Document:

Exhibit 10.5

 

RELEASE AGREEMENT

 

This RELEASE AGREEMENT
(“Release Agreement”), is made this 12th day of December, 2017 between Liberty Tax, Inc., a Delaware
corporation (“COMPANY”), JTH Tax, Inc., a Delaware corporation (“Subco” and together with
COMPANY, the “Company”), and Kathleen E. Donovan (“Executive”).

 

 WHEREAS, Executive
is currently employed by the Company as its Chief Financial Officer pursuant to the Employment Agreement executed between the Company
and Executive dated February 1, 2014 (the “Employment Agreement”); and

 

WHEREAS, on November
7, 2017, Executive provided notice of her resignation as Chief Financial Officer to be effective at a later date; and

 

WHEREAS, Executive
has agreed to remain as Chief Financial Officer until December 31, 2017.

 

NOW THEREFORE, in consideration
of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereby agree as follows:

 

1.                 
Severance and Indemnification. Company agrees to the payment of the termination
obligations outlined in Section 4(d)(i)(A), 4(d)(i)(B), and 4(d)(i)(E) of the Employment Agreement. With respect to Section 4(d)(i)(C),
Executive hereby relinquishes all rights to the Bonus (as defined in Section 4(d)(i)(C) of the Employment Agreement). With respect
to Section 4(d)(i)(D), the parties agree that this provision shall apply only to Executive’s stock incentives which were
granted in calendar year 2016 and Executive hereby relinquishes all rights to all additional stock options and other grants not
specifically addressed herein. Executive agrees to execute any additional documentation that may be required to effectuate these
provisions. 

 

Additionally, the Company
agrees to maintain its obligations under Section 12 of the Employment Agreement regarding indemnification. As described therein,
the Company agrees to indemnify Executive to the fullest extent permitted by the respective Certificates of Incorporation, Bylaws
and other organizational documents of the entities constituting the Company (including payment of expenses in advance of final
disposition of a proceeding) against actions or inactions of Executive during the time of Executive’s Employment Period (as
defined in the Employment Agreement) as an officer, director or employee of the Company, or any of the Company’s Subsidiaries
or Affiliates or as a fiduciary of any benefit plan of any of the foregoing. The Company also agrees to provide Executive with
Directors and Officers insurance coverage after the Employment Period, with regard to matters occurring during the Employment Period.
That coverage shall be at a level at least equal to the level being maintained at the time for the then current officers and directors
or, if then being maintained at a higher level with regard to any prior period activities for officers or directors during the
prior period, the higher amount with regard to Executive ’s activities during the prior period.

 

    

     

    

2.                 
Release. 

 

(a)               
In consideration of the foregoing, Executive, on behalf of herself and her heirs, executors,
successors and assigns, knowingly and voluntarily releases, remises, and forever discharges the Company and its direct or indirect
parents, subsidiaries and affiliates, together with each of their current and former principals, officers, directors, direct or
indirect equityholders, general and limited partners, agents, representatives and employees, and each of their heirs, executors,
successors and assigns (collectively, the “Releasees”), from any and all debts, demands, actions, causes of
actions, accounts, covenants, contracts, agreements, claims, damages, omissions, promises, and any and all claims and liabilities
whatsoever, of every name and nature, known or unknown, suspected or unsuspected, both in law and equity (“Claims”),
which Executive ever had, now has, or may hereafter claim to have against the Releasees by reason of any matter, cause or thing
whatsoever arising from the beginning of time to the time she signs this Release Agreement (the “General Release”).
This General Release of Claims shall apply to any Claim of any type, including, without limitation, any and all Claims of any type
that Executive may have arising under the common law, under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of
1991, Sections 1981 through 1988 of Title 42 of the United States Code, the Age Discrimination in Employment Act of 1967, the Older
Workers Benefit Protection Act, the Americans With Disabilities Act of 1967, the Family and Medical Leave Act of 1993, the Employee
Retirement Income Security Act of 1974, the Sarbanes-Oxley Act of 2002, the Immigration Reform and Control Act, the Workers Adjustment
and Retraining Notification Act, the Fair Credit Reporting Act, the Occupational Safety and Health Act, the Equal Pay Act, the
Genetic Information Nondiscrimination Act of 2008, each as amended, and any other federal, state or local statutes, regulations,
ordinances, law or common law, or under any policy, agreement, contract, understanding or promise, written or oral, formal or informal,
between any of the Releasees and Executive, including but not limited to the Employment Agreement, and Company’s Equity and
Cash Incentive Plan and shall further apply, without limitation, to any and all Claims in connection with, related to or arising
out of Executive’s employment relationship, or the termination of her employment, with the Company, as well as any right
or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective,
or multi-Party action or proceeding against the Company, or any basis for recovering costs, fees or other expenses including attorneys’
fees incurred in these matters. Except as specified herein, Executive acknowledges and agrees that the Company has fully satisfied
any and all obligations owed to her arising out of her employment with the Company, and no further sums are owed to her by the
Company or by any of the other Releasees at any time. The Company shall provide Executive with a schedule showing the specific
amounts due to her under each applicable subparagraph of Section 4(d)(i) of the Employment Agreement, to the extent then ascertainable,
not later than ten days from the date of any separation from service.

 

(b)              
The foregoing waiver and release shall not extend to the following: (i) any rights,
remedies or claims Executive may have in enforcing the terms of this Release Agreement and the Employment Agreement with respect
to amounts due to Executive in connection with her termination of employment (ii) any rights Executive may have to receive vested
amounts under any of the Company’s (or any affiliate’s) employee benefit plans and/or pension plans or programs and
the Company’s Equity and Cash Incentive Plan; (iii) Executive’s rights to medical benefit continuation coverage, on
a self-pay basis, pursuant to federal law (COBRA); (iv) Executive’s eligibility for, or right to receive, indemnification
and advancement of expenses in accordance with applicable laws, the certificate of incorporation and/or by-laws of the Company
or any affiliate, or under the Employment Agreement or under any of the governing agreements of the Company or any affiliate, or
coverage under any applicable directors and officers policy or otherwise; (v) any rights Executive may have to obtain contribution
as permitted by law in the event of entry of judgment against Executive as a result of any act or failure to act for which the
Company or any of the Releasees and Executive are jointly liable; and (vi) any rights or claims that may not be lawfully released
and/or waived (including any rights to workers’ compensation or unemployment insurance).

 

    2

     

    

(c)               
Consultation with Attorney; Voluntary Agreement. The Company advises Executive to
consult with an attorney of her choosing prior to signing this Release Agreement. Executive understands and agrees that she has
the right and has been given the opportunity to review this Release Agreement and, specifically, the General Release in Section
2 above, with an attorney. Executive also understands and agrees that she is under no obligation to consent to the General Release
set forth in Section 2 above. Executive acknowledges and agrees that the payments set forth in Section 1 herein and Section 4(d)(i)
of the Employment Agreement, as applicable, are sufficient consideration to require her to abide with her obligations under this
Release Agreement, including but not limited to the General Release set forth in Section 2. Executive represents that she has read
this Release Agreement, including the General Release set forth in Section 2 and understands its terms and that she enters into
this Release Agreement freely, voluntarily, and without coercion. Notwithstanding the foregoing, nothing contained herein shall
prevent Executive from filing an administrative charge of discrimination with the EEOC or state or local fair employment practices
agency. No federal, state or local government agency is a party to this Agreement and none of the provisions of this Agreement
restrict or in any way affect a government agency’s authority to investigate or seek relief in connection with any of the
claims released. However, if a government agency were to pursue any matters falling within the released claims, which it is free
to do, the parties agree that this Agreement shall control as the exclusive remedy and full settlement of all claims between the
parties. Executive agrees that Executive shall not seek, accept, or be entitled to any monetary relief, whether individually or
as a member of a class or group, arising from an EEOC charge filed by Executive or on Executive’s behalf. 

 

3.                 
No Admission of Liability. Nothing in this Agreement is intended to or will
be construed as an admission by the Company that it or any of its officer’s directors or employees, violated any law, interfered
with any right, breached any obligation, or otherwise engaged in any improper or illegal conduct, the Released Parties expressly
denying any such conduct.

 

4.                 
Effective Date; Revocation. Executive acknowledges and represents that she has
been given at least twenty-one (21) days during which to review and consider the provisions of this Release Agreement and, specifically,
the General Release set forth in Section 2 above, although she may sign and return it sooner if she so desires. Executive further
acknowledges and represents that she has been advised by the Company that she has the right to revoke this Release Agreement for
a period of seven (7) days after signing it. Executive acknowledges and agrees that, if she wishes to revoke this Release Agreement,
she must do so in a writing, signed by her and received by the Company no later than 5:00 p.m. Eastern Time on the seventh (7th)
day of the revocation period. If no such revocation occurs, the General Release and this Release Agreement shall become effective
on the eighth (8th) day following her execution of this Release Agreement. Executive further acknowledges and agrees that, in the
event that she revokes this Release Agreement, it shall have no force or effect, and she shall have no right to receive any payment
pursuant to Section 4(d) of the Employment Agreement, as applicable. 

 

    3

     

    

5.                 
Time for Execution. Absent a bona fide dispute as to the amount due in connection
with any separation from service, the Executive shall execute this Release Agreement not later than 21 days from the date the schedule
of payments is provided to her as provided in Section 2(b) hereof.

 

6.                 
Severability. In the event that any one or more of the provisions of this Release
Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder of
the Release Agreement shall not in any way be affected or impaired thereby. 

 

7.                 
Waiver. No waiver by either party of any breach by the other party of any condition
or provision of this Release Agreement to be performed by such other party shall be deemed a waiver of any other provision or condition
at the time or at any prior or subsequent time. This Release Agreement and the provisions contained in it shall not be construed
or interpreted for or against either party because that party drafted or caused that party’s legal representative to draft
any of its provisions.

 

8.                 
Governing Law. This Release Agreement shall be governed by and construed and
enforced in accordance with the laws of the Commonwealth of Virginia, without reference to its choice of law rules. Any action
brought to enforce this Agreement will only be brought in the United States District Court for the Eastern District of Virginia,
Norfolk division, or the General District or Circuit Courts for the City of Virginia Beach, Virginia. 

 

9.                 
Entire Agreement. This Release Agreement constitutes the entire agreement and
understanding of the parties with respect to the release of claims provided for herein and supersedes all prior agreements, arrangements
and understandings, written or oral, between the parties with respect to such release of claims. Executive acknowledges and agrees
that she is not relying on any representations or promises by any representative of the Company concerning the meaning of any aspect
of this Release Agreement. This Release Agreement may not be altered or modified other than in a writing signed by Executive and
an authorized representative of the Company.

 

10.             
Headings. All descriptive headings in this Release Agreement are inserted for
convenience only and shall be disregarded in construing or applying any provision of this Release Agreement.

 

11.             
Counterparts. This Release Agreement may be executed in counterparts, each of
which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the
Company and Executive have executed this Release Agreement, on the date and year set forth below.

 

 

 

    4

     

    

 

	 	COMPANY
	 	 	 
	 	By:	/s/ Edward L. Brunot
		 	President and Chief Executive
		 	Officer 
	 	 	 
	 	 	Date:  December 12, 2017
	 	 	 
	 	 	 
	 	Subco.
	 	By:	/s/ Edward L. Brunot
		 	President and Chief Executive
		 	Officer 
	 	 	 
		 	Date:  December 12, 2017
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	/s/ Kathleen E. Donovan
	 	Kathleen E. Donovan

 

 

 

 

5EX-10.1

 Exhibit 10.1 

THIRD AMENDMENT 
 THIRD
AMENDMENT, dated as of December 8, 2017 (this “Amendment”), to the Term Loan Credit Agreement, dated as of May 31, 2015 (as amended by the First Amendment, dated as of September 27, 2016 and the Second Amendment dated
as of September 28, 2017, the “Credit Agreement”), among TTM TECHNOLOGIES, INC. (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the
“Lenders”), JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and the other agents parties thereto. 

W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made, certain loans and other extensions of credit to the
Borrower; 
 WHEREAS, the Borrower has requested that the Lenders agree to make certain amendments to the Credit Agreement; 

WHEREAS, Section 10.1 of the Credit Agreement permits the Borrower to amend the Credit Agreement, with the written consent of the
Administrative Agent and the Required Lenders for the purpose of adding certain provisions to the Credit Agreement; 
 WHEREAS, upon the
occurrence of the Third Amendment Effective Date, the Credit Agreement will be deemed amended as set forth herein (the Credit Agreement with such amendments, the “Amended Credit Agreement”); 

WHEREAS, the Borrower, the Administrative Agent and the Required Lenders are willing to agree to this Amendment and the Amended Credit
Agreement on the terms set forth herein. 
 NOW THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, the
parties hereto agree as follows: 
 SECTION 1.    Definitions. Unless otherwise defined herein, terms defined in
the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 SECTION
2.    Amendment to the Credit Agreement. Effective as of the Third Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as follows: 

(a)    The following definitions are hereby added in the appropriate alphabetical order to Section 1.1 of the Credit
Agreement: 
 “LCA Test Date”: as defined in Section 1.3. 

“Limited Condition Acquisition”: any Permitted Acquisition or similar acquisition by the Parent or one or more of its
Subsidiaries permitted pursuant to the Loan Documents whose consummation is not conditioned on the availability of, or on obtaining, third party financing. 

 (b)     The definition of “Permitted Acquisition” set forth in
Section 1.1 of the Credit Agreement is hereby amended by adding the words “ (subject to the application of Section 1.3 in the case of a Limited Condition Acquisition)” immediately before the words “ the purchase or other
acquisition by the Borrower”. 
 (c)    The following section is hereby added as a new Section 1.3: 

1.3    Limited Condition Acquisitions. Notwithstanding anything to the contrary in this Agreement, in the case of
the incurrence of any Indebtedness (excluding, for the avoidance of doubt, Indebtedness under the ABL Credit Agreement but including any Incremental Term Facilities) or Liens or the making of any Permitted Acquisitions or other investments,
restricted payments, prepayments of specified indebtedness or asset sales, in each case, in connection with a Limited Condition Acquisition, at the Borrower’s option, the relevant ratios and baskets shall be determined, and any Default or Event
of Default blocker shall be tested, as of the date the definitive acquisition agreements for such Limited Condition Acquisition are entered into and calculated as if the acquisition and other pro forma events in connection therewith were consummated
on such date (the “LCA Test Date”); provided that if the Borrower has made such an election, in connection with the calculation of any ratio (other than for purposes of calculating compliance with the financial covenants) or basket
with respect to the compliance with this Agreement of any other Permitted Acquisitions or other investments, restricted payments, prepayments of specified indebtedness or asset sales on or following the LCA Test Date and prior to the earlier of the
date on which such Limited Condition Acquisition is consummated or the definitive agreement for such Limited Condition Acquisition is terminated, any such basket or ratio shall give pro forma effect to such Limited Condition Acquisition as if it
occurred on the LCA Test Date. 
 (d)    Section 2.24(e) of the Credit Agreement is hereby amended by (i) adding
the words “except to the extent provided in Section 1.3 if the proceeds of any Incremental Term Facility are being used to finance a Limited Condition Acquisition,” at the beginning of clauses (i) and (ii) thereof and
(ii) adding the following sentence as the last sentence of such Section 2.24(e): “Notwithstanding anything to the contrary in this Agreement, the incurrence of Incremental Term Loans to finance the acquisition by the Borrower of the
equity interests of Anaren Holding Corp pursuant to that certain Stock Purchase Agreement, dated as of December 1, 2017, between the Borrower and Anaren Holdings LLC, as contemplated by such Stock Purchase Agreement, shall be permitted.”

 (e)    Section 5.2 of the Credit Agreement is hereby amended by adding the following sentence as the last sentence of
such Section 5.2: “For the avoidance of doubt, the foregoing conditions set forth in this Section 5.2 shall be subject to the limitations set forth in Sections 1.3 and 2.24 to the extent the proceeds of any Incremental Term Facility
are being used to finance a Limited Condition Acquisition.”. 

  
 2 

 SECTION 3.    Third Amendment Effective Date. This Amendment (subject
to Section 4) shall become effective as of the date (the “Third Amendment Effective Date”) on which the following conditions precedent have been satisfied: 

(a)    The Administrative Agent shall have received this Amendment, executed and delivered by the Administrative Agent,
the Borrower and the Required Lenders. 
 (b)    All costs, fees and expenses required to be paid by the Borrower to the
Administrative Agent, Barclays Bank PLC and the Required Lenders in connection with the Amended Credit Agreement and this Amendment (including the reasonable and documented fees and expenses of legal counsel to the Administrative Agent) shall have
been paid to the extent due and invoiced to the Borrower. 
 SECTION 4.    Representations and Warranties. The
Borrower represents and warrants to each of the Required Lenders and the Administrative Agent that, as of the Third Amendment Effective Date, (i) the Borrower has taken all necessary corporate action to authorize (x) the execution and
delivery of this Amendment and (y) the performance of this Amendment and the Amended Credit Agreement, (ii) this Amendment has been duly executed and delivered on its behalf and (iii) this Amendment and the Amended Credit Agreement
constitute its valid and binding obligations, enforceable against it in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

SECTION 5.    Effect of Amendment. 

5.1    Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force
and affect. The Borrower, on behalf of itself and each Guarantor, acknowledges and agrees that all of the Liens and security interests created and arising under any Loan Document remain in full force and effect and continue to secure its
Obligations, unimpaired, uninterrupted and undischarged, regardless of the effectiveness of this Amendment. Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the
terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, the Amended Credit Agreement or any other Loan Document in similar or different circumstances. Nothing in this Amendment shall be deemed to be a novation of
any obligations under the Credit Agreement or any other Loan Document. 
 5.2    On and after the Third Amendment
Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall
be deemed a reference to the Credit Agreement as amended hereby. This Amendment shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents (as defined in the Amended Credit Agreement).

  
 3 

 SECTION 6.    General. 

6.1    GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

6.2    Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number
of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Amendment by email or facsimile transmission shall be effective as
delivery of a manually executed counterpart hereof. 
 6.3    Amendments. This Amendment may be amended, modified
or supplemented only by a writing signed by the Administrative Agent, the Required Lenders and the Borrower; provided that any amendment or modification that would require the consent of all Lenders or all affected Lenders if made under the Credit
Agreement shall require the consent of all Lenders or all affected Lenders, as applicable. 
 6.4    Headings.
The headings of this Amendment are used for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 

[remainder of page intentionally left blank] 

  
 4 

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

			
	TTM TECHNOLOGIES, INC., as Borrower
		
	By:	 	/s/ Daniel J. Weber
		 	 Name: Daniel J. Weber
 Title:
  Senior Vice President and General
             Counsel

 Third Amendment to Term Loan Credit Agreement 

TTM Technologies, Inc. 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	/s/ Marshall Trenckmann
		 	 Name: Marshall Trenckmann
 Title:
  Executive Director

 Third Amendment to Term Loan Credit Agreement 

TTM Technologies, Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]