Document:

EMPLOYMENT AGREEMENT

          THIS AGREEMENT is entered into as of the 31st day of December, 2004 between ABATIX   CORP. (“Employer”) and FRANK J. CINATL, IV (“Executive”).

PRELIMINARY STATEMENT

          Employer is a Delaware corporation with its principle place of business in Dallas, Texas.  Employer is engaged in the sale and distribution of personal protection and safety equipment and durable and nondurable supplies to the asbestos abatement, industrial safety and hazardous materials industries.  Executive has substantial business experience and related business skills which can be utilized in Employer’s business.  Employer desires to employ Executive upon the terms and conditions hereinafter set forth, and the Executive desires to accept such employment.  Employer and Executive desire to set forth in writing the terms and conditions of their agreements and understandings.

          NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

I.  DEFINITIONS

          A.          Executive.  The term “Executive” as used herein shall mean FRANK J. CINATL, IV.

          B.          Annual Salary.  For purposes of this Agreement, the term “Annual Salary” shall mean the compensation payable to Executive as provided for in Section VI (A) hereof.

          C.          Disabled.  For purposes of this Agreement, Executive shall be deemed to be “disabled” when, in the reasonable judgment of the Employer, he is unable to perform substantially all of the duties by reason of him in connection with his employment hereunder required of physical or mental illness or of injury for ninety (90) consecutive days.

          D.          Cause.  For purposes of this Agreement, the term “cause” is defined to include the conviction by a court of law for acts of moral turpitude of Executive or fraud of Executive relating to the business of the Employer; bankruptcy or insolvency of the Executive if, in such an event, Executive is unable to perform substantially all of the duties required of him as described in Section V of this Agreement; the determination that Executive has become disabled as described herein; material breach by Executive of the terms and conditions of this Employment Agreement, or Executive’s refusal to follow Employer’s reasonable orders and directions in connection with the performance of Executive’s duties as described in Section V of this Agreement, or any act or action of executive which materially damages the business
interests, reputation or goodwill of Employer.

II.  EMPLOYMENT

          Employer hereby employs Executive, and Executive hereby accepts employment by the Employer upon all the terms and conditions as are hereinafter set forth.

III.  TERM

          Subject to the provisions for termination, pursuant to Section XIII hereof, the term of this Employment Agreement shall commence as of January 1, 2005 and shall terminate on December 31, 2006 (the “Employment Term”).

IV.  EXECUTIVE’S REPRESENTATION AND WARRANTIES

          Executive represents and warrants to Employer that he is free to accept employment with Employer as contemplated herein, and he has no other prior obligation or commitments of any kind to anyone which would in any way interfere with his acceptance, or the full performance of his obligations, under this Agreement, or the exercise of his best efforts to his employment hereunder.

V.  DUTIES AND EXTENT OF SERVICE

          A.          Efforts.  Executive agrees to devote such working time, energy, knowledge, and efforts as Employer deems necessary to the performance and discharge of Executive’s duties and responsibilities  hereunder and such other reasonable duties and responsibilities as are assigned to him from time to time by the Board of Directors of Employer.  Executive’s duties hereunder shall be performed at the business offices of Employer,  but may also be performed at such other places as may be designated by Employer.

          B.          Position and Responsibilities.  The Executive shall serve as Vice President and Chief Financial Officer of Employer, with such duties as are assigned to him by the Board of Directors of Employer consistent with his status and capacity as an executive of Employer.  Following the term of this Agreement, Employer and Executive shall negotiate in good faith the terms of renewal hereof.

VI.  COMPENSATION

          As his entire compensation for services rendered to the Employer during the Employment Term, in whatever capacity rendered, the Executive shall receive:

          A.          Annual Salary.  Minimum Annual Salary shall be at an annual rate of $138,500.00 payable semi-monthly beginning April 1, 2005 and continuing until termination of Executive’s employment.

          B.          Bonus.  Executive may receive such incentive bonus compensation, if any, as the Board of Directors shall deem appropriate.

          C.          Automobile.  Employer shall provide Executive an automobile, and provide all expenses and repairs to such auto.

          D.          Fringe Benefits.  Employer shall provide Executive with normal fringe benefits provided to its senior executive personnel including but not limited to a medical program, automobile, term life insurance, keyman disability, corporate country club membership and such other fringe benefits as Employer may determine from time to time.  Health benefits for the Executive and his dependents are to be paid by Employer.

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          E.          Termination Benefits.  Employer shall pay Executive semi-monthly his standard salary for a period of up to ninety (90) days, not to exceed the termination date of this Agreement, following termination of Executive’s employment hereunder, for reasons other than disability.

VII.  DEDUCTIONS

          Deductions shall be made from Executive’s total annual compensation and any bonuses for withholding tax and other such taxes as may from time to time be required by governmental authority.

VIII.  EXPENSES

          Executive is expected, from time to time, to incur reasonable entertainment, travel and other expenses for promoting the business of Employer, which will be reimbursed by Employer.  Reimbursement for such expenses however shall be subject to such regulations and procedures as the Employer may from time to time establish.

IX.  FACILITIES

          Employer shall provide and maintain such facilities, equipment and supplies as it deems necessary for the Executive’s performance of his duties under this Employment Agreement.

X.  EMPLOYER RECORDS

          All books, records and documents relating to Employer’s business shall be the sole and permanent property of the Employer.  An employee shall not be entitled to retain any copies thereof, notwithstanding his participation therein.

          Unless required by service of legal process, no other Employer records shall be displaced or delivered to, or any information therefrom displaced or delivered to, or any information therefrom disclosed, to any person not connected with the Employer except in strict accordance with the rules of the Employer from time to time established.  Employer shall provide Executive reasonable access to all personnel records relating to Executive’s employment hereunder.

XI.  PAID DAYS OFF

          During the term of this Employment Agreement, Executive shall be entitled to nineteen (19) paid days off per year until May 1, 2006 at which time Executive shall be entitled to twenty-four (24) paid days off per year.  Paid days off may be utilized at the Executive’s discretion.

XII.  STANDARDS

          The Executive shall perform his duties under this Agreement in accordance with the highest standards of professional ethics and practices as may from time to time be applicable during the Employment Term.

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XIII.  TERMINATION OF EMPLOYMENT

          A.          Events of Termination.  The Employment Term may, at the option of the Board of Directors of the Employer, be terminated upon the happening of any of the following events:

                        (1)          Whenever the Executive accepts (without having obtained the prior written consent of Employer) employment with any other company.

                        (2)           Whenever the Executive shall become, without having obtained the prior written consent of the Employer, a holder of five (5%) percent of the issued and outstanding Common Stock of a competitor of the Employer, a director of a competitor of Employer, or an officer, agent, or employee of any other company but not including a director of a company that does not compete with Employer.

                        (3)          Whenever the Executive and the Employer shall mutually agree in writing to terminate this Agreement.

                        (4)          At Employer’s option at any time for cause, as that term is defined in Section I.(D) hereof.

                        (5)          If Executive shall suffer a disability as that term is defined in Section I.(C) hereof provided that Executive shall be entitled to 90 days notice prior to such termination.

          B.          Notice of Termination.  The Employment Term, may upon 30 days notice at the option of the Executive, be terminated upon the happening of any of the following events:

                        (1)          Whenever the Executive and the Employer shall mutually agree in writing to terminate this Agreement.

                        (2)          Acts of material breach of any provision of this Agreement.

          C.          Amounts Due Executive/Employer.  Within sixty (60) days of termination of this Agreement for whatever reason, all amounts owing to either party will be due and payable in full.

XIV.  DISCLOSURE OF INFORMATION

          Executive acknowledges that, in and as a result of his employment hereunder, he will be making use of, acquiring and/or adding to confidential or proprietary information developed by Employer and of a special and unique nature and value to Employ- Employer, including, but not limited to, the nature and material terms of business opportunities and proposals available to Employer, Employer’s  products, methods, systems and research, the names and addresses of its customers and suppliers, prices charges and paid by Employer or its customers, designs and specifications, record cards, customers’ and suppliers’ records, customer files, services, operating procedures, methods and systems, financial records of the Employer and of customers, and other information, data, and documents now existing or later acquired by Executive or Employer, regardless of whether any such information, data or
documents, qualify as a “trade secret” under applicable Federal or State law (collectively, the “Confidential Information”).  As a material inducement to Employer to enter into this Agreement, and to pay to Executive the compensation referred to in Section VI hereof, along with other considerations provided herein, Executive covenants and agrees that he shall not at any time during the Employment Term or following any termination thereof, directly or indirectly, divulge or disclose or use for any purpose whatsoever

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(except for the sole and exclusive benefit of Employer, as reasonably required in connection with his duties to or as otherwise required by law), any Confidential Information which has been obtained by or disclosed to him as a result of his employment with Employer.  In accordance with the foregoing, the Executive further agrees that he will at no time retain or remove from the premises of the Employer records of any kind or description whatsoever for any purpose whatsoever unless authorized by Employer, and will return all of the foregoing to Employer upon Employer’s request or any termination of his employment.  In the event of a breach or threatened breach by the Executive of any of the provisions of this Section XIV, Employer, in addition to and not in limitation of any other rights, remedies, or damages available to Employer at law or in equity, shall be entitled to a permanent injunction in order to prevent or to restrain any such breach by
Executive, or by Executive’s partners, agents, representatives, servants, employers, employees and/or any and all persons directly or indirectly acting for or with him.

XV.  COVENANT AGAINST COMPETITION

          A.          Executive acknowledges that his services to be rendered hereunder are of a special and unusual character which have a unique value to Employer, the loss of which cannot adequately be compensated by damages in an action at law.  In view of the unique value to Employer of the services of Executive for which Employer has contracted hereunder, and because of the Confidential Information to be obtained by or disclosed to Executive as herein above set forth, and as a material inducement to Employer to enter into this Employment Agreement and to pay to Executive the compensation referred to in Section VI hereof and other consideration provided herein, Executive covenants and agrees that he will not during the term hereof and for a period of twelve (12) months from the date of termination of this Agreement for any reason (i) engage,  directly
or indirectly, in any business directly competitive with the asbestos abatement industrial safety or hazardous material remediation supply business of Employer (the “Activities”) in any area within the states that the Company presently is conducting business or subsequently is conducting business at the time of the termination of this Agreement; (ii) call upon any customer or customers of the Employer for the purposes of engaging in any activities for any person, corporation, or entity other than Employer competitive with the Activities of the Employer; or (iii) divert, solicit or take away any customer or customers of the Employer for the purpose of engaging in any activities competitive with the Activities of the Employer.

          B.          Executive covenants and agrees that if he shall violate any of his covenants or agreements provided for pursuant to this Section, Employer shall be entitled to an accounting and repayment of all profits, compensation, commissions, remuneration, or benefits which Executive, directly or indirectly, has realized and/or may realize as a result of, growing out of, or in connection with any such violation; such remedy shall be in addition to and not in limitation of any injunctive relief or other rights or remedies to which Employer may be entitled to at law or in equity or under this Employment Agreement.

XVI.  REASONABLENESS OF RESTRICTIONS

          A.          Executive has carefully read and considered the provisions of Section XIV and XV hereof, and having done so, agrees the restrictions set forth in such Sections (including, but not limited to, the time period of restriction and the geographical areas of restriction set forth in Section XV hereof) are fair and reasonable and are reasonably required for the protection of the interests of the Employer, its officers, directors, and other employees.

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          B.          In the event that, notwithstanding the foregoing, any of the provisions of Sections XIV and XV shall be held to be invalid or unenforceable, the remaining provisions thereof shall nevertheless continue to be valid and enforceable as though invalid or unenforceable parts had not been included therein.  In the event that any provision of Section XV hereof relating to time period and/or areas of restriction shall be declared by a court of competent jurisdiction to exceed the maximum time period or areas such court deems reasonable and enforceable, said time period and/or areas of restriction shall be deemed to become, and thereafter be, the maximum time period and/or area which such court deems reasonable and enforceable.

XVII.  APPLICABLE LAW; SEVERABILITY

          This Agreement shall be governed by and construed pursuant to the laws of the State of Texas, where it is made and executed.  If any terms or part of this Agreement shall be determined to be invalid, illegal, or unenforceable in whole or in part, the validity of the remaining part of such term or the validity of any other term of this Agreement shall not in any way be affected.  All provisions of this Agreement shall be construed to be valid and enforceable to the full extent permitted by law.

XVIII.  NOTICE

          Any notices required or permitted to be given pursuant to this Agreement to the Employer or Executive shall be in writing and shall be deemed given upon deposit of same in the U.S., certified mail or registered mail, return receipt requested, first class postage and registration fees prepaid, and addressed to the principle office of Employer and the most recent address of Executive shown in the Employer’s records, respectively, or such other addresses as is most recently designated for the respective parties by notice given as aforesaid.

XIV.  BINDING PROVISIONS AND PERFORMANCE

          This Agreement shall inure to the benefit of and be binding upon the parties hereto, and all such parties agree to be bound by the provisions contained herein.

XX.  AMENDMENT

          No amendment or variation of the terms of this Employment Agreement shall be valid made in writing and signed by the parties hereto.

XXI.  ENTIRE EMPLOYMENT AGREEMENT

          This Employment Agreement represents the entire agreement between the parties hereto with respect to the subject matter hereof.

XXII.  WAIVER OF VIOLATION NOT CONTINUING

          The waiver by either party of a breach or violation of any provision of this Agreement shall not operate as or be construed to be a waiver of any subsequent breach.

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XXIII.  ASSIGNMENT

          This Agreement is personal to each of the parties hereto.  Employer may not assign its rights and obligations hereunder without the prior written consent of Executive.

XIV.  HEADINGS AND GENDER

          The paragraph headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement.  All references to him or her shall be deemed reference to the Executive regardless of gender.

XXV.  COUNTERPARTS

          This Employment Agreement may be executed in multiple counterparts, each of which shall be an original, but all of which shall be deemed to constitute one instrument.

          In WITNESS WHEREOF, the undersigned have hereunto set their hands and seals on the day and year first above written.

	
  
 
  	
  
ABATIX CORP.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ TERRY W. SHAVER
  
	
   
  	
   
  	
  

  
	
   
  	
   
  	
  Authorized Signatory
  
	
   
  	
   
  	
   
  
	
   
  	
  By:
  	
  /s/ FRANK J. CINATL
  
	
   
  	
   
  	
  

  
	
   
  	
   
  	
  Frank J. Cinatl, IV
  

7EX-10.1

FIRST AMENDMENT AND CONSENT

THIS FIRST AMENDMENT AND CONSENT (this “Amendment”), is made and entered into as of
this 24th day of March, 2005, with an effective date as set forth in Section 4 hereof, by
and among IKON OFFICE SOLUTIONS, INC., an Ohio corporation (the “US Borrower”), IKON OFFICE
SOLUTIONS GROUP PLC (Company number 2803484), a company organized under the laws of England and
Wales (the “UK Borrower” and, collectively with the US Borrower, the “Borrowers”),
the Domestic Subsidiaries of the US Borrower listed on the signature pages hereto (the
“Guarantors”), the Lenders party to the Credit Agreement referred to below (the
“Lenders”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders
(the “Administrative Agent”), DEUTSCHE BANK SECURITIES INC., as Syndication Agent, PNC BANK
NATIONAL ASSOCIATION, as Syndication Agent, GENERAL ELECTRIC CAPITAL CORPORATION, as Documentation
Agent, and THE ROYAL BANK OF SCOTLAND PLC, as Documentation Agent.

Statement of Purpose

The Lenders agreed to extend certain credit facilities to the Borrowers pursuant to the Credit
Agreement dated as of July 28, 2004 by and among the Borrowers, the Lenders, the Administrative
Agent, the Syndication Agents and the Documentation Agents (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”).

The Borrowers have requested that the Lenders consent to the sale and release of certain
Collateral previously identified in writing to the Administrative Agent and Lenders (the
“Collateral Release”), and the release of any Liens created under the Collateral Agreement
on such Collateral (the “Collateral Lien Releases”).

The Borrowers have informed the Administrative Agent that IKON Office Solutions Netherlands
B.V. (“IKON Netherlands”) is not a first-tier Foreign Subsidiary and should not have been
designated as an Issuer under the Collateral Agreement and the Borrowers have requested that the
Lenders release IKON Netherlands as an Issuer under the Collateral Agreement and release all Liens
created under the Collateral Agreement on Capital Stock of IKON Netherlands (the “Netherlands
Release”).

The Borrowers desire to amend or modify certain provisions of the Credit Agreement in certain
respects on the terms and conditions set forth below.

Subject to and in accordance with the terms and conditions set forth herein, the Required
Lenders are willing (i) to consent to the Collateral Release, (ii) to consent to the Collateral
Lien Releases, (iii) to consent to the Netherlands Release and (iv) to agree to the amendments
described in this Amendment.

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

1. Capitalized Terms. All capitalized undefined terms used in this Amendment
(including, without limitation, in the statement of purpose hereto) shall have the meanings
assigned thereto in the Credit Agreement.

2. Consent and Release. Pursuant to Section 14.11 of the Credit Agreement and
effective as of the date upon which each of the conditions specified in Section 4 hereof
are satisfied, the Required Lenders hereby (i) consent to the Collateral Release, (ii) consent to
the Collateral Lien Releases and (iii) consent to the Netherlands Release. With respect to the
Collateral Lien Releases and the Netherlands Release, the Lenders hereby authorize the
Administrative Agent to take any actions permitted pursuant to Section 13.9 of the Credit
Agreement or required to reflect the Netherlands Release. The Administrative Agent, the Required
Lenders and the Borrowers agree that the sale of any Collateral contemplated by the Collateral
Release shall not count towards the amounts permitted to be disposed of pursuant to Section
10.5(m).

3. Amendments to the Credit Agreement. The Credit Agreement is hereby modified as
follows:

A. Amendments to Existing Definitions.

I. The definition of “Asset Coverage Ratio” is hereby amended by deleting the existing
definition in its entirety and by substituting the following in lieu thereof:

“Asset Coverage Ratio” means, as of any date of determination with respect to
the US Borrower and its Subsidiaries on a Consolidated basis, the ratio of (a) the net book
value of Domestic Accounts Receivable plus the net book value of the Domestic
Inventory as of such date less 90% of the net book value of the GE Accounts
Receivable as of such date to (b) Total Secured Indebtedness as of such date.

II. The definition of “EBITDA” is hereby amended by deleting the existing definition in
its entirety and by substituting the following in lieu thereof:

“EBITDA” means, for any period, the sum of the following determined on a
Consolidated basis, without duplication, for the US Borrower and its Subsidiaries in
accordance with GAAP: (a) Net Income for such period plus (b) the sum of the
following to the extent deducted in determining Net Income: (i) income taxes for such
period, (ii) Interest Expense for such period, (iii) amortization, depreciation and other
non-cash charges for such period, (iv) any extraordinary or non-recurring non-cash expenses
or losses for such period, (v) cash expenses incurred during such period in an aggregate
amount not to exceed $12,125,000 in connection with the sale of certain assets and
liabilities of IOS Capital LLC under the GE Purchase Agreements, (vi) cash expenses in
connection with post-closing adjustments to be recorded no later than September 30, 2004
with respect to the sale of certain assets and liabilities of IOS Capital LLC and IKON
Canada under the GE Purchase Agreements, (vii) expenses incurred during such period in
connection with the extinguishment of Indebtedness and (viii) non-recurring cash expenses
which, with the exception of real estate lease-related payments, shall be recorded no later
than September 30, 2005 in an aggregate amount not to exceed $45,000,000 for all applicable
periods of determination with respect to severance costs, lease termination payments and
related expenditures associated with the closure of certain business documentation service
centers, the closure of certain legal documentation service centers, the closure of certain
sales marketplaces and post-closing adjustments, if any, with respect to the sale of any of
the Collateral contemplated by the Collateral Release less (c) any extraordinary or
non-recurring income or gains.

III. The definition of Net Corporate Indebtedness is hereby amended by deleting the
existing definition in its entirety and by substituting the following in lieu thereof:

“Net Corporate Indebtedness” means,

(a) solely with respect to the calculation of the Leverage Ratio for purposes
of determining the Applicable Margin:

As of any date of determination with respect to the US Borrower and its
Subsidiaries on a Consolidated basis without duplication, (i) all Indebtedness of
the US Borrower and its Subsidiaries less (ii) the aggregate principal
amount of all Indebtedness of the Finance Subsidiaries less (iii) the
aggregate amount of unrestricted cash of the US Borrower and its Subsidiaries in
excess of $100,000,000 as of the date of determination less (iv) Guaranty
Obligations of the US Borrower or its Subsidiaries less (v) all net
obligations incurred by the US Borrower or its Subsidiaries pursuant to Hedging
Agreements less (vi) the outstanding attributed principal amount under any
Permitted Lease Receivable Securitization so long as such securitization is
non-recourse to the US Borrower or any Subsidiary and less (vii) an
aggregate face amount of up to $50,000,000 of obligations, contingent or otherwise,
of US Borrower or its Subsidiaries relative to the face amount of letters of credit,
whether or not drawn, including, without limitation, any Reimbursement Obligation,
and banker’s acceptances issued for the account of the US Borrower and its
Subsidiaries, in each case as set forth on the Consolidated balance sheet of the US
Borrower and its Subsidiaries prepared in accordance with GAAP; or

(b) with respect to all other provisions of this Agreement, (including,
without limitation, the calculation of the Leverage Ratio for all purposes other
than determining the Applicable Margin):

As of any date of determination with respect to the US Borrower and its Subsidiaries
on a Consolidated basis without duplication, (i) all Indebtedness of the US Borrower
and its Subsidiaries less (ii) the aggregate principal amount of all
Indebtedness of the Finance Subsidiaries less (iii) the aggregate amount, as
of any date of determination, of the sum of (A) unrestricted cash of the US Borrower
and its Subsidiaries plus (B) 90% of the GE Accounts Receivable (solely to
the extent by which such aggregate amount of the sum of (A) and (B) exceeds
$100,000,000 as of such date of determination) less (iv) Guaranty
Obligations of the US Borrower or its Subsidiaries less (v) all net
obligations incurred by the US Borrower or its Subsidiaries pursuant to Hedging
Agreements less (vi) the outstanding attributed principal amount under any
Permitted Lease Receivable Securitization so long as such securitization is
non-recourse to the US Borrower or any Subsidiary and less (vii) an
aggregate face amount of up to $50,000,000 of obligations, contingent or otherwise,
of US Borrower or its Subsidiaries relative to the face amount of letters of credit,
whether or not drawn, including, without limitation, any Reimbursement Obligation,
and banker’s acceptances issued for the account of the US Borrower and its
Subsidiaries, in each case as set forth on the Consolidated balance sheet of the US
Borrower and its Subsidiaries prepared in accordance with GAAP.

B. Amendment to Add New Definition. Section 1.1 of the Credit Agreement is
hereby amended by adding the following new definitions thereto in the appropriate alphabetical
order:

“Collateral Release” shall have the meaning assigned thereto in the First
Amendment.

“Domestic Inventory” means all Inventory (as such term is defined in the UCC)
located within the United States now owned or hereafter acquired by the US Borrower or any
Guarantor with respect to which the Administrative Agent holds a perfected first priority
Lien.

“First Amendment” means that certain First Amendment and Consent dated as of
March      , 2005 by and among the US Borrower, the UK Borrower, the Guarantors, the Lenders
party thereto and the Administrative Agent.

“GE Accounts Receivable” means the amount of accounts receivable owing, but not
yet paid, to the US Borrower and its Subsidiaries by General Electric Capital Corporation or
G.E. Capital Information Technology Solutions, Inc. pursuant to the terms of the GE Program
Agreements.

C. Amendment to Section 9.2. Section 9.2 of the Credit Agreement is hereby
deleted in its entirety and the following is substituted in lieu thereof:

Section 9.2. Maximum Senior Leverage Ratio. As of any fiscal quarter end,
permit the Senior Leverage Ratio to be greater than the corresponding ratio set forth below:

	 	 	 
	Period	 	Ratio
	Closing Date through September 29, 2005

	 	2.25 to 1.00
	 
	 	 
	September 30, 2005 through September 29, 2006

	 	2.00 to 1.00
	 
	 	 
	Thereafter

	 	1.75 to 1.00

provided that, upon and after the date of any repayment, repurchase or refinancing in full
solely with the proceeds of senior unsecured Indebtedness of all of the outstanding May 2007 Notes
in accordance with Section 10.10, this Section 9.2 shall be deemed to be
intentionally omitted from this Agreement and the US Borrower and its Subsidiaries shall no longer
be required to comply with the maximum ratios set forth in this Section 9.2.

D. Amendment to Exhibit F. Exhibit F to the Credit Agreement is hereby
deleted in its entirety and the form of Exhibit F attached hereto as Annex A is
substituted in lieu thereof.

4. Effectiveness. This Amendment shall become effective on: (i) March      , 2005 or
(ii) such later date that each of the following conditions has been satisfied:

A. Amendment Documents. The Administrative Agent shall have received a duly executed
counterpart of this Amendment from the Administrative Agent, the Borrowers, the Guarantors and the
Required Lenders; and

B. Fees and Expenses. The Administrative Agent shall have been reimbursed for all
reasonable fees and out-of-pocket charges and other expenses incurred in connection with this
Amendment, including, without limitation, the fees and expenses referred to in Section 8 of
this Amendment, the Credit Agreement and the transactions contemplated thereby.

5. Reaffirmation of Security Documents.

A. By its execution hereof, each Borrower and each Guarantor hereby expressly (i) consents to
the modifications and amendments set forth in this Amendment, (ii) reaffirms all of its respective
covenants, representations, warranties and other obligations set forth in the Guaranty Agreement,
the Collateral Agreement and the other Loan Documents to which it is a party and (iii)
acknowledges, represents and agrees that its respective covenants, representations, warranties and
other obligations set forth in the Guaranty Agreement, the Collateral Agreement and the other Loan
Documents to which it is a party remain in full force and effect.

B. Each Borrower and each Guarantor hereby confirms that each of the Security Documents to
which it is a party shall continue to be in full force and effect and is hereby ratified and
reaffirmed in all respects as if fully restated as of the date hereof by this Amendment. In
furtherance of the reaffirmations set forth in this Section 5, each Borrower and each
Guarantor hereby grants and assigns a security interest in all Collateral identified in any
Security Document as collateral security for the Obligations and the Guaranteed Obligations (as
defined in the applicable Guaranty Agreement).

6. Effect of Amendment. Except as expressly provided herein, the Credit Agreement and
the Loan Documents shall remain unmodified and in full force and effect. This Amendment shall not
be deemed (i) 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 or (ii) to be a waiver of, or consent
to, a modification or amendment to any term or provision of any Loan Document specifically
consented to, waived, amended or modified by this Amendment on any other occasion, or (iii) 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 Documents
or any of the instruments or agreements referred to therein, as the same may be amended or modified
from time to time. 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.

7. Representations and Warranties/No Default.

A. By its execution hereof, each Borrower and each Guarantor hereby certifies that (i) each of
the representations and warranties set forth in the Credit Agreement and the other Loan Documents
(after giving effect to this Amendment) is true and correct 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 and correct as of such earlier
date (provided that any representation and warranty that is qualified by materiality or
reference to Material Adverse Effect shall be true and correct in all respects) and (ii) no Default
or Event of Default has occurred and is continuing as of the date hereof.

B. By its execution hereof, each Borrower and each Guarantor hereby represents and warrants
that it has the right, power and authority and has taken all necessary corporate and company action
to authorize the execution, delivery and performance of this Amendment and each other document
executed in connection herewith to which it is a party in accordance with their respective terms.

C. By its execution hereof, each Borrower and each Guarantor hereby represents and warrants
that this Amendment and each other document executed in connection herewith has been duly executed
and delivered by its duly authorized officers, and each such document constitutes the legal, valid
and binding obligation of such Borrower or such Guarantor, 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.

8. Fees and Expenses.

A. The Borrowers shall pay all reasonable, out-of-pocket fees and expenses of the
Administrative Agent (including, without limitation, all costs of electronic or internet
distribution of any information hereunder) in connection with the preparation, execution and
delivery of this Amendment, including, without limitation, the reasonable, fees, disbursements and
other charges of counsel for the Administrative Agent.

B. The Borrowers shall pay to the Administrative Agent for its own account and the account of
each of the other Lenders that consents to the Amendment by 5:00 P.M. (Eastern time) on March 16,
2005, an amendment fee equal to five (5) basis points of each consenting Lender’s Commitment.

9. Governing Law. This Amendment shall be governed by, construed and enforced in
accordance with the laws of the State of New York (including Section 5-1401 and Section 5-1402 of
the General Obligations Law of the State of New York), without reference to any other conflicts of
law principles thereof.

10. Counterparts. This Amendment 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 constitute one and the same agreement.

11. Fax Transmission. A facsimile, telecopy or other reproduction of this Amendment
may be executed by one or more parties hereto, and an executed copy of this Amendment 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
as well as any facsimile, telecopy or other reproduction hereof.

[Signature Pages To Follow]

1

IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed as of the date and year first above written.

US BORROWER:

IKON OFFICE SOLUTIONS, INC.,

as US Borrower

By: /S/ KATHLEEN M. BURNS 

Name: Kathleen M. Burns

Title: Vice President and Treasurer

UK BORROWER:

IKON OFFICE SOLUTIONS GROUP PLC,

as UK Borrower

By: /S/ DAVID MILLS

Name: David Mills

Title: Director

[Signature pages continue]

	 	 	 	 	 
	ACKNOWLEDGED AND AGREED TO BY:

	 	 	 
	GUARANTORS:
	 	 
	 
	 	 
	 

IKON OFFICE SOLUTIONS TECHNOLOGY SERVICES, LLC, as
Guarantor

By: /S/ KATHLEEN M. BURNS

Name: Kathleen M. Burns

Title: Treasurer

IKON OFFICE SOLUTIONS WEST, INC., as Guarantor

By: /S/ KATHLEEN M. BURNS

Name: Kathleen M. Burns

Title: Assistant Treasurer

IKON REALTY, INC., as Guarantor

By: /S/ KATHLEEN M. BURNS

Name: Kathleen M. Burns

Title: Treasurer

INA NORTH AMERICA HOLDINGS, INC., as Guarantor

By: /S/ KATHLEEN M. BURNS

Name: Kathleen M. Burns

Title: Treasurer

UPSHUR COALS CORPORATION, as Guarantor IKON OFFICE
SOLUTIONS TECHNOLOGY SERVICES, LLC, as Grantor and
Issuer

By: /S/ KATHLEEN M. BURNS

Name: Kathleen M. Burns

Title: Treasurer

2

ADMINISTRATIVE AGENT and LENDERS

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Lender

By: /S/ MICHAEL ROMANZO

Name: Michael Romanzo

Title: Vice President

[Signature pages continue]

3

THE ROYAL BANK OF SCOTLAND PLC,

as Documentation Agent and Lender

By: /S/ EDDIE DEC

Name: Eddie Dec

Title: Vice President

[Signature pages continue]

4

GENERAL ELECTRIC CAPITAL CORPORATION, as Documentation Agent and Lender

By: /S/ KELLY STOTLER

Name: Kelly Stotler

Title: Duly Authorized Signatory

[Signature pages continue]

5

DEUTSCHE BANK AG NEW YORK BRANCH, as Lender

By: /S/ HANS-JOSEF THIELE

Name: Hans-Josef Thiele

Title: Director

By: /S/ CHRISTIAN DALLWITZ

Name: Christian Dallwitz

Title: Director

DEUTSCHE BANK SECURITIES INC., as Syndication Agent

By: /S/ HANS-JOSEF THIELE

Name: Hans-Josef Thiele

Title: Director

By: /S/ CHRISTIAN DALLWITZ

Name: Christian Dallwitz

Title: Director

[Signature pages continue]

6

PNC BANK NATIONAL ASSOCIATION,

as Syndication Agent and Lender

By: /S/ FRANK A. PUGLIESE

Name: Frank A. Pugliese

Title: Vice President

[Signature pages continue]

7

WELLS FARGO FOOTHILL, LLC, as Lender

By: /S/ MAGED GHEBRIAL

Name: Maged Ghebrial

Title: Vice President

[Signature pages continue]

	 	 	 
	 
	 	 
	
 
	 	LASALLE BANK NATIONAL ASSOCIATION,

as Lender
	 
	 	 
	
 
	 	By: /S/ CHRISTOPHER S. HELMECI
	
 
	 	 
	
 
	 	Name: Christopher S. Helmeci
	
 
	 	 
	
 
	 	Title: Senior Vice President
	
 
	 	 

[Signature pages continue]

8

SCOTIABANC INC., as Lender

By: /S/ WILLIAM E. ZARRETT

Name: William E. Zarrett

Title: Managing Director

[Signature pages continue]

9

LEHMAN COMMERCIAL PAPER INC.,

as Lender

By: /S/ CRAIG MALLOY

Name: Craig Malloy

Title: Authorized Signatory

[Signature pages continue]

10

FIFTH THIRD BANK, as Lender

By: /S/ CHRISTINE L. WAGNER

Name: Christine L. Wagner

Title: Vice President

[Signature pages continue]

11

THE BANK OF NEW YORK, as Lender

By: /S/ DAVID S. CSATARI

Name: David S. Csatari

Title: Vice President

[Signature pages continue]

12

RZB FINANCE LLC, as Lender

By: /S/ JOHN A. VALISKA

Name: John A. Valiska

Title: First Vice President

By: /S/ JUAN M. CSILLAGI

Name: Juan M. Csillagi

Title: Group Vice President

[Signature pages continue]

13

ISRAEL DISCOUNT BANK OF NEW YORK,

as Lender

By: /S/ RONALD BONGIOVANNI

Name: Ronald Bongiovanni

Title: Senior Vice President

By: /S/ ANDY BALLTA

Name: Andy Ballta

Title: Vice President

14

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