Document:

exv10w1

Exhibit 10.1

EXECUTION
VERSION

EIGHTH AMENDMENT TO CREDIT AGREEMENT

     THIS EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of June 13,
2008 by and among COMSYS SERVICES LLC, a Delaware limited liability company (“COMSYS Services”),
COMSYS INFORMATION TECHNOLOGY SERVICES, INC., a Delaware corporation (“COMSYS IT”), PURE SOLUTIONS,
INC., a California corporation (“Pure Solutions”), PLUM RHINO CONSULTING, LLC, a Delaware limited
liability company and successor in interest to Plum Rhino Consulting, LLC, a Georgia limited
liability company (“Plum Rhino”), PRAEOS TECHNOLOGIES, LLC, a Delaware limited liability company
and successor by merger to Praeos Technologies, Inc., a Georgia corporation (“Praeos”), TWC GROUP
CONSULTING, LLC, a Delaware limited liability company (“TWC Acquisition Sub”; COMSYS Services,
COMSYS IT, Pure Solutions, Plum Rhino, Praeos and TWC Acquisition Sub are referred to herein each
individually as a “Borrower” and collectively as the “Borrowers”), COMSYS IT PARTNERS, INC., a
Delaware corporation (“Holdings”), PFI LLC, a Delaware limited liability company (“PFI”), COMSYS IT
CANADA, INC., a North Carolina corporation (“COMSYS Canada”), ECONOMETRIX, LLC, a Delaware limited
liability company (“Econometrix”), COMSYS Services, acting in its capacity as borrowing agent and
funds administrator for the Borrowers (in such capacity, the “Funds Administrator”), the financial
institutions from time to time parties thereto (the “Lenders”), GE BUSINESS FINANCIAL SERVICES INC.
(formerly known as Merrill Lynch Business Financial Services Inc.), as administrative agent (the
“Agent”), Sole Bookrunner and Sole Lead Arranger, ING CAPITAL LLC, as co-documentation agent,
ALLIED IRISH BANKS PLC, as co-documentation agent, BMO CAPITAL MARKETS FINANCING, INC., as
co-documentation agent (together with ING Capital LLC and Allied Irish Banks PLC, the
“Co-Documentation Agents”), and GMAC COMMERCIAL FINANCE LLC, as syndication agent (the “Syndication
Agent”).

W I T N E S S E T H:

     WHEREAS, the Borrowers, Holdings, PFI, COMSYS Canada, Econometrix, the Agent, the
Co-Documentation Agents, the Syndication Agent and each Lender are parties to that certain Credit
Agreement dated as of December 14, 2005 (as the same has been, hereby is and may hereafter be
further amended, restated, supplemented or otherwise modified and in effect from time to time, the
“Credit Agreement”); and

     WHEREAS, the Credit Parties, the Agents and the Lenders desire to amend the Credit Agreement
as set forth herein;

     NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained
herein, the parties agree as follows:

     1. Defined Terms. Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Credit Agreement, as amended by this Amendment.

     2. Amendments. Effective as of the date hereof, upon satisfaction of the conditions
precedent set forth in Section 3 hereof, the Credit Agreement is amended as set forth in this
Section 2:

 

 

     (a) Section 1.1. Section 1.1 of the Credit Agreement is hereby amended by substituting
the following definition of the term set forth below in lieu of the current version of such
definition contained in Section 1.1 of the Credit Agreement:

“LC Issuer” means one or more banks, trust companies or other Persons in each case expressly
identified by Agent from time to time, and agreed upon by the Funds Administrator, as an LC
Issuer for purposes of issuing one or more Letters of Credit hereunder. Without limitation
of Agent’s discretion to identify any Person as an LC Issuer, no Person shall be designated
as an LC Issuer unless such Person maintains reporting systems acceptable to Agent with
respect to letter of credit exposure and agrees to provide regular reporting to Agent
satisfactory to it with respect to such exposure.

     (b) Section 1.1. Section 1.1 of the Credit Agreement is hereby further amended by
adding thereto the following defined term and its definition in the correct alphabetical order:

“SPV” means any special purpose funding vehicle identified as such in a writing by any
Lender to the Agent that is an Approved Fund of such Lender.

     (c) Section 2.5(a). The preamble of Section 2.5(a) of the Credit Agreement is hereby
deleted in its entirety and the following is substituted in lieu thereof:

     “Letters of Credit. On the terms and subject to the conditions set forth
herein, the Revolving Loan Commitment may be used by the Borrowers, in addition to the
making of Revolving Loans hereunder, for the issuance, prior to the Termination Date, by (i)
Agent, of letters of credit, guarantees or other agreements or arrangements (each, a
“Support Agreement”) to induce an LC Issuer to issue or increase the amount of, or
extend the expiry date of, one or more Letters of Credit and (ii) a Lender, identified by
Agent, as an LC Issuer, of one or more Letters of Credit, so long as, in each case:”

     (d) Section 9.6. Section 9.6 of the Credit Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:

     “Section 9.6. Application of Proceeds.

     Notwithstanding anything to the contrary contained in this Agreement, upon the
occurrence and during the continuance of an Event of Default, (a) each Borrower irrevocably
waives the right to direct the application of any and all payments at any time or times
thereafter received by Agent from or on behalf of the Borrowers or any guarantor of all or
any part of the Obligations, and, as between the Borrowers on the one hand and Agent and
Lenders on the other, Agent shall have the continuing and exclusive right to apply and to
reapply any and all payments received against the Obligations in such manner as Agent may
deem advisable notwithstanding any previous application by Agent and (b) the proceeds of any
sale of, or other realization upon, all or any part of the Collateral shall be applied:
first, to all fees, costs, indemnities, liabilities, obligations and expenses
incurred by or owing to Agent (in its capacity as the Agent) with respect to this Agreement,
the other Financing Documents or the Collateral; second, to all fees, costs,
indemnities, liabilities, obligations and expenses incurred by or owing to any Lender with
respect to this Agreement, the other Financing Documents or the Collateral; third,
to

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accrued and unpaid interest on the Obligations (other than interest owing to any
Eligible Swap Counterparty in respect of any Swap Contracts) (including any interest which
but for the provisions of the Bankruptcy Code, would have accrued on such amounts);
fourth, to the principal amount of the Obligations outstanding (other than
obligations owing to any Eligible Swap Counterparty in respect of any Swap Contracts) and to
provide cash collateral to secure any and all Letter of Credit Liabilities and future
payment of related fees, as provided for in Section 2.5(e); fifth, to any other
indebtedness or obligations of the Borrowers owing to Agent or any Lender under the
Financing Documents (other than obligations owing to any Eligible Swap Counterparty in
respect of any Swap Contracts) and sixth, to the obligations owing to any Eligible
Swap Counterparty in respect of any Swap Contracts. Any balance remaining shall be
delivered, to the extent applicable, to the Borrowers or to whomever may be lawfully
entitled to receive such balance or as a court of competent jurisdiction may direct.”

     (e) Section 11.6. Section 11.6 of the Credit Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:

     “Section 11.6 Indemnification.

     Each Lender shall, in accordance with its Pro Rata Share, indemnify Agent (to the
extent not reimbursed by the Credit Parties) against any cost, expense (including counsel
fees and disbursements), claim, demand, action, loss or liability (except such as result
from Agent’s gross negligence or willful misconduct as determined by a court of competent
jurisdiction) that Agent may suffer or incur in connection with the Financing Documents or
any action taken or omitted by Agent hereunder or thereunder. If any indemnity furnished to
Agent for any purpose shall, in the opinion of Agent, be insufficient or become impaired,
Agent may call for additional indemnity and cease, or not commence, to do the acts
indemnified against even if so directed by Required Lenders until such additional indemnity
is furnished. Without limiting the generality of the foregoing, if the United States
Internal Revenue Service, any other governmental authority of the United States or other
jurisdiction or any other Person asserts a claim that Agent did not properly withhold tax
from amounts paid to or for the account of any Lender or any SPV holding a Loan pursuant to
Section 12.6(c) (because the appropriate form was not delivered, was not properly executed,
or because such Lender failed to notify the Agent of a change in circumstances which
rendered the exemption from, or reduction of, withholding tax ineffective, or for any other
reason) such Lender and such SPV shall indemnify Agent fully for all amounts paid, directly
or indirectly, by Agent as tax or otherwise, including penalties and interest, and including
any taxes imposed by any jurisdiction on the amounts payable to Agent under this Section
11.6, together with all related costs and expenses (including attorney fees). The
obligations of Lenders and the SPVs under this Section 11.6 shall survive the payment in
full of the Obligations and the termination of this Agreement.”

     (f) Section 12.6(a)(iii). Section 12.6(a)(iii) of the Credit Agreement is hereby
deleted in its entirety and the following is substituted in lieu thereof:

“(iii) Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at
its offices located in Chicago, Illinois a copy of each Assignment Agreement delivered

3

 

to it and a register for the recordation of the names and addresses of each Lender, and the
commitments of, and principal amount of the Loans owing to, such Lender pursuant to the
terms hereof (the “Register”). The entries in the Register shall be conclusive, and the
Borrowers, Agent and Lenders may treat each Person whose name is recorded therein pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by
the Borrowers and any Lender, at any reasonable time upon reasonable prior notice to Agent.
In connection with any assignment permitted pursuant to Section 12.6(c) of this Agreement
that is not recorded in the Register, the assigning Lender, acting solely for this purpose
as an agent of the Borrowers, shall maintain at its address set forth on its signature page
to this Agreement, a copy of each assignment made by it or delivered to it and a register
(the “Sub-Register”) for the recordation of the assignments made by it. The entries in the
Sub-Register shall be conclusive. Any assignment of any commitment and/or Loan, whether or
not evidenced by a Note, shall be effective hereunder only upon appropriate entries with
respect thereto being made in the Register or Sub-Register. The Sub-Register shall be
available for inspection by the United States Internal Revenue Service, the Borrowers and
the Agent at any reasonable time upon reasonable prior notice to the Lender maintaining such
Sub-Register.”

     (g) Section 12.6. Section 12.6 of the Credit Agreement is hereby further amended by
adding new clause (c) thereto immediately following clause (b) thereof as follows:

     “(c) Special Purpose Vehicles.

     In addition to the other rights provided in this Section 12.6, each Lender may, without
notice to or consent of the Agent, grant to an SPV the option to make all or any part of any
Loan that such Lender would otherwise be required to make hereunder and, upon the exercise
of such option, assign such Loan to an SPV (and the exercise of such option by such SPV and
the making of Loans pursuant thereto shall satisfy the obligation of such Lender to make
such Loans hereunder); provided, however, that, (i) such Lender shall have provided to Agent
the name of each SPV to which such Lender (x) has assigned any Loans or commitments, (y)
intends to assign any Loans or commitments in the future, or (z) has granted, or intends to
grant in the future, any option, and any other information with respect to such SPV as Agent
may reasonably request, and (ii) whether as a result of any term of any Financing Document
or of such assignment or grant, (A) no such SPV shall have a commitment, or be deemed to
have made an offer to commit, to make Loans hereunder, and, except as provided in the
applicable option agreement, none shall be liable for any obligation of such Lender
hereunder, (B) such granting or assigning Lender’s rights and obligations, and the rights
and obligations of the Credit Parties, Agent and the other Lenders towards such Lender,
under any Financing Document shall remain unchanged and each other party hereto shall
continue to deal solely with such Lender, which shall remain the holder of the Obligations
in the Register referred to in Section 12.6(a)(iii), except that each such SPV may receive
interest payments that would otherwise be made to such Lender with respect to Loans funded
by such SPV only after the SPV has provided a copy of an Assignment Agreement (the “SPV
Assignment Agreement”) to the Agent and such Lender evidencing an assignment by such
Lender to the SPV as and when permitted by the terms of the financing agreements between
such Lender and the SPV and (C) until the Agent receives the SPV

4

 

Assignment Agreement, the consent of such SPV shall not be required (either directly, as a
restraint on such Lender’s ability to consent hereunder or otherwise) for any amendments,
waivers or consents with respect to any Financing Document or to exercise or refrain from
exercising any powers or rights such Lender may have under or in respect of the Financing
Documents (including the right to enforce or direct enforcement of the Obligations) and (iv)
after the Agent receives the SPV Assignment Agreement, the Agent shall record such SPV
Assignment Agreement in the Register in accordance with Section 12.6(a)(iii) above and shall
otherwise comply with the provisions of Section 12.6(a) and the SPV shall be a Lender to the
extent of its outstanding Loans. No party hereto shall institute (and each Borrower and
Holdings shall cause each other Credit Party not to institute) against any SPV assignee or
grantee of an option pursuant to this Section 12.6(c) any bankruptcy, reorganization,
insolvency, liquidation or similar proceeding, prior to the date that is one year and one
day after the payment in full of all outstanding commercial paper of such SPV; provided,
however, that each Lender having designated an SPV as such agrees to indemnify each
Indemnitee against any indemnified liability that may be incurred by, or asserted against,
such Indemnitee as a result of failing to institute such proceeding (including a failure to
get reimbursed by such SPV for any such indemnified liability). The agreement in the
preceding sentence shall survive the payment in full of the Obligations and the termination
of this Agreement.”

     (f) Section 12.8. Section 12.8 of the Credit Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:

     “Section 12.8 Confidentiality.

     In handling any confidential information of any Credit Party, Agent and each Lender
shall exercise the same degree of care that it exercises with respect to its own proprietary
information of the same types to maintain the confidentiality of any non-public information
thereby received or received pursuant to this Agreement, except that disclosure of such
information may be made (i) subject to a confidentiality obligation similar to the one set
forth in this Section 12.8, to their respective agents, employees, Subsidiaries, Affiliates,
attorneys, auditors, professional consultants, rating agencies, insurance industry
associations and portfolio management services, (ii) to prospective transferees, SPVs or
purchasers of any interest in the Loans, provided that they have agreed to be bound by the
provisions of this Section 12.8, (iii) as required by Law, subpoena, judicial order or
similar order and in connection with any litigation and (iv) as may be required in
connection with the examination, audit or similar investigation of such Person.
Confidential information shall include only such information identified as such at the time
provided to Agent and shall not include information that either: (i) is in the public
domain, or becomes part of the public domain after disclosure to such Person through no
fault of such Person, or (ii) is disclosed to such Person by a Person other than a Credit
Party, provided Agent does not have actual knowledge that such Person is prohibited from
disclosing such information. The obligations of Agent and Lenders under this Section 12.8
shall supersede and replace the obligations of Agent and Lenders under any confidentiality
agreement in respect of this financing executed and delivered by Agent or any Lender prior
to the date hereof.”

     (g) General Amendment and Waiver.

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     Anything to the contrary contained in the Credit Agreement or any other Financing Document
(including, without limitation, Section 6.1(d) of the Credit Agreement, the Fifth Amendment and the
Seventh Amendment) notwithstanding, the Agent and the Lenders hereby acknowledge and agree that (i)
solely with respect to TWC Acquisition Sub’s bank account no. 2079900561539 maintained at Wachovia
Bank National Association (the “TWC Account”), until the date which is ninety (90) days following
the date on which the final payment of the TWC Earnout is paid or required to be paid in full by
the Borrowers or the TWC Earnout is otherwise terminated, in either case in accordance with the
terms set forth in the TWC Purchase Agreement (the “TWC Account Grace Period”), the Borrowers shall
be permitted to continue to use the TWC Account in the manner described to the Agent prior to the
date hereof, provided, TWC Acquisition Sub shall have delivered a Deposit Account Control Agreement
that requires only springing dominion control over the TWC Account, in form and substance
reasonably satisfactory to the Agent, (ii) solely with respect to Pure Solution’s bank account no.
207990055750 maintained at Wachovia Bank National Association (the “PS Account”), until the date
which is ninety (90) days following the date on which the final payment of the PS Earnout is paid
or required to be paid in full by the Borrowers or the PS Earnout is otherwise terminated, in
either case in accordance with the terms set forth in the PS Purchase Agreement (the “PS Account
Grace Period”), the Borrowers shall be permitted to continue to use the PS Account in the manner
described to the Agent prior to the date hereof, provided, Pure Solutions shall have delivered a
Deposit Account Control Agreement that requires only springing dominion control over the PS
Account, in form and substance reasonably satisfactory to the Agent and (iii) solely with respect
to Plum Rhino’s bank account no. 6410708046 maintained at Regions Bank (the “Plum Rhino Account”;
the TWC Account, the PS Account and the Plum Rhino Account are referred to herein each individually
as a “Restricted Acquisition Account” and collectively as the “Restricted Acquisition Accounts”),
until the date which is ninety (90) days following the date on which the final payment of the Plum
Rhino Earnout is paid or required to be paid in full by the Borrowers or the Plum Rhino Earnout is
otherwise terminated, in either case in accordance with the terms set forth in the Plum Rhino
Purchase Agreement (the “Plum Rhino Account Grace Period”; the TWC Account Grace Period, the PS
Account Grace Period and the Plum Rhino Account Grace Period are referred to herein each
individually as an “Account Grace Period” and collectively as the “Account Grace Periods”), the
Borrowers shall be permitted to continue to use the Plum Rhino Account in the manner described to
the Agent prior to the date hereof, provided, Plum Rhino shall have delivered a Deposit Account
Control Agreement that requires only springing dominion control over the Plum Rhino Account, in
form and substance reasonably satisfactory to the Agent, and, in each case, any conflicting
provisions of the Financing Documents are hereby waived; provided, that (A) the aggregate amount of
cash and other amounts in the Restricted Acquisition Accounts shall at no time exceed $300,000, in
the aggregate, with respect to all Restricted Acquisition Accounts or $100,000 in any individual
Restricted Acquisition Account and (B) all cash and other amounts in excess of the limitations set
forth in clause (A) above that are not used to fund daily disbursements or payroll shall on each
Business Day be manually transferred to account no. 2000002917542 maintained at Wachovia Bank
National Association (the “Master Account”).

     Upon the expiration of each Account Grace Period, the Borrowers shall either (i) close the
applicable Restricted Acquisition Account, have all deposits from customers of Pure Solutions, Plum
Rhino and TWC Acquisition Sub, as applicable, instead be delivered directly to account no.
2000001211087 maintained at Wachovia Bank National Association (the “Lockbox

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Account”) and have all disbursements made on behalf of Pure Solutions, Plum Rhino or TWC
Acquisition Sub, as applicable, funded solely by the Master Account, (ii) convert such Restricted
Acquisition Account to a depository account, deliver a Deposit Account Control Agreement executed
by Wachovia Bank (which such agreements shall be in form and substance reasonably acceptable to the
Agent and shall provide that all cash maintained in such accounts shall automatically and without
further direction on each banking day be remitted solely to the Lockbox Account), not permit any
other disbursements from the applicable Restricted Acquisition Account and have all disbursements
made on behalf of Pure Solutions, Plum Rhino or TWC Acquisition Sub, as applicable, funded solely
out of the Master Account or (iii) have all deposits from customers of Pure Solutions, Plum Rhino
and TWC Acquisition Sub, as applicable, instead be delivered directly to the Lockbox Account and
convert such Restricted Acquisition Account to a disbursement account that shall be funded solely
with proceeds from the Master Account (and which shall not accept any other deposits) and deliver a
Deposit Account Control Agreement executed by Wachovia Bank or Regions Bank, as applicable (which
such agreements shall be in form and substance reasonably acceptable to the Agent and shall provide
Agent with only springing dominion control over the applicable accounts). For so long as any
Restricted Acquisition Account is open, the applicable Credit Party shall direct Wachovia Bank
National Association and Regions Bank, as the case may be, to deliver monthly account statements to
the Agent, which such statements shall be sent electronically, if available. At all times
following the termination of all Account Grace Periods, no cash shall be deposited into the Master
Account other than proceeds of Revolving Loans from the Agent. The foregoing and anything
contained in any Financing Document to the contrary notwithstanding, the Credit Parties shall not
be required to deliver any such Deposit Account Control Agreements in respect of payroll account
no. 6410708054 maintained at Regions Bank; provided, that, the Credit Parties shall not, and shall
not cause or permit any of their respective Subsidiaries to, deposit or maintain funds in such
account other than funds deposited therein in the ordinary course of business for purposes of
funding current payroll liabilities.

     3. Conditions Precedent. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions precedent:

     (a) delivery to the Agent of this Amendment executed by each Credit Party that is a
party hereto, the Agent and the Lenders in form and substance reasonably satisfactory to the
Agent;

     (b) the truth and accuracy of the representations and warranties contained in Section 4
hereof;

     (c) the execution and delivery of each document, agreement and instrument set forth on
Schedule A attached hereto; and

     (d) after giving effect to this Amendment, no Default or Event of Default under the
Credit Agreement shall have occurred and be continuing.

     4. Representations and Warranties. Each Credit Party that is a party hereto hereby
represents and warrants to the Agent and each Lender as follows:

	 	i.	 	the representations and warranties of the Borrowers and the
other Credit Parties contained in the Financing Documents are true and correct
in all

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	 	 	 	material respects as of the date hereof, except to the extent that any such
representation or warranty (i) relates to a specific date, in which case
such representation and warranty shall be true and correct in all material
respects as of such earlier date or (ii) is qualified by materiality or has
Material Adverse Effect qualifiers, in which case, such representations and
warranties shall be true and correct in all respects;
	 
	 	ii.	 	the execution, delivery and performance by such Credit Party of
this Amendment and all of the other Financing Documents to be delivered in
accordance with Section 3 of this Amendment (collectively, the “Eighth
Amendment Financing Documents”) are within its powers, have been duly
authorized by all necessary action pursuant to its Organizational Documents,
require no further action by or in respect of, or filing with, any governmental
body, agency or official (other than (i) routine corporate, tax, ERISA,
intellectual property, environmental filings and other filings from time to
time necessary in connection with the conduct of such Credit Party’s business
in the ordinary course, and (ii) recordings and filings in connection with the
Liens granted to the Agent under the Financing Documents) and do not violate,
conflict with or cause a breach or a default under any provision of applicable
Law or of the Organizational Documents of any Credit Party or of any agreement,
judgment, injunction, order, decree or other instrument binding upon it, except
for such failures to file, violations, conflicts, breaches or defaults as could
not reasonably be expected to have a Material Adverse Effect;
	 
	 	iii.	 	this Amendment and the other Eighth Amendment Financing
Documents constitute the valid and binding obligations of the Credit Parties
that are parties hereto or thereto (as applicable), enforceable against such
Persons in accordance with their terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, or similar laws relating to the
enforcement of creditor’s rights generally and by general equitable principles;
and
	 
	 	iv.	 	after giving effect to this Amendment, no Default or Event of
Default exists or will result from the transactions contemplated herein.

     5. No Waiver. Except as expressly set forth herein, nothing contained herein shall be
deemed to constitute a waiver of compliance with any term or condition contained in the Credit
Agreement or any of the other Financing Documents or constitute a course of conduct or dealing
among the parties. Except as expressly stated herein, the Agent and Lenders reserve all rights,
privileges and remedies under the Financing Documents. Except as amended or consented to hereby,
the Credit Agreement and other Financing Documents remain unmodified and in full force and effect.
All references in the Financing Documents to the Credit Agreement shall be deemed to be references
to the Credit Agreement as amended and waived hereby.

     6. Severability. In case any provision of or obligation under this Amendment shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby.

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     7. Headings. Headings and captions used in this Amendment (including the Exhibits,
Schedules and Annexes hereto, if any) are included for convenience of reference only and shall not
be given any substantive effect.

     8. GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS AMENDMENT SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS, WITHOUT
REGARD TO CONFLICTS OF LAWS PRINCIPLES. EACH CREDIT PARTY HEREBY CONSENTS TO THE JURISDICTION OF
ANY STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF COOK, STATE OF ILLINOIS AND IRREVOCABLY
AGREES THAT, SUBJECT TO THE AGENT’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING
TO THIS AMENDMENT OR THE OTHER FINANCING DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. EACH CREDIT
PARTY EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY
DEFENSE OF FORUM NON CONVENIENS. EACH CREDIT PARTY HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL
PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON SUCH PERSON BY CERTIFIED OR
REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED C/O THE FUNDS ADMINISTRATOR AT THE ADDRESS SET
FORTH IN THE CREDIT AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME
HAS BEEN POSTED.

     9. WAIVER OF JURY TRIAL. EACH CREDIT PARTY, THE AGENT AND THE LENDERS HEREBY
IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THE FINANCING DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY AND AGREE THAT
ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

     10. Counterparts; Integration. This Amendment may be executed and delivered via
facsimile, email or similar electronic transmission with the same force and effect as if an
original were executed and may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures hereto were upon the same instrument. This
Amendment constitutes the entire agreement and understanding among the parties hereto with respect
to the subject matter hereof and supersedes any and all prior agreements and understandings, oral
or written, relating to the subject matter hereof.

     11. Reaffirmation. Each of the Credit Parties that is a party hereto, as debtor,
grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Credit
Party grants liens or security interests in its property or otherwise acts as accommodation party
or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and
performance obligations, contingent or otherwise, under each of the Financing Documents to which it
is a party (after giving effect hereto) and (ii) to the extent such Credit Party granted liens on
or security interests in any of its property pursuant to any such Financing Document as security
for or otherwise guaranteed the Borrowers’ Obligations under or with respect to the Financing
Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and
confirms and agrees that such security interests and liens hereafter secure all of the Obligations
as amended hereby. Each of the Credit Parties hereby consents to this Amendment

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and acknowledges that each of the Financing Documents remains in full force and effect and is
hereby ratified and reaffirmed, subject to the amendments, consents and waivers set forth herein.
The execution of this Amendment shall not operate as a waiver of any right, power or remedy of the
Agent or Lenders or constitute a waiver of any provision of any of the Financing Documents (except
as expressly set forth herein) or serve to effect a novation of the Obligations.

[remainder of page intentionally left blank;

signature pages follow]

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

	 	 	 	 	 	 	 
	 	 	BORROWERS:
	 
	 	 	 	 	 	 
	 	 	COMSYS SERVICES LLC, a Delaware limited liability

company, as the Funds Administrator and as a Borrower
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	Name:	 	David L. Kerr
	 	 	Title:	 	Senior Vice President – Corporate Development
	 
	 	 	 	 	 	 
	 	 	COMSYS INFORMATION TECHNOLOGY SERVICES, INC., a

Delaware corporation, as a Borrower
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	David L. Kerr
	 	 	Title:	 	Senior Vice President – Corporate Development
	 
	 	 	 	 	 	 
	 	 	PURE SOLUTIONS, INC., a Delaware corporation, as a

Borrower
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	David L. Kerr
	 	 	Title:	 	Senior Vice President – Corporate Development
	 
	 	 	 	 	 	 
	 	 	PRAEOS TECHNOLOGIES, LLC, a Delaware limited liability

company
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	David L. Kerr
	 	 	Title:	 	Senior Vice President – Corporate Development

 Eighth Amendment to Credit Agreement

(COMSYS)

 

 

	 	 	 	 	 	 	 
	 	 	BORROWERS (CONT.):
	 
	 	 	 	 	 	 
	 	 	PLUM RHINO CONSULTING, LLC, a Delaware limited

liability company
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	David L. Kerr
	 	 	Title:	 	Senior Vice President – Corporate Development
	 
	 	 	 	 	 	 
	 	 	TWC GROUP CONSULTING, LLC, a Delaware limited liability

company
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	David L. Kerr
	 	 	Title:	 	Senior Vice President – Corporate Development

Eighth Amendment to Credit Agreement

(COMSYS)

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

	 	 	 	 	 	 	 
	 	 	OTHER CREDIT PARTIES:
	 
	 	 	 	 	 	 
	 	 	COMSYS IT PARTNERS, INC., a Delaware corporation
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	Name:	 	David L. Kerr
	 	 	Title:	 	Senior Vice President – Corporate Development
	 
	 	 	 	 	 	 
	 	 	PFI LLC, a Delaware limited liability company
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:
	 	David L. Kerr	 	 
	 	 	Title:	 	Senior Vice President – Corporate Development
	 
	 	 	 	 	 	 
	 	 	COMSYS IT CANADA, INC., a North Carolina corporation
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	Name:	 	David L. Kerr
	 	 	Title:	 	Senior Vice President – Corporate Development
	 
	 	 	 	 	 	 
	 	 	ECONOMETRIX, LLC, a Delaware limited liability company
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	Name:	 	David L. Kerr
	 	 	Title:	 	Senior Vice President – Corporate Development

Eighth Amendment to Credit Agreement

(COMSYS)

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

	 	 	 	 	 	 	 
	 	 	AGENT AND LENDER:
	 
	 	 	 	 	 	 
	 	 	GE BUSINESS FINANCIAL SERVICES INC. (formerly known

as Merrill Lynch Business Financial Services Inc.),

as Agent and a Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 	 	Title:	 	Its Duly Authorized Signatory

Eighth Amendment to Credit Agreement

(COMSYS)

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

	 	 	 	 	 	 	 
	 	 	LENDERS:
	 
	 	 	 	 	 	 
	 	 	CF BLACKBURN LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	GMAC Commercial Finance LLC (Servicer), as

Syndication Agent and as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Thomas Brent 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 	 	 
	 	 	ING CAPITAL LLC, as Co-Documentation Agent and as a

Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	Name:	 	Daryn K. Venéy
	 	 	Title:	 	Vice President
	 
	 	 	 	 	 	 
	 	 	ALLIED IRISH BANKS PLC, as Co-Documentation Agent and

as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	CAPITAL ONE LEVERAGE FINANCE CORP., formerly known as

North Fork Business Capital Corporation, as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

Eighth Amendment to Credit Agreement

(COMSYS)

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

	 	 	 	 	 	 	 
	 	 	LENDERS (CONT.):
	 
	 	 	 	 	 	 
	 	 	AIB DEBT MANAGEMENT, LIMITED, as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	BMO CAPITAL MARKETS FINANCING, INC., as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

Eighth Amendment to Credit Agreement

(COMSYS)

 

 

SCHEDULE A

TO

EIGHT AMENDMENT TO CREDIT AGREEMENT

DATED AS OF MAY __, 2008

ADDITIONAL DOCUMENTS

1. Master Agreement for Documentary Letters of Credit

2. Master Agreement for Standby Letters of Credit

3. Deposit Account Control Agreement (with future notification) by and among Wachovia Bank National
Association, the Agent, Pure Solutions and TWC Acquisition Sub

4. Deposit Account Control Agreement (with future notification) by and among Regions Bank, the
Agent and Plum Rhino

Eighth Amendment to Credit Agreement

(COMSYS)ex4_1.htm

     

     

     

    Exhibit 4.1

    

    

    

    

    

    ICON
plc

    SHARE
OPTION PLAN 2003

    As
updated 26th October
2006 for the Bonus Share Issue and further updated 5th
February 2007

    (FOR
EMPLOYEES AND SALARIED DIRECTORS)

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    TABLE
OF CONTENTS

    

    
      	
              1.

            	
              INTRODUCTION

            	
              4

            
	 
      	 
      	 
      
	
              2.

            	
              ADMINISTRATION

            	
              4

            
	
              2.1.

            	
              Administration by Committee

            	
              4

            
	
              2.2.

            	
              Committee Responsibilities

            	
              4

            
	
              2.3.

            	
              No Right to Participation

            	
              4

            
	 
      	 
      	 
      
	
              3.

            	
              SHARES AVAILABLE FOR GRANTS

            	
              4

            
	
              3.1.

            	
              Basic Limitation

            	
              4

            
	
              3.2.

            	
              Additional Shares

            	
              4

            
	 
      	 
      	 
      
	
              4.

            	
              ELIGIBILITY

            	
              4

            
	
              4.1.

            	
              General Rules

            	
              4

            
	 
      	 
      	 
      
	
              5.

            	
              OPTIONS

            	
              4

            
	
              5.1.

            	
              Stock Option Agreement

            	
              4

            
	
              5.2.

            	
              Transfer of Awards

            	
              5

            
	
              5.3.

            	
              Waiver of an Option and failure to complete Stock
      Option Agreement

            	
              5

            
	
              5.4.

            	
              Number of Shares

            	
              5

            
	
              5.5.

            	
              Exercise Price

            	
              5

            
	
              5.6.

            	
              Exercisabilitv and Term

            	
              5

            
	
              5.7.

            	
              Acceleration Upon Change in
      Control

            	
              5

            
	
              5.8.

            	
              Modification or Assumption of
      Options

            	
              5

            
	
              5.9.

            	
              Liquidation

            	
              5

            
	 
      	 
      	 
      
	
              6.

            	
              PAYMENT FOR OPTION SHARES

            	
              5

            
	
              6.1.

            	
              General Rule

            	
              5

            
	
              6.2.

            	
              Exercise/Sale

            	
              6

            
	
              6.3.

            	
              Other forms of Payment

            	
              6

            
	 
      	 
      	 
      
	
              7.

            	
              ADJUSTMENT OF SHARES

            	
              6

            
	
              7.1.

            	
              Adjustments

            	
              6

            
	
              7.2.

            	
              Reorganisation

            	
              6

            
	 
      	 
      	 
      
	
              8.

            	
              LIMITATION ON RIGHTS

            	
              6

            
	
              8.1.

            	
              Retention Rights and Cessation of
      Employment

            	
              6

            
	
              8.2.

            	
              Shareholders’ Rights

            	
              6

            
	
              8.3.

            	
              Regulatory Requirements

            	
              7

            
	 
      	 
      	 
      
	
              9.

            	
              WITHHOLDING TAXES

            	
              7

            
	 
      	 
      	 
      
	
              10.

            	
              FUTURE OF THE PLAN

            	
              7

            
	
              10.1.

            	
              Term of the Plan

            	
              7

            
	
              10.2

            	
              .Amendment or Termination

            	
              7

            
	 
      	 
      	 
      
	
              11.

            	
              DEFINITIONS

            	
              7

            
	
              11.1.

            	
              Award

            	
              7

            
	
              11.2.

            	
              Board

            	
              7

            
	
              11.3.

            	
              Change in
      Control

            	
              7

            
	
              11.4.

            	
              Code

            	
              8

            
	
              11.5.

            	
              Committee 

            	
              8

            
	
              11.6.

            	
              Company

            	
              8

            
	
              11.7.

            	
              Date of Grant

            	
              8

            

    

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    

    
      	
              11.8.

            	
              Employee

            	
              8

            
	
              11.9.

            	
              Exchange Act

            	
              8

            
	
              11.10.

            	
              Exercise Price .

            	
              8

            
	
              11.11.

            	
              Internal Revenue
      Service .

            	
              8

            
	
              11.12.

            	
              Market
    Value

            	
              8

            
	
              11.13.

            	
              NSO

            	
              8

            
	
              11.14.

            	
              Option 

            	
              9

            
	
              11.15.

            	
              Optionee 

            	
              9

            
	
              11.16.

            	
              Ordinary Share 

            	
              9

            
	
              11.17.

            	
              Outstanding Shares 

            	
              9

            
	
              11.18.

            	
              Plan 

            	
              9

            
	
              11.19.

            	
              Securities and Exchange
      Commission

            	
              9

            
	
              11.20.

            	
              Share 

            	
              9

            
	
              11.21.

            	
              Stock Option
      Agreement

            	
              9

            
	
              11.22.

            	
              Subsidiary 

            	
              9

            

    

    

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    

    ICON
plc

    SHARE OPTION PLAN
2003

    ( as updated 26 October
2006)

    

    
      	
              1.  

            	
              INTRODUCTION

            

    

    

    The Plan
is established pursuant to a resolution of shareholders dated 17th January
2003.  The purpose of the Plan is to establish an employees’ share
scheme within the meaning of Section 2 of the Companies (Amendment) Act 1983 as
a share incentive scheme to promote the long-term success of the Company and the
creation of shareholder value by (a) encouraging Employees to focus on critical
long-range objectives, (b) encouraging the attraction and retention of
Employees, and (c) linking Employees directly to shareholder interests through
increased share ownership. The Plan seeks to achieve this purpose by providing
for Awards in the form of Options which will constitute NSO’s.  The
Plan shall be governed by, and construed in accordance with, the laws of
Ireland.

    

    
      	
              2.  

            	
              ADMINISTRATION

            

    

    

    
      	
              2.1.  

            	
              Administration by
      Committee.  The Plan shall be administered by the
      Committee.

            

    

    

    
      	
              2.2.  

            	
              Committee
      Responsibilities.  The Committee shall (a) select the
      Employees who are to receive Awards under the Plan, (b) determine the
      type, number, vesting requirements and other conditions of such Awards,
      (c) interpret the Plan and (d) make all other decisions relating to the
      operation of the Plan. The Committee may adopt such rules or guidelines as
      it deems appropriate from time to time to implement the Plan. The
      Committee’s determinations under the Plan shall be final and binding on
      all persons.

            

    

    

    
      	
              2.3.  

            	
              No Right to
      Participation.  No person shall be entitled as of right
      to participate in the Plan, and decisions regarding participation shall be
      made by the Committee in its absolute
  discretion.

            

    

    

    
      	
              3.  

            	
              SHARES
      AVAILABLE FOR GRANTS

            

    

    

    
      	
              3.1.  

            	
              Basic
      Limitation.  Any Shares over which Options may be issued
      pursuant to the Plan shall be authorised but unissued shares. The
      aggregate number of Shares that may be issued under the Plan shall not
      exceed 3,000,000 Shares. In addition, the aggregate number of Shares that
      may be issued pursuant to Options awarded under the Plan shall not in any
      event exceed 10% of the Outstanding Shares at the time of the grant unless
      the Board expressly determines otherwise. The maximum number of Shares
      with respect to which Options may be granted under the Plan during any
      calendar year to any Employee shall be 200,000 Shares. The Company shall
      keep available sufficient authorised but unissued Shares to meet in full
      the exercise of all Options. The limitations of this Section 3.1 shall be
      subject to adjustment pursuant to Article
7.

            

    

    

    
      	
              3.2.  

            	
              Additional
      Shares.  If any Options are forfeited or if any Options
      terminate for any other reason before being exercised, then Shares subject
      to such Options shall again become available for Awards under the
      Plan.

            

    

    

    
      	
              4.  

            	
              ELIGIBILITY

            

    

    

    
      	
              4.1.  

            	
              General
      Rules.  Only Employees shall be eligible for designation
      as participants by the Committee.

            

    

    

    
      	
              5.  

            	
              OPTIONS

            

    

    

    
      	
              5.1.  

            	
              Stock Option
      Agreement. Each grant of an Option under the Plan (unless the
      Committee determines otherwise in its absolute discretion) shall be
      evidenced by a Stock Option Agreement between the Optionee and the
      Company.  Such Option shall be subject to all applicable terms
      of the Plan and may be subject to any other terms that are not
      inconsistent with the
Plan.  The

            

    

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    provisions
of the various Stock Option Agreements entered into under the Plan need not be
identical.

    

    
      	
              5.2.  

            	
              Transfer of
      Awards.  Options shall not be transferable, save that an
      Option Agreement may permit a transfer of the Option on death to an
      Optionee’s personal representatives, by will or the laws for intestate
      succession.  The transferee of an Option shall be bound by the
      provisions of this Plan and the Stock Option Agreement entered into by the
      Optionee and (unless otherwise determined by the Committee in its absolute
      discretion) such transferee shall agree in writing on a form prescribed by
      the Committee to be so bound.

            

    

    

    
      	
              5.3.  

            	
              Waiver of an Option
      and failure to complete Stock Option Agreement.  An
      Optionee may by notice in writing given within 60 days of the Date of
      Grant of an Option disclaim in whole or in part his or her rights under
      that Option in which case the Option, or that portion of the Option
      disclaimed, shall for all purposes be deemed not to have been
      granted.  Unless the Committee determines otherwise in its
      absolute discretion, it shall be a condition of the grant of an Option
      that an Optionee completes a Stock Option Agreement and where an Optionee
      fails to do so within any time specified by the Committee, that Option
      shall be deemed not to have been
granted.

            

    

    

    
      	
              5.4.  

            	
              Number of
      Shares.  Each Stock Option Agreement shall specify the
      number of Shares over which the Option is granted and shall provide for
      the adjustment as provided in Article 7. An Optionee may elect, upon
      exercise of an Option, to acquire Ordinary Shares of the
      Company.

            

    

    

    
      	
              5.5.  

            	
              Exercise
      Price.  Each Stock Option Agreement shall specify the
      Exercise Price. The Exercise Price shall not be less than 100% of the
      Market Value of a Share.

            

    

    

    
      	
              5.6.  

            	
              Exercisabilitv and
      Term. Each Stock Option Agreement shall specify the date when all
      or any instalment of the Option may be exercised.  The Stock
      Option Agreement shall also specify the term of the Option; provided that
      the term of an Option shall in no event exceed 10 years from the date of
      grant.  A Stock Option Agreement may provide for accelerated
      exercisability in the event of the Optionee’s death or disability or other
      events and may provide for expiration prior to the end of its term in the
      event of the termination of the Optionee’s
  service.

            

    

    

    
      	
              5.7.  

            	
              Acceleration Upon
      Change in Control.  The Committee may determine, at the
      time of granting an Option or thereafter, that such Option shall become
      exercisable as to all or part of the Shares subject to such Option in the
      event that a Change in Control occurs with respect to the
      Company.

            

    

    

    
      	
              5.8.  

            	
              Modification or
      Assumption of Options. Within the limitations of the Plan, the
      Committee may modify, extend or assume (i.e., succeed by operation of
      contract to all rights and obligations under) outstanding Options or
      accept the cancellation of outstanding options (whether granted by the
      Company or by another issuer) in return for the grant of new Options for
      the same or a different number of Shares and at the same or a different
      Exercise Price. Any other provision of the Plan notwithstanding, no
      modification of an Option shall, without the consent of the Optionee,
      alter or impair his or her rights or obligations under such
      Option.

            

    

    

    
      	
              5.9.  

            	
              Liquidation.  In
      the event of the liquidiation, dissolution or other winding up of the
      Company, all Options shall cease to be exercisable (unless the Committee
      at its sole discretion shall determine otherwise). Optionees shall not be
      entitled to damages or other compensation of any
  kind.

            

    

    

    
      	
              6.  

            	
              PAYMENT
      FOR OPTION SHARES

            

    

    

    
      	
              6.1.  

            	
              General
      Rule.  The entire Exercise Price of Shares issued upon
      exercise of Options shall be payable in cash at the time when such Shares
      are acquired, except that the Stock Option Agreement may specify that
      payment may be made in any other form(s) described in this Article
      6.

            

    

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    

    

    
      	
              6.2.  

            	
              Exercise/Sale.  If
      permitted by the applicable Stock Option Agreement, payment may be made by
      delivery (on a form prescribed by the Company) of an irrevocable direction
      to a securities broker approved by the Company to sell Shares and to
      deliver all or part of the sales proceeds to the Company in payment of all
      or part of the Exercise Price and any withholding
  taxes.

            

    

    

    
      	
              6.3.  

            	
              Other forms of
      Payment.  If permitted by the applicable Stock Option
      Agreement, payment may be made in any other form that is consistent with
      applicable laws, regulations and
rules.

            

    

    

    
      	
              7.  

            	
              ADJUSTMENT
      OF SHARES

            

    

    

    
      	
              7.1.  

            	
              Adjustments.  In
      the event of a subdivision of the outstanding Shares, a declaration of a
      dividend payable in Shares, a declaration of a dividend payable in a form
      other than Shares in an amount that has a material effect on the price of
      Shares, a combination or consolidation of the issued Shares (by
      reclassification or otherwise) into a lesser number of Shares, a
      recapitalization, or a spin-off, the Committee shall make appropriate
      adjustments in one or more of (a) the number of Shares available for
      future Awards under Article 3, (b) the number of Shares covered by each
      outstanding Option and (c) the Exercise Price under each outstanding
      Option. Except as provided in this Article 7, an Optionee shall have no
      rights by reason of any issue by the Company of shares of any class or
      securities convertible into shares of any class, any subdivision or
      consolidation of shares of any class, the payment of any stock dividend or
      any other increase or decrease in the number of shares of any
      class.

            

    

    

    
      	
              7.2.  

            	
              Reorganisation.  In
      the event that the Company is a party to a merger, takeover or other
      reorganisation, outstanding Options shall be subject to the agreement of
      merger or reorganisation or the agreed terms of the takeover. Such
      agreement may provide, without limitation, for the assumption of
      outstanding Awards by the surviving company (the term “surviving company”
      for purposes of this Section 7.2 shall include reference to an acquiring
      company in a takeover situation) or its parent, for the substitution of
      options on the stock of the surviving company or its parent, or for the
      continuation of Options by the Company (if the Company is a surviving
      company). In the event the Company is not the surviving company and the
      surviving company will not assume the outstanding Options, the agreement
      of merger, consolidation or takeover shall provide for (a) payment of a
      cash settlement equal to the difference between the amount to be paid for
      the Shares covered by the Option and the aggregate Exercise Price, (b) the
      acceleration of the exercisability of such outstanding Options followed by
      the cancellation of Options not exercised or (c) substitution of an option
      in the surviving company for the Option; all in any case without the
      Optionees’ consent. Any cancellation shall not occur earlier than 30 days
      after such acceleration is effective and Optionees have been notified of
      such acceleration.

            

    

    

    
      	
              8.  

            	
              LIMITATION
      ON RIGHTS

            

    

    

    
      	
              8.1.  

            	
              Retention Rights and
      Cessation of Employment.  Neither the Plan nor any Option
      granted under the Plan shall be deemed to give any individual a right to
      remain an employee or director of the Company or a Subsidiary. The Company
      and its Subsidiaries reserve the right to terminate the service of any
      employee or director at any time, with our without cause, subject to
      applicable laws, the Company’s Memorandum and Articles of Association and
      a written employment agreement (if any).  Under no circumstances
      will any Optionee ceasing to be an Employee be entitled to any
      compensation for any loss of any right or benefit or prospective right or
      benefit under the Plan which he might otherwise have enjoyed whether such
      compensation is claimed by way of damages for wrongful dismissal or other
      breach of contract or by way of compensation for loss of office or
      otherwise howsoever.

            

    

    

    
      	
              8.2.  

            	
              Shareholders’
      Rights.  An Optionee shall have no dividend rights,
      voting rights or other rights as a shareholder with respect to any Shares
      covered by his or her Award prior to filing the proper Notice of Exercise
      and tendering the Exercise Price for such Shares. No adjustment shall be
      made for cash dividends or other rights for which the record date is prior
      to the date when such Notice of Exercise and tender of Exercise Price is
      given, except as expressly provided in Article
  7.

            

    

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    

    

    
      	
              8.3.  

            	
              Regulatory
      Requirements.  Any other provision of the Plan
      notwithstanding, the obligation of the Company to issue Shares under the
      Plan shall be subject to all applicable laws, rules and regulations and
      such approval by any regulatory body as may be required. The Company
      reserves the right to restrict, in whole or in part, the delivery of
      Shares pursuant to any Award prior to the satisfaction of all legal
      requirements relating to the issuance of such Shares, to their
      registration, qualification or listing or to an exemption from
      registration, qualification or
listing.

            

    

    

    
      	
              9.  

            	
              WITHHOLDING
      TAXES

            

    

    

    If
withholding tax obligations arise under federal, state, local or foreign law in
connection with any transaction under the Plan, then the Employee, beneficiary
or other person who is subject to such obligations shall make arrangements
satisfactory to the Company to meet such obligations. The Company shall not be
required to issue any Shares or make any cash payment under the Plan until such
obligations are satisfied.

    

    
      	
              10.  

            	
              FUTURE
      OF THE PLAN

            

    

    

    
      	
              10.1.  

            	
              Term of the
      Plan.  The Plan, as set forth herein, shall become
      effective as of the date of its approval by the Company’s shareholders at
      an Annual General Meeting to be held on the 17th
      January 2003. The Plan shall remain in effect until it is terminated under
      Section 10.2, except that no Option shall be granted after the 17th
      January 2013.

            

    

    

    
      	
              10.2.  

            	
              Amendment or
      Termination.  The Board may, at any time and for any
      reason, amend or terminate the Plan. An amendment of the Plan shall be
      subject to the approval of the Company’s shareholders only to the extent
      required by applicable laws, regulations or rules. No Awards shall be
      granted under the Plan after the termination thereof. The termination of
      the Plan, or any amendment thereof, shall not affect any Option previously
      granted under the Plan. Notwithstanding such termination, the Company
      shall continue to act, administer and manage the Plan in accordance with
      its terms.

            

    

    

    
      	
              11.  

            	
              DEFINITIONS

            

    

    

    
      	
              11.1.  

            	
              Award means any grant of
      an Option under the Plan.

            

    

    

    
      	
              11.2.  

            	
              Board means the
      Company’s Board of Directors, as constituted from time to
      time.

            

    

    

    
      	
              11.3.  

            	
              Change in Control
      means:

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      consummation of a merger or consolidation of the Company with or into
      another entity or any other corporate reorganisation, if more than 50% of
      the combined voting power of the continuing or surviving entity’s issued
      shares or securities outstanding immediately after such merger,
      consolidation or other reorganisation is owned by persons who were not
      shareholders of the Company immediately prior to such merger,
      consolidation or other
reorganization;

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      sale, transfer or other disposition of all or substantially all of the
      Company’s assets;

            

    

    

    
      	
               
      

            	
              (c)

            	
              A
      change in the composition of the Board, as a result of which fewer than
      50% of the incumbent directors are directors who either (i) had been
      directors of the Company on the date 24 months prior to the date of the
      event that may constitute a Change in Control (the “original directors”)
      or (ii) were elected, or nominated for election, to the Board with the
      affirmative votes of at least a majority of the aggregate of the original
      directors who were still in office at the time of the election or
      nomination and the directors whose election or nomination was previously
      so approved; or

            

    

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    

    

    
      	
               
      

            	
              (d)

            	
              Any
      transaction as a result of which any person is the “beneficial owner” (as
      defined in Rule 1 3d-3 under the Exchange Act), directly or indirectly, of
      securities of the Company representing at least 50% of the total voting
      power represented by the Company’s then outstanding voting securities
      (e.g., issued shares). For purposes of this Subsection (d), the term
      “person” shall have the same meaning as when used in sections 13(d) and
      14(d) of the Exchange Act but shall exclude (i) a trustee or other
      fiduciary holding securities under an employee benefit plan of the Company
      or of a Subsidiary, (ii) a company owned directly or indirectly by the
      shareholders of the Company in substantially the same proportions as their
      ownership of the ordinary shares of the Company, (iii) Ronan Lambe, and
      (iv) John Climax.

            

    

    

    A
transaction shall not constitute a Change in Control if its sole purpose is to
create a holding company that will be owned in substantially the same
proportions by the persons who held the Company’s issued shares immediately
before such transaction.

    

    
      	
              11.4.  

            	
              Code means the US
      Internal Revenue Code of 1986, as
amended.

            

    

    

    
      	
              11.5.  

            	
              Committee means the
      Compensation Committee of the Board or such other committee of the Board,
      as the Board may appoint to administer the Plan from time to
      time.

            

    

    

    
      	
              11.6.  

            	
              Company means ICON plc,
      an Irish corporation and its successor
  corporations.

            

    

    

    
      	
              11.7.  

            	
              Date of Grant means the
      date of the Committee resolution under which an Option is granted or as
      otherwise specified in the Committee resolution approving the Option
      Grant.

            

    

    

    
      	
              11.8.  

            	
              Employee means (a) an
      employee of the Company or of a Subsidiary, and (b) a director holding a
      salaried employment or office of the Company or any
      Subsidiary.

            

    

    

    
      	
              11.9.  

            	
              Exchange Act means the
      US Securities Exchange Act of 1934, as
amended.

            

    

    

    
      	
              11.10.  

            	
              Exercise Price means the
      amount for which one Share may be acquired upon exercise of an Option, as
      specified in the applicable Stock Option
  Agreement.

            

    

    

    
      	
              11.11.  

            	
              Internal Revenue Service
      means the US Internal Revenue
Service.

            

    

    

    
      	
              11.12.  

            	
              Market Value means the
      market price of Shares on the day preceding the Date of Grant, determined
      by the Committee as follows:

            

    

    

    
      	
               
      

            	
              (a)

            	
              If
      Shares were traded on a stock exchange on the date in question, then the
      Market Value shall be equal to the higher of par and the closing price
      reported for such date by the applicable composite-transactions report;
      and

            

    

    

    
      	
               
      

            	
              (b)

            	
              If
      (a) is not applicable, the Market Value shall be determined by the
      Committee in good faith on such basis as it deems
    appropriate.

            

    

    

    Whenever
possible, the determination of Market Value by the Committee shall be based on
the prices reported in The Wall Street
Journal, Eastern Edition, USA. Such determination shall be conclusive and
binding on all persons.

    

    
      	
              11.13.  

            	
              NSO means an employee
      stock option not described in section 422 or 423 of the
    Code.

            

    

    

    
      	
              11.14.  

            	
              Option means a NSO
      granted under the Plan and entitling the holder to purchase by way of
      subscription (as such term is understood under Irish law)
      Shares.

            

    

    

    
      	
              11.15.  

            	
              Optionee means an
      individual or estate who holds an
Option.

            

    

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    

    
      	
              11.16.  

            	
              Ordinary Share means one
      ordinary share in the capital of the
Company.

            

    

    

    
      	
              11.17.  

            	
              Outstanding Shares means
      the total issued Ordinary Shares and the Shares issuable under the options
      granted to Allan Morgan, William Taaffe and Syu Tanaka each dated 1
      January 1997.

            

    

    

    
      	
              11.18.  

            	
              Plan means this ICON plc
      Share Option Plan 2003, as it may be amended from time to
      time.

            

    

    

    
      	
              11.19.  

            	
              Securities and Exchange
      Commission means the US Securities and Exchange
      Commission.

            

    

    

    
      	
              11.20.  

            	
              Share means either one
      Ordinary Share or one ordinary share in the capital of the Company as
      represented by one American Depository share and as evidenced by an
      American Depository Receipt.

            

    

    

    
      	
              11.21.  

            	
              Stock Option Agreement
      means the agreement between the Company and an Optionee which contains the
      terms, conditions and restrictions pertaining to his or her Option and
      which shall be in such form as the Committee shall determine in its
      absolute discretion.

            

    

    

    
      	
              11.22.  

            	
              Subsidiary means any
      company, if the Company and / or one or more other Subsidiaries own not
      less than 50% of the total combined voting power of all classes of
      outstanding stock (e.g., issued shares) of such company. A company that
      attains the status of a Subsidiary on a date after the adoption of the
      Plan shall be considered a Subsidiary commencing as of such
      date.

            

    

    

     

     

     

     

     

     

     

     

     

     

     

    9

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