Document:

Exhibit 4.1

 

Execution Copy

 

Stockholders
Agreement

 

This Stockholders Agreement (this “Agreement”),
dated as of June 19, 2017, is entered into by EnviroStar, Inc., a Delaware corporation (the “Company”), Symmetric
Capital LLC, a Florida limited liability company (“Symmetric 1”), Symmetric Capital II LLC, a Florida limited
liability company (“Symmetric II”, and together with Symmetric 1, “Symmetric”), Henry M.
Nahmad (“Nahmad”), William Mann, Jim Hohnstein and Timm Mullen. William Mann, Jim Hohnstein and Timm Mullen
are sometimes hereinafter referred to individually as a “Seller” and collectively as the “Sellers.”
The Sellers, Symmetric, Nahmad and the Company are sometimes hereinafter referred to individually as a “Party”
and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, William Mann, Jim Hohnstein and
Timm Mullen own 100% of the outstanding shares of common stock, no par value (the “Martin-Ray Common Stock”),
of Martin-Ray Laundry Systems, Inc., a Colorado corporation (the “Martin-Ray”);

 

WHEREAS, the Company and Martin-Ray Laundry
Systems, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (the “Buyer”), on the one
hand, and Martin-Ray and the Sellers, on the one hand, entered into that certain Asset Purchase Agreement dated as of June 2, 2017
(the “Asset Purchase Agreement”) pursuant to which, among other things, Martin-Ray agree to sell to the
Buyer all of the assets (other than any Excluded Assets (as defined in the Asset Purchase Agreement)) of Martin-Ray for an aggregate
purchase price of $4.0 million, subject to adjustment as set forth therein (the “Purchase Price”), of which
$2.0 million was paid in cash (the “Cash Consideration”) and $2.0 million was paid in shares of Common
Stock, par value $0.025 per share (“Company Common Stock”), of the Company;

 

WHEREAS, in connection with their entry
into the Asset Purchase Agreement and the consummation of the transactions contemplated thereby, the Company, Symmetric, Nahmad
and the Sellers agreed to enter into this Agreement, which sets forth certain terms and conditions relating to, among other things,
the ownership, transfer and voting of the shares of the Company Common Stock

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

     

     

    

 

Article
I

Voting

 

Section
1.01         Sellers Covenants to Vote. 

 

(a)          Each
Seller hereby agrees to vote or cause to be voted, or consent or cause to be consented, with respect to all matters submitted to
a vote or consent, as the case may be, of the Company’s stockholders at any time during the term of this Agreement, whether
the matter is brought before any meeting of the stockholders of the Company however called, proposed to be taken by written consent
of the stockholders of the Company or otherwise, all of the shares of Company Common Stock owned or held by such Seller, directly
or indirectly (collectively, the “Seller Shares”), in accordance with the recommendations or directions of the
Company’s Board of Directors (the “Company Board”). For the avoidance of doubt, the term “Seller
Shares” shall include all shares of the Company Common Stock owned or held by the Sellers, directly or indirectly, as
of the date hereof (after giving effect to the purchase and sale transaction contemplated by the Asset Purchase Agreement) and
all shares subsequently acquired by any Seller by any means, including, without limitation, upon exercise of any stock option,
warrant or similar purchase right.

 

(b)          In
furtherance of the voting agreement of the Sellers contained in Section 1.01(a), each Seller hereby constitutes and appoints
as the proxy of such Seller, and hereby grants a power of attorney to, the Company and its designees, with full power of substitution,
with respect to all matters submitted to a vote or consent of the Company’s stockholders as contemplated by Section 1.01(a).
Each of the proxy and power of attorney granted pursuant to the immediately preceding sentence is given in consideration of the
agreements and covenants of the parties in connection with the transactions contemplated by the Asset Purchase Agreement and this
Agreement, including the agreements to vote set forth in this Article I, and, as such, each is coupled with an interest
and shall be irrevocable unless and until this Agreement terminates pursuant to Article IV.

 

(c)          Each
Seller hereby revokes any and all previous proxies or powers of attorney with respect to the Seller Shares and shall not hereafter,
unless and until this Agreement terminates pursuant to Article IV, purport to grant any other proxy or power of attorney
with respect to any of the Seller Shares, deposit any of the Seller Shares into a voting trust or enter into any agreement (other
than this Agreement), arrangement or understanding with any person or entity, directly or indirectly, to vote, grant any proxy
or give instructions with respect to the voting of any of the Seller Shares.

 

    	 	2	 

     

    

 

(d)          The
Company shall indemnify and hold harmless each Seller and each of their Indemnified Persons (as such term is defined in the Asset
Purchase Agreement, except that for purposes of this Agreement, none of the Company nor any subsidiary of the Company shall be
deemed an Indemnified Person of either Seller) from, against and in respect of any loss (excluding loss of value of the Seller
Shares), liability, claim, damage, cost, fine, deficiency, judgment, award, settlement and expense (including, without limitation,
interest, penalties, costs of investigation and defense and the reasonable fees and expenses of attorneys and experts) (collectively,
“Indemnifiable Expenses”) incurred directly by such Seller in connection with any claim asserted by an unaffiliated
third party against such Seller based upon the voting of the Seller Shares by: (i) such Seller under direction of the Company Board
pursuant to Section 1.01(a); or (ii) the Company or its designee pursuant to the proxy and power of attorney granted under Section
1.01(b).

 

Article
II

Transfer

 

Section
2.01         General Restrictions on Transfer of Seller Shares.

 

(a)          Except
as otherwise expressly permitted pursuant to this Article II, no Seller shall Transfer (as hereinafter defined) any Seller
Shares without the prior written consent of the Company Board, which consent may be granted or withheld in the sole and absolute
discretion of the Company.

 

(b)          For
all purposes of this Agreement, the term “Transfer” means, as a noun, any direct or indirect, voluntary or involuntary
transfer, sale, pledge, encumbrance, assignment, hypothecation, gift, or other disposition and, as a verb, to voluntarily or involuntarily,
directly or indirectly, transfer, sell, assign, pledge, encumber, hypothecate, give, or otherwise dispose of, any of the Seller
Shares.

 

Section
2.02         Permitted Transfers. A Seller shall be free at any
time (without the consent of the Company but, in the case of clauses (i) and (ii) of this sentence, upon at least five business
days advance written notice to the Company) to Transfer all or any portion of his Seller Shares: (i) in the case the transferring
Seller is a natural person, to a trust or estate, limited liability company, limited partnership or similar vehicle owned or controlled
by such Seller; (ii) in the case of a transferring Seller that is not a natural person, to (A) such Seller’s equity holders
on dissolution of such Seller or (B) a wholly owned subsidiary of such Seller; and (iii) in the case of any Seller, to Symmetric
or the Company (whether pursuant to the provisions of this Article II or otherwise). Seller Shares owned or held by a Seller
who is a natural person may also be Transferred upon such Seller’s death or involuntarily by operation of law. In addition,
Seller Shares may be Transferred pursuant to a merger, consolidation or other business combination involving Company Common Stock
that has been approved by the Company Board and otherwise in compliance with all applicable laws, rules and regulations. Notwithstanding
the foregoing, in the case of any Transfer permitted under this Section 2.02 (other than a permitted Transfer pursuant to
the preceding sentence or clause (iii) of this Section 2.02), it shall be a condition to such Transfer that such transferee
agrees, by executing a joinder agreement in substantially the form attached hereto as Exhibit A (y) to be bound by this
Agreement as a Seller with respect to all of the Seller Shares Transferred to such transferee, and (z) that all of the Seller Shares
Transferred to such transferee remain subject to this Agreement and all of the terms, conditions and restrictions hereof as Seller
Shares.

 

    	 	3	 

     

    

 

Section
2.03         Right of First Refusal.

 

(a)          If,
following the one year anniversary of the date hereof, a Seller (such Seller, an “Offering Stockholder”) receives
a bona fide offer (the “Offer”) from any unaffiliated third party (a “Third Party Purchaser”)
to purchase any or all of the Seller Shares owned by such Seller (the “Offered Shares”) and the Offering Stockholder
desires to Transfer the Offered Shares to the Third Party Purchaser pursuant to such Offer, then the Offering Stockholder must
first make an offering of the Offered Shares to the Company in accordance with the provisions of this Section 2.03.

 

(b)          The
Offering Stockholder shall, within five business days after receipt of the Offer from the Third Party Purchaser, give written notice
(the “Offering Stockholder Notice”) to the Company stating that it has received a bona fide offer from a Third
Party Purchaser and specifying:

 

(i)          the
number of Offered Shares proposed to be Transferred by the Offering Stockholder;

 

(ii)         the
identity of the Third Party Purchaser;

 

(iii)        the
per share purchase price and the other material terms and conditions of the Transfer, including a description of any non-cash consideration
in sufficient detail to permit the valuation thereof; and

 

(iv)        the
proposed date, time and location of the closing of the Transfer, which shall not be less than 60 days from the date of the Offering
Stockholder Notice.

 

The Offering Stockholder Notice shall constitute the Offering
Stockholder's offer to Transfer the Offered Shares to the Company, which offer shall be irrevocable for the ROFR Notice Period
(as hereinafter defined).

 

(c)          Upon
receipt of the Offering Stockholder Notice, the Company shall have thirty days (the “ROFR Notice Period”) to
elect, in its sole discretion, to purchase all, but not less than all, of the Offered Shares on the terms specified in the Offering
Stockholder Notice (subject to the right of the Company pursuant to Section 2.03(e) below to pay the purchase price solely
in cash), by delivering a written notice of such election (a “ROFR Notice”) to the Offering Stockholder. Any
ROFR Notice shall be binding upon delivery and irrevocable by the Company.

 

    	 	4	 

     

    

 

(d)          If
the Company elects to purchase all, but not less than all, of the Offered Shares pursuant to this Section 2.03, the Company
and the Offering Stockholder shall take all actions as may be reasonably necessary to consummate the purchase and sale of such
Offered Shares, including entering into agreements and delivering certificates and instruments and consents as may be deemed necessary
or appropriate, and making all payments in connection therewith, within 30 days after delivery of the ROFR Notice (or if such 30
day period expires during a period in which “insiders” of the Company are prohibited from purchasing or selling securities
of the Company and such prohibition applies to the exercise of the Company’s rights hereunder, within 10 days following the
expiration of such restricted period). Notwithstanding anything to the contrary contained herein, if all or any portion of the
consideration proposed to be paid by the Third Party Purchaser for the Offered Shares as set forth in the Offering Stockholder
Notice is other than cash, the Company shall have the option exercisable in its sole discretion by specifying the same in the ROFR
Notice to pay the purchase price solely in cash, in which case the fair market value of the proposed non-cash consideration shall
be determined in good faith by the disinterested members of the Company Board. All cash payments shall be paid by certified check
or by wire transfer of immediately available funds to an account designated in writing by the Offering Stockholder to the Company.

 

(e)          If
the Company does not elect in an ROFR Notice delivered during the ROFR Notice Period to purchase all, but not less than all, of
the Offered Shares, (i) the Company shall be deemed to have waived their rights to purchase the Offered Shares under this Section
2.03, and (ii) the Offering Stockholder may, during the 60-day period immediately following the expiration of the ROFR Notice
Period and subject to Section 2.03(g), Transfer to the Third Party Purchaser all but not less than all of the Offered Shares
on terms and conditions no more favorable to the Third Party Purchaser than those set forth in the Offering Stockholder Notice.
If the Offering Stockholder does not Transfer the Offered Shares within such period, the rights provided under this Section
2.03 shall be deemed to be revived and the Offered Shares shall not be Transferred to the Third Party Purchaser or otherwise
pursuant to this Section 2.03 unless the Offering Stockholder sends a new Offering Stockholder Notice in accordance with,
and otherwise complies with, this Section 2.03.

 

(f)          Notwithstanding
anything to the contrary contained herein, it shall be a condition to any Transfer of Offered Shares pursuant to this Section
2.03 that the Third Party Purchaser to whom or which the Offered Shares are Transferred agrees, by executing a joinder agreement
in substantially the form attached hereto as Exhibit A, (i) to be bound by this Agreement as a Seller with respect to all
of the Offered Shares Transferred to such Third Party Purchaser, and (ii) that all of the Offered Shares Transferred to such Third
Party Purchaser remain subject to this Agreement and all of the terms, conditions and restrictions hereof as Seller Shares.

 

    	 	5	 

     

    

 

Section
2.04         Tag-Along Rights.

 

(a)          If
Symmetric elects to sell (either in a single or a series of related transactions) shares representing 25% or more of the shares
(collectively the “Symmetric Shares”) of Common Stock owned by Symmetric and Nahmad (such shares desired to
be so Transferred, the “Transferor Shares”)) to an unaffiliated third party (a “Tag Buyer”),
then, at least 30 days prior to the date upon which Symmetric intends to consummate such Transfer, Symmetric shall give written
notice thereof which notice shall set forth the consideration to be paid by the Tag Buyer, and the other material terms and conditions
of such transaction (such notice, the “Transferor Notice”). Each Seller shall have the right (the “Tag-Along
Right”) to sell to the Tag Buyer, at such Seller’s option, the percentage of his, her or its Seller Shares equal
to the percentage of the Transferor Shares being Transferred in the transaction compared to all of Symmetric Shares owned by Symmetric
at that time (the “Ratable Percentage Shares”), on the same terms and conditions, including price, upon which
Symmetric is Transferring the Transferor Share. Each Seller shall have 30 days following receipt of the Transferor Notice to elect
to sell all or a portion of such Seller’s Ratable Percentage Shares. The failure of a Seller to notify Symmetric of its election
of the Tag-Along Right within such 30 day period shall be deemed to constitute a waiver of such Seller’s Tag-Along Right
with respect to such Transfer. If the Tag Buyer is unwilling to purchase the Transferor Shares and all of the Seller Shares desired
to be sold by Sellers exercising the Tag-Along Right, then, at Symmetric’s sole option, either (i) the transaction shall
not be consummated or (ii) each of the Transferor Shares and the Seller Shares desired to be sold in the transaction by Sellers
exercising the Tag-Along Right shall be ratably reduced to equal an amount of shares determined by multiplying the Transferor Shares
or the applicable Seller Shares, as the case may be, by a fraction, the numerator of which is the total number of shares which
the Tag Buyer agrees to purchase in the transaction and the denominator of which is the total number of Transferor Shares and Seller
Shares desired to be sold in the transaction.

 

(b)          Each
Seller who exercises the Tag-Along Right shall, take such actions as reasonably necessary to consummate the applicable transaction,
including, without limitation, to execute and deliver a definitive purchase and sale (or other similar) agreement, in substantially
the same form and substance as the definitive agreement executed and delivered by Symmetric; provided, that (A) the representations
and warranties relating specifically to a Seller participating in the transaction shall be made only by such Seller and any indemnification
provided by any Seller participating in the transaction with respect to the Company, if any, shall be based on the shares being
Transferred by each of them vis a vis all of the shares in the Company being Transferred in the transaction, on a several,
not joint, basis, (B) no Seller shall be required to provide any indemnity in such transaction that provides for liability to such
Seller in excess of the amount of proceeds actually received by such Seller in such transaction, (C) each of Symmetric and each
Seller participating in the transaction shall bear its pro rata share of the costs of the transactions based on the net proceeds
to be received by each such person in connection with the transaction to the extent such costs are incurred for the benefit of
persons selling shares in the transaction and are not paid by the Tag Buyer

 

    	 	6	 

     

    

 

(c)          Symmetric
shall have 120 days following the date of the Transferor Notice in which to consummate a transaction subject to this Section
2.04 on the terms set forth in the Transferor Notice (which 120-day period shall be extended for a reasonable time to the extent
reasonably necessary to obtain any regulatory approvals or if necessary to enable Symmetric and any Seller as an insider of the
Company to engage in a transaction in the securities of the Company). If at the end of such period, Symmetric has not completed
the transaction other than as a result of any action or inaction by a Seller in breach of this Agreement, Symmetric may not then
effect a transaction subject to this Section 2.04 without again fully complying with the provisions of this Section 2.04.

 

Article
III

Representations
and Warranties

 

Section
3.01         Representations and Warranties. Each Seller represents
and warrants to the Company and Symmetric, and the Company and Symmetric represents and warrants to the Sellers, that:

 

(a)          such
Party is under no impairment or other disability, legal, physical, mental or otherwise, that would preclude or limit the ability
of the Party to enter into this Agreement or perform his obligations hereunder;

 

(b)          such
Party has the requisite power and authority to enter into and perform its or his obligations under this Agreement;

 

(c)          the
execution and delivery of this Agreement by such Party have been duly authorized and, except for filings required under the Exchange
Act, no further filing, consent, or authorization is required;

 

(d)          this
Agreement has been duly executed and delivered by such Party and constitutes the legal, valid and binding obligation of such Party,
enforceable against such Party in accordance with the terms hereof, except as such enforceability may be limited by general principles
of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
generally, the enforcement of applicable creditors’ rights and remedies;

 

(e)          the
execution, delivery and performance of this Agreement and the consummation by such Party of the transactions contemplated hereby
do not and will not: (i) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become
a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture
or instrument to which such Party is a party or by which such Party is bound or to which any of its or his assets or properties
are subject; or (ii) result in a violation of any Law applicable to such Party or by which any of his or its assets or properties
is bound or affected; and

 

(f)          except
for this Agreement, the Asset Purchase Agreement and any agreements or arrangements that were terminated prior to the consummation
of the transactions contemplated by the Purchase Agreement, such Party has not entered into or agreed to be bound by any other
agreements or arrangements of any kind with any other party with respect to the shares of the Company Common Stock owned or held
by such Party, including agreements or arrangements with respect to the acquisition or disposition of such shares or any interest
therein or the voting of such shares.

 

    	 	7	 

     

    

 

Article
IV

Term and
Termination

 

Section
4.01         Termination. The term of this Agreement shall commence
on the date hereof and shall terminate upon the third anniversary of the date hereof; provided, however, that if any period for
giving notice or exercising a right or option under, or otherwise complying with the provisions of or completing a transaction
(or, if applicable, series of related transactions), under, Sections 2.03 or 2.04 is in effect on the third anniversary
of the date hereof, then solely with respect to such transaction (or, if applicable, series of related transactions), the provisions
of Sections 2.03 and 2.04, as the case may be, and the Parties’ respective obligations thereunder shall survive
the termination of this Agreement in accordance with their terms.

 

Article
V

Miscellaneous

 

Section
5.01         Expenses; Prevailing Party. Each Party shall pay his
or its own expenses (including attorneys’ fees) incident to this Agreement and the transactions contemplated herein. Notwithstanding
the foregoing, in the event that any Party institutes any action or suit to enforce this Agreement or to secure relief from any
default hereunder or breach hereof, the prevailing party shall be reimbursed by the losing party or parties for all costs and expenses,
including reasonable attorneys’ fees and expenses, incurred in connection therewith and in enforcing or collecting any judgment
rendered therein.

 

Section
5.02         Notices. Any and all notices or other communications
or deliveries required or permitted to be provided under this Agreement shall be in writing and shall be deemed given and effective
on the earliest of (a) the business day following the date of mailing, if sent by nationally recognized overnight courier service,
specifying next business day delivery, (b) the third business day following the date of mailing, if sent by certified mail, return
receipt requested, postage prepaid, or (c) upon actual receipt by the Party to whom such notice is required to be given if delivered
by hand. The address for such notices and communications shall be as follows:

 

	If to William Mann:	William Mann
	 	c/o Martin-Ray Laundry Systems, Inc. 
	 	2050 W 9th Ave.
	 	Denver, CO 80204

 

    	 	8	 

     

    

 

	If to Jim Hohnstein:	Jim Hohnstein
	 	c/o Martin-Ray Laundry Systems, Inc. 
	 	2050 W 9th Ave.
	 	Denver, CO 80204
	 	 
	If to Timm Mullen	Timm Mullen
	 	c/o Martin-Ray Laundry Systems, Inc. 
	 	2050 W 9th Ave.
	 	Denver, CO 80204
	 	 
	If to the Company, Symmetric	Henry M. Nahmad
	and/or Nahmad:	290 N.E. 68th Street
	 	Miami, FL  33138
	 	 
	In the case of notices	Troutman Sanders LLP
	to both Symmetric and	875 Third Ave. 
	Nahmad, with a copy	New York, NY 10022
	(which shall not constitute	Attn: Joseph Walsh, Esq. 
	Notice) to:	 

 

or, in each case or in the case of a subsequently
admitted Party to this Agreement, to such other address as may be designated in writing hereafter, in the same manner, by such
Party by prior notice to the other Party or Parties, as the case may be, in accordance with this Section 5.02.

 

Section
5.03         Governing Law; Jurisdiction, Waiver of Jury Trial.
This Agreement and all disputes or controversies arising out of or relating to this Agreement shall be governed by, and construed
in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might
be applied because of the conflicts of laws principles of the State of Delaware. Each of the Parties hereto hereby irrevocably
consents and submits to the exclusive jurisdiction of the Delaware Chancery Court or, if such court shall not have jurisdiction,
any federal court located in the State of Delaware or other Delaware state court in connection with any action arising out of or
relating to this Agreement or the transactions contemplated hereunder, waives any objection to venue in such courts, in each case
located in Delaware, and agrees that service of any summons, complaint, notice or other process relating to such proceeding may
be effected in the manner provided by Section 5.02. IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREUNDER, THE PARTIES TO THIS AGREEMENT HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY WITH RESPECT TO DISPUTES ARISING
UNDER THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREUNDER AND CONSENT TO A BENCH TRIAL WITH THE APPROPRIATE JUDGE ACTING
AS THE FINDER OF FACT. 

 

    	 	9	 

     

    

 

Section
5.04         Titles and Headings. The titles and headings in this
Agreement are for reference purposes only, and shall not in any way affect the meaning or interpretation of this Agreement.

 

Section
5.05         Severability. Any provision of this Agreement that
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction. If any court of competent jurisdiction determines
that any term or provision hereof, or any part of any such term or provision is invalid or unenforceable, such term or provision,
or part thereof, shall be enforced to the full extent permitted by such court, and all other terms and provisions shall not thereby
be affected and shall be given full effect, without regard to the invalid provisions or portions.

 

Section
5.06         Entire Agreement. This Agreement, the Purchase Agreement
and the other documents being executed by the parties in connection with the Purchase Agreement constitute the entire agreement
of the Parties with respect to the subject matter contained herein and supersede all prior and contemporaneous understandings and
agreements, both written and oral, with respect to such subject matter.

 

Section
5.07         Successors and Assigns. This Agreement shall be binding
upon and shall inure to the benefit of the Parties hereto and their respective heirs, successors, legal representatives, and permitted
assigns and, to the extent set forth herein, transferees.

 

Section
5.08         No Third Party Beneficiaries. Nothing expressed or
implied in this Agreement is intended, or shall be construed, to confer upon any person or entity other than the Parties hereto
and their respective heirs, successors, legal representatives, and permitted assigns and, to the extent set forth herein, transferees,
any rights or remedies under or by reason of this Agreement.

 

Section
5.09         Amendment and Modification; Waiver. This Agreement
may only be amended, modified or supplemented by an agreement in writing signed by the (i) holder(s) of a majority of the Seller
Shares then subject to this Agreement, (ii) holder(s) of a majority of the Symmetric shares then subject to this Agreement (iii)
and the Company and the Company. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set
forth in writing and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect
of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character,
and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or
privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege.

 

    	 	10	 

     

    

 

Section
5.10         Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original agreement, but all of which together shall constitute one and the same instrument. This
Agreement may be transmitted by facsimile or electronically, and it is the intent of the parties that the facsimile copy (or a
photocopy or PDF copy) of any signature printed by a receiving facsimile machine or computer printer shall be deemed an original
signature and shall have the same force and effect as an original signature.

 

Section
5.11         Further Assurances. The Parties hereto shall from time
to time execute and deliver all such further documents and instruments and do all acts and things as the other Parties (in particular,
the party or parties whose rights and privileges may be affected or at issue) may reasonably request or require to effectively
carry out or better evidence or perfect the full intent and meaning of this Agreement.

 

Section
5.12         Equitable Remedies. Each Party hereto acknowledges
that the other Party or Parties hereto would be irreparably damaged in the event of a breach or threatened breach by such Party
of any of its obligations under this Agreement and hereby agrees that in the event of a breach or a threatened breach by such Party
of any such obligations, each of the other Parties hereto shall, in addition to any and all other rights and remedies that may
be available to them in respect of such breach under this Agreement, at law or in equity, be entitled to an injunction from a court
of competent jurisdiction (without any requirement to post bond) granting specific performance by such Party of its obligations
under this Agreement.

 

Section
5.13         Legend on Stock Certificates. 

 

(a)          In
addition to any legends required by applicable Law, (i) each stock certificate representing any Seller Shares shall bear a legend
in substantially the form set forth in paragraph (b) below for so long as this Agreement remains in effect.

 

(b)          The
restrictive legend referenced in paragraph (a) above shall be in substantially the following form:

 

“The
shares represented by this certificate are subject to that certain Stockholders Agreement, dated June 19, 2017, and all amendments
thereto, copies of which are on file at the principal office of the Company, and voluntary or involuntary sale, pledge, assignment,
hypothecation, gift, or other disposition or transfer (as defined in such Stockholders Agreement) of the shares represented by
this certificate or any interest therein shall be subject to the terms of such Stockholders Agreement and the shares represented
hereby shall remain subject to the terms of such Stockholders Agreement notwithstanding any such Transfer.”

 

    	 	11	 

     

    

 

(c)          The
Sellers hereby agree to immediately submit to the Company the stock certificates held by each of them representing the Seller Shares
for inscription of the aforesaid restrictive legend thereon.

 

(d)          Notwithstanding
the foregoing or anything to the contrary contained herein, the enforceability of this Agreement, including, without limitation,
the proxy granted hereby, shall not be affected by the fact that the stock certificates representing any Seller Shares have not
been delivered as provided for herein or that such stock certificates may not bear any legend with respect to the provisions of
this Agreement.

 

Section
5.14         Construction; Interpretation.

 

(a)          This
Agreement shall be interpreted and construed without regard to any rule or presumption requiring that this Agreement be interpreted
or construed against the party causing this Agreement to be drafted.

 

(b)          Whenever
the context of this Agreement permits, the masculine or neuter gender shall include the feminine, masculine and neuter genders,
and any reference to the singular or plural shall be interchangeable with the other.

 

(c)          For
the avoidance of doubt, the terms “Company Common Stock” and “Seller Shares” as used throughout
this Agreement shall refer to the Company Common Stock or shares thereof, as the context may require, and any other securities
into which the Company Common Stock may be converted during the term of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed or caused this Agreement to be executed as of the date first written above.

 

	 	ENVIROSTAR, INC. 
	 	 
	 	By:	/s/ Henry M. Nahmad
	 	Name:	Henry M. Nahmad
	 	Title:	Chief Executive Officer

 

	 	SYMMETRIC CAPITAL LLC
	 	 
	 	By:	/s/ Henry M. Nahmad
	 	Name:	Henry M. Nahmad
	 	Title:	Manager

 

	 	SYMMETRIC CAPITAL II LLC
	 	 
	 	By:	/s/ Henry M. Nahmad
	 	Name:	Henry M. Nahmad
	 	Title:	Manager

 

	 	/s/ Henry M. Nahmad
	 	Henry M. Nahmad

 

	 	/s/ William Mann
	 	William Mann

 

	 	/s/ Jim Hohnstein
	 	Jim Hohnstein
	 	 
	 	/s/ Timm Mullen
	 	Timm Mullen

 

    	 	13	 

     

    

 

EXHIBIT
A

 

Form of Joinder Agreement

 

Reference is hereby made to that certain
Stockholders Agreement, dated as June 19, 2017 (as amended from time to time, the “Stockholders Agreement”),
by EnviroStar, Inc., a Delaware corporation, Symmetric Capital LLC, a Florida limited liability company, Symmetric Capital II LLC,
a Florida limited liability company, Henry M. Nahmad, William Mann, Jim Hohnstein and Timm Mullen, and the other Stockholders which
may have become a party thereto from time to time.

 

Pursuant to and in accordance with Section
___ of the Stockholders Agreement, the undersigned hereby agrees that upon the execution of this Joinder Agreement, (a) the undersigned
shall become a party to the Stockholders Agreement as a [Seller/Purchaser], (b) the undersigned shall be fully bound by, and subject
to, all of the covenants, terms and conditions of the Stockholders Agreement as a [Seller/Purchaser] as though an original party
thereto, and (c) the shares of the Company Common Stock acquired on the date hereof by the undersigned from __________ shall be
deemed to be [Seller/Purchaser] Shares for all purposes of the Stockholders Agreement.

 

Capitalized terms used herein without definition
shall have the meanings ascribed to such terms in the Stockholders Agreement.

 

IN WITNESS WHEREOF, the undersigned has
executed this Joinder Agreement as of _____________.

 

	 	[Transferee Stockholder Name]
	 	 
	 	By	 
	 	Name: 	 
	 	Title: 	 

 

	 	Address: 	 
	 	 
	 	 
	 	 
	 	 

 

    	 	14Exhibit 10.1

 

AMENDMENT AND RATIFICATION OF CREDIT
AGREEMENT AND OTHER LOAN DOCUMENTS

 

THIS AMENDMENT AND
RATIFICATION OF CREDIT AGREEMENT AND OTHER LOAN DOCUMENTS (this “Agreement”) is entered into on June 23, 2017, by ENVIROSTAR,
INC., a Delaware corporation (the “Borrower”), STEINER-ATLANTIC CORP., a Florida corporation (“Steiner”),
DRYCLEAN USA LICENSE CORP., a Florida corporation (“Dryclean USA”), WESTERN STATE DESIGN, INC., a Delaware corporation
(“Western State”; Steiner, Dryclean USA and Western State, collectively, the “Original Guarantor”), and
MARTIN-RAY LAUNDRY SYSTEMS, INC., a Delaware corporation (“Martin”) (Original Guarantor and Martin, individually and/or
collectively, the “Guarantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Bank”).

 

RECITALS:

 

A.           Borrower
requested and Bank agreed to make a term loan in the amount of $5,000,000.00 (the “Term Loan”) to Borrower, as evidenced
by that certain Term Note dated as of October 7, 2016 from Borrower in favor of Bank in the original principal amount of $5,000,000.00
(the “Term Note”), which Term Note is secured by that certain Security Agreement: Business Assets dated as of October
7, 2016 from Borrower and Original Guarantor in favor of Bank (as the same may be amended or modified from time to time, the “Security
Agreement”).

 

B.           Borrower
also requested and Bank agreed to issue a line of credit in the amount of $15,000,000.00 (the “Line of Credit”) to
Borrower, as evidenced by that certain Line of Credit Note dated as of October 7, 2016 from Borrower in favor of Bank in the original
principal amount of $15,000,000.00 (the “Line of Credit Note”; and together with the Term Note, as each of the same
may be amended or modified from time to time, individually and/or collectively, the “Note”), which Line of Credit Note
is secured by the Security Agreement.

 

C.           As
additional security for the Note, each Original Guarantor executed and delivered to Bank those certain Continuing Guaranty agreements
dated as of October 7, 2016 (as each of the same may be amended or modified from time to time, individually and/or collectively,
the “Original Guaranty”).

 

D.           In
connection with the execution of the Note and the Security Agreement, Borrower and Bank entered into that certain Credit Agreement
dated as of October 7, 2016 (as the same may be amended or modified from time to time, the “Credit Agreement”).

 

E.           In
connection with the execution of this Agreement, which adds Martin as a co-guarantor under the Loan, Martin is executing and delivering
to Bank (i) that certain Continuing Guaranty dated as of even date herewith in favor of Bank (as the same may be amended or modified
from time to time, the “Martin Guaranty”), and (ii) that certain Security Agreement: Business Assets in favor of Bank,
which secures Martin’s obligations under the Martin Guaranty and the other Loan Documents (as defined below) (as the same
may be amended or modified from time to time, the “Martin Security Agreement”).

 

F.           The
Note, the Credit Agreement, as modified by this Agreement, the Security Agreement, the Original Guaranty, the Martin Guaranty,
the Martin Security Agreement, and all other documents executed by Borrower and Guarantor in connection with the Loan are hereinafter
referred to collectively as the “Loan Documents.” Capitalized terms not otherwise defined herein shall have the meaning
ascribed thereto in the Loan Documents.

 

G.           Bank
is willing to modify the Loan and add Martin as a guarantor under the Term Loan and the Line of Credit (collectively, the “Loan”),
provided that Borrower and Guarantor give Bank the representations, assurances and other agreements hereinafter set forth.

 

     

     

    

 

WITNESSETH :

 

In consideration of
Bank's continued extension of credit and the agreements contained herein, the parties agree as follows:

 

1.          The
Recitals contained hereinabove are true and correct and are made a part hereof.

 

2.          Martin
is hereby added as a guarantor under the Loan. All references in the Credit Agreement and other Loan Documents to the “Guarantor”
shall now include Martin.

 

3.          All
references to the “Loan Documents” in the Credit Agreement and other Loan Documents shall now include the Martin Guaranty
and the Martin Security Agreement.

 

4.          Borrower
acknowledges, represents and confirms to Bank that: (i) the Loan Documents are valid and binding upon Borrower and are enforceable
in accordance with the terms thereof; (ii) all of the terms, covenants, conditions, representations, warranties and agreements
contained in the Loan Documents are hereby ratified and confirmed in all respects; (iii) there are no defenses, set-offs, counterclaims,
cross-actions or equities in favor of Borrower to or against the enforcement of the Note or any other Loan Document; (iv) no payments
of interest or any other charges have been made to Bank or paid by Borrower in connection with any indebtedness evidenced by the
Note which would result in the computation or earning of interest in excess of the maximum rate of interest which is legally permitted
under the laws of the State of Florida or federal law, in effect from time to time, whichever is the highest; (v) Bank is under
no obligation to further amend or modify the Loan Documents; and (vi) no default now exists under the Loan Documents.

 

5.          Guarantor
represents and warrants unto Bank that: (i) the Guaranty and all other documents executed by Guarantor in connection with the Loan
are valid and binding obligations of Guarantor, enforceable in accordance with their terms; (ii) the Loan Documents, as modified
herein, shall continue to be guaranteed by Guarantor pursuant to the terms of each Guaranty; (iii) all of the terms, covenants,
conditions, representations, warranties and agreements contained in the Guaranty are hereby ratified and confirmed in all respects;
and (iv) no oral representations, statements, or inducements have been made by Bank with respect to the Guaranty or any other Loan
Document.

 

6.          Except
as amended by this Agreement and the documents executed in connection herewith, no term or condition of the Loan or the other Loan
Documents shall be modified and the same shall remain in full force and effect; provided, however, if any provision of this Agreement
is in conflict with, or inconsistent with, any provision in the Loan Documents, then the provision contained in this Agreement
shall govern and control.

 

7.          This
Agreement shall be binding upon, and shall inure to the benefit of, the respective successors and assigns of the parties hereto.

 

8.          This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original. Said counterparts shall constitute
but one and the same instrument and shall be binding upon each of the undersigned individually as fully and completely as if all
had signed but one instrument so that the joint and several liability of each of the undersigned shall be unaffected by the failure
of any of the undersigned to execute any or all of said counterparts.

 

9.          AS
A MATERIAL INDUCEMENT FOR BANK TO EXECUTE THIS AGREEMENT, BORROWER AND GUARANTOR DO HEREBY RELEASE, WAIVE, DISCHARGE, COVENANT
NOT TO SUE, ACQUIT, SATISFY AND FOREVER DISCHARGE BANK ITS OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS AND ITS AFFILIATES AND ASSIGNS
FROM ANY AND ALL LIABILITY, CLAIMS, COUNTERCLAIMS, DEFENSES, ACTIONS, CAUSES OF ACTION, SUITS, CONTROVERSIES, AGREEMENTS, PROMISES
AND DEMANDS WHATSOEVER IN LAW OR IN EQUITY WHICH BORROWER OR GUARANTOR EVER HAD, NOW HAS, OR WHICH ANY PERSONAL REPRESENTATIVE,
SUCCESSOR, HEIR OR ASSIGN OF BORROWER OR GUARANTOR HEREAFTER CAN, SHALL OR MAY HAVE AGAINST BANK, ITS OFFICERS, DIRECTORS, EMPLOYEES,
AND AGENTS, AND ITS AFFILIATES AND ASSIGNS, FOR, UPON OR BY REASON OF THE LOAN THROUGH THE DATE THAT THIS AGREEMENT IS EXECUTED.
BORROWER AND GUARANTOR FURTHER EXPRESSLY AGREE THAT THE FOREGOING RELEASE AND WAIVER AGREEMENT IS INTENDED TO BE AS BROAD AND INCLUSIVE
AS PERMITTED BY THE LAWS OF THE STATE OF FLORIDA.

 

    	 	Page 2	 

     

    

 

10.         ARBITRATION.

 

(a)          Arbitration.
The parties hereto agree, upon demand by any party, to submit to binding arbitration all claims, disputes and controversies between
or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or
otherwise in any way arising out of or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation,
execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement,
default or termination; or (ii) requests for additional credit.

 

(b)          Governing
Rules. Any arbitration proceeding will (i) proceed in a location in Broward County, Florida selected by the American Arbitration
Association (“AAA”); (ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding
any conflicting choice of law provision in any of the documents between the parties; and (iii) be conducted by the AAA, or such
other administrator as the parties shall mutually agree upon, in accordance with the AAA’s commercial dispute resolution
procedures, unless the claim or counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs
in which case the arbitration shall be conducted in accordance with the AAA’s optional procedures for large, complex commercial
disputes (the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be
referred to herein, as applicable, as the “Rules”). If there is any inconsistency between the terms hereof and the
Rules, the terms and procedures set forth herein shall control. Any party who fails or refuses to submit to arbitration following
a demand by any other party shall bear all costs and expenses incurred by such other party in compelling arbitration of any dispute.
Nothing contained herein shall be deemed to be a waiver by any party that is a bank of the protections afforded to it under 12
U.S.C. §91 or any similar applicable state law.

 

(c)          No
Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party
to (i) foreclose against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds
of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief,
attachment or the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion
does not constitute a waiver of the right or obligation of any party to submit any dispute to arbitration or reference hereunder,
including those arising from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph.

 

(d)          Arbitrator
Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided
by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute
in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided
however, that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral
attorney licensed in the State of Florida or a neutral retired judge of the state or federal judiciary of Florida, in either case
with a minimum of ten years experience in the substantive law applicable to the subject matter of the dispute to be arbitrated.
The arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining
any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator's discretion)
any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication.
The arbitrator shall resolve all disputes in accordance with the substantive law of Florida and may grant any remedy or relief
that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective
any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such
other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure,
the Florida Rules of Civil Procedure or other applicable law. Judgment upon the award rendered by the arbitrator may be entered
in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional
or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy
or claim to arbitration if any other party contests such action for judicial relief.

 

    	 	Page 3	 

     

    

 

(e)          Discovery.
In any arbitration proceeding, discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited
to matters directly relevant to the dispute being arbitrated and must be completed no later than 20 days before the hearing date.
Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the
arbitrator upon a showing that the request for discovery is essential for the party's presentation and that no alternative means
for obtaining information is available.

 

(f)           Class
Proceedings and Consolidations. No party hereto shall be entitled to join or consolidate disputes by or against others in any
arbitration, except parties who have executed any Loan Document, or to include in any arbitration any dispute as a representative
or member of a class, or to act in any arbitration in the interest of the general public or in a private attorney general capacity.

 

(g)          Payment
Of Arbitration Costs And Fees. The arbitrator shall award all costs and expenses of the arbitration proceeding.

 

(h)          Miscellaneous.
To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration
proceeding within 180 days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding
may disclose the existence, content or results thereof, except for disclosures of information by a party required in the ordinary
course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between the parties
potentially applies to a dispute, the arbitration provision most directly related to the Loan Documents or the subject matter of
the dispute shall control. This arbitration provision shall survive termination, amendment or expiration of any of the Loan Documents
or any relationship between the parties.

 

11.        Waiver
of Bankruptcy Stay. BORROWER AND GUARANTOR HEREBY AGREE, IN CONSIDERATION OF THE RECITALS AND MUTUAL COVENANTS CONTAINED
HEREIN, AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THAT IN THE
EVENT THAT BORROWER OR GUARANTOR SHALL FILE WITH ANY BANKRUPTCY COURT OF COMPETENT JURISDICTION OR BE THE SUBJECT OF ANY PETITION
UNDER TITLE 11 OF THE UNITED STATES CODE THE AUTOMATIC STAY IMPOSED BY SECTION 362 OF TITLE 11 OF THE UNITED STATES CODE IS WAIVED,
AND SUCH WAIVER CONSTITUTES “CAUSE” PURSUANT TO 11 U.S.C. SECTION 362(d)(1) FOR THE IMMEDIATE LIFTING OF THE AUTOMATIC
STAY IN FAVOR OF BANK, AND BORROWER AND GUARANTOR HEREBY KNOWINGLY AND IRREVOCABLY WAIVE ALL DEFENSES AND OBJECTIONS TO SUCH LIFTING
OF THE AUTOMATIC STAY.

 

[CONTINUES ON THE FOLLOWING PAGE]

 

    	 	Page 4	 

     

    

 

IN WITNESS WHEREOF, the undersigned
have signed and sealed this Agreement on June 23, 2017.

 

	 	BORROWER:
	 	 
	 	ENVIROSTAR, INC., a Delaware corporation
	 	 	 
	 	By:	/s/ Henry M. Nahmad
	 	 	Henry M. Nahmad, President
	 	 	 
	 	GUARANTOR:
	 	 
	 	STEINER-ATLANTIC CORP., a Florida corporation
	 	 	 
	 	By:	/s/ Michael Steiner
	 	 	Michael Seiner, President
	 	 	 
	 	DRYCLEAN USA LICENSE CORP., a Florida corporation
	 	 	 
	 	By:	/s/ Michael Steiner
	 	 	Michael Seiner, President
	 	 	 
	 	WESTERN STATE DESIGN, INC., a Delaware corporation
	 	 	 
	 	By:	/s/ Henry M. Nahmad
	 	 	Henry M. Nahmad, President
	 	 	 
	 	MARTIN-RAY LAUNDRY SYSTEMS, INC., a

 Delaware corporation
	 	 	 
	 	By:	/s/ Henry M. Nahmad
	 	 	Henry M. Nahmad, President
	 	 	 
	 	BANK:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Matthew J. Rapoport
	 	 	Matthew J. Rapoport, Vice President

 

    	 	Page 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]