Document:

Exhibit 10.1

 

Cash Bonus Plan

 

This
document constitutes a written description of the cash bonus plan adopted by
the Board of Directors of GP Strategies Corporation on June 30, 2010.

 

This
bonus plan has 3 levels and covers the executive team, business and general and
administrative unit leaders, and all other employees of General Physics
Corporation.  Compensation can be
comprised of cash and stock compensation. 
The information below outlines the cash portion of the bonus plan. This
cash bonus plan may be amended, supplemented or terminated by the Company at
any time by action of the Compensation Committee of the Board of Directors and
the Chief Executive Officer (“CEO”).

 

Executive
Team Cash Bonus Plan

 

The
members of the executive team will be eligible to share in a cash bonus pool.
The total size of the executive team cash bonus pool is based on the
achievement of corporate level objectives and each executive team member’s
percentage of the bonus pool will be determined based on the achievement of a
combination of corporate level, group level and individual objectives, all as
described below.

 

The
amount of the executive team cash bonus pool is based on the achievement of
corporate level objectives. As a result, the executive team, which includes the
Chief Financial Officer, General Counsel, and Executive Vice Presidents and
Senior Vice Presidents responsible for managing an operating group within the
Company, will share the common goal of working toward the achievement of the
established corporate level objectives. 
Each calendar year, the corporate objectives for determining the amount
of the executive team cash bonus pool will be recommended by the CEO and
approved by the Board of Directors.  Any
executive covered by a bonus determined under a separate agreement shall not be
eligible to receive a bonus under this plan. The CEO and President are not
eligible to participate in this plan as their bonuses are determined under
their individual employment agreements.

 

The
current corporate objectives that would result in the maximum possible
executive team bonus pool are 10% revenue growth over the prior year’s
results  and 20%  Pretax Income Growth over the prior year’s
results.

 

Step
1 — Establishing the Executive Team Pool

 

The
executive team bonus pool will be calculated as a percentage of the total of
the executive team’s base salaries.  The
pool will cap at 50% of the total of the executive team’s base salaries and
will be calculated based on the following current objectives (results will be
interpolated):

 

Corporate
Revenue growth of 0% = 0%

Corporate
Revenue growth of 2% = 5%

Corporate
Revenue growth of 4% = 10%

 

1

 

Corporate
Revenue growth of 6% = 15%

Corporate
Revenue growth of 8% = 20%

Corporate
Revenue growth of 10% = 25%

 

Corporate
Pre Tax Income growth of 0% = 0%

Corporate
Pre Tax Income growth of 5% = 6.25%

Corporate
Pre Tax Income growth of 10% = 12.5%

Corporate
Pre Tax Income growth of 15% = 18.75%

Corporate
Pre Tax Income growth of 20% = 25%

 

The
total of the Corporate Revenue growth score and Corporate Pre Tax Income growth
score will be added together and multiplied by the total of the Executive Team’s
base salaries to determine the pool available for distribution.

 

Step
2 — Distributing the Pool to Executives

 

After
the total executive team cash bonus pool is established, each executive team
member’s individual share of the pool will be determined.  For this purpose, each executive team member
will be given a score, up to 100 points, based on such executive team member’s
performance.  Each executive team member’s
score will be determined based on achievement of a combination of corporate
level, group level and individual level objectives.  After all of the executive team members’
scores have been determined, each of their proportionate share of the executive
team cash bonus pool will be determined by dividing (1) each executive
team member’s score by (2) the sum of all executive team members’
scores.  Each executive team member’s
cash bonus is then determined by multiplying that percentage by the amount of
the executive team cash bonus pool.

 

The
group level or equivalent objectives, as applicable, for executive team members
will be established by the CEO and President and will closely align with corporate
objectives.  For executive team members
who do not manage an operating group, “group” objectives will be established
for the executive’s area of responsibility.

 

Performance
objectives are set and documented at the beginning of the year for each executive
team member and will include corporate objectives, group objectives, and
specific strategic objectives established for each executive team member.

 

Except
for the Chief Financial Officer and any executive who does not manage an
operating group, executive team individual scores will be calculated as follows
(results will be interpolated):

 

Corporate
Revenue growth of 0% = 0 points

Corporate
Revenue growth of 2% = 3 points

Corporate
Revenue growth of 4% = 6 points

Corporate
Revenue growth of 6% = 9 points

Corporate
Revenue growth of 8% = 12 points

 

2

 

Corporate
Revenue growth of 10% = 15 points

 

Plus:

Corporate
Pre Tax Income growth of 0% = 0 points

Corporate
Pre Tax Income growth of 5% = 3.75 points

Corporate
Pre Tax Income growth of 10% = 7.5 points

Corporate
Pre Tax Income growth of 15% = 11.25 points

Corporate
Pre Tax Income growth of 20% = 15 points

 

Plus:

Group
Revenue growth of 0% = 0 points

Group
Revenue growth of 5% = 10 points

Group
Revenue growth of 10% = 20 points

Group
Revenue growth of 15% = 25 points

 

Plus:

Group
Net Income from Operations (NIFO) growth of 0% = 0 points

Group
NIFO growth of 10% = 10 points

Group
NIFO growth of 20% = 20 points

Group
NIFO growth of 30% = 25 points

 

Plus:

Achievement
of individual strategic objectives to be set individually by the CEO or
President for each executive team member to equal a total of 20 possible
points.

 

Equals:

Total
potential score of 100 points.

 

The
Chief Financial Officer’s individual scores will be calculated as follows
(results will be interpolated):

 

Corporate
Revenue growth of 0% = 0 points

Corporate
Revenue growth of 2% = 5 points

Corporate
Revenue growth of 4% = 10 points

Corporate
Revenue growth of 6% = 15 points

Corporate
Revenue growth of 8% = 20 points

Corporate
Revenue growth of 10% = 25 points

 

Plus:

Corporate
Pre Tax Income growth of 0% = 0 points

Corporate
Pre Tax Income growth of 5% = 6.25 points

Corporate
Pre Tax Income growth of 10% = 12.5 points

Corporate
Pre Tax Income growth of 15% = 18.75 points

Corporate
Pre Tax Income growth of 20% = 25 points

 

3

 

Plus:

US
G&A (excluding cost center 010) expense increases over prior year by 7% or
> = 0 points

US
G&A (excluding cost center 010) expense increases over prior year by 6% or
< = 6 points

US
G&A (excluding cost center 010) expense increases over prior year by 5% or
< = 12 points

US
G&A (excluding cost center 010) expense increases over prior year by 4% or
< = 18 points

US
G&A (excluding cost center 010) expense increases over prior year by 3% or
< = 24 points

US
G&A (excluding cost center 010) expense increases over prior year by 2% or
< = 30 points

 

Plus:

Achievement
of individual strategic objectives to be set individually by the CEO or President
for each executive team member to equal a total of 20 possible points.

 

Equals:

Total
potential score of 100 points.

 

The
amount of each executive team member’s cash bonus will be equal to the
executive’s individual points earned as a percentage of the total points earned
by all executives multiplied by the available executive team cash bonus pool.

 

For
any acquisitions that occurred during the year or that were not included in the
full prior year results, for purposes of calculating financial achievements
based on the corporate and/or group objectives, only the amount of revenue
and/or income that is above budgeted revenue and/or income will be included in
the calculations.

 

Executive
Bonus Payments if Corporate Objectives are not Achieved

 

If
the total of corporate revenue growth and pre-tax income scores is l0% or less
for any given year, and an individual executive team member earns a total of 50
points or more on such executive team member’s 
group and individual strategic objectives, such executive team
member  may earn a bonus equal to 25% of
such executive team member’s  earned
score divided by 100 and then multiplied by such executive team member’s base
salary.  For example:  If the corporate score was 0% and the
individual executive earned 60 points, the executive can earn a bonus
equivalent to 15% of salary.

 

Business
and G&A Unit Leader Bonus Plan

 

For
purposes of this plan, business unit (“BU”) leaders are individuals who manage
business units within each operating group and General & Administrative
(“G&A”) Unit Leaders are individuals who run key functional areas, each as
determined by the executive responsible for the group or G&A function.

 

BU
Leader Plan

 

BU
Leaders can earn a maximum bonus of 15% of base salary, based on achievement of
a combination of group level, BU level and individual specific objectives.  Each BU Leader’s performance against those
objectives will result in a score on a 100 point scale.

 

4

 

The
score will be calculated as follows (results will be interpolated):

 

Group
Revenue growth of 0% = 0 points

Group
Revenue growth of 5% = 5 points

Group
Revenue growth of 10% = 10 points

Group
Revenue growth of 15% = 15 points

 

Plus:

Group
NIFO growth of 0% = 0 points

Group
NIFO growth of 10% = 5 points

Group
NIFO growth of 20% = 10 points

Group
NIFO growth of 30% = 15 points

 

Plus:

BU
Revenue growth of 0% = 0 points

BU
Revenue growth of 5% = 10 points

BU
Revenue growth of 10% = 20 points

BU
Revenue growth of 15% = 25 points

 

Plus:

BU
NIFO growth of 0% = 0 points

BU
NIFO growth of 10% = 10 points

BU
NIFO growth of 20% = 20 points

BU
NIFO growth of 30% = 25 points

 

Plus:

Achievement
of established Individual Strategic Objectives to be set individually for each
executive team member for a total of 20 possible points.

 

Equals:

Total
potential score of 100 points.

 

A
BU Leader must score at least  5 points
for BU revenue growth and 5 points for BU NIFO growth to earn a bonus.  In addition, the established strategic
objectives score may not exceed the BU specific criteria score; credit will
only be given in an amount equal to the BU specific criteria score.

 

For
purposes of calculation, the business unit NIFO must be positive and greater
than $50,000 for the year to qualify for any NIFO growth credit for the current
year.  In addition, year over year growth
will be calculated starting from $10,000 for any business unit that had
negative income in the prior year.

 

Each
BU Leader’s bonus amount is then determined by dividing such BU Leader’s score
by 100, then multiplying that result by 15% and then multiplying that result by
the BU Leader’s base salary.

 

5

 

Directors
who  are a level below BU Leaders are not
eligible for this plan and would participate in the BU General bonus pool.

 

G&A
Leader Plan

 

G&A
Leaders can earn a maximum bonus of 15% of base salary, based on achievement of
a combination of corporate level, AU level, US G&A (excluding cost center
010) level and individual specific objectives. 
Each G&A Leader’s performance against those objectives will result
in a score on a 100 point scale.

 

The
score will be calculated as follows (results will be interpolated):

 

Corporate
Revenue growth of 0% = 0 points

Corporate
Revenue growth of 2% = 3.75 points

Corporate
Revenue growth of 6% = 7.5 points

Corporate
Revenue growth of 8% = 11.25 points

Corporate
Revenue growth of 10% = 15 points

 

Plus:

Corporate
Pre Tax Income growth of 0% = 0 points

Corporate
Pre Tax Income growth of 5% = 3.75 points

Corporate
Pre Tax Income growth of 10% = 7.5 points

Corporate
Pre Tax Income growth of 15% = 11.25 points

Corporate
Pre Tax Income growth of 20% = 15 points

 

Plus:

AU
expense increases over prior year by 7% or > = 0 points

AU
expense increases over prior year by 6% or < = 5 points

AU
expense increases over prior year by 5% or < = 10 points

AU
expense increases over prior year by 4% or < = 15 points

AU
expense increases over prior year by 3% or < = 20 points

AU
expense increases over prior year by 2% or < = 25 points

 

Plus:

US
G&A (excluding cost center 010) expense increases over prior year by 7% or
> = 0 points

US
G&A (excluding cost center 010) expense increases over prior year by 6% or
< = 5 points

US
G&A (excluding cost center 010) expense increases over prior year by 5% or
< = 10 points

US
G&A (excluding cost center 010) expense increases over prior year by 4% or
< = 15 points

US
G&A (excluding cost center 010) expense increases over prior year by 3% or
< = 20 points

US
G&A (excluding cost center 010) expense increases over prior year by 2% or
< = 25 points

 

Plus:

Achievement
of one or more established Strategic Objectives to be set individually for each
executive team member = 20 points

 

6

 

Equals:

Total
potential score of 100 points.

 

For
purposes of the calculation, incremental G&A costs that are directly
related to acquisitions, litigation and other extraordinary items will be
excluded from costs in the calculation. 
In addition, if the established strategic objectives score is greater
than the G&A specific criteria score, credit will only be given in amount
equal to the G&A specific criteria score.

 

Each
G&A Leader’s bonus amount is then determined by dividing such G&A
Leader’s score by 100, then multiplying that quotient by 15% and then
multiplying that result by the G&A Leader’s base salary.

 

All
BU and G&A Leader bonus plans, including the established strategic
objectives, must be approved by the President prior to communication to each BU
and G&A Leader.  All final bonus
calculations must also be approved by the President prior to communication or
distribution of any payments.

 

Business
Unit and G&A General Bonus Pools

 

BU
and G&A general bonus pools can be earned and available for distribution to
employees within each business unit or G&A organization not covered in
Executive Team or BU Leader bonus plans.

 

BU
General Bonus Pool

 

The
BU General Bonus Pool is based on the following (results will be interpolated):

 

BU
Revenue growth of 0% = 0% of NIFO

BU
Revenue growth of 5% = 1% of NIFO

BU
Revenue growth of 10% = 1.5% of NIFO

BU
Revenue growth of 15% = 2% of NIFO

 

Plus:

BU
NIFO growth of 0% = 0% of NIFO

BU
NIFO growth of 10% = 1% of NIFO

BU
NIFO growth of 20% = 1.5% of NIFO

BU
NIFO growth of 30% = 2% of NIFO

 

For
purposes of calculation, the business unit results, business unit NIFO must be
$50,000 or greater to qualify for an NIFO growth score for the current year,
and year over year growth will be calculated starting from $10,000 for any
business unit that had negative income in the prior year. In addition, both
revenue and NIFO growth must be a minimum of 5% to qualify for the general
bonus pool.

 

7

 

The
BU bonus pool will be calculated based on the score earned multiplied by the
amount of current year NIFO.

 

Each
BU Leader will propose a distribution list of recipients for the general pool,
which must be approved by the executive officer responsible for the Group and
the President prior to any communication or distribution to the employees.

 

G&A
General Bonus Pool

 

For
employees in the G&A organization, the general bonus pool will be
calculated as follows:

 

US
G&A (excluding cost center 010) expense increases over prior year by 7% or
> = 0%

US
G&A (excluding cost center 010) expense increases over prior year by 6% or
< = .2%

US
G&A (excluding cost center 010) expense increases over prior year by 5% or
< = .4%

US
G&A (excluding cost center 010) expense increases over prior year by 4% or
< = .6%

US
G&A (excluding cost center 010) expense increases over prior year by 3% or
< = .8%

US
G&A (excluding cost center 010) expense increases over prior year by 2% or
< = 1%

 

The
G&A bonus pool will be calculated based on the score earned multiplied by
the total US G&A salaries, excluding those in the Executive Team and
G&A Leader pools.

 

Certain
General and Administrative Provisions

 

Bonus
payments will be made after approval by the CEO and President and after
completion of the year-end audit.  The
total bonus pool for the company will be capped at 10% of EBITDA for the year
with respect to which the bonuses are payable. 
Any amounts earned in excess of 10% of EBITDA will result in a prorated
reduction in the amounts earned in the Business Unit General Bonus Pool. The
proposed distribution list of recipients must be approved by the CEO and
President prior to any communication or distribution.

 

Neither
the establishment of this Plan nor the provision for or payment of any amounts
hereunder nor any action of the Company, the Board or any Committee of the
Board in respect of this Plan shall be held or construed to confer upon any
person any legal right to receive any benefit under this Plan. Nothing
contained in this Plan (or in any other documents under this Plan) shall confer
upon any person any right to continue in the employ of the Company or any
subsidiary of the Company, constitute any contract or agreement of employment,
or interfere in any way with the right of the Company to change a person’s
compensation or other benefits, or to terminate his or her employment, with or
without cause.

 

Bonuses
payable under this Plan shall be payable from the general assets of the
Company, and no special or separate reserve, fund or deposit shall be made to
assure payment of such amounts. No person shall have any right, title or
interest in any fund or in any specific asset of the Company by reason of being
eligible to receive a bonus under 

 

8

 

this
Plan. Neither the provisions of this Plan (nor of any related documents), nor
the creation or adoption of this Plan, nor any action taken pursuant to the
provisions of this Plan shall create, or be construed to create, a trust of any
kind or a fiduciary relationship between the Company and any person. To the
extent that a person acquires a right to receive payment under this Plan, such
right shall be no greater than the right of any unsecured general creditor of
the Company.

 

No
person eligible under any other plan or agreement to receive bonuses, commissions
or other incentive compensation based on the financial performance of the
Company or any subsidiary of the Company shall be eligible to receive a bonus
or other compensation under this Plan without the express approval of the
Board.

 

Any
decision made or action taken by, or inaction of, the Company, the Board or any
Committee of the Board arising out of or in connection with the creation,
amendment, construction, administration, interpretation and effect of this Plan
that is within its authority hereunder or applicable law shall be within the
absolute discretion of such entity and shall be conclusive and binding upon all
persons.

 

Nothing
in this Plan shall limit or be deemed to limit the authority of the Board or
any Committee of the Board to authorize any other compensation under any other
plan or authority.

 

9Exhibit 10.2

 

 

SECOND AMENDMENT TO FINANCING AND SECURITY AGREEMENT

 

THIS
SECOND AMENDMENT TO FINANCING AND SECURITY AGREEMENT (this “Agreement”) is made
as of August 2, 2010, by and between GENERAL PHYSICS CORPORATION, a Delaware corporation (“Borrower”)
and WELLS FARGO BANK, N.A., successor to Wachovia Bank, National
Association, a national banking association (“Lender”).

 

RECITALS

 

A.            Borrower and Lender are
parties to a Second Amended and Restated Financing and Security Agreement dated
November 5, 2008, as amended by a First Amendment to Financing and
Security Agreement dated as of August 6, 2009 (the same, as amended,
modified, substituted, extended, and renewed from time to time, collectively,
the “Financing Agreement”).

 

B.            Borrower has requested that
Lender modify certain provisions of the Financing Agreement.

 

C.            Lender is willing to agree
to Borrower’s request on the condition, among others, that this Agreement be
executed by Borrower.

 

AGREEMENTS

 

NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, receipt of which is hereby acknowledged, Borrower and Lender
agree as follows:

 

1.             Borrower and
Lender agree that the Recitals above are a part of this Agreement.  Unless otherwise expressly defined in this
Agreement, terms defined in the Financing Agreement shall have the same meaning
under this Agreement.

 

2.             Borrower
represents and warrants to Lender as follows:

 

(a)           It is a corporation duly
organized, and validly existing and in good standing under the laws of the
State of its organization and is duly qualified to do business as a foreign
corporation in good standing in every other state wherein the conduct of its
business or the ownership of its property requires such qualification;

 

(b)           It has the power and authority
to execute and deliver this Agreement and perform its obligations hereunder and
has taken all necessary and appropriate action to authorize the execution,
delivery and performance of this Agreement;

 

(c)           The Financing Agreement, as
heretofore amended and as amended by this Agreement, and each of the other
Financing Documents remains in full force and effect, and each constitutes the
valid and legally binding obligation of such Borrower, enforceable in
accordance with its terms;

 

 

(d)           All of its representations
and warranties contained in the Financing Agreement and the other Financing
Documents, as updated and modified by the Borrower’s statements and
certificates furnished to the Lender from time to time, are true and correct on
and as of the date of its execution of this Agreement; and

 

(e)           No Event of Default and no
event which, with notice, lapse of time or both would constitute an Event of
Default, has occurred and is continuing under the Financing Agreement or the
other Financing Documents which has not been waived in writing by Lender.

 

3.             The Financing
Agreement is modified as follows:

 

(a)           Section 1.1 (Certain
Defined Terms) is modified by restating the following defined terms in their
entirety as follows:

 

““Interest Coverage Ratio” shall be defined as (a) earnings before
deduction of interest and taxes paid divided by (b) the sum of interest
and tax payments, each measured on a rolling
four (4) quarter basis.

 

“Permitted Acquisitions” means acquisitions which may be made by
Borrower, provided there is no Default or Event of Default both prior to the
acquisition and on a pro-forma basis, for which the aggregate cash purchase
price paid at closing plus the projected earnout payments to be paid by
Borrower do not exceed Twenty Million Dollars ($20,000,000) for the period of August 2,
2010 through the Revolving Credit Expiration Date.

 

“Revolving Credit Expiration Date” means October 31, 2012, unless
otherwise extended for successive periods of one (1) year beyond the then
existing maturity date commencing as of the first anniversary date of this
Agreement, by Lender in the exercise of its sole and absolute discretion.”

 

(b)           Section 2.4.4
(Monitoring Fee) is deleted in its entirety and the following is inserted in
its place:

 

“2.4.4          Monitoring Fee.

 

Borrowers shall pay to Lender a monthly monitoring fee in the amount of
$400 (collectively, the “Monitoring Fees” and individually, a “Monitoring Fee”)
commencing on the first such date following the date hereof and continuing
until the Revolving Credit Termination Date. 
Borrowers authorize Lender to debit demand deposit account number
2079900107595 or any other account with Lender (routing number 055-003201)
designated in writing by General Physics, beginning as of the date hereof for
any Monitoring Fee.  Borrowers further
certify that General Physics hold legitimate ownership of this account and
preauthorizes this periodic debit as part of its right under said ownership.”

 

(c)           Section 6.1.1(d) (Monthly
Reports) is deleted in its entirety and the following is inserted in its place:

 

2

 

“(d)         Quarterly Reports. 
Borrowers shall furnish to Lender within twenty (20) days after the end
of each fiscal quarter, a Borrowing Base Report with respect to Borrowers and a
report containing the following information:

 

(i)            a detailed aging schedule of all Receivables by
Account Debtor as of the end of the previous quarter, in such detail, and
accompanied by such supporting information, as Lender may from time to time reasonably
request;

 

(ii)           a detailed aging of all accounts payable by
supplier, in such detail, and accompanied by such supporting information, as
Lender may from time to time reasonably request;

 

(iii)          a listing of all Unbilled Receivables as of the end
of the previous quarter and as of the fifteenth (15th) day of the current quarter, showing the billing
status of such Unbilled Receivables; and

 

(iv)          such other information as Lender may reasonably
request.”

 

(d)           Section 6.1.12
(Financial Covenants) is deleted in its entirety and the following is inserted
in its place:

 

“6.1.12            Financial Covenants.

 

(a)           Tangible Net Worth. 
Borrowers will maintain at all times a Tangible Net Worth equal to but
not less than $30,000,000.

 

(b)           Total Liabilities to Tangible Net Worth.  Borrowers shall maintain, at all times, a
ratio of Total Liabilities to Tangible Net Worth so that it is not more than
3.0 to 1.0 commencing December 31, 2008 and thereafter.

 

(c)           Interest Coverage Ratio.  Borrowers shall maintain, at all times, an
Interest Coverage Ratio equal to not less than 2.75 to 1.0.

 

(d)           Capital Expenditures.  Borrowers will not directly or indirectly (by
way of the acquisition of the securities of a Person or otherwise), make any
Capital Expenditures in the aggregate exceeding $3,000,000 in any fiscal year.”

 

4.             Borrower hereby
issues, ratifies and confirms the representations, warranties and covenants
contained in the Financing Agreement, as amended hereby.  Borrower agrees that this Agreement is not
intended to and shall not cause a novation with respect to any or all of the
Obligations.

 

5.             Borrower shall
pay at the time this Agreement is executed and delivered all fees, commissions,
costs, charges, taxes and other expenses incurred by Lender and its counsel in 

 

3

 

connection
with this Agreement, including, but not limited to, reasonable fees and
expenses of Lender’s counsel and all recording fees, taxes and charges.

 

6.             This Agreement
may be executed in any number of duplicate originals or counterparts, each of
such duplicate originals or counterparts shall be deemed to be an original and
all taken together shall constitute but one and the same instrument.  Borrower agrees that Lender may rely on a
telecopy of any signature of Borrower. 
Lender agrees that Borrower may rely on a telecopy of this Agreement
executed by Lender.

 

IN
WITNESS WHEREOF, Borrower and Lender have executed this Agreement under seal as
of the date and year first written above.

 

	
  WITNESS
  OR ATTEST:

  	
   

  	
  GENERAL
  PHYSICS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Sharon Esposito-Mayer 

  	
  (SEAL)

  
	
   

  	
   

  	
   

  	
  Sharon
  Esposito-Mayer

  
	
   

  	
   

  	
   

  	
  Executive
  Vice President & Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
  WELLS
  FARGO BANK, N.A., successor to Wachovia Bank, National Association

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  (SEAL)

  
	
   

  	
   

  	
   

  	
  Elizabeth
  M. Phelan

  
	
   

  	
   

  	
   

  	
  Senior
  Vice President

  

 

4

 

AGREEMENT OF GUARANTOR

 

The
undersigned is the “Guarantor” under an Amended and Restated Guaranty of
Payment Agreement, dated November 5, 2008 
(as amended, modified, substituted, extended and renewed from time to
time, the “Guaranty”), in favor of Lender. 
In order to induce Lender to enter into the foregoing Agreement, the
undersigned (a) consents to the transactions contemplated by, and agreements
made by Borrower under, the foregoing Agreement, and (b) ratifies,
confirms and reissues the terms, conditions, promises, covenants, grants,
assignments, security agreements, agreements, representations, warranties and
provisions contained in the Guaranty.

 

WITNESS
signature and seal of the undersigned as of the date of the Agreement.

 

	
  WITNESS
  OR ATTEST:

  	
  GP
  STRATEGIES CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Sharon Esposito-Mayer 

  	
  (SEAL)

  
	
   

  	
   

  	
  Sharon
  Esposito-Mayer

  
	
   

  	
   

  	
  Executive
  Vice President & Chief Financial Officer

  

 

5

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