Document:

EX-10.34

Exhibit 10.34

AMENDED AND RESTATED MODIFICATION AND

LIMITED WAIVER AGREEMENT

     THIS AMENDED AND RESTATED MODIFICATION AND LIMITED WAIVER AGREEMENT (this
“Agreement”), dated as of the May 15, 2009, is by and among BALDWIN TECHNOLOGY COMPANY,
INC., a Delaware corporation (“Parent”), BALDWIN GERMANY HOLDING GMBH, a German company
(“Newco”), BALDWIN GERMANY GMBH, a German company (“BGG”), BALDWIN OXY-DRY GMBH
(formerly known as “OXY-DRY MASCHINEN GMBH”), a German company (“Oxy-Dry GmbH” and,
collectively with the Parent, Newco and BGG, the “Borrowers”), the other Credit Parties (as
defined in the Guaranty and Collateral Agreement (as defined below)) a party hereto, and BANK OF
AMERICA, N.A., a national banking association (as successor-by-merger to LASALLE BANK NATIONAL
ASSOCIATION), in its capacity as a Lender and as Administrative Agent and the other Lenders (as
defined in the Credit Agreement referred to below) signatory hereto. Capitalized terms used in
this Agreement and not defined herein shall have the meanings ascribed to such terms in the Credit
Agreement unless otherwise stated herein.

PRELIMINARY STATEMENTS

     A. The Borrowers, the Lenders and the Administrative Agent are parties to that certain Credit
Agreement dated as of November 21, 2006, as amended by that certain Amendment to Credit Agreement
dated as of December 29, 2006, by a Waiver, Consent and Amendment No. 2, dated as of April 18,
2007, by a Waiver, Consent and Amendment No. 3 to Credit Agreement dated as of January 3, 2008 (the
“Third Amendment”), and by an Amendment No. 4 to Credit Agreement dated as of February 26,
2008 (as so amended, the “Credit Agreement”);

     B. The Borrowers, the other Credit Parties and the Administrative Agent are parties to the
Guaranty and Collateral Agreement (as defined in the Credit Agreement);

     C. The Borrowers are in breach of (i) the financial covenant set forth in Section 11.14.1 of
the Credit Agreement with respect to the requirement to not permit EBITDA to be less than
$12,000,000 for the Computation Period ending March 31, 2009 and (ii) the financial covenant set
forth in Section 11.14.3 of the Credit Agreement with respect to the requirement to maintain a
Total Debt to EBITDA Ratio of not more than 3.50 to 1.0 as of the last day of the Computation
Period ending March 31, 2009. Each of the breaches referred to in clauses (i) and (ii) of the
immediately preceding sentence constitute an Event of Default under Section 13.1.5 of the Credit
Agreement (the Events of Default resulting from such breaches are sometimes collectively referred
to below as the “Prior Specified Events of Default” and individually as a “Prior
Specified Event of Default”);

     D. The Borrowers, the other Credit Parties a party thereto, the Administrative Agent, and the
Lenders are parties to a certain Modification and Limited Waiver Agreement, dated as of March 31,
2009 (the “Original Limited Waiver Agreement”);

     E. The Lenders, pursuant to the Original Limited Waiver Agreement (as defined below), granted
a limited waiver with respect to Prior Specified Events of Default which limited waiver would, if
not for the extension of the Limited Waiver Period (as defined in the Original

 

 

Limited Waiver
Agreement) provided for in this Agreement (subject to the terms and conditions hereof), expire on
May 15, 2009 with the result that the Lenders and the Administrative Agent would be entitled (if
not for such extension) to exercise at any time on or after May 16, 2009 their respective rights
and remedies under the Loan Documents and applicable law with respect to an Event of Default;

     F. The Borrowers anticipate that the Borrowers will be in breach of (i) the financial covenant
set forth in Section 11.14.1 of the Credit Agreement with respect to the requirement to not permit
EBITDA to be less than $12,000,000 for the Computation Period ending June 30, 2009, (ii) the
financial covenant set forth in Section 11.14.2 of the Credit Agreement with respect to the
requirement to not permit the Fixed Charge Coverage Ratio to be less than 1.25 to 1.0 for the
Computation Period ending June 30, 2009 and (iii) the financial covenant set forth in Section
11.14.3 of the Credit Agreement with respect to the requirement to maintain a Total Debt to EBITDA
Ratio of not more than 3.00 to 1.0 as of the last day of the Computation Period ending June 30,
2009. Each of the breaches referred to in clauses (i), (ii) and (iii) of the immediately preceding
sentence would (assuming such breach occurs) constitute an Event of Default under Section 13.1.5 of
the Credit Agreement as of June 30, 2009 (the Events of Default that would result from such
breaches (assuming they occur) are sometimes collectively referred to below as the “Anticipated
Specified Events of Default” and individually as an “Anticipated Specified Event of
Default”). The Prior Specified Events of Default and the Anticipated Specified Events of
Default are sometimes collectively referred to below as the “Specified Events of Default”
and individually as a “Specified Event of Default”;

     G. Each of the Specified Events of Default would (if not for the limited waiver granted
(subject to the terms and conditions hereof) herein) entitle the Lenders and the Administrative
Agent to immediately exercise their respective rights and remedies under the Loan Documents and
applicable law with respect to an Event of Default; and

     H. The Borrowers have requested that Lenders representing at least the Required Lenders amend
the Original Waiver Agreement, pursuant to this Agreement, in order to (among other things): (i)
modify the limited waiver set forth in the Original Limited Waiver Agreement to include a limited
waiver of (in addition to the Prior Specified Events of Default) the Anticipated Events of Default
and (ii) extend the Limited Waiver Period from May 15, 2009 to July 31, 2009 (the modification
referred to in clause (i) above and the extension referred to in this clause (ii) are collectively
referred to below as the “Limited Waiver Modification and Extension”); and the Lenders
signatory hereto, representing at least the Required Lenders, are willing to agree to the Limited
Waiver Modification and Extension on the terms and subject to the conditions provided herein.

     NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending
to be legally bound, hereby agree to amend and restate the Original Limited Waiver Agreement so as
to provide in its entirety as follows and to be bound by this Agreement:

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ARTICLE I

CERTAIN DEFINITIONS

     1.01 The term “Limited Waiver Period” shall mean the period from (and including) March
31, 2009 to (and including) July 31, 2009.

     1.02 The term “Dollar Equivalent of Euro Revolving Outstandings” shall mean the
aggregate Dollar Equivalent of the sum of (a) the aggregate principal amount of all outstanding
Parent Revolving Loans borrowed in Euros, (b) the Parent Stated Amounts with respect to Parent
Letters of Credit issued in Euros, (c) the aggregate principal amount of all outstanding German
Revolving Loans borrowed in Euros, and (d) the German Stated Amounts with respect to German Letters
of Credit issued in Euros.

     1.03 The term “Amendment and Restatement Date” shall mean May 15, 2009.

     1.04 The term “Limited Waiver Extension Fee” shall have the meaning given that term in
Section 4.01 of this Agreement.

     1.05 The term “Additional Collateral and Guaranties” shall mean, collectively, the
following pledges, guaranties and security interests:

          (i) the Parent shall pledge 100% (not just the current 65% pledged under the Guaranty and
Collateral Agreement as it exists on the date hereof) of all equity interests of Baldwin Americas
Corporation, Baldwin Asia Pacific Corporation, MTC Trading Company and Baldwin Europe Consolidated,
Inc. to secure the Parent’s unconditional guaranty (under the Guaranty and Collateral Agreement) of
the payment and performance of the Borrower Obligations (as defined in the Guaranty and Collateral
Agreement) of Newco.

          (ii) Baldwin Asia Pacific Corporation shall unconditionally guaranty the payment and
performance of the Borrower Obligations of Newco and such guaranty shall be secured by a pledge of
all of the stock issued by Japan-Baldwin Ltd.

          (iii) Baldwin Americas Corporation shall unconditionally guaranty the payment and performance
of the Borrower Obligations of Newco and such guaranty shall be secured by a security interest in
all of the assets of Baldwin Americas Corporation except the equity interests of Baldwin India
Private Ltd. and Baldwin Americas do Brasil Ltda. and any real property leasehold interests.

          (iv) MTC Trading Company shall unconditionally guaranty the payment and performance of the
Borrower Obligations of Newco and such guaranty shall be secured by a security interest in all of
the assets (excluding any real property leasehold interests) of MTC Trading Company.

          (v) BEC Inc. shall unconditionally guaranty the payment and performance of the Borrower
Obligations of Newco and such guaranty shall be secured by a security interest in all of its assets
(including all stock issued by Baldwin Graphic Equipment BV but excluding any real property
leasehold interests).

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          (vi) Oxy-Dry Corporation shall unconditionally guaranty the payment and performance of the
Borrower Obligations of Newco and such guaranty shall be secured by a security interest in all of
the assets of Oxy-Dry Corporation except the stock of Oxy-Dry U.K. Limited and any real property
leasehold interests.

          (vii) Baldwin Graphic Equipment BV shall unconditionally guaranty the payment and performance
of the Borrower Obligations of Newco and such guaranty shall be secured by a security interest in
all of the assets of Baldwin Graphic Equipment BV (including all stock issued by BEC BV but
excluding any real property leasehold interests).

          (viii) BEC BV shall unconditionally guaranty the payment and performance of the Borrower
Obligations of Newco and such guaranty shall be secured by a security interest in all of the assets
of BEC BV, including, without limitation, all stock of Newco and Baldwin Jimek AB but excluding
stock issued by Baldwin Italy SRL and any real property leasehold interests.

          (ix) Newco shall, in addition to its pledge of all of the stock of BGG and Oxy-Dry GmbH (to
secure its guaranty of the Borrower Obligations of BGG and Oxy-Dry GmbH) already provided for in
the German Pledge Agreements, pledge all of the stock of BGG and Oxy-Dry GmbH in order to secure
the payment and performance of all other Borrower Obligations of Newco including without limitation
those under the Credit Agreement, any Permanent Loan Note evidencing the Term Loans or any other
Borrower Obligations of Newco relating to the Term Loans.

          (x) BGG and Oxy-Dry GmbH shall unconditionally guaranty all Borrower Obligations of Newco.

          (xi) BGG shall grant a security interest in all of its assets (excluding any real property
leasehold interests) to secure all of its Borrower Obligations (including without limitation with
respect to the German Revolving Loans and the guaranty of BGG referred to in clause (x) above).

          (xii) Oxy-Dry GmbH shall grant a security interest in all of its assets (excluding any real
property leasehold interests) to secure all of its Borrower Obligations (including without
limitation with respect to the German Revolving Loans and the guaranty of Oxy-Dry GmbH referred to
in clause (x) above).

     All such pledges and security interests shall be first priority pledges and security interests
(it is understood and agreed that for non-stock collateral, there may be certain non-material
“carve-outs” from the collateral, provided such carve-outs are reasonably acceptable to the
Administrative Agent). Nothing contained in this Agreement shall, or shall be interpreted to,
impair or limit any guaranties or collateral previously granted to the Administrative Agent and/or
any Lender under the Guaranty and Collateral Agreement, any other Collateral Document or any other
applicable Loan Document.

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ARTICLE II

LIMITED WAIVER

     2.01 The undersigned Lenders (representing at least the Required Lenders) hereby waive
(subject to the terms and conditions hereof), for the Limited Waiver Period only, the Specified
Events of Default (the waiver granted in this sentence is referred to below as the “Limited
Waiver”). (For the avoidance of doubt, the Required Lenders shall not have the right to impose
during the Limited Waiver Period the additional 2% default rate(s) under Sections 4.1 or 5.2(a) of
the Credit Agreement by reason of the Specified Events of Default but shall have the right to do so
upon the occurrence and during the continuance of any other Event of Default.) The Limited Waiver
is limited solely to the Specified Events of Default and shall not apply to any other Events of
Default and is also limited solely to the Limited Waiver Period and shall not extend to any period
beyond the Limited Waiver Period. Without limiting the generality of the immediately preceding
sentence, the Borrowers (and other Credit Parties) hereby acknowledge and agree that (i) the
Limited Waiver does not apply to any breach of Sections 11.14.1, 11.14.2 or 11.14.3 of the Credit
Agreement other than the breach of Section 11.14.1 for the Computation Periods ending March 31,
2009 and June 30, 2009, the breach of Section 11.14.2 for the Computation Period ending June 30,
2009, and the breach of Section 11.4.3 as of the last day of the Computation Periods ending March
31, 2009 and June 30, 2009 and (ii) after the Limited Waiver Period, the Specified Events of
Default shall (unless otherwise hereafter waived in writing by the Required Lenders (it being
understood and agreed that any such waiver would be at the sole and absolute discretion of the
Required Lenders and no Lender has any obligation to grant such waiver)) exist and be continuing
Events of Default for all purposes and the Lenders and the Administrative Agent shall have the
right at any time (including immediately) to exercise any or all of their respective rights and
remedies under the Loan Documents and under applicable law with respect to any of the Specified
Events of Default including without limitation the right to impose the default rates under Section
4.1 or 5.2(a) of the Credit Agreement, accelerate any or all the Loans or other Obligations, refuse
to make any additional Revolving Loans or to issue any additional Letters of Credit, terminate the
Commitments, immediately enforce any and all Obligations and/or realize on the Collateral. Each of
the Borrowers and the other Credit Parties hereby consents to, and acknowledges the availability
of, each and every right and remedy set forth in the Credit Agreement, the Guaranty and Collateral
Agreement and the other Loan Documents with respect to (i) the Specified Events of Default after
the Limited Waiver Period and (ii) any Event of Default other than the Specified Events of Default
at any time.

ARTICLE III

CERTAIN MODIFICATIONS

     3.01 Certain Agreements Regarding Limited Waiver Period. In consideration of the Lenders’
granting (subject to the terms and conditions hereof) the Limited Waiver above, each of the
Borrowers and the other Credit Parties hereby acknowledges and agrees as follows:

     (a) Notwithstanding anything to the contrary contained in the Credit Agreement, the
Notes or the other Loan Document, the Applicable Margin during the Limited Waiver Period for
all of the Loans and the undrawn amounts of each Letter of Credit, as the case may be, shall
be the following applicable rates per annum:

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	     LIBOR	 	Base Rate	 	Non-Use	 	L/C Fee
	     Margin	 	Margin	 	Fee Rate	 	Rate
	     4.50%
	 	 	3.00	%	 	 	0.500	%	 	 	4.50	%

     (b) With respect to any LIBOR Loan borrowed or continued during the Limited Waiver
Period, and with respect to any Base Rate Loan converted into a LIBOR Loan during the
Limited Waiver Period, the only Interest Period that may be selected is a period of one
month.

     (c) The Borrowers shall not request any Letters of Credit to be issued or to be
extended during the Limited Waiver Period. Oxy-Dry GmbH shall not request any new German
Revolving Loans in the Limited Waiver Period.

     (d) No Borrower shall make any borrowing of a Revolving Loan during the Limited Waiver
Period if immediately after such borrowing the Dollar Equivalent of all Revolving
Outstandings shall exceed $17,100,000. In addition to (and not in limitation of) the
restriction set forth in the immediately preceding sentence, (i) no Borrower shall make any
borrowing of a Revolving Loan in Euros during the Limited Waiver Period if immediately after
such borrowing the Dollar Equivalent of Euro Revolving Outstandings exceeds $4,000,000 and
(ii) if at any time(s) during the Limited Waiver Period the Dollar Equivalent of Euro
Revolving Outstandings exceeds $4,000,000 (it being agreed that for purposes of this clause
(ii) the Revaluation Date shall be each day in the Limited Waiver Period), the Parent shall
immediately cause the prepayment (i.e., shall cause a mandatory prepayment) of a
sufficient amount of Revolving Loans borrowed in Euros so that the Dollar Equivalent of Euro
Revolving Outstandings no longer exceeds $4,000,000. For the avoidance of doubt, the
provisions of Section 8.4 of the Credit Agreement shall apply to any prepayment made
pursuant to the immediately preceding sentence. Upon the request of the Parent, the
Administrative Agent shall have the right (but not the obligation and shall have no
liability for its refusal to do so) to make the provisions of Section 6.2.2(d) of the Credit
Agreement apply to any such prepayment with such conforming changes to Section 6.2.2(d) (as
such Section applies to any such prepayment) as the Administrative Agent shall require in
connection with any such prepayment.

     (e) No (i) Specified Permitted Redemption shall be made during the Limited Waiver
Period and (ii) Rabbi Trust Permitted Payment under clause (a) of the definition of Rabbi
Trust Permitted Payments shall be made during the Limited Waiver Period. The Borrowers and
other Credit Parties represent and warrant that no Specified Permitted Redemption Payment
and no Rabbi Trust Permitted Payment has been made from (and including) January 1, 2009 to
(and including) the date hereof.

     (f) The restrictions and other provisions of (1) the definition of Asset Dispositions
and (2) Sections 10.2, subclauses (v), (vi) and (vii) of Section 11.5, 11.11(a), and
11.11(j) of the Credit Agreement that apply if there is an Event of Default shall be deemed
to apply during the Limited Waiver Period whether or not an Event of Default exists. The
Borrowers also agree that, with respect to any Debt that would otherwise be permitted under
the terms of subclauses (ii) and (iii) of subsections 11.1(d) of the Credit

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Agreement and is created during the Limited Waiver Period, (a) such Debt shall (in
addition to complying with any other restrictions in the Credit Agreement) only consist of
Debt incurred in the ordinary course of business of the Parent and its Subsidiaries
consistent with prior practices of the Parent and its Subsidiaries and (b) no such Debt
shall consist of loans to or other Debt owed by Japan-Baldwin Ltd. Borrowers and other
Credit Parties represent and warrant that, with respect to any Debt created under such
subclauses (ii) and (iii) in the period from January 1, 2009 to (and including) the date
hereof, (a) all such Debt was incurred in the ordinary course of business of the Parent and
its Subsidiaries consistent with prior practices of the Parent and its Subsidiaries and (b)
no such Debt consists of loans to or other Debt owed by Japan-Baldwin Ltd.

     3.02 Swedish Letter of Credit. It is acknowledged that the Parent had previously
requested, and the Administrative Agent has issued, a Parent Letter of Credit in the amount of
5,000,000 Swedish Krona (LaSalle Bank National Association letter of credit #S605274 and Bank of
America, N.A. letter of credit #68030846) (as same may be modified from time to time, the
“Swedish Letter of Credit”). It is acknowledged and agreed that the Swedish Letter of
Credit is one of the Parent Letters of Credit and that the terms and provisions of the Credit
Agreement (including without limitation Sections 2.1.5 and 2.3 of the Credit Agreement) and the
other Loan Documents shall apply to the Swedish Letter of Credit. The term “Euros” as used in the
Credit Agreement (and any other applicable Loan Document) shall be deemed to mean “Swedish Krona”
in connection with the Swedish Letter of Credit. Without limiting the generality of the
immediately preceding sentence, the Dollar Equivalent of the Stated Amount of the Swedish Letter of
Credit shall be the equivalent amount thereof in Dollars as determined by the Administrative Agent
or the Issuing Lender, as the case may be, at such time on the basis of the Spot Rate (determined
in respect of the most recent Revaluation Date) for the purchase of Dollars with Swedish Krona.

     3.03 Modifications to Credit Agreement. The Credit Agreement is hereby deemed
modified to reflect all of the terms and provisions of Sections 3.01 and 3.02 above. Any breach by
any Borrower (or other Credit Party) of any of the terms or provisions of Section 3.01 or of
Article IV below or any other term or provision of this Agreement shall be deemed an Event of
Default for all purposes.

ARTICLE IV

CERTAIN COVENANTS AND OTHER PROVISIONS

     4.01 Limited Waiver Extension Fee. In consideration of the Required Lenders entering
into this Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Borrowers hereby agree to pay, simultaneously with the execution
and delivery of this Agreement, to each Lender who executes and delivers this Agreement on or
before the Amendment and Restatement Date, a limited waiver extension fee equal to such Lender’s
pro-rata share of the product of (a) the sum of the aggregate Term Loan Exposures of all Lenders on
the Amendment and Restatement Date plus the aggregate Revolving Commitments of all Lenders on the
Amendment and Restatement Date multiplied by (b) 0.15% (i.e., 15 basis points). The phrase
“pro-rata share” as used in the immediately preceding sentence shall mean, with respect to any
Lender, the percentage obtained by dividing (i) such Lender’s aggregate Revolving Commitments
plus such Lender’s Term Loan Exposure as of the

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Amendment and Restatement Date by (ii) the aggregate amount of Revolving Commitments of all
Lenders plus the Term Loan Exposures of all Lenders as of the Amendment and Restatement
Date. The term “Limited Waiver Extension Fee” as used herein shall mean the aggregate limited
waiver extension fees owed (pursuant to this Section 4.01) to those Lenders who execute and
deliver this Agreement.

     4.02 Additional Collateral and Guaranties. In consideration of Lenders representing
at least the Required Lenders entering into this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrowers hereby
covenant to cause the execution and delivery of the Additional Collateral and Guaranties as soon as
reasonably practicable but in no event later than June 22, 2009. The Additional Collateral and
Guaranties shall be evidenced by documentation (including, without limitation, collateral and
guarantee agreements (and/or modifications) and also related authorizing resolutions, certificates,
legal opinions and other related documents) in form and substance satisfactory to the
Administrative Agent and its counsel (both domestic counsel and, where applicable, foreign counsel)
in their good faith discretion.

     The Borrowers understand and agree that (i) failure to cause the execution and delivery of the
Additional Collateral and Guaranties by June 22, 2009 in accordance with such documentation shall
constitute an Event of Default and (ii) there is no express or implied agreement on the part of the
Lenders, even if the Borrowers do comply with their obligations under this Section 4.02, to (a)
waive the Specified Events of Default at the end of the Limited Waiver Period and/or (b) enter into
any other modification or waiver of the Loan Documents.

     4.03 Guaranty and Collateral Agreement. Pursuant to Section 3.02 of the Third
Amendment, Annex A attached hereto and hereby made a part hereof (i) amends Section 2.7 of the
Guaranty and Collateral Agreement and (ii) amends and restates certain Parts XI and XVI of Schedule
8 to the Guaranty and Collateral Agreement, in each case in order to clarify and confirm the
parties’ understanding as to certain matters. It is agreed that the amendment of Section 2.7 and
the amendment and restatement of such Parts as set forth in Annex A confirms the intent and
agreement of the parties as of the date the BEC BV Restructuring (as defined in the Third
Amendment) was consummated and, accordingly, such amendment and amendment and restatement are
deemed to be effective as of such date. Except as amended by Annex A, the Guaranty and Collateral
Agreement as originally constituted remains in full force and effect. Nothing contained in this
Section 4.03 or in Annex A shall, or shall be interpreted to, impair or limit the provisions of
Section 4.02 above including without limitation any subsequent modifications to the Guaranty and
Collateral Agreement deemed appropriate by the Administrative Agent in connection with Section
4.02.

     4.04 Rolling 13 Week Cash Flow Forecasts. The Parent shall timely deliver to the
Lenders and the Administrative Agent, on a bi-weekly basis, rolling updated 13-week cash flow
forecasts for the Parent and its Subsidiaries (such forecasts to be in the same format as the
13-week cash flow forecasts delivered prior to the date hereof).

     4.05 Certain Reports. The Borrowers shall promptly provide to the Administrative Agent
(i) a copy of the engagement letter and any other document(s) relating to the scope of any work
that Carl Marks Advisory Group LLC (or affiliated entity or similar advisory company) has

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been engaged to (or will be engaged to) perform for any of the Borrowers or their Subsidiaries
and (ii) access to (including copies of) any reports or other material documents provided at any
time by Carl Marks Advisory Group LLC (or affiliated entity or similar advisory company) to any of
the Borrowers or their Subsidiaries.

ARTICLE V

CONDITIONS PRECEDENT

     5.01 Prior Effectiveness. The effectiveness of the “Limited Waiver” (as defined in
the Original Limited Waiver Agreement) and of the modifications set forth in Article III of the
Original Limited Waiver Agreement was subject to the satisfaction of the conditions precedent set
forth in Section 4.01 of the Original Limited Waiver Agreement. The Borrowers hereby confirm that
all of the conditions precedent set forth in Sections 4.01(a)-(d), inclusive, of the Original
Limited Waiver Agreement were satisfied. The Administrative Agent hereby confirms that the
condition precedent set forth in Sections 4.01(e) of the Original Limited Waiver Agreement was
satisfied.

     5.02 Conditions to Effectiveness. The effectiveness of the Limited Waiver
Modification and Extension is subject to the satisfaction of the following conditions precedent,
unless specifically waived in writing by the Administrative Agent:

     (a) The Administrative Agent shall have received this Agreement duly executed by the
Borrowers, the other Credit Parties and Lenders constituting at least the Required Lenders;

     (b) The representations and warranties contained herein and in the Credit Agreement,
the Guaranty and Collateral Agreement and the other Loan Documents shall be true and correct
in all respects (or if the applicable representation or warranty is not qualified by a
materiality qualifier, true and correct in all material respects) with the same effect as if
made on the date hereof (except to the extent stated to relate to a specific earlier date,
in which case such representations and warranties shall be true and correct in all respects
(or if the applicable representation or warranty is not qualified by a materiality
qualifier, true and correct in all material respects) as of such earlier date);

     (c) No Event of Default (other than the Specified Events of Default) or Unmatured Event
of Default shall have occurred and be continuing;

     (d) The Borrowers shall pay the Limited Waiver Extension Fee simultaneously with the
execution and delivery of this Agreement;

     (e) The Borrowers shall reimburse the Administrative Agent, simultaneously with the
execution and delivery of this Agreement, for all of the costs and expenses referred to in
Section 8.05 hereof which have accrued as of the Amendment and Restatement Date; and

     (f) The Administrative Agent shall have received such other documents (in form and
substance reasonably satisfactory to the Administrative Agent) as reasonably requested by
the Administrative Agent.

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ARTICLE VI

NO OTHER WAIVER

     6.01 No Other Waiver. Except for the Limited Waiver, nothing contained in this
Agreement shall be construed as a waiver by the Administrative Agent or the Lenders of any covenant
or other provision of the Credit Agreement, the Guaranty and Collateral Agreement, the other Loan
Documents, or of any other contract or instrument among the Borrowers and/or the other Credit
Parties, as the case may be, and the Administrative Agent and/or the Lenders (and/or their
respective Affiliates), as the case may be, and the failure of the Administrative Agent and/or
Lenders (and/or their respective Affiliates) at any time or times hereafter to require strict
performance by the Borrowers and/or the other Credit Parties of any provision thereof shall not
waive, affect or diminish any right of the Administrative Agent and the Lenders (or their
respective Affiliates) to thereafter demand strict compliance therewith.

ARTICLE VII

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

     7.01 Ratifications. The terms and provisions of the Credit Agreement and the other
Loan Documents, as hereby modified, are ratified and confirmed and shall continue in full force and
effect. The Borrowers and other Credit Parties, the Lenders and the Administrative Agent agree
that the Credit Agreement and the other Loan Documents, as modified hereby, shall continue to be
the legal, valid and binding obligations of the parties thereto, enforceable against such parties
in accordance with their respective terms. Without limiting the generality of the foregoing, the
Borrowers and the other Credit Parties hereby confirm and agree that (a) all Liens under the
Collateral Documents remain in full force and effect and (b) the guaranty obligations and other
obligations of the Borrowers and all other Credit Parties under the Guaranty and Collateral
Agreement (and other applicable Collateral Documents) remain in full force and effect and (as set
forth in the Guaranty and Collateral Agreement) shall not be impaired or otherwise limited by any
waiver or modification set forth in this Agreement (and nothing contained in this Agreement shall,
or shall be interpreted to, create a custom, course of dealing or other agreement or arrangement by
which the consent or confirmation of any Credit Party to any modification or waiver is required in
order to keep any obligations under the Guaranty and Collateral Agreement in full force and effect,
it being agreed that no such consent or confirmation is necessary or required in order to keep such
obligations in full force and effect).

     7.02 Representations and Warranties. Each of the Borrowers and the other Credit
Parties hereby represents and warrants to the Administrative Agent and the Lenders that (a) the
execution, delivery and performance of this Agreement and any and all Loan Documents executed
and/or delivered in connection herewith have been authorized by all requisite corporate (or other
applicable organization) action on the part of such Borrower or other Credit Party, as the case may
be, and will not violate the charter, by-laws or other organizational documents of such Borrower or
other Credit Party; (b) all proceedings (including without limitation all resolutions) referred to
in Section 4.01(d) of the Original Limited Waiver Agreement remain in full force and effect and the
authorities granted therein include the authority of all Borrowers and other Credit Parties that
are a party hereto to execute, deliver and perform this Agreement; (c) the representations and
warranties of such Borrower or other Credit Party, as the case may be, contained in any Loan
Document are true and correct in all respects (or if the applicable

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representation or warranty is not qualified by a materiality qualifier, true and correct in
all material respects) on the date hereof and on and as of the date of execution hereof as though
made on and as of each such date (except to the extent stated to relate to a specific earlier date,
in which case such representations and warranties were true and correct in all respects (or if the
applicable representation or warranty is not qualified by a materiality qualifier, true and correct
in all material respects) as of such earlier date); and (d) except for the Specified Events of
Default, no Event of Default or Unmatured Event of Default has occurred and is continuing. The
Borrowers and the other Credit Parties acknowledge and agree that the unpaid principal of, and
accrued and unpaid interest under, each of the Loans as of May 15, 2009 is as set forth below and
such sums are justly owed without claim, counterclaim, cross-complaint, offset, defense or other
reduction of any kind against the Lenders or the Administrative Agent:

     (a) Parent Revolving Loans borrowed in Dollars: unpaid principal of $12,100,000 and
accrued and unpaid interest of $3,260.28 is owed by the Parent.

     (b) Parent Revolving Loans borrowed in Euros: unpaid principal of €0 and accrued and
unpaid interest of €0 is owed by the Parent.

     (c) German Revolving Loans borrowed by BGG in Dollars: unpaid principal of $0 and
accrued and unpaid interest of $0 is owed by BGG.

     (d) German Revolving Loans borrowed by BGG in Euros: unpaid principal of €1,000,000
and accrued and unpaid interest of €3,513.89 is owed by BGG.

     (e) German Revolving Loans borrowed by Oxy-Dry GmbH in Dollars: unpaid principal of $0
and accrued and unpaid interest of $0 is owed by Oxy-Dry GmbH.

     (f) German Revolving Loans borrowed by Oxy-Dry GmbH in Euros: unpaid principal of €0
and accrued and unpaid interest of €0 is owed by Oxy-Dry GmbH.

     (g) Term Loans: unpaid principal of €7,945,735.98 and accrued and unpaid interest of
€27,920.43 is owed by Newco.

     (h) Parent Letters of Credit issued in Dollars: the portion of the Parent Stated Amount
with respect to such Letters of Credit is $382,916.00.

     (i) Parent Letters of Credit issued in Swedish Krona: the portion of the Parent Stated
Amount with respect to such Letters of Credit is 5,000,000 Swedish Krona.

     (j) Parent Letters of Credit issued in Euros: the portion of the Parent Stated Amount
with respect to such Letters of Credit is €0.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

     8.01 Survival of Representations and Warranties. All representations and warranties
made in the Credit Agreement, the Guaranty and Collateral Agreement or any other Loan Documents or
under or in connection with this Agreement, including, without limitation,

-11-

 

any document furnished in connection with this Agreement, shall survive the execution and
delivery of this Agreement and any Loan Document.

     8.02 Severability. Any provision of this Agreement held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this
Agreement and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable.

     8.03 Successors and Assigns. This Agreement is binding upon and shall inure to the
benefit of the Administrative Agent, the Lenders, the Borrowers and the other Credit Parties and
their respective successors and assigns, except that no Borrower or other Credit Party may assign
or transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent. It is acknowledged and agreed that Bank of America, N.A., has, as successor
by merger to LaSalle Bank National Association, succeeded to all of the respective rights and
duties of LaSalle Bank National Association as a Lender and the Administrative Agent under the Loan
Documents.

     8.04 Preliminary Statements. The Preliminary Statements set forth in this Agreement
are accurate and shall form a substantive part of the agreement of the parties hereto.

     8.05 Certain Costs and Expenses. Without in any way limiting the generality of
Sections 10.2 or 15.5 of the Credit Agreement, the Parent acknowledges and agrees that it shall (i)
promptly pay the reasonable fees and disbursements of all legal counsel retained by the
Administrative Agent in connection with the preparation, negotiation, execution and delivery of
this Agreement or any future waiver or modification (or proposed modification or waiver whether or
not consummated), if any, of any Loan Document(s) (provided that Borrower shall not have to pay the
allocable costs of internal legal services of the Administrative Agent in connection with the
preparation, negotiation, execution and delivery of this Agreement provided it is understood and
agreed that this parenthetical phrase shall not, and shall not be interpreted to, limit the right
of the Administrative Agent or any Lender to receive the allocable costs of internal legal services
with respect to agreements or matters other than the preparation, negotiation, execution and
delivery of this Agreement), (ii) cooperate with, and promptly pay the reasonable fees and
out-of-pocket expenses with respect to, a field exam to be performed by the Administrative Agent in
the Limited Waiver Period with respect to the accounts receivable and inventory of the Borrowers
and certain other Credit Parties and the books and records relating thereto and (iii) cooperate
with, and promptly reimburse the Administrative Agent for the reasonable fees and out-of-pocket
expenses of, Capstone (as defined below) in the performance of the Capstone Engagement (as defined
below). “Capstone” shall mean Capstone Advisory Group, LLC which has been retained by Finn
Dixon & Herling LLP, counsel to the Administrative Agent, to conduct certain analyses of the
business, systems or other operations, business plans and/or other financial affairs of the
Borrowers and/or the other Credit Parties (the “Capstone Engagement”). Such cooperation
shall include, without limitation, allowing visits and inspections of the Borrowers’ (and other
Credit Parties’) assets, books and records (and allowing copies or extracts of same to be made by
the Administrative Agent or Capstone, as the case may be), offices and other locations, providing
access to the officers and personnel of the Borrowers and the other Credit Parties and their
independent auditors to discuss the business, operations, business plans and other financial
affairs (including the books and records) of the Borrowers and

-12-

 

other Credit Parties (and the Borrowers and other Credit Parties hereby authorize such
independent auditors to discuss same with the Administrative Agent or Capstone, as the case may be)
and providing (at the expense of the Parent or other applicable Credit Party) clerical and other
assistance, in each case upon reasonable advance notice (to the extent reasonably practical under
the circumstances) and during normal business hours. The Borrowers and other Credit Parties hereby
agree that all findings and conclusions and other work product of Capstone shall be protected by
the attorney-client privilege and shall not be subject to review or discovery by the Borrowers or
any other Credit Party.

     8.06 Counterparts; Delivery. This Agreement may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same instrument. Legal delivery of this Agreement
may be made by, among other methods, telecopy or by email (pdf., .TIFF or other electronic format).

     8.07 Headings. The headings, captions, and arrangements used in this Agreement are
for convenience only and shall not affect the interpretation of this Agreement.

     8.08 Relationship. The relationship between the Borrowers and other Credit Parties on
the one hand and the Lenders and the Administrative Agent on the other hand shall be solely that of
borrowers and guarantors, on the one hand, and lender on the other. Neither the Administrative
Agent nor any Lender has any fiduciary relationship with or duty to any Borrower or other Credit
Party arising out of or in connection with this Agreement or any of the Loan Documents, and the
relationship between the Borrowers and other Credit Parties, on the one hand, and the
Administrative Agent and the Lenders, on the other hand, in connection herewith or therewith is
solely that of debtor and creditor. The Borrowers and other Credit Parties acknowledge that they
have been advised by counsel in the negotiation, execution and delivery of this Agreement and the
Loan Documents. No joint venture is created hereby or by the Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby or by the Loan Documents among the Lenders or among
the Borrowers (and other Credit Parties) and the Lenders.

     8.09 Time is of the Essence. The parties hereto (i) have agreed specifically with
regard to the times for performance set forth herein and in the Loan Documents and (ii) acknowledge
and agree such times are material to this Agreement and the Loan Documents. Therefore, time is of
the essence with respect to this Agreement and the Loan Documents.

     8.10 Jury Trial; Indemnification. Without limiting the generality of Sections 15.17,
15.18, 15.19 and 15.20 of the Credit Agreement, it is hereby agreed that the terms and provisions
of such Sections shall apply to this Agreement and any transaction or matter contemplated by, in
connection with or arising out of this Agreement.

     8.11 Applicable Law. THIS AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY
THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW).

-13-

 

     8.12 Final Agreement. THE CREDIT AGREEMENT, THE GUARANTY AND COLLATERAL AGREEMENT AND
THE OTHER LOAN DOCUMENTS, AS MODIFIED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH
RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF ON THE DATE THIS AGREEMENT IS EXECUTED. THE
CREDIT AGREEMENT, THE GUARANTY AND COLLATERAL AGREEMENT AND THE LOAN DOCUMENTS, AS MODIFIED HEREBY,
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING PROVISIONS, THE BORROWERS AND THE OTHER CREDIT PARTIES ACKNOWLEDGE AND
AGREE THAT NEITHER ANY LENDER NOR THE ADMINISTRATIVE AGENT HAS MADE ANY PROMISES OR ASSURANCES WITH
RESPECT TO, AND THE BORROWERS AND OTHER CREDIT PARTIES ACKNOWLEDGE AND AGREE THAT THERE IS NO ORAL
AGREEMENT WITH RESPECT TO, ANY FUTURE AMENDMENT, WAIVER OR OTHER MODIFICATION OF THE LOAN DOCUMENTS
OR ANY RESTRUCTURING OR WORKOUT THEREOF OR WITH RESPECT THERETO. NO MODIFICATION, RESCISSION,
WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AGREEMENT SHALL BE MADE, EXCEPT BY A WRITTEN
AGREEMENT SIGNED BY THE BORROWERS AND THE REQUIRED LENDERS AND (WITH RESPECT TO MATTERS AFFECTING
THE ADMINISTRATIVE AGENT) THE ADMINISTRATIVE AGENT.

     8.13 Release. EACH OF THE BORROWERS AND THE OTHER CREDIT PARTIES HEREBY ACKNOWLEDGES
THAT, AS OF THE AMENDMENT AND RESTATEMENT DATE, IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET,
CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED (A) TO
REDUCE OR ELIMINATE ALL OR ANY PART OF ITS APPLICABLE LIABILITIES UNDER ANY LOAN DOCUMENT, ANY BANK
PRODUCT AGREEMENT OR ANY HEDGING AGREEMENT WITH ANY LENDER, THE ADMINISTRATIVE AGENT OR ANY OF
THEIR RESPECTIVE AFFILIATES AND/OR (B) TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE
FROM THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS (OR ANY OF THEIR RESPECTIVE AFFILIATES). EACH
OF THE BORROWERS AND THE OTHER CREDIT PARTIES HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER
DISCHARGES THE ADMINISTRATIVE AGENT AND LENDERS, THEIR PREDECESSORS, AGENTS, AFFILIATES, EMPLOYEES,
SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES,
COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED,
SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN
WHOLE OR IN PART ON OR BEFORE THE DATE THIS AGREEMENT IS EXECUTED, WHICH SUCH BORROWER OR OTHER
CREDIT PARTY MAY NOW OR HEREAFTER HAVE AGAINST THE ADMINISTRATIVE AGENT, LENDERS, THEIR
PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY
SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING
OUT OF OR

-14-

 

OTHERWISE IN ANY WAY RELATING IN ANY WAY TO THIS AGREEMENT OR ANY LOAN DOCUMENT, HEDGING
AGREEMENT, BANK PRODUCT AGREEMENT, THE OBLIGATIONS, ANY OTHER TRANSACTION CONTEMPLATED BY ANY OF
THE FOREGOING DOCUMENTS, OR ANY ACTION OR OMISSION OF THE ADMINISTRATIVE AGENT OR ANY LENDER UNDER
OR OTHERWISE IN ANY WAY RELATING TO ANY OF THE FOREGOING DOCUMENTS. THE BORROWERS AND OTHER CREDIT
PARTIES EXPRESSLY WAIVE ANY PROVISION OF STATUTORY OR DECISIONAL LAW TO THE EFFECT THAT A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE RELEASING PARTY(IES) DOES NOT KNOW OR SUSPECT TO EXIST
IN SUCH PARTY’S FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY SUCH PARTY, MUST OR
MIGHT HAVE MATERIALLY AFFECTED SUCH PARTY’S SETTLEMENT WITH THE RELEASED PARTIES. NOTHING CONTAINED
IN THIS PARAGRAPH SHALL, OR SHALL BE INTERPRETED TO, IMPAIR ANY RIGHTS OF ANY BORROWER (OR OTHER
CREDIT PARTY) WITH RESPECT TO ANY DEPOSIT OR OTHER BANK ACCOUNTS OF SUCH BORROWER CREDIT PARTY (OR
ANY OF THEIR RESPECTIVE SUBSIDIARIES) WITH ANY LENDER OR THE ADMINISTRATIVE AGENT.

(Rest of page intentionally left blank.)

-15-

 

     IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the date
first written above.

	 	 	 	 	 
	 	BALDWIN TECHNOLOGY COMPANY, INC.

 	 
	 	By:  	     /s/ Karl S. Puehringer
 	 
	 	 	Name:  	Karl S. Puehringer 	 
	 	 	Title:  	President and CEO 	 
	 
	 	BALDWIN GERMANY HOLDING GMBH

 	 
	 	By:  	     /s/ Karl S. Puehringer
 	 
	 	 	Name:  	Karl S. Puehringer 	 
	 	 	Title:  	Managing Director 	 
	 
	 	BALDWIN GERMANY GMBH

 	 
	 	By:  	     /s/ Karl S. Puehringer
 	 
	 	 	Name:  	Karl S. Puehringer 	 
	 	 	Title:  	Managing Director 	 
	 
	 	BALDWIN OXY-DRY GMBH

(formerly known as OXY-DRY MASCHINEN GMBH)

 	 
	 	By:  	     /s/ Karl S. Puehringer
 	 
	 	 	Name:  	Karl S. Puehringer 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page] S-1

 

	 	 	 	 	 	 	 
	 	 	BALDWIN GRAPHIC SYSTEMS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	     
/s/ John P. Jordan
 

John P. Jordan
	 	 
	 

	 	Title:
	 	Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	OXY-DRY FOOD BLENDS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ John P. Jordan	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	John P. Jordan	 	 
	 

	 	Title:
	 	Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	OXY-DRY U.K., INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ John P. Jordan	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	John P. Jordan	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BALDWIN SOUTHEAST ASIA CORPORATION

(formerly known as Oxy-Dry Asia Pacific, Inc.)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ John P. Jordan	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	John P. Jordan	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BALDWIN AMERICAS CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Karl S. Puehringer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	BALDWIN ASIA PACIFIC CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Karl S. Puehringer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	Title:
	 	President	 	 

[Signature Page] S-2

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	MTC TRADING COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Karl S. Puehringer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	OXY-DRY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ John P. Jordan	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	John P. Jordan	 	 
	 

	 	Title:
	 	Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	BALDWIN EUROPE CONSOLIDATED INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Karl S. Puehringer	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	Title:
	 	President	 	 

[Signature Page] S-3

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	BALDWIN ROCKFORD CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ John P. Jordan	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	John P. Jordan	 	 
	 

	 	Title:
	 	President and CEO	 	 
	 
	 	 	 	 	 	 
	 	 	BALDWIN EUROPE CONSOLIDATED B.V.	 	 
	 
	 	 	 	 	 	 
	 	 	By: Baldwin Graphic Equipment BV	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ John  P. Jordan	 	 
	 

	 	 	 	 	 	 
	 

	 	Name(s):
	 	John P. Jordan	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Jacobus Willems	 	 
	 

	 	 	 	 	 	 
	 

	 	Name(s):
	 	Jacobus Willems	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	BALDWIN GRAPHIC EQUIPMENT B.V.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ John P. Jordan	 	 
	 

	 	 	 	 	 	 
	 

	 	Name(s):
	 	John P. Jordan	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Jacobus Willems	 	 
	 

	 	 	 	 	 	 
	 

	 	Name(s):
	 	Jacobus Willems	 	 
	 

	 	Title:
	 	Managing Director	 	 

[Signature Page] S-4

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Robert Salazar	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Assistant Vice President	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Ashish Arora	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Sr. Credit Products Officer	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	WEBSTER BANK, NATIONAL ASSOCIATION, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Elizabeth B. Shelley 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Senior Vice President	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	CITIZENS BANK OF CONNECTICUT, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Gary W. Burdick	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Senior Vice President 	 	 
	 

	 	 	 	 	 	 

[Signature Page] S-5

 

Annex A

	 	1.	 	Section 2.7 of the Guaranty and Collateral Agreement is amended by deleting the
phrase “each of BEC Inc. and BEC BV” and inserting in lieu of same the phrase “each of
BEC Inc., BEC BV and Baldwin Graphic Equipment B.V.”.
	 
	 	2.	 	Part XI of Schedule 8 to the Guaranty and Collateral Agreement is amended and
restated in its entirety to read as follows:

	 	 	 	 	 
	PART XI.
	 	 	 	 
	 
	 	 	 	 
	Baldwin Europe
Consolidated, Inc.

	 	Borrower Obligations
of Parent, such
Borrower Obligations
of Parent are not
being guaranteed by
Baldwin Europe
Consolidated, Inc.
pursuant to the
guarantee set forth
in Section 2 of this
Agreement, but the
payment and
performance of such
Borrower Obligations
of Parent are secured
by all Collateral of
Baldwin Europe
Consolidated, Inc.
except the Excluded
Collateral shown in
the column to the
immediate right
	 	All stock issued by
Baldwin Graphic
Equipment B.V.
	 
	 	 	 	 
	Baldwin Europe
Consolidated, Inc.

	 	Borrower Obligations
of Newco, such
Borrower Obligations
of Newco are not
being guaranteed by
Baldwin Europe
Consolidated, Inc.
pursuant to the
guarantee set forth
in Section 2 of this
Agreement, but the
payment and
performance of such
Borrower Obligations
of Newco are secured
by all Collateral of
Baldwin Europe
Consolidated, Inc.
except the Excluded
Collateral shown in
the column to the
immediate right
	 	All stock issued by
Baldwin Graphic
Equipment B.V.

 

 

	 	 	 	 	 
	Baldwin Europe
Consolidated, Inc.

	 	Borrower Obligations
of Oxy-Dry GmbH, such
Borrower Obligations
of Oxy-Dry GmbH being
guaranteed by Baldwin
Europe Consolidated,
Inc. pursuant to this
Agreement and such
guarantee obligations
of Baldwin Europe
Consolidated, Inc.
being secured by all
Collateral of Baldwin
Europe Consolidated,
Inc. except the
Excluded Collateral
shown in the column
to the immediate
right
	 	All stock issued by
Baldwin Graphic
Equipment B.V. (which
stock is being
pledged to secure
such guarantee
obligations pursuant
to a separate Foreign
Pledge Agreement)
	 
	 	 	 	 
	Baldwin Europe
Consolidated, Inc.

	 	Borrower Obligations
of BGG, such Borrower
Obligations of BGG
being guaranteed by
Baldwin Europe
Consolidated, Inc.
pursuant to this
Agreement and such
guarantee obligations
of Baldwin Europe
Consolidated, Inc.
being secured by all
Collateral of Baldwin
Europe Consolidated,
Inc. except the
Excluded Collateral
shown in the column
to the immediate
right
	 	All stock issued by
Baldwin Graphic
Equipment B.V. (which
stock is being
pledged to secure
such guarantee
obligations pursuant
to a separate Foreign
Pledge Agreement)
	 
	 	 	 	 
	Baldwin Europe
Consolidated, Inc.

	 	Any Hedging
Obligations and other
Bank Product
Obligations of Credit
Parties other than
the Borrowers and
Baldwin Europe
Consolidated, Inc.
(it being agreed that
the Hedging
Obligations and other
Bank Product
Obligations of the
Borrowers are covered
above in this Part
XI) and any other
Obligations of Credit
Parties other than
the Borrowers and
Baldwin Europe
Consolidated, Inc.,
such Hedging
Obligations and other
Bank Product
Obligations and other
	 	All stock issued by
Baldwin Graphic
Equipment B.V.

 

 

	 	 	 	 	 
	 

	 	Obligations are not
being guaranteed by
Baldwin Europe
Consolidated, Inc.
pursuant to the
guarantee set forth
in Section 2 of this
Agreement but the
payment and
performance of such
Hedging Obligations
and other Bank
Product Obligations
and other Obligations
are secured by all
Collateral of Baldwin
Europe Consolidated,
Inc. except the
Excluded Collateral
shown in the column
to the immediate
right	 	 
	 
	 	 	 	 
	Baldwin Europe
Consolidated, Inc.

	 	Any Hedging
Obligations and other
Bank Product
Obligations of
Baldwin Europe
Consolidated, Inc.
and any other
Obligations of
Baldwin Europe
Consolidated, Inc.
not covered above in
this Part XI, such
Hedging Obligations
and other Bank
Product Obligations
and other Obligations
being secured by all
Collateral of Baldwin
Europe Consolidated,
Inc. except the
Excluded Collateral
shown in the column
to the immediate
right
	 	All stock issued by
Baldwin Graphic
Equipment B.V.

	 	3.	 	Part XVI of Schedule 8 to the Guaranty and Collateral Agreement is amended and
restated in its entirety to read as follows:

	 	 	 	 	 
	PART XVI.
	 	 	 	 
	 
	 	 	 	 
	Baldwin Graphic
Equipment B.V.

	 	Borrower Obligations
of Oxy-Dry GmbH, such
Borrower Obligations
of Oxy-Dry GmbH being
guaranteed by Baldwin
Graphic Equipment
B.V. pursuant to this
Agreement and such
guarantee
	 	All stock issued by
Baldwin Europe
Consolidated B.V.
(which stock is being
pledged to secure
such guarantee
obligations pursuant
to a separate Foreign Pledge Agreement)

 

 

	 	 	 	 	 
	 

	 	obligations
of Baldwin Graphic
Equipment B.V. being
secured by all
Collateral of Baldwin
Graphic Equipment
B.V. except the
Excluded Collateral
shown in the column
to the immediate
right
	 	 
	 
	 	 	 	 
	Baldwin Graphic
Equipment B.V.

	 	Borrower Obligations
of BGG, such Borrower
Obligations of BGG
being guaranteed by
Baldwin Graphic
Equipment B.V.
pursuant to this
Agreement and such
guarantee obligations
of Baldwin Graphic
Equipment B.V. being
secured by all
Collateral of Baldwin
Graphic Equipment
B.V. except the
Excluded Collateral
shown in the column
to the immediate
right
	 	All stock issued by
Baldwin Europe
Consolidated B.V.
(which stock is being
pledged to secure
such guarantee
obligations pursuant
to a separate Foreign
Pledge Agreement)exv10w1

Exhibit 10.1

Sterling Chemicals, Inc.

Second Amended and Restated

2002 Stock Plan

Effective as of November 7, 2008

 

 

STERLING CHEMICALS, INC.

SECOND AMENDED AND RESTATED

2002 STOCK PLAN

Preliminary Statements

	 	A.	 	Sterling Chemicals, Inc., a Delaware corporation (the “Company”), has
previously adopted that certain Amended and Restated 2002 Stock Plan (the “Existing
Plan”).
	 
	 	B.	 	Pursuant to Sections 2 and 20 of the Existing Plan, the Compensation Committee
(the “Compensation Committee”) of the Board of Directors of the Company has the
right to amend the Existing Plan from time to time, subject to specified limitations.
	 
	 	C.	 	The Compensation Committee desires to amend the Existing Plan in certain respects
and to restate the Existing Plan, as so amended, in its entirety.
	 
	 	D.	 	This Amended and Restated 2002 Stock Plan is intended as good faith compliance
with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as
amended (the “Code”), and is to be construed in accordance with Section 409A and
any guidance issued thereunder.

          Now, Therefore, the Existing Plan is hereby amended and restated, effective as of
November 7, 2008, to read in its entirety as follows:

          1. Purpose. The Sterling Chemicals, Inc. Second Amended and Restated 2002 Stock Plan (the
“Plan”) is intended to provide incentives which will attract, retain and motivate highly
competent persons as officers and key employees of, and consultants to, the Company and its
subsidiaries and affiliates, by providing them opportunities to acquire shares of the Company’s
common stock, par value $.01 per share (the “Common Stock”) or to receive monetary payments
based on the value of such shares pursuant to the Benefits (as defined in Section 4 below)
described herein. Capitalized terms are defined when first used, as described in the Index of
Defined Terms at the end of this document.

          2. Administration. (a) Committee. The Plan will be administered by a committee (the
“Committee”) appointed by the Board of Directors of the Company from among its members
(which may be the Compensation Committee) and shall be comprised, unless otherwise determined by
the Company’s Board of Directors, of not less than two members. During any period when the Company
is subject to Rule 16b-3(b)(3) (or any successor rule) promulgated under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), each member of the Committee shall be a
“Non-

 

 

Employee Director” within the meaning of such Rule, and during any period when the Company
is subject to Treasury Regulation Section 1.162-27(e)(3) under Section 162(m) of the Code, each
member of the Committee shall be an “outside directors” within the meaning of such Section.

          (b) Authority. The Committee is authorized, subject to the provisions of the Plan, to
establish such rules and regulations as it deems necessary for the proper administration of the
Plan and to make such determinations and interpretations and to take such action in connection with
the Plan and any Benefits granted hereunder as it deems necessary or advisable. All determinations
and interpretations made by the Committee shall be binding and conclusive on all participants and
their legal representatives.

          (c) Indemnification. No member of the Committee and no employee of the Company shall
be liable for any act or failure to act hereunder, except in circumstances involving his or her bad
faith, gross negligence or willful misconduct, or for any act or failure to act hereunder by any
other member or employee or by any agent to whom duties in connection with the administration of
this Plan have been delegated. The Company shall indemnify members of the Committee and any agent
of the Committee who is an employee of the Company, a subsidiary or an affiliate against any and
all liabilities or expenses to which they may be subjected by reason of any act or failure to act
with respect to their duties on behalf of the Plan, except in circumstances involving such person’s
bad faith, gross negligence or willful misconduct.

          (d) Delegation and Advisers. The Committee may delegate to one or more of its
members, or to one or more agents, such administrative duties as it may deem advisable, and the
Committee, or any person to whom it has delegated duties as aforesaid, may employ one or more
persons to render advice with respect to any responsibility the Committee or such person may have
under the Plan. The Committee may employ such legal or other counsel, consultants and agents as it
may deem desirable for the administration of the Plan and may rely upon any opinion or computation
received from any such counsel, consultant or agent. Expenses incurred by the Committee in the
engagement of such counsel, consultant or agent shall be paid by the Company, or the subsidiary or
affiliate whose employees have benefited from the Plan, as determined by the Committee.

          3. Participants. Participants will consist of such officers and key employees of, and such
consultants to, the Company and its subsidiaries and affiliates as the Committee in its sole
discretion determines to be significantly responsible for the success and future growth and
profitability of the Company and whom the Committee may designate from time to time to receive
Benefits under the Plan. Designation of a participant in any year shall not require the Committee
to designate such person to receive a Benefit in any other year or, once designated, to receive the
same type or amount of Benefit as granted to the participant in any other year. The Committee
shall consider such factors as it deems pertinent in selecting participants and in determining the
type and amount of their respective Benefits.

-2-

 

          4. Type of Benefits. Benefits under the Plan may be granted in any one or a combination of
(a) Stock Options, (b) Stock Appreciation Rights, (c) Stock Awards and (d) Stock Units (each as
described below, and collectively, the “Benefits”). Stock Awards and Stock Units may, as
determined by the Committee in its discretion, constitute Performance-Based Awards, as described in
Section 10 hereof. Benefits shall be evidenced by agreements (which need not be identical) in such
forms as the Committee may from time to time approve; provided, however, that in the event of any
conflict between the provisions of the Plan and any such agreements, the provisions of the Plan
shall prevail.

          5. Common Stock Available Under the Plan. (a) Basic Limitations. The aggregate
number of shares of Common Stock that may be subject to Benefits, including Stock Options, granted
under this Plan shall be 1,379,747 shares of Common Stock, which may be authorized and unissued or
treasury shares, subject to any adjustments made in accordance with Section 12 hereof. The maximum
number of shares of Common Stock with respect to which Benefits may be granted or measured to any
individual participant under the Plan during the term of the Plan shall not exceed 1,379,747
(subject to adjustments made in accordance with Section 12 hereof).

          (b) Additional Shares. Any shares of Common Stock subject to a Stock Option or Stock
Appreciation Right which for any reason is cancelled or terminated without having been exercised,
or any shares subject to Stock Awards or Stock Units which are forfeited, or any shares delivered
to the Company as part or full payment for the exercise of a Stock Option, Stock Appreciation Right
or Stock Award or any related tax withholding or other sums due (including by the withholding of
shares of Common Stock for which a Stock Option, Stock Appreciation Right or Stock Award is
exercisable) shall again be available for Benefits under the Plan. The preceding sentence shall
apply only for purposes of determining the aggregate number of shares of Common Stock subject to
Benefits but shall not apply for purposes of determining the maximum number of shares of Common
Stock with respect to which Benefits (including the maximum number of shares of Common Stock
subject to Stock Options and Stock Appreciation Rights) that may be granted to any individual
participant under the Plan.

          (c) Acquisitions. In connection with the acquisition of any business by the Company
or any of its subsidiaries or affiliates, any outstanding grants, awards or sales of options or
other similar rights pertaining to such business may be assumed or replaced by Benefits under the
Plan upon such terms and conditions as the Committee determines. The date of any such grant or
award shall relate back to the date of the initial grant or award being assumed or replaced, and
service with the acquired business shall constitute service with the Company or its subsidiaries or
affiliates for purposes of such grant or award. Any shares of Common Stock underlying any grant or
award or sale pursuant to any such acquisition shall be disregarded for purposes of applying the
limitations under and shall not reduce the number of shares of Common Stock available under Section
5(a) above.

-3-

 

          6. Stock Options. (a) Generally. Stock Options will consist of awards from the
Company that will enable the holder to purchase a number of shares of Common Stock, at set terms.
Stock Options may be “incentive stock options” (“Incentive Stock Options”), within the
meaning of Section 422 of the Code, or Stock Options which do not constitute Incentive Stock
Options (“Nonqualified Stock Options”). The Committee will have the authority to grant to
any participant one or more Incentive Stock Options, Nonqualified Stock Options, or both types of
Stock Options (in each case with or without Stock Appreciation Rights). Each Stock Option shall be
subject to such terms and conditions consistent with the Plan as the Committee may impose from time
to time, subject to the following limitations:

          (b) Exercise Price. Each Stock Option granted hereunder shall have such per-share
exercise price as the Committee may determine at the date of grant; provided, however, that the
per-share exercise price of a Stock Option granted hereunder shall not be less than 100% of the
Fair Market Value (as defined in Section 15) of a share of Common Stock on the date of grant.

          (c) Payment of Exercise Price. The option exercise price may be paid in cash or by
the withholding of shares of Common Stock for which a Stock Option is exercisable. Additionally,
the Committee may prescribe any other method of paying the exercise price that it determines to be
consistent with applicable law and the purpose of the Plan.

          (d) Exercise Period. Stock Options granted under the Plan shall be exercisable at
such time or times and subject to such terms and conditions as shall be determined by the
Committee; provided, however, that no Stock Option shall be exercisable later than ten years after
the date it is granted except in the event of a participant’s death, in which case, the exercise
period of such participant’s Stock Options may be extended beyond such period but no later than one
year after the participant’s death. All Stock Options shall terminate at such earlier times and
upon such conditions or circumstances as the Committee shall in its discretion set forth in such
option agreement at the date of grant.

          (e) Restoration of Stock Options. The Committee may, at the time of grant of an
option, provide for the grant of a subsequent Restoration Stock Option if the exercise price is
paid for by delivering previously owned shares of Common Stock of the Company. Restoration Stock
Options (i) may be granted in respect of no more than the number of shares of Common Stock tendered
in exercising the predecessor Stock Option, (ii) shall have an exercise price equal to the Fair
Market Value on the date the Restoration Stock Option is granted, and (iii) may have an exercise
period that does not extend beyond the remaining term of the predecessor Stock Option. In
determining which methods a participant may utilize to pay the exercise price, the Committee may
consider such factors as it determines are appropriate.

          (f) Limitations on Incentive Stock Options. Incentive Stock Options may be granted
only to participants who are employees of the Company or of a “Parent 

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Corporation” or “Subsidiary Corporation” (as defined in Sections 424(e) and (f) of
the Code, respectively) at the date of grant. The aggregate Fair Market Value (determined as of
the time the Stock Option is granted) of the Common Stock with respect to which Incentive Stock
Options are exercisable for the first time by a participant during any calendar year (under all
option plans of the Company and of any Parent Corporation or Subsidiary Corporation ) shall not
exceed $100,000. For purposes of the preceding sentence, Incentive Stock Options will be taken
into account in the order in which they are granted. No Incentive Stock Option may be exercised
later than ten years after the date it is granted.

          (g) Additional Limitations on Incentive Stock Options for Ten Percent Shareholders.
Incentive Stock Options may not be granted to any participant who, at the time of grant, owns stock
possessing (after the application of the attribution rules of Section 424(d) of the Code) more than
10% of the total combined voting power of all classes of stock of the Company or any Parent
Corporation or Subsidiary Corporation, unless the exercise price of the option is fixed at not less
than 110% of the Fair Market Value of the Common Stock on the date of grant and the exercise of
such option is prohibited by its terms after the expiration of five years from the date of grant of
such option.

          7. Stock Appreciation Rights. (a) Generally. A Stock Appreciation Right means a
right to receive a payment in cash, Common Stock or a combination thereof, an amount equal to the
excess of (i) the Fair Market Value, or other specified valuation, of a specified number of shares
of Common Stock on the date the right is exercised over (ii) the Fair Market Value of such shares
of Common Stock on the date the right is granted, as determined by the Committee. Each Stock
Appreciation Right shall be subject to such terms and conditions as the Committee shall impose from
time to time.

          (b) Exercise Period. Stock Appreciation Rights granted under the Plan shall be
exercisable at such time or times and subject to such terms and conditions as shall be determined
by the Committee; provided, however, that no Stock Appreciation Rights shall be exercisable (i)
earlier than the date of death or disability of the participant, the date of the participant’s
termination of employment or service with the Company and its subsidiaries or affiliates or a fixed
date set forth in such right at the date of grant nor (ii) later than ten years after the date it
is granted. All Stock Appreciation Rights shall terminate at such earlier times and upon such
conditions or circumstances as the Committee shall in its discretion set forth in such right at the
date of grant.

          8. Stock Awards. (a) Generally. The Committee may, in its discretion, grant Stock
Awards (which may include mandatory payment of any bonus in stock) consisting of Common Stock
issued or transferred to participants with or without other payments therefor. A Stock Award shall
be construed as an offer by the Company to the participant to purchase the number of shares of
Common Stock subject to the Stock Award at the purchase price, if any, established therefor;
provided, however, that the purchase price established for the shares of Common Stock subject to a
Stock Award granted hereunder shall not be less than 100% of the Fair Market Value of such shares
of

-5-

 

Common Stock on the date of grant. Any right to acquire the shares under the Stock Award that is
not exercised by the participant within 30 days after the grant is communicated shall automatically
expire.

          (b) Payment of the Purchase Price. If the Stock Award requires payment therefor, the
purchase price of any shares of Common Stock subject to a Stock Award may be paid in any manner
authorized by the Committee, which may include any manner authorized under the Plan for the payment
of the exercise price of a Stock Option. Stock Awards may also be made in consideration of
services rendered to the Company or its subsidiaries or affiliates.

          (c) Additional Terms. Stock Awards may be subject to such terms and conditions as the
Committee determines appropriate, including, without limitation, restrictions on the sale or other
disposition of such shares, the right of the Company to reacquire such shares for no consideration
upon termination of the participant’s employment within specified periods, and may constitute
Performance-Based Awards, as described in Section 10 hereof. The Committee may require the
participant to deliver a duly signed stock power, endorsed in blank, relating to the Common Stock
covered by such an Award. The Committee may also require that the stock certificates evidencing
such shares be held in custody or bear restrictive legends until the restrictions thereon shall
have lapsed.

          (d) Rights as a Shareholder. The Stock Award shall specify whether the participant
shall have, with respect to the shares of Common Stock subject to a Stock Award, all of the rights
of a holder of shares of Common Stock of the Company, including the right to receive dividends and
to vote the shares.

          9. Stock Units. (a) Generally. The Committee may, in its discretion, grant Stock
Units (as defined in subsection (d) below) to participants hereunder. The Committee shall
determine the criteria for the vesting of Stock Units. Stock Units may constitute
Performance-Based Awards, as described in Section 10 hereof. A Stock Unit granted by the Committee
shall provide payment in shares of Common Stock at such time as the award agreement shall specify.
Shares of Common Stock issued pursuant to this Section 9 may be issued with or without other
payments therefor as may be required by applicable law or such other consideration as may be
determined by the Committee. The Committee shall determine whether a participant granted a Stock
Unit shall be entitled to a Dividend Equivalent Right (as defined in subsection (d) below).

          (b) Settlement of Stock Units. Upon vesting of a Stock Unit, shares of Common Stock
representing the Stock Units shall be distributed to the participant unless the Committee provides
for the payment of the Stock Units in cash equal to the value of the shares of Common Stock which
would otherwise be distributed to the participant or partly in cash and partly in shares of Common
Stock.

          (c) Definitions. A “Stock Unit” means a notional account representing one
share of Common Stock. A “Dividend Equivalent Right” means the right to receive the

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amount of any dividend paid on the share of Common Stock underlying a Stock Unit, which shall be
payable in cash or in the form of additional Stock Units.

          10. Performance-Based Awards. (a) Generally. Any Benefits granted under the Plan may
be granted in a manner such that the Benefits qualify for the performance-based compensation
exemption of Section 162(m) of the Code (“Performance-Based Awards”). As determined by the
Committee in its sole discretion, either the granting or vesting of such Performance-Based Awards
shall be based on achievement of hurdle rates and/or growth rates in one or more business criteria
that apply to the individual participant, one or more business units or the Company as a whole.

          (b) Business Criteria. The business criteria shall be as follows, individually or in
combination: (i) net earnings or net income (before or after taxes); (ii) basic or diluted earnings
per share (before or after taxes); (iii) net revenue or revenue growth; (iv) gross profit or gross
profit growth; (v) market share; (vi) operating profit (before or after taxes); (vii) expense
targets; (viii) working capital targets, including those relating to inventory and/or accounts
receivable; (ix) cash flow (including, but not limited to, operating cash flow, free cash flow, and
cash flow return on capital); (x) earnings before or after taxes, interest, depreciation and/or
amortization, whether or not adjusted; (xi) gross or operating margins; (xii) productivity ratios;
(xiii) margins; (xiv) operating efficiency; (xv) objective measures of customer satisfaction;
(xvi) measures of economic value added; (xvii) inventory control; (xviii) enterprise value; (xix)
sales; (xx) debt levels and net debt; (xxi) timely launch of new facilities; (xxii) client
retention; (xxiii) employee retention; (xxiv) timely completion of new product rollouts; (xxv)
objective measures of personal targets, goals or completion of projects; (xxvi) market share;
(xxvii) return measures (including, but not limited to, return on assets, capital, invested
capital, equity, or sales); (xxviii) planning accuracy (as measured by comparing planned results to
actual results); (xxix) share price (including, but not limited to, growth measures and total
stockholder return); (xxx) environmental, health and safety performance; and (xxxi) business
development activities. Any one or more of the business criteria may be used on an absolute or
relative basis to measure the performance of the Company and/or one or more affiliates as a whole
or any business unit(s) of the Company and/or one or more affiliates or any combination thereof, as
the Committee may deem appropriate, or any of the above business criteria may be compared to the
performance of a selected group of comparison companies, or a published or special index that the
Committee, in its sole discretion, deems appropriate, or as compared to various stock market
indices.

          (c) Establishment of Performance Goals. With respect to Performance-Based Awards, the
Committee shall establish in writing (i) the performance goals applicable to a given period, and
such performance goals shall state, in terms of an objective formula or standard, the method for
computing the amount of compensation payable to the participant if such performance goals are
obtained and (ii) the individual employees or class of employees to which such performance goals
apply no later than 90 days after the commencement of such period (but in no event after 25% of
such period has elapsed).

-7-

 

          (d) Certification of Performance. No Performance-Based Awards shall be payable to or
vest with respect to, as the case may be, any participant for a given period until the Committee
certifies in writing that the objective performance goals (and any other material terms) applicable
to such period have been satisfied.

          (e) Modification of Performance-Based Awards. With respect to any Benefits intended
to qualify as Performance-Based Awards, after establishment of a performance goal, the Committee
shall not revise such performance goal or increase the amount of compensation payable thereunder
(as determined in accordance with Section 162(m) of the Code) upon the attainment of such
performance goal. Notwithstanding the preceding sentence, the Committee may reduce or eliminate
the number of shares of Common Stock or cash granted or the number of shares of Common Stock vested
upon the attainment of such performance goal.

          11. Foreign Laws. The Committee may grant Benefits to individual participants who are subject
to the tax laws of nations other than the United States, which Benefits may have terms and
conditions as determined by the Committee as necessary to comply with applicable foreign laws. The
Committee may take any action which it deems advisable to obtain approval of such Benefits by the
appropriate foreign governmental entity; provided, however, that no such Benefits may be granted
pursuant to this Section 11 and no action may be taken which would result in a violation of the
Exchange Act, the Code or any other applicable law.

          12. Adjustment Provisions; Change in Control. (a) Adjustment Generally. If there
shall be any change in the Common Stock of the Company, through merger, consolidation,
reorganization, recapitalization, stock dividend, stock split, reverse stock split, split up,
spin-off, combination of shares, exchange of shares, dividend in kind or other like change in
capital structure or distribution (other than normal cash dividends) to stockholders of the
Company, an adjustment shall be made to each outstanding Stock Option and Stock Appreciation Right
such that each such Stock Option and Stock Appreciation Right shall thereafter be exercisable for
such securities, cash and/or other property as would have been received in respect of the Common
Stock subject to such Stock Option or Stock Appreciation Right had such Stock Option or Stock
Appreciation Right been exercised in full immediately prior to such change or distribution, and
such an adjustment shall be made successively each time any such change shall occur.

          (b) Modification of Benefits. In the event of any change or distribution described in
subsection (a) above, in order to prevent dilution or enlargement of participants’ rights under the
Plan, the Committee will adjust, in an equitable manner, the number and kind of shares that may be
issued under the Plan, the number and kind of shares subject to outstanding Benefits, the exercise
price applicable to outstanding Benefits, and the Fair Market Value of the Common Stock and other
value determinations applicable to outstanding Benefits; provided, however, that any such
arithmetic adjustment to a Performance-Based Award shall not cause the amount of compensation
payable thereunder to be increased from what otherwise would have been

-8-

 

due upon attainment of the unadjusted award. Appropriate adjustments may also be made by the
Committee in the terms of any Benefits under the Plan to reflect such changes or distributions and
to modify any other terms of outstanding Benefits on an equitable basis, including modifications of
performance targets and changes in the length of performance periods; provided, however, that any
such arithmetic adjustment to a Performance-Based Award shall not cause the amount of compensation
payable thereunder to be increased from what otherwise would have been due upon attainment of the
unadjusted award. In addition, other than with respect to Stock Options, Stock Appreciation
Rights, and other awards intended to constitute Performance-Based Awards, the Committee is
authorized to make adjustments to the terms and conditions of, and the criteria included in,
Benefits in recognition of unusual or nonrecurring events affecting the Company or the financial
statements of the Company, or in response to changes in applicable laws, regulations, or accounting
principles. Notwithstanding the foregoing, (i) each such adjustment with respect to an Incentive
Stock Option shall comply with the rules of Section 424(a) of the Code, and (ii) in no event shall
any adjustment be made which would render any Incentive Stock Option granted hereunder other than
an incentive stock option for purposes of Section 422 of the Code.

          (c) Effect of a Change in Control. Notwithstanding any other provision of this Plan,
if there is a Change in Control (as defined in subsection (d) below) of the Company, all then
outstanding Stock Options, Stock Appreciation Rights and Stock Units shall immediately vest and
become exercisable and any restrictions on Stock Awards or Stock Units shall immediately lapse.
Thereafter, all Benefits shall be subject to the terms of any agreement effecting the Change in
Control, which agreement, may provide, without limitation, that each Stock Option and Stock
Appreciation Right outstanding hereunder shall terminate within a specified number of days after
notice to the holder, and that such holder shall receive, with respect to each share of Common
Stock subject to such Stock Option or Stock Appreciation Right, an amount equal to the excess of
the Fair Market Value of such shares of Common Stock immediately prior to the occurrence of such
Change in Control over the exercise price per share underlying such Stock Option or Stock
Appreciation Right with such amount payable in cash, in one or more kinds of property (including
the property, if any, payable in the transaction) or in a combination thereof, as the Committee, in
its discretion, shall determine. A provision like the one contained in the preceding sentence
shall be inapplicable to a Stock Option or Stock Appreciation Right granted within six (6) months
before the occurrence of a Change in Control if the holder of such Stock Option or Stock
Appreciation Right is subject to the reporting requirements of Section 16(a) of the Exchange Act
and no exception from liability under Section 16(b) of the Exchange Act is otherwise available to
such holder.

          (d) Definitions. For purposes of this Section 12, a “Change in Control” of
the Company shall be deemed to have occurred upon any of the following events:

     (i) Any person (as such term us used in Section 13(d) of the Exchange Act, other than
one or more trusts established by the Company for the benefit of employees of the Company
or its subsidiaries) and other than Resurgence Asset Management, L.L.C. or any affiliates
thereof, shall become the beneficial owner

-9-

 

(within the meaning of Rule 13d-3 under the Exchange Act) of 50% or more of the Company’s
outstanding Common Stock or 50% or more of the combined voting power of the Company’s then
outstanding securities entitled to vote generally in the election of directors (the Company
Stock, together with any such securities, the “Voting Securities”); or

     (ii) The Company’s Board of Directors shall approve a sale, lease, exchange or
transfer of all or substantially all of the property and assets of the Company, and such
transaction shall have been consummated; or

     (iii) The Company’s Board of Directors shall approve any merger or consolidation of
the Company which will result in the holders of the Voting Securities of the Company
immediately prior to such merger or consolidation owning less than a majority of the Voting
Securities of the surviving entity immediately following such transaction, and such
transaction shall have been consummated.

Notwithstanding the foregoing, (A) any spin-off of a division or subsidiary of the Company to its
stockholders and any event listed in (i) or (ii) above that the Company’s Board of Directors
determines not to be a Change in Control of the Company, shall not constitute a Change in Control
of the Company, and (B) with respect to any Benefit that is subject to Section 409A of the Code, a
“Change of Control” shall occur only to the extent that the definition of “Change of
Control” set forth above may be interpreted to be consistent with Section 409A of the Code and
the applicable Internal Revenue Service and Treasury Department regulations thereunder.

          13. Nontransferability. Each Benefit granted under the Plan to a participant shall not be
transferable otherwise than by will or the laws of descent and distribution, and shall be
exercisable, during the participant’s lifetime, only by the participant. In the event of the death
of a participant, each Stock Option or Stock Appreciation Right theretofore granted to him or her
shall be exercisable during such period after his or her death as the Committee shall in its
discretion set forth in such option or right at the date of grant and then only by the executor or
administrator of the estate of the deceased participant or the person or persons to whom the
deceased participant’s rights under the Stock Option or Stock Appreciation Right shall pass by will
or the laws of descent and distribution. Notwithstanding the foregoing, at the discretion of the
Committee, an award of a Benefit other than an Incentive Stock Option may permit the
transferability of a Benefit by a participant solely to the participant’s spouse, siblings,
parents, children and grandchildren or trusts for the benefit of such persons or partnerships,
corporations, limited liability companies or other entities owned solely by such persons, including
trusts for such persons, subject to any restriction included in the award of the Benefit.

          14. Other Provisions. The award of any Benefit under the Plan may also be subject to such
other provisions (whether or not applicable to the Benefit awarded to any other participant) as the
Committee determines appropriate, including, without

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limitation, for the installment purchase of Common Stock under Stock Options, for the installment
exercise of Stock Appreciation Rights, to assist the participant in financing the acquisition of
Common Stock, for the forfeiture of, or restrictions on resale or other disposition of, Common
Stock acquired under any form of Benefit, for the acceleration of exercisability or vesting of
Benefits in the event of a change in control of the Company, for the payment of the value of
Benefits to participants in the event of a change in control of the Company, or to comply with
federal and state securities laws, or understandings or conditions as to the participant’s
employment in addition to those specifically provided for under the Plan.

          15. Fair Market Value. For purposes of this Plan and any Benefits awarded hereunder,
“Fair Market Value” shall be the closing price of the Company’s Common Stock on the date of
calculation (or on the last preceding trading date if Common Stock was not traded on such date) if
the Company’s Common Stock is readily tradable on a national securities exchange or other market
system, and if the Company’s Common Stock is not readily tradable, Fair Market Value shall mean the
amount determined in good faith by the Committee as the fair market value of the Common Stock of
the Company. In making any determination of Fair Market Value, the Committee shall endeavor to
comply with Section 409A of the Code and the applicable Internal Revenue Service and Treasury
Department regulations thereunder and in so doing shall be entitled to rely on the advice of the
Company’s counsel and other advisors.

          16. Withholding. All payments or distributions of Benefits made pursuant to the Plan shall be
net of any amounts required to be withheld pursuant to applicable federal, state and local tax
withholding requirements. If the Company proposes or is required to distribute Common Stock
pursuant to the Plan, it may require the recipient to remit to it or to the corporation that
employs such recipient an amount sufficient to satisfy such tax withholding requirements prior to
the delivery of any certificates for such Common Stock. In lieu thereof, the Company or the
employing corporation shall have the right to withhold the amount of such taxes from any other sums
due or to become due from such corporation to the recipient as the Committee shall prescribe. The
Committee may, in its discretion and subject to such rules as it may adopt (including any as may be
required to satisfy applicable tax and/or non-tax regulatory requirements), permit an optionee or
award or right holder to pay all or a portion of the federal, state and local withholding taxes
arising in connection with any Benefit consisting of shares of Common Stock by electing to have the
Company withhold shares of Common Stock having a Fair Market Value equal to the amount of tax to be
withheld, such tax calculated at rates required by statute or regulation.

          17. Tenure. A participant’s right, if any, to continue to serve the Company or any of its
subsidiaries or affiliates as an officer, employee, or otherwise, shall not be enlarged or
otherwise affected by his or her designation as a participant under the Plan.

          18. Unfunded Plan. Participants shall have no right, title, or interest whatsoever in or to
any investments which the Company may make to aid it in meeting its obligations under the Plan.
Nothing contained in the Plan, and no action taken

-11-

 

pursuant to its provisions, shall create or be construed to create a trust of any kind, or a
fiduciary relationship between the Company and any participant, beneficiary, legal representative
or any other person. To the extent that any person acquires a right to receive payments from the
Company under the Plan, such right shall be no greater than the right of an unsecured general
creditor of the Company. All payments to be made hereunder shall be paid from the general funds of
the Company and no special or separate fund shall be established and no segregation of assets shall
be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is
not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.

          19. No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered
pursuant to the Plan or any Benefit. The Committee shall determine whether cash, or Benefits, or
other property shall be issued or paid in lieu of fractional shares or whether such fractional
shares or any rights thereto shall be forfeited or otherwise eliminated.

          20. Duration, Amendment and Termination. No Benefit shall be granted after December 31, 2018.
The Committee may amend the Plan from time to time or suspend or terminate the Plan at any time;
provided, however, that no amendment of the Plan may be made without approval of the stockholders
of the Company if the amendment will: (i) disqualify any Incentive Stock Options granted under the
Plan; (ii) increase the aggregate number of shares of Common Stock that may be delivered through
Stock Options under the Plan if approval by the stockholders of the Company is necessary to comply
with any tax or regulatory requirement applicable to the Plan (including, without limitation, as
necessary to comply with any rules or requirements of any securities exchange or inter-dealer
quotation system on which the Common Stock may be listed or quoted or to prevent the Company from
being denied a tax deduction under Section 162(m) of the Code); (iii) increase either of the
maximum amounts which can be paid to an individual participant under the Plan as set forth in
Section 5 hereof; (iv) change the types of business criteria on which Performance-Based Awards are
to be based under the Plan; or (v) modify the requirements as to eligibility for participation in
the Plan.

          21. Governing Law. This Plan, Benefits granted hereunder and actions taken in connection
herewith shall be governed and construed in accordance with the laws of the State of Delaware
(regardless of the law that might otherwise govern under applicable Delaware principles of conflict
of laws).

          22. Section 409A of the Code. It is intended that any grant of a Benefit to which Section
409A of the Code is applicable shall satisfy all of the requirements of such Section 409A and the
applicable regulations issued thereunder to the extent necessary.

          23. Effective Date. Subject to approval of the Plan by the Company’s stockholders, the Plan
shall be effective as of November 7, 2008, the date on which the Plan was adopted by the Committee.
In the event that the Plan is not approved by the

-12-

 

Company’s stockholders on or before November 7, 2009, the Existing Plan shall continue in full
force and effect.

-13-

 

Index of Defined Terms

	 	 	 
	Term	 	Section Where Defined or First Used
	Benefits
	 	4
	Change in Control
	 	12(d)
	Code
	 	2(a)
	Committee
	 	2(a)
	Common Stock
	 	1
	Company
	 	1
	Dividend Equivalent Right
	 	10(d)
	Effective Date
	 	22
	Exchange Act
	 	2(a)
	Fair Market Value
	 	15
	Incentive Stock Option
	 	6(a)
	Non-Employee Director
	 	2(a)
	Nonqualified Stock Option
	 	6(a)
	Parent Corporation
	 	6(f)
	Performance-Based Awards
	 	10(a)
	Plan
	 	1
	Restoration Stock Options
	 	6(e)
	Stock Appreciation Rights
	 	7
	Stock Award
	 	8
	Stock Options
	 	6
	Stock Unit
	 	9(c)
	Subsidiary Corporation
	 	6(f)
	Voting Securities
	 	12(d)

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