), the Company shall (i) pay to the Executive any unpaid Base Salary through
the effective date of termination specified in such notice, (ii) continue to pay the Executive’s Base Salary for a period of twelve (12) months from notice of termination hereunder payable in installments consistent with the Company’s
normal payroll schedule, subject to applicable withholding and other taxes (the “Continuation Period”), (iii) pay any bonus under Section 3.2 hereof, (iv) continue to provide the Executive with the benefits he was receiving under Sections
4.2, 4.4 and 4.5 hereof (the “Benefits”) through the end of the Continuation Period in the manner and at such times as the Benefits otherwise would have been payable or provided to the Executive. Upon such termination, all unvested Stock
Options granted to Executive shall become immediately vested and shall be exercisable for a period of not less than 90 days from such termination. In the event that the Company is unable to provide the Executive with any Benefits required hereunder
by reason of the termination of the Executive’s employment pursuant to this Section 5.4, then the Company shall pay the Executive cash equal to the value of the Benefit that otherwise would have accrued for the Executive’s benefit under
the plan, for the period during which such Benefits could not be provided under the plans. The Company’s good faith determination of the amount that would have been contributed or the value of any Benefits that would have accrued under any plan
shall be binding and conclusive on the Executive. For this purpose, the Company may use as the value of any Benefit the cost to the Company of providing that Benefit to the Executive. The Company shall have no further liability hereunder (other than
for (x) reimbursement for reasonable business expenses incurred prior to the date of termination, subject, however, to the provisions of Section 4.1, and (y) payment of compensation for unused vacation days that have accumulated during the calendar
year in which such termination occurs). For all purposes under this Agreement, the failure by Company to offer to renew the Agreement following the expiration of the Initial Term or any Renewal Term on the same terms and conditions hereunder shall
be treated as if the Company terminated this Agreement pursuant to this Section 5.4. 
  
 5.5 Termination by Executive. 
  
 (a) The Executive shall at all times have the right, upon sixty (60) calendar days written notice to the Company, to terminate the Term of Employment. 
  

(b) Upon termination of the Term of Employment pursuant to this Section 5.5, the Company shall pay to the Executive any unpaid Base Salary and
Benefits through the effective date of termination specified in such notice. The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses incurred prior to the date of termination, subject,
however, to the provisions of Section 4.1. At the Company’s sole option, upon receipt of notice from the Executive pursuant to this Section, the Company may immediately terminate the Term of Employment, in which case, in addition to the
covenants set forth above, the Company shall pay the Executive 60 days of Base Salary. For all purposes under this Agreement, the failure by Executive to offer to renew the Agreement following the expiration of the Initial Term or any Renewal Term
on the same terms and conditions hereunder shall be treated as if the Executive terminated this Agreement pursuant to this Section 5.5, except that the Executive shall not be entitled to any Base Salary in excess of that which is due through the
last day of Executive’s employment hereunder. 

 5.6 Change in Control of the Company. 
  
 (a) In the event that a Change in Control (as defined in paragraph (b) of
this Section 5.6) in the Company shall occur during the Term of Employment, the Company shall (i) pay to the Executive any unpaid Base Salary through the effective date of termination, (ii) continue to pay the Executive’s Base Salary for the
Continuation Period payable in installments consistent with the Company’s normal payroll schedule, subject to applicable withholding and other taxes. Further, upon the Change in Control, the Executive’s Stock Options shall immediately
vest. The Company shall have no further liability hereunder (other than for (1) reimbursement for reasonable business expenses incurred prior to the date of termination, subject, however, to the provisions of Section 4.1, and (2) payment of
compensation for unused vacation days that have accumulated during the calendar year in which such termination occurs). 
  
 (b) For purposes of this Agreement, the term “Change in Control” shall mean approval by the shareholders of the Company of (x) a
reorganization, merger, consolidation or other form of corporate transaction or series of transactions, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or
consolidation or other transaction do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated company’s then outstanding
voting securities, in substantially the same proportions as their ownership immediately prior to such reorganization, merger, consolidation or other transaction, or (y) a liquidation or dissolution of the Company or (z) the sale of all or
substantially all of the assets of the Company (unless such reorganization, merger, consolidation or other corporate transaction, liquidation, dissolution or sale is subsequently abandoned). 
  
 5.7 Resignation. Upon any notice or termination of employment pursuant
to this Article 5, the Executive shall automatically and without further action be deemed to have resigned as an officer, and if he was then serving as a director of the Company, as a director, and if required by the Board, the Executive hereby
agrees to immediately execute a resignation letter to the Board. 
  
 5.8 Survival. The provisions of this Article 5 shall survive the termination of this Agreement, as applicable. 
  
 6. Restrictive Covenants. 
  
 6.1 Non-competition. At all times while the Executive is employed by the Company and for a one (1) year period after the termination of the
Executive’s employment with the Company for any reason, the Executive shall not, directly or indirectly, engage in or have any interest in any sole proprietorship, partnership, corporation or business or any other person or entity (whether as
an employee, officer, director, partner, agent, security holder, creditor, consultant or otherwise) that directly or indirectly (or through any affiliated entity) engages in 

 competition with the Company (based on the business in which the Company was engaged or was actively planning on being
engaged as of the date of termination of the Employee’s employment and in the geographic areas in which the Company operated or was actively planning on operating as of date of termination of the Employee’s employment); provided that such
provision shall not apply to the Executive’s ownership of: Common Stock of the Company or the acquisition by the Executive, solely as an investment, of securities of any issuer that is registered under Section 12(b) or 12(g) of the Securities
Exchange Act of 1934, as amended, and that are listed or admitted for trading on any United States national securities exchange or that are quoted on the National Association of Securities Dealers Automated Quotations System, or any similar system
or automated dissemination of quotations of securities prices in common use, so long as the Executive does not control, acquire a controlling interest in or become a member of a group which exercises direct or indirect control or, more than five
percent of any class of capital stock of such corporation. 
  
 6.2
Nondisclosure. The Executive shall not at any time divulge, communicate, use to the detriment of the Company or for the benefit of any other person or persons, or misuse in any way, any Confidential Information (as hereinafter defined)
pertaining to the business of the Company. Any Confidential Information or data now or hereafter acquired by the Executive with respect to the business of the Company (which shall include, but not be limited to, information concerning the
Company’s financial condition, prospects, technology, customers, suppliers, sources of leads and methods of doing business) shall be deemed a valuable, special and unique asset of the Company that is received by the Executive in confidence and
as a fiduciary, and Executive shall remain a fiduciary to the Company with respect to all of such information. For purposes of this Agreement, “Confidential Information” means information disclosed to the Executive or known by the
Executive as a consequence of or through his employment by the Company (including information conceived, originated, discovered or developed by the Executive) prior to or after the date hereof, and not generally known, about the Company or its
business. Notwithstanding the foregoing, nothing herein shall be deemed to restrict the Executive from disclosing Confidential Information to the extent required by law. 
  
 6.3 Nonsolicitation of Employees and Clients. At all times while the Executive is employed by the Company and for a
one (1) year period after the termination of the Executive’s employment with the Company for any reason, the Executive shall not, directly or indirectly, for himself or for any other person, firm, corporation, partnership, association or other
entity (a) employ or attempt to employ or enter into any contractual arrangement with any employee or former employee of the Company, unless such employee or former employee has not been employed by the Company for a period in excess of six months,
and/or (b) call on or solicit any of the actual or targeted prospective clients of the Company on behalf of any person or entity in connection with any business competitive with the business of the Company, nor shall the Executive make known the
names and addresses of such clients or any information relating in any manner to the Company’s trade or business relationships with such customers, other than in connection with the performance of Executive’s duties under this Agreement.

  
 6.4 Ownership of Developments. All copyrights, patents,
trade secrets, or other intellectual property rights associated with any ideas, concepts, techniques, inventions, 

 processes, or works of authorship developed or created by Executive during the course of performing work for the Company
or its clients (collectively, the “Work Product”) shall belong exclusively to the Company and shall, to the extent possible, be considered a work made by the Executive for hire for the Company within the meaning of Title 17 of the United
States Code. To the extent the Work Product may not be considered work made by the Executive for hire for the Company, the Executive agrees to assign, and automatically assign at the time of creation of the Work Product, without any requirement of
further consideration, any right, title, or interest the Executive may have in such Work Product. Upon the request of the Company, the Executive shall take such further actions, including execution and delivery of instruments of conveyance, as may
be appropriate to give full and proper effect to such assignment. 
  
 6.5 Books and Records. All books, records, and accounts relating in any manner to the customers or clients of the Company, whether prepared by the Executive or otherwise coming into the Executive’s possession, shall be the
exclusive property of the Company and shall be returned immediately to the Company on termination of the Executive’s employment hereunder or on the Company’s request at any time. 
  
 6.6 Definition of Company. Solely for purposes of this Article 6, the
term “Company” also shall include any existing or future subsidiaries of the Company that are operating during the time periods described herein and any other entities that directly or indirectly, through one or more intermediaries,
control, are controlled by or are under common control with the Company during the periods described herein. 
  
 6.7 Acknowledgment by Executive. The Executive acknowledges and confirms that (a) the restrictive covenants contained in this Article 6 are
reasonably necessary to protect the legitimate business interests of the Company, and (b) the restrictions contained in this Article 6 (including without limitation the length of the term of the provisions of this Article 6) are not overbroad,
overlong, or unfair and are not the result of overreaching, duress or coercion of any kind. The Executive further acknowledges and confirms that his full, uninhibited and faithful observance of each of the covenants contained in this Article 6 will
not cause him any undue hardship, financial or otherwise, and that enforcement of each of the covenants contained herein will not impair his ability to obtain employment commensurate with his abilities and on terms fully acceptable to him or
otherwise to obtain income required for the comfortable support of him and his family and the satisfaction of the needs of his creditors. The Executive acknowledges and confirms that his special knowledge of the business of the Company is such as
would cause the Company serious injury or loss if he were to use such ability and knowledge to the benefit of a competitor or were to compete with the Company in violation of the terms of this Article 6. The Executive further acknowledges that the
restrictions contained in this Article 6 are intended to be, and shall be, for the benefit of and shall be enforceable by, the Company’s successors and assigns. 
  
 6.8 Reformation by Court. In the event that a court of competent jurisdiction shall determine that any provision of
this Article 6 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of this Article 6 within the jurisdiction of such court, such provision shall be interpreted and enforced as if it
provided for the maximum restriction permitted under such governing law. 

 6.9 Extension of Time. If the Executive shall be in violation of any provision of this Article 6,
then each time limitation set forth in this Article 6 shall be extended for a period of time equal to the period of time during which such violation or violations occur. If the Company seeks injunctive relief from such violation in any court, then
the covenants set forth in this Article 6 shall be extended for a period of time equal to the pendency of such proceeding including all appeals by the Executive. 
  
 6.10 Survival. The provisions of this Article 6 shall survive the termination of this Agreement, as applicable.

  
 7. Injunction. It is recognized and hereby acknowledged
by the parties hereto that a breach by the Executive of any of the covenants contained in Article 6 of this Agreement will cause irreparable harm and damage to the Company, the monetary amount of which may be virtually impossible to ascertain. As a
result, the Executive recognizes and hereby acknowledges that the Company shall be entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants contained in Article 6 of
this Agreement by the Executive or any of his affiliates, associates, partners or agents, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies the Company may possess.

  
 8. Assignment. Neither party shall have the right to
assign or delegate his rights or obligations hereunder, or any portion thereof, to any other person. 
  
 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Tennessee. 
  
 10. Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and, upon its effectiveness, shall supersede all prior agreements, understandings and arrangements, both oral and written, between the Executive and the Company (or any of its
affiliates) with respect to such subject matter. This Agreement may not be modified in any way unless by a written instrument signed by both the Company and the Executive. 
  
 11. Notices: All notices required or permitted to be given hereunder shall be in writing and shall be personally
delivered by courier, sent by registered or certified mail, return receipt requested or sent by confirmed facsimile transmission addressed as set forth herein. Notices personally delivered, sent by facsimile or sent by overnight courier shall be
deemed given on the date of delivery and notices mailed in accordance with the foregoing shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three (3) days after deposit in the U.S.
mail. Notice shall be sent (i) if to the Company, addressed to 835 Bill Jones Industrial Drive, Springfield, Tennessee 37172, Attn: Chief Executive Officer, and (ii) if to the Executive, to his address as reflected on the payroll records of the
Company, or to such other address as either party hereto may from time to time give notice of to the other. 

 12. Benefits; Binding Effect. This Agreement shall be for the benefit of and binding upon the
parties hereto and their respective heirs, personal representatives, legal representatives, successors and, where applicable, assigns, including, without limitation, any successor to the Company, whether by merger, consolidation, sale of stock, sale
of assets or otherwise 
  
 13. Severability. The invalidity
of any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of which are inserted conditionally on
their being valid in law, and, in the event that any one or more of the words, phrases, sentences, clauses or sections contained in this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid word or words, phrase
or phrases, sentence or sentences, clause or clauses, or section or sections had not been inserted. If such invalidity is caused by length of time or size of area, or both, the otherwise invalid provision will be considered to be reduced to a period
or area which would cure such invalidity. 
  
 14. Waivers.
The waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation. 
  
 15. Damages. Nothing contained herein shall be construed to prevent the Company or the Executive from seeking and
recovering from the other damages sustained by either or both of them as a result of its or his breach of any term or provision of this Agreement. In the event that either party hereto brings suit for the collection of any damages resulting from, or
the injunction of any action constituting, a breach of any of the terms or provisions of this Agreement, then the party found to be at fault shall pay all reasonable court costs and attorneys’ fees of the other. 
  
 16. Section Headings. The section headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
  
 17. No Third Party Beneficiary. Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any
person other than the Company, the parties hereto and their respective heirs, personal representatives, legal representatives, successors and assigns, any rights or remedies under or by reason of this Agreement. 
  
 18. Arbitration. Notwithstanding anything to the contrary in this
Agreement, all claims or disputes relating in any way to the performance, interpretation, validity, or breach of this Agreement (with the exception of the provisions providing for injunctive relief) shall be referred to final and binding
arbitration, before a neutral arbitrator mutually agreeable to the parties, under the commercial arbitration rules of the American Arbitration Association (the “AAA”), except as otherwise modified herein, held in Davidson County,
Tennessee. Upon presentation of a demand for arbitration, the parties shall attempt to select a mutually-agreeable arbitrator within 20 days. In the event that the parties are unable to agree upon an arbitrator, the AAA shall appoint an arbitrator
from its panel of commercial arbitrators. The arbitrator’s award shall be in writing and include findings of fact and conclusions of law. Judgment upon the award 

 rendered by the arbitrators shall be final, binding and conclusive upon the parties and their respective administrators,
executors, legal representatives, heirs, successors and permitted assigns. 
  
 The arbitrator shall have the power to award (i) monetary damages, (ii) injunctive relief (preliminary and permanent), and (iii) legal fees and costs associated with the arbitration to the prevailing party. Any party
against whom the arbitrators’ award shall be issued shall not, in any manner, oppose or defend against any suit to confirm such award, or any enforcement proceedings brought against such party with respect to any judgment entered upon the
award, and such party hereby consents to the entry of a judgment against such party, in the full amount thereof, or other relief granted therein, in any court of competent jurisdiction in which such enforcement is sought. The party against whom the
arbitrator’s award is issued shall pay the arbitrator’s fees and each of the parties hereto hereby consent to the jurisdiction of any applicable court of general jurisdiction located in the Davidson County, Tennessee with respect to the
entry of such judgment and each irrevocably submits to the jurisdiction of such courts and waives any objection it may have to either the jurisdiction of venue of such court. 
  
 19. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF
THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE COMPANY ENTERING INTO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
  
 [Signatures Begin on Following Page] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

  

			
	COMPANY:
	
	Datrek Acquisition, Inc.
		
	By:	 	 /s/ Michael S. Hedge

	Name:	 	Michael S. Hedge
	Title:	 	President
	
	EXECUTIVE:
		
	By:	 	 /s/ Dennis Ryan

	Name:	 	Dennis RyanFirst Amendment to Loan Agreement

 Exhibit 10.16 
  
 FIRST AMENDMENT TO LOAN DOCUMENTS 
  
 THIS FIRST AMENDMENT TO LOAN DOCUMENTS (this “Agreement”) is made and entered into as of the 24th day of March, 2005, among FCC, LLC, d/b/a First Capital, a Florida limited liability company (“Lender”),
DATREK PROFESSIONAL BAGS, INC., a Florida corporation formerly known as Datrek Acquisition, Inc. (“Datrek”), MILLER GOLF COMPANY, a Florida corporation formerly known as Miller Acquisition, Inc. (“Miller”;
Datrek and Miller are referred to herein individually as a “Borrower” and collectively as the “Borrowers”), and RYAN HOLDINGS, INC., a Tennessee corporation formerly known as Datrek Professional Bags, Inc.
(“Ryan”). 
  
 W I T N
E S S E T H: 
  
 WHEREAS, Borrowers and Lender are parties to that certain Loan and Security Agreement dated as of October 15, 2004 (as amended, restated, modified or supplemented from time to time, the “Loan Agreement”); and 
  
 WHEREAS, Datrek and Ryan are parties to that certain Agreement of
Subordination and Assignment in favor of Lender dated October 15, 2004 (the “Seller Subordination Agreement”); and 
  
 WHEREAS, Borrowers and Lender desire to amend the Loan Agreement on the terms and conditions set forth herein, and Datrek, Ryan and Lender desire to amend
the Seller Subordination Agreement on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

  
 1. All capitalized terms used herein and not otherwise
expressly defined herein shall have the respective meanings given to such terms in the Loan Agreement. 
  
 2. The Loan Agreement is amended by deleting Item 1 of the Schedule to the Loan Agreement and inserting the following in lieu thereof:

  

	 	1.	Borrowing Base 

  
 “Borrowing Base” means, at any time, an amount equal to: 
  

	 	(a)	the lesser of: 

  

	 	(i)	$6,000,000 through and including July 31, 2005, and $5,000,000 from and after August 1, 2005, and 

	 	(ii)	the sum of: 

  

	 	(A)	85% of the dollar amount of Eligible Accounts; plus 

  

	 	(B)	the lesser of: 

  

	 	(1)	$3,000,000 through and including July 31, 2005, and $2,000,000 from and after August 1, 2005, 

  

	 	(2)	50% of the dollar value (determined at the lower of cost or market value) of Eligible Inventory, and 

  

	 	(3)	the amount available to be borrowed under clause (ii)(A) above; 

  
 minus 
  

	 	(b)	the sum of: 

  

	 	(i)	such reserves as Lender may establish from time to time in its discretion (including, without limitation, a reserve for licensing fees and royalties payable by Borrowers with
respect to Inventory), plus 

  

	 	(ii)	the amount available to be drawn under, plus the amount of any unreimbursed draws with respect to, any letters of credit or acceptances which have been issued, created or guaranteed
by Lender or any Affiliate of Lender for any Borrower’s account. 

  
 3. The Subordination Agreement is amended by deleting the paragraph entitled “Special Stipulations” and inserting the following in lieu thereof: 
  
 Special stipulations: 
  
 Notwithstanding anything to the contrary contained in this Agreement, Borrower may pay, and Creditor may
take and receive, regularly scheduled payments of principal and interest on the Junior Claims so long as (a) no default or event of default exists under that certain Loan and Security Agreement of even date herewith among Borrower, Miller Golf
Company (“Miller”) and you, as amended, modified and/or restated from time to time (the “Loan Agreement”), or would otherwise be caused thereby; (b) after giving effect to such payment, unused borrowing availability under the
Loan Agreement would be at least $100,000 plus the aggregate outstanding amount of all accounts payable of 

 Borrower and Miller which have been outstanding for more than 90 days; and (c) at least five (5) business
days prior to making any such payment, Borrower shall deliver to you a certificate of an officer of Borrower, a borrowing base certificate and such supporting documentation as you may reasonably request (i) setting forth the amount of and the date
of such proposed payment, (ii) certifying that no default or event of default exists under the Loan Agreement, and (iii) setting forth calculations, in detail reasonably satisfactory to you, demonstrating compliance with the foregoing clause (b) and
with the financial covenants contained in the Loan Agreement after giving effect to such proposed payment, assuming that such payment was made on the last day of the calendar month most recently ended. Borrower hereby agrees with Creditor that
Borrower shall take all commercially reasonable actions to insure that Borrower can make duly scheduled payments of the Junior Claims. 
  
 4. Each Borrower hereby restates, ratifies, and reaffirms each and every term, condition representation and warranty heretofore made by it under or in
connection with the execution and delivery of the Loan Agreement, as amended hereby, and the other Loan Documents, as fully as though such representations and warranties had been made on the date hereof and with specific reference to this Agreement
and the Loan Documents. 
  
 5. Except as set forth herein, the
Loan Agreement and the Seller Subordination Agreement shall be and remain in full force and effect as originally written, and shall constitute the legal, valid, binding and enforceable obligation of Borrowers and Ryan, as applicable, to Lender.

  
 6. In consideration of the accommodations made by Lender
hereunder, Borrowers jointly and severally agree to pay to Lender (a) an amendment fee of $10,000 on the date hereof, and (b) on demand all costs and expenses of Lender in connection with the preparation, execution, delivery and enforcement of this
Agreement and the other Loan Documents and any other transactions contemplated hereby and thereby, including, without limitation, the fees and out-of-pocket expenses of legal counsel to Lender. Such amendment fee shall be fully earned on the date
hereof and is not subject to refund or rebate. Such amendment fee constitutes a fee for services and is not interest or a charge for the use of money. 
  
 7. To induce Lender to enter into this Agreement, each Borrower hereby represents and warrants that, as of the date hereof, and after giving effect to the
terms hereof, there exists no Default under the Loan Agreement or any of the other Loan Documents. 
  
 8. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed
and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. 
  
 9. This Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto. 

 10. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Georgia, other than its laws respecting choice of law. 
  
 [SIGNATURES ON NEXT PAGE] 

 IN WITNESS WHEREOF, Borrowers, Ryan and Lender have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	DATREK PROFESSIONAL BAGS, INC., a Florida corporation f/k/a Datrek Acquisition, Inc.
		
	By:	 	 /s/ Dennis Ryan

	Name:	 	Dennis Ryan
	Title:	 	President
	
	MILLER GOLF COMPANY, a Florida corporation f/k/a Miller Acquisition, Inc.
		
	By:	 	 /s/ Michael S. Hedge

	Name:	 	Michael S. Hedge
	Title:	 	President
	
	RYAN HOLDINGS, INC., a Tennessee corporation f/k/a Datrek Professional Bags, Inc.
		
	By:	 	 /s/ Deborah Ryan

	Name:	 	Deborah Ryan
	Title:	 	President
	
	FCC, LLC, d/b/a First Capital
		
	By:	 	 /s/ Evan G. Jones

	 	 	Evan G. Jones, Senior Vice President

 Each of the undersigned acknowledges the foregoing and agrees that the respective Information and Support Agreement to
which by each of the undersigned is party dated as of October 15, 2004 in favor of Lender remains in full force and effect, subject to no right of offset, claim or counterclaim. 
  

	
	
	 /s/ Dennis Ryan

	 DENNIS RYAN

	
	 /s/ Deborah Ryan

	 DEBORAH RYAN

	
	 /s/ Michael Hedge

	 MICHAEL HEDGE

  

			
	 STANFORD VENTURE CAPITAL HOLDINGS, INC.

		
	 By:
	 	 /s/ James M. Davis

	 Name:
	 	 James M. Davis

	 Title:
	 	 President

  
 The undersigned acknowledges the
foregoing and agrees that the Guaranty of the undersigned dated as of October 15, 2004 in favor of Lender and all documentation with respect to cash collateral of the undersigned pledged to Lender remains in full force and effect, subject to no
right of offset, claim or counterclaim. 
  

			
	 DATREK MILLER INTERNATIONAL, INC.

		
	 By:
	 	 /s/ Michael S. Hedge

	 Name:
	 	 Michael S. Hedge

	 Title:
	 	 Chief Executive Officer

 NOTARY JURAT FOR EXECUTION OF 
 WRITTEN OBLIGATIONS TO PAY MONEY 
  
 On this the      day of March, 2005, before me, the undersigned, a Notary Public in and for the State of
                    , County of
                    ,
                             personally appeared, who is personally known to me or proved to me on the
basis of satisfactory evidence to be the                              of each of Datrek Professional
Bags, Inc., a Florida corporation, and Miller Golf Company, a Florida corporation, who, being by me first duly sworn, stated that: 
  

	1.	He executed the foregoing Second Amendment to Loan and Security Agreement on behalf of each such corporation pursuant to its by-laws or a resolution of its board of directors, said
execution taking place in the State of                     , County of
                    ; and 

  

	2.	He has this day delivered the foregoing Second Amendment to Loan and Security Agreement to FCC, LLC, d/b/a FIRST CAPITAL, at Cobb County, Georgia via overnight courier.

  

			
	 Signature of Borrower’s Officer:

		
	By:	 	 
	 Name:
	 	 

  
 Sworn to and subscribed before
me this      day of March, 2005: 
  

	
	
	  
	Notary Signature
	
	 My Commission Expires:

	
	 
	[Affix Notarial Seal]

 AFFIDAVIT REGARDING DELIVERY 
  
 On this the        day of March, 2005, before me, the undersigned, a Notary Public in
and for the State of Georgia, County of                     , Evan G. Jones personally appeared, personally known to me or proved to me on the
basis of satisfactory evidence to be a Senior Vice President of FCC, LLC, d/b/a FIRST CAPITAL, who, being by me first duly sworn, stated that he has received delivery of the foregoing Second Amendment to Loan and Security Agreement on behalf of FCC,
LLC, d/b/a FIRST CAPITAL in the State of Georgia, County of Cobb. 
  

			
	 Signature of Officer of FCC, LLC, d/b/a First Capital

		
	By:	 	 
	 Evan G. Jones, Senior Vice President

  
 Sworn to and subscribed before
me this        day of March, 2005: 
  

	
	
	  
	Notary Signature

  

	
	 My Commission Expires:

	
	  
	[Affix Notarial Seal]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]