Document:

Exhibit 10.1 3.31.2013 10Q

Exhibit 10.1

            
DELUXE                 NON-QUALIFIED STOCK OPTION AGREEMENT
CORPORATION                    

	
				
	GRANTED TO
	

GRANT 
DATE
	# OF DELUXE CORP COMMON SHARES
	

OPTION PRICE
PER SHARE

	

	

_________________
EXPIRATION DATE
         
	

	 

1.  GRANT
Deluxe Corporation (“Deluxe”) hereby grants to you the right to purchase the above stated number of shares of its common stock, par value $1.00 per share, at the price stated above (the “Option”).

2.  DURATION AND EXERCISABILITY
You may not exercise any portion of this Option prior to one year from the date of grant set forth above (the "Grant Date"), and the Option expires seven years after the Grant Date (the “Expiration Date”).  Commencing one year after the Grant Date you may exercise this Option in cumulative installments of 33-1/3 percent on and after the first, second, and third anniversaries of the Grant Date.  Beginning one year after the Grant Date, this entire Option will vest earlier and become exercisable upon your Qualified Retirement, Disability, or death.  "Qualified Retirement," “Disability,” and “Cause” are defined in the Addendum to this Agreement.  Beginning one year after the Grant Date a pro rata portion of the entire Option shall vest and become exercisable upon termination without Cause based upon elapsed time since the Grant Date.

3.  RETIREMENT, DISABILITY, DEATH OR TERMINATION
Upon your Qualified Retirement from Deluxe or an Affiliate (collectively, the “Company”), you will have three years from the date of your retirement to exercise this Option.  If you die while employed, the representative of your estate or your heirs will have one year from the date of your death to exercise this Option.  If your employment terminates due to Disability, you will have one year from the date of your termination to exercise this Option. If your employment is terminated by the Company without Cause, you will have three months from the date of your termination to exercise this Option.  If you resign or otherwise voluntarily terminate your employment with the Company, you will have three months from the date of your termination to exercise this Option, to the extent the Option had vested as of your termination date.  In no case, however, may this Option be exercised after the Expiration Date.  If your employment with the Company is terminated for Cause, the entire unexercised portion of this Option will be canceled as of your last date of employment.

4.  ACCELERATION OF EXERCISABILITY UPON CHANGE OF CONTROL
(a)    Notwithstanding any installment or delayed exercise provision contained in this Agreement that would result in this Option becoming exercisable in full or in part at a later date, if, in connection with any “Change of Control” (as defined in the Addendum), the acquiring Person, surviving or acquiring corporation or entity, or an affiliate of such corporation or entity, elects to continue this Option in effect and to replace the shares of common stock issuable upon exercise of this Option with other equity securities that are registered under the Securities Act of 1933 and are freely transferable under all applicable federal and state securities laws and regulations, this Option shall become exercisable in full if, within twelve months of the date of the Change of Control,

(i)  Your employment with the Company (or any successor company or affiliated entity with which you are then employed) is terminated by the Company or such other employer without Cause,

(ii)  Your employment with the Company (or any successor company or affiliated entity with which you are then employed) is terminated by you for “Good Reason” (as defined in the Addendum), or

(iii)  Any earlier date provided under this Agreement.

In the event of any such Change of Control, the number of replacement equity securities issuable upon exercise of this Option shall be determined by multiplying the exchange ratio used in connection with the Change of Control for determining the number of replacement equity securities issuable for the outstanding shares of Deluxe's common stock, or if there is no such ratio, an exchange ratio established or accepted by the Continuing Directors (as defined in the Addendum), and the exercise price per share of replacement equity security shall be adjusted by such exchange ratio so as to preserve the same economic value in this Option as existed prior to the Change of Control.  In the event of any such Change of Control, all references herein

		
	NQSO 
	                                                Ver. 10/12

 to the common stock shall thereafter be deemed to refer to the replacement equity securities issuable upon exercise of this Option, references to Deluxe shall thereafter be deemed to refer to the issuer of such replacement equity securities, and all other terms of this Option shall continue in effect except as and to the extent modified by this subparagraph.

(b)    If the Change of Control does not meet the continuation or replacement criteria specified in subparagraph (a) above, this Option shall become exercisable in full immediately upon the Change of Control.

5.  FORFEITURE OF OPTION AND OPTION GAIN RESULTING FROM CERTAIN ACTIVITIES
(a)    If, at any time within 12 months after the date that you have exercised any portion of this Option, you engage in any Forfeiture Activity (as defined below) then (i) the Option shall immediately terminate effective as of the date any such activity first occurred, and (ii) any gain received by you pursuant to the exercise of the Option must be paid to Deluxe within 30 days of demand by Deluxe.  For purposes hereof, the gain on any exercise of the Option shall be determined by multiplying the number of shares purchased pursuant to the Option times the excess of the closing price on the New York Stock Exchange of a share of Deluxe's common stock on the date of exercise (without regard to any subsequent increase or decrease in the fair market value of such shares) over the exercise price.

(b)    As used herein, you shall be deemed to have engaged in a Forfeiture Activity if you (i) directly or indirectly, engage in any business activity on your own behalf or as a partner, stockholder, director, trustee, principal, agent, employee, consultant or otherwise of any person or entity which is in any respect in competition with or competitive with the Company or you solicit, entice or induce any employee or representative of the Company to engage in any such activity, (ii) directly or indirectly solicit, entice or induce (or assist any other person or entity in soliciting, enticing or inducing) any customer or potential customer (or agent, employee or consultant of any customer or potential customer) with whom you had contact in the course of your employment with the Company to deal with a competitor of the Company, (iii) fail to hold in a fiduciary capacity for the benefit of the Company all confidential information, knowledge and data, including customer lists and information, business plans and business strategy (“Confidential Data”) relating in any way to the business of the Company for so long as such Confidential Data remains confidential, or (iv) are terminated by the Company for Cause.

(c)    If any court of competent jurisdiction shall determine that the foregoing forfeiture provisions are invalid in any respect, the court so holding may limit such provisions in any manner which the court determines such that the provisions shall be enforceable against you.

(d)    By accepting this Agreement, you consent to a deduction from any amounts Company owes you from time to time (including amounts owed to you as wages or other compensation, fringe benefits, or vacation pay, as well as any other amounts owed to you by Company), to the extent of the amounts you owe Company under the foregoing provisions.  Whether or not Company elects to make any set-off in whole or in part, if Company does not recover by means of set-off the full amount you owe, calculated as set forth above, you agree to pay immediately the unpaid balance to Company.

(e)    You will be released from the forfeiture provisions of subparagraph (b)(i) in the event your employment with the Company has been involuntarily terminated without Cause due to a job elimination or other reduction in force.  Otherwise, you may be released from the foregoing forfeiture provisions only if the Compensation Committee of the Deluxe Board (or its duly appointed agent) determines in its sole discretion that such action is in the best interests of Company.

6.  TERMS AND CONDITIONS
This Option Agreement does not guarantee your continued employment or, subject to the provisions of any other written agreement between you and Deluxe or its Affiliates, alter the right of Deluxe or its Affiliates to terminate your employment at any time.  You have no rights in the shares subject to this Option until such shares are received upon exercise of this Option.  This Option is issued pursuant to the Deluxe Corporation 2012 Long Term Incentive Plan (the "Plan"), and is subject to its terms.  In the event of any conflict between the provisions of the Plan and this Option Agreement (which includes the Addendum to this Agreement), the provisions of the Plan shall prevail.    

By your acceptance of this option award, you acknowledge receipt of a copy of the Prospectus for the Plan and your agreement to the terms and conditions of the Plan and this Option Agreement.
 
DELUXE CORPORATION
	
				
	 
	 
	By
	 

                            
                                
RETAIN THIS DOCUMENT FOR YOUR RECORDS

ADDENDUM TO 
NON-QUALIFIED STOCK OPTION AGREEMENT

For the purposes hereof the terms used herein shall have the following meanings:

"Qualified Retirement" shall mean any termination of your employment that the Compensation Committee of Deluxe's Board of Directors approves as a qualified retirement, provided (i) you have at least twenty years of service with Deluxe and/or its Affiliates (“Service Years”), and (ii) the sum of your age and Service Years equals or exceeds seventy-five.

"Disability" shall mean your permanent disability as defined by the provisions of the long term disability plan of Deluxe or any Affiliate by which you are employed at the time of such disability.  In the event that any such Affiliate does not have a long term disability plan in effect at such time, you shall be deemed disabled for the purposes hereof if you would have qualified for long term disability payments under Deluxe's long term disability plan had you then been an employee of Deluxe.

"Cause" shall mean (i) you have breached your obligations of confidentiality to Deluxe or any of its Affiliates; (ii) you have otherwise failed to perform your employment duties and do not cure such failure within thirty (30) days after receipt of written notice thereof; (iii) you commit an act, or omit to take action, in bad faith which results in material detriment to Deluxe or any of its Affiliates; (iv) you have had excessive absences unrelated to illness or vacation ("excessive" shall be defined in accordance with local employment customs); (v) you have committed fraud, misappropriation, embezzlement or other act of dishonesty in connection with Deluxe or any of its Affiliates or its or their businesses; (vi) you have been convicted or have pleaded guilty or nolo contendere to criminal misconduct constituting a felony or a gross misdemeanor, which gross misdemeanor involves a breach of ethics, moral turpitude, or immoral or other conduct reflecting adversely upon the reputation or interest of Deluxe or its Affiliates; (vii) your use of narcotics, liquor or illicit drugs has had a detrimental effect on your performance of employment responsibilities; or (viii) you are in material default under any agreement between you and Deluxe or any of its Affiliates following any applicable notice and cure period.

“Good Reason” shall mean (i) except with your written consent given in your discretion, (a) the assignment to you of any position and/or duties which represent or otherwise entail a material diminution in your position, authority, duties or responsibilities, or (b) any other action by the Company which results in a material diminution in your position (or positions) with the Company, excluding for this purposes an isolated, insubstantial or inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of written notice thereof given by you and excluding any diminution attributable solely to the fact that Deluxe is no longer a public company; (ii) any material reduction in your aggregate compensation and incentive opportunities, or any failure by the Company to comply with any other written agreement between you and the Company, other than an isolated, insubstantial or inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of written notice thereof given by you; (iii) the Company's requiring you to be based at any location more than 50 miles from your then current location; (iv) any purported termination by the Company of your employment which is not effected pursuant to a written notice of termination specifying the reasons for your termination and the manner by which such reasons constitute “Cause” (as defined herein); or (v) any request or requirement by the Company that you take any action or omit to take any action that is inconsistent with or in violation of the Company's ethical guidelines and policies as the same existed within the 120-day period prior to the termination date or any professional ethical guidelines or principles that may be applicable to you.                                                

A "Change of Control" shall be deemed to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied:

		
	(I) 
	any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of Deluxe representing 20% or more of the combined voting power of Deluxe's then outstanding securities, excluding, at the time of their original acquisition, from the calculation of securities beneficially owned by such Person, any securities acquired directly from Deluxe or its Affiliates or in connection with a transaction described in clause (a) of paragraph III below; or

Addendum
Page 1 of 2
Ver. 10/12

ADDENDUM TO
NON-QUALIFIED STOCK OPTION AGREEMENT

		
	(II) 
	individuals who at the Grant Date constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of Deluxe) whose appointment or election by the Board or nomination for election by Deluxe's shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the Grant Date or whose appointment, election or nomination for election was previously so approved or recommended (such directors collectively being referred to as “Continuing Directors”), cease for any reason to constitute a majority thereof; or

		
	(III) 
	there is consummated a merger or consolidation of Deluxe or any Affiliate with any other company, other than (a) a merger or consolidation which would result in the voting securities of Deluxe outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of Deluxe or any Affiliate, at least 65% of the combined voting power of the voting securities of Deluxe or such surviving entity or parent thereof outstanding immediately after such merger or consolidation, or (b) a merger or consolidation effected to implement a recapitalization of Deluxe (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of Deluxe representing 20% or more of the combined voting power of Deluxe's then outstanding securities; or

		
	(IV) 
	the shareholders of Deluxe approve a plan of complete liquidation of Deluxe or there is consummated an agreement for the sale or disposition by Deluxe of all or substantially all Deluxe's assets, other than a sale or disposition by Deluxe of all or substantially all of Deluxe's assets to an entity, at least 65% of the combined voting power of the voting securities of which are owned by shareholders of Deluxe in substantially the same proportions as their ownership of Deluxe immediately prior to such sale.

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of Deluxe immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of Deluxe immediately following such transaction or series of transactions. 
    
"Person" shall have the meaning defined in Sections 3(a)(9) and 13(d) of the Securities Exchange Act of 1934, as amended, except that such term shall not include (i) Deluxe or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of Deluxe or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the shareholders of Deluxe in substantially the same proportions as their ownership of stock of Deluxe. 

"Beneficial Owner" shall have the meaning defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended.

"Affiliate" shall mean a company controlled directly or indirectly by Deluxe, where "control" shall mean the right, either directly or indirectly, to elect a majority of the directors thereof without the consent or acquiescence of any third party.

Addendum
Page 2 of 2EXHIBIT 10.1

 

Execution Copy

 

AMENDMENT NO. 5 TO CREDIT AGREEMENT

THIS AMENDMENT NO. 5, dated as of April 26, 2013 (this "Amendment No. 5"), to that certain Credit Agreement referred to below is entered into by and among Dynamics Research Corporation, a Massachusetts corporation (the "Borrower"), the Guarantors, each Lender party hereto, and Bank of America, N.A., as administrative agent (in such capacity, the "Administrative Agent"), Swing Line Lender and an L/C Issuer.

STATEMENT OF PURPOSE

The Borrower is a party to that certain Credit Agreement, dated as of June 30, 2011, by and among the Borrower, each financial institution party thereto as a lender (collectively, the "Lenders" and, each individually, a "Lender") and Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer (as amended by that certain Amendment No. 1 to Credit Agreement, dated September 16, 2011, that certain Amendment No. 2 to Credit Agreement, dated June 29, 2012, that certain Amendment No. 3 to Credit Agreement, dated August 8, 2012, that certain Amendment No. 4 to Credit Agreement, dated December 31, 2012, and as otherwise further amended, restated, supplemented or modified prior to the date hereof, the "Credit Agreement").

The Borrower now requests that the Credit Agreement be amended in order to grant certain accommodations to and for the benefit of the Borrower, all as more particularly described herein.

Subject to the terms and conditions of this Amendment No. 5, the Administrative Agent and the Lenders party hereto have agreed to grant such requests of the Borrower.

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1.                          Capitalized Terms.  All capitalized undefined terms used in this Amendment No. 5 (including, without limitation, in the Statement of Purpose hereto) shall have the meanings assigned thereto in the Credit Agreement.  This Amendment No. 5 shall be a "Loan Document" for all purposes of the Credit Agreement and the other Loan Documents.

SECTION 2.                          Amendments.  The parties hereto hereby agree that as of the Amendment No. 5 Effective Date (as defined below) the Credit Agreement is hereby amended as follows:

(a)            The following definition under Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety:

"Consolidated Fixed Charges" means, for any period, for the Borrower and its Subsidiaries on a consolidated basis, the sum, in each case determined in accordance with GAAP for such period and without duplication, of (a) Consolidated Interest Expense paid or payable in cash other than any Make-Whole Premium (as defined in the Subordinated Note Agreement as in effect on the Amendment No. 5 Effective Date) or other premiums paid or payable in connection with the repayment of the Loans (as defined in the Subordinated Note Agreement as in effect on the Amendment No. 5 Effective Date) pursuant to a Junior Payment plus (b) scheduled principal payments with respect to Indebtedness, regardless of whether or not such Scheduled Principal Payments are actually made by the Borrower or any Subsidiary during such period ("Scheduled Principal Payments") plus (c) Restricted Payments; provided that for purposes of determining Consolidated Fixed Charges for any period of the Borrower prior to June 30, 2012, the determination of Scheduled Principal Payments and Consolidated Interest Expense shall be

1

deemed to be the amount of (i) for the four consecutive fiscal quarter period ending September 30, 2011, the amount of Scheduled Principal Payments and Consolidated Interest Expense for the fiscal quarter ending September 30, 2011 times four (4); (ii) for the four consecutive fiscal quarter period ending December 31, 2011, the amount of Scheduled Principal Payments and Consolidated Interest Expense for the two consecutive fiscal quarters ending December 31, 2011 times two (2); and (iii) for the four consecutive fiscal quarter period ending March 31, 2012, the amount of Scheduled Principal Payments and Consolidated Interest Expense for the three consecutive fiscal quarters ending March 31, 2012 times 4/3.

(b)            Section 1.01 of the Credit Agreement is hereby amended by adding the following new definition in the appropriate alphabetical order:

"Amendment No. 5 Effective Date" means the date on which each of the conditions precedent to Amendment No. 5 to Credit Agreement, dated as of April 26, 2013, among the Borrower, the Lenders party thereto and the Administrative Agent, are satisfied or waived.

SECTION 3.                          Conditions Precedent to Effectiveness.

(a)            This Amendment No. 5 shall be effective upon the satisfaction of each of the following conditions (such date, the "Amendment No. 5 Effective Date"):

(i)            Executed Amendment. The Administrative Agent shall have received counterparts of this Amendment No. 5 executed by the Borrower, the Guarantors, the Administrative Agent and the requisite Lenders.

(ii)            Amendment to Subordinated Note Agreement.  Contemporaneously with the effectiveness of this Amendment No. 5, the Borrower and the Subordinated Noteholders shall have entered into an amendment to the Subordinated Note Agreement on terms substantially similar to those of this Amendment No. 5 in form and substance satisfactory to the Administrative Agent (the "Subordinated Note Amendment").

(iii)            Payment of Fees and Expenses.  The Borrower shall have paid all out-of-pocket expenses incurred by the Administrative Agent (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent) with respect to this Amendment No. 5.

(iv)            Other Closing Documents.  The Administrative Agent shall have received such other instruments, documents and certificates as the Administrative Agent shall reasonably request in connection with the execution of this Amendment No. 5.

(b)              For purposes of determining compliance with the conditions specified in this Section 3, each Lender that has signed this Amendment No. 5 shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the date hereof specifying its objection thereto.

SECTION 4.                          Effect of the Agreement.  Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain unmodified and in full force and effect.  Except as expressly set forth herein, this Amendment No. 5 shall not be deemed (a) to be a waiver of, or consent to, a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, (b) to prejudice any other right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or the other Loan

2

Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or otherwise modified from time to time, (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrower or any other Person with respect to any waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or with respect to any such documents or (d) to be a waiver of, or consent to or a modification or amendment of, any other term or condition of any other agreement by and among the Borrower, on the one hand, and the Administrative Agent or any other Lender, on the other hand.  References in the Credit Agreement to "this Agreement" (and indirect references such as "hereunder", "hereby", "herein", and "hereof") and in any Loan Document to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby.

SECTION 5.                          Representations and Warranties.  By its execution hereof, each Loan Party hereby represents and warrants as follows:

(a)            such Loan Party has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Amendment No. 5 and each other document executed in connection herewith to which it is a party in accordance with their respective terms;

(b)            this Amendment No. 5 and each other document executed in connection herewith have been duly executed and delivered by its duly authorized officers, and each such document constitutes the legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors' rights in general and the availability of equitable remedies;

(c)            each representation and warranty contained in the Credit Agreement and the other Loan Documents is true, correct and complete in all material respects as of the date hereof as if fully set forth herein, except for any representation and warranty made as of an earlier date, which representation and warranty shall remain true, correct and complete in all material respects as of such earlier date; provided that any representation or warranty that is qualified by materiality or by reference to Material Adverse Effect shall be true, correct and complete in all respects as of the applicable date;

(d)            no Default has occurred and is continuing as of the date hereof or would result after giving effect to the transactions contemplated by this Amendment No. 5; and

(e)            no Loan Party has paid or agreed to pay any fees or other consideration to any Subordinated Noteholder in connection with the Subordinated Note Amendment other than as set forth in the Subordinated Note Amendment.

SECTION 6.                          Reaffirmation, Ratification and Acknowledgment.  Each Loan Party (a) agrees that the transactions contemplated by this Amendment No. 5 shall not limit or diminish the obligations of such Person under, or release such Person from any obligations under, the Collateral Agreement, the Guaranty, the Subordination Agreement and each other Loan Document to which it is a party, (b) confirms and reaffirms its obligations under the Collateral Agreement, the Guaranty, the Subordination Agreement and each other Loan Document to which it is a party and (c) agrees that the Collateral Agreement, the Guaranty, the Subordination Agreement and each other Loan Document to which it is a party remain in full force and effect and are hereby ratified and confirmed.

3

SECTION 7.                          Miscellaneous.

(a)            Counterparts.  This Amendment No. 5 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and shall be binding upon all parties, their successors and assigns, and all of which taken together shall constitute one and the same agreement.

(b)            Governing Law.  This Amendment No. 5, unless otherwise expressly set forth herein, shall be governed by, construed and enforced in accordance with the laws of the State of New York, without reference to the conflicts or choice of law principles thereof.

(c)            Electronic Transmission.  A facsimile, telecopy or other reproduction of this Amendment No. 5 may be executed by one or more parties hereto, and an executed copy of this Amendment No. 5 may be delivered by one or more parties hereto by facsimile or similar instantaneous electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes.  At the request of any party hereto, all parties hereto agree to execute an original of this Amendment No. 5 as well as any facsimile, telecopy or other reproduction hereof.

(d)            Entire Agreement. This Amendment No. 5 is the entire agreement, and supersedes any prior agreements and contemporaneous oral agreements, of the parties concerning its subject matter.

(e)            Successors and Assigns.  This Amendment No. 5 shall be binding on and inure to the benefit of the parties and their heirs, beneficiaries, successors and assigns.

 

[Signature Pages Follow]

4

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 5 to be duly executed by their respective authorized officers as of the day and year first above written.

BORROWER:

DYNAMICS RESEARCH CORPORATION,

as Borrower

	
By:

	
/s/ David Keleher

	
 

	
Name:

	
David Keleher

	
 

	
Title:

	
Senior Vice President, Chief Financial Officer and Treasurer

	
 

 

 

 

 

Amendment No. 5

to

Dynamics Research Corporation Credit Agreement

 

 

GUARANTORS:

DRC INTERNATIONAL CORPORATION

	
By:

	
/s/ David Keleher

	
 

	
Name:

	
David Keleher

	
 

	
Title:

	
Vice President Finance and Chief Financial Officer

	
 

H.J. FORD ASSOCIATES, INC.

	
By:

	
/s/ David Keleher

	
 

	
Name:

	
David Keleher

	
 

	
Title:

	
Treasurer and Chief Financial Officer

	
 

 

KADIX SYSTEMS, LLC

	
By:

	
/s/ David Keleher

	
 

	
Name:

	
David Keleher

	
 

	
Title:

	
Treasurer and Chief Financial Officer

	
 

 

HIGH PERFORMANCE TECHNOLOGIES, INC.

	
By:

	
/s/ David Keleher

	
 

	
Name:

	
David Keleher

	
 

	
Title:

	
Treasurer and Chief Financial Officer

	
 

 

Amendment No. 5

to

Dynamics Research Corporation Credit Agreement

 

BANK OF AMERICA, N.A.,

as Administrative Agent

	
By:

	
/s/ Roberto Salazar

	
 

	
Name:

	
Roberto Salazar

	
 

	
Title:

	
Vice President

	
 

 

 

Amendment No. 5

to

Dynamics Research Corporation Credit Agreement

 

BANK OF AMERICA, N.A.,

as a Lender, L/C Issuer and Swing Line Lender

	
By:

	
/s/ Christopher P. Busconi

	
 

	
Name:

	
Christoper P. Busconi

	
 

	
Title:

	
Senior Vice President

 

Amendment No. 5

to

Dynamics Research Corporation Credit Agreement

 

 

BROWN BROTHERS HARRIMAN & CO.,

as a Lender

 

	
By:

	
/s/ Jed Hall

	
 

	
Name:

	
Jed Hall

	
 

	
Title:

	
Managing Director

	
 

Amendment No. 5

to

Dynamics Research Corporation Credit Agreement

 

 

PNC BANK, NATIONAL ASSOCIATION,

as a Lender

	
By:

	
/s/ Douglas T. Brown

	
 

	
Name:

	
Douglas T. Brown

	
 

	
Title:

	
Senior Vice President

 

 

Amendment No. 5

to

Dynamics Research Corporation Credit Agreement

 

 

SUNTRUST BANK,

as a Lender

 

	
By:

	
/s/ William W. Palmer

	
 

	
Name:

	
William W. Palmer

	
 

	
Title:

	
Senior Vice President

	
 

Amendment No. 5

to

Dynamics Research Corporation Credit Agreement

 

 

 

 

ARES CREDIT STRATEGIES FUND II, L.P., as a Lender

	By:	ARES CSF OPERATING MANAGER II LLC, its Manager

 

	
By:

	
/s/ R. Kipp deVeer

	
 

	
Name:

	
R. Kipp deVeer

	
 

	
Title:

	
Authorized Signatory

	
 

Amendment No. 5

to

Dynamics Research Corporation Credit Agreement

 

 

 

 

 

ARES CREDIT STRATEGIES FUND III, L.P., as a Lender

	By:	ARES CSF III INVESTMENT MANAGEMENT LLC, its Manager

 

	
By:

	
/s/ R. Kipp deVeer

	
 

	
Name:

	
R. Kipp deVeer

	
 

	
Title:

	
Authorized Signatory

 

 

 

 

Amendment No. 5

to

Dynamics Research Corporation Credit Agreement

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