Document:

Fourth Amendment Agreement, dated November 13, 2009

 Exhibit 10.1 
 FOURTH AMENDMENT AGREEMENT 
 This FOURTH
AMENDMENT AGREEMENT (this “Amendment”) is made as of the 13th day of November, 2009, among: 
 (a) SHILOH INDUSTRIES, INC., a Delaware
corporation (“Borrower”); 
 (b) the Lenders, as defined in the Credit Agreement, as hereinafter defined; 

(c) PNC BANK, NATIONAL ASSOCIATION, successor to National City Bank, as the co-lead arranger, sole book runner and administrative agent
for the Lenders under the Credit Agreement (“Agent”); and 
 (d) THE PRIVATEBANK AND TRUST COMPANY, as the co-lead
arranger and syndication agent. 
 WHEREAS, Borrower, Agent and the Lenders are parties to that certain Credit and Security
Agreement, dated as of August 1, 2008, that provides, among other things, for loans and letters of credit aggregating Ninety-Five Million Dollars ($95,000,000), all upon certain terms and conditions (as amended and as the same may from time to
time be further amended, restated or otherwise modified, the “Credit Agreement”); 
 WHEREAS, Borrower, Agent and the
Lenders desire to amend the Credit Agreement to modify certain provisions thereof and add certain provisions thereto; 
 WHEREAS, each capitalized term used herein and defined in the Credit Agreement, but not otherwise defined herein, shall have the meaning given such term in the Credit Agreement; and 
 WHEREAS, unless otherwise specifically provided herein, the provisions of the Credit Agreement revised herein are amended effective as of
the date of this Amendment; 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein and for other
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Borrower, Agent and the Lenders agree as follows: 
 1. Amendment to Definitions. Section 1.1 of the Credit Agreement is hereby amended to delete the definitions of “Base Rate”, “Borrowing Formula”, “Closing Commitment Amount”, “Eurodollar
Rate”, “Federal Funds Effective Rate”, “Fixed Charge Coverage Ratio”, “Interest Period”, “Leverage Ratio” and “Prime Rate” therefrom and to insert in place thereof, respectively, the following:

 “Base Rate” means, for any day, a fluctuating per annum rate of interest equal to the highest of
(i) the Prime Rate, (ii) the Federal Funds Open Rate plus one-half of one percent (.50%), and (iii) the Daily LIBOR Rate plus one percent (1%). 

 “Borrowing Formula” means an amount equal to the sum of the
following: 
 (a) the aggregate of the net book value of all of the accounts receivable of Borrower, as
determined in accordance with GAAP; plus 
 (b) the aggregate of the net book value of all of the Inventory of
Borrower, as determined in accordance with GAAP; plus 
 (c) (i) for the period from the Fourth Amendment
Effective Date through January 30, 2010, Forty Million Dollars ($40,000,000), (ii) for the period from January 31, 2010 through July 30, 2010, Thirty-Five Million Dollars ($35,000,000), (iii) for the period from
July 31, 2010 through July 30, 2011, Thirty Million Dollars ($30,000,000), and (iv) for the period from July 31, 2011 and thereafter, Twenty-Five Million Dollars ($25,000,000); minus 
 (d) the aggregate of the net book value of all amounts due and owing on accounts payable by Borrower, as determined in
accordance with GAAP. 
 “Closing Commitment Amount” means Eighty Million Dollars ($80,000,000).

 “Eurodollar Rate” means, with respect to a Eurodollar Loan, for any Interest
Period, an interest rate per annum equal to the greater of (a) the quotient determined by Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate which appears on the Bloomberg Page BBAM1 (or such other
substitute Bloomberg page that displays rates at which Dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by Agent which has been approved by the British
Bankers’ Association as an authorized information vendor for the purpose of displaying rates at which Dollar deposits are offered by leading banks in the London interbank deposit market (a “Eurodollar Rate Alternate Source”), at
approximately 11:00 A.M., London time, two Business Days prior to the commencement of such Interest Period, as the London interbank offered rate for Dollars for an amount comparable to such Eurodollar Loan and having a borrowing date and a maturity
comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Eurodollar Rate Alternate Source, a comparable replacement rate determined by Agent at such
time (which determination shall be conclusive absent manifest error)), by (ii) a number equal to 1.00 minus the Reserve Percentage; and (b) two percent (2.00%). Subpart (a) above may also be expressed by the following formula:

  

					
		  		 	Average of London interbank offered rates quoted
		  		 	by Bloomberg or appropriate successor as shown on
	Eurodollar Rate	  	=	 	Bloomberg Page BBAM1
		  		 	1.00 – Reserve Percentage

  

 2 

 “Federal Funds Effective Rate” means, for any
day, the rate per annum (based on a year of three hundred sixty (360) days and actual days elapsed and rounded upward to the nearest  1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal
funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the
weighted average it refers to as the “Federal Funds Effective Rate” as of the date of this Agreement; provided that, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective
Rate” for such day shall be the Federal Funds Effective Rate for the last day on which such rate was announced. 
 “Fixed Charge Coverage Ratio” means, as determined for the most recently completed four fiscal quarters of Borrower, on a Consolidated basis and in accordance with GAAP, the ratio of
(a) (i) Consolidated EBITDA, minus (ii) the sum of (A) Consolidated Capital Expenditures, and (B) Capital Distributions (other than the 2008 Special Dividend); to (b) Consolidated Fixed Charges. 
 “Interest Period” means, with respect to a Eurodollar Loan, the period commencing on the date such Eurodollar Loan
is made and ending on the last day of such period, as selected by Borrower pursuant to the provisions hereof, and, thereafter (unless such Eurodollar Loan is converted to a Base Rate Loan), each subsequent period commencing on the last day of the
immediately preceding Interest Period and ending on the last day of such period, as selected by Borrower pursuant to the provisions hereof. The duration of each Interest Period for a Eurodollar Loan shall be one month; provided that (a) if
Borrower is in compliance with the financial covenants set forth in Section 5.7 hereof for the fiscal quarter of Borrower ending July 31, 2010 (as set forth in the Compliance Certificate for such fiscal quarter), then thereafter the
duration of each Interest Period for a Eurodollar Loan shall be one month, two months, three months or six months, in each case as Borrower may select upon notice, as set forth in Section 2.5 hereof, and (b) if Borrower shall fail to
select the duration of any Interest Period for a Eurodollar Loan at least three Business Days prior to the Interest Adjustment Date applicable to such Eurodollar Loan, Borrower shall be deemed to have converted such Eurodollar Loan to a Base Rate
Loan at the end of the then current Interest Period). 
 “Leverage Ratio” means, as determined on a
Consolidated basis and in accordance with GAAP, the ratio of (a) Consolidated Funded Indebtedness (for the most recently completed fiscal quarter of Borrower), to (b) Consolidated EBITDA (for the most recently completed four fiscal
quarters of Borrower). 
 “Prime Rate” means the interest rate per annum announced from time to time by
Agent at its principal office as its then prime rate, which rate may not be the lowest rate then being charged commercial borrowers by Agent. Each change in the Prime Rate shall automatically, immediately, and without notice change the Prime Rate
thereafter applicable hereunder. 
  

 3 

 2. Addition to Definitions. Section 1.1 of the Credit Agreement is hereby
amended to add the following new definitions thereto: 
 “Federal Open Funds Rate” means, for any day,
the rate per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption
“OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by Agent (a “Federal Open Funds Rate
Alternate Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Federal Open Funds Rate Alternate Source, or if there shall at any time, for any reason, no longer exist a
Bloomberg Screen BTMM (or any substitute screen) or any Federal Open Funds Rate Alternate Source, a comparable replacement rate determined by Agent at such time (which determination shall be conclusive absent manifest error); provided that if such
day is not a Business Day, the Federal Open Funds Rate for such day shall be the “open” rate on the immediately preceding Business Day. If and when the Federal Open Funds Rate changes, the rate of interest with respect to any Loan to which
the Federal Open Funds Rate applies will change automatically without notice to the Borrower, effective on the date of any such change. 
 “Fourth Amendment Effective Date” means November 13, 2009. 
 3.
Amendment to Financial Statements and Information Provisions. Section 5.3 of the Credit Agreement is hereby amended to delete subsections (k) and (l) therefrom and to insert in place thereof, respectively, the following:

 (k) Cash Flow and Sales Forecasts and Reports. Borrower shall deliver to Agent and the Lenders, by no
later than 5:00 P.M. (Eastern time) on each Wednesday of each calendar week (or the next Business Day if such Wednesday is not a Business Day), a rolling thirteen (13) week cash flow forecast and sales forecast, each to be in form and substance
acceptable to Agent and the Required Lenders; provided that, if Borrower is in compliance with the financial covenants set forth in Section 5.7 hereof for the fiscal quarter of Borrower ending July 31, 2010, as set forth in the Compliance
Certificate for such fiscal quarter, Borrower shall not be required to comply with this Section 5.3(k) after the delivery of such Compliance Certificate to Agent and the Lenders. 
 (l) Monthly Financials. Borrower shall deliver to Agent and the Lenders, within twenty (20) days after the end of
each calendar month, a monthly financial reporting package, acceptable to Agent and the Required Lenders, including, but not limited to, monthly financial statements, a reconciliation of the prior month actual results to the budget, and a variance
analysis on cash flow and sales forecasts, all prepared on a Consolidated basis, in accordance with GAAP and in form and detail satisfactory to Agent; provided that, if Borrower is in compliance the financial covenants set forth in Section 5.7
hereof for the fiscal quarter of Borrower ending July 31, 2010, as set forth in the Compliance Certificate for such fiscal quarter, Borrower shall not be required to

  

 4 

 
comply with this Section 5.3(l) after the delivery of such Compliance Certificate to Agent and the Lenders. 
 4. Amendment to Financial Covenants. Article V of the Credit Agreement is hereby amended to delete Section 5.7 therefrom and to insert in place thereof the following: 
 Section 5.7. Financial Covenants. 
 (a) Leverage Ratio. Borrower shall not suffer or permit at any time the Leverage Ratio to exceed (i) 5.80 to 1.00
on January 31, 2010 through April 29, 2010, (ii) 4.75 to 1.00 on April 30, 2010 through July 30, 2010, (iii) 2.75 to 1.00 on July 31, 2010 through January 30, 2011, (iv) 2.50 to 1.00 on January 31,
2011 to July 30, 2011, and (v) 2.00 to 1.00 on July 31, 2011 and thereafter. 
 (b) Fixed
Charge Coverage Ratio. Borrower shall not suffer or permit at any time the Fixed Charge Coverage Ratio to be less than (i) 1.75 to 1.00 on January 31, 2010 through April 29, 2010, (ii) 2.25 to 1.00 on April 30, 2010
through July 30, 2010, (iii) 3.00 to 1.00 on July 31, 2010 through January 30, 2011, (iv) 2.50 to 1.00 on January 31, 2011 through April 29, 2011, and (v) 2.75 to 1.00 on April 30, 2011 and thereafter.

 (c) Minimum Consolidated EBITDA. On and after the Fourth Amendment Effective Date, Borrower shall not
suffer or permit at any time Consolidated EBITDA, as determined for the most recently completed three consecutive calendar months, to be less than: 
 (i) Five Million Five Hundred Thousand Dollars ($5,500,000), on October 31, 2009; 
 (ii) Six Million Five Hundred Thousand Dollars (6,500,000), on November 30, 2009; 
 (iii) Five Million Six Hundred Thousand Dollars (5,600,000), on December 31, 2009; 
 (iv) Two Million Eight Hundred Thousand Dollars ($2,800,000), on January 31, 2010; 
 (v) One Million Five Hundred Thousand Dollars ($1,500,000), on February 28, 2010; 
 (vi) Two Million Three Hundred Thousand Dollars ($2,300,000), on March 31, 2010; 
 (vii) Three Million Four Hundred Thousand Dollars ($3,400,000), on April 30, 2010; 
  

 5 

 (viii) Three Million Nine Hundred Thousand Dollars ($3,900,000), on
May 31, 2010; 
 (ix) Four Million One Hundred Thousand Dollars ($4,100,000), on June 30, 2010; and

 (x) Two Million Seven Hundred Thousand Dollars ($2,700,000), on July 31, 2010. 
 (d) Capital Expenditures. The Companies shall not invest in Consolidated Capital Expenditures more than an aggregate
amount equal to Twenty-Two Million Dollars ($22,000,000) during the 2011 fiscal year of Borrower. 
 5. Waiver of
Non-Compliance with Certain Financial Covenants. Borrower has requested that Agent and the Lenders waive compliance by Borrower with (a) the covenant set forth in Section 5.7(a) (Leverage Ratio) of the Credit
Agreement for periods from July 31, 2009 through October 31, 2009 (the “Leverage Ratio Non-Compliance”), and (b) the covenant set forth in Section 5.7(b) (Fixed Charge Coverage Ratio) of the Credit Agreement for periods
from July 31, 2009 through October 31, 2009 (the “Fixed Charge Coverage Non-Compliance” and, together with the Leverage Ratio Non-Compliance, collectively, the “Covenant Non-Compliance”). Borrower has requested that
Agent and the Lenders waive the Covenant Non-Compliance. Agent and the Lenders hereby waive the Covenant Non-Compliance on the conditions that, after giving effect to the terms of this Amendment, no Default or Event of Default shall exist under the
Credit Agreement or any other Loan Document. This Amendment shall serve as evidence of such waiver. Borrower agrees with Agent and the Lenders that (a) the waiver granted herein applies only to the Covenant Non-Compliance and not to any
non-compliance with any other covenant in the Credit Agreement, (b) except with respect to the limited waiver granted herein specifically relating to the Covenant Non-Compliance, Agent and the Lenders shall not be under any obligation to
forbear from exercising any of their rights or remedies upon the occurrence of any Default or Event of Default, and (c) Agent and the Lenders have not established any course of dealing with respect to such waiver or otherwise that is
inconsistent with the express terms of the Credit Agreement and the other Loan Documents. The waiver requested by Borrower and granted by Agent and the Lenders hereunder relates solely to the items specifically set forth in this Section 5. No
further waiver has been requested or granted. 
 6. Amendment to Schedules. The Credit Agreement is hereby amended to
delete Schedule 1 (Commitment of Lenders) therefrom and to insert in place thereof a new Schedule 1 in the form of Schedule 1 hereto. 
 7. Closing Deliveries. Concurrently with the execution of this Amendment, Borrower shall: 
 (a) cause each Guarantor of Payment to execute the attached Guarantor Acknowledgment and Agreement; 
  

 6 

 (b) pay an amendment fee to Agent, for the pro rata benefit of the Lenders
that shall have executed and delivered this Amendment to Agent on or before 1:00 P.M. (Eastern time) on November 13, 2009 (each an “Approving Lender”), in an amount equal to twenty-five (25.00) basis points multiplied by the
aggregate amount of the Commitments (effective as of the Fourth Amendment Effective Date) of the Approving Lenders; and 
 (c) pay all legal fees and expenses of Agent in connection with this Amendment. 
 8. Representations and
Warranties. Borrower hereby represents and warrants to Agent and the Lenders that (a) Borrower has the legal power and authority to execute and deliver this Amendment; (b) the officers executing this Amendment have been duly authorized
to execute and deliver the same and bind Borrower with respect to the provisions hereof; (c) the execution and delivery hereof by Borrower and the performance and observance by Borrower of the provisions hereof do not violate or conflict with
the Organizational Documents of Borrower or any law applicable to Borrower or result in a breach of any provision of or constitute a default under any other agreement, instrument or document binding upon or enforceable against Borrower;
(d) except as waived herein, no Default or Event of Default exists, nor will any occur immediately after the execution and delivery of this Amendment or by the performance or observance of any provision hereof; (e) each of the
representations and warranties contained in the Loan Documents is true and correct in all material respects as of the Fourth Amendment Effective Date as if made on the Fourth Amendment Effective Date, except to the extent that any such
representation or warranty expressly states that it relates to an earlier date (in which case such representation or warranty is true and correct in all material respects as of such earlier date); (f) Borrower is not aware of any claim or
offset against, or defense or counterclaim to, Borrower’s obligations or liabilities under the Credit Agreement or any Related Writing; and (g) this Amendment constitutes a valid and binding obligation of Borrower in every respect,
enforceable in accordance with its terms. 
 9. No Course of Dealing. Borrower acknowledges and agrees that this
Amendment is not intended, nor shall it, establish any course of dealing with respect to the various provisions amended herein, or otherwise, among Borrower, Agent and the Lenders that is inconsistent with the express terms of the Loan Documents.

 10. Waiver and Release. Borrower, by signing below, hereby waives and releases Agent and each of the Lenders, and
their respective directors, officers, employees, attorneys, affiliates and subsidiaries, from any and all claims, offsets, defenses and counterclaims of which Borrower is aware, such waiver and release being with full knowledge and understanding of
the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 
 11. References to
Credit Agreement and Ratification. Each reference that is made in the Credit Agreement or any other Related Writing shall hereafter be construed as a reference to the Credit Agreement as amended hereby. Except as herein otherwise specifically
provided, all terms and provisions of the Credit Agreement are confirmed and ratified and shall remain in full force and effect and be unaffected hereby. This Amendment is a Related Writing. 
  

 7 

 12. Counterparts. This Amendment may be executed in any number of counterparts, by
different parties hereto in separate counterparts and by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 

13. Headings. The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the
interpretation of this Amendment. 
 14. Severability. Any term or provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the term or provision so held to be invalid or unenforceable. 
 15. Governing Law. The rights and obligations of all parties hereto shall be governed by the laws of the State of Ohio, without
regard to principles of conflicts of laws. 
 [Remainder of page intentionally left blank.] 
  

 8 

 JURY TRIAL WAIVER. BORROWER, AGENT AND THE LENDERS, TO THE EXTENT PERMITTED BY LAW,
EACH HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT AND THE LENDERS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL
TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. THIS WAIVER SHALL NOT IN ANY WAY
AFFECT, WAIVE, LIMIT, AMEND OR MODIFY AGENT’S OR ANY LENDER’S ABILITY TO PURSUE REMEDIES PURSUANT TO ANY CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT AMONG BORROWER, AGENT
AND THE LENDERS. 
 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment in Cleveland, Ohio as of the date
first set forth above. 
  

			
	SHILOH INDUSTRIES, INC.
		
	By:	 	 /s/ Kevin P. Bagby

		 	 Kevin Bagby
 Vice President
of Finance
 Chief Financial Officer

	
	 PNC BANK, NATIONAL ASSOCIATION, successor to National City Bank, as Agent
and as a Lender

		
	By:	 	 /s/ Robert S. Coleman

		 	 Robert S. Coleman
 Senior
Vice President

	
	 THE PRIVATEBANK AND TRUST
COMPANY, as Syndication Agent and as a
Lender

		
	By:	 	 /s/ Roy D. Hasbrook

		 	 Roy D. Hasbrook
 Managing
Director

  

 Signature Page 1 of 2 to 
 Fourth Amendment Agreement 

			
	FIRSTMERIT BANK, N.A.
		
	By:	 	 /s/ Robert G. Morlan

		 	 Robert G. Morlan
 Senior
Vice President

	
	KEYBANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Stacy Mortiz

		 	 Stacy Moritz
 Senior Vice
President

	
	 RBS CITIZENS, NATIONAL
ASSOCIATION

		
	By:	 	 /s/ Gregory R.D. Clark

		 	 Gregory R.D. Clark
 Sr. Vice
President

  

 Signature Page 2 of 2 to 
 Fourth Amendment Agreement 

 GUARANTOR ACKNOWLEDGMENT AND AGREEMENT 
 The undersigned consent and agree to and acknowledge the terms of the foregoing Fourth Amendment Agreement dated as of November 13,
2009. The undersigned further agree that the obligations of the undersigned pursuant to the Guaranty of Payment executed by the undersigned are hereby ratified and shall remain in full force and effect and be unaffected hereby. 
 The undersigned hereby waive and release Agent and the Lenders and their respective directors, officers, employees, attorneys, affiliates
and subsidiaries from any and all claims, offsets, defenses and counterclaims of any kind or nature, absolute and contingent, of which the undersigned are aware or should be aware, such waiver and release being with full knowledge and understanding
of the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 
 JURY TRIAL
WAIVER. THE UNDERSIGNED, TO THE EXTENT PERMITTED BY LAW, HEREBY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT, THE LENDERS AND THE UNDERSIGNED, OR ANY
THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH
OR THE TRANSACTIONS RELATED THERETO. THIS WAIVER SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY THE ABILITY OF AGENT AND LENDERS TO PURSUE REMEDIES PURSUANT TO ANY CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN ANY NOTE OR
OTHER INSTRUMENT, DOCUMENT OR AGREEMENT BETWEEN BORROWER, AGENT AND LENDERS. 
  

									
	SHILOH CORPORATION	 		 	 GREENFIELD DIE & MANUFACTURING
CORP.

					
	By:	 	 /s/ Kevin P. Bagby
	 		 	By:	 	 /s/ Kevin P. Bagby

		 	Kevin Bagby	 		 		 	Kevin Bagby
		 	Vice President of Finance	 		 		 	Vice President of Finance
			
	JEFFERSON BLANKING INC.	 		 	SHILOH AUTOMOTIVE, INC.
					
	By:	 	 /s/ Thomas M. Dugan
	 		 	By:	 	 /s/ Kevin P. Bagby

		 	Thomas M. Dugan	 		 		 	Kevin Bagby
		 	Assistant Secretary	 		 		 	Vice President of Finance
					
	By:	 	 /s/ Kevin P. Bagby
	 		 		 	
		 	Kevin Bagby	 		 		 	
		 	Vice President of Finance	 		 		 	

  

 Signature Page 1 of 2 to 
 Guarantor Acknowledgment and Agreement 

									
	 SHILOH INDUSTRIES, INC. DICKSON MANUFACTURING DIVISION
	 		 	 LIVERPOOL COIL PROCESSING,
INCORPORATED

					
	By:	 	 /s/ Kevin P. Bagby
	 		 	By:	 	 /s/ Kevin P. Bagby

		 	Kevin Bagby	 		 		 	Kevin Bagby
		 	Vice President of Finance	 		 		 	Vice President of Finance
			
	MEDINA BLANKING, INC.	 		 	THE SECTIONAL DIE COMPANY
					
	By:	 	 /s/ Kevin P. Bagby
	 		 	By:	 	 /s/ Kevin P. Bagby

		 	Kevin Bagby	 		 		 	Kevin Bagby
		 	Vice President of Finance	 		 		 	Vice President of Finance
				
	SECTIONAL STAMPING, INC.	 		 		 	
					
	By:	 	 /s/ Kevin P. Bagby
	 		 		 	
		 	Kevin Bagby	 		 		 	
		 	Vice President of Finance	 		 		 	

  

 Signature Page 2 of 2 to 
 Guarantor Acknowledgment and Agreement 

 SCHEDULE 1 
  

										
	 LENDERS
	  	COMMITMENT
PERCENTAGE	 	 	REVOLVING
CREDIT
COMMITMENT
AMOUNT	  	MAXIMUM
AMOUNT
	 PNC Bank, National Association (successor to National City Bank)
	  	29.1666666667	% 	 	$	23,333,333.34	  	$	23,333,333.34
	 The PrivateBank and Trust Company
	  	29.1666666667	% 	 	$	23,333,333.33	  	$	23,333,333.33
	 FirstMerit Bank, N.A.
	  	16.6666666666	% 	 	$	13,333,333.33	  	$	13,333,333.33
	 KeyBank National Association
	  	12.5000000000	% 	 	$	10,000,000.00	  	$	10,000,000.00
	 RBS Citizens, National Association
	  	12.5000000000	% 	 	$	10,000,000.00	  	$	10,000,000.00
	 Total Commitment Amount
	  	100.0000000000	% 	 	$	80,000,000	  	$	80,000,000
		  			 	 	 	  		

  

 S-1Amended and Restated Executive Employment Agreement

 Exhibit 10.14 
 AMENDED AND RESTATED 
 EXECUTIVE EMPLOYMENT
AGREEMENT 
 This Amended and Restated Executive Employment Agreement (“Agreement”) is between Steven C. Cooper
(“Executive”) and TrueBlue, Inc. or the TrueBlue, Inc. subsidiary employing Executive (“TrueBlue” or “Company”), and is effective as of November 16, 2009 (“Effective Date”). 
 RECITALS 
 WHEREAS, Executive”) and TrueBlue (fka “Labor Ready”) entered into an Executive Employment Agreement effective as of May 17, 2006 (“2006 Agreement”); and 
 WHEREAS, the 2006 Agreement superseded and replaced prior employment agreements between the Executive and Company dated January 9, 2001
(“2001 Employment Agreement”) and March 23, 2005 (“2005 Employment Agreement”); and 
 WHEREAS,
Executive and Company amended the 2006 Agreement, the 2001 Employment Agreement and the 2005 Employment Agreement to conform them to the requirements of Section 409A of the Internal Revenue Code, as amended effective December 31, 2006 (the
“First Amendment”); and 
 WHEREAS, Executive and Company entered into a “Non-Competition Agreement”
effective December 31, 2006; and 
 WHEREAS, the 2006 Agreement expired by its terms on May 16, 2009, and the parties
wish to continue an employment relationship on certain different terms and conditions by amending and restating the 2006 Agreement; 
 NOW, THEREFORE, in consideration of the terms and conditions herein, which the parties agree constitutes sufficient consideration for this Amended and Restated Executive Employment Agreement and the Amended and Restated Non-Competition
Agreement, effective November 16, 2009, the 2006 Agreement is amended and restated as follows: 
  

	I.	TERMS AND CONDITIONS. 

 A. Employment. Company and Executive agree that Executive’s employment is not for any specific or minimum term or duration, and that subject to Sections I. E. and I.F. of this Agreement, the continuation of Executive’s
employment is subject to the mutual consent of Company and Executive, and that it is terminable at will, meaning that either Company or Executive may terminate the employment at any time, for any reason or no reason, with or without cause, notice,
pre-termination warning or discipline, or other pre- or post-termination procedures of any kind. Executive acknowledges and agrees that any prior representations to the contrary, including the provisions of the 2006 Agreement, are void and
superseded by this Agreement, and that Executive may not rely on any future representations to the contrary,

 
whether written or verbal, express or implied, by any statement, conduct, policy, handbook, guideline or practice of TrueBlue or its employees or agents. Nothing in this Agreement creates
any right, contract or guarantee of continued or a length of term period of employment or gives Executive the right to any particular level of compensation or benefits and nothing in this Agreement should be construed as such. The parties agree
that any decision maker who is charged with reviewing disputes surrounding Executive’s employment shall reject any legal theory, whether in law or in equity, that is claimed to alter at-will employment, unless such theory cannot be waived as a
matter of law. Notwithstanding the foregoing, either Executive or Company may, as a part of the Executive’s annual review, propose amendments or clarifications to this Agreement which shall be subject to mutual agreement and the discretion of
each party. 
 B. Duties of Executive. Executive agrees to devote the necessary time, attention, skill and
efforts to the performance of his duties as President and Chief Executive Officer of Company, including oversight of Subsidiaries and such other duties as may be assigned by the Board of Directors in its discretion. 
 C. Compensation. 
 1. Executive’s current salary shall be at the rate of Five Hundred Fifty Thousand dollars ($550,000) per year, subject to customary and usual deductions and withholdings, and payable biweekly,
unless and until changed by the Board of Directors as provided herein. 
 2. Company, acting through its Board of
Directors, may (but shall not be required to) increase, but may not decrease (other than as permitted by Section I.F.2(ii)), Executive’s compensation and award to Executive such bonuses as the Board of Directors may see fit, in its sole and
unrestricted discretion, commensurate with Executive’s performance and the overall performance of Company. Executive’s compensation shall be reviewed annually by the Compensation Committee of the Board of Directors. 
 D. Benefits. 
 1. Executive shall be entitled to all benefits offered generally to employees of Company. 
 2. Executive shall be
entitled each year during the term of this Agreement to a vacation of twenty-five (25) business days, no two of which need be consecutive, during which time his compensation shall be paid in full. 
 3. To the fullest extent permitted by law, Company shall indemnify and hold harmless Executive for any and all losses, cost, damage and
expense including attorneys’ fees and court costs incurred or sustained by Executive, in accordance with the present provisions Article 5G of Company’s Articles of Incorporation. 
 4. In addition, if (i) Company terminates the employment of Executive without Cause, (ii) Executive terminates employment
with Good Reason or (iii) Executive otherwise terminates and gives the Company at least one (1) year prior written notice in order to provide

 
for an orderly transition, and in the good faith determination of the Board has formulated and implemented an orderly transition for a new Chief Executive Officer, and Executive elects to
continue health care coverage for Executive and his family pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), then Company shall reimburse Executive for up to (18) eighteen months on an after-tax basis the portion
of Executive’s COBRA premiums for such coverage that exceeds the amount that Executive would have incurred in premiums for coverage under the Company’s health plan if then employed by the Company. The entitlement of Executive and his
family under this Paragraph 4 shall also be subject to (i) each of the conditions precedent set forth in Paragraph I(E)(2), and (ii) the inability of Executive and his spouse to obtain comparable health insurance benefits under the plan of
another employer of either the Executive or his spouse. 
 E. Termination by Company. Company may terminate
this Agreement under either of the following circumstances: 
 1. Company may terminate this Agreement and Executive’s
employment for Cause (as defined herein below) at any time upon written notice to Executive. The notice of termination must specify those actions or inactions upon which the termination is based. Cause shall exist if any of the following
occurs: 
 (a) Executive is convicted of or takes a plea of nolo contendere to a crime involving dishonesty,
fraud or moral turpitude; 
 (b) Executive has engaged in (i) fraud, embezzlement, theft or other
dishonest acts, (ii) unprofessional conduct, or (iii) gross negligence related to the business; 
 (c) Executive materially violates a significant Company policy, such as policies required by the Sarbanes-Oxley Act, Company’s Drug Free Workplace Policy or Company’s policy against harassment, and does not cure such
violation (if curable) within ten (10) days after written notice from Company; 
 (d) Executive
willfully takes any action that materially damages the assets (including tangible and intangible assets, such as name or reputation) of Company; 
 (e) Executive fails to perform his duties in good faith, within ten (10) days after written notice from Company or, if notice and cure have previously taken place regarding a similar failure to
perform, if the circumstance recurs; 
 (f) Executive uses or discloses Confidential Information, as defined
in this Agreement, without authorization; 
 (g) Executive fails to commence implementation of actions
approved by resolution of the board of directors, within ten (10) days after written notice from Company, or to thereafter diligently pursue the completion thereof; or 

 (h) Executive breaches this Agreement in any other material respect and
does not cure such breach (if curable) within ten (10) days after written notice from Company or, if notice and cure have previously taken place regarding a similar breach, if the breach recurs. 
 2. Company shall have the right to terminate this Agreement at any time without Cause by written notice to Executive. In the event of
termination under this subparagraph 2, Company shall pay Executive all wages due under this Agreement which are then accrued but unpaid, within thirty (30) days after Executive’s last day of employment. Additionally, provided that no
Cause exists and subject to the following conditions precedent, Company shall provide to Executive payments at a rate equal to his pro-rated base salary at the time of termination for a period of eighteen (18) months, in accordance with
Company’s normal payroll practices.
 3. In addition, provided that no Cause exists, Executive may also receive any
short-term or other incentive payments which are applicable to the Executive and based solely on the year in which termination occurs, provided that (i) any amount of such incentive which is based on the Executive’s individual performance
shall remain subject to any discretionary judgments of the Board as provided in the applicable plan or agreement and (ii) any incentive payment whether based on Company or the individual performance of the Executive shall be prorated based on
the months of service actually performed by the Executive during the applicable fiscal year. For avoidance of doubt this section is not intended to apply to (i) equity incentive awards which are addressed in Section I.G.1 nor (ii) any
incentive plan which is based on Company or individual performance in more than one fiscal year, it being the intent that if such a plan is subsequently adopted by the Company that any benefit payable under such plan would be addressed in the plan
or in a specific amendment to this agreement. 
 4. As conditions precedent to being entitled to receive the payments set forth
in Sections E(2) and E(3), Executive must: (i) within twenty-one (21) days of the termination of Executive’s employment, sign and deliver and thereafter not revoke a release in the form of Exhibit A to this Agreement in accordance
with its terms or a form otherwise acceptable to Company; (ii) be and remain in full compliance with all provisions of this Agreement; and (iii) be and remain in full compliance with Company’s Non-Competition Agreement and any other
covenants in this and in any other agreements between Company and the Executive. Company shall have no obligation to make any payments or provide any benefits to the Executive hereunder unless and until the effective date of the Waiver and Release
Agreement, as defined therein. Monthly salary payments shall be made on Company’s normal pay days and any incentive payment shall be made on or about the same days as such payments are or would have been payable to executive officers receiving
similar incentive payments or, in the absence of such other payments, on the date that corresponds to the date on which incentive payments were last made to other executive officers. 
 5. Except as provided in Sections E(1), 2 and (3) no other amounts are owed to Executive upon termination of his employment by
Company. 

 F. Termination by Executive. 
 1. Notwithstanding any other term or provision of this Agreement, including, without limitation, Section I., Paragraph A., Executive may
terminate this Agreement and his employment with Company at any time, upon giving Company written notice. Executive shall make reasonable best efforts to give sufficient notice and otherwise assist in an orderly transition to a new chief executive
officer. In the event of termination under this Paragraph F.1., Company shall pay Executive all wages due under this Agreement which are then accrued but unpaid, within thirty (30) days after Executive’s last day of employment. 

2. Executive may terminate this Agreement for Good Reason upon prior written notice to Company, provided that Executive notifies Company
of the existence of the condition constituting Good Reason within ninety (90) days after the initial existence of the condition, Company is given at least thirty (30) days after being notified of the existence of the condition to remedy
the condition and Company has failed to remedy the condition within the allotted cure period, and the termination of the Agreement is effective no later than five (5) months after the initial existence of the condition. Good Reason shall
exist if (i) there is any material breach of this Agreement by Company which has not been consented to or waived by Executive; (ii) Company materially reduces Executive’s base salary, other than with Executive’s consent or as
part of an across-the-board salary reduction generally imposed on executives of the Company; or (iii) Company assigns Executive, without Executive’s consent, to a position other than Chief Executive Officer. If termination of the Agreement
occurs pursuant to this subparagraph 2, provided that no Cause exists and subject to the following conditions precedent, Company shall provide to Executive payments at a rate equal to his pro-rated base salary at the time of termination for a period
of eighteen (18) months, in accordance with Company’s normal payroll practices. 
 3. In addition, provided that no
Cause exists, Executive may also receive any short-term or other incentive payments which are applicable to the Executive and based solely on the year in which termination occurs, provided that (i) any amount of such incentive which is based on
the Executive’s individual performance shall remain subject to any discretionary judgments of the Board as provided in the applicable plan or agreement and (ii) any incentive payment whether based on Company or the individual performance
of the Executive shall be prorated based on the months of service actually performed by the Executive during the applicable fiscal year. For avoidance of doubt this section is not intended to apply to (i) equity incentive awards which are
addressed in Section I.G.1 nor (ii) any incentive plan which is based on Company or individual performance in more than one fiscal year, it being the intent that if such a plan is subsequently adopted by the Company that any benefit payable
under such plan would be addressed in the plan or in a specific amendment to this agreement. 
 4. As conditions precedent to
being entitled to receive the payments set forth in Sections F(2) and F(3), Executive must: (i) within twenty-one (21) days of the termination of Executive’s employment, sign and deliver and thereafter not revoke a release in the form
of Exhibit A to this Agreement in accordance with its terms or a form otherwise acceptable to Company; (ii) be and remain in full compliance with all provisions of this Agreement; and (iii) be and remain in full compliance with
Company’s Non-Competition Agreement and any other

 
covenants in this and in any other agreements between Company and the Executive. Company shall have no obligation to make any payments or provide any benefits to the Executive hereunder unless
and until the effective date of the Waiver and Release Agreement, as defined therein. Salary payments shall be made on Company’s normal pay days and any incentive payment shall be made on or about the same days as such payments are or would
have been payable to executive officers receiving similar incentive payments or, in the absence of such other payments, on a date that reasonably corresponds to the date on which incentive payments were last made to other executive officers.

 5. Except as provided in Sections F(1), (2) and (3) no other amounts are owed to Executive upon termination of
his employment by Executive. 
 G. Stock Options and Excess Parachute Provision. 
 1. In addition to any payments to which Executive may be entitled under Sections E(2), E(3), F(2) or F(3), if Company terminates the
employment of Executive without Cause or if Executive terminates employment with Good Reason, all of Executive’s unvested stock options and restricted stock awards shall vest on the termination date unless otherwise specifically prohibited
under applicable laws, or by the rules and regulations of any applicable governmental agencies or national securities exchanges, provided that Executive provides Company with a final release of claims in the form attached as Exhibit A or otherwise
acceptable to Company, and provided that Executive is in full compliance with all covenants in this and any other agreement with Company entered into by Executive. 
 2. If Executive is deemed to receive an “excess parachute payment” as defined in Section 280G of the Internal Revenue Code of 1986 by reason of his vesting of the Unvested Awards
pursuant to Paragraph 1 of this Section G, (taking into account any other compensation paid or deemed paid to Executive), the amount of such payments or deemed payments shall be reduced, or, alternatively the provisions of Paragraph 1 of this
Section G shall not act to vest Unvested Awards to Executive, so that no such payments or deemed payments shall constitute excess parachute payments. The determination of whether a payment or deemed payment constitutes an excess parachute
payment shall be in the sole discretion of the Board of Directors. 
 H. Arbitration. Dispute Resolution; Arbitration;
Exigent Relief. 
 Company and Executive agree that any claim arising out of or relating to this Agreement, or the breach of
this Agreement, or Executive’s application, employment, or termination of employment, shall be submitted to and resolved by binding arbitration under the Federal Arbitration Act. Company and Executive agree that all claims shall be submitted to
arbitration including, but not limited to, claims based on any alleged violation of Title VII or any other federal or state laws; claims of discrimination, harassment, retaliation, wrongful termination, compensation due or violation of civil rights;
or any claim based in tort, contract, or equity. Any arbitration between Company and Executive will be administered by the American Arbitration Association under its Employment Arbitration Rules then in effect. The award entered by the arbitrator
will be based solely upon the law governing the claims and defenses pleaded, and will

 
be final and binding in all respects. Judgment on the award may be entered in any court having jurisdiction. In any such arbitration, neither Executive nor Company shall be entitled to join or
consolidate claims in arbitration or arbitrate any claim as a representative or member of a class. Company agrees to pay for the arbiter’s fees where required by law. In any claim or jurisdiction where this agreement to arbitrate is not
enforced, Company and Executive waive any right either may have to bring or join a class action or representative action, and further waive any right either may have under statute or common law or any other legal doctrine to a jury trial.

 Notwithstanding any other provisions of this Agreement regarding dispute resolution, including this Section I. H., Executive
agrees that Executive’s violation or breach, or threatened violation or breach, of any provision of Sections II or III of this Agreement and/or Executive’s violation or breach, or threatened violation or breach, of other provisions of this
Agreement which otherwise place Company in peril that cannot be readily remedied by monetary damages, would cause Company irreparable harm which would not be adequately compensated by monetary damages and that a temporary and/or preliminary or
permanent injunction may be granted by any court or courts having jurisdiction (subject to the venue provision of Section V.F.), restraining the Executive from violation or breach of the terms of this Agreement. The preceding sentence shall not be
construed to limit Company from any other relief or damages to which it may be entitled as a result of the Executive’s breach of any provision of this Agreement. 
 I. Duty of Loyalty. Executive agrees during working hours to devote his full and undivided time, energy, knowledge, skill and ability to Company’s business, to the exclusion of all other
business and sideline interests. Executive also agrees not to be employed elsewhere unless first authorized by Company in writing. In no event will Executive allow other activities to interfere with Executive’s duties to
Company. Executive agrees to faithfully and diligently to perform all duties to the best of Executive’s ability. Executive recognizes that the services to be rendered under this Agreement require certain training, skills and
experience, and that this Agreement is entered into for the purpose of obtaining such services for Company. Upon request, Executive agrees to provide Company with any information which Executive possesses and which will be of benefit to
Company. Executive agrees to perform his duties in a careful, safe, loyal and prudent manner. Executive agrees to conduct himself in a way which will be a credit to TrueBlue’s reputation and interests. 
 J. Reimbursement. If Executive ever possesses any TrueBlue funds (including without limitation cash and travel advances,
overpayments made to Executive by TrueBlue, amounts received by Executive due to TrueBlue’s error, unpaid credit or phone charges, excess sick or vacation pay, or any debt owed TrueBlue for any reason, including misuse or misappropriation of
Company assets), Executive will remit them to TrueBlue corporate headquarters in Tacoma, Washington daily unless directed otherwise in writing. If Executive’s employment ends, Executive will fully and accurately account to TrueBlue for any
TrueBlue funds and other property in Executive’s possession. If Executive fails to do so, Executive hereby authorizes Company (subject to any limitations under applicable law) to make appropriate deductions from any payment otherwise due
Executive (including without limitation, Executive’s paycheck, salary, bonus, commissions, expense reimbursements and benefits), in addition to all other remedies available to Company. 

 K. Background Investigation. Executive agrees that at any time during employment
Company may, subject to any applicable legal requirements, investigate Executive’s background for any relevant information on any subject which might have a bearing on job performance including, but not limited to, employment history,
education, financial integrity and credit worthiness, and confirm that Executive has no criminal record during the last ten years. Executive shall sign any and all documents necessary for Company to conduct such investigation. For this purpose,
Executive specifically authorizes Company to obtain any credit reports, background checks and other information which may be useful. Executive acknowledges and, except as may be limited by applicable law, agrees to abide at all times by the
terms of TrueBlue’s drug and alcohol policy. Executive understands that failure to comply with TrueBlue’s policies, including its drug and alcohol policies, may result in termination of employment. 
 L. Required Six-Month Delay In Severance Payments. Notwithstanding anything in this Agreement to the contrary, if at the time of
the Executive’s termination of employment the Executive is considered a “specified employee” subject to the required six-month delay in benefit payments under Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as
amended (“Code”), then any separation payments that are subject to Code Section 409A (e.g., not exempt from 409A as separation pay pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii)) and would otherwise have been paid
within the first six (6) months after the Executive’s termination of employment shall instead be paid in a single lump sum on (or within 15 days after) the six-month anniversary of such termination of employment. Any remaining
severance payments shall be made monthly after such six-month anniversary. For purposes of this Agreement, the Executive will be considered to have terminated employment when the Executive has incurred a “separation from service” for
purposes of Code Section 409A(a)(2)(A)(i). 
  

	II.	NON-COMPETITION AND NON-SOLICITATION. 

 The Amended and Restated Non-Competition Agreement dated November 16, 2009, shall supersede the provisions formerly in Section II of this Agreement. 
  

	III.	ASSIGNMENT OF INVENTIONS. 

 A. Assignment. Executive will make prompt and full disclosure to Company, will hold in trust for the sole benefit of Company, and will assign exclusively to Company all right, title and interest in and to any and all inventions,
discoveries, designs, developments, improvements, copyrightable material and trade secrets (collectively herein “Inventions”) that Executive solely or jointly may conceive, develop, author, reduce to practice or otherwise produce during
his employment with Company. 
 B. Outside Inventions. Executive’s obligation to assign shall not apply to
any Invention about which Executive can prove all the following: (a) it was developed entirely on Executive’s own time; (b) no equipment, supplies, facility, services or trade secret information of TrueBlue was used in its
development; (c) it does not relate (i) directly to the business of TrueBlue or (ii) to the actual or demonstrably anticipated business, research or development of TrueBlue; and (d) it does not result from any work performed by
Executive for TrueBlue. Executive shall attach a list of all existing Inventions meeting these requirements to this Agreement. 

	IV.	COMPLIANCE WITH LAWS AND CODE OF CONDUCT. 

 A. Commitment to Compliance. Company is committed to providing equal employment opportunity for all persons regardless of race, color, gender, creed, religion, age, marital or family status,
national origin, citizenship, mental or physical disabilities, veteran status, ancestry, citizenship, HIV or AIDS, sexual orientation, on-the-job-injuries, or the assertion of any other legally enforceable rights. Equal opportunity extends to
all aspects of the employment relationship, including hiring, transfers, promotions, training, termination, working conditions, compensation, benefits, and other terms and conditions of employment. Company is likewise committed to ensuring that
employees are accurately paid for all hours worked. 
 B. Duty to Comply with the Law. Executive agrees to
comply with all federal, state and local laws and regulations, including equal employment opportunity laws and wage and hour laws. Executive agrees to notify immediately Company if Executive becomes aware of a violation of the law, or suspects
a violation of the law has or will occur. Executive acknowledges that Executive may be held personally liable for intentional violations. 
 C. Duty to Comply with TrueBlue’s Code of Conduct. Executive acknowledges and agrees that it is his duty to be familiar with TrueBlue’s Code of Conduct, and to comply with all of its
provisions. 
  

	V.	MISCELLANEOUS. 

 A.
Integration. Except with respect to Company’s Non-Competition Agreement as amended herein, the Change in Control Agreement, and Company’s Indemnification Agreement, (i) no promises or other communications made by either
Company or Executive are intended to be, or are, binding unless they are set forth in this Agreement; and (ii) this Agreement contains the entire agreement between the parties and replaces and supersedes any prior agreements, including Previous
Employment Agreement(s). This Agreement may not be modified except by a written instrument signed by an appropriate officer of Company and by Executive. This Agreement will be binding upon Executive’s heirs, executors, administrators and other
legal representatives. 
 B. Choice of Law. Company and Executive agree that this Agreement and all interpretations
of the provisions of this Agreement will be governed by the laws of the State of Washington, without regard to choice of law principles. 
 C. No Waiver. If Company waives any condition or term of this Agreement, Company is not waiving any other condition or term, nor is Company waiving any rights with respect to any future
violation of the same condition or term. If Company chooses to refrain from enforcing any condition or term, Company does not intend to waive the right to do so. Sections I(H), I(J), II and III of this Agreement are to remain in effect after
termination of the remainder of this Agreement. 

 D. Severability. The provisions of this Agreement are intended to be severable
from each other. No provision will be invalid because another provision is ruled invalid or unenforceable. If any provision in this Agreement is held to be unenforceable in any respect, such unenforceability shall not affect any other
provision of this Agreement and shall be re-written to provide the maximum effect consistent with the intent of the provision. 
 E. Assignment. Company reserves the right to assign this Agreement to an affiliated company or to any successor in interest to Company’s business without notifying Executive. All terms and conditions of this Agreement
will remain in effect following any such assignment. 
 F. Venue and Consent to Jurisdiction. Where the parties have
mutually waived their right to arbitration in writing or have not yet sought to enforce their right to compel arbitration, or where a temporary and/or preliminary or permanent injunction may be necessary to protect the interests of Company, venue
for any legal action in connection with this Agreement will be limited exclusively to the Washington State Superior Court for Pierce County, or the United States District Court for the Western District of Washington at Tacoma, or a proper superior
court or United State District Court in the jurisdiction in which Executive last worked, or where Executive is engaged in violating the Agreement. Executive and Company agree that the choice of venue lies solely in the discretion of Company.
Executive agrees to submit to the personal jurisdiction of the courts identified herein, and agrees to waive any objection to personal jurisdiction in these courts, including but not limited to any claim that any such suit, action or proceeding has
been brought in an inconvenient forum. 
 G. Survival. Notwithstanding any provision of this
Agreement to the contrary, the parties’ respective rights and obligations under Sections I. G., H. and L., Section II., Section III., and Section V. do and shall survive any termination of the Executive’s employment and/or the
assignment of this Agreement by Company to any successor in interest or other assignee. 
  

									
	TRUEBLUE, INC.	 		 	EXECUTIVE
					
	By:	 	 	 		 	By:	 	 
	Name:	 	James E. Defebaugh	 		 		 	Steven C. Cooper
	Title:	 	Executive Vice President and General Counsel	 		 	
			
	Date Executed: November 16, 2009	 		 	

 EXHIBIT A 
 RELEASE OF CLAIMS 
 This Release of Claims (“Release”) is
hereby executed by Steven C. Cooper (“Executive”) in accordance with the Amended and Restated Employment Agreement between Executive and TrueBlue, Inc. (“Employer”), dated November 16, 2009 (“Employment
Agreement”). 
 RECITALS 
 A. Employer and Executive are parties to the Employment Agreement. 
 B. The Employment Agreement
provides for certain payments and benefits to Executive upon termination of Executive’s employment under certain circumstances, provided that Executive signs and delivers to Employer upon such termination a Release in substantially the form of
this Release. 
 C. Executive desires for Employer to make payments in accordance with the Employment Agreement and therefore executes this
Release. 
 TERMS 
 1. Waiver, Release and Covenant. On behalf of Executive and Executive’s marital community, heirs, executors, administrators and assigns, Executive expressly waives, releases, discharges and acquits any and all claims against
Employer and its present, former and future affiliates, related entities, predecessors, successors and assigns, and all of their present, former and future officers, directors, stockholders, employees, agents, partners, and members, in their
individual and representative capacities (collectively “Released Parties”) that arise from or relate to Executive’s employment with Employer and/or the termination of such employment (“Released Claims”). This waiver and
release includes any and all Released Claims (including claims to attorneys’ fees), damages, causes of action or disputes, whether known or unknown, based upon acts or omissions occurring or that could be alleged to have occurred before the
execution of this Release. Released Claims include, without limitation, claims for wages, employee benefits, and damages of any kind whatsoever arising out of any: contract, express or implied, including without limitation the Employment Agreement,
the employment agreement dated January 9, 2001 and the employment agreement dated March 23, 2005; tort; discrimination; wrongful termination; any federal, state, local or other governmental statute or ordinance, including, without
limitation, Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act, as amended (“ADEA”); the Employee Retirement Income Security Act of 1974; and any other legal limitation on the employment
relationship. Executive also covenants and promises never to file, press or join in any complaint or lawsuit for personal relief or any amounts of any nature based on any Released Claim and agrees that any such claim, if filed by Executive, shall be
dismissed, except that this covenant and promise does not apply to any claim of Executive challenging the validity of this Release in connection with claims arising under the ADEA and/or the Older Workers’ Benefit Protection Act of 1990

 
(“OWBPA”). Executive represents and warrants that he is the sole owner of all Released Claims and has not assigned, transferred, or otherwise disposed of Executive’s right or
interest in those matters. Notwithstanding the foregoing, this waiver and release does not apply to claims that arise after the date that the release is executed, claims to vested benefits under ERISA, workers’ compensation claims or any other
claims that may not be released under this Release in accordance with applicable law. 
 2. Acknowledgment of Sufficiency of
Consideration. Executive acknowledges and agrees that in the absence of Executive’s execution of this Release, Employer is not obligated to provide Executive with the payment and benefits described in Sections I.E.2 and I.E.3, or I.F.2 and
I.F.3 of the Employment Agreement, and that the payment and benefits set forth in such sections are adequate consideration for the covenants and release herein. 
 3. Covenants and Obligations under Employment Agreement. Nothing in this Release supersedes or restricts any obligations that Executive owes to Employer, including, without limitation, the
obligation to protect Employer’s interests in confidential information and trade secrets and inventions under the Employment Agreement and/or under applicable law. 
 4. Review and Revocation Period. Executive has a period of seven (7) calendar days after delivering the executed Release to Employer to revoke the Release. To revoke, Executive must deliver a
notice revoking his agreement to this Release to the CEO of Employer. This Release shall become effective on the eighth day after delivery of this executed Release by Executive to Employer (“Effective Date”), provided that Executive has
not revoked the Release. Employer shall have no obligation to provide Executive with any payment or benefits as described in Sections I.E.2 and I.E.3, or I.F.2 and I.F.3 of the Employment Agreement if Executive revokes this Release. 
 5. Governing Law. This Release shall be interpreted in accordance with the law of the State of Washington, without regard to the conflicts of law
provisions of such laws. 
 6. Severability. If any provision of this Release constitutes a violation of any law or is or becomes
unenforceable or void, then such provision, to the extent only that it is in violation of law, unenforceable or void, shall be deemed modified to the extent necessary so that it is no longer in violation of law, unenforceable or void, and such
provision will be enforced to the fullest extent permitted by law. If such modification is not possible, such provision, to the extent that it is in violation of law, unenforceable or void, shall be deemed severable from the remaining provisions of
this Release, which shall remain binding. 
 7. Knowing and Voluntary Agreement. Executive hereby warrants and represents that
(a) Executive has carefully read this Release and finds that it is written in a manner that he understands; (b) Executive knows the contents hereof; (c) Executive has been advised to consult with his personal attorney regarding the
Release and its effects and has done so; (d) Executive understands that he is giving up all Released Claims and all damages and disputes that have arisen before the date of this Release, except as provided herein; (e) Executive has had
ample time to review and analyze this entire Release; (f) Executive did not rely upon any representation or statement concerning the subject matter of this Release, except as expressly stated in the

 
Release; (g) Executive has been given at least twenty-one (21) days to consider this Release and seven (7) days to revoke this Release; (h) Executive understands this
Release’s final and binding effect; and (i) Executive has signed this Release as his free and voluntary act. 
 8. Arbitration and
Venue. Employer and Executive agree that any claim arising out of or relating to this Release, or the breach of this Release shall be submitted to and resolved by binding arbitration under the Federal Arbitration Act. Employer and Executive
agree that all claims shall be submitted to arbitration including, but not limited to, claims based on any alleged violation of Title VII or any other federal or state laws; claims of discrimination, harassment, retaliation, wrongful termination,
compensation due or violation of civil rights; or any claim based in tort, contract, or equity. Any arbitration between Employer and Executive will be administered by the American Arbitration Association under its Employment Arbitration Rules then
in effect. The award entered by the arbitrator will be based solely upon the law governing the claims and defenses pleaded, and will be final and binding in all respects. Judgment on the award may be entered in any court having jurisdiction. In any
such arbitration Employer shall be entitled to join or consolidate claims in arbitration or arbitrate any claim as a representative or member of a class. Employer agrees to pay for the arbiter’s fees where required by law. In any claim or
jurisdiction where this agreement to arbitrate is not enforced, Employer and Executive waive any right either may have to bring or join a class action or representative action, and further waive any right either may have under statute or common law
to a jury trial. Where the parties have mutually waived their right to arbitration in writing or have not yet sought to enforce their right to compel arbitration, venue for any legal action in connection with this Release will be limited exclusively
to the Washington State Superior Court for Pierce County, or the United States District Court for the Western District of Washington at Tacoma. Executive agrees to submit to the personal jurisdiction of the courts identified herein, and agrees to
waive any objection to personal jurisdiction in these courts. 
 EXECUTED this
             day of                 ,         .

  

	
	
	  
	Steven C. Cooper

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]