Document:

Agreement relating to Retention and Noncompetition

 Exhibit 10.51 
 EXECUTION COPY 
 SECOND AMENDMENT TO AGREEMENT RELATING TO RETENTION AND

 NONCOMPETITION AND OTHER COVENANTS 
 Second Amendment (the “Second Amendment”), dated as of October 24, 2012 (the “Effective Date”), to Agreement Relating to Retention and Noncompetition and Other
Covenants by and among Lazard Ltd, a company incorporated under the Laws of Bermuda (“PubliCo”), Lazard Group LLC, a Delaware limited liability company and successor to Lazard LLC (“Lazard”), on its behalf and on
behalf of their subsidiaries and affiliates (collectively with PubliCo, Lazard and its and their predecessors and successors, the “Firm”), and Kenneth M. Jacobs (the “Executive”), dated as of March 18, 2005,
and amended on March 23, 2010 (as amended, this “Agreement”); and 
 WHEREAS, the Firm and the Executive
wish to amend this Agreement to modify Schedule I to such Agreement to extend the term of certain provisions of Schedule I of this Agreement beyond March 23, 2013, eliminate the golden parachute excise tax gross-up provision and revise certain
other terms. 
 NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Executive, PubliCo and Lazard hereby agree as follows: 

Effective as of the Effective Date, Schedule I of this Agreement shall hereby be amended and restated in its entirety in the form
attached hereto. 
 IN WITNESS WHEREOF, the Executive and the Board of Directors of each of Lazard and PubliCo have caused this
Second Amendment to be executed and delivered on the date first above written. 
  

							
	October 24, 2012	 		 	
				
		 		 		 	/s/ Kenneth M. Jacobs
		 		 		 	Kenneth M. Jacobs

  

							
	October 24, 2012	 		 	LAZARD LTD,
				
		 		 	by	 	/s/ Scott D. Hoffman
		 		 		 	Scott D. Hoffman
		 		 		 	Managing Director and General Counsel

  

							
	October 24, 2012	 		 	LAZARD GROUP LLC (on its behalf, and on behalf of its subsidiaries and affiliates),
				
		 		 	by	 	/s/ Scott D. Hoffman
		 		 		 	Scott D. Hoffman
		 		 		 	Managing Director and General Counsel

 SCHEDULE I 

 

			
	 Name (as per Preamble):
	  	Mr. Kenneth M. Jacobs

 Effective upon the effective date of the Second Amendment to this Agreement (the “Second
Amendment Effective Date”), this Schedule I shall take effect and its provisions shall constitute binding and enforceable agreements of the Firm. 
 1. Schedule Term. For purposes of this Schedule I, the “Schedule Term” shall mean the period from the Second Amendment Effective Date through March 31, 2016, subject to
earlier termination in accordance with this Agreement. Notwithstanding the foregoing, upon a Change in Control (as defined below), the Schedule Term shall automatically be renewed so that the Schedule Term is not less than two years from the
effective date of such Change in Control. 
 2. Compensation. Notwithstanding anything to the contrary contained in
Sections 3(c)(i) and (ii) of this Agreement, subject to the Executive’s continued employment with the Firm, during the Schedule Term, the Executive shall be entitled to receive (i) an annual base salary of not less than $900,000
(“Base Salary”) and (ii) so long as the Executive remains employed by the Firm through the end of the applicable fiscal year of Lazard (except as otherwise provided below in this Schedule I), an annual bonus to be determined
under the terms of the applicable annual bonus plan of Lazard on the same basis as annual bonuses are determined for other executive officers of PubliCo. Any such annual bonus awarded to the Executive shall be paid as follows: (A) subject to
significant changes in applicable legal requirements or prevailing market compensation practices following the Second Amendment Effective Date, the first $2.1 million of any annual bonus award (or, in the event the Base Salary is increased, the
amount equal to $3 million less the amount of the Base Salary paid to the Executive for the applicable fiscal year of Lazard for which the annual bonus was awarded) shall be paid in cash at the time cash bonuses are normally paid by Lazard for such
fiscal year (and in all events no earlier than January 1st, and no later than March 15th, of the year following the applicable fiscal year for which the bonus is awarded), and (B) any remaining portion of any such annual bonus that is
not paid in cash shall be paid in the form and on the terms and conditions as determined by the Compensation Committee of the Board of Directors of PubliCo (the “Compensation Committee”) in consultation with the Executive. For purposes
hereof, the term Base Salary shall refer to Base Salary as in effect from time to time, including any increases thereto. Notwithstanding anything to the contrary contained in Section 3(c)(iv) of this Agreement, subject to the Executive’s
continued employment, the Executive shall continue to be eligible to participate in the employee retirement and welfare benefit plans and programs of the type made available to the senior most executives of the Firm generally, in accordance with
their terms and as such plans and programs may be in effect from time to time, including, without limitation, savings, profit-sharing and other retirement plans or programs, 401(k), medical, dental, flexible spending account, hospitalization,
short-term and long-term disability and life insurance plans. In addition, during the Schedule Term, subject to the Executive’s continued employment, the Executive, shall continue to be entitled to receive fringe benefits and perquisites on the
same basis as applied to the Executive immediately prior to the Second Amendment Effective Date subject to the terms of the policies adopted by the Compensation Committee as in effect from time to time. 

  
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 3. Severance Pay and Benefits under Certain Circumstances. Notwithstanding anything
to the contrary contained in Section 3(d) of this Agreement, in the event that during the Schedule Term the Executive’s employment with the Firm is terminated by the Firm without Cause or by the Executive for Good Reason (in each case, as
defined below) (a “Qualifying Termination”), Lazard shall pay the Executive (subject to the Executive delivering a waiver and release in accordance with this paragraph 3 of this Schedule I in the event such Qualifying Termination
occurs prior to a Change in Control), in a lump sum in cash on the 61st day after the Date of Termination (as defined below), the aggregate of the following amounts: (i) any unpaid Base Salary through the Date of Termination; (ii) any
earned and unpaid bonus amounts for fiscal years of Lazard completed prior to the Date of Termination (determined in accordance with paragraph 2 of this Schedule I and with any such bonus to be paid in full in cash); and (iii) the product of
(1) the “Severance Multiple” (as defined below) and (2) the sum of (x) the Base Salary and (y) the average annual bonus (or, to the extent applicable, cash distributions, and including any bonuses paid in the
form of equity-based or fund interest awards based on the grant date value of such awards in accordance with the normal valuation methodology used by Lazard) paid or payable (including any such amounts that may be deferred under any plan or
arrangement of the Firm) to the Executive for the two completed fiscal years of Lazard immediately preceding the fiscal year during which occurs the Date of Termination (the “Average Bonus”). In addition, upon a Qualifying
Termination, for a period of months equal to the product of (A) 12 and (B) the Severance Multiple (the “Benefit Continuation Period”), the Executive and his eligible dependents shall continue to be eligible to participate
in the medical and dental benefit plans of Lazard on the same basis as the Executive participated in such plans immediately prior to the Date of Termination. Following the Benefit Continuation Period in the case of a Qualifying Termination, or the
Date of Termination in the case of any other termination during the Term other than a termination for Cause, for the remainder of the Executive’s life and that of his current spouse, the Executive, his spouse and his eligible dependents shall
continue to be eligible to participate in the medical and dental benefit plans of Lazard on the same basis as the Executive participated in such plans immediately prior to the Date of Termination to the extent that the applicable plan permits such
continued participation for all or any portion of such period (it being agreed that Lazard will use its reasonable best efforts to cause such continued coverage to be permitted under the applicable plan for the entire period); provided,
however, that the Executive (or the Executive’s current spouse or estate, as applicable) shall be solely responsible for the full cost of all premiums related to the coverage provided in this sentence. 

In addition, in the case of (a) a Qualifying Termination during the Schedule Term or (b) the Executive’s death or
termination due to Disability during the Schedule Term, with respect to the fiscal year of Lazard during which the Date of Termination occurs, the Executive or his estate, as applicable, shall receive a pro-rata annual bonus payable in cash
determined as follows: 
 (i) if, with respect to the fiscal year during which the Date of Termination occurs
(other than (x) as a result of the Executive’s death or Disability or (y) following a Change in Control), (A) the Executive was reasonably expected by Lazard to be a “covered employee” (within the meaning of
Section 162(m) of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder (the “Code”)) prior to his Date of Termination, and (B) the annual bonus that the Executive was eligible to receive
for such year was originally intended by Lazard to satisfy the performance-based exception under Section 162(m) of the Code (without regard to any entitlement to payment upon termination of employment), the Executive’s pro-rata annual
bonus shall 

  
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equal the product of (1) the amount determined by the Compensation Committee based on the Firm’s actual performance for the fiscal year of the Firm in which the Date of Termination
occurs on the same basis as annual bonuses are determined for other executive officers of the Firm (which, subject to the limits on any such bonus due to the level of satisfaction of the performance goals previously established for purposes of
Section 162(m) of the Code, shall not represent (on an annualized basis) a percentage of the Executive’s bonus for the fiscal year preceding the fiscal year in which the Date of Termination occurs that is lower than the average
corresponding percentage applicable to active executives of Lazard who received bonuses for such prior fiscal year in amounts within 5% of the Executive’s bonus for such prior fiscal year), and (2) a fraction, the numerator of which is the
number of days elapsed in the fiscal year of Lazard in which occurs the Date of Termination through the Date of Termination, and the denominator of which is 365 (the “Pro-Ration Fraction”); or 

(ii) if, either (A) with respect to the fiscal year during which the Date of Termination occurs, (1) the
Executive is not reasonably expected by Lazard to be a “covered employee” (within the meaning of Section 162(m) of the Code) prior to his Date of Termination or (2) such termination is a result of the Executive’s death or
Disability or occurs following a Change in Control or (B) the annual bonus that the Executive was eligible to receive for the year in which the Date of Termination occurs was not originally intended by Lazard to satisfy the performance-based
exception under Section 162(m) of the Code, the pro-rata annual bonus shall equal the product of (x) the Average Bonus and (y) the Pro-Ration Fraction. 
 The pro-rata annual bonus determined pursuant to clause (i) or (ii) above, as applicable, shall be paid at such time or times as Lazard otherwise makes incentive payments for such fiscal year
(and in all events no earlier than January 1st, and no later than March 15th, of the year following the year in which the Date of Termination occurs). 
 Notwithstanding the foregoing, the payments and benefits (other than any earned and unpaid compensation described in clauses (i) and (ii) of the first paragraph of this paragraph 3 of this
Schedule I) payable to the Executive pursuant to this paragraph 3 of this Schedule I upon a Qualifying Termination prior to a Change in Control shall be subject to and conditioned upon the Executive having delivered to the Firm, no later than the
60th day after the Date of Termination, a waiver and general release of claims in favor of the Firm and its affiliates in the form attached hereto as Exhibit A that has become effective and irrevocable in accordance with its terms (such
requirement to execute a release, the “Release Requirement”). Notwithstanding the foregoing, the Release Requirement shall lapse upon a Change in Control. 
 For all purposes of this Agreement, including without limitation, Sections 2(g)(ii) and 5(a), and for all purposes of the outstanding equity-based awards, fund interest awards and any similar awards held
by the Executive as of the Date of Termination (as defined in this Schedule I) (collectively, the “Awards”), a resignation by the Executive for Good Reason during the Term shall be treated as a termination of the Executive by the
Firm without Cause or as a Termination of Employment by the Firm other than for Cause (as such phrase or similar phrases are defined in the Plan (as defined in paragraph 4 of this Schedule I) or the award agreements governing the Awards), as
applicable. 

  
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 In no event shall the Executive be obligated to seek other employment or take any other
action by way of mitigation of the amounts payable to the Executive under any of the provisions of this paragraph 3 of this Schedule I and such amounts shall not be reduced whether or not the Executive obtains other employment. Except as provided in
Section 16(f) of this Agreement, the Firm’s obligation to make the payments and provide the benefits provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim,
recoupment, defense or other claim, right or action which the Firm may have against the Executive. 
 4. Certain
Definitions. For purposes of this Agreement and this Schedule I, as applicable, the following terms shall have the following meanings: 
 “Change in Control” shall have the meaning assigned to it in the Lazard 2008 Incentive Compensation Plan, as it may be amended from time to time, or any successor plan thereto (the
“Plan”). 
 Notwithstanding the definition of “Date of Termination” set forth in Section 5 of
this Agreement, for all purposes of this Agreement, including Section 5, and this Schedule I, “Date of Termination” shall mean (i) if the Executive’s employment is terminated by the Firm for Cause, the date of receipt
of the written notice of termination from the Firm or any later date specified therein within thirty (30) days after the Executive’s receipt of such notice, as the case may be, (ii) if the Executive’s employment is terminated by
the Firm other than for Cause or Disability, the date on which the Firm notifies the Executive in writing of such termination, (iii) if the Executive’s employment is voluntarily terminated by the Executive without Good Reason, the date as
specified by the Executive in the notice of termination, which date shall not be less than three months after the Executive notifies the Firm in writing of such termination, unless waived in writing by the Firm, (iv) if the Executive’s
employment is terminated by the Executive for Good Reason, the earlier of (A) the last day of the cure period (assuming no cure has occurred) and (B) the date Lazard formally notifies the Executive in writing that it does not intend to
cure, unless Lazard and the Executive agree to a later date, which shall in no event be later than thirty (30) days following the first to occur of the dates set forth in clauses (A) and (B) of this clause (iv), and (v) if the
Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the date on which the Executive’s employment due to Disability is effective for purposes of the
applicable long-term disability plan of the Firm, as the case may be. The Firm and the Executive shall take all steps necessary (including with regard to any post-termination services by the Executive) to ensure that any termination of the
Executive’s employment described in this Agreement, including this Schedule I, constitutes a “separation from service” within the meaning of Section 409A of the Code, and notwithstanding anything contained herein (or in this
Agreement) to the contrary, (x) to the extent that any amounts owed to the Executive under this Agreement (including this Schedule I) are payable upon his termination of employment and are subject to Section 409A of the Code, then to the
extent required in order to comply with Section 409A of the Code, such amounts shall not be payable to the Executive unless and until his termination of employment constitutes a “separation from service,” within the meaning of
Section 409A of the Code, including, without limitation, the default presumptions thereof and (y) the date on which such separation from service takes place shall be the “Date of Termination.” 

  
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 Notwithstanding the definition of “Cause” set forth in Section 2(g)(iv) of
this Agreement, for all purposes of this Agreement, including Section 2(g)(iv) and this Schedule I, “Cause” shall mean: (A) conviction of the Executive of, or a guilty or nolo contendere plea (or the equivalent in a
non-United States jurisdiction) by the Executive to, a felony (or the equivalent in a non-United States jurisdiction), or of any other crime that legally prohibits the Executive from working for the Firm; (B) breach by the Executive of a
regulatory rule that materially adversely affects the Executive’s ability to perform his duties to the Firm; (C) willful and deliberate failure on the part of the Executive (other than any such failure resulting from incapacity due to
physical or mental illness or following the Firm’s termination of the Executive other than for Cause or the Executive’s termination for Good Reason in accordance with this Schedule I) (i) to perform his employment duties in any
material respect or (ii) to follow specific reasonable directions received from the Board of Directors of PubliCo, in each case following written notice to the Executive of such failure and, if such failure is curable, the Executive’s
failing to cure such failure within a reasonable time (but in no event less than thirty (30) days after actual receipt by Executive of such written notice); or (D) a breach of the Covenants that is (individually or combined with other such
breaches) demonstrably and materially injurious to Lazard or any of its affiliates. No act or failure to act, on the part of the Executive, shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad
faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Firm. Notwithstanding the foregoing, with respect to the events described in clauses (B), (C)(i) and (D) hereof, the
Executive’s acts or failure to act shall not constitute Cause to the extent taken (or not taken) based upon the direct instructions of the Board of Directors of PubliCo or upon the direct advice of counsel to the Firm. Except in the case of a
termination of the Executive’s employment under clause (A) of the definition of Cause, the cessation of employment of the Executive following a Change in Control shall not be deemed to be for Cause unless and until there shall have been
delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds of the entire membership of the board of directors or similar governing body of the entity that is the ultimate parent of the Firm
(such board, referred to as the “Applicable Board”) finding that, in the good faith opinion of the Applicable Board, circumstances constituting Cause exist. 
 “Good Reason” shall mean (i) the assignment to the Executive of any duties inconsistent in any material respect with the Executive’s positions (including status, offices, titles
and reporting requirements), authority, duties or responsibilities from those contemplated by Section 3(b) of this Agreement, or any other action by the Firm which results in a material diminution in such positions (including status, offices,
titles and reporting requirements), authority, duties or responsibilities from those contemplated by Section 3(b) of this Agreement, (ii) a material breach by the Firm of the terms of this Agreement, including, without limitation, any
material failure by the Firm to comply with paragraph 2 of this Schedule I or the nondisparagement covenant in Section 8 of this Agreement, (iii) without the Executive’s written consent, any requirement that the Executive’s
principal place of employment be relocated to a location that increases the Executive’s commute from his primary residence by more than thirty (30) miles or (iv) failure of the Firm to continue, following the expiration of the
Schedule Term, the Executive’s employment as Chief Executive Officer of PubliCo and Lazard and Chairman of the Board of Directors of PubliCo pursuant to an agreement (which, for the avoidance of doubt, may be in a form similar to this Schedule
I) having terms and conditions that are reasonable and customary at the time of such expiration, except that, in the event the Executive rejects an offer of continued employment consistent with the foregoing, Good Reason shall not exist pursuant to
this clause 

  
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(iv). In the event of a termination for Good Reason (other than pursuant to clause (iv) of the definition of Good Reason), the notice requirements of Section 1 of this Agreement shall
not apply. For the avoidance of doubt, in the event of a termination for Good Reason pursuant to clause (iv) of the definition of Good Reason, the notice requirements of Section 1 of this Agreement shall apply. Notwithstanding the
foregoing, a termination for Good Reason shall not have occurred unless (i) the Executive gives written notice to Lazard of termination of employment within ninety (90) days after the Executive first becomes aware of the occurrence of the
circumstances constituting Good Reason, specifying in reasonable detail the circumstances constituting Good Reason, and Lazard has failed within thirty (30) days after receipt of such notice to cure (if capable of cure) the circumstances
constituting Good Reason, and (ii) the Executive’s “separation from service” (within the meaning of Section 409A of the Code) occurs no later than two years following the initial existence of one or more of the circumstances
giving rise to Good Reason. 
 “Severance Multiple” shall equal two (2). 

5. Certain Limitations on Payments. In the event that it is determined by the reasonable computation by a nationally recognized
certified public accounting firm that shall be selected by the Firm prior to any transaction constituting a change of control (which accounting firm shall in no event be the accounting firm for the entity seeking to effectuate such change of
control) and reasonably acceptable to the Executive (the “Accountant”), which determination shall be certified by the Accountant and set forth in a certificate delivered to the Executive setting forth in reasonable detail the basis
of the Accountant’s determinations, that the aggregate amount of the payments, distributions, benefits and entitlements in the nature of compensation (within the meaning of Section 280G(B)(2) of the Code) by the Firm or any affiliate to or
for the Executive’s benefit (including any payment, distribution, benefit or entitlement made by any person or entity effecting a change of control), in each case, that constitute “parachute payments” within the meaning of
Section 280G of the Code (such payments, the “Parachute Payments”) that, but for this paragraph 5 of this Schedule I, would be payable to the Executive, exceeds the greatest amount of Parachute Payments that could be paid to
the Executive without giving rise to any liability for any excise tax imposed by Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law (such tax or taxes being hereafter collectively
referred to as the “Excise Tax”), then the aggregate amount of Parachute Payments payable to the Executive shall equal the amount that produces the greatest after-tax benefit to the Executive after taking into account first any
positions to mitigate such Excise Tax (including, without limitation, mitigation under a “reasonable compensation” analysis) and second any Excise Tax payable by the Executive. For the avoidance of doubt, this provision shall reduce the
amount of Parachute Payments otherwise payable to the Executive, only if doing so would place the Executive in a better net after-tax economic position as compared with not doing so (taking into account the Excise Tax payable in respect of such
Parachute Payments). The Firm shall reduce or eliminate the Parachute Payments, as necessary, by first reducing or eliminating the portion of the Parachute Payments provided under this Agreement (the “Agreement Payments”) that are
payable in cash and then by reducing or eliminating the non-cash portion of the Agreement Payments, in each case, in reverse order beginning with payments or benefits that are to be paid the furthest in time from the Date of Termination. For
purposes of reducing the Parachute Payments to the Executive, only the Agreement Payments (and no other Parachute Payments) shall be reduced. 

  
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 In connection with making determinations under this paragraph 5 of this Schedule I and
determining the Excise Tax (if any), the Accountant shall take into account the value of any reasonable compensation for services to be rendered by the Executive before or after the change of control, including, without limitation, the restrictive
covenants applicable to the Executive under this Agreement and any other non-competition provisions that may apply to the Executive, and the Firm shall cooperate in the valuation of any such services, including any restrictive covenants. The Firm
and the Executive agree that the severance payments payable to the Executive in connection with a Change in Control pursuant to paragraph 3 of this Schedule I are in consideration for, among other things, the restrictions and obligations set forth
in Sections 4, 5, 6, 7, 8 and 9 of this Agreement, and that, for purposes of any such restrictions, the notice period (if any) prior to the Date of Termination is intended to and functions as an extension of the period of restriction on the
Executive. All fees and expenses of the Accountant in implementing the provisions of this paragraph 5 of this Schedule I shall be borne by the Firm, and the Firm shall reimburse the Executive for all reasonable legal fees incurred with respect to
the calculations under this paragraph 5 of this Schedule I and any reasonable legal and accounting fees incurred with respect to disputes related thereto. 
 6. Section 409A. It is the intention of the parties that the payments and benefits to which the Executive could become entitled pursuant to this Agreement (including this Schedule I), as well
as the termination of the Executive’s employment under this Agreement, comply with or are exempt from Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception, the “separation pay”
exception or another exception under Section 409A of the Code shall be paid pursuant to the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of
compensation under this Agreement shall be treated as a separate payment of compensation for purposes of Section 409A of the Code. In this regard, notwithstanding anything in this Agreement to the contrary, all cash amounts (and cash
equivalents) that become payable under paragraph 3 of this Schedule I on account of the Executive’s termination of employment which is an “involuntary separation from service” (within the meaning of Treasury Regulation
Section 1.409A-1(n)) shall be paid as provided under paragraph 3 of this Schedule I and in no event later than March 15 of the year following the year in which the Date of Termination occurs. In the event the parties determine that the
terms of this Agreement, including this Schedule I, do not comply with Section 409A of the Code, they will negotiate reasonably and in good faith to amend the terms of this Agreement and/or Schedule I such that they comply with, or are exempt
from, Section 409A of the Code (in a manner that attempts to minimize the economic impact of such amendment on the Executive and the Firm) within the time period permitted by the applicable Treasury Regulations and in accordance with IRS Notice
2010-6 and other applicable guidance. All expenses or other reimbursements owed to the Executive under this Agreement (including this Schedule I) shall be for expenses incurred during the Executive’s lifetime or within ten years after his
death, shall be payable in accordance with the Firm’s policies in effect from time to time, but in any event, to the extent required in order to comply with Section 409A of the Code, and shall be made on or prior to the last day of the
taxable year following the taxable year in which such expenses were incurred by the Executive. In addition, to the extent required in order to comply with Section 409A of the Code, no such reimbursement or expenses eligible for reimbursement in
any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year and the Executive’s right to reimbursement or in-kind benefits shall not be subject to liquidation or exchanged for another benefit.
Notwithstanding any other provision of this Schedule I or this Agreement, if (i) the Executive is to receive 

  
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payments or benefits by reason of his separation from service (as such term is defined in Section 409A of the Code) other than as a result of his death, (ii) the Executive is a
“specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Firm as in effect on the date of the Executive’s separation from service) for the period in
which the payment or benefit would otherwise commence, and (iii) such payment or benefit would otherwise subject the Executive to any tax, interest or penalty imposed under Section 409A of the Code (or any regulation promulgated
thereunder) if the payment or benefit would commence within six months of a termination of the Executive’s employment, then such payment or benefit will instead be paid, with interest at the applicable federal rate provided for in
Section 7872(f)(2)(A) of the Code (“Interest”) determined as of the Date of Termination, as provided below in this paragraph 6 of this Schedule I. Such payments or benefits that would have otherwise been required to be made
during such six-month period will be paid to the Executive (or his estate, as the case may be) in one lump sum payment or otherwise provided to the Executive (or his estate, as the case may be) on the earlier of (A) the first business day that
is six months and one day after the Executive’s separation from service or (B) the fifth business day following the Executive’s death. Thereafter, the payments and benefits will continue, if applicable, for the relevant period set
forth in this Agreement or this Schedule I, as the case may be. 
 7. Miscellaneous. 

Section 3(b). Section 3(b) of this Agreement is hereby amended to replace the first sentence thereof with the following:
During the Schedule Term (as defined in Schedule I attached hereto), the Executive shall continue to (i) serve as the Chief Executive Officer of PubliCo and Lazard, with such authority, duties and responsibilities as are consistent with
the authority, duties and responsibilities exercised by the Executive in his capacity as Chief Executive Officer on the Second Amendment Effective Date (as defined in Schedule I attached hereto), including, without limitation, the authority,
duties and responsibilities that he exercises as the chief executive officer of a public company, (ii) serve as a member and as the Chairman of the Board of Directors of PubliCo, with such authority, duties and responsibilities as are
consistent with the authority, duties and responsibilities exercised by the Executive as Chairman of the Board of Directors of PubliCo on the Second Amendment Effective Date, (iii) report directly to the Board of Directors of PubliCo and
(iv) other than in respect of charitable, educational and similar activities that do not materially affect the Executive’s duties to the Firm (or in respect of directorships, trusteeships, or similar posts, in each case, that are approved
by the Board of Directors of PubliCo) shall devote his entire working time, labor, skill and energies to the business and affairs of the Firm. 
 Section 3(c)(ii). Section 3(c)(ii) of this Agreement is hereby amended to replace the reference to the “CEO” with a reference to the “Compensation Committee of the Board of
Directors of PubliCo” and to delete the parenthetical that follows. 
 Section 5(a). Noncompetition.
Section 5(a) of this Agreement is hereby amended and restated in its entirety to read as follows: The Executive acknowledges and recognizes the highly competitive nature of the businesses of the Firm. The Executive further acknowledges and
agrees that in the course of the Executive’s employment with the Firm, the Executive has been and shall be provided with access to sensitive and proprietary information about the clients, prospective clients, knowledge capital and business
practices of the Firm, and has been and shall 

  
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be provided with the opportunity to develop relationships with clients, prospective clients, consultants, employees, representatives and other agents of the Firm, and the Executive further
acknowledges that such proprietary information and relationships are extremely valuable assets in which the Firm has invested and shall continue to invest substantial time, effort and expense. Accordingly, the Executive hereby reaffirms and agrees
that while employed by the Firm (including during any applicable notice period) and thereafter until (i) three months after the Date of Termination for any reason other than a termination by the Firm without Cause or by the Executive for Good
Reason or (ii) one month after the Date of Termination by the Firm without Cause or by the Executive for Good Reason (such period, the “Noncompete Restriction Period”), the Executive shall not, directly or indirectly, on the
Executive’s behalf or on behalf of any other person, firm, corporation, association or other entity, as an employee, director, advisor, partner, consultant or otherwise, engage in a “Competing Activity,” or acquire or maintain any
ownership interest in, a “Competitive Enterprise”; provided, however, that, notwithstanding the foregoing, in the event of a termination by the Executive for Good Reason pursuant to clause (iv) of the definition of Good
Reason, the provisions of clause (i) of this sentence shall apply rather than the provisions of clause (ii) of this sentence. For purposes of this Agreement, (i) “Competing Activity” means the providing of services or
performance of activities for a Competitive Enterprise in a line of business that is similar to any line of business to which the Executive provided services to the Firm in a capacity that is similar to the capacity in which the Executive acted for
the Firm while employed by the Firm, and (ii) “Competitive Enterprise” shall mean a business (or business unit) that (A) engages in any activity or (B) owns or controls a significant interest in any entity that
engages in any activity, that in either case, competes anywhere with any activity in which the Firm is engaged up to and including the Executive’s Date of Termination. Further, notwithstanding anything in this Section 5, the Executive
shall not be considered to be in violation of this Section 5 solely by reason of owning, directly or indirectly, any stock or other securities of a Competitive Enterprise (or comparable interest, including a voting or profit participation
interest, in any such Competitive Enterprise) if the Executive’s interest does not exceed 5% of the outstanding capital stock of such Competitive Enterprise (or comparable interest, including a voting or profit participation interest, in such
Competitive Enterprise). 
 Section 6. Nonsolicitation of Clients. Section 6 of this Agreement is hereby
amended to replace the definition of “Client” with the following definition: “Client” means any client or prospective client of the Firm, whether or not the Firm has been engaged by such Client pursuant to a written
agreement; provided that an entity which is not a client of the Firm shall be considered a “prospective client” for purposes of this sentence only if the Firm made a presentation or written proposal to such entity during the
12-month period preceding the Date of Termination or was preparing to make such a presentation or proposal at the time of the Date of Termination. 
 Section 8. Nondisparagement. Section 8 of this Agreement is hereby amended to add the following sentences immediately following the first sentence of such section: The Firm
(including, without limitation, any designated spokespersons) and the directors and executive officers of the Firm shall not make any comments or statements to the press, other employees of the Firm, any individual or entity with whom the Firm has a
business relationship or any other person that is disparaging to the Executive or his reputation, except for truthful statements as may be required by law. The Firm acknowledges that the nondisparagement provision in favor of the Executive under
this Section 8 is reasonable in light of all of the circumstances and 

  
 10 

 
imposes no undue hardship on the Firm. Accordingly, the Executive shall have the same enforcement rights and remedies with respect to such nondisparagement provision as the Firm has with respect
to the Covenants (including, for the avoidance of doubt, the rights and remedies set forth in Sections 11 and 13). Further, such nondisparagement provision shall be subject to reformation on the same basis as the Covenants pursuant to
Section 10(a). 
 8. Section 12. Arbitration. Section 12 of this Agreement is hereby amended
(i) to replace all references to the New York Stock Exchange, Inc.” and the “NYSE” with references to the “Financial Industry Regulatory Authority” and “FINRA,” as applicable, and (ii) to add the
following sentences at the end of such section: Prior to a Change in Control (as defined in Schedule I attached hereto), each party shall bear its own costs and expenses of any such arbitration. Following a Change in Control, Lazard shall pay
to the Executive, as incurred, all legal fees and expenses reasonably incurred by the Executive or with respect to the Executive during his lifetime or within ten years after his death in connection with any contest by Lazard, the Executive or
others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including any action to compel arbitration or enforce any arbitration award or as a result of any contest by
the Executive about the amount of any payment pursuant to this Agreement, and whether or not any such contest is under Section 12 or 13 of this Agreement or otherwise), plus Interest (as defined in Schedule I attached hereto) determined
as of the date such legal fees and expenses were incurred; provided that, the Executive shall promptly repay to Lazard all such amounts if the Executive fails to prevail on at least one material issue in dispute in any such contest.

 Section 16(b). Paragraphs 2, 3, 4, 5 and 6 of this Schedule I are hereby added to the list of sections in
Section 16(b) of this Agreement. 
 Section 16(d). Section 16(d) of this Agreement is hereby amended to
replace all references to the “CEO” with references to the “Board of Directors of PubliCo”. 

Section 16(f). Section 16(f) of this Agreement is hereby amended to add the following words at the end thereof:
“except to the extent such withholding or offset is not permitted under Section 409A of the Code without the imposition of additional taxes or penalties on the Executive.” 

Section 16(i). Section 16 of this Agreement is hereby amended to add the following new subsection: 

(i) Notwithstanding any provision of this Agreement to the contrary, to the minimum extent necessary to ensure the
provision of non-taxable benefits under Section 105(h) of the Code or any similar law, the Firm shall be entitled to alter the manner in which medical benefits are provided to the Executive following termination of his employment;
provided that in no event shall the after-tax cost to the Executive of such benefits be greater than the cost applicable to similarly situated executives of the Firm who have not terminated employment or, following a Change in Control (as
defined in Schedule I attached hereto), the cost applicable to the Executive immediately prior to the Change in Control, if more favorable to the Executive. 

  
 11 

 9. Counterparts. This Second Amendment may be executed in any number of counterparts,
each of which shall be an original and all of which, when taken together, will constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Second Amendment by facsimile transmission or electronic means
(including by “pdf”) shall be effective as delivery of a manually executed counterpart of this Second Amendment. 

  
 12 

 /s/ KMJ Initialed by the Executive 
 /s/ SDH Initialed by Lazard 
 /s/ SDH Initialed by PubliCo 

  
 13EX-10.1

 Exhibit 10.1 
 NINTH AMENDMENT TO CREDIT AGREEMENT 
 THIS NINTH AMENDMENT TO CREDIT
AGREEMENT (this “Amendment”) is made and entered into as of October 31, 2012, by and among SWISHER HYGIENE INC., a Delaware corporation (“Borrower”), the Subsidiary Guarantors party hereto, the
Required Lenders under and as defined in the hereinafter defined Credit Agreement, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent under the hereinafter defined Credit Agreement (the “Administrative
Agent”). 
 BACKGROUND STATEMENT 
 A. The Borrower is party to the Credit Agreement dated as of March 30, 2011, among the Borrower, the Lenders party thereto from time to time and the Administrative Agent (as amended by the First
Amendment to Credit Agreement and Pledge and Security Agreement dated as of August 12, 2011, Second Amendment to Credit Agreement dated as of April 12, 2012, Third Amendment to Credit Agreement dated as of May 15, 2012, Fourth
Amendment to Credit Agreement dated as of May 30, 2012, Fifth Amendment to Credit Agreement dated as of June 28, 2012, Sixth Amendment to Credit Agreement dated as of July 30, 2012, Seventh Amendment to Credit Agreement and Pledge and
Security Agreement dated as of August 31, 2012, and Eighth Amendment to Credit Agreement dated as of September 27, 2012, the “Credit Agreement”). Capitalized terms not otherwise defined herein shall have the meaning given
to such terms in the Credit Agreement. 
 B. The Borrower has requested certain amendments to the Credit Agreement, and the
Administrative Agent and Required Lenders have agreed to make such amendments on the terms and subject to the conditions set forth herein. 
 STATEMENT OF AGREEMENT 
 NOW, THEREFORE, in consideration of the
foregoing premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 AMENDMENTS TO THE CREDIT AGREEMENT 

1.1 Amendment to Section 1.1 (Definitions) of the Credit Agreement. Section 1.1 of the Credit Agreement is hereby
amended by adding the following definition in appropriate alphabetic order: 
 “Ninth Amendment” means the Ninth
Amendment to Credit Agreement, dated as of October 31, 2012, among the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto, and the Administrative Agent. 

“Ninth Amendment Effective Date” means the date upon which the conditions to the effectiveness of the Ninth Amendment set
forth in Article III thereof are satisfied or waived in accordance with their terms. 
 “Special Collateral
Account” means the deposit account with Administrative Agent in the name of the Borrower with the account number *. 
  

 

	*	Confidential terms omitted and provided separately to the Securities and Exchange Commission. 

 1.2 Amendments to Section 6.1 (Financial Statements) of the Credit Agreement.

 (a) Section 6.1 of the Credit Agreement is hereby amended by deleting the final proviso at the end of clause
(a) thereof and replacing it with the following: 
 “provided further, that notwithstanding the
foregoing, the financial statements required to be delivered pursuant to this Section 6.1(a) for the fiscal quarters ending March 31, 2012, June 30, 2012, and September 30, 2012 shall be delivered on or before the
earlier of (i) November 16, 2012 and (ii) the date on which the Borrower delivers such financial statements to the Securities and Exchange Commission;” 
 (b) Section 6.1 of the Credit Agreement is hereby amended by deleting the final proviso and the “and” at the end of clause (b) thereof and replacing it with the following: 

“provided further, that notwithstanding the foregoing, the financial statements required to be delivered pursuant to
this Section 6.1(b) for the fiscal year ending December 31, 2011 shall be delivered on or before the earlier of (i) November 16, 2012 and (ii) the date on which the Borrower delivers such financial statements to the
Securities and Exchange Commission; and” 
 1.3 Addition of New Section 6.19 (Special Collateral Account) to the
Credit Agreement. A new Section 6.19 is hereby added to the Credit Agreement as follows: 
 “6.19 Special
Collateral Account. 
 (a) On or before the Ninth Amendment Effective Date, the Borrower shall deposit
$2,800,000 as cash collateral into the Special Deposit Collateral Account. 
 (b) On or before November 7,
2012 or such later date as the Administrative Agent agrees to in writing in its sole discretion, the Borrower shall deposit $2,540,000 as cash collateral into the Special Deposit Collateral Account. 

(c) All funds in the Special Collateral Account shall be held by the Administrative Agent for the benefit of the Lenders
as security for full payment and timely performance of the Obligations and obligations under corporate credit cards or purchase cards issued to the Borrower or any Subsidiary Guarantor by any Lender, and the Borrower hereby pledges, transfers and
assigns to the Administrative Agent, and grants to the Administrative Agent a continuing security interest in and to, the Special Collateral Account and all profits and proceeds thereof, which security interest is prior to all other liens. The
Borrower acknowledges and agrees that the Special Collateral Account is, except as otherwise provided in this Section 6.19, subject to the sole dominion, control and discretion of the Administrative Agent, who shall have the sole right
to control the disposition of funds in the Special Collateral Account without the further consent of the Borrower or any other person or entity. The Borrower acknowledges and agrees that no Credit Party nor any other

  
 2 

 
party claiming on behalf of, or through, any Credit Party shall have any right of withdrawal with respect to the Special Collateral Account except with the prior written consent of the
Administrative Agent; provided, that, upon (i) the termination of all of the Letters of Credit, (ii) expiration of a 75 day period following the termination of all corporate credit cards or purchase cards issued to the
Borrower or any Subsidiary Guarantor by any Lender and payment in full of all outstanding amounts thereunder, and (iii) the payment in full by the Credit Parties of all of the Obligations, the Administrative Agent shall promptly transfer all
excess funds remaining in the Special Collateral Account to the Borrower in accordance with written instructions from the Borrower. 
 1.4 Amendment to Section 9.1 (Events of Default) of the Credit Agreement. Section 9.1(b) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 (b) The Borrower or any other Credit Party shall (i) fail to observe, perform or comply with any condition, covenant or
agreement contained in any of Sections 2.14, 6.1, 6.2(n), 6.3(i), 6.9, 6.10, 6.19 or in Articles VII or VIII or (ii) fail to observe, perform or comply with any condition, covenant
or agreement contained in Section 6.2 (other than Section 6.2(n)) and (in the case of this clause (ii) only) such failure shall continue unremedied for a period of five Business Days after the earlier of (y) the
date on which a Responsible Officer of the Borrower acquires knowledge thereof and (z) the date on which written notice thereof is delivered by the Administrative Agent or any Lender to the Borrower; 

ARTICLE II 

LIMITED WAIVER 
 2.1 Limited Waiver. 
 (a) The Administrative Agent (i) waives any
Default or Event of Default that may exist due to a violation of Section 6.4 of the Credit Agreement on account of the Borrower’s failure to file its 2011 10-K by April 16, 2012 so long as the Borrower files such 10-K on or before
November 16, 2012, and (ii) acknowledges that the representation in Section 5.12 of the Credit Agreement may not be true and correct on any day on or after April 16, 2012 and on or before November 16, 2012 on account of the
Borrower’s failure to file its 2011 10-K on or before April 16, 2012. Borrower acknowledges that the waivers and acknowledgements of the Administrative Agent set forth above shall terminate if the Borrower does not file its 10-K on or
before November 16, 2012. 
 (b) The Administrative Agent (i) waives any Default or Event of Default that may exist
due to a violation of Section 6.4 of the Credit Agreement on account of the Borrower’s failure to file its 10-Q for the first fiscal quarter of 2012 by May 21, 2012 so long as the Borrower files such 10-Q on or before
November 16, 2012, and (ii) acknowledges that the representation in Section 5.12 of the Credit Agreement may not be true and correct on any day on or after May 21, 2012 and on or before November 16, 2012 on account of the
Borrower’s failure to file its 10-Q for the first fiscal quarter of 2012 on or before May 21, 2012. Borrower acknowledges that the waivers and acknowledgements of the Administrative Agent set forth above shall terminate if the Borrower
does not file its 10-Q for the first fiscal quarter of 2012 on or before November 16, 2012. 

  
 3 

 (c) The Administrative Agent (i) waives any Default or Event of Default that may exist
due to a violation of Section 6.4 of the Credit Agreement on account of the Borrower’s failure to file its 10-Q for the second fiscal quarter of 2012 by August 20, 2012 so long as the Borrower files such 10-Q on or before
November 16, 2012, and (ii) acknowledges that the representation in Section 5.12 of the Credit Agreement may not be true and correct on any day on or after August 20, 2012 and on or before November 16, 2012 on account of the
Borrower’s failure to file its 10-Q for the second fiscal quarter of 2012 on or before August 20, 2012. Borrower acknowledges that the waivers and acknowledgements of the Administrative Agent set forth above shall terminate if the Borrower
does not file its 10-Q for the second fiscal quarter of 2012 on or before November 16, 2012. 
 2.2 Effect of Limited
Waiver. Except as expressly set forth herein, the limited waiver set forth in Section 2.1 hereof shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the
Administrative Agent, or the Borrower under the Credit Agreement or any other Credit Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Credit Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification
or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Credit Document in similar or different circumstances. 

ARTICLE III 
 CONDITIONS TO EFFECTIVENESS 
 This Amendment shall become effective upon
the satisfaction of each of the following conditions precedent: 
 (a) The Administrative Agent shall have received a duly
executed counterpart of this Amendment from the Borrower and the Subsidiary Guarantors (collectively, the “Amendment Parties”); 
 (b) The Borrower shall have deposit $2,800,000 as cash collateral into the deposit account with Administrative Agent in the name of the Borrower with the account number *; 

(c) The Borrower shall have paid all reasonable out-of-pocket costs and expenses of the Administrative Agent to be paid by it at the
closing in connection with the preparation, negotiation, execution and delivery of this Amendment (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto); and

 (d) The Administrative Agent shall have received such other documents, certificates, opinions, instruments and other evidence
as the Administrative Agent may reasonably request, all in a form and substance satisfactory to the Administrative Agent and its counsel. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 

The Amendment Parties hereby represent and warrant that: 
 4.1 Representations in Credit Agreement. The representations and warranties of the Amendment Parties set forth in the Credit Agreement and the Credit Documents are true and correct in all

  
  

	*	Confidential terms omitted and provided separately to the Securities and Exchange Commission. 

 

  
 4 

 
material respects as of the date hereof, except to the extent such representations and warranties relate solely to or are specifically expressed as of a particular date or period and for the
representation in Section 5.10(d) of the Credit Agreement which the Amendment Parties acknowledge is not true and correct in all material respects as of the date hereof and will continue not to be true and correct in all material respects
unless and until Section 5.10(d) of the Credit Agreement is amended in writing by the Administrative Agent in its sole discretion. 
 4.2 Compliance with Credit Agreement. Each of the Amendment Parties is in compliance with all covenants, terms and provisions set forth in the Credit Agreement and the other Credit Documents to be
observed or performed by it. 
 4.3 Due Authorization. This Amendment has been duly authorized, validly executed and
delivered by one or more authorized officers of each Amendment Party and each of this Amendment, the Credit Agreement and the other Credit Documents, constitutes the legal, valid and binding obligation of each Amendment Party, to the extent each is
a party thereto, enforceable against it in accordance with its terms. 
 4.4 No Event of Default. No Default or Event of
Default under the Credit Agreement has occurred and is continuing. 
 4.5 Continuing Security Interests. All obligations
of the Amendment Parties under the Credit Agreement and the other Credit Documents continue to be or will be secured by the Administrative Agent’s security interests in all of the collateral granted under the Security Documents, and nothing
herein will affect the validity, enforceability, perfection or priority of such security interests. 
 ARTICLE V

 ACKNOWLEDGEMENTS; REPRESENTATIONS; CONSENT 

5.1 Amendment Parties. Each of the Amendment Parties hereby approves and consents to the transactions contemplated by this
Amendment, confirms and agrees that, after giving effect to this Amendment, each of the Credit Agreement and the other Credit Documents to which it is a party, remains in full force and effect and enforceable against it in accordance with its terms
and shall not be discharged, diminished, limited or otherwise affected in any respect, and represents and warrants to the Administrative Agent and the Lenders that it has no knowledge of any claims, counterclaims, offsets, or defenses to or
with respect to its obligations under the Credit Documents, or if it has any such claims, counterclaims, offsets, or defenses to such Credit Documents or any transaction related to such Credit Documents, the same are hereby waived, relinquished, and
released in consideration of the execution of this Amendment. Furthermore, each of the Amendment Parties acknowledges and agrees that its obligations under the Credit Documents shall not be discharged, limited or otherwise affected by reason of the
Administrative Agent’s or any Lender’s actions with respect to any other Amendment Party, or with respect to, or in adding or releasing, any other guarantor of the obligations of the Borrower under the Credit Agreement without the
necessity of giving notice to or obtaining the consent of such Amendment Party. The acknowledgements and confirmations by each of the Amendment Parties herein is made and delivered to induce the Administrative Agent and the Lenders to enter into
this Amendment and continue to extend credit to the Borrower and the other Amendment Parties, and each of the Amendment Parties acknowledges that the Administrative Agent and the Lenders would not enter into this Amendment and continue to extend
such credit in the absence of the acknowledgement and confirmation contained herein. The Amendment Parties assume, ratify and confirm the obligations of the Amendment Parties and any predecessor to an Amendment Party under the amendments to the
Credit Agreement executed prior to this Amendment. 

  
 5 

 5.2 Subsidiary Guarantors. Each of the Subsidiary Guarantors further represents that
it has knowledge of the Borrower’s and the other Amendment Parties’ financial condition and affairs and that it has adequate means to obtain from the Borrower and the other Amendment Parties on an ongoing basis information relating thereto
and to the Borrower’s and the other Amendment Parties’ ability to pay and perform their respective obligations under the Credit Documents, and agrees to assume the responsibility for keeping, and to keep, so informed for so long as the
guaranty of each such Subsidiary Guarantor remains in effect. Each Subsidiary Guarantor agrees that the Administrative Agent and the Lenders shall have no obligation to investigate the financial condition or affairs of the Borrower or any of the
Amendment Parties for the benefit of any Subsidiary Guarantor nor to advise any Subsidiary Guarantor of any fact respecting, or any change in, the financial condition or affairs of the Borrower or any of the Amendment Parties that might become known
to the Administrative Agent or any Lender at any time, whether or not the Administrative Agent or any such Lender knows or believes or has reason to know or believe that any such fact or change is unknown to any Subsidiary Guarantor, or might (or
does) materially increase the risk of any Subsidiary Guarantor as guarantor, or might (or would) affect the willingness of any Subsidiary Guarantor to continue as a guarantor of the obligations of the Borrower under the Credit Documents. These
representations and agreements by each of the Subsidiary Guarantors are made and delivered to induce the Administrative Agent and the Lenders to enter into this Amendment and continue to extend credit to the Borrower and the other Amendment Parties
under the Credit Documents, and each of the Subsidiary Guarantors acknowledges that the Administrative Agent and the Lenders would not enter into this Amendment and continue to extend such credit in the absence of the representations and agreements
contained herein. 
 5.3 Release of Claims and Covenant Not to Sue. As a material inducement to the Administrative Agent
and the Lenders to enter into this Amendment and to grant the concessions to the Amendment Parties reflected herein, all in accordance with and subject to the terms and conditions of this Amendment, and all of which are to the direct advantage and
benefit of the Amendment Parties, each Amendment Party for itself and its successors and assigns, (a) does hereby remise, release, acquit, satisfy and forever discharge the Administrative Agent and the Lenders, and all of the past, present and
future officers, directors, employees, agents, attorneys, representatives, participants, heirs, successors and assigns of the Administrative Agent and the Lenders (each a “Releasee”), from any and all manner of debts, accountings,
bonds, warranties, representations, covenants, promises, contracts, controversies, agreements, liabilities, obligations, expenses, damages, judgments, executions, actions, claims, demands and causes of action of any nature whatsoever, whether at law
or in equity, either now accrued or hereafter maturing and whether known or unknown, which such Amendment Party or the Amendment Parties now has or hereafter can, shall or may have by reason of any matter, cause or thing, from the beginning of the
world to and including the date of this Amendment, including specifically, but without limitation, matters arising out of, in connection with or relating to (i) the Obligations, (ii) the Credit Documents or the obligations evidenced
thereby, including, but not limited to, the administration or funding thereof, and (iii) any other agreement or transaction between the Amendment Parties or such Amendment Party and the Administrative Agent or the Lenders or any subsidiary or
affiliate of such parties relating to the Credit Documents; and (b) does hereby covenant and agree never to institute or cause to be instituted or continue prosecution of any suit or other form of action or proceeding of any kind or nature
whatsoever against the Administrative Agent and the Lenders or any subsidiaries or affiliates, or any of its past, present or future officers, directors, employees, agents, attorneys, representatives, participants, heirs, successors or assigns of
the Administrative Agent or the Lenders, by reason of or in connection with any of the foregoing matters, claims or causes of action; provided, however, that the foregoing release and covenant not to sue shall not apply to any claims
arising after the date of this Amendment with respect to acts, occurrences or events after the date of this Amendment. If any Amendment Party, or any of its heirs, successors, assigns or other legal representatives, violates the foregoing covenant,
each Amendment Party, for itself and its heirs, successors, assigns and legal representatives, jointly and severally agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees
and costs incurred by any Releasee as a result of such violation. 

  
 6 

 ARTICLE VI 
 GENERAL 
 6.1 Full Force and Effect. This Amendment is limited as
specified and, except as specifically set forth herein, shall not constitute a modification, acceptance or waiver of any other provision of any of the Credit Documents. The Credit Agreement, as amended by the amendments set forth herein, shall
continue to be in full force and effect in accordance with the provisions thereof after giving effect to such amendments. Any reference to the Credit Agreement in any of the other Credit Documents shall mean the Credit Agreement as amended by this
Amendment and as may be further amended, modified, restated, or supplemented from time to time. This Amendment shall be a Credit Document. 
 6.2 Applicable Law. This Amendment shall be governed by and construed in accordance with the internal laws and judicial decisions of the State of North Carolina. 

6.3 Counterparts; Execution. This Amendment may be executed in two or more counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute but one instrument. The exchange of copies of this Amendment and of signature pages by facsimile transmission or by electronic delivery of .pdf copies shall constitute effective
execution and delivery of this Amendment and such copies may be used in lieu of the original Amendment for all purposes. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission shall be effective as
delivery of a manually executed counterpart of this Amendment. 
 6.4 Expenses. The Borrower agrees to pay on demand all
reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, all reasonable attorneys’ fees. 

6.5 Further Assurances. Each of the Amendment Parties shall execute and deliver to the Administrative Agent such documents,
certificates, and opinions as the Administrative Agent may reasonably request to effect the amendments contemplated by this Amendment and to continue the existence, perfection and first priority of the Administrative Agent’s security interest
in collateral securing the obligations under the Credit Documents. 
 6.6 Headings. The headings of this Amendment are
for the purposes of reference only and shall not affect the construction of this Amendment. 

  
 7 

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

			
	SWISHER HYGIENE INC.
		
	By:	 	 /s/ Thomas E. Aucamp

	Name:	 	Thomas E. Aucamp
	Title:	 	Executive Vice President

 [Signature Pages Continued on the Following Page] 

  
 Signature
Page to Ninth Amendment to Credit Agreement 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and a Lender
		
	By:	 	 /s/ Cavan J. Harris

		 	Cavan J. Harris
		 	Senior Vice President

 [Signature Pages Continued on the Following Page] 

  
 Signature
Page to Ninth Amendment to Credit Agreement 

 
			
	GUARANTORS:
	
	 SWISHER INTERNATIONAL, INC.

	 SWISHER HYGIENE USA OPERATIONS, INC.

	 SWISHER HYGIENE FRANCHISE CORP.

	 SWISHER PEST CONTROL CORP.

	 SWISHER MAID, INC.

	 EXPRESS RESTAURANT EQUIPMENT SERVICE, INC.

	 SERVICE MICHIGAN, LLC

	 SERVICE TAMPA, LLC

	 SERVICE WEST COAST, LLC

	 FOUR-STATE HYGIENE, INC.

	 INTEGRATED BRANDS INC.

	 ESKIMO PIE CORPORATION

		
	By:	 	 /s/ Thomas E. Aucamp

	Name:	 	Thomas E. Aucamp
	Title:	 	Executive Vice President

 [Signature Pages Continued on the Following Page] 

  
 Signature
Page to Ninth Amendment to Credit Agreement 

 
			
	CHOICE ENVIRONMENTAL SERVICES, INC.
	 CHOICE ENVIRONMENTAL SERVICES OF MIAMI, INC.

	 CHOICE ENVIRONMENTAL SERVICES OF BROWARD, INC.

	 CHOICE ENVIRONMENTAL SERVICES OF DADE COUNTY, INC.

	 CHOICE ENVIRONMENTAL SERVICES OF COLLIER, INC.

	 CHOICE RECYCLING SERVICES OF MIAMI, INC.

	 CHOICE ENVIRONMENTAL SERVICES OF ST. LUCIE, INC.

	 CHOICE RECYCLING SERVICES OF BROWARD, INC.

	 CHOICE ENVIRONMENTAL SERVICES OF LEE COUNTY, INC.

	 CHOICE ENVIRONMENTAL SERVICES OF HIGHLANDS COUNTY, INC.

	 SANOLITE CORPORATION

	 SWSH MOUNT HOOD MFG., INC.

	 SWSH ARIZONA MFG., INC.

		
	By:	 	 /s/ Thomas E. Aucamp

	Name:	 	Thomas E. Aucamp
	Title:	 	Executive Vice President
	
	SWSH DALEY MFG., INC.
		
	By:	 	 /s/ Thomas E. Aucamp

	Name:	 	Thomas E. Aucamp
	Title:	 	Secretary

  
 Signature
Page to Ninth Amendment to Credit Agreement

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