Document:

Cisco Systems, Inc. Employee Stock Purchase Plan

 EXHIBIT 10.4 
  
 CISCO SYSTEMS, INC. 
  
 EMPLOYEE STOCK PURCHASE PLAN 
  
 (As Amended and Restated September 9, 2003) 
  

	 	I.	 	PURPOSE 

  
 The Cisco Systems, Inc. Employee Stock Purchase Plan (the “Plan”) is intended to provide eligible employees of the Company and one or more of
its Corporate Affiliates with the opportunity to acquire a proprietary interest in the Company through participation in a plan designed to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code (the
“Code”). 
  
 All share numbers in this September 2003
amendment and restatement reflect all splits of the Stock effected through March 22, 2000, including (i) the three (3)-for-two (2) split of Stock effected on December 16, 1997, (ii) the three (3)-for-two (2) split of Stock effected on September 15,
1998, (iii) the two (2)-for-one (1) split of Stock effected on June 21, 1999, and (iv) the two (2)-for-one (1) split of Stock effected on March 22, 2000. 
  
 The Plan became effective on the designated Effective Date and was approved by the Company’s shareholders in January 1990. The shareholders approved
a 15,000,000 share increase to the Plan on November 13, 1997. When adjusted for all forward splits of the Stock effected through March 22, 2000, such approved share increase now represents 135,000,000 shares of Stock. Forward splits of the Stock
have also resulted in an increase in the remaining number of shares of Stock purchasable under the Plan (as per Section VI(b)). The Board approved a 100,000,000 share increase to the Plan on September 9, 2003, which increase is subject to the
approval of the shareholders at the 2003 Annual Meeting. When combined with the November 13, 1997 135,000,000 share addition to the Plan (adjusted on a forward stock split basis) and the September 9, 2003 100,000,000 share addition to the Plan, the
total number of shares of Stock which may be issued over the term of the Plan has been increased to 321,400,000 shares. 
  

	 	II.	 	DEFINITIONS 

  
 For purposes of administration of the Plan, the following terms shall have the meanings indicated: 
  
 Board means the Board of Directors of the Company. 

 
 Cisco Entity means the Company or any person or entity
controlling, controlled by or under common control with the Company or any person or entity with which joint enterprises are carried on or in which the Company has an interest. 

 Company means Cisco Systems, Inc., a California corporation, and any corporate successor to
all or substantially all of the assets or voting stock of Cisco Systems, Inc. which shall by appropriate action adopt the Plan. 
  
 Corporate Affiliate means any company which is either the parent corporation or a subsidiary corporation of the Company (as determined in
accordance with Section 424 of the Code), including any parent or subsidiary corporation which becomes such after the Effective Date. 
  
 Effective Date means January 1, 1990; provided, however, that any Corporate Affiliate which becomes a Participating Company in the
Plan after January 1, 1990 shall designate a subsequent Effective Date with respect to its employee-Participants. 
  
 Eligible Earnings means (i) the regular basic earnings paid to a Participant by one or more Cisco Entities, (ii) any salary deferral
contributions made on behalf of the Participant to the Company’s Code Section 401(k) Plan or Code Section 125 Plan plus (iii) overtime payments, bonuses and commissions. There shall be excluded from the calculation of Eligible Earnings: (I) all
profit-sharing distributions and other incentive-type payments and (II) all contributions (other than Code Section 401(k) and Code Section 125 contributions) made by the Company or any other Cisco Entity for the Participant’s benefit under any
employee benefit or welfare plan now or hereafter established. 
  
 Employee means any person employed by the Company or any other Participating Company who receives earnings considered wages under Section 3401(a) of the Code from the Company or any other Cisco Entity. 
  
 Participant means any Employee of a Participating Company who
is actively participating in the Plan. 
  
 Participating
Company means the Company and such Corporate Affiliate or Affiliates as may be designated from time to time by the Board. 
  
 Stock means shares of the common stock of the Company. 
  
 Sub-Plan means the Company’s International Employee Stock Purchase Plan, as amended. 
  

	 	III.	 	ADMINISTRATION 

  
 The Plan shall be administered by the Board or by a committee (the “Committee”) comprised of at least two or more Board members appointed from
time to time by the Board. The Plan Administrator (whether the Board or the Committee) shall have full authority to administer the Plan, including authority to interpret and construe any provision of the Plan and to adopt such rules and regulations
for administering the Plan as it may deem necessary in order to comply with the requirements of Section 423 of the Code. Decisions of the Plan Administrator shall be final and binding on all parties who have an interest in the Plan. 
  

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	 	IV.	 	PURCHASE PERIODS 

  
 (a) Stock shall be offered for purchase under the Plan through a series of successive purchase periods until such time as (i) the maximum number of shares
of Stock available for issuance under the Plan and the Sub-Plan shall have been purchased or (ii) the Plan shall have been sooner terminated in accordance with Article IX. 
  
 (b) Under no circumstances shall any purchase rights granted under the Plan be exercised, nor shall any shares of Stock be
issued hereunder, until such time as (i) the Plan shall have been approved by the Company’s shareholders and (ii) the Company shall have complied with all applicable requirements of the Securities Act of 1933 (as amended), all applicable
listing requirements of any securities exchange on which the Stock is listed and all other applicable requirements established by law or regulation. 
  
 (c) The Plan shall be implemented in a series of consecutive purchase periods, each to be of such duration (not to exceed twenty-four (24) months per
purchase period) as determined by the Plan Administrator prior to the commencement date of the purchase period. Purchase periods may commence at any time as determined by the Plan Administrator, including at quarterly or semi-annual intervals over
the term of the Plan. The Plan Administrator will announce the date each purchase period will commence and the duration of that purchase period in advance of the first day of such purchase period. 
  
 (d) The Participant shall be granted a separate purchase right for each
purchase period in which he/she participates. The purchase right shall be granted on the first day of the purchase period and shall be automatically exercised on the last U.S. business day of that purchase period or any earlier day the purchase
right is to be exercised hereunder. 
  
 (e) An Employee may
participate in only one purchase period at a time. Accordingly, an Employee who wishes to join a new purchase period must withdraw from the current purchase period in which he/she is participating prior to the last day of the current purchase period
in which the Employee participates and must also enroll in the new purchase period prior to the start date of that new purchase period at such time and in such manner as the Plan Administrator, in its discretion, requires. The Plan Administrator, in
its discretion, may require an Employee who withdraws from one purchase period to wait one full purchase period before re-enrolling in a new purchase period under the Plan. 
  

	 	V.	 	ELIGIBILITY AND PARTICIPATION 

  
 (a) Each individual who is an Employee of a Participating Company on the commencement date of any purchase period under the Plan shall be eligible to
participate in the Plan for that purchase period. The Plan Administrator may, in its discretion, limit the Employees who are eligible to participate in the Plan to those Employees who are regularly scheduled to work more than twenty (20) hours per
week for more than five (5) months per calendar year. 
  
 (b) In
order to participate in the Plan for a particular purchase period, the Employee must complete the enrollment forms prescribed by the Plan Administrator (including a 

  

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purchase agreement and a payroll deduction authorization) and file such forms with the Plan Administrator (or its designate) no later than the day designated
by the Plan Administrator in its discretion. 
  
 (c) The payroll
deduction authorized by a Participant for purposes of acquiring Stock under the Plan may be any multiple of 1% of the Eligible Earnings paid to the Participant during the period the purchase right remains outstanding, up to a maximum of 10% per
purchase right. The deduction rate so authorized shall continue in effect for the entire period the purchase right remains outstanding, unless the Participant shall, prior to the end of the purchase period for which the purchase right will remain in
effect, reduce such rate by filing the appropriate form with the Plan Administrator (or its designate). The reduced rate shall become effective as soon as practicable following the filing of such form. Payroll deductions, however, will automatically
cease upon the termination of the Participant’s purchase right in accordance with Sections VII(d) or (e) below. 
  

	 	VI.	 	STOCK SUBJECT TO PLAN 

  
 (a) The Stock purchasable by Participants under the Plan shall, solely in the Board’s discretion, be made available from either authorized but
unissued Stock or from reacquired Stock, including shares of Stock purchased on the open market. The total number of shares which may be issued under the Plan and the Sub-Plan attached hereto as Exhibit B, in the aggregate shall not exceed
321,400,000 shares (subject to adjustment under subparagraph (b) below). Such share reserve has been adjusted for the various forward splits of the Stock which have been effected since the Effective Date and includes the 135,000,000 share
increase1 approved by the shareholders at the 1997 Annual Meeting and the 100,000,000 share increase approved by the
Compensation Committee on September 9, 2003 and subject to the approval of the shareholders at the 2003 Annual Meeting. 
  
 (b) In the event any change is made to the Stock purchasable under the Plan by reason of (I) any merger, consolidation or reorganization or (II) any stock
dividend, stock split, recapitalization, combination of shares or other change affecting the outstanding Stock as a class without the Company’s receipt of consideration, then unless such change occurs in connection with a Section VII(k)
transaction, appropriate adjustments shall be made by the Plan Administrator to (i) the class and maximum number of shares issuable in the aggregate over the term of the Plan and the Sub-Plan, (ii) the class and maximum number of shares purchasable
per Participant on any one purchase date, (iii) the class and maximum number of shares purchasable by any one executive officer over the term of the Plan and (iv) the class and number of shares and the price per share of the Stock subject to each
purchase right at the time outstanding under the Plan. 
  
  

 1 The shareholders originally approved a share increase of 15,000,000 shares, but when recalculated
for all forward splits of the Stock effected by March 22, 2000 (i.e., the three (3)-for-two (2) split of Stock effected on December 16, 1997, the three (3)-for-two (2) split of Stock effected on September 15, 1998, the two (2)-for-one (1)
spilt of Stock effected on June 21, 1999, and the two (2)-for-one (1) split of Stock effected on March 22, 2000), that share increase represents 135,000,000 shares. 
  

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	 	VII.	 	PURCHASE RIGHTS 

  
 An Employee who participates in the Plan for a particular purchase period shall have the right to purchase Stock upon the terms and conditions set forth
below and shall execute a purchase agreement embodying such terms and conditions and such other provisions (not inconsistent with the Plan) as the Plan Administrator may deem advisable. 
  
 (a) Purchase Price. The U.S. Dollar purchase price per share shall be at least equal to the lesser of (i) 85%
of the fair market value per share of Stock on the date on which the purchase right is granted or (ii) 85% of the fair market value per share of Stock on the date the purchase right is exercised. For purposes of determining such fair market value
(and for all other valuation purposes under the Plan), the fair market value per share of Stock on any relevant date shall be the closing selling price per share on such date, as officially quoted on the principal exchange on which the Stock is at
the time traded or, if not traded on any such exchange, the closing selling price per share of the Stock on such date, as reported on the Nasdaq National Market. If there are no sales of Stock on such day, then the closing selling price for the
Stock on the next preceding day for which there does exist such quotation shall be determinative of fair market value. 
  
 (b) Number of Purchasable Shares. The number of shares purchasable by a Participant upon the exercise of an outstanding purchase right shall be the
number of whole shares obtained by dividing the amount collected from the Participant through payroll deductions during each purchase period the purchase right remains outstanding by the purchase price in effect for that purchase period. Any
remaining amount in the Participant’s account shall be automatically refunded to the Participant. However, the maximum number of shares purchasable by any Participant on any one purchase date shall not exceed 22,500 shares (subject to
adjustment under Section VI(b)), and any amount not applied to the purchase of Stock on behalf of a Participant by reason of such limitation shall be refunded to that Participant. In addition, should the Employee be an executive officer of the
Company subject to the short-swing profit restrictions of the Federal securities laws, then the maximum number of shares which such Employee may purchase over the term of the Plan shall not exceed 4,320,000 shares (as adjusted for the various
forward splits of the Stock effected since the Effective Date and subject to further adjustment under Section VI(b)). Accordingly, no such officer shall be eligible to receive purchase rights for any purchase period if the number of shares which
would otherwise be purchasable by such individual for that purchase period would result in the issuance to such individual of shares of Stock in excess of the maximum number of shares purchasable in the aggregate by such individual over the term of
the Plan. 
  
 Under no circumstances shall purchase rights be
granted under the Plan to any Employee if such Employee would, immediately after the grant, own (within the meaning of Code Section 425(d)), or hold outstanding options or other rights to purchase, stock possessing 5% or more of the total combined
voting power or value of all classes of stock of the Company or any of its Corporate Affiliates. 
  
 In addition, the accrual limitations of Section VIII shall apply to all purchase rights. 
  

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 (c) Payment. Payment for Stock purchased under the Plan shall be effected by means of the
Participant’s authorized payroll deductions. Such deductions shall begin on the first pay day coincident with or immediately following the commencement date of the relevant purchase period and, unless terminated earlier pursuant to Sections
VII(d) or (e) below, shall terminate with the pay day ending with or immediately prior to the last day of the purchase period. The amounts so collected shall be credited to the book account maintained by the Company on the Participant’s behalf
under the Plan, but no interest shall be paid on the balance from time to time outstanding in such book account. The amounts collected from a Participant may be commingled with the general assets of the Company and may be used for general corporate
purposes. 
  
 (d) Withdrawal from Purchase Period.

  
 (i) A Participant may withdraw from a purchase period by
filing the prescribed notification form with the Plan Administrator (or its designate) on or prior to the date required by the Plan Administrator in its discretion. No further payroll deductions shall be collected from the Participant with respect
to that purchase period, and the Participant shall have the following election with respect to any payroll deductions for the purchase period collected prior to the withdrawal date: (A) have the Company refund, in the currency originally collected,
the payroll deductions which the Participant made under the Plan during that purchase period or (B) have such payroll deductions held for the purchase of shares at the end of such purchase period. If no such election is made, then such payroll
deductions shall automatically be refunded at the end of such purchase period, in the currency originally collected. 
  
 (ii) The Participant’s withdrawal from a particular purchase period shall be irrevocable and shall also require the Participant to re-enroll in the
Plan (by making a timely filing of a new purchase agreement and payroll deduction authorization) if the Participant wishes to resume participation in a subsequent purchase period. 
  
 (e) Termination of Employment/Leave of Absence. Except as provided in Section VII(l) below, if a Participant ceases
to remain an Employee while his/her purchase right remains outstanding, then such purchase right shall immediately terminate and all sums previously collected from the Participant during the purchase period in which such termination occurs shall be
promptly refunded to the Participant. However, should the Participant die or become permanently disabled while in Employee status or should the Participant cease active service by reason of a leave of absence, then the Participant (or the person or
persons to whom the rights of the deceased Participant under the Plan are transferred by will or by the laws of descent and distribution) shall have the election, exercisable up until the end of the purchase period in which the Participant dies or
becomes permanently disabled or in which the leave of absence commences, to (i) withdraw all the funds in the Participant’s payroll account at the time of his/her cessation of Employee status or the commencement of such leave or (ii) have such
funds held for the purchase of shares at the end of such purchase period. If no such election is made, then such funds shall automatically be held for the purchase of shares at the end of such purchase period. In no event, however, shall any further
payroll deductions be added to the Participant’s account following his/her cessation of Employee status or the commencement of such leave. Should the Participant return to active service (x) within ninety (90) days following 

  

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the commencement of his/her leave of absence or (y) prior to the expiration of any longer period for which such Participant’s right to reemployment with
the Company is guaranteed by statute or contract, then his/her payroll deductions under the Plan shall automatically resume upon his/her return at the rate in effect at the time the leave began, and if a new purchase period begins during the period
of the leave, then the Participant will automatically be enrolled in that purchase period at the rate of payroll deduction in effect for him/her at the time the leave commenced, but payroll deductions for that purchase period shall not actually
begin until the Participant returns to active service. However, an individual who returns to active employment following a leave of absence that exceeds in duration the applicable (x) or (y) time period will be treated as a new Employee for purposes
of subsequent participation in the Plan and must accordingly re-enroll in the Plan (by making a timely filing of the prescribed enrollment forms) on or before the start date of any subsequent purchase period in which he or she wishes to participate.

  
 For purposes of the Plan: (a) a Participant shall be
considered to be an Employee for so long as such Participant remains in the active employ of the Company or any other Participating Company under the Plan, and (b) a Participant shall be deemed to be permanently disabled if he/she is unable, by
reason of any medically determinable physical or mental impairment expected to result in death or to be of continuous duration of at least twelve (12) months, to engage in any substantial gainful employment. 
  
 (f) Stock Purchase. The Stock subject to the purchase right of each
Participant (other than Participants whose purchase rights have previously terminated in accordance with Sections VII(d) or (e) above) shall be automatically purchased on the Participant’s behalf on the last U.S. business day of the purchase
period for which such purchase right remains outstanding. The purchase shall be effected by applying the amount credited to each Participant’s book account, as converted into U.S. Dollars if necessary, on the last U.S. business date of the
purchase period to the purchase of whole shares of Stock (subject to the limitations on the maximum number of purchasable shares set forth in Section VII(b)) at the purchase price in effect for such purchase period. 
  
 (g) Proration of Purchase Rights. Should the total number of shares of
Stock to be purchased pursuant to outstanding purchase rights on any particular date exceed the number of shares then available for issuance under the Plan and the Sub-Plan, the Plan Administrator shall make a pro-rata allocation of the available
shares on a uniform and nondiscriminatory basis, and any amounts credited to the accounts of Participants shall, to the extent not applied to the purchase of Stock, be refunded to the Participants, in the currency originally collected. 

 
 (h) Shareholder Rights. A Participant shall have no rights as a
shareholder with respect to shares covered by the purchase rights granted to the Participant under the Plan until the shares are actually purchased on the Participant’s behalf in accordance with Section VII(f). No adjustments shall be made for
dividends, distributions or other rights for which the record date is prior to the purchase date. 
  
 (i) ESPP Broker Account. The shares purchased on behalf of each Participant shall be deposited directly into a brokerage account which the Company
shall establish for the Participant at a Company-designated brokerage firm. The account will be 

  

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known as the ESPP Broker Account. The Plan Administrator may adopt such policies and procedures for the Plan as it determines is appropriate, including
policies and procedures regarding the transfer of shares from a Participant’s ESPP Broker Account before those shares have been held for the requisite period necessary to avoid a disqualifying disposition of such shares under the U.S. Federal
tax laws. 
  
 (j) Assignability. No purchase rights granted
under the Plan shall be assignable or transferable by a Participant other than by will or by the laws of descent and distribution, and during the Participant’s lifetime the purchase rights shall be exercisable only by the Participant.

  
 (k) Merger or Liquidation of Company. In the event the
Company or its shareholders enter into an agreement to dispose of all or substantially all of the assets or outstanding capital stock of the Company by means of a sale, merger or reorganization in which the Company will not be the surviving
corporation (other than a reorganization effected primarily to change the State in which the Company is incorporated, a merger or consolidation with a wholly-owned Subsidiary, or any other transaction in which there is no substantial change in the
shareholders of the Company or their relative stock holdings, regardless of whether the Company is the surviving corporation) or in the event the Company is liquidated, then all outstanding purchase rights under the Plan shall automatically be
exercised immediately prior to the consummation of such sale, merger, reorganization or liquidation by applying all sums previously collected from Participants during the purchase period of such transaction to the purchase of whole shares of Stock,
subject, however, to the applicable limitations of Section VII(b). 
  
 (l) Acquisitions and Dispositions. The Plan Administrator may, in its sole and absolute discretion and in accordance with principles under Section 423 of the Code, create special purchase periods for individuals who become Employees
solely in connection with the acquisition of another company or business by merger, reorganization or purchase of assets and may provide for special purchase dates for Participants who will cease to be Employees solely in connection with the
disposition of all or a portion of any Participating Company or a portion of the Company, which purchase periods and purchase rights granted pursuant thereto shall, notwithstanding anything stated herein, be subject to such terms and conditions as
the Plan Administrator considers appropriate in the circumstances. 
  

	 	VIII.	 	ACCRUAL LIMITATIONS 

  
 (a) No Participant shall be entitled to accrue rights to acquire Stock pursuant to any purchase right outstanding under this Plan if and to the extent
such accrual, when aggregated with (I) Stock rights accrued under other purchase rights outstanding under this Plan and (II) similar rights accrued under other employee stock purchase plans (within the meaning of Section 423 of the Code) of the
Company or any Corporate Affiliate, would otherwise permit such Participant to purchase more than Twenty-Five Thousand U.S. Dollars (US$25,000) worth of stock of the Company or any Corporate Affiliate (determined on the basis of the fair market
value of such stock on the date or dates such rights are granted to the Participant) for each calendar year such rights are at any time outstanding. 
  

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 (b) For purposes of applying the accrual limitations of Section VIII(a), the right to acquire Stock
pursuant to each purchase right outstanding under the Plan shall accrue as follows: 
  
 (i) The right to acquire Stock under each such purchase right shall accrue as and when the purchase right first becomes exercisable on the last U.S. business day of each purchase period the right remains outstanding.

  
 (ii) No right to acquire Stock under any outstanding purchase
right shall accrue to the extent the Participant has already accrued in the same calendar year the right to acquire Twenty-Five Thousand U.S. Dollars (US$25,000) worth of Stock (determined on the basis of the fair market value on the date or dates
of grant) pursuant to one or more purchase rights held by the Participant during such calendar year. 
  
 (iii) If by reason of the Section VIII(a) limitations, one or more purchase rights of a Participant do not accrue for a particular purchase period, then
the payroll deductions which the Participant made during that purchase period with respect to such purchase rights shall be promptly refunded in the currency originally collected. 
  
 (c) In the event there is any conflict between the provisions of this Article VIII and one or more provisions of the Plan or
any instrument issued thereunder, the provisions of this Article VIII shall be controlling. 
  

	 	IX.	 	AMENDMENT AND TERMINATION 

  
 The Board or the Compensation Committee of the Board may from time to time alter, amend, suspend or discontinue the Plan; provided, however, that
no such action shall adversely affect purchase rights at the time outstanding under the Plan; and provided, further, that no such action of the Board or the Compensation Committee may, without the approval of the shareholders of the
Company, increase the number of shares issuable under the Plan (other than adjustments pursuant to Sections VI(b) and VII(b)), alter the purchase price formula so as to reduce the purchase price specified in the Plan, or materially modify the
requirements for eligibility to participate in the Plan. 
  

	 	X.	 	GENERAL PROVISIONS 

  
 (a) The Plan shall terminate upon the earlier of (i) January 3, 2010 or (ii) the date on which all shares available for issuance under the Plan and
the Sub-Plan shall have been sold pursuant to purchase rights exercised under the Plan and the Sub-Plan. The extension of the term of the Plan from January 3, 2005 to January 3, 2010 is subject to shareholder approval at the 2003 Annual Meeting.

  
 (b) All costs and expenses incurred in the administration of
the Plan shall be paid by the Company. 
  

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 (c) Neither the action of the Company in establishing the Plan, nor any action taken under the Plan by
the Board or the Plan Administrator, nor any provision of the Plan itself shall be construed so as to grant any person the right to remain in the employ of the Company or any Corporate Affiliate for any period of specific duration, and such
person’s employment may be terminated at any time, with or without cause. 
  
 (d) The provisions of the Plan shall be governed by the laws of the State of California, without resort to that State’s conflicts-of-laws rules. 
  
  

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 Exhibit A 
  

 Exhibit B 
  
 Cisco Systems, Inc. 
 International Employee Stock Purchase Plan 

 CISCO SYSTEMS, INC. 
  
 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN 
 (Sub-Plan of the Cisco Systems, Inc. Employee Stock Purchase Plan) 
  
 (As Amended and Restated September 9, 2003) 
  

	 	I.	 	PURPOSE 

  
 The Cisco Systems, Inc. International Employee Stock Purchase Plan, a sub-plan of the Cisco Systems, Inc. Employee Stock Purchase Plan (the
“Sub-Plan”) is intended to provide eligible employees of the Company’s Foreign Subsidiaries with the opportunity to acquire a proprietary interest in the Company through the purchase of shares of the Company’s common stock at
periodic intervals with their accumulated payroll deductions or other approved contributions. 
  
 All provisions of this Sub-Plan shall be governed by the U.S. Plan, except as otherwise provided herein. 
  
 The Sub-Plan became effective on the designated Effective Date. 
  

	 	II.	 	DEFINITIONS 

  
 The definitions provided in Article II of the U.S. Plan shall govern the Sub-Plan, except the following terms shall have the meanings indicated:

  
 Code means the U.S. Internal Revenue Code of
1986, as amended. 
  
 Corporate Affiliate means any
corporation, partnership, joint venture or other business entity in which the Company owns, directly or indirectly, stock or a capital or profit interest and with respect to which the Company possesses the power to direct or cause the direction of
the management and policies. 
  
 Eligible Earnings
means the regular basic earnings paid to a Participant by one or more Foreign Subsidiaries or Cisco Entities, plus overtime payments, bonuses and commissions. There shall be excluded from the calculation of Earnings: (I) all profit-sharing
distributions and other incentive-type payments and (II) all contributions made by the Company, its Corporate Affiliates, or any other Cisco Entity for the Participant’s benefit under any employee benefit or welfare plan now or hereafter
established. 
  
 Effective Date means October 1,
1996; provided, however, that any Foreign Subsidiary which elects, with the approval of the Board, to extend the benefits of this Sub-Plan to its Employees after October 1, 1996 shall designate a subsequent Effective Date with respect to its
employee-Participants. 

 Employee means any person employed by a Foreign Subsidiary who receives Eligible Earnings
from the Foreign Subsidiary or any other Cisco Entity. 
  
 Foreign Subsidiary shall mean any Corporate Affiliate with non-U.S. Employees which elects, with the approval of the Board, to extend the benefits of this Sub-Plan to its Employees. As of the Effective Date, the Foreign
Subsidiaries participating in the Sub-Plan are listed on attached Schedule A. 
  
 Participant means any Employee of a Foreign Subsidiary who is actively participating in the Sub-Plan. 
  
 U.S. Plan shall mean the Company’s Employee Stock Purchase Plan, as amended. 
  

	 	III.	 	ADMINISTRATION 

  
 The Sub-Plan shall be administered in accordance with the provisions of Article III of the U.S. Plan. 
  

	 	IV.	 	PURCHASE PERIODS 

  
 The initial purchase period began on October 1, 1996. Subsequent purchase periods may commence at any time as determined by the Plan Administrator,
including at quarterly or semi-annual intervals over the term of the Sub-Plan. 
  

	 	V.	 	ELIGIBILITY AND PARTICIPATION 

  
 (a) Each individual who is an Employee of a Foreign Subsidiary on the commencement date of any purchase period under the Sub-Plan shall be eligible to
participate in the Sub-Plan for that purchase period. 
  
 (b) In
order to participate in the Sub-Plan for a particular purchase period, the Employee must complete the enrollment forms prescribed by the Plan Administrator (including a purchase agreement and a payroll deduction authorization) and file such forms
with the Plan Administrator (or its designate) no later than the day designated by the Plan Administrator in its discretion. However, any Employee of a Foreign Subsidiary who is a participant in the U.S. Plan immediately prior to the Effective Date
shall automatically become a Participant in the initial purchase period under the Sub-Plan and such individual’s payroll deductions under the Sub-Plan shall continue at the same rate authorized under the U.S. Plan immediately prior to the
Effective Date unless the Participant shall change such rate in accordance with Section V(c) of the U.S. Plan. 
  

	 	VI.	 	STOCK SUBJECT TO THE SUB-PLAN 

  
 The Stock purchasable by Participants under the Sub-Plan shall be made available from shares reserved under the U.S. Plan and any shares issued under the
Sub-Plan will reduce, 

  

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on a share-for-share basis, the number of shares of Stock available for subsequent issuance under the U.S. Plan. 
  

	 	VII.	 	PURCHASE RIGHTS 

  
 An Employee who participates in the Sub-Plan for a particular purchase period shall have the right to purchase Stock upon the terms and conditions set
forth below and shall execute a purchase agreement embodying such terms and conditions and such other provisions (not inconsistent with the Sub-Plan) as the Plan Administrator may deem advisable. 
  
 (a) Purchase Price. The U.S. Dollar purchase price shall be determined
in accordance with the provisions of Section VII(a) of the U.S. Plan. 
  
 (b) Number of Purchasable Shares. The number of shares purchasable by a Participant shall be determined in accordance with the provisions of Section VII(b) of the U.S. Plan. 
  
 (c) Payment. Except to the extent otherwise determined by the Plan
Administrator, payment for Stock purchased under the Sub-Plan shall be effected by means of the Participant’s authorized payroll deductions. Such deductions shall begin on the first pay day coincident with or immediately following the
commencement date of the relevant purchase period and, unless terminated earlier pursuant to Sections VII (e) or (f) below, shall terminate with the pay day ending with or immediately prior to the last day of the purchase period. The amounts so
collected shall be credited to the Participant’s individual book account under the Sub-Plan, initially in the currency in which paid by the Foreign Subsidiary until converted into U.S. Dollars. Accordingly, all purchases of Stock under the
Sub-Plan are to be made with the U.S. Dollars into which the payroll deductions for the purchase period or other approved contributions have been converted. No interest shall be paid on the balance from time to time outstanding in the book account
maintained for the Participant, except as otherwise required by law. The amounts collected from a Participant may be commingled with the general assets of the Company or the Foreign Subsidiary and may be used for general corporate purposes, except
as otherwise required by law. 
  
 (d) Conversion into U.S.
Dollars. For purposes of determining the number of shares purchasable by a Participant, the payroll deductions credited to each Participant’s book account during each purchase period shall be converted into U.S. Dollars on the purchase date
for that purchase period on the basis of the exchange rate in effect on such date. The Plan Administrator shall have the absolute discretion to determine the applicable exchange rate to be in effect for each purchase date by any reasonable method
(including, without limitation, the exchange rate actually used by the Company for its intra-Company financial transactions for the month of such transfer). Any changes or fluctuations in the exchange rate at which the payroll deductions or other
approved contributions collected on the Participant’s behalf are converted into U.S. Dollars on each purchase date shall be borne solely by the Participant. 
  

 3 

 (e) Withdrawal from Purchase Period. Withdrawal from a purchase period shall be governed in
accordance with the provisions of Section VII(e) of the U.S. Plan. 
  
 (f) Termination of Employment/Leave of Absence. Except as otherwise provided under Sections VII(g) or (o) below, if a Participant ceases to remain an Employee while his/her purchase right remains outstanding, then such purchase right
shall immediately terminate and all sums previously collected from the Participant during the purchase period in which such termination occurs shall be promptly refunded to the Participant in the currency in which paid by the Foreign Subsidiary.
However, should the Participant die or become permanently disabled while in Employee status or should the Participant cease active service by reason of a leave of absence, then the Participant (or the person or persons to whom the rights of the
deceased Participant under the Sub-Plan are transferred by will or by the laws of descent and distribution) shall have the election, exercisable up until the end of the purchase period in which the Participant dies or becomes permanently disabled or
in which the leave of absence commences, to (i) withdraw all the funds in the Participant’s payroll account at the time of his/her cessation of Employee status or the commencement of such leave, with the withdrawn funds to be paid in the same
currency in which paid by the Foreign Subsidiary, or (ii) have such funds held for the purchase of shares at the end of such purchase period. If no such election is made, then such funds shall automatically be held for the purchase of shares at the
end of such purchase period. In no event, however, shall any further payroll deductions or other contributions be added to the Participant’s account following his/her cessation of Employee status or the commencement of such leave. Should the
Participant return to active service (x) within ninety (90) days following the commencement of his/her leave of absence or (y) prior to the expiration of any longer period for which such Participant’s right to reemployment with the Foreign
Subsidiary is guaranteed by statute or contract, then his/her payroll deductions under the Sub-Plan shall automatically resume upon his/her return at the rate in effect at the time the leave began, and if a new purchase period begins during the
period of the leave, then the Participant will automatically be enrolled in that purchase period at the rate of payroll deduction in effect for him/her at the time the leave commenced, but payroll deductions for that purchase period shall not
actually begin until the Participant returns to active service. However, an individual who returns to active employment following a leave of absence that exceeds in duration the applicable (x) or (y) time period will be treated as a new Employee for
purposes of subsequent participation in the Sub-Plan and must accordingly re-enroll in the Sub-Plan (by making a timely filing of the prescribed enrollment forms) on or before the start date of any subsequent purchase period in which he or she
wishes to participate. 
  
 For purposes of the Sub-Plan: (a) a
Participant shall be considered to be an Employee for so long as such Participant remains in the active employ of a Foreign Subsidiary, and (b) a Participant shall be deemed to be permanently disabled if he/she is unable, by reason of any medically
determinable physical or mental impairment expected to result in death or to be of continuous duration of at least twelve (12) months, to engage in any substantial gainful employment. 
  
 (g) Transfer of Employment. In the event that a Participant who is an Employee of a Foreign Subsidiary is transferred
and becomes an employee of the Company during a purchase period under the Sub-Plan, such individual shall continue to remain a Participant in the 

  

 4 

 
Sub-Plan, and payroll deductions shall continue to be collected until the next purchase date as if the Participant had remained an Employee of the Foreign
Subsidiary. 
  
 In the event that an employee of the Company who
is a participant in the U.S. Plan is transferred and becomes an Employee of a Foreign Subsidiary during a purchase period in effect under the U.S. Plan, such individual shall automatically become a Participant under the Sub-Plan for the duration of
the purchase period in effect at that time under the Sub-Plan and the balance in such individual’s book account maintained under the U.S. Plan shall be transferred as a balance to a book account opened for such individual under the Sub-Plan.
Such balance, together with all other payroll deductions or other approved contributions collected from such individual by the Foreign Subsidiary for the remainder of the purchase period under the Sub-Plan (as converted into U.S. Dollars), shall be
applied on the next purchase date to the purchase of Stock under the Sub-Plan. 
  
 (h) Stock Purchase. The purchase of shares of Stock shall be governed by the provisions of Section VII(f) of the U.S. Plan. 
  
 (i) Proration of Purchase Rights. The proration of purchase rights shall be governed by Section VII(g) of the U.S.
Plan. 
  
 (j) Shareholder Rights. Shareholder rights shall
be governed by Section VII(h) of the U.S. Plan. 
  
 (k) ESPP
Broker Account. The ESPP Broker Account shall be governed by Section VII(i) of the U.S. Plan. 
  
 (l) Additional Restrictions on Transfer of Shares to Comply with Local Law. In order to comply with local law (including, without limitation, local
securities and foreign exchange laws), the Company may require a Participant to retain the shares purchased on his or her behalf in the Participant’s ESPP Broker Account until the sale of such shares. 
  
 (m) Assignability. The assignability of purchase rights shall be
governed by Section VII(j) of the U.S. Plan. 
  
 (n) Merger or
Liquidation of Company. In the event the Company or its shareholders enter into an agreement to dispose of all or substantially all of the assets or outstanding capital stock of the Company by means of a sale, merger or reorganization in which
the Company will not be the surviving corporation (other than a reorganization effected primarily to change the State in which the Company is incorporated, a merger or consolidation with a wholly-owned subsidiary, or any other transaction in which
there is no substantial change in the shareholders of the Company or their relative stock holdings, regardless of whether the Company is the surviving corporation) or in the event the Company is liquidated, then all outstanding purchase rights under
the Sub-Plan shall automatically be exercised immediately prior to the consummation of such sale, merger, reorganization or liquidation by applying all sums previously collected from Participants during the purchase period of such transaction, as
converted into U.S. Dollars, to the purchase of whole shares of Stock, subject, however, to the 

  

 5 

 
applicable limitations of Section VII(b). Payroll deductions or other approved contributions not yet converted into U.S. Dollars at the time of such
transaction shall be converted from the currency in which paid by the Foreign Subsidiary into U.S. Dollars on the basis of the exchange rate in effect at the time of such transaction, and the applicable limitation on the number of shares of Stock
purchasable per Participant shall continue to apply to each purchase. Should the Company sell or otherwise dispose of its ownership interest in any Foreign Subsidiary participating in the Sub-Plan, whether through merger or sale of all or
substantially all of the assets or outstanding capital stock of that Foreign Subsidiary, then a similar exercise of outstanding purchase rights shall be effected immediately prior to the effective date of such disposition, but only to the extent
those purchase rights are attributable to the Employees of such Foreign Subsidiary. 
  
 (o) Acquisitions and Dispositions. The Plan Administrator may, in its sole and absolute discretion, create special purchase periods for individuals who become Employees solely in connection with the acquisition
of another company or business by merger, reorganization or purchase of assets and may provide for special purchase dates for Participants who cease to be Employees solely in connection with the disposition of a portion of any Foreign Subsidiary,
which purchase periods and purchase rights granted pursuant thereto shall, notwithstanding anything stated herein, be subject to such terms and conditions as the Plan Administrator considers appropriate in the circumstances. 
  

	 	VIII.	 	ACCRUAL LIMITATIONS 

  
 Accrual limitations are governed by Article VIII of the U.S. Plan. 
  

	 	IX.	 	AMENDMENT AND TERMINATION 

  
 The amendment and termination of the Sub-Plan are governed by Article IX of the U.S. Plan. 
  

	 	X.	 	GENERAL PROVISIONS 

  
 (a) All costs and expenses incurred in the administration of the Sub-Plan shall be paid by the Company or the Foreign Subsidiary. 
  
 (b) Neither the action of the Company in establishing the Sub-Plan, nor any
action taken under the Sub-Plan by the Board or the Plan Administrator, nor any provision of the Sub-Plan itself shall be construed so as to grant any person the right to remain in the employ of the Company or any Corporate Affiliate for any period
of specific duration, and such person’s employment may be terminated at any time, with or without cause. 
  
 (c) Additional or different provisions for individual Foreign Subsidiaries may be incorporated in one or more Addenda to the Sub-Plan. Such Addenda shall
have full force and effect with respect to the Foreign Subsidiaries to which they apply. In the event of a conflict between the provisions of such an Addendum and one or more other provisions of the Sub-Plan, other than the provisions of Article
VIII, the provisions of the Addendum shall be controlling. 
  

 6 

 (d) The provisions of the Sub-Plan shall be governed by the laws of the State of California without
resort to that State’s conflicts-of-laws rules, unless provided otherwise by the Plan Administrator. 
  
  

 7 

 Schedule ATHIRD AMENDMENT TO FINANCING AGREEMENT

 Exhibit 4.25C 
  
 THIRD AMENDMENT TO 
 FINANCING AGREEMENT 
  
 THIS THIRD
AMENDMENT TO FINANCING AGREEMENT (this “Amendment”) is entered into as of October 31, 2003, by and among Clean Harbors, Inc., a Massachusetts corporation (the ”Parent”), each subsidiary of the Parent listed as a
“Borrower” on the signature pages to the Financing Agreement (together with the Parent, each a “Borrower” and collectively, the “Borrowers”), each subsidiary of the Parent listed as a
“Guarantor” on the signature pages to the Financing Agreement (each a “Guarantor” and collectively, the “Guarantors”; together with the Borrowers, the “Loan Parties”), the financial
institutions from time to time party to the Financing Agreement (each a “Lender” and collectively, the “Lenders”), and Ableco Finance LLC, a Delaware limited liability company (“Ableco”), as agent
for the Lenders (in such capacity, the “Agent”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Loan Parties, the
Lenders and the Agent are parties to a Financing Agreement, dated as of September 6, 2002 (as amended, modified or supplemented from time to time, the “Financing Agreement”), pursuant to which the Lenders have made certain terms
loans to the Borrowers in an aggregate principal amount at any time not to exceed the aggregate amount of the Commitments (as defined in the Financing Agreement) set forth therein; 
  
 WHEREAS, the Loan Parties, the Lenders and the Agent desire to amend certain terms and provisions of the Financing Agreement
as set forth herein; 
  
 WHEREAS, the Agent and the Lenders are
willing to amend the Financing Agreement to provide for such amendments, subject to the execution and delivery of this Amendment by the Loan Parties; and 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants, agreements and conditions hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1.    Capitalized Terms. All capitalized terms used in this Amendment and not otherwise defined shall have their respective
meanings set forth in the Financing Agreement. 
  
 2.    Fixed Charge Coverage Ratio. The definition of the term “Fixed Charge Coverage Ratio” set forth in Section 1.01 of the Financing Agreement is hereby amended by inserting the following proviso at
the end of clause (ii)(E) thereof: 
  
 “,
provided that for the purposes of this clause (E), for the fiscal quarters ending on each of September 30, 2003, December 31, 2003, March 31, 2004 and June 30, 2004, Capital Expenditures shall exclude any amounts resulting from the reallocation of
certain accounts relating to purchase accounting entries and accruals on the statement of cash flows of the Parent and its Subsidiaries for the six-month period ending on June 30, 2003 pursuant to which such accounts were netted from fixed asset

 
accounts and, provided, further, that such reallocations shall have no impact on the balance sheet or the statement of operations of the Parent and its
Subsidiaries for any period.” 
  
 3.    Conditions to Effectiveness. This Amendment shall become effective only upon satisfaction in full, in a manner satisfactory to the Agent, of the following conditions precedent (the first date upon which all
such conditions shall have been satisfied being herein called the “Amendment Effective Date”): 
  
 (a) The representations and warranties contained in Article VI of the Financing Agreement and in each other Loan Document, certificate or other writing
delivered on or on behalf of any Loan Party to the Agent or any Lender pursuant to the Financing Agreement or any other Loan Document on or prior to the Amendment Effective Date are true and correct on and as of such date as though made on and as of
such date, and hereof, no Default or Event of Default has occurred and is continuing on the Amendment Effective Date or would result from this Amendment becoming effective in accordance with its terms. 
  
 (b) The Agent shall have received on or before the Amendment Effective Date
counterparts to this Amendment signed by each of the Loan Parties, the Lenders and the Agent, in form and substance satisfactory to the Agent and dated the Amendment Effective Date. 
  
 (c) All legal matters incident to this Amendment shall be satisfactory to the Agent and its counsel. 
  
 4.    Representations and Warranties. Each Loan
Party that is a party to the Financing Agreement hereby represents and warrants to the Agent and the Lenders as follows: 
  
 (a) Representations and Warranties; No Event of Default. The representations and warranties herein, in Article VI of the Financing Agreement and in
each other Loan Document, certificate or other writing delivered on or on behalf of any Loan Party to the Agent or any Lender pursuant to the Financing Agreement or any other Loan Document on or prior to the Amendment Effective Date are true and
correct on and as of such date as though made on and as of such date, and no Default or Event of Default has occurred and is continuing as of the Amendment Effective Date or would result from this Amendment becoming effective in accordance with its
terms. 
  
 (b) Organization, Good Standing, Etc. Each Loan
Party (i) is a corporation, limited liability company or limited partnership duly organized, validly existing and in good standing under the laws of the state or jurisdiction of its organization, (ii) has all requisite power and authority to conduct
its business as now conducted and as presently contemplated, and to execute and deliver this Amendment, and to consummate the transactions contemplated hereby and by the Financing Agreement, as amended hereby, and (iii) is duly qualified to do
business and is in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary, except where the failure to be so qualified and in
good standing could not reasonably be expected to have a Material Adverse Effect. 
  

 2 

 (c) Authorization, Etc. The execution, delivery and performance of this Amendment and each other
Loan Document being executed in connection with this Amendment by each Loan Party that is a party thereto, and the performance of the Financing Agreement as amended hereby (i) have been duly authorized by all necessary action, (ii) do not and will
not contravene such Loan Party’s charter or by-laws, its limited liability company or operating agreement or its certificate of partnership or partnership agreement, as applicable, or any applicable law or any Transaction Document, any Material
Contract or any other contractual restriction binding on or otherwise affecting it or any of its properties, (iii) do not and will not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon or with respect to
any of its properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval applicable to its operations or any of its
properties. 
  
 (d) Governmental Approvals. No
authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required in connection with the due execution, delivery and performance by any Loan Party of this Amendment or any other Loan Document to
which it is a party being executed in connection with this Amendment, or for the performance of the Financing Agreement, as amended hereby. 
  
 (e) Enforceability of Loan Documents. Each of this Amendment, the Financing Agreement, as amended hereby, and each other Loan Document to which
such Loan Party is a party is a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws. 
  
 5.    Continued
Effectiveness of Financing Agreement. Each Loan Party hereby (i) confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects
except that on and after the Amendment Effective Date all references in any such Loan Document to “the Financing Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to the
Financing Agreement shall mean the Financing Agreement as amended by this Amendment, and (ii) confirms and agrees that to the extent that any such Loan Document purports to assign or pledge to the Agent, or to grant to the Agent, a Lien on any
collateral as security for the Obligations of the Borrowers from time to time existing in respect of the Financing Agreement and the Loan Documents, such pledge, assignment and/or grant of a Lien is hereby ratified and confirmed in all respects.

  
 6.    Miscellaneous. 
  
 (a) This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. 
  
 (b) Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose. 
  

 3 

 (c) This Amendment shall be governed by, and construed in accordance with, the laws of the State of New
York. 
  
 (d) Each Loan Party hereby acknowledges and agrees that
this Amendment constitutes a “Loan Document” under the Financing Agreement. Accordingly, it shall be an Event of Default under the Financing Agreement if (i) any representation or warranty made by a Loan Party under or in connection with
this Amendment shall have been untrue, false or misleading in any material respect when made, or (ii) a Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Amendment. 
  
 (e) Notwithstanding anything to the contrary, except as specifically provided
herein, this Amendment is not, and shall not be deemed to be, a waiver of, or a consent to any Event of Default, event with which the giving of notice or lapse of time or both may result in an Event of Default, or other noncompliance now existing or
hereafter arising under the Financing Agreement and the other Loan Documents. 
  
 7.    The Borrowers will pay on demand all reasonable out-of-pocket costs and expenses of the Agent and the Lenders in connection with the preparation, execution and delivery of this Amendment,
including, without limitation, the reasonable fees, disbursements and other charges of Schulte Roth & Zabel LLP, counsel to the Agent. 
  
 8.    THE LOAN PARTIES, THE AGENT AND THE LENDERS EACH HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE ACTIONS OF THE AGENT OR THE LENDERS IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 
  
 [Remainder of this page intentionally left blank] 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  
 BORROWERS: 
 CLEAN HARBORS, INC. 
 ALTAIR DISPOSAL SERVICES, LLC 
 BATON ROUGE DISPOSAL, LLC 
 BRIDGEPORT DISPOSAL, LLC 
 CLEAN HARBORS ANDOVER, LLC 
 CLEAN HARBORS ANTIOCH, LLC 
 CLEAN HARBORS ARAGONITE, LLC 
 CLEAN HARBORS ARIZONA, LLC 
 CLEAN HARBORS BATON ROUGE, LLC 
 CLEAN HARBORS BDT, LLC 
 CLEAN HARBORS BUTTONWILLOW, LLC 
 CLEAN HARBORS CHATTANOOGA, LLC 
 CHEMICAL SALES, LLC 
 CLEAN HARBORS COFFEYVILLE, LLC 
 CLEAN HARBORS COLFAX, LLC 
 CLEAN HARBORS DEER PARK, L.P. 
 CLEAN HARBORS DEER TRAIL, LLC 
 CLEAN HARBORS DISPOSAL SERVICES, INC. 
 CLEAN HARBORS FINANCIAL SERVICES COMPANY

 CLEAN HARBORS FLORIDA, LLC 
 CLEAN HARBORS GRASSY MOUNTAIN, LLC 
 CLEAN HARBORS KANSAS, LLC 
 CLEAN HARBORS LAPORTE, L.P. 
 CLEAN HARBORS LAUREL, LLC 
 CLEAN HARBORS LONE MOUNTAIN, LLC 
 CLEAN HARBORS LONE STAR CORP. 
 CLEAN HARBORS LOS ANGELES, LLC 
 CLEAN HARBORS OF TEXAS, LLC 
 CLEAN HARBORS PECATONICA, LLC 
 CLEAN HARBORS PLAQUEMINE, LLC 
 CLEAN HARBORS PPM, LLC 
 CLEAN HARBORS REIDSVILLE, LLC 
 CLEAN HARBORS SAN JOSE, LLC 
 CLEAN HARBORS TENNESSEE, LLC 
 CLEAN HARBORS WESTMORLAND, LLC 
 CLEAN HARBORS WHITE CASTLE, LLC 
 CROWLEY DISPOSAL, LLC 
 DISPOSAL PROPERTIES, LLC 
 GSX DISPOSAL, LLC 

 HARBOR INDUSTRIAL SERVICES TEXAS, L.P. 
 HILLIARD DISPOSAL, LLC 
 ROEBUCK DISPOSAL, LLC 
 SAWYER DISPOSAL SERVICES, LLC 
 TULSA DISPOSAL, LLC 
 CLEAN HARBORS ENVIRONMENTAL SERVICES, INC. 
 CLEAN HARBORS OF BRAINTREE, INC. 

CLEAN HARBORS OF NATICK, INC. 
 CLEAN HARBORS SERVICES, INC. 
 MURPHY’S WASTE OIL SERVICE, INC. 
 CLEAN HARBORS KINGSTON FACILITY CORPORATION 
 CLEAN HARBORS OF CONNECTICUT, INC. 
 HARBOR MANAGEMENT CONSULTANTS, INC. 
 SPRING GROVE RESOURCE RECOVERY, INC. 
  
  
  
 By:
                                        
                                        
          
       Name: Stephen H. Moynihan

       Title: Senior Vice President 
  
  
 GUARANTOR: 
 CLEAN HARBORS OF BALTIMORE, INC. 
  
 By:
                                        
                                        
          
       Name: Stephen H. Moynihan

       Title: Senior Vice President 

 AGENT AND LENDER: 
 ABLECO FINANCE LLC (on behalf of itself and its affiliate assigns) 
  
 By:
                                        
                                        
          
       Name: 
       Title: 

 LENDERS: 
 OAK HILL SECURITIES FUND, L.P. 
  
 By: Oak Hill Securities GenPar, L.P., its general partner 
  
 By: Oak Hill Securities MGP, Inc., its general partner 
  
 By:
                                        
                                        
          
       Name: 
       Title: 
  
  
 OAK HILL SECURITIES FUND II, L.P. 
  
 By: Oak Hill Securities GenPar II, L.P., its general
partner 
  
 By: Oak Hill Securities MGP II,
Inc., its general partner 
  
 By:
                                        
                                        
          
       Name: 
       Title: 
  
  
 LERNER ENTERPRISES, L.P.: 
  
 By: Oak Hill Asset Management, Inc., as advisor and

         attorney-in-fact to Lerner Enterprises, L.P. 
  
 By:
                                        
                                        
          
       Name: 
       Title: 
  
  
 P&PK FAMILY LTD. PARTNERSHIP: 
  
 By: Oak Hill Asset Management, Inc., as advisor advisor and

         attorney-in-fact to P&PK Family Ltd. Partnership 
  
 By:
                                        
                                        
          
       Name: 
       Title: 
  

 CARDINAL INVESTMENT PARTNERS I, L.P.: 
  
 By: Oak Hill Advisors, L.P., as advisor and
attorney-in-fact to 
         Cardinal Investment Partners I, L.P. 
  
 By: Oak Hill Advisors MGP, Inc., its general partner

  
 By:
                                        
                                        
          
       Name: 
       Title: 

 DENALI CAPITAL II CLO, LTD. 
  
 By: Denali Capital LLC, managing member of DC Funding

         Partners, portfolio manager for DENALI CAPITAL CLO II, 
         LTD., or an affiliate 
  
 By:
                                        
                                        
          
       Name: 
       Title: 
  
  
 DENALI CAPITAL I CLO, LTD. 
  
 By: Denali Capital LLC, managing member of DC Funding

         Partners, portfolio manager for DENALI CAPITAL CLO I, 
         LTD., or an affiliate 
  
 By:
                                        
                                        
          
       Name: 
       Title: 

 REGIMENT CAPITAL II, L.P. 
  
 By: Regiment Capital Management, L.L.C., its general
partner 
  
 By: Regiment Capital Advisors,
L.L.C., its manager 
  
 By:
                                        
                                        
          
       Name: 
       Title: 

 GLENEAGLES TRADING LLC 
  
 By:
                                        
                                        
          
       Name: 
       Title: 
  
  
 KZH HIGHLAND-2 LLC 
  
 By:
                                        
                                        
          
       Name: 
       Title: 
  
  
 CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM

  
 By: Highland Capital Management, L.P.

         as Authorized Representatives of the Board 
  
 By:
                                        
                                        
          
       Name: 
       Title:

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