Document:

First Amendment to the First Amended and Restated Credit Agreement

 Exhibit 10.28 
 EXECUTION COPY 
 RUTH’S HOSPITALITY GROUP, INC. 
 (F/K/A/ RUTH’S CHRIS STEAK
HOUSE, INC.) 
 FIRST AMENDMENT TO 
 FIRST AMENDED AND RESTATED CREDIT AGREEMENT 
 This FIRST
AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is dated as of February 26, 2009 and entered into by and among RUTH’S HOSPITALITY GROUP, INC. (f/k/a/
Ruth’s Chris Steak House, Inc.), a Delaware corporation (“Company”), the financial institutions from time to time party thereto (“Lenders”), WELLS
FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for Lenders (“Administrative Agent”), and, for purposes of Section 4
hereof, the Guarantors (as defined in Section 4 hereof) listed on the signature pages hereof, and is made with reference to that certain First Amended and Restated Credit Agreement dated as of February 19, 2008, as amended to the date
hereof (as so amended, the “Credit Agreement”), by and among Company, Lenders, Banc of America Securities LLC, as a co-lead arranger, Bank of America, N.A., as syndication agent and Wachovia Bank, National
Association and JPMorgan Chase Bank, N.A., as co-documentation agents and Administrative Agent. Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement. 
 R E C I T A L S 
 WHEREAS, Company and Lenders desire to amend the Credit Agreement to make certain amendments as set forth below; 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein
contained, the parties hereto agree as follows: 
 SECTION 1. AMENDMENTS TO THE
CREDIT AGREEMENT. 
 Section 1.1 Amendments to Section 1: Definitions. 
 A. Subsection 1.1 of the Credit Agreement is hereby amended by adding thereto the following definitions, which shall be inserted in proper
alphabetical order: 
 “’Deed of Trust’ means a security instrument (whether designated as a deed of
trust or a mortgage) executed and delivered by any Loan Party, substantially in the form of Exhibit XII annexed hereto or in such other form as may be satisfactory to Company and approved by Administrative Agent in its sole discretion, with
such changes thereto as may be recommended by Administrative Agent’s local counsel based on local laws or customary local mortgage or deed of trust practices.” 
  

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 “’First Amendment’ means the First Amendment to First Amended and
Restated Credit Agreement dated as of February 25, 2009 among Company, Lenders and Administrative Agent.” 
 “’First Amendment Effective Date’ means the date on which all conditions set forth in Section 3 of the First Amendment are satisfied.” 
 “’Florida Headquarters’ means the property located at 500 International Parkway, Suite 100, Heathrow, Florida
32746.” 
 “’Fort Lauderdale Property’ means the property located at 2525 North Federal Highway,
Fort Lauderdale, Florida 33305.” 
 “’Single Restaurant EBITDA’ means, with respect to any
restaurant, the sum, without duplication, of the amounts for such restaurant for the most recent twelve-month period preceding the sale of such restaurant for which Company’s results of operations are available of (i) Consolidated Net
Income, (ii) Consolidated Interest Expense, (iii) provisions for taxes based on income, (iv) total depreciation expense, and (v) total amortization expense, in the case of clauses (ii)-(v), to the extent deducted in the
calculation of Consolidated Net Income, determined for such restaurant in conformity with GAAP. For purposes of determining Single Restaurant EBITDA, references in the definitions of “Consolidated Net Income” and “Consolidated
Interest Expense” to Company and its Subsidiaries shall be deemed to refer to such restaurant.” 
 B. Subsection 1.1 of
the Credit Agreement is hereby further amended by deleting the definitions of “Consolidated Capital Expenditures”, “Consolidated EBITDA” and “Consolidated Leverage Ratio” therefrom in their entirety
and substituting the following therefor: 
 “’Consolidated Capital Expenditures’ means, for any period
and without duplication, the sum of the aggregate of all expenditures, including, to the extent not already included as an expenditure, the purchase price of any acquired Ruth’s Chris restaurant franchise, (whether paid in cash or other
consideration or accrued as a liability and including that portion of Capital Leases which is capitalized on the consolidated balance sheet of Company and its Subsidiaries) by Company and its Subsidiaries during that period that, in conformity with
GAAP, are included in “additions to property, plant or equipment” or comparable items reflected in the consolidated statement of cash flows of Company and its Subsidiaries. For purposes of this definition, the purchase price of any asset
that is purchased with insurance proceeds or with Net Asset Sale Proceeds shall be included in Consolidated Capital Expenditures only to the extent of the gross amount of such purchase price less the amount of such insurance proceeds or Net Asset
Sale Proceeds, as the case may be.” 
  

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 “’Consolidated EBITDA’ means, for any period, the sum, without
duplication, of the amounts for such period of (i) Consolidated Net Income, (ii) Consolidated Interest Expense, (iii) provisions for taxes based on income, (iv) total depreciation expense, (v) total amortization expense,
(vi) non-cash write-offs or impairment of restaurant assets (including write-offs due to impairment of goodwill) and cash write-offs of the Manhattan UN Facility, (vii) non-recurring costs and expenses in connection with severance
payments, hurricane and relocation costs, and business acquisition costs, (viii) ongoing non-cash GAAP costs in connection with, but not limited to, stock options, restricted stock, bank fees and pre-opening straight-line rent,
(ix) non-recurring costs and expenses in connection with restaurant closures and lease terminations in an aggregate amount not to exceed $4,000,000, and (x) Consolidated Rental Expense under the Real Property Operating Lease for the
Florida Headquarters following the sale and leaseback of such property, in the case of clauses (ii)-(x), to the extent deducted in the calculation of Consolidated Net Income, less non-cash items added in the calculation of Consolidated Net
Income, all of the foregoing as determined on a consolidated basis for Company and its Subsidiaries in conformity with GAAP; provided that in the event Company or any of its Subsidiaries acquires a Ruth’s Chris restaurant franchise
during such period, Consolidated EBITDA for such period shall be calculated on a Pro Forma Basis; provided further that Consolidated EBITDA for the Fiscal Quarters ending prior to March 29, 2009 shall include Acquisition EBITDA for such
period as reflected in the financial statements of the Acquired Business for such period delivered to Company and Administrative Agent (as if the Acquired Business were acquired on the first day of such period).” 
 “’Consolidated Leverage Ratio’ means, as at any date, the ratio of (i) the sum of Consolidated Total Debt
(other than Indebtedness with respect to any Capital Lease created through the sale and leaseback of the Florida Headquarters) as at such date plus the Letter of Credit Usage as at such date to (ii) Consolidated EBITDA for the four consecutive
Fiscal Quarter period most recently ended as at such date.” 
 Section 1.2 Amendments to Section 2: Amounts and Terms
of Commitments and Loans. 
 A. Revolving Loan Commitment. Subsection 2.1A(i) of the Credit Agreement is hereby amended by
deleting it in its entirety and substituting the following therefor: 
 “(i) Revolving Loans. Each Revolving
Lender severally agrees, subject to the limitations set forth below with respect to the maximum amount of Revolving Loans permitted to be outstanding from time to time, to lend to Company from time to time during the period from the First Amendment
Effective Date to but excluding the Revolving Loan Commitment Termination Date an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Revolving Loan Commitments to be used for the purposes identified in subsection 2.5A.
The amount of each Revolving Lender’s Revolving Loan Commitment, as of the First Amendment Effective Date, is set forth opposite its name on Schedule 2.1 annexed hereto, and the 

  

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Revolving Loan Commitment Amount, as of the First Amendment Effective Date, is $175,000,000; provided that the amount of the Revolving Loan Commitment
of each Revolving Lender shall be adjusted to give effect to any assignment of such Revolving Loan Commitment pursuant to subsection 10.1B and shall be reduced from time to time by the amount of any reductions thereto made pursuant to subsection
2.4. Each Revolving Lender’s Revolving Loan Commitment shall expire on the Revolving Loan Commitment Termination Date and all Revolving Loans and all other amounts owed hereunder with respect to the Revolving Loans and the Revolving Loan
Commitments shall be paid in full no later than that date. Amounts borrowed under this subsection 2.1A(i) may be repaid and reborrowed to but excluding the Revolving Loan Commitment Termination Date. 
 Anything contained in this Agreement to the contrary notwithstanding, the Revolving Loans and the Revolving Loan Commitments shall be
subject to the limitation that in no event shall the Total Utilization of Revolving Loan Commitments at any time exceed the Revolving Loan Commitment Amount then in effect.” 
 B. Interest on the Loans. Clause (i) of subsection 2.2A of the Credit Agreement is hereby amended by deleting it in its entirety
and substituting the following therefor: 
 “(i) Subject to the provisions of subsections 2.2E, 2.2G and 2.7, the
Revolving Loans shall bear interest through maturity as follows: 
 if a Base Rate Loan, then at the sum of the Base Rate plus the
Base Rate Margin set forth in the table below opposite the applicable Consolidated Leverage Ratio for the four consecutive Fiscal Quarter period for which the applicable Compliance Certificate has been delivered pursuant to subsection 4.1K or
6.1(iv); or 
 if a Eurodollar Rate Loan, then at the sum of the Eurodollar Rate plus the Eurodollar Rate Margin set
forth in the table below opposite the applicable Consolidated Leverage Ratio for the four consecutive Fiscal Quarter period for which the applicable Compliance Certificate has been delivered pursuant to subsection 4.1K or 6.1(iv): 
  

									
	 	  	Consolidated
Leverage Ratio	  	Eurodollar Rate
Margin	 	 	Base
Rate Margin	 
	 Greater than
 or equal to
	  	4.00:1.00	  	4.25	% 	 	3.00	% 
				
	 Greater than
 or equal to
 but less than
	  	3.25:1.00
 4.00:1.00
	  	3.50	% 	 	2.25	% 
				
	 Greater than
 or equal to
 but less than
	  	2.50:1.00
 3.25:1.00
	  	3.00	% 	 	1.75	% 
				
	 Less than
	  	2.50:1.00	  	2.50	% 	 	1.25	% 

  

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 provided that, until the delivery of the Compliance Certificate for the second Fiscal Quarter
ending after the First Amendment Effective Date, the applicable margin on and after the First Amendment Effective Date for Revolving Loans that are Eurodollar Rate Loans shall be 3.50% per annum and for Revolving Loans that are Base Rate Loans
shall be 2.25% per annum.” 
 C. Interest Periods. Subsection 2.2B of the Credit Agreement is hereby amended by
(i) deleting the word “and” at the end of clause (vi) thereof, (ii) deleting the period at the end of clause (vii) thereof and substituting “; and” therefor, and (iii) adding the following as new clause
(viii) thereof: 
 “(viii) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond
the date on which a permanent reduction of the Revolving Loan Commitment Amount is scheduled to occur unless the sum of (a) the aggregate principal amount of Revolving Loans that are Base Rate Loans plus (b) the aggregate principal amount
of Revolving Loans that are Eurodollar Rate Loans with Interest Periods expiring on or before such date plus (c) the excess of the Revolving Loan Commitment Amount then in effect over the aggregate principal amount of Revolving Loans then
outstanding equals or exceeds the permanent reduction of the Revolving Loan Commitment Amount that is scheduled to occur on such date.” 
 D. Fees. Subsection 2.3A of the Credit Agreement is hereby amended by deleting it in its entirety and substituting the following therefor: 
 “A. Commitment Fees. Company agrees to pay to Administrative Agent, for distribution to each Revolving Lender in
proportion to that Lender’s Pro Rata Share, commitment fees for the period from and including the Restatement Date to and excluding the Revolving Loan Commitment Termination Date equal to the average of the daily excess of the Revolving Loan
Commitment Amount over the sum of (i) the aggregate principal amount of outstanding Revolving Loans (but not any outstanding Swing Line Loans) plus (ii) the Letter of Credit Usage multiplied by a rate per annum equal to the
percentage set forth in the table below opposite the Consolidated Leverage Ratio for the four consecutive Fiscal Quarter period for which the applicable Compliance Certificate has been delivered pursuant to subsection 4.1K or 6.1(iv): 
  

						
	 	  	Consolidated
Leverage Ratio	  	Commitment Fee
Percentage	 
	 Greater than
 Or equal to
	  	3.25:1.00	  	0.500	% 
			
	 Less than
	  	3.25:1.00	  	0.375	% 

  

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 such commitment fees to be calculated on the basis of a 360-day year and the actual number of days
elapsed and to be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each calendar year, commencing on March 31, 2009, and on the Revolving Loan Commitment Termination Date; provided
that until the delivery of the Compliance Certificate for the second Fiscal Quarter ending after the First Amendment Effective Date, the applicable commitment fee percentage on and after the First Amendment Effective Date shall be 0.500% per
annum. Upon delivery of the Compliance Certificate by Company to Administrative Agent pursuant to subsection 6.1(iv), the applicable commitment fee percentage shall be adjusted, such adjustment to become effective on the third succeeding Business
Day following the receipt by Administrative Agent of such Compliance Certificate; provided that, if at any time a Compliance Certificate is not delivered at the time required pursuant to subsection 6.1(iv), from the time such Compliance
Certificate was required to be delivered until delivery of such Compliance Certificate, the applicable commitment fee percentage shall be the maximum percentage amount set forth above.” 
 E. Reduction of Revolving Loan Commitment Amount. Subsection 2.4A of the Credit Agreement is hereby amended by adding the following at the
end of clause (ii) thereof: 
 “Any such voluntary reduction of the Revolving Loan Commitment Amount shall be
applied as specified in subsection 2.4A(iv).” 
 F. Reduction of Revolving Loan Commitment Amount. Subsection 2.4A of the
Credit Agreement is hereby further amended by adding the following at the end of clause (iii)(a) thereof: 
 “Notwithstanding anything
to the contrary contained in this clause (a), (i) no later than the first Business Day following the date of receipt by Company of Net Asset Sale Proceeds in respect of the sale of the Florida Headquarters, Company shall prepay the Loans and/or
the Revolving Loan Commitment Amount shall be permanently reduced in an amount equal to 75% of such Net Asset Sale Proceeds and (ii) Company shall not be required to prepay the Loans and/or the Revolving Loan Commitment Amount shall not be
permanently reduced in the amount of the Net Asset Sale Proceeds in respect of the sale of the Fort Lauderdale Property.” 
 G.
Reduction of Revolving Loan Commitment Amount. Subsection 2.4A of the Credit Agreement is hereby further amended by adding the following new clause (d) to clause (iv) thereof: 
 “(d) Application of Unscheduled Reductions of the Revolving Loan Commitment Amount. Any voluntary reduction of the Revolving
Loan Commitment Amount pursuant to subsection 2.4A(ii) shall be applied to reduce the scheduled reductions of the Revolving Loan Commitment Amount set forth in subsection 2.4A(v) in forward chronological order. Any mandatory reduction
of the Revolving Loan Commitment Amount pursuant to subsection 2.4A(iii) shall be applied to reduce the scheduled reductions of the Revolving Loan Commitment Amount set forth in subsection 2.4A(v) in inverse chronological
order.” 
  

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 H. Reduction of Revolving Loan Commitment Amount. Subsection 2.4A of the Credit Agreement
is hereby further amended by adding the following new clause (v) thereto: 
 “(v) Scheduled Reductions of
Revolving Loan Commitment Amount. The Revolving Loan Commitment Amount shall be permanently reduced on the last day of the Fiscal Quarter ended on or around the dates and in the amounts set forth below: 
  

				
	 Date
	  	Scheduled
Reduction
	 December 31, 2009
	  	$	5,000,000
		
	 June 30, 2010
	  	$	5,000,000
		
	 December 31, 2010
	  	$	5,000,000
		
	 June 30, 2011
	  	$	5,000,000
		
	 December 31, 2011
	  	$	5,000,000
		
	 June 30, 2012
	  	$	5,000,000
		
	 December 31, 2012
	  	$	5,000,000

 ; provided that the scheduled reductions of the Revolving Loan Commitment Amount set forth above shall be
reduced in connection with any voluntary or mandatory reductions of the Revolving Loan Commitment Amount in accordance with subsection 2.4A(iv).” 
 I. Increase in Commitments. Subsection 2.10 of the Credit Agreement is hereby amended by deleting it in its entirety and substituting the following therefor: 
 “[Intentionally Omitted]” 
 Section 1.3
Amendments to Section 6: Company’s Affirmative Covenants. 
 Subsection 6.8 of the Credit Agreement is hereby amended by adding
the following new subsections D, E and F thereto: 
 “D. Florida Headquarters. In the event that Company does not
sell the Florida Headquarters within 90 days following the First Amendment Effective Date, Company shall, no later than five Business Days thereafter, deliver to Administrative Agent: 
 1. A fully executed and notarized Deed of Trust, in proper form for recording in all appropriate places in all applicable jurisdictions,
encumbering the Florida Headquarters; 
  

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 2. (a) An ALTA mortgagee title insurance policy or unconditional commitment therefor
issued by a title company acceptable to Administrative Agent with respect to the Florida Headquarters, in an amount to be agreed upon, insuring fee simple title to such property vested in Company and assuring Administrative Agent that the applicable
Deed of Trust creates a valid and enforceable First Priority mortgage Lien on the Florida Headquarters, subject only to a standard survey exception, which policy (1) shall include an endorsement for mechanics’ liens, for future advances
under this Agreement and for any other matters reasonably requested by Administrative Agent and (2) shall provide for affirmative insurance and such reinsurance as Administrative Agent may reasonably request, all of the foregoing in form and
substance reasonably satisfactory to Administrative Agent; and (b) evidence satisfactory to Administrative Agent that Company has (i) delivered to the title company all certificates and affidavits required by the title company in
connection with the issuance of the policy and (ii) paid to the title company or appropriate Government Authorities all expenses and premiums of the title company in connection with the issuance of the policy and all recording and stamp taxes
(including mortgage recording and intangible taxes) payable in connection with recording the Deed of Trust in the appropriate real estate records; 
 3. A title report issued by the title company with respect to the Florida Headquarters, dated not more than 30 days prior to the date hereof and satisfactory in form and substance to Administrative Agent; 

4. Copies of all recorded documents listed as exceptions to title or otherwise referred to in the policy or in the title report;

 5. (a) Evidence, which may be in the form of a letter from an insurance broker or a municipal engineer, as to whether
(1) the Florida Headquarters is located in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards and (2) the community in which the Florida Headquarters is located is participating in
the National Flood Insurance Program, (b) if applicable, Company’s written acknowledgement of receipt of written notification from Administrative Agent and in the event the Florida Headquarters is located in a community that
participates in the National Flood Insurance Program, evidence that Company has obtained flood insurance in respect of such property to the extent required under the applicable regulations of the Board of Governors of the Federal Reserve System; and

 6. If requested, by Administrative Agent, an opinion of counsel (which counsel shall be reasonably satisfactory to
Administrative Agent) with respect to the enforceability of the form of Deeds of Trust to be recorded in Florida and such other matters as Administrative Agent may reasonably request, in each case in form and substance reasonably satisfactory to
Administrative Agent.” 
 “E. Other Real Property. No later than 60 days following the First Amendment
Effective Date, Company shall deliver to Administrative Agent: 
  

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 1. Fully executed and notarized Deeds of Trust, in proper form for recording in all
appropriate places in all applicable jurisdictions, encumbering each property listed on Schedule 6.8 annexed hereto; 
 2. (a) ALTA mortgagee title insurance policies or unconditional commitments therefor issued by a title company acceptable to Administrative Agent with respect to such property, in amounts to be agreed upon, insuring fee simple title to
each such property vested in Company and assuring Administrative Agent that the applicable Deeds of Trust create valid and enforceable First Priority mortgage Liens on the respective properties encumbered thereby, subject only to a standard survey
exception, which policies (1) shall include an endorsement for mechanics’ liens, for future advances under this Agreement and for any other matters reasonably requested by Administrative Agent and (2) shall provide for affirmative
insurance and such reinsurance as Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to Administrative Agent; and (b) evidence satisfactory to Administrative Agent that Company has
(i) delivered to the title company all certificates and affidavits required by the title company in connection with the issuance of the policies and (ii) paid to the title company or appropriate Government Authorities all expenses and
premiums of the title company in connection with the issuance of such policies and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Deeds of Trust in the appropriate real
estate records; 
 3. With respect to each such property, a title report issued by the title company with respect thereto,
dated not more than 30 days prior to the date hereof and satisfactory in form and substance to Administrative Agent; 
 4.
Copies of all recorded documents listed as exceptions to title or otherwise referred to in the policies or in the title reports; 
 5. (a) Evidence, which may be in the form of a letter from an insurance broker or a municipal engineer, as to whether (1) any such property is located in an area designated by the Federal Emergency Management Agency as having
special flood or mud slide hazards and (2) the community in which any such property is located is participating in the National Flood Insurance Program, (b) if applicable, Company’s written acknowledgement of receipt of written
notification from Administrative Agent and in the event any such property is located in a community that participates in the National Flood Insurance Program, evidence that Company has obtained flood insurance in respect of such property to the
extent required under the applicable regulations of the Board of Governors of the Federal Reserve System; and 
 6. If
requested by Administrative Agent, an opinion of counsel (which counsel shall be reasonably satisfactory to Administrative Agent) in each state in which any such property is located with respect to the enforceability of the form(s) of Deeds of Trust
to be recorded in such state and such other matters as Administrative Agent may reasonably request, in each case in form and substance reasonably satisfactory to Administrative Agent.” 
  

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 “F. Intellectual Property. No later than 30 days following the First
Amendment Effective Date, Company shall deliver to Administrative Agent cover sheets or other documents or instruments required to be filed in order to create or perfect Liens in all intellectual property of Company and its Subsidiaries in
Canada.” 
 Section 1.4 Amendments to Section 7: Company’s Negative Covenants. 
 A. Indebtedness. 
 1.
Subsections 7.1(iii) and (vi) of the Credit Agreement are hereby amended by deleting the references to “$5,000,000” contained therein and substituting a reference to “$2,500,000” therefor. 
 2. Subsection 7.1(iii) of the Credit Agreement is hereby further amended by (i) deleting the word “and” at the end of clause
(v) thereof, (ii) deleting the period at the end of clause (vi) thereof and substituting “; and” therefor and (iii) adding the following as new clause (vii) thereof: 
 “(vii) Company may become and remain liable with respect to Indebtedness in respect of a Capital Lease of the Florida
Headquarters.” 
 B. Liens. Subsection 7.2A(iv) of the Credit Agreement is hereby amended by deleting the reference
to “$5,000,000” contained therein and substituting a reference to “$2,500,000” therefor. 
 C. Investments.
Subsection 7.3 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (v) thereof, (ii) deleting the period at the end of clause (vi) thereof and substituting “; and”
therefor and (iii) adding the following as new clause (vii) thereof: 
 “(vii) Company may make a loan in the
form of a seller note in connection with the sale and leaseback of the Florida Headquarters, which seller note shall be in form and substance reasonably satisfactory to Administrative Agent.” 
 D. Restricted Junior Payments. Subsection 7.5 of the Credit Agreement is hereby amended by deleting the reference to
“3,000,000” contained in clause (i) thereof and substituting a reference to “1,000,000” therefor. 
 E.
Financial Covenants. Subsection 7.6 of the Credit Agreement is hereby amended by deleting it in its entirety and substituting the following therefor: 
  

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 “A. Minimum Adjusted Fixed Charge Coverage Ratio. Company shall not permit
the ratio of (i) Consolidated EBITDAR minus (a) taxes based on income of Company and its Subsidiaries on a consolidated basis paid in Cash and (b) Consolidated Maintenance Capital Expenditures to (ii) Consolidated Fixed
Charges for any Four Fiscal Quarter period ending during any of the periods set forth below to be less than the correlative ratio indicated: 
  

			
	 Period
	  	Minimum Fixed
Charge
Coverage Ratio
	 October 1, 2008 through December 31, 2008
	  	1.50 to 1.00
		
	 January 1, 2009 through December 31, 2009
	  	1.40 to 1.00
		
	 January 1, 2010 through June 30, 2010
	  	1.45 to 1.00
		
	 July 1, 2010 and thereafter
	  	1.50 to 1.00

 “B. Maximum Consolidated Leverage Ratio. Company shall not permit the Consolidated
Leverage Ratio as at any date during any of the periods set forth below to exceed the correlative ratio indicated: 
  

			
	 Period
	  	Maximum Leverage Ratio
	 October 1, 2008 through December 31, 2008
	  	3.75 to 1.00
		
	 January 1, 2009 through March 31, 2009
	  	4.75 to 1.00
		
	 April 1, 2009 through September 30, 2009
	  	4.80 to 1.00
		
	 October 1, 2009 through December 31, 2009
	  	4.50 to 1.00
		
	 January 1, 2010 through March 31, 2010
	  	4.25 to 1.00
		
	 April 1, 2010 through June 30, 2010
	  	3.85 to 1.00
		
	 July 1, 2010 and thereafter
	  	3.50 to 1.00

 “C. Minimum Consolidated EBITDA. Company shall not permit Consolidated EBITDA for any
period set forth below to be less than the correlative amount indicated: 
  

				
	 Period
	  	Minimum
Consolidated EBITDA
	 January 1, 2009 through March 31, 2009
	  	$	8,250,000
		
	 January 1, 2009 through June 30, 2009
	  	$	17,000,000
		
	 January 1, 2009 through September 30, 2009
	  	$	24,500,000
		
	 January 1, 2009 through December 31, 2009
	  	$	33,500,000
		
	 April 1, 2009 through March 31, 2010
	  	$	34,000,000
		
	 July 1, 2009 through June 30, 2010
	  	$	35,000 000
		
	 October 1, 2009 through September 30, 2010
	  	$	35,500,000
		
	 January 1, 2010 through December 31, 2010
	  	$	35,500,000

  

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 ; provided, however, in the event any restaurant is sold following the First Amendment Effective Date for a
sale price equal to a multiple of the Single Restaurant EBITDA for such restaurant, there shall be added to the calculation of Consolidated Net Income for a period of 18 months following such sale, an amount equal to such Single Restaurant EBITDA
minus, in the case of any restaurant sold to a franchisee, the product of such Single Restaurant EBITDA multiplied by 5%; provided further, Company shall not be required to maintain a minimum Consolidated EBITDA for any period
in the event the Consolidated Leverage Ratio as at the end of such period is less than or equal to 3.50 to 1.00.” 
 F.
Fundamental Changes; Asset Sales. Subsection 7.7 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (vi) thereof, (ii) deleting the period at the end of clause
(vii) thereof and substituting “; and” therefor and (iii) adding the following as new clause (viii) thereof: 
 “(viii) Company and its Subsidiaries may sell restaurants to franchisees, in each case provided that (a) the consideration received for any such restaurant shall be in the form of Cash or Cash Equivalents,
(b) the sale price for any such restaurant shall be at least equal to 4.75 multiplied by the Single Restaurant EBITDA for such restaurant, (c) the proceeds of such sales shall be applied as required by subsection 2.4A(iii)(a), and
(d) after giving effect to each such sale, on a reasonable and prudent pro forma basis as determined by the chief executive officer or chief financial officer of Company, as if such sale had occurred on the first day of the most recent
twelve-month period for which Company’s results of operations are available, Company would be in compliance with the covenants set forth in subsection 7.6, and Company has delivered to Administrative Agent an Officer’s Certificate so
stating and attaching financial information and calculations in form and substance satisfactory to Administrative Agent required to confirm such statement.” 
 G. Sales and Leasebacks. Subsection 7.9 of the Credit Agreement is hereby amended by deleting it in its entirety and substituting the following therefor: 
 “7.9 Sales and Lease-Backs 
 Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease, whether an Operating Lease or
a Capital Lease, of any property (whether real, personal or mixed), whether now owned or hereafter acquired, (i) that Company or any of its Subsidiaries has sold or transferred or is to sell or transfer to any other Person (other than Company
or any of its Subsidiaries) or (ii) that Company or any of its Subsidiaries intends to use for substantially the same purpose as any other property that has been or is to be sold or transferred by Company or any of its Subsidiaries to any
Person (other than Company or any of its Subsidiaries) in connection with such lease; provided, however, that (a) Company and its Subsidiaries may engage in such sale and lease-back transactions if all of the following conditions
are satisfied: (1) any asset sold or otherwise transferred and leased back in such transaction by Company and its Subsidiaries was acquired in connection with the 

  

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development of a Ruth’s Chris restaurant, and (2) the proceeds of such sale or transfer are promptly applied as required by subsection 2.4A(iii)(a)
and (b) Company may, within 90 days following the First Amendment Effective Date, or such later date as may be agreed to by Administrative Agent, sell and lease-back the Florida Headquarters if all of the following conditions are satisfied:
(1) at least $7,500,000 of the consideration received shall be cash and (2) the proceeds of such sale are promptly applied as required by subsection 2.4A(iii)(a).” 
 H. Capital Expenditures. Section 7 of the Credit Agreement is hereby amended by adding the following new subsection 7.14 thereto:

 “7.14. Consolidated Capital Expenditures 
 Company shall not, and shall not permit its Subsidiaries to, make or incur Consolidated Capital Expenditures, in any Fiscal Year, in an
aggregate amount in excess of (i) for Fiscal Year 2009, $12,000,000, and (ii) for Fiscal Year 2010 and each Fiscal Year thereafter $10,000,000; provided, however, Company may make additional Consolidated Capital Expenditures
in any Fiscal Year following 2009 in an amount not to exceed $5,000,000 in the event that the Consolidated Leverage Ratio, after giving effect to such Consolidated Capital Expenditures, does not exceed 3.35 to 1.00 or in an amount not to exceed
$10,000,000 in the event that (a) the Consolidated Leverage Ratio for the immediately preceding two Fiscal Quarters does not exceed 3.25 to 1.00 and (b) the Consolidated Leverage Ratio, after giving effect to such Consolidated Capital
Expenditures, does not exceed 3.35 to 1.00.” 
 Section 1.5 Modification of Schedules and Exhibits. 
 A. Schedule 2.1. Schedule 2.1 to the Credit Agreement is hereby amended by deleting said Schedule 2.1 in its entirety and
substituting in place thereof a new Schedule 2.1 in the form of Schedule 2.1 to this Amendment. 
 B. Schedule 6.8.
Schedule 6.8 to this Amendment is hereby added to the Credit Agreement as Schedule 6.8 thereto. 
 C. Exhibit XII. Exhibit XII
to this Amendment is hereby added to the Credit Agreement as Exhibit XII thereto. 
 SECTION 2. CONDITIONS
TO EFFECTIVENESS. 
 Section 1 of this Amendment shall become effective only upon the satisfaction of
all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”): 
  

 13 

 A. On or before the First Amendment Effective Date, Company shall deliver to Lenders (or to
Administrative Agent for Lenders with sufficient originally executed copies, where appropriate, for each Lender) the following, each, unless otherwise noted, dated the First Amendment Effective Date: 
 1. Copies of all amendments to the Organizational Documents of Company executed on or after February 19, 2008, in each case,
certified by the Secretary of State of Delaware or, if such document is of a type that may not be so certified, certified by the secretary or similar officer of Company, together with a good standing certificate from the Secretary of State of the
State of Delaware, each dated a recent date prior to the First Amendment Effective Date; 
 2. Resolutions of its Board of
Directors approving and authorizing the execution, delivery, and performance of this Amendment, the Pledge Agreement Amendment (as defined below) and the Deed of Trust, certified as of the First Amendment Effective Date by the secretary or similar
officer as being in full force and effect without modification or amendment; 
 3. Signature and incumbency certificates of
its officers executing this Amendment, the Pledge Agreement Amendment and the Deed of Trust; and 
 4. Executed copies of
this Amendment and the First Amendment to Pledge and Security Agreement dated as of the date hereof between Company, its Subsidiaries and Administrative Agent (the “Pledge Agreement Amendment”). 
 B. Administrative Agent shall have received (i) a duly completed amendment to UCC financing statement, (ii) updated schedules to the
Pledge Agreement, and (iii) certificates (which certificates shall be accompanied by irrevocable undated stock powers, duly endorsed in blank and otherwise satisfactory in form and substance to Administrative Agent), in each case reflecting the
recent name change of Company. 
 C. Administrative Agent shall have received cover sheets or other documents or instruments required
to be filed in order to create or perfect Liens in all intellectual property of Company and its Subsidiaries in the United States. 
 D.
Lenders shall have received copies of one or more favorable written opinions of Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P., counsel for Company, in form and substance reasonably satisfactory to Administrative Agent
and its counsel, dated as of the First Amendment Effective Date, and setting forth the matters as Administrative Agent acting on behalf of Lenders may reasonably request. 
 E. On or before the First Amendment Effective Date, all corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby and all documents incidental thereto not
previously found acceptable by Administrative Agent, acting on behalf of Lenders, and its counsel shall be satisfactory in form and substance to Administrative Agent and such counsel, and Administrative Agent and such counsel shall have received all
such counterpart originals or certified copies of such documents as Administrative Agent may reasonably request. 
  

 14 

 F. Company shall pay to each Lender executing this Amendment on or before the close of business
(San Francisco time) on February 26, 2009, an amendment fee equal to 1.0% of such Lender’s Revolving Loan Exposure. 
 SECTION 3. COMPANY’S REPRESENTATIONS AND WARRANTIES. 
 In order to induce Lenders to enter into this Amendment and to amend the Credit Agreement in the manner provided herein, Company represents and warrants to each Lender that the following statements are true, correct
and complete: 
 A. Corporate Power and Authority. Company has all requisite corporate power and authority to enter into this
Amendment, the Pledge Agreement Amendment and the Deed of Trust and to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (the “Amended
Agreement”), the Pledge Agreement Amendment and the Deed of Trust. 
 B. Authorization of Agreements. The
execution and delivery of this Amendment the Pledge Agreement Amendment and the Deed of Trust and the performance of the Amended Agreement, the Pledge Agreement Amendment and the Deed of Trust have been duly authorized by all necessary corporate
action on the part of Company. 
 C. No Conflict. The execution and delivery by Company of this Amendment, the Pledge Agreement
Amendment and the Deed of Trust and the performance by Company of this Amendment, the Pledge Agreement Amendment and the Deed of Trust do not and will not (i) violate any provision of any law or any governmental rule or regulation applicable to
Company or any of its Subsidiaries, the Organizational Documents of Company or any of its Subsidiaries or any order, judgment or decree of any court or other agency of government binding on Company or any of its Subsidiaries, (ii) conflict
with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Company or any of its Subsidiaries, (iii) result in or require the creation or imposition of any Lien upon any of
the properties or assets of Company or any of its Subsidiaries (other than Liens created under any of the Loan Documents in favor of Administrative Agent on behalf of Lenders), or (iv) require any approval of stockholders or any approval or
consent of any Person under any Contractual Obligation of Company or any of its Subsidiaries. 
 D. Governmental Consents. The
execution and delivery by Company of this Amendment, the Pledge Agreement Amendment and the Deed of Trust and the performance by Company of the Amended Agreement, the Pledge Agreement Amendment and the Deed of Trust do not and will not require any
Governmental Authorization. 
 E. Binding Obligation. This Amendment and the Pledge Agreement Amendment have been duly executed
and delivered by Company and this Amendment, the Pledge Agreement Amendment and the Amended Agreement are, and the Deed of Trust when executed and delivered, will be, the legally valid and binding obligations of Company, enforceable against Company
in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

  

 15 

 F. Incorporation of Representations and Warranties From Credit Agreement. The
representations and warranties contained in Section 5 of the Credit Agreement are and will be true, correct and complete in all material respects on and as of the First Amendment Effective Date to the same extent as though made on and as of
that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such earlier date. 
 G. Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by
this Amendment that would constitute an Event of Default or a Potential Event of Default. 
 SECTION 4. ACKNOWLEDGEMENT
AND CONSENT. 
 Each guarantor (or pledgor) listed on the signatures pages hereof (each, a
“Guarantor”) hereby acknowledges and agrees that the Subsidiary Guaranty and any Collateral Document (each, a “Credit Support Document”) to which it is a party or otherwise
bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment. Each Guarantor represents and warrants
that all representations and warranties contained in this Amendment and the Credit Support Documents to which it is a party or otherwise bound are true, correct and complete in all material respects on and as of the First Amendment Effective Date to
the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such
earlier date. 
 Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this
Amendment, such Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this
Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor to any future amendments to the Credit Agreement. 
 SECTION 5. MISCELLANEOUS. 
 A. Reference to and Effect on the Credit Agreement and
the Other Loan Documents. 
 (i) On and after the First Amendment Effective Date, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Agreement. 
  

 16 

 (ii) Except as specifically amended by this Amendment and the Pledge Agreement Amendment,
the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 (iii) The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any
Lender under, the Credit Agreement or any of the other Loan Documents. 
 B. Fees and Expenses. Company acknowledges that all
costs, fees and expenses as described in subsection 10.2 of the Credit Agreement incurred by Administrative Agent and its counsel with respect to this Amendment and the documents and transactions contemplated hereby shall be for the account of
Company. 
 C. Applicable Law. THIS AMENDMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401
OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT
REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF
ANOTHER LAW. 
 D. Counterparts; Effectiveness. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may
be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. This Amendment (other than the provisions of Section 1 hereof, the effectiveness of
which is governed by Section 2 hereof) shall become effective upon the execution of a counterpart hereof by Company, Requisite Lenders and each of the Credit Support Parties and receipt by Company and Administrative Agent of written or
telephonic notification of such execution and authorization of delivery thereof. 
 E. Collateral Documents. Each Lender
authorizes Administrative Agent, on behalf of and for the benefit of Lender, to execute the Pledge Agreement Amendment. 
 [Remainder of page
intentionally left blank] 
  

 17 

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

			
	 RUTH’S HOSPITALITY GROUP, INC.
(F/K/A/
 RUTH’S CHRIS STEAK
HOUSE, INC.)

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  
  

 S-1 

 LENDERS: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually as a Lender, as Co-Lead Arranger and as Administrative Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  
  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-2 

  

			
	BANK OF AMERICA, N.A., individually as a Lender and as Syndication Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-3 

  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION, individually as a Lender and as Co-Documentation Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-4 

  

			
	JPMORGAN CHASE BANK, N.A., individually as a Lender and as Co-Documentation Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-5 

  

			
	CAROLINA FIRST BANK, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-6 

  

			
	CITIBANK N.A., as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-7 

  

			
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-8 

  

			
	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-9 

  

			
	RAYMOND JAMES BANK, FSB, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-10 

  

			
	FIFTH THIRD BANK, as a Lender
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-11 

							
	ACKNOWLEDGED AND AGREED:	 		 	R.C. EQUIPMENT, INC. (for purposes of Section 4 only), as a Credit Support Party
				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  
  
  

							
		 		 	 R.F. INC. (for purposes of Section 4 only), as a Credit Support Party

				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  
  
  

							
		 		 	 RCSH HOLDINGS, INC. (for purposes of Section 4 only), as a Credit Support
Party

				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  
  
  

							
		 		 	 RCSH MANAGEMENT, INC. (for purposes of Section 4 only), as a Credit Support
Party

				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  
  
  

							
		 		 	 RCSH OPERATIONS, INC. (for purposes of Section 4 only), as a Credit Support
Party

				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-12 

  

			
	RCSH OPERATIONS, LLC (for purposes of Section 4 only), as a Credit Support Party
		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member and Manager
		 	

  

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	RCSH PROMOTIONS, LLC (for purposes of Section 4 only), as a Credit Support Party
		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member and Manager
		 	

  
  

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	RUTH’S CHRIS STEAK HOUSE BOSTON, LLC (for purposes of Section 4 only), as a
Credit Support Party
		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member and Manager
		 	

  
  

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-13 

			
	 RUTH’S CHRIS STEAK HOUSE DALLAS,
L.P. (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as General Partner
		 	

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	 RUTH’S CHRIS STEAK
HOUSE TEXAS, L.P. (for purposes of Section 4 only), as a Credit Support Party
  

		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as General Partner
		 	

			
	
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	 RUTH’S CHRIS STEAK HOUSE #15,
INC. (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	 RUTH’S CHRIS STEAK HOUSE
FRANCHISE, INC. (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-14 

  

			
	 RHG FISH MARKET, INC. (for purposes of Section 4 only), as a Credit
Support Party

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  

			
	 RHG KINGFISH, LLC (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  

			
	 RCSH MILLWORK, LLC (for purposes of Section 4 only), as a Credit Support Party

		
	By:	 	RCSH OPERATIONS, LLC, as Sole Member and Manager

			
		
	By:	 	RUTH’S HOSPITALITY GROUP, INC., as Sole Member and Manager

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
  
  

			
	 RCSH UTAH, INC. (for purposes of Section 4 only), as a Credit Support
Party

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 First Amendment to First Amended 
 and Restated Credit Agreement 
 S-15 

 SCHEDULE 2.1 
 LENDERS’ COMMITMENTS AND PRO RATA SHARES 
  

							
	 Lender
	  	Revolving
Loan
Commitment	  	Pro Rata
Share	 
	 Wells Fargo Bank, National Association
	  	$	26,250,000.00	  	15.000000000	% 
	 Bank of America, N.A.
	  	$	26,250,000.00	  	15.000000000	% 
	 JPMorgan Chase Bank, N.A.
	  	$	21,000,000.00	  	12.000000000	% 
	 Wachovia Bank, National Association
	  	$	21,000,000.00	  	12.000000000	% 
	 Raymond James Bank, FSB
	  	$	18,900,000.00	  	10.800000000	% 
	 Citibank N.A.
	  	$	16,800,000.00	  	9.600000000	% 
	 Fifth Third Bank
	  	$	16,800,000.00	  	9.600000000	% 
	 Carolina First Bank
	  	$	10,500,000.00	  	6.000000000	% 
	 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch
	  	$	10,500,000.00	  	6.000000000	% 
	 First Tennessee Bank National Association
	  	$	7,000,000.00	  	4.000000000	% 
		  	 	 	  	 	 
	 TOTAL
	  	$	175,000,000.00	  	100.000000000	% 

 SCHEDULE 6.8 
 TO 
 FIRST AMENDED AND RESTATED 
 CREDIT AGREEMENT 
 REAL PROPERTY 
 7550 Highcross Blvd 
 Columbus, OH 43235 
 6213 Richmond Avenue 
 Houston, TX 77057 
 3321 Hessmer Avenue 
 Metairie, Louisiana 70002 

 EXHIBIT XII 
  

			
	 PREPARED BY, RECORDING
 REQUESTED BY,
 AND WHEN RECORDED MAIL TO:
  
 Chapman and Cutler, LLP
 111 West Monroe Street
 Chicago, Illinois 60603
 Attention: Philip M. J. Edison
  
	 	 
		 	This space reserved for Recorder’s use only

 [NOTICE TO RECORDER: THIS
MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING
SECURES OUT OF STATE NOTES AND AFFECTS PROPERTY IN AND OUT OF
THE STATE OF FLORIDA. THE VALUE OF THE FLORIDA PROPERTY IS
$                    . MORTGAGEE LIMITS ITS RECOVERY AGAINST
FLORIDA PROPERTY TO $                    .] OR [INSERT
OTHER STATE SPECIFIC PROVISION IF APPLICABLE] 
 NOTICE: THIS INSTRUMENT SECURES FUTURE ADVANCES UNDER A REVOLVING CREDIT
FACILITY THE PRIORITY OF WHICH DATE TO THE RECORDING DATE HEREOF. 
 FORM OF MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS 
 AND LEASES AND FIXTURE FILING [(FLORIDA)] [INSERT OTHER APPLICABLE STATE] 
 by and from

 RUTH’S HOSPITALITY GROUP, INC. (f/k/a/ Ruth’s Chris Steak House, Inc.) 
 “Mortgagor” 
 to

 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent 
 “Mortgagee” 
 Dated as of
                             , 2009 
  

			
	Location:	  	500 International Parkway
	Municipality:	  	Heathrow
	County:	  	Seminole
	State:	  	Florida
	Tax ID Nos.:	  	

 THE SECURED PARTY (MORTGAGEE) DESIRES THIS FIXTURE FILING TO BE 
 INDEXED AGAINST THE RECORD OWNER OF THE REAL ESTATE DESCRIBED HEREIN 

 FORM OF MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS 
 AND LEASES AND FIXTURE FILING (FLORIDA) [INSERT OTHER APPLICABLE STATE] 
 THIS MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING [(FLORIDA)] [INSERT OTHER APPLICABLE STATE] (this “Mortgage”) is dated as of
                             , 2009 and from RUTH’S HOSPITALITY GROUP, INC.
(f/k/a/ Ruth’s Chris Steak House, Inc.), a Delaware corporation (“Mortgagor”), whose address is 500 International Parkway, Suite 100, Heathrow, Florida 32746, to WELLS FARGO BANK, NATIONAL ASSOCIATION,
(“Mortgagee”), having an address at 5938 Priestly Drive, Suite 200, Carlsbad, California 92008, as administrative agent for Lenders. 
 RECITALS 
 A. Mortgagor, certain lenders and Mortgagee, as administrative agent, are parties to that
certain First Amended and Restated Credit Agreement dated as of February 19, 2008, and that certain First Amendment to First Amended and Restated Credit Agreement dated as of February __, 2009, pursuant to which Mortgagee and Lenders have made
certain commitments, subject to the terms and conditions set forth therein, to extend certain credit facilities to Mortgagor (said First Amended and Restated Credit Agreement, together with the First Amendment to First Amended and Restated Credit
Agreement, as it may hereafter be further amended, restated, supplemented, renewed, replaced or otherwise modified from time to time, the “Credit Agreement”). 
 B. Mortgagor may from time to time enter, or may from time to time have entered, into one or more swap agreements (collectively, the “Swap
Agreements”) with one or more Persons that are Lenders or Affiliates of Lenders (in such capacity, collectively, the “Swap Counterparties”) at the time such Swap Agreements are entered into in accordance with the terms of
the Credit Agreement. 
 C. Pursuant to the Credit Agreement, in order to induce Mortgagee and Lenders to make Loans and other extensions of
credit under the Credit Agreement and the Swap Counterparties to enter into the Swap Agreements, Mortgagor has agreed to execute and deliver this Mortgage. 

 ARTICLE 1 
 DEFINITIONS 
 Section 1.1. Definitions. All capitalized terms used herein
without definition shall have the respective meanings ascribed to them in the Credit Agreement. As used herein, the following terms shall have the following meanings: 
 (a) “Indebtedness”: (1) All indebtedness of Mortgagor to Mortgagee and Lenders, the full and prompt payment of which is the obligation of Mortgagor, including, without limitation, the sum of all
(a) principal, interest and other amounts evidenced or secured by the Loan Documents or any Swap Agreements, and (b) principal, interest and other amounts which may hereafter be loaned under or in connection with the Credit Agreement, any
of the other Loan Documents or any Swap Agreements, whether evidenced by a promissory note or other instrument which, by its terms, is secured hereby, and (2) all other indebtedness, obligations and liabilities now or hereafter existing of any
kind of Mortgagor to Mortgagee under all documents which recite that they are intended to be secured by this Mortgage. 
 (b)
“Mortgaged Property”: All of Mortgagor’s right, title and interest in and to (1) the fee interest in the real property described in Exhibit A attached hereto and incorporated herein by this reference, together with
any greater estate therein as hereafter may be acquired by Mortgagor (the “Land”), (2) all improvements now owned or hereafter acquired by Mortgagor, now or at any time situated, placed or constructed upon the Land (the
“Improvements”; the Land and Improvements are collectively referred to as the “Premises”), (3) all materials, supplies, equipment, apparatus and other items of personal property now owned or hereafter acquired
by Mortgagor and now or hereafter attached to, installed in or used in connection with any of the Improvements or the Land, and water, gas, electrical, telephone, storm and sanitary sewer facilities and all other utilities whether or not situated in
easements (the “Fixtures”), (4) all reserves, escrows or impounds required under the Credit Agreement and all utility deposit accounts maintained by Mortgagor with respect to the Mortgaged Property (the “Deposit
Accounts”), (5) all leases, licenses, concessions, occupancy agreements or other agreements (written or oral, now or at any time in effect) which grant to any Person a possessory interest in, or the right to use, all or any part of the
Mortgaged Property, together with all related security and other deposits (the “Leases”), (6) all of the rents, revenues, royalties, income, proceeds, profits, security and other types of deposits, and other benefits paid or
payable by parties to the Leases for using, leasing, licensing, possessing, operating from, residing in, selling or otherwise enjoying the Mortgaged Property (the “Rents”), (7) all other agreements, such as construction
contracts, architects’ agreements, engineers’ contracts, utility contracts, maintenance agreements, management agreements, service contracts, listing agreements, guaranties, warranties, permits, licenses, certificates and entitlements in
any way relating to the construction, use, occupancy, operation, maintenance, enjoyment or ownership of the Mortgaged Property (the “Property Agreements”), (8) all rights, privileges, tenements, hereditaments, rights-of-way,
easements, appendages and appurtenances appertaining to the foregoing, (9) all property tax refunds (the “Tax Refunds”), (10) all accessions, replacements and substitutions for any of the foregoing and all proceeds thereof
(the “Proceeds”), (11) all insurance policies, unearned premiums therefor and proceeds from such policies covering any of the above property now or hereafter acquired by Mortgagor (the “Insurance”), and
(12) all awards, damages, remunerations, reimbursements, settlements or compensation heretofore made or hereafter to be made by any governmental authority pertaining to the Land, Improvements, or Fixtures (the “Condemnation
Awards”). As used in this Mortgage, the term “Mortgaged Property” shall mean all or, where the context permits or requires, any portion of the above or any interest therein. 

 (c) “Obligations”: means all obligations of every nature of each Loan Party from time to
time owed to Administrative Agent, Lenders or any of them under the Loan Documents, whether for principal, interest, amounts related to the Swap Agreements, reimbursement of amounts drawn under Letters of Credit, fees, expenses, indemnification or
otherwise. 
 (d) “UCC”: The Uniform Commercial Code of Florida [or insert other applicable state] or, if the
creation, perfection and enforcement of any security interest herein granted is governed by the laws of a state other than Florida, then, as to the matter in question, the Uniform Commercial Code in effect in that state. 
 ARTICLE 2 
 MORTGAGE OF MORTGAGED
PROPERTY 
 Section 2.1. Mortgage of Mortgaged Property. To secure the full and timely payment of the
Indebtedness and the full and timely performance of the Obligations, Mortgagor MORTGAGES, GRANTS, BARGAINS, ASSIGNS, SELLS and CONVEYS, to Mortgagee the Mortgaged Property, subject, however, to the Permitted Encumbrances, TO HAVE
AND TO HOLD the Mortgaged Property to Mortgagee, and Mortgagor does hereby bind itself, its successors and assigns to WARRANT AND FOREVER DEFEND the title to the Mortgaged Property unto Mortgagee. 
 ARTICLE 3 
 WARRANTIES,
REPRESENTATIONS AND COVENANTS 
 Mortgagor warrants, represents and covenants to Mortgagee as follows: 
 Section 3.1. Title to Mortgaged Property and Lien of this Instrument. Mortgagor owns the Mortgaged Property free and clear of any
liens, claims or interests, except the Permitted Encumbrances. This Mortgage creates a valid, enforceable First Priority Lien and security interest against the Mortgaged Property. 
 Section 3.2. First Lien Status. Mortgagor shall preserve and protect the first lien and security interest status of this Mortgage
and the other Loan Documents. If any lien or security interest other than the Permitted Encumbrances is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (a) give Mortgagee a detailed written notice of such
lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit
Agreement (including the requirement of providing a bond or other security satisfactory to Mortgagee). 
 Section 3.3. Payment
and Performance. Mortgagor shall pay the Indebtedness when due and shall perform the Obligations in full when they are required to be performed. 

 Section 3.4. Replacement of Fixtures. Mortgagor shall not, without the prior written
consent of Mortgagee, permit any of the Fixtures owned or leased by Mortgagor to be removed at any time from the Land or Improvements, unless the removed item is removed temporarily for maintenance and repair or, if removed permanently, is permitted
to be removed by the Credit Agreement, or is obsolete and is replaced by an article of equal or better suitability and value owned by Mortgagor and subject to the liens and security interests of this Mortgage and the other Loan Documents, and free
and clear of any other lien or security interest except such as may be permitted under the Credit Agreement or first approved in writing by Mortgagee. 
 Section 3.5. Inspection. Mortgagor shall permit Mortgagee, and Mortgagee’s agents, representatives and employees to inspect the Mortgaged Property and all books and records of Mortgagor
located thereon, and to conduct such environmental and engineering studies as Mortgagee may reasonably require, provided that such inspections and studies shall not materially interfere with the use and operation of the Mortgaged Property, all upon
reasonable prior notice and at such reasonable times during normal business hours and as often as may be reasonably requested or at any time or from time to time following the occurrence and during the continuation of an Event of Default.

 Section 3.6. Other Covenants. All of the covenants of Mortgagor in the Credit Agreement are incorporated herein by
reference and, together with covenants in this Article 3, shall be covenants running with the Land. 
 Section 3.7.
Peaceable Possession. Mortgagor’s possession of the Mortgaged Property has been peaceable and undisturbed and to Mortgagor’s actual knowledge, there are no facts by reason of which any adverse claim to any part of the
Mortgaged Property or to any undivided interest therein might reasonably be expected to be made. 
 Section 3.8. Condemnation
Awards and Insurance Proceeds. 
 (a) Condemnation Awards. Mortgagor assigns all awards and compensation to which it is
entitled for any condemnation or other taking, or any purchase in lieu thereof, to Mortgagee and authorizes Mortgagee to collect and receive such awards and compensation and to give proper receipts and acquittances therefor, subject to the terms of
the Credit Agreement. 
 (b) Insurance Proceeds. Mortgagor assigns to Mortgagee all proceeds of any insurance policies insuring
against loss or damage to the Mortgaged Property. Mortgagor authorizes Mortgagee to collect and receive such proceeds and authorizes and directs the issuer of each of such insurance policies to make payment for all such losses directly to Mortgagee,
instead of to Mortgagor and Mortgagee jointly, subject to the terms of the Credit Agreement. 
 (c) Collateral Protection.
UNLESS MORTGAGOR PROVIDES MORTGAGEE WITH EVIDENCE OF THE INSURANCE COVERAGE REQUIRED
BY THE CREDIT AGREEMENT, MORTGAGEE MAY PURCHASE INSURANCE AT MORTGAGOR’S
COMMERCIALLY REASONABLE EXPENSE TO PROTECT MORTGAGEE’S INTERESTS IN THE
MORTGAGED PROPERTY. THIS INSURANCE MAY, BUT NEED NOT, 

 
PROTECT MORTGAGOR’S INTERESTS IN THE MORTGAGED
PROPERTY. THE COVERAGE PURCHASED BY MORTGAGEE MAY NOT PAY ANY CLAIMS
THAT MORTGAGOR MAKES OR ANY CLAIM THAT IS MADE AGAINST MORTGAGOR IN
CONNECTION WITH THE MORTGAGED PROPERTY. MORTGAGOR MAY LATER CANCEL ANY SUCH
INSURANCE PURCHASED BY MORTGAGEE, BUT ONLY AFTER PROVIDING MORTGAGEE WITH EVIDENCE
THAT MORTGAGOR HAS OBTAINED INSURANCE AS REQUIRED BY THIS MORTGAGE. IF
MORTGAGEE PURCHASES INSURANCE FOR THE MORTGAGED PROPERTY, MORTGAGOR WILL BE
RESPONSIBLE FOR THE COSTS OF THAT INSURANCE, INCLUDING INTEREST AND ANY
OTHER CHARGES THAT MORTGAGEE MAY IMPOSE IN CONNECTION WITH THE PLACEMENT
OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF THE CANCELLATION OR
EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE MAY BE ADDED
TO THE INDEBTEDNESS HEREBY SECURED. THE COSTS OF THE INSURANCE MAY BE
MORE THAN THE COST OF INSURANCE MORTGAGOR MAY BE ABLE TO OBTAIN
ON ITS OWN. 
 Section 3.9. Taxes. Mortgagor shall pay all taxes,
assessments and other governmental charges imposed on the Mortgaged Property in accordance with subsection 6.3 of the Credit Agreement. 
 Section 3.10. Utilities. Mortgagor shall pay, when due, all utility charges incurred by Mortgagor for the benefit of the Mortgaged Property, or which may become a charge or lien against the Mortgaged Property, for gas,
electricity, water, sewer, refuse and all other utility services furnished to the Mortgaged Property, and all other assessments or charges of a similar nature, whether public or private, affecting the Mortgaged Property or any portion thereof,
whether or not such assessments or charges are liens thereon. 
 ARTICLE 4 
 [Intentionally Omitted] 
 ARTICLE 5 
 DEFAULT AND FORECLOSURE 
 Section 5.1. Remedies. If an Event of Default occurs and is continuing, Mortgagee may, at Mortgagee’s election, exercise any or all of the following rights, remedies and recourses: 
 (a) Acceleration. Declare the Indebtedness to be immediately due and payable, without further notice, presentment, protest, notice of intent to
accelerate, notice of acceleration, demand or action of any nature whatsoever (each of which hereby is expressly waived by Mortgagor), whereupon the same shall become immediately due and payable. 
 (b) Entry on Mortgaged Property. Enter the Mortgaged Property and take exclusive possession thereof and of all books, records and accounts
relating thereto or located thereon. If Mortgagor remains in possession of the Mortgaged Property after an Event of Default and without Mortgagee’s prior written consent, Mortgagee may invoke any legal remedies to dispossess Mortgagor.

 (c) Operation of Mortgaged Property. Hold, lease, develop, manage, operate or otherwise use the
Mortgaged Property upon such terms and conditions as Mortgagee may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements and taking other actions, from time to time, as Mortgagee deems necessary), and
apply all Rents and other amounts collected by Mortgagee in connection therewith in accordance with the provisions of Section 5.7. 
 (d) Foreclosure and Sale. Institute proceedings for the complete foreclosure of this Mortgage by judicial action, in which case the Mortgaged Property may be sold for cash or credit in one or more parcels. With respect to any notices
required or permitted under the UCC, Mortgagor agrees that ten (10) days’ prior written notice shall be deemed commercially reasonable. At any such sale by virtue of any judicial proceedings or any other legal right, remedy or recourse,
the title to and right of possession of any such property shall pass to the purchaser thereof, and to the fullest extent permitted by law, Mortgagor shall be completely and irrevocably divested of all of its right, title, interest, claim, equity,
equity of redemption, and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Mortgagor, and against all other Persons claiming or to claim the property
sold or any part thereof, by, through or under Mortgagor. Mortgagee may be a purchaser at such sale and if Mortgagee is the highest bidder, Mortgagee may credit the portion of the purchase price that would be distributed to Mortgagee against the
Indebtedness in lieu of paying cash. In the event this Mortgage is foreclosed by judicial action, appraisement of the Mortgaged Property is waived. 
 (e) Receiver. Make application to a court of competent jurisdiction for, and obtain from such court as a matter of strict right and without notice to Mortgagor or regard to the adequacy of the Mortgaged Property for the repayment of
the Indebtedness, the appointment of a receiver of the Mortgaged Property, and Mortgagor irrevocably consents to such appointment. Any such receiver shall have all the usual powers and duties of receivers in similar cases, including the full power
to rent, maintain and otherwise operate the Mortgaged Property upon such terms as may be approved by the court, and shall apply such Rents in accordance with the provisions of Section 5.7. 
 (f) Other. Exercise all other rights, remedies and recourses granted under the Loan Documents, any Swap Agreements, or otherwise available at law
or in equity. 
 Section 5.2. Separate Sales. The Mortgaged Property may be sold in one or more parcels and in such
manner and order as Mortgagee in its sole discretion may elect; the right of sale arising out of any Event of Default shall not be exhausted by any one or more sales. 
 Section 5.3. Remedies Cumulative, Concurrent and Nonexclusive. Mortgagee shall have all rights, remedies and recourses granted in the Loan Documents and available at law or equity (including the
UCC), which rights (a) shall be cumulated and concurrent, (b) may be pursued separately, successively or concurrently against Mortgagor or others obligated under the Loan Documents, or against the Mortgaged Property, or against any 

 
one or more of them, at the sole discretion of Mortgagee, (c) may be exercised as often as occasion therefor shall arise, and the exercise or failure to
exercise any of them shall not be construed as a waiver or release thereof or of any other right, remedy or recourse, and (d) are intended to be, and shall be, nonexclusive. No action by Mortgagee in the enforcement of any rights, remedies or
recourses under the Loan Documents, any Swap Agreements, or otherwise at law or equity shall be deemed to cure any Event of Default. 
 Section 5.4. Release of and Resort to Collateral. Mortgagee may release, regardless of consideration and without the necessity for any notice to or consent by the holder of any subordinate lien on the Mortgaged
Property, any part of the Mortgaged Property without, as to the remainder, in any way impairing, affecting, subordinating or releasing the lien or security interest created in or evidenced by the Loan Documents or their status as a first and prior
lien and security interest in and to the Mortgaged Property. For payment of the Indebtedness, Mortgagee may resort to any other security in such order and manner as Mortgagee may elect. 
 Section 5.5. Waiver of Redemption, Notice and Marshalling of Assets. To the fullest extent permitted by law, Mortgagor hereby
irrevocably and unconditionally waives and releases (a) all benefit that might accrue to Mortgagor by virtue of any present or future statute of limitations or law or judicial decision exempting the Mortgaged Property from attachment, levy or
sale on execution or providing for any stay of execution, exemption from civil process, redemption or extension of time for payment, (b) all notices of any Event of Default or of Mortgagee’s election to exercise or the actual exercise of
any right, remedy or recourse provided for under the Loan Documents, and (c) any right to a marshalling of assets or a sale in inverse order of alienation. 
 Section 5.6. Discontinuance of Proceedings. If Mortgagee shall have proceeded to invoke any right, remedy or recourse permitted under the Loan Documents and shall thereafter elect to discontinue
or abandon it for any reason, Mortgagee shall have the unqualified right to do so and, in such an event, Mortgagor and Mortgagee shall be restored to their former positions with respect to the Indebtedness, the Obligations, the Loan Documents, the
Mortgaged Property and otherwise, and the rights, remedies, recourses and powers of Mortgagee shall continue as if the right, remedy or recourse had never been invoked, but no such discontinuance or abandonment shall waive any Event of Default which
may then exist or the right of Mortgagee thereafter to exercise any right, remedy or recourse under the Loan Documents for such Event of Default. 
 Section 5.7. Application of Proceeds. The proceeds of any sale of, and the Rents and other amounts generated by the holding, leasing, management, operation or other use of the Mortgaged Property, shall be applied by
Mortgagee (or the receiver, if one is appointed) pursuant to subsection 2.4C of the Credit Agreement. 
 Section 5.8. Occupancy
After Foreclosure. Any sale of the Mortgaged Property or any part thereof in accordance with Section 5.1(d) will divest all right, title and interest of Mortgagor in and to the property sold. Subject to applicable law, any
purchaser at a 

 
foreclosure sale will receive immediate possession of the property purchased. If Mortgagor retains possession of such property or any part thereof subsequent
to such sale, Mortgagor will be considered a tenant at sufferance of the purchaser, and will, if Mortgagor remains in possession after demand to remove, be subject to eviction and removal, forcible or otherwise, with or without process of law.

 Section 5.9. Additional Advances and Disbursements; Costs of Enforcement. 
 (a) If any Event of Default occurs and is continuing, Mortgagee shall have the right, but not the obligation, to cure such Event of Default in the name
and on behalf of Mortgagor. All sums advanced and expenses incurred at any time by Mortgagee under this Section 5.9, or otherwise under this Mortgage, any of the other Loan Documents, any Swap Agreements, or applicable law, shall bear
interest from the date that such sum is advanced or expense incurred, to and including the date of reimbursement, computed at the rate or rates at which interest is then computed on the Indebtedness, and all such sums, together with interest
thereon, shall be secured by this Mortgage. 
 (b) Mortgagor shall pay all expenses (including reasonable attorneys’ fees and expenses)
of or incidental to the perfection and enforcement of this Mortgage, the other Loan Documents, and any Swap Agreements, or the enforcement, compromise or settlement of the Indebtedness or any claim under this Mortgage, the other Loan Documents, any
Swap Agreements and for the curing thereof, or for defending or asserting the rights and claims of Mortgagee in respect thereof, by litigation or otherwise. 
 Section 5.10. No Mortgagee in Possession. Neither the enforcement of any of the remedies under this Article 5, the assignment of the Rents and Leases under Article 6, the security
interests under Article 7, nor any other remedies afforded to Mortgagee under the Loan Documents, at law or in equity shall cause Mortgagee to be deemed or construed to be a mortgagee in possession of the Mortgaged Property, to obligate
Mortgagee to lease the Mortgaged Property or attempt to do so, or to take any action, incur any expense, or perform or discharge any obligation, duty or liability whatsoever under any of the Leases or otherwise. 
 Section 5.11. Actions by Mortgagee to Preserve the Mortgaged Property. If Mortgagor fails to make any payment or do any act as and
in the manner provided in this Mortgage, or in any of the other Loan Documents or in any of the Swap Agreements, Mortgagee, in its sole and absolute discretion, without obligation so to do and without notice to or demand upon Mortgagor and without
releasing Mortgagor from any obligation, may make such payment or do such act in such manner and to such extent as Mortgagee may deem necessary to protect the security hereof. In connection therewith (without limiting Mortgagee’s general
powers), Mortgagee shall have and is hereby given the right, but not the obligation, (i) to enter upon and take possession of the Mortgaged Property; (ii) to make additions, alterations, repairs and Improvements to the Mortgaged Property
which it may consider necessary or proper to keep the Mortgaged Property in good condition and repair; (iii) to appear and participate in any action or 

 
proceeding which affects or may affect the security hereof or the rights or powers of Mortgagee; (iv) to pay, purchase, contest or compromise any
encumbrance, claim, charge, lien or debt which, in Mortgagee’s judgment, may affect or appear to affect the security of this Mortgage; and (v) in exercising such powers, to employ counsel or other necessary or desirable experts or
consultants. Mortgagor shall, immediately upon demand therefor by Mortgagee, pay all reasonable costs and expenses incurred by Mortgagee in connection with the exercise by Mortgagee of the foregoing rights, including cost of evidence of title, court
costs, appraisals, surveys, and reasonable attorneys’ fees, together with interest thereon from the date incurred at the interest rate then in effect under any Note. All such costs and expenses together with interest thereon shall be secured by
this Mortgage. 
 Section 5.12. Due On Sale. In order to induce Mortgagee and Lenders to make the Loans and other
extensions of credit under the Credit Agreement and the Swap Counterparties to enter into the Swap Agreements, Mortgagor agrees that, except as otherwise expressly permitted pursuant to the Credit Agreement, in the event of any
“transfer” of the Mortgaged Property without the prior written consent of Mortgagee, Mortgagee has the absolute right at its option, without prior demand or notice, to declare all sums secured by this Mortgage immediately due and
payable. Consent to one such transaction will not be deemed to be a waiver of the right to require consent to future or successive transactions. Mortgagee may grant or deny such consent in its sole discretion and, if consent is given, any such
transfer will be subject to this Mortgage, and any such transferee shall assume all obligations hereunder and agree to be bound by all provisions contained herein. Such assumption will not, however, release Mortgagor or any other maker or guarantor
of the Obligations from any liability thereunder without the prior written consent of Mortgagee and Lenders. As used herein, “transfer” includes the direct or indirect sale, agreement to sell, transfer, conveyance, pledge,
collateral assignment or hypothecation of the Mortgaged Property, or any portion thereof or interest therein, whether voluntary, involuntary, by operation of law or otherwise, the execution of any installment land sale contract or similar instrument
affecting all or a portion of the Mortgaged Property, or the lease of all or substantially all of the Mortgaged Property. The term “transfer” also includes a Change in Control in Mortgagor. 
 ARTICLE 6 
 ASSIGNMENT OF RENTS
AND LEASES 
 Section 6.1. Assignment. In furtherance of and in addition to the assignment made by Mortgagor in
Section 2.1 of this Mortgage, Mortgagor hereby absolutely and unconditionally assigns, sells, transfers and conveys to Mortgagee all of its right, title and interest in and to all Leases, whether now existing or hereafter entered into,
and all of its right, title and interest in and to all Rents. This assignment is an absolute assignment and not an assignment for additional security only. So long as no Event of Default shall have occurred and be continuing, Mortgagor shall have a
revocable license from Mortgagee to exercise all rights extended to the landlord under the Leases, including the right to receive and collect all Rents and to hold the Rents in trust for use in the payment of the Indebtedness and performance of the
Obligations and to otherwise use the same. The foregoing license is granted subject to the conditional limitation 

 
that no Event of Default shall have occurred and be continuing. Upon the occurrence and during the continuance of an Event of Default, whether or not legal
proceedings have commenced, and without regard to waste, adequacy of security for the Indebtedness or the Obligations or solvency of Mortgagor, the license herein granted shall automatically expire and terminate, without notice to Mortgagor by
Mortgagee (any such notice being hereby expressly waived by Mortgagor to the extent permitted by applicable law). 
 Section 6.2.
Perfection Upon Recordation. Mortgagor covenants that upon recordation of this Mortgage Mortgagee shall have, to the extent permitted under applicable law, a valid and fully perfected, First Priority, present assignment of the Rents
arising out of the Leases and all security for such Leases. Mortgagor acknowledges and agrees that upon recordation of this Mortgage Mortgagee’s interest in the Rents shall be deemed to be fully perfected, “choate” and enforced as to
Mortgagor and all third parties following recovery of possession of the Mortgaged Property by Mortgagee. For purposes of this Section 6.2, “possession” shall mean any one of the following to the extent permitted by applicable
law: (a) actual possession of the Mortgaged Property or (b) taking affirmative actions to gain possession of the Mortgaged Property that would constitute constructive possession of the Mortgaged Property such as court authorization to
collect Rents or appointment of a receiver. To the extent permitted by applicable law, Mortgagee shall have the right to collect Rents without taking possession of the Mortgaged Property. 
 Section 6.3. Bankruptcy Provisions. Without limitation of the absolute nature of the assignment of the Rents hereunder, Mortgagor
and Mortgagee agree that (a) this Mortgage shall constitute a “security agreement” for purposes of Section 552(b) of Title 11 of the United States Code (the “Bankruptcy Code”), (b) the security interest
created by this Mortgage extends to property of Mortgagor acquired before the commencement of a case in bankruptcy and to all amounts paid as Rents and (c) such security interest shall extend to all Rents acquired by the estate after the
commencement of any case in bankruptcy. 
 Section 6.4. No Merger of Estates. So long as part of the Indebtedness and
the Obligations secured hereby remain unpaid and undischarged, the fee and leasehold estates to the Mortgaged Property shall not merge, but shall remain separate and distinct, notwithstanding the union of such estates either in Mortgagor, Mortgagee,
any tenant or any third party by purchase or otherwise. 
 ARTICLE 7 
 SECURITY AGREEMENT 
 Section 7.1. Security Interest.
This Mortgage constitutes a “security agreement” on personal property within the meaning of the UCC and other applicable law and with respect to the Fixtures, Deposit Accounts, Leases, Rents, Property Agreements, Tax Refunds, Proceeds,
Insurance and Condemnation Awards. To this end, Mortgagor grants to Mortgagee a First Priority security interest in the Fixtures, Deposit Accounts, Leases, Rents, Property Agreements, Tax Refunds, Proceeds, Insurance, Condemnation Awards and all
other 

 
Mortgaged Property which is personal property to secure the payment of the Indebtedness and performance of the Obligations, and agrees that Mortgagee shall
have all the rights and remedies of a secured party under the UCC with respect to such property. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Fixtures, Deposit Accounts, Leases, Rents, Property
Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards sent to Mortgagor at least ten (10) days prior to any action under the UCC shall constitute reasonable notice to Mortgagor. 
 Section 7.2. Financing Statements. Mortgagor shall execute (if applicable) and deliver to Mortgagee, in form and substance
satisfactory to Mortgagee, such financing statements and such further assurances as Mortgagee may, from time to time, reasonably consider necessary to create, perfect and preserve Mortgagee’s security interest hereunder and Mortgagee may cause
such statements and assurances to be recorded and filed, at such times and places as may be required or permitted by law to so create, perfect and preserve such security interest. Mortgagor is a corporation duly organized under the laws of the State
of Delaware and except as otherwise expressly provided in the Credit Agreement, shall not change the state of its organization without less than twenty (20) days prior written notice to Mortgagee. 
 Section 7.3. Fixture Filing. This Mortgage shall also constitute a “fixture filing” for the purposes of the UCC against
all of the Mortgaged Property which is or is to become fixtures. Mortgagor grants to Mortgagee a security interest in all existing and future goods which are now or in the future become fixtures relating to the Mortgaged Property and the proceeds
thereof. For purposes of the UCC, the following information concerning the security interest herein granted is furnished: 
 (a) The name of
the Debtor (Mortgagor) is: Ruth’s Hospitality Group, Inc. (f/k/a/ Ruth’s Chris Steak House, Inc.), whose address is 500 International Parkway, Suite 100, Heathrow, Florida 32746, Inc., whose corporate organizational number is 3961229.

 (b) The name of the Secured Party (Mortgagee) is: Wells Fargo Bank, National Association, as Agent, having an address as set forth in the
first paragraph of this Mortgage. 
 (c) Information concerning the security interest evidenced by this instrument may be obtained from the
Secured Party at its address above. 
 (d) Mortgagor is the record owner of the real estate described in this Security Instrument.

 (e) This document is to be filed in the real estate records. A description of the real estate is attached hereto as Exhibit A.

 ARTICLE 8 
 [Intentionally Omitted] 
 ARTICLE 9 
 MISCELLANEOUS 
 Section 9.1. Notices. Any notice
required or permitted to be given under this Mortgage shall be given in accordance with subsection 10.8 of the Credit Agreement. 
 Section 9.2. Covenants Running with the Land. All Obligations contained in this Mortgage are intended by Mortgagor and Mortgagee to be, and shall be construed as, covenants running with the Mortgaged Property. As used
herein, “Mortgagor” shall refer to the party named in the first paragraph of this Mortgage and to any subsequent owner of all or any portion of the Mortgaged Property. All Persons who may have or acquire an interest in the Mortgaged
Property shall be deemed to have notice of, and be bound by, the terms of the Credit Agreement and the other Loan Documents; however, no such party shall be entitled to any rights thereunder without the prior written consent of Mortgagee.

 Section 9.3. Attorney-in-Fact. Mortgagor hereby irrevocably appoints Mortgagee and its successors and assigns, as its
attorney-in-fact, which agency is coupled with an interest and with full power of substitution, (a) to execute and/or record any notices of completion, cessation of labor or any other notices that Mortgagee deems appropriate to protect
Mortgagee’s interest, if Mortgagor shall fail to do so within ten (10) days after written request by Mortgagee, (b) upon the issuance of a deed pursuant to the foreclosure of this Mortgage or the delivery of a deed in lieu of
foreclosure, to execute all instruments of assignment, conveyance or further assurance with respect to the Leases, Rents, Deposit Accounts, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards in favor of the grantee of any
such deed and as may be necessary or desirable for such purpose, (c) to prepare, execute and file or record financing statements, continuation statements, applications for registration and like papers necessary to create, perfect or preserve
Mortgagee’s security interests and rights in or to any of the Mortgaged Property, and (d) while any Event of Default exists, to perform any obligation of Mortgagor hereunder, however: (1) Mortgagee shall not under any circumstances be
obligated to perform any obligation of Mortgagor; (2) any sums advanced by Mortgagee in such performance shall be added to and included in the Indebtedness and shall bear interest at the rate or rates at which interest is then computed on the
Indebtedness; (3) Mortgagee as such attorney-in-fact shall only be accountable for such funds as are actually received by Mortgagee; and (4) Mortgagee shall not be liable to Mortgagor or any other person or entity for any failure to take
any action which it is empowered to take under this Section 9.3. 
 Section 9.4. Successors and Assigns.
This Mortgage shall be binding upon and inure to the benefit of Mortgagee and Mortgagor and their respective successors and assigns. Mortgagor shall not, without the prior written consent of Mortgagee, assign any rights, duties or obligations
hereunder. 

 Section 9.5. No Waiver. Any failure by Mortgagee to insist upon strict performance
of any of the terms, provisions or conditions of the Loan Documents shall not be deemed to be a waiver of same, and Mortgagee shall have the right at any time to insist upon strict performance of all of such terms, provisions and conditions.

 Section 9.6. Credit Agreement. If any conflict or inconsistency exists between this Mortgage and the Credit
Agreement, the Credit Agreement shall govern. 
 Section 9.7. Release or Reconveyance. Upon payment in full of the
Indebtedness and performance in full of the Obligations or upon a sale or other disposition of the Mortgaged Property permitted by the Credit Agreement, Mortgagee, at Mortgagor’s expense, shall release the liens and security interests created
by this Mortgage or reconvey the Mortgaged Property to Mortgagor. 
 Section 9.8. Waiver of Stay, Moratorium and Similar
Rights. Mortgagor agrees, to the full extent that it may lawfully do so, that it will not at any time insist upon or plead or in any way take advantage of any stay, marshalling of assets, extension, redemption or moratorium law now or
hereafter in force and effect so as to prevent or hinder the enforcement of the provisions of this Mortgage or the Indebtedness or Obligations secured hereby, or any agreement between Mortgagor and Mortgagee or any rights or remedies of Mortgagee.

 Section 9.9. Applicable Law. The provisions of this Mortgage regarding the creation, perfection and enforcement of
the liens and security interests herein granted shall be governed by and construed under the laws of the state in which the Mortgaged Property is located. All other provisions of this Mortgage shall be governed by the laws of the State of New York
(including, without limitation, Section 5-1401 of the General Obligations Law of the State of New York), without regard to conflicts of laws principles. 
 Section 9.10. Headings. The Article, Section and Subsection titles hereof are inserted for convenience of reference only and shall in no way alter, modify or define, or be used in construing, the
text of such Articles, Sections or Subsections. 
 Section 9.11. Entire Agreement. This Mortgage, the other Loan
Documents and the Swap Agreements embody the entire agreement and understanding between Mortgagee and Mortgagor and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof.
Accordingly, the Loan Documents and the Swap Agreements may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. 
 Section 9.12. Mortgagee as Administrative Agent; Successor Agents. 
 (a) Mortgagee has been appointed to act as Administrative Agent hereunder by the Lenders and by acceptance of any of the benefits hereunder, each
Counterparty under a Swap Agreement. Mortgagee shall have the right hereunder to make demands, to give notices, to 

 
exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without limitation, the release or substitution of
the Mortgaged Property) in accordance with the terms of the Credit Agreement, any related agency agreement among Mortgagee, the Lenders or any such Counterparty (collectively, as amended, supplemented or otherwise modified or replaced from
time to time, the “Agency Documents”) and this Mortgage. Mortgagor and all other persons shall be entitled to rely on releases, waivers, consents, approvals, notifications and other acts of Mortgagee, without inquiry into the
existence of required consents or approvals of the Lenders or any such Counterparty therefor. 
 (b) Mortgagee shall at all times be the same
Person that is Administrative Agent under the Agency Documents. Written notice of resignation by Administrative Agent pursuant to the Agency Documents shall also constitute notice of resignation as Mortgagee under this Mortgage. Removal of
Administrative Agent pursuant to any provision of the Agency Documents shall also constitute removal as Mortgagee under this Mortgage. Appointment of a successor Administrative Agent pursuant to the Agency Documents shall also constitute appointment
of a successor Mortgagee under this Mortgage. Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent under the Agency Documents, that successor Administrative Agent shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring or removed Mortgagee under this Mortgage, and the retiring or removed Mortgagee shall promptly (i) assign and transfer to such successor Mortgagee all of its right, title
and interest in and to this Mortgage and the Mortgaged Property, and (ii) execute and deliver to such successor Mortgagee such assignments and amendments and take such other actions, as may be necessary or appropriate in connection with the
assignment to such successor Mortgagee of the liens and security interests created under this Mortgage. After any retired or removed Administrative Agent’s resignation or removal hereunder as Mortgagee, the provisions of this Mortgage and the
Agency Documents shall inure to its benefit as to any actions taken or omitted to be taken by it under this Mortgage while it was the Mortgagee hereunder. 
 Section 9.13. Severability. If any provision of this Mortgage is or becomes invalid, illegal or unenforceable, such provision shall be deemed amended to conform to applicable laws so as to be
valid and enforceable or, if it cannot be so amended without materially altering the intention of the parties, it shall be stricken and the remainder of this Mortgage shall remain in full force and effect. 
 ARTICLE 10 
 LOCAL LAW PROVISIONS

 Section 10.1. Inconsistencies. In the event of any inconsistencies between the terms and conditions of
this Article 10 and the other provisions of this Mortgage, the terms and conditions of this Article 10 shall control and be binding. 

 Section 10.2. Maximum Principal Sum. The Indebtedness and Obligations may be
secured by other mortgages and deeds of trust on other real estate in other counties and other states. Each and all of such mortgages and deeds of trust are intended to and shall constitute security for the entire Indebtedness and all of the
Obligations without allocation. Notwithstanding anything herein to the contrary, it is agreed that the maximum amount of Indebtedness secured by this Mortgage, including all advancements, at any one time shall not exceed
                                 Million Dollars ($__000,000.00). 
 Section 10.3. Revolving Credit. This Mortgage is given to secure, among other things, Revolving Loans and shall secure not only
presently existing indebtedness under the Credit Agreement but also future advances, whether such advances are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the
same extent as if such future advances were made on the date of the execution of this Mortgage, although there may be no advance made at the time of execution of this Mortgage and although there may be no Indebtedness outstanding at the time any
advance is made. The lien of this Mortgage shall be valid as to all Indebtedness, including future advances, from the time of its filing for record in the recorder’s or registrar’s office in the county in which the Mortgaged Property is
located. The total amount of Indebtedness may increase or decrease from time to time, but the total unpaid balance of Indebtedness (including disbursements which Mortgagee may make under this Mortgage, the Credit Agreement or any other documents
related thereto) at any one time outstanding shall not exceed a maximum principal amount of
                                 Dollars ($__,000,000) plus interest thereon.

 Section 10.4. Documentary Stamp Tax and Intangible Personal Property Tax. The maximum amount hereby secured is
$__,000,000. 
 [The remainder of this page intentionally left blank] 

 IN WITNESS WHEREOF, Mortgagor has on the date set forth in the acknowledgement hereto, effective
as of the date first above written, caused this instrument to be duly EXECUTED AND DELIVERED by authority duly given. 
  

											
	MORTGAGOR:	 		 	 RUTH’S HOSPITALITY GROUP, INC.,
 a Delaware corporation

				
		 		 	By:	 	 
		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	

			
	STATE OF                     	 	)
		 	) ss.:
	COUNTY OF                     	 	)

 I,
                                        ,
a Notary Public in and for said County and State, DO HEREBY CERTIFY, that on the              day of
                    , 2009,
                                        ,
personally known to me to be the
                                        
of RUTH’S HOSPITALITY GROUP, INC., a Delaware corporation, appeared before me and first being duly sworn by me acknowledged that he/she signed the foregoing instrument in the capacity therein set forth and acknowledged that he/she signed
and delivered the said instrument as his/her free and voluntary act and as the free and voluntary act and deed of said corporation, for the uses and purposes therein set forth and that the statements therein contained are true. 
 In Witness Whereof, I have hereunto set my hand and Notarial Seal, this             
day of                     , 2009. 
  

	
	  
	Notary Public

 My Commission Expires: 

 EXHIBIT A 
 The permanent tax index numbers for the Land are
                                        .

 Legal Description of premises located at 500 International Parkway, Heathrow, Florida 32746:Credit Agreement

 Exhibit 10.1 
 EXECUTION DOCUMENT 
  
  
  
 CREDIT AGREEMENT 
 by and among 

 TRUEBLUE, INC. 
 as
Borrower, 
 THE LENDERS THAT ARE SIGNATORIES HERETO 
 as the Lenders, 
 WELLS FARGO FOOTHILL, LLC 
 as the Administrative Agent and the Syndication Agent 
 BANK OF AMERICA, N.A. 
 as the Documentation Agent 
 and 
 BANK OF AMERICA, N.A. and
WELLS FARGO FOOTHILL, LLC 
 as the Co-Lead Arrangers 
 Dated as of June 19, 2009 
  
  
  

 TABLE OF CONTENTS 
  

							
	 	  	 	    	 	  	Page
	 1.
	  	 DEFINITIONS AND CONSTRUCTION
	  	1
				
		  	1.1	    	Definitions	  	1
				
		  	1.2	    	Accounting Terms	  	1
				
		  	1.3	    	Code	  	1
				
		  	1.4	    	Construction	  	1
				
		  	1.5	    	Schedules and Exhibits	  	2
			
	 2.
	  	 LOAN AND TERMS OF PAYMENT
	  	2
				
		  	2.1	    	Revolver Advances	  	2
				
		  	2.3	    	Borrowing Procedures and Settlements	  	2
				
		  	2.4	    	Payments; Reductions of Revolver Commitments; Prepayments	  	7
				
		  	2.5	    	Overadvances	  	9
				
		  	2.6	    	Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations	  	10
				
		  	2.7	    	Crediting Payments	  	11
				
		  	2.8	    	Designated Account	  	11
				
		  	2.9	    	Maintenance of Loan Account; Statements of Obligations	  	11
				
		  	2.10	    	Fees	  	12
				
		  	2.11	    	Letters of Credit	  	12
				
		  	2.12	    	LIBOR Option	  	15
				
		  	2.13	    	Capital Requirements	  	17
			
	 3.
	  	 CONDITIONS; TERM OF AGREEMENT
	  	18
				
		  	3.1	    	Conditions Precedent to the Initial Extension of Credit	  	18
				
		  	3.2	    	Conditions Precedent to all Extensions of Credit	  	18
				
		  	3.3	    	Maturity	  	18
				
		  	3.4	    	Effect of Maturity	  	18
				
		  	3.5	    	Early Termination by Borrower	  	18
				
		  	3.6	    	Conditions Subsequent	  	19
			
	 4.
	  	 REPRESENTATIONS AND WARRANTIES
	  	19
				
		  	4.1	    	Due Organization and Qualification; Subsidiaries	  	19
				
		  	4.2	    	Due Authorization; No Conflict	  	20
				
		  	4.3	    	Governmental Consents	  	20
				
		  	4.4	    	Binding Obligations; Perfected Liens	  	20
				
		  	4.5	    	Title to Assets; No Encumbrances	  	21
				
		  	4.6	    	Jurisdiction of Organization; Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims	  	21

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	    	 	  	Page
		  	4.7	    	Litigation	  	21
				
		  	4.8	    	Compliance with Laws	  	21
				
		  	4.9	    	No Material Adverse Change	  	22
				
		  	4.10	    	Fraudulent Transfer	  	22
				
		  	4.11	    	Employee Benefits	  	22
				
		  	4.12	    	Environmental Condition	  	22
				
		  	4.13	    	Intellectual Property	  	22
				
		  	4.14	    	Leases	  	22
				
		  	4.15	    	Deposit Accounts and Securities Accounts	  	22
				
		  	4.16	    	Complete Disclosure	  	23
				
		  	4.17	    	Material Contracts	  	23
				
		  	4.18	    	Patriot Act	  	23
				
		  	4.19	    	Indebtedness	  	23
				
		  	4.20	    	Payment of Taxes	  	23
				
		  	4.21	    	Margin Stock	  	24
				
		  	4.22	    	Governmental Regulation	  	24
				
		  	4.23	    	OFAC	  	24
				
		  	4.24	    	Employee and Labor Matters	  	24
				
		  	4.25	    	Eligible Accounts	  	24
				
		  	4.26	    	Locations of Equipment	  	25
				
		  	4.27	    	Inactive Subsidiaries	  	25
			
	 5.
	  	 AFFIRMATIVE COVENANTS
	  	25
				
		  	5.1	    	Financial Statements, Reports, Certificates	  	25
				
		  	5.2	    	Collateral Reporting	  	25
				
		  	5.3	    	Existence	  	25
				
		  	5.4	    	Maintenance of Properties	  	25
				
		  	5.5	    	Taxes	  	26
				
		  	5.6	    	Insurance	  	26
				
		  	5.7	    	Inspection	  	26
				
		  	5.8	    	Compliance with Laws	  	26
				
		  	5.9	    	Environmental	  	27
				
		  	5.10	    	Disclosure Updates	  	27
				
		  	5.11	    	Formation of Subsidiaries	  	27

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	    	 	  	Page
		  	5.12	    	Further Assurances	  	28
				
		  	5.13	    	Lender Meetings	  	28
				
		  	5.14	    	Material Contracts	  	28
				
		  	5.15	    	Location of Equipment	  	28
				
		  	5.16	    	Assignable Material Contracts	  	29
			
	 6.
	  	 NEGATIVE COVENANTS
	  	29
				
		  	6.1	    	Indebtedness	  	29
				
		  	6.2	    	Liens	  	29
				
		  	6.3	    	Restrictions on Fundamental Changes	  	29
				
		  	6.4	    	Disposal of Assets	  	29
				
		  	6.5	    	Change Name	  	29
				
		  	6.6	    	Nature of Business	  	30
				
		  	6.7	    	Prepayments and Amendments	  	30
				
		  	6.8	    	Change of Control	  	30
				
		  	6.9	    	Restricted Junior Payments	  	30
				
		  	6.10	    	Accounting Methods	  	31
				
		  	6.11	    	Investments	  	31
				
		  	6.12	    	Transactions with Affiliates	  	31
				
		  	6.13	    	Use of Proceeds	  	32
				
		  	6.14	    	Equipment with Bailees	  	32
			
	 7.
	  	 FINANCIAL COVENANTS
	  	32
			
	 8.
	  	 EVENTS OF DEFAULT
	  	32
			
	 9.
	  	 RIGHTS AND REMEDIES
	  	34
				
		  	9.1	    	Rights and Remedies	  	34
				
		  	9.2	    	Remedies Cumulative	  	34
			
	 10.
	  	 WAIVERS; INDEMNIFICATION
	  	34
				
		  	10.1	    	Demand; Protest; etc	  	34
				
		  	10.2	    	The Lender Group’s Liability for Collateral	  	35
				
		  	10.3	    	Indemnification	  	35
			
	 11.
	  	 NOTICES
	  	35
			
	 12.
	  	 CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER
	  	36
			
	 13.
	  	 ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS
	  	39
				
		  	13.1	    	Assignments and Participations	  	39

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	    	 	  	Page
		  	13.2	    	Successors	  	41
			
	 14.
	  	 AMENDMENTS; WAIVERS
	  	41
				
		  	14.1	    	Amendments and Waivers	  	41
				
		  	14.2	    	Replacement of Certain Lenders	  	43
				
		  	14.3	    	No Waivers; Cumulative Remedies	  	43
			
	 15.
	  	 AGENT; THE LENDER GROUP
	  	43
				
		  	15.1	    	Appointment and Authorization of Agent	  	43
				
		  	15.2	    	Delegation of Duties	  	44
				
		  	15.3	    	Liability of Agent	  	44
				
		  	15.4	    	Reliance by Agent	  	44
				
		  	15.5	    	Notice of Default or Event of Default	  	45
				
		  	15.6	    	Credit Decision	  	45
				
		  	15.7	    	Costs and Expenses; Indemnification	  	45
				
		  	15.8	    	Agent in Individual Capacity	  	46
				
		  	15.9	    	Successor Agent	  	46
				
		  	15.10	    	Lender in Individual Capacity	  	47
				
		  	15.11	    	Collateral Matters	  	47
				
		  	15.12	    	Restrictions on Actions by Lenders; Sharing of Payments	  	48
				
		  	15.13	    	Agency for Perfection	  	48
				
		  	15.14	    	Payments by Agent to the Lenders	  	48
				
		  	15.15	    	Concerning the Collateral and Related Loan Documents	  	49
				
		  	15.16	    	Audits and Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information	  	49
				
		  	15.17	    	Several Obligations; No Liability	  	50
			
	 16.
	  	 WITHHOLDING TAXES
	  	50
			
	 17.
	  	 GENERAL PROVISIONS
	  	52
				
		  	17.1	    	Effectiveness	  	52
				
		  	17.2	    	Section Headings	  	52
				
		  	17.3	    	Interpretation	  	52
				
		  	17.4	    	Severability of Provisions	  	53
				
		  	17.5	    	Bank Product Providers	  	53
				
		  	17.6	    	Debtor-Creditor Relationship	  	53
				
		  	17.7	    	Counterparts; Electronic Execution	  	53

  

 -iv- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	    	 	  	Page
		 	 17.8
	    	Revival and Reinstatement of Obligations	  	53
				
		 	 17.9
	    	Confidentiality	  	53
				
		 	 17.10
	    	Lender Group Expenses	  	54
				
		 	 17.11
	    	USA PATRIOT Act	  	54
				
		 	 17.12
	    	Integration	  	54
				
		 	 17.13
	    	Combined Facility	  	54

  

 -v- 

 EXHIBITS AND SCHEDULES 
  

			
	Exhibit A-1	    	Form of Assignment and Acceptance
	Exhibit B-1	    	Form of Borrowing Base Certificate
	Exhibit B-2	    	Bank Product Provider Letter Agreement
	Exhibit C-1	    	Form of Compliance Certificate
	Exhibit L-1	    	Form of LIBOR Notice
		
	Schedule A-1	    	Agent’s Account
	Schedule A-2	    	Authorized Persons
	Schedule C-1	    	Revolver Commitments
	Schedule D-1	    	Designated Account
	Schedule E-1	    	Existing Letters of Credit
	Schedule P-1	    	Permitted Investments
	Schedule P-2	    	Permitted Liens
	Schedule P-3	    	Existing Purchase Money Indebtedness
	Schedule R-1	    	Real Property Collateral
	Schedule 1.1	    	Definitions
	Schedule 3.1	    	Conditions Precedent
	Schedule 3.6	    	Conditions Subsequent
	Schedule 4.1(b)	    	Capitalization of Borrower
	Schedule 4.1(c)	    	Capitalization of Borrower’s Subsidiaries
	Schedule 4.6(a)	    	States of Organization
	Schedule 4.6(b)	    	Chief Executive Offices
	Schedule 4.6(c)	    	Organizational Identification Numbers
	Schedule 4.6(d)	    	Commercial Tort Claims
	Schedule 4.7(a)	    	Material Litigation
	Schedule 4.7(b)	    	Litigation Information
	Schedule 4.12	    	Environmental Matters
	Schedule 4.13	    	Intellectual Property
	Schedule 4.15	    	Deposit Accounts and Securities Accounts
	Schedule 4.17	    	Material Contracts
	Schedule 4.19	    	Permitted Indebtedness
	Schedule 4.26	    	Locations of Equipment
	Schedule 5.1	    	Financial Statements, Reports, Certificates
	Schedule 5.2	    	Collateral Reporting

  

 -vi- 

 CREDIT AGREEMENT 
 THIS CREDIT AGREEMENT (this “Agreement”), is entered into as of June 19, 2009, by and among the lenders identified on the signature pages hereof (such lenders, together with their
respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), WELLS FARGO FOOTHILL, LLC, a Delaware limited liability company, as
the arranger and administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, “Agent”), and TRUEBLUE, INC., a Washington corporation (“Borrower”).

 The parties agree as follows: 
 1.
DEFINITIONS AND CONSTRUCTION. 
 1.1 Definitions. Capitalized terms used in this Agreement shall have the meanings
specified therefor on Schedule 1.1. 
 1.2 Accounting Terms. All accounting terms not specifically defined herein shall
be construed in accordance with GAAP; provided, however, that if Borrower notifies Agent that Borrower requests an amendment to any provision hereof to eliminate the effect of any Accounting Change occurring after the Closing Date or
in the application thereof on the operation of such provision (or if Agent notifies Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after
such Accounting Change or in the application thereof, then Agent and Borrower agree that they will negotiate in good faith amendments to the provisions of this Agreement that are directly affected by such Accounting Change with the intent of having
the respective positions of the Lenders and Borrower after such Accounting Change conform as nearly as possible to their respective positions as of the date of this Agreement and, until any such amendments have been agreed upon, the provisions in
this Agreement shall be calculated as if no such Accounting Change had occurred. When used herein, the term “financial statements” shall include the notes and schedules thereto. Whenever the term “Borrower” is used in respect of
a financial covenant or a related definition, it shall be understood to mean Borrower and its Subsidiaries on a consolidated basis, unless the context clearly requires otherwise. 
 1.3 Code. Any terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless
otherwise defined herein; provided, however, that to the extent that the Code is used to define any term herein and such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9
of the Code shall govern. 
 1.4 Construction. Unless the context of this Agreement or any other Loan Document clearly requires
otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where otherwise indicated,
the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement or any other Loan Document refer to this Agreement
or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. Section, subsection, clause, schedule, and exhibit references herein are to this
Agreement unless otherwise specified. Any reference in this Agreement or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth
herein). The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract
rights. Any 

  

 1 

 
reference herein or in any other Loan Document to the satisfaction or repayment in full of the Obligations shall mean the repayment in full in cash (or, in
the case of Letters of Credit or Bank Products, providing Letter of Credit Collateralization) of all Obligations other than unasserted contingent indemnification Obligations and other than any Bank Product Obligations that, at such time, are allowed
by the applicable Bank Product Provider to remain outstanding and that are not required by the provisions of this Agreement to be repaid or cash collateralized. Any reference herein to any Person shall be construed to include such Person’s
successors and assigns. Any requirement of a writing contained herein or in any other Loan Document shall be satisfied by the transmission of a Record. 
 1.5 Schedules and Exhibits. All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference. 
 2. LOAN AND TERMS OF PAYMENT. 
 2.1 Revolver Advances. 
 (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Lender with a Revolver Commitment agrees
(severally, not jointly or jointly and severally) to make advances (“Advances”) to Borrower in an amount at any one time outstanding not to exceed such Lender’s Pro Rata Share of an amount equal to the lesser of
(i) the Maximum Revolver Amount less the Letter of Credit Usage at such time, and (ii) the Borrowing Base at such time less the Letter of Credit Usage at such time. 
 (b) Amounts borrowed pursuant to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any
time during the term of this Agreement. The outstanding principal amount of the Advances, together with interest accrued thereon, shall be due and payable on the Maturity Date or, if earlier, on the date on which they are declared due and payable
pursuant to the terms of this Agreement. 
 (c) Anything to the contrary in this Section 2.1 notwithstanding, Agent shall have
the right to establish reserves against the Borrowing Base in such amounts, and with respect to such matters, as Agent in its Permitted Discretion shall deem necessary or appropriate, including reserves with respect to (i) sums that Borrower or
its Subsidiaries are required to pay under any Section of this Agreement or any other Loan Document (such as taxes, assessments, insurance premiums, or, in the case of leased assets, rents or other amounts payable under such leases) and have failed
to pay, and (ii) amounts owing by Borrower or its Subsidiaries to any Person to the extent secured by a Lien on, or trust over, any of the Collateral (other than a Permitted Lien), which Lien or trust, in the Permitted Discretion of Agent
likely would have a priority superior to Agent’s Liens (such as Liens or trusts in favor of landlords, warehousemen, carriers, mechanics, materialmen, laborers, or suppliers, or Liens or trusts for ad valorem, excise, sales, or other
taxes where given priority under applicable law) in and to such item of the Collateral. Agent shall endeavor to notify Borrower at or before the time any such reserve is to be established, but a failure of Agent to so notify Borrower shall not be a
breach of this Agreement and shall not cause such reserve to be ineffective. 
 2.2 [Intentionally Omitted.] 
 2.3 Borrowing Procedures and Settlements. 
 (a) Procedure for Borrowing. Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent. Unless Swing Lender is not obligated to make a Swing Loan pursuant to
Section 2.3(b) below, such notice must be received by Agent no later than 10:00 a.m. (California time) on the Business Day that is the requested Funding Date specifying (i) the amount of such Borrowing, and 

  

 2 

 
(ii) the requested Funding Date, which shall be a Business Day; provided, however, that if Swing Lender is not obligated to make a Swing Loan
as to a requested Borrowing, such notice must be received by Agent no later than 10:00 a.m. (California time) on the Business Day prior to the date that is the requested Funding Date. At Agent’s election, in lieu of delivering the
above-described written request, any Authorized Person may give Agent telephonic notice of such request by the required time (which election Agent will confirm to such Authorized Person during such telephonic notice). In such circumstances, Borrower
agrees that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of the request. 
 (b) Making of Swing Loans. In the case of a request for an Advance and so long as either (i) the aggregate amount of Swing Loans made since
the last Settlement Date, minus the amount of Collections or payments applied to Swing Loans since the last Settlement Date, plus the amount of the requested Advance does not exceed an amount equal to 10% of the Maximum Revolver Amount then in
effect, or (ii) Swing Lender, in its sole discretion, shall agree to make a Swing Loan notwithstanding the foregoing limitation, Swing Lender shall make an Advance in the amount of such Borrowing (any such Advance made solely by Swing Lender
pursuant to this Section 2.3(b) being referred to as a “Swing Loan” and such Advances being referred to collectively as “Swing Loans”) available to Borrower on the Funding Date applicable thereto by
transferring immediately available funds to the Designated Account. Each Swing Loan shall be an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments on any Swing Loan shall be
payable to Swing Lender solely for its own account. Subject to the provisions of Section 2.3(d)(ii), Swing Lender shall not make and shall not be obligated to make any Swing Loan if Swing Lender has actual knowledge that (i) one or
more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing, or (ii) the requested Borrowing would exceed the Availability on such Funding Date.
Swing Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any Swing Loan. The Swing Loans shall
be secured by Agent’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans. 
 (c) Making of Loans. 
 (i) In the event that Swing Lender is not obligated to make a Swing Loan, then
promptly after receipt of a request for a Borrowing pursuant to Section 2.3(a), Agent shall notify the Lenders, not later than 1:00 p.m. (California time) on the Business Day immediately preceding the Funding Date applicable thereto, by
telecopy, telephone, or other similar form of transmission, of the requested Borrowing. Each Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to
Agent’s Account, not later than 10:00 a.m. (California time) on the Funding Date applicable thereto. After Agent’s receipt of the proceeds of such Advances, Agent shall make the proceeds thereof available to Borrower on the applicable
Funding Date by transferring immediately available funds equal to such proceeds received by Agent to the Designated Account; provided, however, that, subject to the provisions of Section 2.3(d)(ii), Agent shall not request
any Lender to make, and no Lender shall have the obligation to make, any Advance if (1) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable
Borrowing unless such condition has been waived, or (2) the requested Borrowing would exceed the Availability on such Funding Date. 
 (ii) Unless Agent receives notice from a Lender prior to 9:00 a.m. (California time) on the date of a Borrowing, that such Lender will not make available as and when required hereunder to Agent for the account of Borrower the amount of that
Lender’s Pro Rata Share of the Borrowing, Agent may assume that each Lender has made or will make such amount available to Agent in immediately available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon
such assumption, 

  

 3 

 
make available to Borrower on such date a corresponding amount. If any Lender shall not have made its full amount available to Agent in immediately available
funds and if Agent in such circumstances has made available to Borrower such amount, that Lender shall on the Business Day following such Funding Date make such amount available to Agent, together with interest at the Defaulting Lender Rate for each
day during such period. A notice submitted by Agent to any Lender with respect to amounts owing under this Section 2.3(c)(ii) shall be conclusive, absent manifest error. If such amount is so made available, such payment to Agent shall
constitute such Lender’s Advance on the date of Borrowing for all purposes of this Agreement. If such amount is not made available to Agent on the Business Day following the Funding Date, Agent will notify Borrower of such failure to fund and,
upon demand by Agent, Borrower shall pay such amount to Agent for Agent’s account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to
the Advances composing such Borrowing. The failure of any Lender to make any Advance on any Funding Date shall not relieve any other Lender of any obligation hereunder to make an Advance on such Funding Date, but no Lender shall be responsible for
the failure of any other Lender to make the Advance to be made by such other Lender on any Funding Date. 
 (iii) Agent shall not be
obligated to transfer to a Defaulting Lender any payments made by Borrower to Agent for the Defaulting Lender’s benefit, and, in the absence of such transfer to the Defaulting Lender, Agent shall transfer any such payments to each other
non-Defaulting Lender member of the Lender Group ratably in accordance with their Revolver Commitments (but only to the extent that such Defaulting Lender’s Advance was funded by the other members of the Lender Group) or, if so directed by
Borrower and if no Default or Event of Default has occurred and is continuing (and to the extent such Defaulting Lender’s Advance was not funded by the Lender Group), retain same to be re-advanced to Borrower as if such Defaulting Lender had
made Advances to Borrower. Subject to the foregoing, Agent may hold and, in its Permitted Discretion, re-lend to Borrower for the account of such Defaulting Lender the amount of all such payments received and retained by Agent for the account of
such Defaulting Lender. Solely for the purposes of voting or consenting to matters with respect to the Loan Documents, such Defaulting Lender shall be deemed not to be a “Lender” and such Lender’s Revolver Commitment shall be deemed
to be zero. This Section shall remain effective with respect to such Lender until (x) the Obligations under this Agreement shall have been declared or shall have become immediately due and payable, (y) the non-Defaulting Lenders, Agent,
and Borrower shall have waived such Defaulting Lender’s default in writing, or (z) the Defaulting Lender makes its Pro Rata Share of the applicable Advance and pays to Agent all amounts owing by Defaulting Lender in respect thereof. The
operation of this Section shall not be construed to increase or otherwise affect the Revolver Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to
relieve or excuse the performance by Borrower of its duties and obligations hereunder to Agent or to the Lenders other than such Defaulting Lender. Any such failure to fund by any Defaulting Lender shall constitute a material breach by such
Defaulting Lender of this Agreement and shall entitle Borrower at its option, upon written notice to Agent, to arrange for a substitute Lender to assume the Revolver Commitment of such Defaulting Lender, such substitute Lender to be reasonably
acceptable to Agent. In connection with the arrangement of such a substitute Lender, the Defaulting Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed form of Assignment and Acceptance in
favor of the substitute Lender (and agrees that it shall be deemed to have executed and delivered such document if it fails to do so) subject only to being repaid its share of the outstanding Obligations (other than Bank Product Obligations, but
including an assumption of its Pro Rata Share of the Letters of Credit) without any premium or penalty of any kind whatsoever; provided, however, that any such assumption of the Revolver Commitment of such Defaulting Lender shall not
be deemed to constitute a waiver of any of the Lender Groups’ or Borrower’s rights or remedies against any such Defaulting Lender arising out of or in relation to such failure to fund. 
  

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 (d) Protective Advances and Optional Overadvances. 
 (i) Any contrary provision of this Agreement notwithstanding, Agent hereby is authorized by Borrower and the Lenders, from time to time in Agent’s
sole discretion, (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) at any time that any of the other applicable conditions precedent set forth in Section 3 are not satisfied, to
make Advances to, or for the benefit of, Borrower on behalf of the Lenders (in an aggregate amount for all such Advances taken together not exceeding $8,000,000 outstanding at any one time) that Agent, in its Permitted Discretion deems necessary or
desirable (1) to preserve or protect the Collateral, or any portion thereof, or (2) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations) (any of the Advances described in this
Section 2.3(d)(i) shall be referred to as “Protective Advances”). 
 (ii) Any contrary provision of this
Agreement notwithstanding, the Lenders hereby authorize Agent or Swing Lender, as applicable, and either Agent or Swing Lender, as applicable, may, but is not obligated to, knowingly and intentionally, continue to make Advances (including Swing
Loans) to Borrower notwithstanding that an Overadvance exists or thereby would be created, so long as (A) after giving effect to such Advances, the outstanding Revolver Usage does not exceed the Borrowing Base by an amount greater than 10% of
the Maximum Revolver Amount then in effect, and (B) after giving effect to such Advances, the outstanding Revolver Usage (except for and excluding amounts charged to the Loan Account for interest, fees, or Lender Group Expenses) does not exceed
the Maximum Revolver Amount. In the event Agent obtains actual knowledge that the Revolver Usage exceeds the amounts permitted by the immediately foregoing provisions, regardless of the amount of, or reason for, such excess, Agent shall notify the
Lenders as soon as practicable (and prior to making any (or any additional) intentional Overadvances (except for and excluding amounts charged to the Loan Account for interest, fees, or Lender Group Expenses) unless Agent determines that prior
notice would result in imminent harm to the Collateral or its value), and the Lenders with Revolver Commitments thereupon shall, together with Agent, jointly determine the terms of arrangements that shall be implemented with Borrower intended to
reduce, within a reasonable time, the outstanding principal amount of the Advances to Borrower to an amount permitted by the preceding sentence. In such circumstances, if any Lender with a Revolver Commitment objects to the proposed terms of
reduction or repayment of any Overadvance, the terms of reduction or repayment thereof shall be implemented according to the determination of the Required Lenders. In any event: (x) if any unintentional Overadvance remains outstanding for more
than 30 days, unless otherwise agreed to by the Required Lenders, Borrower shall immediately repay Advances in an amount sufficient to eliminate all such unintentional Overadvances, and (y) after the date all such Overadvances have been
eliminated, there must be at least five consecutive days before intentional Overadvances are made. The foregoing provisions are meant for the benefit of the Lenders and Agent and are not meant for the benefit of Borrower, which shall continue to be
bound by the provisions of Section 2.5. Each Lender with a Revolver Commitment shall be obligated to settle with Agent as provided in Section 2.3(e) for the amount of such Lender’s Pro Rata Share of any unintentional
Overadvances by Agent reported to such Lender, any intentional Overadvances made as permitted under this Section 2.3(d)(ii), and any Overadvances resulting from the charging to the Loan Account of interest, fees, or Lender Group
Expenses. 
 (iii) Each Protective Advance and each Overadvance shall be deemed to be an Advance hereunder, except that no Protective
Advance or Overadvance shall be eligible to be a LIBOR Rate Loan and, prior to Settlement therefor, all payments on the Protective Advances shall be payable to Agent solely for its own account. The Protective Advances and Overadvances shall be
repayable on demand, secured by Agent’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans. The ability of Agent to make Protective Advances is separate and
distinct from its ability to make Overadvances and its ability to make Overadvances is separate and distinct from its ability to make Protective Advances; for the avoidance of doubt, the limitations on Agent’s ability to make Protective
Advances do not apply to Overadvances and the limitations on Agent’s ability to make 

  

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Overadvances do not apply to Protective Advances. The provisions of this Section 2.3(d) are for the exclusive benefit of Agent, Swing Lender, and
the Lenders and are not intended to benefit Borrower in any way. 
 (iv) Notwithstanding anything contained in this Agreement or the Loan
Documents to the contrary: (A) no Overadvance or Protective Advance may be made by Agent if such Advance would cause the aggregate principal amount of Overadvances and Protective Advances outstanding to exceed an amount equal to ten percent
(10%) of the Maximum Revolver Amount; and (B) to the extent any Protective Advance causes the aggregate Revolver Usage to exceed the Maximum Revolver Amount, each such Protective Advance shall be for Agent’s sole and separate account
and not for the account of any Lender. 
 (e) Settlement. It is agreed that each Lender’s funded portion of the Advances is
intended by the Lenders to equal, at all times, such Lender’s Pro Rata Share of the outstanding Advances. Such agreement notwithstanding, Agent, Swing Lender, and the other Lenders agree (which agreement shall not be for the benefit of
Borrower) that in order to facilitate the administration of this Agreement and the other Loan Documents, settlement among the Lenders as to the Advances, the Swing Loans, and the Protective Advances shall take place on a periodic basis in accordance
with the following provisions: 
 (i) Agent shall request settlement (“Settlement”) with the Lenders on a weekly basis, or
on a more frequent basis if so determined by Agent (1) on behalf of Swing Lender, with respect to the outstanding Swing Loans, (2) for itself, with respect to the outstanding Protective Advances, and (3) with respect to
Borrower’s or its Subsidiaries’ Collections or payments received, as to each by notifying the Lenders by telecopy, telephone, or other similar form of transmission, of such requested Settlement, no later than 2:00 p.m. (California time) on
the Business Day immediately prior to the date of such requested Settlement (the date of such requested Settlement being the “Settlement Date”). Such notice of a Settlement Date shall include a summary statement of the amount of
outstanding Advances, Swing Loans, and Protective Advances for the period since the prior Settlement Date. Subject to the terms and conditions contained herein (including Section 2.3(c)(iii)): (y) if a Lender’s balance of the
Advances (including Swing Loans and Protective Advances) exceeds such Lender’s Pro Rata Share of the Advances (including Swing Loans and Protective Advances) as of a Settlement Date, then Agent shall, by no later than 12:00 p.m. (California
time) on the Settlement Date, transfer in immediately available funds to a Deposit Account of such Lender (as such Lender may designate), an amount such that each such Lender shall, upon receipt of such amount, have as of the Settlement Date, its
Pro Rata Share of the Advances (including Swing Loans and Protective Advances), and (z) if a Lender’s balance of the Advances (including Swing Loans and Protective Advances) is less than such Lender’s Pro Rata Share of the Advances
(including Swing Loans and Protective Advances) as of a Settlement Date, such Lender shall no later than 12:00 p.m. (California time) on the Settlement Date transfer in immediately available funds to Agent’s Account, an amount such that each
such Lender shall, upon transfer of such amount, have as of the Settlement Date, its Pro Rata Share of the Advances (including Swing Loans and Protective Advances). Such amounts made available to Agent under clause (z) of the immediately
preceding sentence shall be applied against the amounts of the applicable Swing Loans or Protective Advances and, together with the portion of such Swing Loans or Protective Advances representing Swing Lender’s Pro Rata Share thereof, shall
constitute Advances of such Lenders. If any such amount is not made available to Agent by any Lender on the Settlement Date applicable thereto to the extent required by the terms hereof, Agent shall be entitled to recover for its account such amount
on demand from such Lender together with interest thereon at the Defaulting Lender Rate. 
 (ii) In determining whether a Lender’s
balance of the Advances, Swing Loans, and Protective Advances is less than, equal to, or greater than such Lender’s Pro Rata Share of the Advances, Swing Loans, and Protective Advances as of a Settlement Date, Agent shall, as part of the
relevant Settlement, apply to such balance the portion of payments actually received in good funds by Agent with respect to principal, interest, fees payable by Borrower and allocable to the Lenders hereunder, and proceeds of Collateral. 

 

 6 

 (iii) Between Settlement Dates, Agent, to the extent Protective Advances or Swing Loans are outstanding,
may pay over to Agent or Swing Lender, as applicable, any Collections or payments received by Agent that in accordance with the terms of this Agreement would be applied to the reduction of the Advances, for application to the Protective Advances or
Swing Loans. Between Settlement Dates, Agent, to the extent no Protective Advances or Swing Loans are outstanding, may pay over to Swing Lender any Collections or payments received by Agent, that in accordance with the terms of this Agreement would
be applied to the reduction of the Advances, for application to Swing Lender’s Pro Rata Share of the Advances. If, as of any Settlement Date, Collections or payments of Borrower or its Subsidiaries received since the then immediately preceding
Settlement Date have been applied to Swing Lender’s Pro Rata Share of the Advances other than to Swing Loans, as provided for in the previous sentence, Swing Lender shall pay to Agent for the accounts of the Lenders, and Agent shall pay to the
Lenders, to be applied to the outstanding Advances of such Lenders, an amount such that each Lender shall, upon receipt of such amount, have, as of such Settlement Date, its Pro Rata Share of the Advances. During the period between Settlement Dates,
Swing Lender with respect to Swing Loans, Agent with respect to Protective Advances, and each Lender (subject to the effect of agreements between Agent and individual Lenders) with respect to the Advances other than Swing Loans and Protective
Advances, shall be entitled to interest at the applicable rate or rates payable under this Agreement on the daily amount of funds employed by Swing Lender, Agent, or the Lenders, as applicable. 
 (f) Notation. Agent, as a non-fiduciary agent for Borrower, shall maintain a register showing the principal amount of the Advances, owing to each
Lender, including the Swing Loans owing to Swing Lender, and Protective Advances owing to Agent, and the interests therein of each Lender, from time to time and such register shall, absent manifest error, conclusively be presumed to be correct and
accurate. 
 (g) Lenders’ Failure to Perform. All Advances (other than Swing Loans and Protective Advances) shall be made by the
Lenders contemporaneously and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Advance (or other extension of credit)
hereunder, nor shall any Revolver Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender to perform its obligations hereunder
shall excuse any other Lender from its obligations hereunder. 
 2.4 Payments; Reductions of Revolver Commitments;
Prepayments. 
 (a) Payments by Borrower. 
 (i) Except as otherwise expressly provided herein, all payments by Borrower shall be made to Agent’s Account for the account of the Lender Group and shall be made in immediately available funds, no later than
11:00 a.m. (California time) on the date specified herein. Any payment received by Agent later than 11:00 a.m. (California time) shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to
accrue until such following Business Day. 
 (ii) Unless Agent receives notice from Borrower prior to the date on which any payment is due
to the Lenders that Borrower will not make such payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so
required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date when due, each Lender
severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid. 
  

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 (b) Apportionment and Application. 
 (i) So long as no Application Event has occurred and is continuing and except as otherwise provided with respect to Defaulting Lenders, all principal and
interest payments shall be apportioned ratably among the Lenders (according to the unpaid principal balance of the Obligations to which such payments relate held by each Lender) and all payments of fees and expenses (other than fees or expenses that
are for Agent’s separate account) shall be apportioned ratably among the Lenders having a Pro Rata Share of the Revolver Commitment or Obligation to which a particular fee or expense relates. All payments to be made hereunder by Borrower shall
be remitted to Agent and all (subject to Section 2.4(b)(iv)) such payments, and all proceeds of Collateral received by Agent, shall be applied, so long as no Application Event has occurred and is continuing, first to reduce the
balance of the Advances outstanding, second to cash collateralize the outstanding obligations of Borrower in respect of Letters of Credit if required by, and as provided under, Section 2.5, and thereafter, to Borrower (to be wired
to the Designated Account) or such other Person entitled thereto under applicable law. 
 (ii) At any time that an Application Event has
occurred and is continuing and except as otherwise provided with respect to Defaulting Lenders, all payments remitted to Agent and all proceeds of Collateral received by Agent shall be applied as follows: 
 (A) first, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to Agent under the Loan Documents,
until paid in full, 
 (B) second, to pay any fees or premiums then due to Agent under the Loan Documents until paid in full,

 (C) third, to pay interest due in respect of all Protective Advances until paid in full, 
 (D) fourth, to pay the principal of all Protective Advances until paid in full, 
 (E) fifth, ratably to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to any of the Lenders
under the Loan Documents, until paid in full, 
 (F) sixth, ratably to pay any fees or premiums then due to any of the Lenders under
the Loan Documents until paid in full, 
 (G) seventh, ratably to pay interest due in respect of the Advances (other than Protective
Advances, but including Swing Loans), until paid in full, 
 (H) eighth, ratably (i) to pay the principal of all Swing Loans
until paid in full, (ii) to pay the principal of all Advances until paid in full, (iii) to Agent, to be held by Agent, for the benefit of Issuing Lender (and for the ratable benefit of each of the Lenders that have an obligation to pay to
Agent, for the account of the Issuing Lender, a share of each Letter of Credit Disbursement), as cash collateral in an amount up to 105% of the Letter of Credit Usage, 
 (I) ninth, to Agent, to be held by Agent, for the benefit of the Bank Product Providers, as cash collateral in an amount up to the amount of the Bank Product Reserve established prior to the occurrence of, and
not in contemplation of, the subject Event of Default, 
  

 8 

 (J) tenth, to pay any other Obligations, including an amount to Agent, to be held by Agent, for
the benefit of the Bank Product Providers, as cash collateral in an amount up to the amount of any remaining Bank Product Obligations, and 
 (K) eleventh, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law. 
 (iii) Agent promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from each Lender in writing, such funds as it may be entitled to receive, subject to a Settlement delay as provided in
Section 2.3(e). 
 (iv) In each instance, so long as no Application Event has occurred and is continuing,
Section 2.4(b)(i) shall not apply to any payment made by Borrower to Agent and specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement or any other
Loan Document. 
 (v) For purposes of Section 2.4(b)(ii), “paid in full” means payment in cash of all amounts owing
under the Loan Documents, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense
reimbursements, whether or not any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding. 
 (vi) In the event of a direct conflict between the priority provisions of this Section 2.4 and any other provision contained in any other Loan Document, it is the intention of the parties hereto that such provisions be read
together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall
control and govern. 
 (c) Reduction of Revolver Commitments. The Revolver Commitments shall terminate on the Maturity Date. Borrower
may reduce the Revolver Commitments to an amount not less than the greater of (i) $40,000,000 and (ii) the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances not yet made as to which a
request has been given by Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a). Each such reduction shall
be in an amount which is not less than $5,000,000 and an integral multiple of $1,000,000, shall be made by providing not less than 10 Business Days prior written notice to Agent and shall be irrevocable. Once reduced, the Revolver Commitments may
not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro Rata Share thereof. 
 (d) Optional Prepayments. Borrower may prepay the principal of any Advance at any time in whole or in part. 
 2.5 Overadvances. If, at any time or for any reason, the amount of Obligations owed by Borrower to the Lender Group pursuant to
Section 2.1 or Section 2.11 is greater than any of the limitations set forth in Section 2.1 or Section 2.11, as applicable (an “Overadvance”), Borrower shall promptly, but in any event
within 1 Business Day of the initial occurrence of an Overadvance, pay to Agent, in cash, an amount necessary to reduce the Obligations by such excess in accordance with the priorities set forth in Section 2.4(b).;
provided that, prior to an Application Event, and to the extent that doing so would eliminate the Overadvance, Borrower may promptly, but in any event within 1 Business Day of the initial occurrence of such Overadvance, pay or provide to
Agent such Supplemental Cash Collateral. Borrower promises to pay the Obligations (including principal, interest, fees, costs, and expenses) in Dollars in full on the Maturity Date or, 

  

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if earlier, on the date on which the Obligations are declared due and payable pursuant to the terms of this Agreement. 
 2.6 Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations. 
 (a) Interest Rates. Except as provided in Section 2.6(c), all Obligations (except for undrawn Letters of Credit and except for Bank
Product Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof as follows: 
 (i) if the relevant Obligation is a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate plus the LIBOR Rate Margin, and 
 (ii) otherwise, at a per annum rate equal to the Base Rate plus the Base Rate Margin. 
 (b) Letter of
Credit Fee. Borrower shall pay Agent (for the ratable benefit of the Lenders with a Revolver Commitment, subject to any agreements between Agent and individual Lenders), a Letter of Credit fee (in addition to the charges, commissions, fees, and
costs set forth in Section 2.11(e)) which shall accrue at a per annum rate equal to (i) with respect to the Collateralized Portion, 1.00% and (ii) with respect to the remainder of the Daily Balance of the undrawn amount of all
outstanding Underlying Letters of Credit, 3.00%. 
 (c) Default Rate. Upon the occurrence and during the continuation of an Event of
Default and at the election of the Required Lenders: 
 (i) all Obligations (except for undrawn Letters of Credit and except for Bank
Product Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable hereunder,
and 
 (ii) the Letter of Credit fee provided for in Section 2.6(b) shall be increased to 2 percentage points above the per
annum rate otherwise applicable hereunder. 
 (d) Payment. Except to the extent provided to the contrary in Section 2.10
or Section 2.12(a), interest, Letter of Credit fees, all other fees payable hereunder or under any of the other Loan Documents, and all costs, expenses, and Lender Group Expenses payable hereunder or under any of the other Loan Documents
shall be due and payable, in arrears, on the first day of each month at any time that Obligations or Revolver Commitments are outstanding. Borrower hereby authorizes Agent, from time to time without prior notice to Borrower, to charge all interest,
Letter of Credit fees, and all other fees payable hereunder or under any of the other Loan Documents (in each case, as and when due and payable), all costs, expenses, and Lender Group Expenses payable hereunder or under any of the other Loan
Documents (in each case, as and when incurred), all charges, commissions, fees, and costs provided for in Section 2.11(e) (as and when accrued or incurred), all fees and costs provided for in Section 2.10 (as and when accrued
or incurred), and all other payments as and when due and payable under any Loan Document (including any amounts due and payable to the Bank Product Providers in respect of Bank Products up to the amount of the Bank Product Reserve) to the Loan
Account, which amounts thereafter shall constitute Advances hereunder and shall accrue interest at the rate then applicable to Advances that are Base Rate Loans. Any interest, fees, costs, expenses, Lender Group Expenses, or other amounts payable
hereunder or under any other Loan Document not paid when due shall be compounded (but not more often than monthly with respect to interest) by being charged to the Loan Account and shall thereafter constitute Advances hereunder and shall accrue
interest at the rate then applicable to Advances that are Base Rate Loans. 
  

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 (e) Computation. All interest and fees chargeable under the Loan Documents shall be computed on
the basis of a 360 day year, in each case, for the actual number of days elapsed in the period during which the interest or fees accrue. In the event the Base Rate is changed from time to time hereafter, the rates of interest hereunder based upon
the Base Rate automatically and immediately shall be increased or decreased by an amount equal to such change in the Base Rate. 
 (f)
Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of
competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it;
provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of
this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the
Obligations to the extent of such excess. 
 2.7 Crediting Payments. The receipt of any payment item by Agent shall not
be considered a payment on account unless such payment item is a wire transfer of immediately available federal funds made to Agent’s Account or unless and until such payment item is honored when presented for payment. Should any payment item
not be honored when presented for payment, then Borrower shall be deemed not to have made such payment and interest shall be calculated accordingly. Anything to the contrary contained herein notwithstanding, any payment item shall be deemed received
by Agent only if it is received into Agent’s Account on a Business Day on or before 11:00 a.m. (California time). If any payment item is received into Agent’s Account on a non-Business Day or after 11:00 a.m. (California time) on a
Business Day, it shall be deemed to have been received by Agent as of the opening of business on the immediately following Business Day. 
 2.8 Designated Account. Agent is authorized to make the Advances, and Issuing Lender is authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone
purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.6(d). Borrower agrees to establish and maintain the Designated Account with the Designated Account Bank for the purpose of receiving the proceeds of
the Advances requested by Borrower and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower, any Advance, or Swing Loan requested by Borrower and made by Agent or the Lenders hereunder shall be made to the Designated
Account. 
 2.9 Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the
name of Borrower (the “Loan Account”) on which Borrower will be charged with all Advances (including Protective Advances and Swing Loans) made by Agent, Swing Lender, or the Lenders to Borrower or for Borrower’s account, the
Letters of Credit issued or made by Issuing Lender for Borrower’s account, and with all other payment Obligations hereunder or under the other Loan Documents (except for Bank Product Obligations), including, accrued interest, fees and expenses,
and Lender Group Expenses. In accordance with Section 2.7, the Loan Account will be credited with all payments received by Agent from Borrower or for Borrower’s account. Agent shall render statements regarding the Loan Account to
Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and such statements, absent manifest error, shall be conclusively presumed to be correct and accurate
and constitute an account stated between Borrower and the Lender Group unless, (x) with respect to any error or errors in an amount less than $10,000, within 30 days after receipt thereof by Borrower, Borrower shall deliver to Agent written
objection thereto describing the error or errors contained in any such statements, and (y) with respect to all other error or errors, within 60 days after receipt thereof by Borrower, 

  

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Borrower shall deliver to Agent written obligation thereto describing the error or errors contained in such statements. 
 2.10 Fees. Borrower shall pay to Agent, 
 (a) for the account of Agent, as and when due and payable under the terms of the Fee Letter, the fees set forth in the Fee Letter. 
 (b) for the ratable account of those Lenders with Revolver Commitments, on the first day of each month from and after the Closing Date up to the first day of the month prior to the Payoff Date and on the Payoff Date,
an unused line fee in an amount equal to 0.375% per annum times the result of (i) the Maximum Revolver Amount, less (ii) the average Daily Balance of the Revolver Usage during the immediately preceding month (or portion thereof).

 2.11 Letters of Credit. 
 (a) Subject to the terms and conditions of this Agreement, upon the request of Borrower made in accordance herewith, the Issuing Lender agrees to issue, or to cause an Underlying Issuer, as Issuing Lender’s
agent, to issue, a requested Letter of Credit. If Issuing Lender, at its option, elects to cause an Underlying Issuer to issue a requested Letter of Credit, then Issuing Lender agrees that it will obligate itself to reimburse such Underlying Issuer
(which may include, among, other means, by becoming an applicant with respect to such Letter of Credit or entering into undertakings which provide for reimbursements of such Underlying Issuer with respect to such Letter of Credit; each such
obligation or undertaking, irrespective of whether in writing, a “Reimbursement Undertaking”) with respect to Letters of Credit issued by such Underlying Issuer. By submitting a request to Issuing Lender for the issuance of a Letter
of Credit, Borrower shall be deemed to have requested that Issuing Lender issue or that an Underlying Issuer issue the requested Letter of Credit and to have requested Issuing Lender to issue a Reimbursement Undertaking with respect to such
requested Letter of Credit if it is to be issued by an Underlying Issuer (it being expressly acknowledged and agreed by Borrower that Borrower is and shall be deemed to be an applicant (within the meaning of Section 5-102(a)(2) of the Code)
with respect to each Underlying Letter of Credit). Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be made in writing by an Authorized Person and delivered to
the Issuing Lender via hand delivery, telefacsimile, or other electronic method of transmission reasonably in advance of the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance reasonably
satisfactory to the Issuing Lender and shall specify (i) the amount of such Letter of Credit, (ii) the date of issuance, amendment, renewal, or extension of such Letter of Credit, (iii) the expiration date of such Letter of Credit,
(iv) the name and address of the beneficiary of the Letter of Credit, and (v) such other information (including, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to be so amended, renewed, or
extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit. Anything contained herein to the contrary notwithstanding, the Issuing Lender may, but shall not be obligated to, issue or cause the issuance of a Letter of
Credit or to issue a Reimbursement Undertaking in respect of an Underlying Letter of Credit, in either case, that supports the obligations of Borrower or its Subsidiaries in respect of (1) a lease of real property, or (2) an employment
contract. Borrower agrees that this Agreement (along with the terms of the applicable application) will govern each Letter of Credit and its issuance. The Issuing Lender shall have no obligation to issue a Letter of Credit or a Reimbursement
Undertaking in respect of an Underlying Letter of Credit, in either case, if any of the following would result after giving effect to the requested issuance: 
 (i) the Letter of Credit Usage less the amount of Supplemental Cash Collateral would exceed the Borrowing Base less the outstanding amount of Advances, or 
  

 12 

 (ii) the Letter of Credit Usage would exceed $80,000,000, or 
 (iii) the Letter of Credit Usage would exceed the Maximum Revolver Amount less the outstanding amount of Advances. 
 Borrower and the Lender Group acknowledge and agree that certain Letters of Credit may be issued to support letters of credit that already are
outstanding as of the Closing Date. Each Letter of Credit shall be in form and substance reasonably acceptable to the Issuing Lender, including the requirement that the amounts payable thereunder must be payable in Dollars. If Issuing Lender makes a
payment under a Letter of Credit or an Underlying Issuer makes a payment under an Underlying Letter of Credit, Borrower shall pay to Agent an amount equal to the applicable Letter of Credit Disbursement not later than 11:00 a.m., California time, on
the date that Borrower receives written or telephonic notice of such Letter of Credit Disbursement if such notice is received prior to 10:00 a.m., California time, or not later than 11:00 a.m., California time, on the following Business Day, if such
notice is received after 10:00 a.m., California time, and, in the absence of such payment, the amount of the Letter of Credit Disbursement immediately and automatically shall be deemed to be an Advance hereunder and, initially, shall bear interest
at the rate then applicable to Advances that are Base Rate Loans. If a Letter of Credit Disbursement is deemed to be an Advance hereunder, Borrower’s obligation to pay the amount of such Letter of Credit Disbursement to Issuing Lender shall be
discharged and replaced by the resulting Advance. Promptly following receipt by Agent of any payment from Borrower pursuant to this paragraph, Agent shall distribute such payment to the Issuing Lender or, to the extent that Lenders have made
payments pursuant to Section 2.11(b) to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. 
 (b) Promptly following receipt of a notice of a Letter of Credit Disbursement pursuant to Section 2.11(a), each Lender with a Revolver Commitment agrees to fund its Pro Rata Share of any Advance
deemed made pursuant to Section 2.11(a) on the same terms and conditions as if Borrower had requested the amount thereof as an Advance and Agent shall promptly pay to Issuing Lender the amounts so received by it from the
Lenders. By the issuance of a Letter of Credit or a Reimbursement Undertaking (or an amendment to a Letter of Credit or a Reimbursement Undertaking increasing the amount thereof) and without any further action on the part of the Issuing Lender or
the Lenders with Revolver Commitments, the Issuing Lender shall be deemed to have granted to each Lender with a Revolver Commitment, and each Lender with a Revolver Commitment shall be deemed to have purchased, a participation in each Letter of
Credit issued by Issuing Lender and each Reimbursement Undertaking, in an amount equal to its Pro Rata Share of such Letter of Credit or Reimbursement Undertaking, and each such Lender agrees to pay to Agent, for the account of the Issuing Lender,
such Lender’s Pro Rata Share of any Letter of Credit Disbursement made by Issuing Lender or an Underlying Issuer under the applicable Letter of Credit. In consideration and in furtherance of the foregoing, each Lender with a Revolver Commitment
hereby absolutely and unconditionally agrees to pay to Agent, for the account of the Issuing Lender, such Lender’s Pro Rata Share of each Letter of Credit Disbursement made by Issuing Lender or an Underlying Issuer and not reimbursed by
Borrower on the date due as provided in Section 2.11(a), or of any reimbursement payment required to be refunded to Borrower for any reason. Each Lender with a Revolver Commitment acknowledges and agrees that its obligation to deliver to
Agent, for the account of the Issuing Lender, an amount equal to its respective Pro Rata Share of each Letter of Credit Disbursement pursuant to this Section 2.11(b) shall be absolute and unconditional and such remittance shall be
made notwithstanding the occurrence or continuation of an Event of Default or Default or the failure to satisfy any condition set forth in Section 3. If any such Lender fails to make available to Agent the amount of such
Lender’s Pro Rata Share of a Letter of Credit Disbursement as provided in this Section, such Lender shall be deemed to be a Defaulting Lender and Agent (for the account of the Issuing Lender) shall be entitled to recover such amount on demand
from such Lender together with interest thereon at the Defaulting Lender Rate until paid in full. 
  

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 (c) Borrower hereby agrees to indemnify, save, defend, and hold the Lender Group and each Underlying
Issuer harmless from any loss, cost, expense, or liability, and reasonable attorneys fees incurred by Issuing Lender, any other member of the Lender Group, or any Underlying Issuer arising out of or in connection with any Reimbursement Undertaking
or any Letter of Credit; provided, however, that Borrower shall not be obligated hereunder to indemnify for any loss, cost, expense, or liability that a court of competent jurisdiction finally determines to have resulted from the gross
negligence or willful misconduct of the Issuing Lender, any other member of the Lender Group, or any Underlying Issuer. Borrower agrees to be bound by the Underlying Issuer’s regulations and interpretations of any Letter of Credit or by Issuing
Lender’s interpretations of any Reimbursement Undertaking even though this interpretation may be different from Borrower’s own, and Borrower understands and agrees that none of the Issuing Lender, the Lender Group, or any Underlying Issuer
shall be liable for any error, negligence, or mistake, whether of omission or commission, in following Borrower’s instructions or those contained in the Letter of Credit or any modifications, amendments, or supplements thereto. Borrower
understands that the Reimbursement Undertakings may require Issuing Lender to indemnify the Underlying Issuer for certain costs or liabilities arising out of claims by Borrower against such Underlying Issuer. Borrower hereby agrees to indemnify,
save, defend, and hold Issuing Lender and the other members of the Lender Group harmless with respect to any loss, cost, expense (including reasonable attorneys fees), or liability incurred by them as a result of the Issuing Lender’s
indemnification of an Underlying Issuer; provided, however, that Borrower shall not be obligated hereunder to indemnify for any such loss, cost, expense, or liability to the extent that it is caused by the gross negligence or willful
misconduct of the Issuing Lender or any other member of the Lender Group. Borrower hereby acknowledges and agrees that none of the Issuing Lender, any other member of the Lender Group, or any Underlying Issuer shall be responsible for delays,
errors, or omissions resulting from the malfunction of equipment in connection with any Letter of Credit. 
 (d) Borrower hereby authorizes
and directs any Underlying Issuer to deliver to the Issuing Lender all instruments, documents, and other writings and property received by such Underlying Issuer pursuant to such Underlying Letter of Credit and to accept and rely upon the Issuing
Lender’s instructions with respect to all matters arising in connection with such Underlying Letter of Credit and the related application. 
 (e) Any and all issuance charges, usage charges, commissions, fees, and costs incurred by the Issuing Lender relating to Underlying Letters of Credit shall be Lender Group Expenses for purposes of this Agreement and shall be reimbursable
promptly, but in any event, within 1 Business Day by Borrower to Agent for the account of the Issuing Lender; it being acknowledged and agreed by Borrower that, as of the Closing Date, the usage charge imposed by the Underlying Issuer is
0.125% per annum times the undrawn amount of each Underlying Letter of Credit, and that the Underlying Issuer also imposes a schedule of charges for amendments, extensions, drawings, and renewals. 
 (f) If by reason of (i) any change after the Closing Date in any applicable law, treaty, rule, or regulation or any change in the interpretation or
application thereof by any Governmental Authority, or (ii) compliance by the Issuing Lender, any other member of the Lender Group, or Underlying Issuer with any direction, request, or requirement (irrespective of whether having the force of
law) of any Governmental Authority or monetary authority including, Regulation D of the Federal Reserve Board as from time to time in effect (and any successor thereto): 
 (i) any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of Credit issued or caused to be issued hereunder or hereby, or 
 (ii) there shall be imposed on the Issuing Lender, any other member of the Lender Group, or Underlying Issuer any other condition regarding any Letter
of Credit or Reimbursement Undertaking, 
  

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 and the result of the foregoing is to increase, directly or indirectly, the cost to the Issuing Lender, any other member
of the Lender Group, or an Underlying Issuer of issuing, making, guaranteeing, or maintaining any Reimbursement Undertaking or Letter of Credit or to reduce the amount receivable in respect thereof, then, and in any such case, Agent may, at any time
within a reasonable period after the additional cost is incurred or the amount received is reduced, notify Borrower, and Borrower shall pay within 30 days after demand therefor, such amounts as Agent may specify to be necessary to compensate the
Issuing Lender, any other member of the Lender Group, or an Underlying Issuer for such additional cost or reduced receipt, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable
to Base Rate Loans hereunder; provided, however, that Borrower shall not be required to provide any compensation pursuant to this Section 2.12(f) for any such amounts incurred more than 180 days prior to the date on which
the demand for payment is first made to Borrower; provided further, however, that if an event or circumstance giving rise to such amounts is retroactive, then the 180-day period referred to above shall be extended to include the
period of retroactive effect thereof. The determination by Agent of any amount due pursuant to this Section 2.12(f), as set forth in a certificate setting forth the reasons for such increase and the calculation thereof in reasonable
detail, shall, in the absence of manifest or demonstrable error, be final and conclusive and binding on all of the parties hereto. 
 2.12
LIBOR Option. 
 (a) Interest and Interest Payment Dates. In lieu of having interest charged at the rate based
upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base
Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest
Period applicable thereto; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of
each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate
Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate. 
 (b) LIBOR Election. 
 (i) Borrower
may, at any time and from time to time, so long as no Event of Default has occurred and is continuing, elect to exercise the LIBOR Option by notifying Agent prior to 11:00 a.m. (California time) at least 3 Business Days prior to the commencement of
the proposed Interest Period (the “LIBOR Deadline”). Notice of Borrower’s election of the LIBOR Option for a permitted portion of the Advances and an Interest Period pursuant to this Section shall be made by delivery to Agent
of a LIBOR Notice received by Agent before the LIBOR Deadline, or by telephonic notice received by Agent before the LIBOR Deadline (to be confirmed by delivery to Agent of a LIBOR Notice received by Agent prior to 5:00 p.m. (California time) on the
same day). Promptly upon its receipt of each such LIBOR Notice, Agent shall provide a copy thereof to each of the affected Lenders. 
 (ii)
Each LIBOR Notice shall be irrevocable and binding on Borrower. In connection with each LIBOR Rate Loan, Borrower shall indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any
Lender as a result of (A) the payment of any principal of any LIBOR Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (B) the conversion of any LIBOR Rate Loan
other than on the last day of the Interest Period applicable thereto, or (C) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such 

  

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losses, costs, or expenses, “Funding Losses”). A certificate of Agent or a Lender delivered to Borrower setting forth in reasonable detail
any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12 shall be conclusive absent manifest error. Borrower shall pay such amount to Agent or the Lender, as applicable, within 30 days of the
date of its receipt of such certificate. If a payment of a LIBOR Rate Loan on a day other than the last day of the applicable Interest Period would result in a Funding Loss, Agent may, in its sole discretion at the request of Borrower, hold the
amount of such payment as cash collateral in support of the Obligations until the last day of such Interest Period and apply such amounts to the payment of the applicable LIBOR Rate Loan on such last day, it being agreed that Agent has no obligation
to so defer the application of payments to any LIBOR Rate Loan and that, in the event that Agent does not defer such application, Borrower shall be obligated to pay any resulting Funding Losses. 
 (iii) Borrower shall have not more than 8 LIBOR Rate Loans in effect at any given time. Borrower only may exercise the LIBOR Option for proposed LIBOR
Rate Loans of at least $1,000,000. 
 (c) Conversion. Borrower may convert LIBOR Rate Loans to Base Rate Loans at any time;
provided, however, that in the event that LIBOR Rate Loans are converted or prepaid on any date that is not the last day of the Interest Period applicable thereto, including as a result of any automatic prepayment through the
required application by Agent of proceeds of Borrower’s and its Subsidiaries’ Collections in accordance with Section 2.4(b) or for any other reason, including early termination of the term of this Agreement or acceleration of
all or any portion of the Obligations pursuant to the terms hereof, Borrower shall indemnify, defend, and hold Agent and the Lenders and their Participants harmless against any and all Funding Losses in accordance with
Section 2.12 (b)(ii). 
 (d) Special Provisions Applicable to LIBOR Rate. 
 (i) The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any additional or increased costs to
such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to changes in applicable law occurring subsequent to the commencement of the then applicable Interest Period, including changes in tax laws (except
changes of general applicability in corporate income tax laws) and changes in the reserve requirements imposed by the Board of Governors of the Federal Reserve System (or any successor), excluding the Reserve Percentage, which additional or
increased costs would increase the cost of funding or maintaining loans bearing interest at the LIBOR Rate. In any such event, the affected Lender shall give Borrower and Agent notice of such a determination and adjustment and Agent promptly shall
transmit the notice to each other Lender and, upon its receipt of the notice from the affected Lender, Borrower may, by notice to such affected Lender (y) require such Lender to furnish to Borrower a statement setting forth the basis for
adjusting such LIBOR Rate and the method for determining the amount of such adjustment, or (z) repay the LIBOR Rate Loans with respect to which such adjustment is made (together with any amounts due under Section 2.12(b)(ii)).

 (ii) In the event that any change in market conditions or any law, regulation, treaty, or directive, or any change therein or in the
interpretation or application thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain LIBOR Rate Loans or to continue such funding or maintaining,
or to determine or charge interest rates at the LIBOR Rate, such Lender shall give notice of such changed circumstances to Agent and Borrower and Agent promptly shall transmit the notice to each other Lender and (y) in the case of any LIBOR
Rate Loans of such Lender that are outstanding, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such LIBOR Rate Loans, and interest upon the LIBOR Rate Loans of such Lender thereafter
shall accrue interest at the rate then applicable to Base Rate Loans, and (z) Borrower 

  

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shall not be entitled to elect the LIBOR Option until such Lender determines that it would no longer be unlawful or impractical to do so. 
 (e) No Requirement of Matched Funding. Anything to the contrary contained herein notwithstanding, neither Agent, nor any Lender, nor any of their
Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues at the LIBOR Rate. 
 2.13 Capital Requirements. 
 (a) If, after the date hereof, any Lender determines that
(i) the adoption of or change in any law, rule, regulation or guideline regarding capital requirements for banks or bank holding companies that is not related to the financial condition of such Lender, or any change in the interpretation or
application thereof, by any Governmental Authority charged with the administration thereof, or (ii) compliance by such Lender or its parent bank holding company with any guideline, request, or directive of any Governmental Authority regarding
capital adequacy (whether or not having the force of law) unrelated to the financial condition of such Lender, has the effect of reducing the return on such Lender’s or such holding company’s capital as a consequence of such Lender’s
Revolver Commitments hereunder to a level below that which such Lender or such holding company could have achieved but for such adoption, change, or compliance (taking into consideration such Lender’s or such holding company’s then
existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed by such Lender to be material, then such Lender may notify Borrower and Agent thereof. Following receipt of such
notice, Borrower agrees to pay such Lender on demand the amount of such reduction of return of capital as and when such reduction is determined, payable within 30 days after presentation by such Lender of a statement in the amount and setting forth
in reasonable detail such Lender’s calculation thereof and the assumptions upon which such calculation was based (which statement shall be deemed true and correct absent manifest error). In determining such amount, such Lender may use any
reasonable averaging and attribution methods. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that
Borrower shall not be required to compensate a Lender pursuant to this Section for any reductions in return incurred more than 180 days prior to the date that such Lender notifies Borrower of such law, rule, regulation or guideline giving rise to
such reductions and of such Lender’s intention to claim compensation therefor; provided further that if such claim arises by reason of the adoption of or change in any law, rule, regulation or guideline that is retroactive, then
the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 (b) If any Lender requests
additional or increased costs referred to in Section 2.12(d)(i) or amounts under Section 2.13(a) (any such Lender, an “Affected Lender”), then such Affected Lender shall use reasonable efforts to promptly
designate a different one of its lending offices or to assign its rights and obligations hereunder to another of its offices or branches, if (i) in the reasonable judgment of such Affected Lender, such designation or assignment would eliminate
or reduce amounts payable pursuant to Section 2.12(d)(i) or Section 2.13(a), as applicable, and (ii) in the reasonable judgment of such Affected Lender, such designation or assignment would not subject it to any material
unreimbursed cost or expense and would not otherwise be materially disadvantageous to it. Borrower agrees to pay all reasonable and documented out-of-pocket costs and expenses incurred by such Affected Lender in connection with any such designation
or assignment. If, after such reasonable efforts, such Affected Lender does not so designate a different one of its lending offices or assign its rights to another of its offices or branches so as to eliminate Borrower’s obligation to pay any
future amounts to such Affected Lender pursuant to Section 2.12(d)(i) or Section 2.13(a), as applicable, then Borrower (without prejudice to any amounts then due to such Affected Lender under Section 2.12(d)(i) or
Section 2.13(a), as applicable) may, unless prior to the effective date of any such assignment the Affected Lender withdraws its request for such additional amounts under Section 2.12(d)(i) or Section 2.13(a), as
applicable, may seek a substitute Lender reasonably acceptable to Agent to purchase the Obligations owed 

  

 17 

 
to such Affected Lender and such Affected Lender’s Revolver Commitments hereunder (a “Replacement Lender”), and if such Replacement
Lender agrees to such purchase, such Affected Lender shall assign to the Replacement Lender its Obligations and Revolver Commitments, pursuant to an Assignment and Acceptance Agreement, and upon such purchase by the Replacement Lender, such
Replacement Lender shall be deemed to be a “Lender” for purposes of this Agreement and such Affected Lender shall cease to be a “Lender” for purposes of this Agreement. 
 3. CONDITIONS; TERM OF AGREEMENT. 
 3.1
Conditions Precedent to the Initial Extension of Credit. The obligation of each Lender to make its initial extension of credit provided for hereunder, is subject to the fulfillment, to the satisfaction of Agent and each Lender of each
of the conditions precedent set forth on Schedule 3.1 (the making of such initial extension of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent). If each of the conditions precedent set
forth on Schedule 3.1 are not satisfied by [June     , 2009], the Loan Documents as well as the obligations of each Lender to provide any financial accommodations under the Loan Documents shall immediately terminate.

 3.2 Conditions Precedent to all Extensions of Credit. The obligation of the Lender Group (or any member thereof) to make any
Advances hereunder (or to extend any other credit hereunder) at any time shall be subject to the following conditions precedent: 
 (a) the
representations and warranties of Borrower or its Subsidiaries contained in this Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and
warranties relate solely to an earlier date); and 
 (b) no Default or Event of Default shall have occurred and be continuing on the date of
such extension of credit, nor shall either result from the making thereof. 
 3.3 Maturity. This Agreement shall continue in
full force and effect for a term ending on June 19, 2012 (the “Maturity Date”). The foregoing notwithstanding, the Lender Group, upon the election of the Required Lenders, shall have the right to terminate its obligations
under this Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default. 
 3.4
Effect of Maturity. On the Maturity Date, all commitments to provide additional credit hereunder shall automatically be terminated and all Obligations (including contingent reimbursement obligations of Borrower with respect to
outstanding Letters of Credit and including all Bank Product Obligations) immediately shall become due and payable without notice or demand (including the requirement that Borrower provide (a) Letter of Credit Collateralization, and
(b) Bank Product Collateralization). No termination of the obligations of the Lender Group shall relieve or discharge any Loan Party of its duties, Obligations, or covenants hereunder or under any other Loan Document and Agent’s Liens in
the Collateral shall remain in effect until all Obligations have been paid in full. When all of the Obligations have been paid in full and the Lender Group’s obligations to provide additional credit under the Loan Documents have been terminated
irrevocably, Agent will, at Borrower’s sole expense, execute and deliver any termination statements, lien releases, discharges of security interests, and other similar discharge or release documents (and, if applicable, in recordable form) as
are reasonably necessary to release, as of record, Agent’s Liens and all notices of security interests and liens previously filed by Agent with respect to the Obligations. 
  

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 3.5 Early Termination by Borrower. Borrower has the option, at any time upon 10 Business
Days prior written notice to Agent, to terminate this Agreement and terminate the Revolver Commitments hereunder by paying to Agent the Obligations (including (a) providing Letter of Credit Collateralization with respect to the then existing
Letter of Credit Usage, and (b) providing Bank Product Collateralization with respect to the then existing Bank Products), in full. 
 3.6 Conditions Subsequent. The obligation of the Lender Group (or any member thereof) to continue to make Advances (or otherwise extend credit hereunder) is subject to the fulfillment, on or before the date applicable thereto,
of the conditions subsequent set forth on Schedule 3.6 (the failure by Borrower to so perform or cause to be performed such conditions subsequent as and when required by the terms thereof, shall constitute an immediate Event of Default).

 4. REPRESENTATIONS AND WARRANTIES. 
 In order to induce the Lender Group to enter into this Agreement, Borrower makes the following representations and warranties to the Lender Group which shall be true, correct, and complete, in all material respects, (except that such
materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the Closing Date, and shall be true, correct, and complete, in all material
respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the date of the making of each Advance (or other
extension of credit) made thereafter, as though made on and as of the date of such Advance (or other extension of credit) (except to the extent that such representations and warranties relate solely to an earlier date) and such representations and
warranties shall survive the execution and delivery of this Agreement: 
 4.1 Due Organization and Qualification; Subsidiaries.

 (a) Each Loan Party (i) is duly organized and existing and in good standing (or the local equivalent) under the laws of the
jurisdiction of its organization, (ii) qualified to do business in any state where the failure to be so qualified reasonably could be expected to result in a Material Adverse Change, and (iii) has all requisite power and authority to own
and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby. 
 (b) Set forth on Schedule 4.1(b) is a complete and accurate description of the authorized capital Stock of Borrower, by class, and, as of the
Closing Date, a description of the number of shares of each such class that are issued and outstanding. Other than as described on Schedule 4.1(b), there are no subscriptions, options, warrants, or calls relating to any shares of
Borrower’s capital Stock, including any right of conversion or exchange under any outstanding security or other instrument. Borrower is not subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any
shares of its capital Stock or any security convertible into or exchangeable for any of its capital Stock. 
 (c) Set forth on Schedule
4.1(c) (as such Schedule may be updated from time to time to reflect changes permitted to be made under Section 5.11), is a complete and accurate list of the Loan Parties’ direct and indirect Subsidiaries, showing: (i) the
number of shares of each class of common and preferred Stock authorized for each of such Subsidiaries, and (ii) the number and the percentage of the outstanding shares of each such class owned directly or indirectly by Borrower. All of the
outstanding capital Stock of each such Subsidiary has been validly issued and is fully paid and non-assessable. 
 (d) Except as set forth on
Schedule 4.1(c), there are no subscriptions, options, warrants, or calls relating to any shares of Borrower’s Subsidiaries’ capital Stock, including any right of conversion or 

  

 19 

 
exchange under any outstanding security or other instrument. Neither Borrower nor any of its Subsidiaries is subject to any obligation (contingent or
otherwise) to repurchase or otherwise acquire or retire any shares of Borrower’s Subsidiaries’ capital Stock or any security convertible into or exchangeable for any such capital Stock. 
 4.2 Due Authorization; No Conflict. 
 (a) As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party have been duly authorized by all necessary action on the part of such Loan Party. 
 (b) As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party do not and will not
(i) violate any material provision of federal, state, or local law or regulation applicable to any Loan Party or its Subsidiaries, the Governing Documents of any Loan Party or its Subsidiaries, or any order, judgment, or decree of any court or
other Governmental Authority binding on any Loan Party or its Subsidiaries (other than an Excluded Subsidiary), (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any Material
Contract of any Loan Party or its Subsidiaries except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a Material Adverse Change, (iii) result in or require the
creation or imposition of any Lien of any nature whatsoever upon any assets of any Loan Party, other than Permitted Liens, or (iv) require any approval of any Loan Party’s interestholders or any approval or consent of any Person under any
Material Contract of any Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of Material Contracts, for consents or approvals, the failure to obtain could not
individually or in the aggregate reasonably be expected to cause a Material Adverse Change. 
 4.3 Governmental Consents. The
execution, delivery and performance by each Loan Party of the Loan Documents to which such Loan Party is a party and the consummation of the credit facility as contemplated by the Loan Documents do not and will not require any registration with,
consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than registrations, consents, approvals, notices, or other actions that have been obtained and that are still in force and effect and except for
filings and recordings with respect to the Collateral to be made, or otherwise delivered to Agent for filing or recordation, as of the Closing Date. 
 4.4 Binding Obligations; Perfected Liens. 
 (a) Each Loan Document has been duly
executed and delivered by each Loan Party that is a party thereto and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited
by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
 (b) Upon completion of the filing of financing statements describing the Collateral in the appropriate filing office, Agent’s Liens in the Collateral in which a security interest may be perfected by filing,
recording or registering a financing statement in the United States pursuant to the applicable Uniform Commercial Code will be duly perfected and a first priority Lien, subject only to Permitted Liens. Upon execution of a control agreement
establishing “control” (within meaning of Section 9-104 of the UCC) of the Agent in the Deposit Accounts and Securities Accounts, Agent will have a perfected first priority Lien in all Deposit Accounts and Securities Accounts, subject
only to Permitted Liens. Upon recordation of the Mortgages, Agent’s Liens in the Real Property Collateral will be duly perfected and a first priority Lien, subject only to Permitted Liens. 
  

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 4.5 Title to Assets; No Encumbrances. Each of the Loan Parties and its Subsidiaries has
(i) good, sufficient and legal title to (in the case of fee interests in Real Property), (ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (iii) good and marketable title to (in
the case of all other personal property), all of their respective assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial
statements to the extent permitted hereby. All of such assets of the Loan Parties and their Subsidiaries (other than Excluded Subsidiaries) are free and clear of Liens except for Permitted Liens. 
 4.6 Jurisdiction of Organization; Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims.

 (a) The name of (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Loan Party and each of its
Subsidiaries is set forth on Schedule 4.6(a) (as such Schedule may be updated from time to time to reflect changes permitted to be made under Section 6.5). 
 (b) The chief executive office of each Loan Party and each of its Subsidiaries is located at the address indicated on Schedule 4.6(b) (as such
Schedule may be updated from time to time to reflect changes permitted to be made under Section 5.15). 
 (c) Each Loan
Party’s and each of its Subsidiaries’ tax identification numbers and organizational identification numbers, if any, are identified on Schedule 4.6(c) (as such Schedule may be updated from time to time to reflect changes permitted to
be made under Section 6.5). 
 (d) As of the Closing Date, no Loan Party holds any commercial tort claims that exceed $250,000 in
amount, except as set forth on Schedule 4.6(d). 
 4.7 Litigation. 
 (a) Except as set forth on Schedule 4.7(a), there are no actions, suits, or proceedings pending or, to the best knowledge of Borrower, threatened
in writing against a Loan Party or any of its Subsidiaries that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Change. 
 (b) Excluding actions relating to garnishment, unemployment claims, claims in “small claims” court and workers compensation claims, Schedule
4.7(b) sets forth a complete and accurate description, with respect to each of the actions, suits, or proceedings that, as of the Closing Date, is pending or, to the best knowledge of Borrower, threatened in writing against a Loan Party or any
of its Subsidiaries, of (i) the parties to such actions, suits, or proceedings, (ii) the nature of the dispute that is the subject of such actions, suits, or proceedings, (iii) Borrower’s good faith estimate of the maximum amount
of the liability of Loan Parties and their Subsidiaries in connection with such actions, suits, or proceedings, (iv) the status, as of the Closing Date, with respect to such actions, suits, or proceedings, and (v) whether any liability of
the Loan Parties’ and their Subsidiaries in connection with such actions, suits, or proceedings is covered by insurance. 
 4.8
Compliance with Laws. No Loan Party nor any of its Subsidiaries (a) is in violation of any applicable laws, rules, regulations, executive orders, or codes (including Environmental Laws) that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Change, or (b) is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or
other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change. 
  

 21 

 4.9 No Material Adverse Change. All historical financial statements relating to the Loan
Parties and their Subsidiaries that have been delivered by Borrower to Agent have been prepared in accordance with GAAP (except, in the case of unaudited financial statements, for the lack of footnotes and being subject to year-end audit
adjustments) and present fairly in all material respects, the Loan Parties’ and their Subsidiaries’ consolidated financial condition as of the date thereof and results of operations for the period then ended. Since March 27, 2009, no
event, circumstance, or change has occurred that has or could reasonably be expected to result in a Material Adverse Change with respect to the Loan Parties and their Subsidiaries. 
 4.10 Fraudulent Transfer. 
 (a) Each Loan Party is Solvent. 
 (b) No transfer of property is being made by any Loan Party and no obligation is being incurred
by any Loan Party in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of such Loan Party. 
 4.11 Employee Benefits. None of the Loan Parties, their Subsidiaries, or any of their ERISA Affiliates maintains or contributes to any
Benefit Plan. 
 4.12 Environmental Condition. Except as set forth on Schedule 4.12, (a) to Borrower’s
knowledge, no Loan Party’s or its Subsidiaries’ properties or assets has ever been used by a Loan Party, its Subsidiaries, or by previous owners or operators in the disposal of, or to produce, store, handle, treat, release, or transport,
any Hazardous Materials, where such disposal, production, storage, handling, treatment, release or transport was in violation, in any material respect, of any applicable Environmental Law, (b) to Borrower’s knowledge, no Loan Party’s
or its Subsidiaries’ properties or assets has ever been designated or identified in any manner pursuant to any environmental protection statute as a Hazardous Materials disposal site, (c) no Loan Party nor any of its Subsidiaries has
received notice that a Lien arising under any Environmental Law has attached to any revenues or to any Real Property owned or operated by a Loan Party or its Subsidiaries, and (d) no Loan Party nor any of its Subsidiaries nor any of their
respective facilities or operations is subject to any outstanding written order, consent decree, or settlement agreement with any Person relating to any Environmental Law or Environmental Liability that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Change. 
 4.13 Intellectual Property. Each Loan Party and its
Subsidiaries own, or hold licenses in, all trademarks, trade names, copyrights, patents, and licenses that are necessary to the conduct of its business as currently conducted, and attached hereto as Schedule 4.13 (as updated from time to
time) is a true, correct, and complete listing of all material trademarks, trade names, copyrights, patents, and licenses as to which Borrower or one of its Subsidiaries is the owner or is an exclusive licensee; provided, however, that
Borrower may amend Schedule 4.13 to add additional intellectual property so long as such amendment occurs by written notice to Agent not less than 30 days after the date on which the applicable Loan Party or its Subsidiary acquires any such
property after the Closing Date. 
 4.14 Leases. Each Loan Party and its Subsidiaries (other than Excluded Subsidiaries) enjoy
peaceful and undisturbed possession under all leases material to their business and to which they are parties or under which they are operating, and, subject to Permitted Protests, all of such material leases are valid and subsisting and no material
default by the applicable Loan Party or its Subsidiaries exists under any of them. 
 4.15 Deposit Accounts and Securities
Accounts. Set forth on Schedule 4.15 (as updated pursuant to the provisions of the Security Agreement from time to time) is a listing of all of the Loan Parties’ and their Subsidiaries’ Deposit Accounts and Securities
Accounts, including, with respect to each bank or 

  

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securities intermediary (a) the name and address of such Person, and (b) the account numbers of the Deposit Accounts or Securities Accounts
maintained with such Person. 
 4.16 Complete Disclosure. All factual information (taken as a whole) furnished by or on behalf
of a Loan Party or its Subsidiaries in writing to Agent or any Lender (including all information contained in the Schedules hereto or in the other Loan Documents) for purposes of or in connection with this Agreement, the other Loan Documents, or any
transaction contemplated herein or therein is, and all other such factual information (taken as a whole) hereafter furnished by or on behalf of a Loan Party or its Subsidiaries in writing to Agent or any Lender will be, true and accurate, in all
material respects, on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of
the circumstances under which such information was provided. On the Closing Date, the Projections that were most recently delivered to Agent (and were accepted by Agent) represent, and as of the date on which any other Projections are delivered to
Agent, such additional Projections represent Borrower’s good faith estimate of the Loan Parties’ and their Subsidiaries future performance for the periods covered thereby based upon assumptions believed by Borrower to be reasonable at the
time of the delivery thereof to Agent (it being understood that such Projections are subject to uncertainties and contingencies, many of which are beyond the control of the Loan Parties and their Subsidiaries and no assurances can be given that such
Projections will be realized). 
 4.17 Material Contracts. Set forth on Schedule 4.17 (as updated from time to time) is
a reasonably detailed description of the Material Contracts of each Loan Party and its Subsidiaries; provided, however, that Borrower may amend Schedule 4.17 to add additional Material Contracts so long as such amendment occurs
by written notice to Agent at the time that Borrower provides its quarterly financial statements pursuant to Section 5.1. Except for matters which, either individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Change, each Material Contract (other than those that have expired at the end of their normal terms) (a) is in full force and effect and is binding upon and enforceable against the applicable Loan Party or its Subsidiary and,
to the best of Borrower’s knowledge, each other Person that is a party thereto in accordance with its terms, (b) has not been otherwise amended or modified (other than amendments or modifications permitted by Section 6.7(b)),
and (c) is not in default due to the action or inaction of the applicable Loan Party or its Subsidiary. 
 4.18 Patriot Act.
To the extent applicable, each Loan Party is in compliance, in all material respects, with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of
2001) (the “Patriot Act”). No part of the proceeds of the loans made hereunder will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

 4.19 Indebtedness. Set forth on Schedule 4.19 is a true and complete list of all Indebtedness for borrowed money in
excess of $500,000 of each Loan Party and each of its Subsidiaries outstanding immediately prior to the Closing Date that is to remain outstanding after the Closing Date and such Schedule accurately sets forth the aggregate principal amount of such
Indebtedness as of the Closing Date. 
 4.20 Payment of Taxes. Except as otherwise permitted under Section 5.5, all
tax returns and reports of each Loan Party and its Subsidiaries required to be filed by any of them have been timely filed, and all taxes shown on such tax returns to be due and payable and all assessments, fees and other governmental charges upon a
Loan Party and its Subsidiaries and upon their respective assets, income, businesses and 

  

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franchises that are due and payable have been paid prior to delinquency. Each Loan Party and each of its Subsidiaries have made adequate provision in
accordance with GAAP for all taxes not yet due and payable. Borrower knows of no proposed tax assessment against a Loan Party or any of its Subsidiaries that is not being actively contested by such Loan Party or such Subsidiary diligently, in good
faith, and by appropriate proceedings; provided such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor. No Loan Party nor any of its Subsidiaries has ever
been a party to any understanding or arrangement constituting a “tax shelter” within the meaning of Section 6662(d)(2)(C)(iii) of the IRC or within the meaning of Section 6111(c) or Section 6111(d) of the IRC as in effect
immediately prior to the enactment of the American Jobs Creation Act of 2004, or has ever “participated” in a “reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4, except as would not be
reasonably expected to, individually or in the aggregate, result in a Material Adverse Change. 
 4.21 Margin Stock. No Loan
Party or any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the loans made to Borrower
will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X
of said Board of Governors. 
 4.22 Governmental Regulation. No Loan Party or any of its Subsidiaries is subject to regulation
under the Federal Power Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations
unenforceable. No Loan Party or any of its Subsidiaries is a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered
investment company” as such terms are defined in the Investment Company Act of 1940. 
 4.23 OFAC. No Loan Party or any of
its Subsidiaries is in violation of any of the country or list based economic and trade sanctions administered and enforced by OFAC. No Loan Party or any of its Subsidiaries (a) is a Sanctioned Person or a Sanctioned Entity, (b) has more
than 10% of its assets located in Sanctioned Entities, or (c) derives more than 10% of its revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. The proceeds of any Advance will not be used to fund any
operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity. 
 4.24
Employee and Labor Matters. There is (i) no unfair labor practice complaint pending or, to the knowledge of Borrower, threatened against Borrower or its Subsidiaries before any Governmental Authority and no grievance or
arbitration proceeding pending or threatened in writing against Borrower or its Subsidiaries which arises out of or under any collective bargaining agreement or (ii) no strike, labor dispute, slowdown, stoppage or similar action or grievance
pending or threatened in writing against Borrower or its Subsidiaries. None of Borrower or its Subsidiaries has incurred any liability or obligation under the Worker Adjustment and Retraining Notification Act or similar state law that remains unpaid
or unsatisfied. The hours worked and payments made to employees of Borrower have not been in violation of the Fair Labor Standards Act or any other applicable legal requirements, except to the extent such violations could not, individually or in the
aggregate be reasonably be expected to result in a Material Adverse Change. All material payments due from Borrower or its Subsidiaries on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a
liability on the books of Borrower, except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 4.25 Eligible Accounts. As to each Account that is identified by Borrower as an Eligible Account in a Borrowing Base Certificate submitted
to Agent, such Account is (a) a bona fide existing payment 

  

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obligation of the applicable Account Debtor created by the rendition of services to such Account Debtor in the ordinary course of the applicable Borrowing
Base Party’s business, (b) owed to a Borrowing Base Party without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation, and (c) not excluded as ineligible by virtue of one or more of the excluding
criteria set forth in the definition of Eligible Accounts. 
 4.26 Locations of Equipment. The Equipment (other than vehicles
or Equipment out for repair) of the Loan Parties are not stored with a bailee, warehouseman, or similar party and are located only at, or in-transit between, the locations identified on Schedule 4.26 (as such Schedule may be updated pursuant
to Section 5.15). 
 4.27 Inactive Subsidiaries. Each of the Inactive Subsidiaries is inactive and does not
conduct any business operations and has no material assets, except as may be related to a Permitted Restructuring Transaction of such Inactive Subsidiary. 
 5. AFFIRMATIVE COVENANTS. 
 Borrower covenants and agrees that, until termination of all of the Revolver Commitments
and payment in full of the Obligations, the Loan Parties shall and shall cause each of their Subsidiaries to comply with each of the following: 
 5.1 Financial Statements, Reports, Certificates. Deliver to Agent, with copies to each Lender, each of the financial statements, reports, and other items set forth on Schedule 5.1 at the times specified therein. In
addition, Borrower agrees that no Loan Party and no Subsidiary of a Loan Party (other than Excluded Subsidiaries) will have a fiscal year different from that of Borrower. In addition, Borrower agrees to maintain a system of accounting that enables
Borrower to produce financial statements in accordance with GAAP. Each Loan Party shall also maintain its billing systems/practices as approved by Agent prior to the Closing Date and shall only make material modifications thereto with notice to, and
the consent of, Agent which shall not be unreasonably withheld, conditioned or delayed. Documents required to be delivered pursuant to items (a), (c), (f), (g), (h), (i) and (j) of Schedule 5.1 (to the extent such documents are
included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically, and shall be deemed to have been delivered on the date on which such documents are posted on Borrower’s behalf on an Internet or
intranet website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by Agent. 
 5.2 Collateral Reporting. Provide Agent (and if so requested by Agent, with copies for each Lender) with each of the reports set forth on Schedule 5.2 at the times specified therein. In addition, Borrower agrees to use
commercially reasonable efforts in cooperation with Agent to facilitate and implement a system of electronic collateral reporting in order to provide electronic reporting of each of the items set forth on such Schedule. 
 5.3 Existence. Except as otherwise permitted under Section 6.3, at all times maintain and preserve in full force and effect its
existence (including being in good standing or the local equivalent in its jurisdiction of organization) and all rights and franchises, licenses, and permits material to its business. 
 5.4 Maintenance of Properties. Maintain and preserve all of its assets that are necessary or useful in the proper conduct of its business
in good working order and condition, ordinary wear, tear, and casualty excepted and Permitted Dispositions and Permitted Restructuring Transactions excepted, and comply with the material provisions of all material leases to which it is a party as
lessee, so as to prevent the loss or forfeiture thereof, unless such provisions are the subject of a Permitted Protest. 
  

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 5.5 Taxes. Cause all assessments and taxes imposed, levied, or assessed against any Loan
Party or its Subsidiaries, or any of their respective assets or in respect of any of its income, businesses, or franchises to be paid in full, before delinquency or before the expiration of any extension period, except to the extent that the
validity of such assessment or tax shall be the subject of a Permitted Protest and so long as, in the case of an assessment or tax that has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the
sale of any portion of the Collateral to satisfy such assessment or tax. Borrower will and will cause each of its Subsidiaries to make timely payment or deposit of all tax payments and withholding taxes required of it and them by applicable laws,
including those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish Agent with proof reasonably satisfactory to Agent indicating that Borrower and its Subsidiaries have
made such payments or deposits. 
 5.6 Insurance. At Borrower’s expense, maintain insurance respecting each of the Loan
Parties’ and their Subsidiaries’ assets wherever located, covering loss or damage by fire, theft, explosion, and all other hazards and risks as ordinarily are insured against by other Persons engaged in the same or similar businesses.
Borrower also shall maintain (with respect to each of the Loan Parties and their Subsidiaries) business interruption, general liability, product liability insurance, director’s and officer’s liability insurance, fiduciary liability
insurance, and employment practices liability insurance, as well as insurance against larceny, embezzlement, and criminal misappropriation. All such policies of insurance shall be with responsible and reputable insurance companies acceptable to
Agent and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and in any event in amount, adequacy and scope reasonably satisfactory to Agent. All
property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard loss payable endorsement with a standard non
contributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such
policies. All certificates of property and general liability insurance are to be delivered to Agent, with the loss payable (but only in respect of Collateral) and additional insured endorsements in favor of Agent and shall provide for not less than
30 days (10 days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation. If Borrower fails to maintain such insurance, Agent may arrange for such insurance, but at Borrower’s expense and without
any responsibility on Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. Borrower shall give Agent prompt notice of any loss exceeding $500,000 covered
by its casualty or business interruption insurance (other than Workers’ Compensation Insurance). Upon the occurrence and during the continuance of an Event of Default, Agent shall have the sole right to file claims under any property and
general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or
other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. 
 5.7 Inspection. Permit Agent and each of its duly authorized representatives or agents to visit any of its properties and inspect any of its assets or books and records, to conduct appraisals and valuations, to examine and
make copies of its books and records, and to discuss its affairs, finances, and accounts with, and to be advised as to the same by, its officers and employees at such reasonable times and intervals as Agent may designate and, so long as no Default
or Event of Default exists, with reasonable prior notice to Borrower. 
 5.8 Compliance with Laws. Comply with the requirements
of all applicable laws, rules, regulations, and orders of any Governmental Authority, other than laws, rules, regulations, and orders the non-compliance with which, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Change. 
  

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 5.9 Environmental. 
 (a) Keep any property either owned or operated by Borrower or its Subsidiaries free of any Environmental Liens or post bonds or other financial assurances
sufficient to satisfy the obligations or liability evidenced by such Environmental Liens, 
 (b) comply, in all material respects, with
Environmental Laws and provide to Agent documentation of such compliance which Agent reasonably requests, 
 (c) promptly notify Agent of any
release of which Borrower has knowledge of a Hazardous Material in any reportable quantity from or onto property owned or operated by Borrower or its Subsidiaries and take any Remedial Actions required to abate said release or otherwise to come into
compliance, in all material respects, with applicable Environmental Law, and 
 (d) promptly, but in any event within 5 Business Days of its
receipt thereof, provide Agent with written notice of any of the following: (i) notice that an Environmental Lien has been filed against any of the real or personal property of Borrower or its Subsidiaries, (ii) commencement of any
Environmental Action or notice that an Environmental Action will be filed against Borrower or its Subsidiaries, and (iii) notice of a violation, citation, or other administrative order which could reasonably be expected to result in a Material
Adverse Change. 
 5.10 Disclosure Updates. Promptly and in no event later than 10 Business Days after obtaining knowledge
thereof, notify Agent if any written information, exhibit, or report furnished to the Lender Group contained, at the time it was furnished, any untrue statement of a material fact or omitted to state any material fact necessary to make the
statements contained therein not misleading in light of the circumstances in which made. The foregoing to the contrary notwithstanding, any notification pursuant to the foregoing provision will not cure or remedy the effect of the prior untrue
statement of a material fact or omission of any material fact nor shall any such notification have the effect of amending or modifying this Agreement or any of the Schedules hereto. 
 5.11 Formation of Subsidiaries. At the time that any Loan Party forms any direct or indirect Subsidiary or acquires any direct or indirect
Subsidiary after the Closing Date, such Loan Party shall (a) within 10 days of such formation or acquisition cause any such new Subsidiary to provide to Agent a joinder to the Guaranty and the Security Agreement, together with such other
security documents (including mortgages with respect to any Real Property owned in fee of such new Subsidiary with a fair market value of at least $500,000), as well as appropriate financing statements (and with respect to all property subject to a
mortgage, fixture filings), all in form and substance reasonably satisfactory to Agent (including being sufficient to grant Agent a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary);
provided that the Guaranty, the Security Agreement, and such other security documents shall not be required to be provided to Agent with respect to any Subsidiary of Borrower that is a CFC if providing such documents is reasonably likely to
result in adverse tax consequences or the costs to the Loan Parties of providing such Guaranty, executing any security documents or perfecting the security interests created thereby are unreasonably excessive (as determined by Agent in consultation
with Borrower) in relation to the benefits of Agent and the Lenders of the security or guarantee afforded thereby, (b) within 10 days of such formation or acquisition (or such later date as permitted by Agent in its sole discretion) provide to
Agent a pledge agreement and appropriate certificates and powers or financing statements, hypothecating all of the direct or beneficial ownership interest in such new Subsidiary reasonably satisfactory to Agent; provided that only 65% of the
total outstanding voting Stock of any first tier Subsidiary of Borrower that is a CFC and none of the total outstanding voting Stock of any other Subsidiary of such CFC shall be required to be pledged if hypothecating a greater amount is reasonably
likely to result in adverse tax consequences or the costs to the Loan Parties of providing such pledge or perfecting the security interests created thereby are unreasonably excessive (as 

  

 27 

 
determined by Agent in consultation with Borrower) in relation to the benefits of Agent and the Lenders of the security or guarantee afforded thereby (which
pledge, if reasonably requested by Agent, shall be governed by the laws of the jurisdiction of such Subsidiary), and (c) within 10 days of such formation or acquisition (or such later date as permitted by Agent in its sole discretion) provide
to Agent all other documentation, including one or more opinions of counsel reasonably satisfactory to Agent, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above (including
policies of title insurance or other documentation with respect to all Real Property owned in fee and subject to a mortgage). Any document, agreement, or instrument executed or issued pursuant to this Section 5.11 shall be a Loan
Document. 
 5.12 Further Assurances. At any time upon the reasonable request of Agent, execute or deliver to Agent any and all
financing statements, fixture filings, security agreements, pledges, assignments, endorsements of certificates of title, mortgages, deeds of trust, opinions of counsel, and all other documents (collectively, the “Additional
Documents”) that Agent may reasonably request in form and substance reasonably satisfactory to Agent, to create, perfect, and continue perfected or to better perfect Agent’s Liens in all of the assets of Borrower and its Subsidiaries
(whether now owned or hereafter arising or acquired, tangible or intangible, real or personal), to create and perfect Liens in favor of Agent in any Real Property acquired by Borrower or its Subsidiaries after the Closing Date with a fair market
value in excess of $500,000, and in order to fully consummate all of the transactions contemplated hereby and under the other Loan Documents; provided that the foregoing shall not apply to any Subsidiary of Borrower that is a CFC if providing
such documents is reasonably likely to result in adverse tax consequences or the costs to the Loan Parties of providing such documents are unreasonably excessive (as determined by Agent in consultation with Borrower) in relation to the benefits of
Agent and the Lenders of the benefits afforded thereby. To the maximum extent permitted by applicable law, Borrower authorizes Agent to execute any such Additional Documents in the applicable Loan Party’s or its Subsidiary’s name, as
applicable, and authorizes Agent to file such executed Additional Documents in any appropriate filing office. In furtherance and not in limitation of the foregoing, each Loan Party shall take such actions as Agent may reasonably request from time to
time to ensure that the Obligations are guarantied by the Guarantors and are secured by substantially all of the assets of Borrower and its Subsidiaries and all of the outstanding capital Stock of Borrower’s Subsidiaries (subject to limitations
contained in the Loan Documents with respect to CFCs). 
 5.13 Lender Meetings. Within 120 days after the close of each
fiscal year of Borrower, at the request of Agent or of the Required Lenders and upon reasonable prior notice, hold a meeting (at a mutually agreeable location and time or, at the option of Agent, by conference call) with all Lenders who choose to
attend such meeting at which meeting shall be reviewed the financial results of the previous fiscal year and the financial condition of Borrower and its Subsidiaries and the projections presented for the current fiscal year of Borrower. 

5.14 Material Contracts. Contemporaneously with the delivery of each Compliance Certificate pursuant hereto, provide Agent with copies
of (a) each Material Contract entered into since the delivery of the previous Compliance Certificate, and (b) each material amendment or modification of any Material Contract entered into since the delivery of the previous Compliance
Certificate. 
 5.15 Location of Equipment. Keep each Loan Party’s Equipment (other than vehicles and Equipment out for
repair) only at the locations identified on Schedule 4.26 and such other new locations as may exist between the quarterly updates specified herein and their chief executive offices only at the locations identified on Schedule
4.6(b). Borrower shall update Schedule 4.26 not less often than quarterly and may amend Schedule 4.6(b) so long as any new location reflected therein is (x) within the United States with respect to the chief executive office,
(y) is listed, with respect to Equipment locations where a cash dispenser machine is located, and (z) is listed with respect to any other location having more than $100,000 of Equipment. 
  

 28 

 5.16 Assignable Material Contracts. Use commercially reasonable efforts to ensure that any
Material Contract entered into after the Closing Date by Borrower or any Loan Party that generates or, by its terms, will generate revenue, permits the assignment of such agreement (and all rights of Borrower or such Loan Party, as applicable,
thereunder) to Borrower’s or such Loan Party’s lenders or an agent for any lenders (and any transferees of such lenders or such agent, as applicable). 
 6. NEGATIVE COVENANTS. 
 Borrower covenants and agrees that, until termination of all of the Revolver Commitments and
payment in full of the Obligations, the Loan Parties will not and will not permit any of their Subsidiaries to do any of the following: 
 6.1 Indebtedness. Create, incur, assume, suffer to exist, guarantee, or otherwise become or remain, directly or indirectly, liable with respect to any Indebtedness, except for Permitted Indebtedness. 
 6.2 Liens. Create, incur, assume, or suffer to exist, directly or indirectly, any Lien on or with respect to any of its assets, of any
kind, whether now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens. 
 6.3 Restrictions on
Fundamental Changes. 
 (a) Other than in order to consummate a Permitted Acquisition, enter into any merger, consolidation,
reorganization, or recapitalization, or reclassify its Stock, except for (i) any merger between Loan Parties, provided that Borrower must be the surviving entity of any such merger to which it is a party, (ii) any merger between
Loan Parties and Subsidiaries of Borrower that are not Loan Parties so long as such Loan Party is the surviving entity of any such merger, (iii) any merger between Subsidiaries of Borrower that are not Loan Parties, and (iv) in connection
with any Permitted Investment; 
 (b) Liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution), except for
(i) the liquidation or dissolution of Subsidiaries (other than Excluded Subsidiaries), (ii) the liquidation or dissolution of any Loan Party (other than Borrower) or any of its wholly-owned Subsidiaries so long as all of the assets
(including any interest in any Stock) of such liquidating or dissolving Loan Party or Subsidiary are transferred to a Loan Party that is not liquidating or dissolving, or (iii) the liquidation or dissolution of a Subsidiary of Borrower that is
not a Loan Party (other than any such Subsidiary the Stock of which (or any portion thereof) is subject to a Lien in favor of Agent) so long as all of the assets of such liquidating or dissolving Subsidiary are transferred to a Subsidiary of
Borrower that is not liquidating or dissolving, or 
 (c) With respect to a Loan Party and its Subsidiaries (other than Excluded
Subsidiaries), suspend or go out of a substantial portion of its or their business, except as permitted pursuant to clauses (a) or (b) above or in connection with the transactions permitted pursuant to Section 6.4. 

6.4 Disposal of Assets. Other than Permitted Dispositions, Permitted Investments, or transactions expressly permitted by Sections
6.3 and 6.11, convey, sell, lease, license, assign, transfer, or otherwise dispose of (or enter into an agreement to convey, sell, lease, license, assign, transfer, or otherwise dispose of) any of Borrower’s or its Subsidiaries
assets. 
 6.5 Change Name. Change Borrower’s or any of its Subsidiaries’ name, organizational identification number,
state of organization or organizational identity; provided, however, that Borrower or any of its Subsidiaries may change their names or jurisdiction of organization with concurrent written notice to Agent of such change. 
  

 29 

 6.6 Nature of Business. Make any change in the nature of its or their business as described
in Schedule 6.6 or acquire any properties or assets that are not reasonably related to the conduct of such business activities; provided that Borrower and its Subsidiaries may engage in any business that is reasonably related or
ancillary to its or their business. 
 6.7 Prepayments and Amendments. 
 (a) Except in connection with Refinancing Indebtedness permitted by Section 6.1, 
 (i) optionally prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of Borrower or its Subsidiaries, other than (A) the
Obligations in accordance with this Agreement, and (B) Permitted Intercompany Advances, 
 (ii) make any payment on account of
Indebtedness that has been contractually subordinated in right of payment if such payment is not permitted at such time under the subordination terms and conditions, or 
 (b) Directly or indirectly, amend, modify, or change any of the terms or provisions of 
 (i) any agreement,
instrument, document, indenture, or other writing evidencing or concerning Permitted Indebtedness other than (A) the Obligations in accordance with this Agreement, (B) Permitted Intercompany Advances, and (C) Indebtedness permitted
under clauses (c), (f), (h), and (j) of the definition of Permitted Indebtedness, 
 (ii) any Material Contract except to
the extent that such amendment, modification, alteration, increase, or change could not, individually or in the aggregate, reasonably be expected to be materially adverse to the interests of the Lenders, or 
 (iii) the Governing Documents of any Loan Party or any of its Subsidiaries if the effect thereof, either individually or in the aggregate, could
reasonably be expected to be materially adverse to the interests of the Lenders. 
 6.8 Change of Control. Cause, permit, or
suffer, directly or indirectly, any Change of Control. 
 6.9 Restricted Junior Payments. Make any Restricted Junior Payment;
provided, however, that, so long as it is permitted by law: 
 (a) Borrower may declare or pay any dividend or make any other
payment or distribution to its then current employees pursuant to Borrower’s deferred compensation plan as in effect on the Closing Date; 
 (b) Borrower may make distributions to former employees, officers, or directors (or any spouses, ex-spouses, or estates of any of the foregoing), so long as no Default or Event of Default has occurred and is continuing or would result
therefrom, (i) on account of redemptions of Stock of Borrower held by such Persons, provided that no redemptions shall be made under this clause (b)(i) if a Primary Triggering Event has occurred and is continuing or would result
therefrom and the aggregate amount of such redemptions made by Borrower plus the aggregate amount of Indebtedness described in clause (j) of the definition of Permitted Indebtedness would exceed $750,000 in any 12 month period, and
(ii) solely in the form of forgiveness of Indebtedness of such Persons owing to Borrower on account of repurchases of the Stock of Borrower held by such Persons; provided that such Indebtedness was incurred by such Persons solely to
acquire Stock of Borrower; 
  

 30 

 (c) Borrower may make cash distributions to any of its shareholders on account of redemptions of Stock of
Borrower held by such Persons, provided that such redemptions shall only be made under this paragraph (c) so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom, (ii) immediately
after giving effect to each such redemption, Borrower shall have (x) the Required Availability and (y) a Consolidated Fixed Charge Coverage Ratio of at least 1.10:1.00, measured on a trailing 12 month basis, and (iii) the aggregate
amount of such redemptions does not exceed $10,000,000 during any 12-month period; and 
 (d) Borrower may declare and pay cash distributions
and dividends to its shareholders, provided that such distribution or dividend shall only be made under this paragraph (d) so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom,
(ii) immediately after giving effect to each such distribution or dividend, Borrower shall have (x) the Required Availability and (y) a Consolidated Fixed Charge Coverage Ratio of at least 1.10:1.00, measured on a trailing 12 month
basis, and (iii) the aggregate amount of such distributions and dividends does not exceed $5,000,000 at any time. 
 6.10
Accounting Methods. Modify or change its fiscal year or its method of accounting (other than as may be required to conform to GAAP). 
 6.11 Investments. Except for Permitted Investments, directly or indirectly, make or acquire any Investment or incur any liabilities (including contingent obligations) for or in connection with any Investment; provided,
however, that (other than (a) an aggregate amount of not more than $50,000 at any one time, in the case of Borrower and its Subsidiaries, and (b) amounts deposited into Deposit Accounts specially and exclusively used for payroll,
payroll taxes, and other employee wage and benefit payments to or for Borrower’s or its Subsidiaries’ employees) Borrower and its Subsidiaries shall not have Permitted Investments consisting of cash, Cash Equivalents, or amounts credited
to Deposit Accounts or Securities Accounts unless Borrower or its Subsidiary, as applicable, and the applicable bank or securities intermediary have entered into Control Agreements with Agent governing such Permitted Investments in order to perfect
(and further establish) Agent’s Liens in such Permitted Investments. Subject to the foregoing proviso, Borrower shall not and shall not permit its Subsidiaries to establish or maintain any Deposit Account or Securities Account unless Agent
shall have received a Control Agreement in respect of such Deposit Account or Securities Account. 
 6.12 Transactions with
Affiliates. Directly or indirectly enter into or permit to exist any transaction with any Affiliate of Borrower or any of its Subsidiaries except for: 
 (a) transactions (other than the payment of management, consulting, monitoring, royalty or advisory fees) between Borrower or its Subsidiaries, on the one hand, and any Affiliate of Borrower or its Subsidiaries, on
the other hand, so long as such transactions (i) are undertaken in the ordinary course of Borrower’s or such other Subsidiary’s (as applicable) business, and (ii) are no less favorable, taken as a whole, to Borrower or the Loan
Parties, as applicable, than would be obtained in an arm’s length transaction with a non-Affiliate, 
 (b) so long as it has been
approved by Borrower’s Board of Directors in accordance with applicable law, any indemnity provided by Borrower or its Subsidiaries for the benefit of their directors, 
 (c) so long as it has been approved by Borrower’s Board of Directors, the payment of reasonable fees, compensation, or employee benefit arrangements
to executive officers and directors, 
 (d) transactions permitted by Section 6.1, Section 6.3,
Section 6.9 or Section 6.11, or any Permitted Intercompany Advance, 
 (e) transactions between Loan Parties; and

  

 31 

 (f) payment of management, consulting, monitoring, royalty or advisory fees by any Subsidiary of a Loan
Party to Labor Ready Holdings, Inc., a Nevada corporation. 
 6.13 Use of Proceeds. Use the proceeds of the Advances for any
purpose other than (a) on the Closing Date, (i) to repay, in full, the outstanding principal, accrued interest, and accrued fees and expenses owing under or in connection with the Existing Credit Facility, and (ii) to pay
transactional fees, costs, and expenses incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, and (b) thereafter, consistent with the terms and conditions hereof, for its
lawful and permitted purposes. 
 6.14 Equipment with Bailees. (i) Store the Equipment (other than cash dispenser
machines) of Borrower or its Subsidiaries in excess of $100,000 in the aggregate at any time now or hereafter with a bailee, warehouseman, or similar party, or (ii) so long as all Equipment consisting of cash dispenser machines is subject to a
Collateral Access Agreement, store such Equipment of Borrower or its Subsidiaries in excess of $750,000 in the aggregate at any time now or hereafter with a bailee, warehouseman or similar party. 
 7. FINANCIAL COVENANTS. 
 Borrower covenants
and agrees that, until termination of all of the Revolver Commitments and payment in full of the Obligations, Borrower will comply with each of the following financial covenants after the occurrence of a Primary Triggering Event or a Secondary
Triggering Event as follows: 
 (a) Consolidated Fixed Charge Coverage Ratio. Borrower shall maintain a Consolidated Fixed Charge
Coverage Ratio of at least 1.10:1.00, measured (i) upon the occurrence of a Primary Triggering Event, on a quarter-end basis commencing with the quarter end immediately prior to the occurrence of the Primary Trigger Event and (ii) upon the
occurrence of a Secondary Trigger Event, on a month-end basis commencing with the month end immediately prior to the occurrence of the Secondary Trigger Event. 
 8. EVENTS OF DEFAULT. 
 Any one or more of the following events shall constitute an event of default (each, an
“Event of Default”) under this Agreement: 
 8.1 If Borrower fails to pay when due and payable, or when declared due and
payable, all or any portion of the Obligations; 
 8.2 If Borrower or any of its Subsidiaries; 
 (a) fails to perform or observe any covenant or other agreement applicable to such Person contained in any of (i) Sections 3.6,
5.1, 5.2, 5.3 (solely if such Person is not in good standing in its jurisdiction of organization), 5.6, 5.7 (solely if such Person refuses to allow Agent or its representatives or agents to visit such Person’s
properties, inspect its assets or books or records, examine and make copies of its books and records, or discuss such Person’s affairs, finances, and accounts with officers and employees of such Person), 5.6, 5.7, 5.10,
5.11, 5.13, or 5.14 of this Agreement, (ii) Sections 6.1 through 6.16 of this Agreement, (iii) Section 7 of this Agreement, or (iv) Section 6 of the Security Agreement; 

(b) fails to perform or observe any covenant or other agreement applicable to such Person contained in any of Sections 5.3 (other than if such
Person is not in good standing in its jurisdiction of organization), 5.4, 5.5, 5.8, 5.12, and 5.15 of this Agreement and such failure continues for a period of 15 days 

  

 32 

 
after the earlier of (i) the date on which such failure shall first become known to any officer of such Person or (ii) the date on which written
notice thereof is given to Borrower by Agent; or 
 (c) fails to perform or observe any covenant or other agreement applicable to such Person
contained in this Agreement, or in any of the other Loan Documents, in each case, other than any such covenant or agreement that is the subject of another provision of this Section 8 (in which event such other provision of this
Section 8 shall govern), and such failure continues for a period of 30 days after the earlier of (i) the date on which such failure shall first become known to any officer of such Person or (ii) the date on which written notice
thereof is given to Borrower by Agent; 
 8.3 If one or more judgments, orders, or awards for the payment of money involving an aggregate
amount of $1,000,000, or more (except to the extent covered by insurance pursuant to which the insurer has accepted liability therefor in writing) is entered or filed against a Loan Party or any of its Subsidiaries, or with respect to any of their
respective assets, and either (a) there is a period of 30 consecutive days at any time after the entry of any such judgment, order, or award during which (1) the same is not discharged, or (2) a stay of enforcement thereof is not in
effect, or (b) enforcement proceedings are commenced upon such judgment, order, or award; 
 8.4 If an Insolvency Proceeding is
commenced by a Loan Party or any of its Subsidiaries (other than Excluded Subsidiaries); 
 8.5 If an Insolvency Proceeding is commenced
against a Loan Party or any of its Subsidiaries (other than Excluded Subsidiaries) and any of the following events occur: (a) such Loan Party or such Subsidiary consents to the institution of such Insolvency Proceeding against it, (b) the
petition commencing the Insolvency Proceeding is not timely controverted, (c) the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, (d) an interim trustee is appointed
to take possession of all or any substantial portion of the properties or assets of, or to operate all or any substantial portion of the business of, such Loan Party or its Subsidiary, or (e) an order for relief shall have been issued or
entered therein; 
 8.6 If a Loan Party or any of its Subsidiaries (other than Excluded Subsidiaries) is enjoined, restrained, or in any way
prevented by court order from continuing to conduct all or any material part of its business affairs; 
 8.7 If there is a default in one or
more agreements to which a Loan Party or any of its Subsidiaries (other than Excluded Subsidiaries) is a party with one or more third Persons relative to a Loan Party’s or any of its Subsidiaries’ (other than an Excluded Subsidiary’s)
Indebtedness involving an aggregate amount of $1,000,000 or more, and such default (i) occurs at the final maturity of the obligations thereunder, or (ii) results in a right by such third Person, irrespective of whether exercised, to
accelerate the maturity of such Loan Party’s or its Subsidiary’s (other than an Excluded Subsidiary’s) obligations thereunder; 
 8.8 If any warranty, representation, statement, or Record made herein or in any other Loan Document or delivered by Borrower or any of its Subsidiaries in writing to Agent or any Lender in connection with this Agreement or any other Loan
Document proves to be untrue in any material respect (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date of
issuance or making or deemed making thereof; 
 8.9 If the obligation of any Guarantor under the Guaranty is limited or terminated by
operation of law or by such Guarantor; 
  

 33 

 8.10 If the Security Agreement or any other Loan Document that purports to create a Lien, shall, for any
reason, fail or cease to create a valid and perfected and first priority (except to the extent a different priority is permitted by the terms hereof or thereof) Lien on the Collateral covered thereby, except (a) as a result of a disposition of
the applicable Collateral in a transaction permitted under this Agreement or (b) as the result of an action or failure to act on the part of Agent; or 
 8.11 The validity or enforceability of any Loan Document shall at any time for any reason (other than solely as the result of an action or failure to act on the part of Agent) be declared to be null and void, or a
proceeding shall be commenced by a Loan Party or its Subsidiaries, or by any Governmental Authority having jurisdiction over a Loan Party or its Subsidiaries, seeking to establish the invalidity or unenforceability thereof, or a Loan Party or its
Subsidiaries shall deny that such Loan Party or its Subsidiaries has any liability or obligation purported to be created under any Loan Document. 
 9.
RIGHTS AND REMEDIES. 
 9.1 Rights and Remedies. Upon the occurrence and during the continuation of an Event of
Default, Agent may, and, at the instruction of the Required Lenders, shall, in each case by written notice to Borrower and in addition to any other rights or remedies provided for hereunder or under any other Loan Document or by applicable law, do
any one or more of the following on behalf of the Lender Group: 
 (a) declare the Obligations, whether evidenced by this Agreement or by any
of the other Loan Documents immediately due and payable, whereupon the same shall become and be immediately due and payable, without presentment, demand, protest, or further notice or other requirements of any kind, all of which are hereby expressly
waived by Borrower; and 
 (b) declare the Revolver Commitments terminated, whereupon the Revolver Commitments shall immediately be
terminated together with any obligation of any Lender hereunder to make Advances and the obligation of the Issuing Lender to issue Letters of Credit. 
 The
foregoing to the contrary notwithstanding, upon the occurrence of any Event of Default described in Section 8.4 or Section 8.5, in addition to the remedies set forth above, without any notice to Borrower or any other Person
or any act by the Lender Group, the Revolver Commitments shall automatically terminate and the Obligations then outstanding, together with all accrued and unpaid interest thereon and all fees and all other amounts due under this Agreement and the
other Loan Documents, shall automatically and immediately become due and payable, without presentment, demand, protest, or notice of any kind, all of which are expressly waived by Borrower. 
 9.2 Remedies Cumulative. The rights and remedies of the Lender Group under this Agreement, the other Loan Documents, and all other
agreements shall be cumulative. The Lender Group shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by the Lender Group of one right or remedy shall be deemed an election,
and no waiver by the Lender Group of any Event of Default shall be deemed a continuing waiver. No delay by the Lender Group shall constitute a waiver, election, or acquiescence by it. 
 10. WAIVERS; INDEMNIFICATION. 
 10.1 Demand; Protest; etc. Borrower waives
demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, nonpayment at maturity, release, compromise, settlement, extension, or renewal of documents, instruments, chattel paper, and guarantees at any time
held by the Lender Group on which Borrower may in any way be liable. 
  

 34 

 10.2 The Lender Group’s Liability for Collateral. Borrower hereby agrees that:
(a) so long as Agent complies with its obligations, if any, under the Code, the Lender Group shall not in any way or manner be liable or responsible for: (i) the safekeeping of the Collateral, (ii) any loss or damage thereto occurring
or arising in any manner or fashion from any cause, (iii) any diminution in the value thereof, or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all risk of loss, damage, or
destruction of the Collateral shall be borne by Borrower. 
 10.3 Indemnification. Borrower shall pay, indemnify, defend, and
hold the Agent-Related Persons, the Lender-Related Persons, and each Participant (each, an “Indemnified Person”) harmless (to the fullest extent permitted by law) from and against any and all claims, demands, suits, actions,
investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in
connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (a) in connection with or as a result of
or related to the execution and delivery (provided that Borrower shall not be liable for costs and expenses (including attorneys fees) of any Lender (other than WFF) incurred in advising, structuring, drafting, reviewing, administering or
syndicating the Loan Documents), enforcement, performance, or administration (including any restructuring or workout with respect hereto) of this Agreement, any of the other Loan Documents, or the transactions contemplated hereby or thereby or the
monitoring of Borrower’s and its Subsidiaries’ compliance with the terms of the Loan Documents (other than disputes solely between the Lenders), (b) with respect to any investigation, litigation, or proceeding related to this
Agreement, any other Loan Document, or the use of the proceeds of the credit provided hereunder (irrespective of whether any Indemnified Person is a party thereto), or any act, omission, event, or circumstance in any manner related thereto, and
(c) in connection with or arising out of any presence or release of Hazardous Materials at, on, under, to or from any assets or properties owned, leased or operated by Borrower or any of its Subsidiaries or any Environmental Actions,
Environmental Liabilities or Remedial Actions related in any way to any such assets or properties of Borrower or any of its Subsidiaries (each and all of the foregoing, the “Indemnified Liabilities”). The foregoing to the contrary
notwithstanding, Borrower shall have no obligation to any Indemnified Person under this Section 10.3 with respect to any Indemnified Liability that a court of competent jurisdiction finally determines to have resulted from the gross
negligence or willful misconduct of such Indemnified Person or its officers, directors, employees, attorneys, or agents. This provision shall survive the termination of this Agreement and the repayment of the Obligations. If any Indemnified Person
makes any payment to any other Indemnified Person with respect to an Indemnified Liability as to which Borrower was required to indemnify the Indemnified Person receiving such payment, the Indemnified Person making such payment is entitled to be
indemnified and reimbursed by Borrower with respect thereto. WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH INDEMNIFIED PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY
NEGLIGENT ACT OR OMISSION OF SUCH INDEMNIFIED PERSON OR OF ANY OTHER PERSON. 
 11. NOTICES. 
 Unless otherwise provided in this Agreement, all notices or demands relating to this Agreement or any other Loan Document shall be in writing and (except
for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier,
electronic mail (at such email addresses as a party may designate in accordance herewith), or telefacsimile. In the case of notices or demands to Borrower or Agent, as the case may be, they shall be sent to the respective address set forth below:

  

			
	If to Borrower:	  	TrueBlue, Inc.

  

 35 

			
		  	1015 A Street
		  	Tacoma, Washington 98402
		
		  	[Attn:
                                         
    
		
		  	Fax No.
                                         
 
		
	with copies to:	  	                                       
                 
		
		  	                                       
                 
		
		  	                                       
                 
		
		  	Attn:
                                         
     , Esq.
		
		  	Fax
No.:                                        
  ]
		
	If to Agent:	  	Wells Fargo Foothill, LLC
		  	2450 Colorado Avenue
		  	Suite 3000 West
		  	Santa Monica, California 90404
		  	Attn: Business Finance Division Manager
		  	Fax No.: 310-453-7413
		
	with copies to:	  	Buchalter Nemer
		  	1000 Wilshire Blvd., Suite 1500
		  	Los Angeles, California 90017
		  	Attn: Robert J. Davidson, Esq.
		  	Fax No.: 213-630-5692

 Any party hereto may change the address at which they are to receive notices hereunder, by notice
in writing in the foregoing manner given to the other party. All notices or demands sent in accordance with this Section 11, shall be deemed received on the earlier of the date of actual receipt or 3 Business Days after the deposit
thereof in the mail; provided, that (a) notices sent by overnight courier service shall be deemed to have been given when received, (b) notices by facsimile shall be deemed to have been given when sent (except that, if not given
during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient) and (c) notices by electronic mail shall be deemed received upon the sender’s receipt
of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgment). 
 12. CHOICE OF LAW, VENUE; JURY TRIAL WAIVER AND ARBITRATION. 
 (a) THE VALIDITY OF
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE
PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE [LAWS OF THE STATE OF CALIFORNIA]. 
 (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND
LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED 

  

 36 

 
BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING
ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. BORROWER AND EACH MEMBER
OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH
THIS SECTION 12(b). 
 (c) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND EACH MEMBER OF THE LENDER
GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. BORROWER AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (d)
Arbitration. 
 (i) Arbitration. The parties hereto agree that to the extent the jury trial waiver set forth in
Section 12(c) is not enforced by a court of competent jurisdiction, 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 arising out of or relating to in any way (i) the loan and related Loan Documents which are the subject of this Agreement and its negotiation, execution,
collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default or termination; or (ii) requests for additional credit. 
 (ii) Governing Rules. Any arbitration proceeding will (i) proceed in a location in California 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, 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. 
 (iii) 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 

  

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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. 
 (iv) 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 California or a neutral retired judge of the state or federal judiciary of California, 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 California 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 California 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. 
 (v) 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 and within 180 days of the filing of the dispute with the AAA. 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.

 (vi) Class Proceedings and Consolidations. The resolution of any dispute arising pursuant to the terms of this Agreement shall be
determined by a separate arbitration proceeding and such dispute shall not be consolidated with other disputes or included in any class proceeding. 
 (vii) Payment Of Arbitration Costs And Fees. The arbitrator shall award all costs and expenses of the arbitration proceeding. 
 (viii) Real Property Collateral; Judicial Reference. Notwithstanding anything herein to the contrary, no dispute shall be submitted to
arbitration if the dispute concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage, lien or security interest specifically elects in writing to proceed with the
arbitration, or (ii) all parties to the arbitration waive any rights or benefits that might accrue to them by virtue of the single action rule statute of California, thereby agreeing that all indebtedness and obligations of the parties, and all
mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable. If any such dispute is not submitted to arbitration, the dispute shall be referred to a referee in accordance with
California 

  

 38 

 
Code of Civil Procedure Section 638 et seq., and this general reference agreement is intended to be specifically enforceable in accordance with said
Section 638. A referee with the qualifications required herein for arbitrators shall be selected pursuant to the AAA’s selection procedures. Judgment upon the decision rendered by a referee shall be entered in the court in which such
proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. 
 (ix) 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. 
 13. ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS. 

13.1 Assignments and Participations. 
 (a) With the prior written consent of Borrower, which consent of Borrower shall not be unreasonably withheld, delayed or conditioned, and shall not be required (1) if an Event of Default has occurred and is
continuing, (2) in connection with the Primary Syndication of the Revolver Commitments and the Obligations by WFF (provided that WFF shall consult with Borrower in connection with such Primary Syndication (it being understood that in no event
shall WFF be required to obtain Borrower’s consent with respect to any assignment made in connection with such Primary Syndication)), and (3) in connection with an assignment to a Person that is a Lender or an Affiliate (other than
individuals) of a Lender and with the prior written consent of Agent, which consent of Agent shall not be unreasonably withheld, delayed or conditioned, and shall not be required in connection with an assignment to a Person that is a Lender or an
Affiliate (other than individuals) of a Lender, any Lender may assign and delegate to one or more assignees (each an “Assignee”; provided that no Loan Party or Affiliate of a Loan Party shall be permitted to become an Assignee) all
or any portion of the Obligations, the Revolver Commitments and the other rights and obligations of such Lender hereunder and under the other Loan Documents, in a minimum amount (unless waived by Agent) of $5,000,000 (except such minimum amount
shall not apply to (x) an assignment or delegation by any Lender to any other Lender or an Affiliate of any Lender or (y) a group of new Lenders, each of which is an Affiliate of each other or a Related Fund of such new Lender to the
extent that the aggregate amount to be assigned to all such new Lenders is at least $5,000,000); provided, however, that Borrower and Agent may continue to deal solely and directly with such Lender in connection with the interest so
assigned to an Assignee until (i) written notice of such assignment, together with payment instructions, addresses, and related information with respect to the Assignee, have been given to Borrower and Agent by such Lender and the Assignee,
(ii) such Lender and its Assignee have delivered to Borrower and Agent an Assignment and Acceptance and Agent has notified the assigning Lender of its receipt thereof in accordance with Section 13.1(b), and (iii) unless waived
by Agent, the assigning Lender or Assignee has paid to Agent for Agent’s separate account a processing fee in the amount of $3,500. 
 (b) From and after the date that Agent notifies the assigning Lender (with a copy to Borrower) that it has received an executed Assignment and Acceptance and, if applicable, payment of the required processing fee, (i) the Assignee
thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Lender under the Loan Documents, and
(ii) the assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to 

  

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such Assignment and Acceptance, relinquish its rights (except with respect to Section 10.3) and be released from any future obligations under
this Agreement (and in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement and the other Loan Documents, such Lender shall cease to be a party
hereto and thereto); provided, however, that nothing contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement, including such assigning Lender’s obligations under
Section 15 and Section 17.9(a). 
 (c) By executing and delivering an Assignment and Acceptance, the assigning Lender
thereunder and the Assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and
assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any
other Loan Document furnished pursuant hereto, (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrower or the performance or observance by Borrower of any
of its obligations under this Agreement or any other Loan Document furnished pursuant hereto, (iii) such Assignee confirms that it has received a copy of this Agreement, together with such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance, (iv) such Assignee will, independently and without reliance upon Agent, such assigning Lender or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement, (v) such Assignee appoints and authorizes Agent to take such actions and to
exercise such powers under this Agreement and the other Loan Documents as are delegated to Agent, by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, and (vi) such Assignee agrees that it will
perform all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 
 (d) Immediately upon
Agent’s receipt of the required processing fee, if applicable, and delivery of notice to the assigning Lender pursuant to Section 13.1(b), this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary
to reflect the addition of the Assignee and the resulting adjustment of the Revolver Commitments arising therefrom. The Revolver Commitment allocated to each Assignee shall reduce such Revolver Commitments of the assigning Lender pro tanto.

 (e) Any Lender may at any time sell to one or more commercial banks, financial institutions, or other Persons (a
“Participant”) participating interests in all or any portion of its Obligations, its Revolver Commitment, and the other rights and interests of that Lender (the “Originating Lender”) hereunder and under the other
Loan Documents; provided, however, that (i) the Originating Lender shall remain a “Lender” for all purposes of this Agreement and the other Loan Documents and the Participant receiving the participating interest in the
Obligations, the Revolver Commitments, and the other rights and interests of the Originating Lender hereunder shall not constitute a “Lender” hereunder or under the other Loan Documents and the Originating Lender’s obligations under
this Agreement shall remain unchanged, (ii) the Originating Lender shall remain solely responsible for the performance of such obligations, (iii) Borrower, Agent, and the Lenders shall continue to deal solely and directly with the
Originating Lender in connection with the Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, (iv) no Lender shall transfer or grant any participating interest under which the Participant has the
right to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment to, or consent or waiver with respect to this Agreement or of any other Loan Document would
(A) extend the final maturity date of the Obligations hereunder in which such Participant is participating, (B) reduce the interest rate applicable to the Obligations hereunder in which such Participant is participating, (C) release
all or substantially all of the Collateral or guaranties (except to the extent expressly provided herein or in any of the Loan Documents) supporting the Obligations hereunder in which such Participant is participating, (D) postpone the payment
of, or reduce the amount of, the interest or fees payable 

  

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to such Participant through such Lender, or (E) change the amount or due dates of scheduled principal repayments or prepayments or premiums, and
(v) all amounts payable by Borrower hereunder shall be determined as if such Lender had not sold such participation, except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become
due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its
participating interest were owing directly to it as a Lender under this Agreement. The rights of any Participant only shall be derivative through the Originating Lender with whom such Participant participates and no Participant shall have any rights
under this Agreement or the other Loan Documents or any direct rights as to the other Lenders, Agent, Borrower, the Collections of Borrower or its Subsidiaries, the Collateral, or otherwise in respect of the Obligations. No Participant shall have
the right to participate directly in the making of decisions by the Lenders among themselves. 
 (f) In connection with any such assignment
or participation or proposed assignment or participation or any grant of a security interest in, or pledge of, its rights under and interest in this Agreement, a Lender may, subject to the provisions of Section 17.9, disclose all
documents and information which it now or hereafter may have relating to Borrower and its Subsidiaries and their respective businesses. 
 (g) Any other provision in this Agreement notwithstanding, any Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement in favor of any Federal Reserve Bank in
accordance with Regulation A of the Federal Reserve Bank or U.S. Treasury Regulation 31 CFR §203.24, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law. 
 13.2 Successors. This Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties;
provided, however, that Borrower may not assign this Agreement or any rights or duties hereunder without the Lenders’ prior written consent and any prohibited assignment shall be absolutely void ab initio. No consent to
assignment by the Lenders shall release Borrower from its Obligations. A Lender may assign this Agreement and the other Loan Documents and its rights and duties hereunder and thereunder pursuant to Section 13.1 and, except as expressly
required pursuant to Section 13.1, no consent or approval by Borrower is required in connection with any such assignment. 
 14.
AMENDMENTS; WAIVERS. 
 14.1 Amendments and Waivers. 
 (a) No amendment, waiver or other modification of any provision of this Agreement or any other Loan Document (other than Bank Product Agreements or the
Fee Letter), and no consent with respect to any departure by Borrower therefrom, shall be effective unless the same shall be in writing and signed by the Required Lenders (or by Agent at the written request of the Required Lenders) and Borrower and
then any such waiver or consent shall be effective, but only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall, unless in writing and signed by
all of the Lenders directly affected thereby and Borrower, do any of the following: 
 (i) increase the amount of or extend the expiration
date of any Revolver Commitment of any Lender, 
 (ii) postpone or delay any date fixed by this Agreement or any other Loan Document for any
payment of principal, interest, fees, or other amounts due hereunder or under any other Loan Document, 
  

 41 

 (iii) reduce the principal of, or the rate of interest on, any loan or other extension of credit
hereunder, or reduce any fees or other amounts payable hereunder or under any other Loan Document (except (y) in connection with the waiver of applicability of Section 2.6(c) (which waiver shall be effective with the written consent
of the Required Lenders), and (z) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or a reduction of fees for purposes of this clause
(iii)), 
 (iv) amend or modify this Section or any provision of this Agreement providing for consent or other action by all Lenders,

 (v) other than as permitted by Section 15.11, release Agent’s Lien in and to any of the Collateral, 
 (vi) change the definition of “Required Lenders”, “Pro Rata Share”, “Primary Trigger Event”, or “Secondary Trigger
Event”, 
 (vii) contractually subordinate any of Agent’s Liens, 
 (viii) other than in connection with a merger, liquidation, dissolution, or sale of such Person expressly permitted by the terms hereof or the other
Loan Documents, release Borrower or any Guarantor from any obligation for the payment of money or consent to the assignment or transfer by Borrower or any Guarantor of any of its rights or duties under this Agreement or the other Loan Documents,

 (ix) amend any of the provisions of Sections 2.3(d) or Sections 2.4(b)(i) or (ii), 
 (x) amend Section 13.1(a) to permit a Loan Party, or an Affiliate of a Loan Party to be permitted to become an Assignee, or 
 (xi) change the definition of Borrowing Base or any of the defined terms (including the definitions of Supplemental Cash Collateral, Eligible Accounts,
Eligible Real Property and Eligible Real Property Liquidation Value) that are used in such definition to the extent that any such change results in more credit being made available to Borrower based upon the Borrowing Base, but not otherwise, change
the definition of Maximum Revolver Amount, or change Section 2.1(c). 
 (b) No amendment, waiver, modification, or consent shall
amend, modify, or waive (i) the definition of, or any of the terms or provisions of, the Fee Letter, without the written consent of Agent and Borrower (and shall not require the written consent of any of the Lenders), and (ii) any
provision of Section 15 pertaining to Agent, or any other rights or duties of Agent under this Agreement or the other Loan Documents, without the written consent of Agent, Borrower, and the Required Lenders, 
 (c) No amendment, waiver, modification, or consent shall amend, modify, or waive any provision of this Agreement or the other Loan Documents pertaining
to Issuing Lender, or any other rights or duties of Issuing Lender under this Agreement or the other Loan Documents, without the written consent of Issuing Lender, Agent, Borrower, and the Required Lenders, 
 (d) No amendment, waiver, modification, or consent shall amend, modify, or waive any provision of this Agreement or the other Loan Documents pertaining
to Swing Lender, or any other rights or duties of Swing Lender under this Agreement or the other Loan Documents, without the written consent of Swing Lender, Agent, Borrower, and the Required Lenders, 
  

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 (e) Anything in this Section 14.1 to the contrary notwithstanding, any amendment,
modification, waiver, consent, termination, or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship of the Lender Group among themselves, and that does not affect the rights
or obligations of Borrower, shall not require consent by or the agreement of Borrower. 
 14.2 Replacement of Certain
Lenders. 
 (a) If (i) any action to be taken by the Lender Group or Agent hereunder requires the unanimous consent,
authorization, or agreement of all Lenders and if such action has received the consent, authorization, or agreement of the Required Lenders but not all of the Lenders or (ii) any Lender makes a claim for compensation under
Section 16, then within 120 days thereafter Borrower or Agent, upon at least 5 Business Days prior irrevocable notice, may permanently replace any Lender (a “Holdout Lender”) that failed to give its consent,
authorization, or agreement or made a claim for compensation (a “Tax Lender”) with one or more Replacement Lenders, and the Holdout Lender or Tax Lender, as applicable, shall have no right to refuse to be replaced hereunder. Such
notice to replace the Holdout Lender or Tax Lender, as applicable, shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. 
 (b) Prior to the effective date of such replacement, the Holdout Lender and each Replacement Lender shall execute and deliver an Assignment and
Acceptance, subject only to the Holdout Lender being repaid its share of the outstanding Obligations (including an assumption of its Pro Rata Share of the Letters of Credit) without any premium or penalty of any kind whatsoever. If the Holdout
Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date of such replacement, the Holdout Lender shall be deemed to have executed and delivered such Assignment and Acceptance. The replacement
of any Holdout Lender shall be made in accordance with the terms of Section 13.1. Until such time as the Replacement Lenders shall have acquired all of the Obligations, the Revolver Commitments, and the other rights and obligations of
the Holdout Lender hereunder and under the other Loan Documents, the Holdout Lender shall remain obligated to make the Holdout Lender’s Pro Rata Share of Advances and to purchase a participation in each Letter of Credit, in an amount equal to
its Pro Rata Share of such Letters of Credit. 
 14.3 No Waivers; Cumulative Remedies. No failure by Agent or any Lender to
exercise any right, remedy, or option under this Agreement or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate as a waiver thereof. No waiver by Agent or any Lender will be effective unless it is in
writing, and then only to the extent specifically stated. No waiver by Agent or any Lender on any occasion shall affect or diminish Agent’s and each Lender’s rights thereafter to require strict performance by Borrower of any provision of
this Agreement. Agent’s and each Lender’s rights under this Agreement and the other Loan Documents will be cumulative and not exclusive of any other right or remedy that Agent or any Lender may have. 
 15. AGENT; THE LENDER GROUP. 
 15.1
Appointment and Authorization of Agent. Each Lender hereby designates and appoints WFF as its representative under this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes Agent to execute and deliver
each of the other Loan Documents on its behalf and to take such other action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to Agent by
the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Agent agrees to act as such on the express conditions contained in this Section 15. Any provision to the contrary
contained elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall 

  

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not have any duties or responsibilities, except those expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship with
any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent; it being expressly understood and agreed that the
use of the word “Agent” is for convenience only, that WFF is merely the representative of the Lenders, and only has the contractual duties set forth herein. Except as expressly otherwise provided in this Agreement, Agent shall have and may
use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking any actions that Agent expressly is entitled to take or assert under or pursuant to this Agreement and the
other Loan Documents. Without limiting the generality of the foregoing, or of any other provision of the Loan Documents that provides rights or powers to Agent, Lenders agree that Agent shall have the right to exercise the following powers as long
as this Agreement remains in effect: (a) maintain, in accordance with its customary business practices, ledgers and records reflecting the status of the Obligations, the Collateral, the Collections of Borrower and its Subsidiaries, and related
matters, (b) execute or file any and all financing or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other written agreements with respect to the Loan Documents,
(c) make Advances, for itself or on behalf of Lenders, as provided in the Loan Documents, (d) exclusively receive, apply, and distribute the Collections of Borrower and its Subsidiaries as provided in the Loan Documents, (e) open and
maintain such bank accounts and cash management arrangements as Agent deems necessary and appropriate in accordance with the Loan Documents for the foregoing purposes with respect to the Collateral and the Collections of Borrower and its
Subsidiaries, (f) perform, exercise, and enforce any and all other rights and remedies of the Lender Group with respect to Borrower or its Subsidiaries, the Obligations, the Collateral, the Collections of Borrower and its Subsidiaries, or
otherwise related to any of same as provided in the Loan Documents, and (g) incur and pay such Lender Group Expenses as Agent may deem necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to the Loan
Documents. 
 15.2 Delegation of Duties. Agent may execute any of its duties under this Agreement or any other Loan Document by
or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that it
selects as long as such selection was made without gross negligence or willful misconduct. 
 15.3 Liability of Agent. None of
the Agent-Related Persons shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross
negligence or willful misconduct), or (b) be responsible in any manner to any of the Lenders for any recital, statement, representation or warranty made by Borrower or any of its Subsidiaries or Affiliates, or any officer or director thereof,
contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other Loan Document, or the
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of Borrower or its Subsidiaries or any other party to any Loan Document to perform its obligations hereunder or
thereunder. No Agent-Related Person shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to
inspect the books and records or properties of Borrower or its Subsidiaries. 
 15.4 Reliance by Agent. Agent shall be entitled
to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, telefacsimile or other electronic method of transmission, telex or telephone message, statement or other
document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to Borrower or counsel to any Lender),
independent accountants and other experts selected by Agent. Agent shall be fully justified in failing 

  

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or refusing to take any action under this Agreement or any other Loan Document unless Agent shall first receive such advice or concurrence of the Lenders as
it deems appropriate and until such instructions are received, Agent shall act, or refrain from acting, as it deems advisable. If Agent so requests, it shall first be indemnified to its reasonable satisfaction by the Lenders against any and all
liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in
accordance with a request or consent of the requisite Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders. 
 15.5 Notice of Default or Event of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event
of Default, except with respect to defaults in the payment of principal, interest, fees, and expenses required to be paid to Agent for the account of the Lenders and, except with respect to Events of Default of which Agent has actual knowledge,
unless Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default, and stating that such notice is a “notice of default.” Agent promptly will notify the
Lenders of its receipt of any such notice or of any Event of Default of which Agent has actual knowledge. If any Lender obtains actual knowledge of any Event of Default, such Lender promptly shall notify the other Lenders and Agent of such Event of
Default. Each Lender shall be solely responsible for giving any notices to its Participants, if any. Subject to Section 15.4, Agent shall take such action with respect to such Default or Event of Default as may be requested by the
Required Lenders in accordance with Section 9; provided, however, that unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Default or Event of Default as it shall deem advisable. 
 15.6 Credit Decision. Each Lender acknowledges
that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by Agent hereinafter taken, including any review of the affairs of Borrower and its Subsidiaries or Affiliates, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Lender. Each Lender represents to Agent that it has, independently and without reliance upon any Agent-Related Person and based on such due diligence, documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower or any other Person party to a Loan Document, and all applicable bank
regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to Borrower. Each Lender also represents that it will, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower or any other Person party to a Loan Document.
Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders by Agent, Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness of Borrower or any other Person party to a Loan Document that may come into the possession of any of the Agent-Related Persons. Each Lender acknowledges that Agent
does not have any duty or responsibility, either initially or on a continuing basis (except to the extent, if any, that is expressly specified herein) to provide such Lender with any credit or other information with respect to Borrower, its
Affiliates or any of their respective business, legal, financial or other affairs, and irrespective of whether such information came into Agent’s or its Affiliates’ or representatives’ possession before or after the date on which such
Lender became a party to this Agreement. 
 15.7 Costs and Expenses; Indemnification. Agent may incur and pay Lender Group
Expenses to the extent Agent reasonably deems necessary or appropriate for the performance and fulfillment of its 

  

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functions, powers, and obligations pursuant to the Loan Documents, including court costs, attorneys fees and expenses, fees and expenses of financial
accountants, advisors, consultants, and appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and costs of security guards or insurance premiums paid to maintain the Collateral, whether or not Borrower is
obligated to reimburse Agent or Lenders for such expenses pursuant to this Agreement or otherwise. Agent is authorized and directed to deduct and retain sufficient amounts from the Collections of Borrower and its Subsidiaries received by Agent to
reimburse Agent for such out-of-pocket costs and expenses prior to the distribution of any amounts to Lenders. In the event Agent is not reimbursed for such costs and expenses by Borrower or its Subsidiaries, each Lender hereby agrees that it is and
shall be obligated to pay to Agent such Lender’s Pro Rata Share thereof. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand the Agent-Related Persons (to the extent not reimbursed by or
on behalf of Borrower and without limiting the obligation of Borrower to do so), according to their Pro Rata Shares, from and against any and all Indemnified Liabilities; provided, however, that no Lender shall be liable for the
payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or willful misconduct nor shall any Lender be liable for the obligations of any Defaulting Lender in failing
to make an Advance or other extension of credit hereunder. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for such Lender’s Pro Rata Share of any costs or out of pocket expenses (including attorneys,
accountants, advisors, and consultants fees and expenses) incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment, or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that Agent is not reimbursed for such expenses by or on
behalf of Borrower. Notwithstanding anything herein to the contrary, Lenders shall be liable and indemnify Agent-Related Persons for only Indemnified Liabilities and other costs and expenses that relate to or arise from an Agent-Related Person
acting as or for Agent (in its capacity as Agent). The undertaking in this Section shall survive the payment of all Obligations hereunder and the resignation or replacement of Agent. 
 15.8 Agent in Individual Capacity. WFF and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits
from, acquire equity interests in, and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Document as though
WFF were not Agent hereunder, and, in each case, without notice to or consent of the other members of the Lender Group. The other members of the Lender Group acknowledge that, pursuant to such activities, WFF or its Affiliates may receive
information regarding Borrower or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower or such other Person and that prohibit the disclosure of such information to the
Lenders, and the Lenders acknowledge that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver Agent will use its reasonable best efforts to obtain), Agent shall not be under any obligation to
provide such information to them. The terms “Lender” and “Lenders” include WFF in its individual capacity. 
 15.9
Successor Agent. Agent may resign as Agent upon 30 days prior written notice to the Lenders (unless such notice is waived by the Required Lenders) and Borrower (unless such notice is waived by Borrower). If Agent resigns under this
Agreement, the Required Lenders shall be entitled, with (so long as no Event of Default has occurred and is continuing) the consent of Borrower (such consent not to be unreasonably withheld, delayed, or conditioned), appoint a successor Agent for
the Lenders. If, at the time that Agent’s resignation is effective, it is acting as the Issuing Lender or the Swing Lender, such resignation shall also operate to effectuate its resignation as the Issuing Lender or the Swing Lender, as
applicable, and it shall automatically be relieved of any further obligation to issue Letters of Credit or make Swing Loans. If no successor Agent is appointed prior to the effective date of the resignation of Agent, Agent may appoint, after
consulting with the Lenders and Borrower, a successor Agent (from among the Lenders, if possible). If Agent has materially breached or failed to perform any material provision of this Agreement or of applicable law, the 

  

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Required Lenders may agree in writing to remove and replace Agent with a successor Agent from among the Lenders with (so long as no Event of Default has
occurred and is continuing) the consent of Borrower (such consent not to be unreasonably withheld, delayed, or conditioned). In any such event, upon the acceptance of its appointment as successor Agent hereunder, such successor Agent shall succeed
to all the rights, powers, and duties of the retiring Agent and the term “Agent” shall mean such successor Agent and the retiring Agent’s appointment, powers, and duties as Agent shall be terminated. After any retiring Agent’s
resignation hereunder as Agent, the provisions of this Section 15 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. If no successor Agent has accepted appointment as
Agent by the date which is 30 days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of Agent hereunder until
such time, if any, as the Lenders appoint a successor Agent as provided for above. 
 15.10 Lender in Individual Capacity. Any
Lender and its respective Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other
business with Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Documents as though such Lender were not a Lender hereunder without notice to or consent of the other members of the Lender Group. The other members of
the Lender Group acknowledge that, pursuant to such activities, such Lender and its respective Affiliates may receive information regarding Borrower or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality
obligations in favor of Borrower or such other Person and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge that, in such circumstances (and in the absence of a waiver of such confidentiality obligations,
which waiver such Lender will use its reasonable best efforts to obtain), such Lender shall not be under any obligation to provide such information to them. 
 15.11 Collateral Matters. 
 (a) The Lenders hereby irrevocably authorize Agent, at its
option and in its sole discretion, to release any Lien on any Collateral (i) upon the termination of the Revolver Commitments and payment and satisfaction in full by Borrower of all Obligations, (ii) constituting property being sold or
disposed of if a release is required or desirable in connection therewith and if Borrower certifies to Agent that the sale or disposition is permitted under Section 6.4 or the other Loan Documents (and Agent may rely conclusively on any
such certificate, without further inquiry), (iii) constituting property in which Borrower or its Subsidiaries owned no interest at the time Agent’s Lien was granted nor at any time thereafter, or (iv) constituting property leased to
Borrower or its Subsidiaries under a lease that has expired or is terminated in a transaction permitted under this Agreement. The Lenders hereby irrevocably authorize Agent, based upon the instruction of the Required Lenders, to credit bid and
purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral at any sale thereof conducted by Agent under the provisions of the Code, including pursuant to Sections 9-610 or 9-620 of the Code, at any
sale thereof conducted under the provisions of the Bankruptcy Code, including Section 363 of the Bankruptcy Code, or at any other sale or foreclosure conducted by Agent (whether by judicial action or otherwise) in accordance with applicable
law. Except as provided above, Agent will not execute and deliver a release of any Lien on any Collateral without the prior written authorization of (y) if the release is of Collateral having a book value in excess of $10,000,000 during any
calendar year, all of the Lenders, or (z) otherwise, the Required Lenders. Upon request by Agent or Borrower at any time, the Lenders will confirm in writing Agent’s authority to release any such Liens on particular types or items of
Collateral pursuant to this Section 15.11; provided, however, that (1) Agent shall not be required to execute any document necessary to evidence such release on terms that, in Agent’s opinion, would expose Agent
to liability or create any obligation or entail any consequence other than the release of such Lien without recourse, representation, or warranty, and (2) such release shall not in any manner discharge, affect, or impair the Obligations or any
Liens (other than those 

  

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expressly being released) upon (or obligations of Borrower in respect of) all interests retained by Borrower, including, the proceeds of any sale, all of
which shall continue to constitute part of the Collateral. The Lenders further hereby irrevocably authorize Agent, at its option and in its sole discretion, to subordinate any Lien granted to or held by Agent under any Loan Document to the holder of
any Permitted Lien on such property if such Permitted Lien secures Permitted Purchase Money Indebtedness. 
 (b) Agent shall have no
obligation whatsoever to any of the Lenders to assure that the Collateral exists or is owned by Borrower or its Subsidiaries or is cared for, protected, or insured or has been encumbered, or that Agent’s Liens have been properly or sufficiently
or lawfully created, perfected, protected, or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights,
authorities and powers granted or available to Agent pursuant to any of the Loan Documents, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions
contained herein, Agent may act in any manner it may deem appropriate, in its sole discretion given Agent’s own interest in the Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to
any Lender as to any of the foregoing, except as otherwise provided herein. 
 15.12 Restrictions on Actions by Lenders; Sharing of
Payments. 
 (a) Each of the Lenders agrees that it shall not, without the express written consent of Agent, set off against
the Obligations, any amounts owing by such Lender to Borrower or its Subsidiaries or any deposit accounts of Borrower or its Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless
specifically requested to do so in writing by Agent, take or cause to be taken any action, including, the commencement of any legal or equitable proceedings to enforce any Loan Document against Borrower or any Guarantor or to foreclose any Lien on,
or otherwise enforce any security interest in, any of the Collateral. 
 (b) If, at any time or times any Lender shall receive (i) by
payment, foreclosure, setoff, or otherwise, any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement, or
(ii) payments from Agent in excess of such Lender’s Pro Rata Share of all such distributions by Agent, such Lender promptly shall (A) turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate the
same to Agent, or in immediately available funds, as applicable, for the account of all of the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or
warranty, an undivided interest and participation in the Obligations owed to the other Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided,
however, that to the extent that such excess payment received by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the
purchase price paid therefor shall be returned to such purchasing party, but without interest except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment. 
 15.13 Agency for Perfection. Agent hereby appoints each other Lender as its agent (and each Lender hereby accepts such appointment) for the
purpose of perfecting Agent’s Liens in assets which, in accordance with Article 8 or Article 9, as applicable, of the Code can be perfected by possession or control. Should any Lender obtain possession or control of any such Collateral, such
Lender shall notify Agent thereof, and, promptly upon Agent’s request therefor shall deliver possession or control of such Collateral to Agent or in accordance with Agent’s instructions. 
 15.14 Payments by Agent to the Lenders. All payments to be made by Agent to the Lenders shall be made by bank wire transfer of immediately
available funds pursuant to such wire transfer instructions as 

  

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each party may designate for itself by written notice to Agent. Concurrently with each such payment, Agent shall identify whether such payment (or any
portion thereof) represents principal, premium, fees, or interest of the Obligations. 
 15.15 Concerning the Collateral and Related
Loan Documents. Each member of the Lender Group authorizes and directs Agent to enter into this Agreement and the other Loan Documents. Each member of the Lender Group agrees that any action taken by Agent in accordance with the terms of
this Agreement or the other Loan Documents relating to the Collateral and the exercise by Agent of its powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the
Lenders. 
 15.16 Audits and Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and
Information. By becoming a party to this Agreement, each Lender: 
 (a) is deemed to have requested that Agent furnish such
Lender, promptly after it becomes available, a copy of each field audit or examination report respecting Borrower or its Subsidiaries (each a “Report” and collectively, “Reports”) prepared by or at the request of
Agent, and Agent shall so furnish each Lender with such Reports, 
 (b) expressly agrees and acknowledges that Agent does not (i) make
any representation or warranty as to the accuracy of any Report, and (ii) shall not be liable for any information contained in any Report, 
 (c) expressly agrees and acknowledges that the Reports are not comprehensive audits or examinations, that Agent or other party performing any audit or examination will inspect only specific information regarding Borrower and its
Subsidiaries and will rely significantly upon Borrower’s and its Subsidiaries’ books and records, as well as on representations of Borrower’s personnel, 
 (d) agrees to keep all Reports and other material, non-public information regarding Borrower and its Subsidiaries and their operations, assets, and existing and contemplated business plans in a confidential manner in
accordance with Section 17.9, and 
 (e) without limiting the generality of any other indemnification provision contained in this
Agreement, agrees: (i) to hold Agent and any other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion the indemnifying Lender may reach or draw from any Report in connection
with any loans or other credit accommodations that the indemnifying Lender has made or may make to Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a loan or loans of Borrower, and
(ii) to pay and protect, and indemnify, defend and hold Agent, and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including, attorneys fees and
costs) incurred by Agent and any such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 
 In addition to the foregoing: (x) any Lender may from time to time request of Agent in writing that Agent provide to such Lender a copy of any report or document
provided by Borrower or its Subsidiaries to Agent that has not been contemporaneously provided by Borrower or such Subsidiary to such Lender, and, upon receipt of such request, Agent promptly shall provide a copy of same to such Lender, (y) to
the extent that Agent is entitled, under any provision of the Loan Documents, to request additional reports or information from Borrower or its Subsidiaries, any Lender may, from time to time, reasonably request Agent to exercise such right as
specified in such Lender’s notice to Agent, whereupon Agent promptly shall request of Borrower the additional reports or information reasonably specified by such Lender, and, upon receipt thereof from 

  

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Borrower or such Subsidiary, Agent promptly shall provide a copy of same to such Lender, and (z) any time that Agent renders to Borrower a statement
regarding the Loan Account, Agent shall send a copy of such statement to each Lender. 
 15.17 Several Obligations; No Liability.
Notwithstanding that certain of the Loan Documents now or hereafter may have been or will be executed only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders, any and all obligations on the part of Agent (if
any) to make any credit available hereunder shall constitute the several (and not joint) obligations of the respective Lenders on a ratable basis, according to their respective Revolver Commitments, to make an amount of such credit not to exceed, in
principal amount, at any one time outstanding, the amount of their respective Revolver Commitments. Nothing contained herein shall confer upon any Lender any interest in, or subject any Lender to any liability for, or in respect of, the business,
assets, profits, losses, or liabilities of any other Lender. Each Lender shall be solely responsible for notifying its Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no Lender shall have
any obligation, duty, or liability to any Participant of any other Lender. Except as provided in Section 15.7, no member of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall
be responsible to Borrower or any other Person for any failure by any other Lender to fulfill its obligations to make credit available hereunder, nor to advance for it or on its behalf in connection with its Revolver Commitment, nor to take any
other action on its behalf hereunder or in connection with the financing contemplated herein. 
 16. WITHHOLDING TAXES. 
 (a) All payments made by Borrower hereunder or under any note or other Loan Document will be made without setoff, counterclaim, or other defense. In
addition, all such payments will be made free and clear of, and without deduction or withholding for, any present or future Taxes, and in the event any deduction or withholding of Taxes is required, Borrower shall comply with the next sentence of
this Section 16(a). If any Taxes are so levied or imposed, Borrower agrees to pay the full amount of such Taxes and such additional amounts as may be necessary so that every payment of all amounts due under this Agreement, any note, or
Loan Document, including any amount paid pursuant to this Section 16(a) after withholding or deduction for or on account of any Taxes, will not be less than the amount provided for herein; provided, however, that Borrower shall not be
required to increase any such amounts if the increase in such amount payable results from Agent’s or such Lender’s own willful misconduct or gross negligence (as finally determined by a court of competent jurisdiction). Borrower will
furnish to Agent as promptly as possible after the date the payment of any Tax is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by Borrower. 
 (b) Borrower agrees to pay any present or future stamp, value added or documentary taxes or any other excise or property taxes, charges, or similar
levies that arise from any payment made hereunder or from the execution, delivery, performance, recordation, or filing of, or otherwise with respect to this Agreement or any other Loan Document. 
 (c) If a Lender or Participant is entitled to claim an exemption or reduction from United States withholding tax, such Lender or Participant agrees with
and in favor of Agent, to deliver to Agent (or, in the case of a Participant, to the Lender granting the participation only) one of the following before receiving its first payment under this Agreement: 
 (i) if such Lender or Participant is entitled to claim an exemption from United States withholding tax pursuant to the portfolio interest exception,
(A) a statement of the Lender or Participant, signed under penalty of perjury, that it is not a (I) a “bank” as described in Section 881(c)(3)(A) of the IRC, (II) a 10% shareholder of Borrower (within the meaning of
Section 871(h)(3)(B) of the IRC), or (III) a 

  

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controlled foreign corporation related to Borrower within the meaning of Section 864(d)(4) of the IRC, and (B) a properly completed and executed
IRS Form W-8BEN or Form W-8IMY (with proper attachments); 
 (ii) if such Lender or Participant is entitled to claim an exemption from, or a
reduction of, withholding tax under a United States tax treaty, a properly completed and executed copy of IRS Form W-8BEN; 
 (iii) if such
Lender or Participant is entitled to claim that interest paid under this Agreement is exempt from United States withholding tax because it is effectively connected with a United States trade or business of such Lender, a properly completed and
executed copy of IRS Form W-8ECI; 
 (iv) if such Lender or Participant is entitled to claim that interest paid under this Agreement is
exempt from United States withholding tax because such Lender or Participant serves as an intermediary, a properly completed and executed copy of IRS Form W-8IMY (with proper attachments); or 
 (v) a properly completed and executed copy of any other form or forms, including IRS Form W-9, as may be required under the IRC or other laws of the
United States as a condition to exemption from, or reduction of, United States withholding or backup withholding tax. 
 Each Lender or Participant shall
provide new forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms and to promptly notify Agent (or, in the case of a Participant, to the Lender granting the participation only) of any change in
circumstances which would modify or render invalid any claimed exemption or reduction. 
 (d) If a Lender or Participant claims an exemption
from withholding tax in a jurisdiction other than the United States, such Lender or such Participant agrees with and in favor of Agent, to deliver to Agent (or, in the case of a Participant, to the Lender granting the participation only) any such
form or forms, as may be required under the laws of such jurisdiction as a condition to exemption from, or reduction of, foreign withholding or backup withholding tax before receiving its first payment under this Agreement, but only if such Lender
or such Participant is legally able to deliver such forms, provided, however, that nothing in this Section 16(d) shall require a Lender or Participant to disclose any information that it deems to be confidential (including
without limitation, its tax returns). Each Lender and each Participant shall provide new forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms and to promptly notify Agent (or, in the case of a Participant,
to the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction. 
 (e) If a Lender or Participant claims exemption from, or reduction of, withholding tax and such Lender or Participant sells, assigns, grants a participation in, or otherwise transfers all or part of the Obligations of
Borrower to such Lender or Participant, such Lender or Participant agrees to notify Agent (or, in the case of a sale of a participation interest, to the Lender granting the participation only) of the percentage amount in which it is no longer the
beneficial owner of Obligations of Borrower to such Lender or Participant. To the extent of such percentage amount, Agent will treat such Lender’s or such Participant’s documentation provided pursuant to Section 16(c) or
(d) as no longer valid. With respect to such percentage amount, such Participant or Assignee may provide new documentation, pursuant to Section 16(c) or (d), if applicable. Borrower agrees that each Participant shall
be entitled to the benefits of this Section 16 with respect to its participation in any portion of the Revolver Commitments and the Obligations so long as such Participant complies with the obligations set forth in this
Section 16 with respect thereto. 
 (f) If a Lender or a Participant is entitled to a reduction in the applicable withholding
tax, Agent (or, in the case of a Participant, to the Lender granting the participation) may withhold from any interest payment to such Lender or such Participant an amount equivalent to the applicable withholding tax 

  

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after taking into account such reduction. If the forms or other documentation required by Section 16(c) or 16(d) are not delivered to
Agent (or, in the case of a Participant, to the Lender granting the participation), then Agent (or, in the case of a Participant, to the Lender granting the participation) may withhold from any interest payment to such Lender or such Participant not
providing such forms or other documentation an amount equivalent to the applicable withholding tax. 
 (g) If the IRS or any other
Governmental Authority of the United States or other jurisdiction asserts a claim that Agent (or, in the case of a Participant, to the Lender granting the participation) did not properly withhold tax from amounts paid to or for the account of any
Lender or any Participant due to a failure on the part of the Lender or any Participant (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify Agent (or such Participant failed to notify
the Lender granting the participation) of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such Lender shall indemnify and hold Agent harmless (or, in the case of a
Participant, such Participant shall indemnify and hold the Lender granting the participation harmless) for all amounts paid, directly or indirectly, by Agent (or, in the case of a Participant, to the Lender granting the participation), as tax or
otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable to Agent (or, in the case of a Participant, to the Lender granting the participation only) under this Section 16,
together with all costs and expenses (including attorneys fees and expenses). The obligation of the Lenders and the Participants under this subsection shall survive the payment of all Obligations and the resignation or replacement of Agent.

 (h) If Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been
indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section 16, so long as no Default or Event of Default has occurred and is continuing, it shall pay over such refund to Borrower (but
only to the extent of payments made, or additional amounts paid, by Borrower under this Section 16 with respect to Taxes giving rise to such a refund), net of all out-of-pocket expenses of Agent or such Lender and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such a refund); provided, that Borrower, upon the request of Agent or such Lender, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other
charges, imposed by the relevant Governmental Authority, other than such penalties, interest or other charges imposed as a result of the willful misconduct or gross negligence of Agent hereunder) to Agent or such Lender in the event Agent or such
Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything in this Agreement to the contrary, this Section 16 shall not be construed to require Agent or any Lender to make available its tax returns
(or any other information which it deems confidential) to Borrower or any other Person. 
 17. GENERAL PROVISIONS. 
 17.1 Effectiveness. This Agreement shall be binding and deemed effective when executed by Borrower, Agent, and each Lender whose signature
is provided for on the signature pages hereof. 
 17.2 Section Headings. Headings and numbers have been set forth herein for
convenience only. Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement. 
 17.3 Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against the Lender Group or Borrower, whether under any rule of construction or otherwise. On the contrary, this Agreement
has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto. 
  

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 17.4 Severability of Provisions. Each provision of this Agreement shall be severable from
every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 17.5 Bank
Product Providers. Each Bank Product Provider shall be deemed a third party beneficiary hereof and of the provisions of the other Loan Documents for purposes of any reference in a Loan Document to the parties for whom Agent is acting; it
being understood and agreed that the rights and benefits of such Bank Product Provider under the Loan Documents consist exclusively of such Bank Product Provider’s being a beneficiary of the Liens and security interests granted to Agent and the
right to share in payments and collections out of the Collateral as more fully set forth herein. In connection with any such distribution of payments and collections, Agent shall be entitled to assume no amounts are due and payable to any Bank
Product Provider unless such Bank Product Provider has notified Agent in writing of the amount of any such liability owed to it prior to such distribution. 
 17.6 Debtor-Creditor Relationship. The relationship between the Lenders and Agent, on the one hand, and the Loan Parties, on the other hand, is solely that of creditor and debtor. No member of the Lender
Group has (or shall be deemed to have) any fiduciary relationship or duty to any Loan Party arising out of or in connection with the Loan Documents or the transactions contemplated thereby, and there is no agency or joint venture relationship
between the members of the Lender Group, on the one hand, and the Loan Parties, on the other hand, by virtue of any Loan Document or any transaction contemplated therein. 
 17.7 Counterparts; Electronic Execution. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall
be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally
as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed
counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis
mutandis. 
 17.8 Revival and Reinstatement of Obligations. If the incurrence or payment of the Obligations by Borrower or
Guarantor or the transfer to the Lender Group of any property should for any reason subsequently be asserted, or declared, to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the
Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (each, a “Voidable Transfer”), and if the Lender Group is required to repay or restore, in
whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that the Lender Group is required or elects to repay or restore, and as to all
reasonable costs, expenses, and attorneys fees of the Lender Group related thereto, the liability of Borrower or Guarantor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made.

 17.9 Confidentiality. 
 (a) Agent and Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information regarding Borrower and its Subsidiaries, their operations, assets, and existing and
contemplated business plans (“Confidential Information”) shall be treated by Agent and the Lenders in a confidential manner, and shall not be disclosed by Agent and the Lenders to Persons who are not parties to this Agreement,
except: (i) to attorneys for and other advisors, accountants, auditors, and consultants to any member of the Lender Group (“Lender Group Representatives”), (ii) to Subsidiaries and Affiliates of any member of the Lender
Group (including the Bank Product Providers), provided that any such Subsidiary 

  

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or Affiliate shall have agreed to receive such information hereunder subject to the terms of this Section 17.9, (iii) as may be required by
regulatory authorities so long as such authorities are informed of the confidential nature of such information, (iv) as may be required by statute, decision, or judicial or administrative order, rule, or regulation; provided that (x) prior
to any disclosure under this clause (iv), the disclosing party agrees to provide Borrower with prior notice thereof, to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior notice
to Borrower pursuant to the terms of the applicable statute, decision, or judicial or administrative order, rule, or regulation and (y) any disclosure under this clause (iv) shall be limited to the portion of the Confidential Information
as may be required by such statute, decision, or judicial or administrative order, rule, or regulation, (v) as may be agreed to in advance by Borrower or as requested or required by any Governmental Authority pursuant to any subpoena or other
legal process, provided, that, (x) prior to any disclosure under this clause (v) the disclosing party agrees to provide Borrower with prior notice thereof, to the extent that it is practicable to do so and to the extent that the disclosing
party is permitted to provide such prior notice to Borrower pursuant to the terms of the subpoena or other legal process and (y) any disclosure under this clause (v) shall be limited to the portion of the Confidential Information as may be
required by such governmental authority pursuant to such subpoena or other legal process, (vi) as to any such information that is or becomes generally available to the public (other than as a result of prohibited disclosure by Agent or the
Lenders or the Lender Group Representatives), (vii) in connection with any assignment, participation or pledge of any Lender’s interest under this Agreement, provided that any such assignee, participant, or pledgee shall have agreed in
writing to receive such information hereunder subject to the terms of this Section, (viii) in connection with any litigation or other adversary proceeding involving parties hereto which such litigation or adversary proceeding involves claims
related to the rights or duties of such parties under this Agreement or the other Loan Documents; provided, that, prior to any disclosure to any Person (other than any Loan Party, Agent, any Lender, any of their respective Affiliates, or their
respective counsel) under this clause (viii) with respect to litigation involving any Person (other than Borrower, Agent, any Lender, any of their respective Affiliates, or their respective counsel), the disclosing party agrees to provide
Borrower with prior notice thereof, and (ix) in connection with, and to the extent reasonably necessary for, the exercise of any secured creditor remedy under this Agreement or under any other Loan Document. 
 (b) Anything in this Agreement to the contrary notwithstanding, Agent may provide information concerning the terms and conditions of this Agreement and
the other Loan Documents to loan syndication and pricing reporting services. 
 17.10 Lender Group Expenses. Borrower agrees to
pay any and all Lender Group Expenses promptly after demand therefor by Agent and agrees that its obligations contained in this Section 17.10 shall survive payment or satisfaction in full of all other Obligations. 
 17.11 USA PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies Borrower that pursuant to the
requirements of the Act, it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Lender to identify Borrower in
accordance with the Patriot Act. 
 17.12 Integration. This Agreement, together with the other Loan Documents, reflects the
entire understanding of the parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. 
 17.13 Combined Facility. It is understood that the handling of the Loan Account, the Borrowing Base, and Collateral of the Loan
Parties in a combined fashion, as more fully set forth herein, is done solely as an accommodation to the Loan Parties in order to utilize the collective borrowing powers of the Loan Parties in the most efficient and economical manner and at their
request, and that Lender Group shall not incur liability to any of the Loan Parties as a result hereof. Borrower expects each of the Loan Parties to derive benefit, directly or indirectly, from the handling of the Loan Account, the Borrowing Base,
and the Collateral in a 

  

 54 

 
combined fashion since the successful operation of each of the Loan Parties is dependent on the continued successful performance of the integrated group. To
induce the Lender Group to do so, and in consideration thereof, Borrower hereby jointly and severally with each of the other Loan Parties agrees to indemnify each member of the Lender Group and hold each member of the Lender Group harmless against
any and all liability, expense, loss, or claim of damage or injury, made against the Lender Group by any Loan Party or by any third party whosoever, arising from or incurred by reason of (a) the handling of the Loan Account, the Borrowing Base,
and Collateral of the Loan Parties as herein provided, (b) the Lender Group’s relying on any instructions of the Borrower, or (c) any other action taken by the Lender Group hereunder or under the other Loan Documents, except that
Borrower will have no liability to the relevant Agent-Related Person or Lender-Related Person under this Section 17.13 with respect to any liability that has been finally determined by a court of competent jurisdiction to have resulted solely
from the gross negligence or willful misconduct of such Agent-Related Person or Lender-Related Person, as the case may be. 
 [Signature pages
to follow.] 
  

 55 

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

			
	 TRUEBLUE, INC.
 a Washington
corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 WELLS FARGO FOOTHILL, LLC., 
 a
Delaware limited liability company,
 as Agent and as a Lender

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 S-1 
 Credit Agreement 

 Schedule 1.1 
 As used in the Agreement, the following terms shall have the following definitions: 
 “Account” means an account (as that term is defined in the Code). 
 “Account Debtor” means any
Person who is obligated on an Account, chattel paper, or a general intangible. 
 “Accounting Changes” means
(a) changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or
any agency with similar functions), (b) changes in accounting principles concurred in by Borrower’s certified public accountants; (c) purchase accounting adjustments under A.P.B. 16 or 17 and EITF 88-16, and the application of the
accounting principles set forth in FASB 109, including the establishment of reserves pursuant thereto and any subsequent reversal (in whole or in part) of such reserves; and (d) the reversal of any reserves established as a result of purchase
accounting adjustments. 
 “ACH Transactions” means any cash management or related services (including the Automated
Clearing House processing of electronic fund transfers through the direct Federal Reserve Fedline system) provided by a Bank Product Provider for the account of Borrower or its Subsidiaries. 
 “Acquired Indebtedness” means Indebtedness of a Person whose assets or Stock is acquired by Borrower or any of its Subsidiaries in a
Permitted Acquisition; provided, however, that such Indebtedness (a) is either Purchase Money Indebtedness or a Capital Lease with respect to Equipment or mortgage financing with respect to Real Property, (b) was in existence
prior to the date of such Permitted Acquisition, and (c) was not incurred in connection with, or in contemplation of, such Permitted Acquisition. 
 “Acquisition” means (a) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or any division or business line of) any other Person, or
(b) the purchase or other acquisition (whether by means of a merger, consolidation, or otherwise) by a Person or its Subsidiaries of all or substantially all of the Stock of any other Person. 
 “Additional Documents” has the meaning specified therefor in Section 5.12 of the Agreement. 
 “Advances” has the meaning specified therefor in Section 2.1(a) of the Agreement. 
 “Affected Lender” has the meaning specified therefor in Section 2.13(b) of the Agreement. 
 “Affiliate” means, as applied to any Person, any other Person who controls, is controlled by, or is under common control with, such
Person. For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and policies of a Person, whether through the ownership of Stock, by
contract, or otherwise; provided, however, that, for purposes of the definition of Eligible Accounts and Section 6.12 of the Agreement: (a) any Person which owns directly or indirectly 10% or more of the Stock having
ordinary voting power for the election of directors or other members of the governing body of a Person or 10% or more of the partnership or other ownership interests of a Person (other than as a limited partner of such Person) shall be deemed an
Affiliate of such Person, (b) each director (or comparable manager) of a Person shall be deemed to be an Affiliate of such Person, and (c) each partnership in which a Person is a general partner shall be deemed an Affiliate of such Person.

 “Agent” has the meaning specified therefor in the preamble to the Agreement. 
  

 1 

 “Agent-Related Persons” means Agent, together with its Affiliates, officers, directors,
employees, attorneys, and agents. 
 “Agent’s Account” means the Deposit Account of Agent identified on Schedule
A-1. 
 “Agent’s Liens” means the Liens granted by Borrower or its Subsidiaries to Agent under the Loan Documents.

 “Agreement” means the Credit Agreement to which this Schedule 1.1 is attached. 
 “Application Event” means the occurrence of (a) a failure by Borrower to repay all of the Obligations on the Maturity Date, or
(b) an Event of Default and the election by Agent or the Required Lenders to require that payments and proceeds of Collateral be applied pursuant to Section 2.4(b)(ii) of the Agreement. 
 “Approved Customer List Acquisition” means the acquisition by Borrower or one of the Loan Parties of the customer list of a Person,
provided that (i) the consideration paid by Borrower or any of its Subsidiaries for such acquisition does not exceed the sum of (x) $100,000 per acquisition or $500,000 in the aggregate during any 12-month period, and (y) a
percentage of the gross profits or gross revenues actually realized by Borrower or such Loan Party from running the business associated with that customer list, (ii) immediately before and after giving effect to any such acquisition no Primary
Trigger Event has occurred or would result, and (iii) to the best of Borrower’s knowledge at the time of such acquisition the business associated with the acquired customer list will be profitable. 
 “Assignee” has the meaning specified therefor in Section 13.1(a) of the Agreement. 
 “Assignment and Acceptance” means an Assignment and Acceptance Agreement substantially in the form of Exhibit A-1. 
 “Authorized Person” means any one of the individuals identified on Schedule A-2, as such schedule is updated from time to time by
written notice from Borrower to Agent. 
 “Availability” means, as of any date of determination, the amount that Borrower is
entitled to borrow as Advances under Section 2.1 of the Agreement (after giving effect to all then outstanding Advances and Letter of Credit Usage). 
 “Bank Product” means any financial accommodation extended to Borrower or its Subsidiaries by a Bank Product Provider (other than pursuant to the Agreement) including: (a) credit cards,
(b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH Transactions, (f) cash management, including controlled disbursement, accounts or services, or (g) transactions under Hedge Agreements.

 “Bank Product Agreements” means those agreements entered into from time to time by Borrower or its Subsidiaries with a
Bank Product Provider in connection with the obtaining of any of the Bank Products. 
 “Bank Product Collateralization”
means providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) to be held by Agent for the benefit of the Bank Product Providers in an amount determined by Agent as sufficient to satisfy the reasonably estimated credit
exposure with respect to the then existing Bank Products. 
 “Bank Product Obligations” means (a) all obligations,
liabilities, reimbursement obligations, fees, or expenses owing by Borrower or its Subsidiaries to any Bank Product Provider pursuant to or evidenced by a Bank Product Agreement and irrespective of whether for the payment of money, whether direct or
indirect, absolute or contingent, due or to become due, now existing or hereafter arising, (b) all obligations of Borrower to reimburse an Underlying Issuer in respect of Underlying Letters of Credit, and (c) all amounts that Borrower

  

 2 

 
or its Subsidiaries are obligated to reimburse to Agent or any member of the Lender Group as a result of Agent or such member of the Lender Group purchasing
participations from, or executing guarantees or indemnities or reimbursement obligations to, a Bank Product Provider with respect to the Bank Products provided by such Bank Product Provider to Borrower or its Subsidiaries; provided,
however, in order for any item described in clauses (a), (b), or (c) above to constitute “Bank Product Obligations”, Agent shall have received a Bank Product Provider Letter Agreement duly executed by the Borrower and the
applicable Bank Product Provider with respect to the applicable Bank Product not less than 30 days after the provision of such Bank Product to Borrower or its Subsidiaries, or, if such Bank Product Agreement was entered into prior to the Closing
Date or prior to the date on which such Bank Product Provider or its Affiliate, as applicable, became a Lender under the Credit Agreement, not less than 30 days after the Closing Date or 30 days after the date on which such Bank Product Provider or
its Affiliate, as applicable, first became a Lender under the Credit Agreement, as applicable. 
 “Bank Product Provider”
means Wells Fargo, Bank of America, N.A, and each of their respective Affiliates. 
 “Bank Product Provider Letter
Agreement” means a letter agreement in substantially the form attached hereto as Exhibit B-2, in form and substance satisfactory to Agent, duly executed by the applicable Bank Product Provider and the Borrower. 
 “Bank Product Reserve” means, as of any date of determination, the amount of reserves that Agent has established (based upon the Bank
Product Providers’ reasonable determination of the credit exposure of Borrower and its Subsidiaries in respect of Bank Products) in respect of Bank Products then provided or outstanding. 
 “Bankruptcy Code” means title 11 of the United States Code, as in effect from time to time. 
 “Base LIBOR Rate” means the greater of (a) 2.00 percent per annum, and (b) the rate per annum rate appearing on Bloomberg
L.P.’s (the “Service”) Page BBAM1/(Official BBA USD Dollar Libor Fixings) (or on any successor or substitute page of such Service, or any successor to or substitute for such Service) 2 Business Days prior to the commencement of
the requested Interest Period, for a term and in an amount comparable to the Interest Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a conversion of a
Base Rate Loan to a LIBOR Rate Loan) by Borrower in accordance with the Agreement, which determination shall be conclusive in the absence of manifest error. 
 “Base Rate” means the greatest of (a) 3.50 percent per annum, (b) the Federal Funds Rate plus  1/2%, (c) the Base LIBOR Rate (which rate shall be calculated based upon an Interest Period of 3 months and shall be determined
on a daily basis), plus 1%, and (d) the rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime rate” is one of
Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its
announcement in such internal publications as Wells Fargo may designate. 
 “Base Rate Loan” means each portion of
the Advances that bears interest at a rate determined by reference to the Base Rate. 
 “Base Rate Margin” means 3.00
percentage points. 
 “Benefit Plan” means a “defined benefit plan” (as defined in Section 3(35) of ERISA)
for which Borrower or any of its Subsidiaries or ERISA Affiliates has been an “employer” (as defined in Section 3(5) of ERISA) within the past six years. 
  

 3 

 “Board of Directors” means the board of directors (or comparable managers) of Borrower
or any committee thereof duly authorized to act on behalf of the board of directors (or comparable managers). 
 “Borrower”
has the meaning specified therefor in the preamble to the Agreement. 
 “Borrowing” means a borrowing hereunder consisting
of Advances made on the same day by the Lenders (or Agent on behalf thereof), or by Swing Lender in the case of a Swing Loan, or by Agent in the case of a Protective Advance. 
 “Borrowing Base” means, as of any date of determination, the result of: 
 (a) 85% of the amount of Eligible Accounts, less the amount, if any, of the Dilution Reserve, plus 
 (b) 95% of the amount of Supplemental Cash Collateral, plus 
 (c) the lesser of 
 (i) the Eligible Real Property Sublimit, and 
 (ii) 60% of the Eligible Real Property Liquidation Value, less 
 (d) the sum of (i) the Bank Product Reserve, (ii) the Payroll Reserve, (iii) Real Property Reserve, and (iv) the aggregate amount of reserves, if any, established by Agent under
Section 2.1(c) of the Agreement. 
 “Borrowing Base Certificate” means a certificate in the form of Exhibit
B-1. 
 “Borrowing Base Party” means Borrower and such other Loan Parties as are acceptable to Agent from time to time,
subject to completion of a collateral audit with respect to such other Loan Parties, the results of which shall be satisfactory to the Agent. 
 “Business Day” means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close in the State of California, except that, if a determination of a Business Day shall relate to a
LIBOR Rate Loan, the term “Business Day” also shall exclude any day on which banks are closed for dealings in Dollar deposits in the London interbank market. 
 “Capital Expenditures” means, with respect to any Person for any period, the aggregate of all expenditures by such Person and its Subsidiaries during such period that are capital expenditures as
determined in accordance with GAAP, whether such expenditures are paid in cash or financed. 
 “Capitalized Lease
Obligation” means that portion of the obligations under a Capital Lease that is required to be capitalized in accordance with GAAP. 
 “Capital Lease” means a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. 
 “Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States or issued by any agency thereof and backed by the full faith and credit
of the United States, in each case maturing within 1 year from the date of acquisition thereof, (b) marketable direct obligations issued or fully guaranteed by any state of the United States or any political subdivision of any such state or any
public instrumentality thereof maturing within 1 year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either Standard & Poor’s Rating Group
(“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), (c) commercial paper maturing no more than 

  

 4 

 
270 days from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s,
(d) certificates of deposit, time deposits, overnight bank deposits or bankers’ acceptances maturing within 1 year from the date of acquisition thereof issued by any bank organized under the laws of the United States or any state thereof
or the District of Columbia or any United States branch of a foreign bank having at the date of acquisition thereof combined capital and surplus of not less than $250,000,000, (e) Deposit Accounts maintained with (i) any bank that
satisfies the criteria described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any state thereof so long as the full amount maintained with any such other bank is insured by the Federal
Deposit Insurance Corporation, (f) repurchase obligations of any commercial bank satisfying the requirements of clause (d) of this definition or recognized securities dealer having combined capital and surplus of not less than
$250,000,000, having a term of not more than seven days, with respect to securities satisfying the criteria in clauses (a) or (d) above, (g) debt securities with maturities of six months or less from the date of acquisition backed by
standby letters of credit issued by any commercial bank satisfying the criteria described in clause (d) above, (h) Investments in money market funds substantially all of whose assets are invested in the types of assets described in clauses
(a) through (g) above, and (i) money market funds that (x) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (y) are rated AAA by S&P and Aaa by Moody’s and
(z) have portfolio assets of at least $5,000,000,000. 
 “CFC” means a controlled foreign corporation (as that term is
defined in the IRC). 
 “Change of Control” means that (a) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), of all or substantially all of the properties or assets of the Borrower and its Subsidiaries, (b) the adoption of a plan relating to the liquidation or dissolution of the Borrower;
(c) the Borrower consolidates with, or merges with or into, any Person; (d) Borrower fails to own and control, directly or indirectly, 100% of the Stock of each other Loan Party, (e) any “person” or “group” (as
defined in Rule 13d-3 under the Exchange Act) becomes the beneficial owner (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of 50% or more of the Stock of Borrower having the right to vote for the election of members of the
Board of Directors, or (f) a majority of the members of the Board of Directors do not constitute Continuing Directors. 
 “Closing Date” means the date of the making of the initial Advance (or other extension of credit) hereunder. 
 “Code” means the California Uniform Commercial Code, as in effect from time to time. 
 “Collateral” means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by Borrower or its Subsidiaries in or upon which a Lien is granted by such Person in favor of Agent or the Lenders
under any of the Loan Documents. 
 “Collateral Access Agreement” means a landlord waiver, bailee letter, or acknowledgement
agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in Borrower’s or its Subsidiaries’ books and records, money, Equipment, or Inventory, in each
case, in form and substance reasonably satisfactory to Agent. 
 “Collateralized Portion” means, as of any date of
determination, an amount equal to the lesser of (i) $5,000,000, and (ii) the Borrowing Base attributable to Supplemental Cash Collateral on such date. 
 “Collections” means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds, cash proceeds of asset sales, rental proceeds, and tax refunds). 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C-1 delivered by the chief financial officer
of Borrower to Agent. 
  

 5 

 “Confidential Information” has the meaning specified therefor in
Section 17.9(a) of the Agreement. 
 “Consolidated Adjusted EBITDA” means for any period, Consolidated EBITDA
for such period, minus the sum of (a) income tax expense, determined on a consolidated basis in accordance with GAAP, (b) dividends and distributions paid to the Borrower’s shareholders, (c) cash paid for the redemption,
repurchase or retirement of Stock of the Borrower, and (d) Consolidated Unfinanced Capital Expenditures. 
 “Consolidated
EBITDA” means for any period, Consolidated Net Income for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax
expense, (b) interest expense (including fees for Letters of Credit payable pursuant to Section 2.11, but net of capitalized interest expense), (c) depreciation and amortization expense, (d) non-cash expenses resulting
from the grant of stock options or the issuance of restricted stock to employees of any Loan Party or its Subsidiaries and (e) any extraordinary or non-recurring non-cash expenses or losses, and minus, (a) to the extent included in the
statement of such Consolidated Net Income for such period, the sum of any extraordinary, unusual or non-recurring non-cash income or gains and (b) any cash payments made during such period in respect of items described in clause (e) above
subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis. For the purposes of calculating Consolidated EBITDA
for any period of four consecutive fiscal quarters (each, a “Reference Period”), if during such Reference Period any of the Loan Parties shall have made a Permitted Investment, Consolidated EBITDA for such Reference Period shall be
calculated after giving pro forma effect thereto as if such Permitted Investment occurred on the first day of such Reference Period, such pro forma calculations subject to the Agent’s approval. 
 “Consolidated Fixed Charge Coverage Ratio” means the ratio of (a) Consolidated Adjusted EBITDA to (b) Consolidated Fixed
Charges. 
 “Consolidated Fixed Charges” means for any four fiscal quarter period, the sum of the following, determined on a
consolidated basis in accordance with GAAP: (a) interest expense of the Borrower (including fees for Letters of Credit payable pursuant to Section 2.11 and (b) the aggregate amount of all required principal payments (including
the principal component of payments on Capital Lease Obligations) on Indebtedness of the Loan Parties and their Subsidiaries. 
 “Consolidated Net Income” means for any period, the consolidated net income (or loss) of the Borrower, determined on a consolidated basis in accordance with GAAP; provided, that there shall be excluded (a) the
income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than Subsidiary
of the Borrower) in which the Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Borrower or such Subsidiary in the form of dividends or similar distribution and
(c) the undistributed earnings of any Subsidiary of the Borrower to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation
(other than under any Loan Document) or Requirement of Law applicable to such Subsidiary. 
 “Consolidated Unfinanced Capital
Expenditures” means Capital Expenditures of the Borrower, determined on a consolidated basis in accordance with GAAP (other than Permitted Investments) that are not financed by Capital Lease Obligations or with the proceeds of interest
bearing, amortizing Indebtedness. 
 “Continuing Director” means (a) any member of the Board of Directors who was a
director (or comparable manager) of Borrower on the Closing Date, and (b) any individual who becomes a member of the Board of Directors after the Closing Date if such individual was approved, appointed or nominated for election to the Board of
Directors by either the Permitted Holders or a majority of the Continuing Directors, but excluding any such individual originally proposed for election in opposition to the Board of Directors in office 

  

 6 

 
at the Closing Date in an actual or threatened election contest relating to the election of the directors (or comparable managers) of Borrower and whose
initial assumption of office resulted from such contest or the settlement thereof. 
 “Control Agreement” means a control
agreement, in form and substance reasonably satisfactory to Agent, executed and delivered by Borrower or one of its Subsidiaries, Agent, and the applicable securities intermediary (with respect to a Securities Account) or bank (with respect to a
Deposit Account). 
 “Controlled Account Agreement” has the meaning specified therefor in the Security Agreement.

 “Copyright Security Agreement” has the meaning specified therefor in the Security Agreement. 
 “Daily Balance” means, as of any date of determination and with respect to any Obligation, the amount of such Obligation owed at the end
of such day. 
 “Default” means an event, condition, or default that, with the giving of notice, the passage of time, or
both, would be an Event of Default. 
 “Defaulting Lender” means any Lender that fails to make any Advance (or other
extension of credit) that it is required to make hereunder on the date that it is required to do so hereunder. 
 “Defaulting Lender
Rate” means (a) for the first 3 days from and after the date the relevant payment is due, the Base Rate, and (b) thereafter, the interest rate then applicable to Advances that are Base Rate Loans (inclusive of the Base Rate Margin
applicable thereto). 
 “Deposit Account” means any deposit account (as that term is defined in the Code). 
 “Designated Account” means the Deposit Account of Borrower identified on Schedule D-1. 
 “Designated Account Bank” has the meaning specified therefor in Schedule D-1. 
 “Dilution” means, as of any date of determination, a percentage, based upon the experience of the immediately prior 90 consecutive days,
that is the result of dividing the Dollar amount of (a) bad debt write-downs, discounts, advertising allowances, credits, or other dilutive items with respect to Borrower’s Accounts during such period, by (b) Borrower’s billings
with respect to Accounts during such period. 
 “Dilution Reserve” means, as of any date of determination, an amount
sufficient to reduce the advance rate against Eligible Accounts by 1 percentage point for each percentage point by which Dilution is in excess of 5%. 
 “Dollars” or “$” means United States dollars. 
 “EBITDA”
means, with respect to any fiscal period, Borrower’s consolidated net earnings (or loss), minus extraordinary gains, interest income, plus non-cash extraordinary losses, interest expense, income taxes, and depreciation and amortization for such
period, in each case, determined on a consolidated basis in accordance with GAAP. 
 “Eligible Accounts” means those
Accounts created by a Borrowing Base Party organized in the United States (or Puerto Rico) in the ordinary course of its business, that arise out of such Borrowing Base Party’s rendition of services in the United States (or Puerto Rico), that
comply with each of the representations and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided,
however, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of 

  

 7 

 
any audit performed by Agent from time to time after the Closing Date. In determining the amount to be included, Eligible Accounts shall be calculated net of
customer deposits and unapplied cash. Eligible Accounts shall not include the following: 
 (a) Accounts that the Account Debtor has failed
to pay within 90 days of original invoice date or Accounts with selling terms of more than 60 days, 
 (b) Accounts owed by an Account Debtor
(or its Affiliates) where 50% or more of all Accounts owed by that Account Debtor (or its Affiliates) are deemed ineligible under clause (a) above, 
 (c) Accounts with respect to which the Account Debtor is an Affiliate of a Borrowing Base Party or an employee or agent of a Borrowing Base Party or any Affiliate of a Borrowing Base Party, 
 (d) Accounts arising in a transaction wherein goods are placed on consignment or are sold pursuant to a guaranteed sale, a sale or return, a sale on
approval, a bill and hold, or any other terms by reason of which the payment by the Account Debtor may be conditional, 
 (e) Accounts that
are not payable in Dollars, 
 (f) Accounts with respect to which the Account Debtor either (i) maintains its principal offices or
assets outside of the United States or Puerto Rico, or (ii) is not organized under the laws of the United States or any state thereof or Puerto Rico, or (iii) is the government of any foreign country or sovereign state, or of any state,
province, municipality, or other political subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof, unless (y) the Account is supported by an irrevocable letter of credit reasonably satisfactory
to Agent (as to form, substance, and issuer or domestic confirming bank) that has been delivered to Agent and is directly drawable by Agent, or (z) the Account is covered by credit insurance in form, substance, and amount, and by an insurer,
reasonably satisfactory to Agent, 
 (g) Accounts with respect to which the Account Debtor is either (i) the United States or any
department, agency, or instrumentality of the United States (exclusive, however, of Accounts with respect to which the applicable Borrowing Base Party has complied, to the reasonable satisfaction of Agent, with the Assignment of Claims Act, 31 USC
§3727), or (ii) any state of the United States, 
 (h) Accounts with respect to which the Account Debtor is a creditor of a
Borrowing Base Party, has or has asserted a right of setoff, or has disputed its obligation to pay all or any portion of the Account, to the extent of such claim, right of setoff, or dispute, 
 (i) Accounts with respect to an Account Debtor whose total obligations owing to the Borrowing Base Parties exceed 10%; provided, however,
that such percentage with respect to Accounts owed by Boeing Corporation shall be 15% (such percentage, as applied to a particular Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such
Account Debtor deteriorates) of all Eligible Accounts, to the extent of the obligations owing by such Account Debtor in excess of such percentage; provided further, however, that, in each case, the amount of Eligible Accounts
that are excluded because they exceed the foregoing percentage shall be determined by Agent based on all of the otherwise Eligible Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit, 
 (j) Accounts with respect to which the Account Debtor is subject to an Insolvency Proceeding, is not Solvent, has gone out of business, or as to which
any Borrowing Base Party has received notice of an imminent Insolvency Proceeding or a material impairment of the financial condition of such Account Debtor, 
 (k) Accounts, the collection of which, Agent, in its Permitted Discretion, believes to be doubtful by reason of the Account Debtor’s financial condition (provided, that Agent shall endeavor to notify Borrower at
or before the time it determines that the Accounts of such Account Debtor are ineligible, but a failure of 

  

 8 

 
Agent to so notify Borrower shall not be a breach of this Agreement and shall not cause such determination by Agent to be ineffective); 
 (l) Accounts that are not subject to a valid and perfected first priority Agent’s Lien, 
 (m) Accounts with respect to which the services giving rise to such Account have not been performed and billed to the Account Debtor, 
 (n) Accounts with respect to which the Account Debtor is a Sanctioned Person or Sanctioned Entity, 
 (o) Accounts with respect to which a performance, surety, or completion bond, or the like, has been issued , or 
 (p) Accounts that represent the right to receive progress payments or other advance billings that are due prior to the completion of performance by the
applicable Borrowing Base Party of the subject contract for services. 
 “Eligible Real Property” means the Real Property
Collateral located at 1015 A Street, Tacoma, Washington 98402. 
 “Eligible Real Property Liquidation Value” means the value
of the Eligible Real Property that is estimated to be recoverable in an liquidation of the Eligible Real Property net of all associated costs and expenses of such liquidation, as such value is determined from time to time by an appraisal which
appraisal and appraiser conducting such appraisal shall be acceptable to Agent in its Permitted Discretion. In the event that the Eligible Real Property is subject to (i) any involuntary condemnation, transfer under threat of condemnation,
seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property, or (ii) any damage or destruction covered by insurance, the value of the Eligible Real Property shall be reduced by
100% of the proceeds of such condemnation or casualty if such proceeds are not used to rebuild or rehabilitate the Eligible Real Property; provided, that upon the receipt by Agent of an appraisal of the Eligible Real Property (which appraisal
and appraiser conducting such appraisal shall be acceptable to Agent in its Permitted Discretion), conducted subsequent to such condemnation or casualty, such value shall be determined based on the value of the Eligible Real Property as set forth in
the prior sentence. 
 “Eligible Real Property Sublimit” means $12,000,000; provided that, commencing October 1,
2009 and continuing on the first day of each calendar quarter thereafter such amount shall be reduced by $300,000 per quarter. In the event that the Eligible Real Property is subject to (i) any involuntary condemnation, transfer under threat of
condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property, or (ii) any damage or destruction in excess of $200,000 during any 12-month period covered by
insurance, the Eligible Real Property Sublimit then in effect shall be reduced by 60% of the proceeds of such condemnation or casualty so long as such proceeds are not used to rebuild or rehabilitate the Eligible Real Property and reductions to such
sublimit as set forth in the prior sentence shall continue thereafter. 
 “Environmental Action” means any written
complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party involving
violations of Environmental Laws or releases of Hazardous Materials (a) from any assets, properties, or businesses of any Borrower, any Subsidiary of a Borrower, or any of their predecessors in interest, (b) from adjoining properties or
businesses, or (c) from or onto any facilities which received Hazardous Materials generated by any Borrower, any Subsidiary of a Borrower, or any of their predecessors in interest. 
  

 9 

 “Environmental Indemnity” means, individually and collectively, one or more
environmental indemnities, executed and delivered by Borrower or its Subsidiaries in favor of Agent, in form and substance reasonably satisfactory to Agent, with respect to the Real Property Collateral. 
 “Environmental Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation, ordinance, code,
binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and in each case as amended, or any judicial or administrative interpretation thereof, including any judicial or
administrative order, consent decree or judgment, in each case, to the extent binding on Borrower or its Subsidiaries, relating to the environment, the effect of the environment on employee health, or Hazardous Materials, in each case as amended
from time to time. 
 “Environmental Liabilities” means all liabilities, monetary obligations, losses, damages, punitive
damages, consequential damages, treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and
interest incurred as a result of any claim or demand, or Remedial Action required, by any Governmental Authority or any third party, and which relate to any Environmental Action. 
 “Environmental Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities. 
 “Equipment” means equipment (as that term is defined in the Code). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto. 
 “ERISA Affiliate” means (a) any Person subject to ERISA whose employees are treated as employed by the same employer as the
employees of Borrower or its Subsidiaries under IRC Section 414(b), (b) any trade or business subject to ERISA whose employees are treated as employed by the same employer as the employees of Borrower or its Subsidiaries under IRC
Section 414(c), (c) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any organization subject to ERISA that is a member of an affiliated service group of which Borrower or any of its Subsidiaries is a
member under IRC Section 414(m), or (d) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any Person subject to ERISA that is a party to an arrangement with Borrower or any of its Subsidiaries and whose
employees are aggregated with the employees of Borrower or its Subsidiaries under IRC Section 414(o). 
 “Event of
Default” has the meaning specified therefor in Section 8 of the Agreement. 
 “Excess Availability”
means, as of any date of determination, the amount equal to Availability minus (i) the aggregate amount, if any, of all trade payables of Borrower and its Subsidiaries aged in excess of historical levels with respect thereto and
(ii) all book overdrafts of Borrower and its Subsidiaries in excess of historical practices with respect thereto, in each case as determined by Agent in its Permitted Discretion; provided, however, that the deduction set forth in
clause (i) above shall be excluded as of any such date of determination if on such date Borrower or the applicable Subsidiary is protesting the validity of such trade payable and any such protest is instituted promptly and prosecuted diligently
by Borrower or such Subsidiary in good faith. 
 “Exchange Act” means the Securities Exchange Act of 1934, as in effect from
time to time. 
 “Excluded Subsidiary” means each of (i) Inactive Subsidiaries, (ii) Labor Ready Canada,
(iii) PAC, (iv) PlaneTechs of Puerto Rico, Inc., a Tennessee corporation, and (v) any Subsidiary of a Loan Party which is a CFC but is not required to become a Loan Party under Section 5.11. 
  

 10 

 “Existing Credit Facility” means that certain credit facility provided to Borrower by
Existing Lender. 
 “Existing Lender” means collectively, the lenders party to that certain Amended and Restated Credit
Agreement, dated as of April 15, 2008, between Borrower, such lenders and Wells Fargo, as agent for such lenders. 
 “Existing
Letters of Credit” means the letters of credit set forth on Schedule E-1. 
 “Extraordinary Receipts” means
any cash received by Borrower or any of its Subsidiaries not in the ordinary course of business (and not consisting of proceeds described in Section 2.4(e)(ii) of the Agreement) consisting of (a) proceeds of judgments, proceeds of
settlements or other consideration of any kind in connection with any cause of action, (b) indemnity payments (other than to the extent such indemnity payments are (i) immediately payable to a Person that is not an Affiliate of Borrower or
any of its Subsidiaries, or (ii) received by Borrower or any of its Subsidiaries as reimbursement for any payment previously made to such Person), and (c) any purchase price adjustment (other than a working capital adjustment) received in
connection with any purchase agreement. 
 “Fee Letter” means that certain fee letter between Borrower and Agent, in form
and substance reasonably satisfactory to Agent. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate
per annum equal to, for each day during such period, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of recognized
standing selected by it. 
 “Foreign Lender” means any Lender or Participant that is not a United States person within the
meaning of IRC section 7701(a)(30). 
 “Funding Date” means the date on which a Borrowing occurs. 
 “Funding Losses” has the meaning specified therefor in Section 2.12(b)(ii) of the Agreement. 
 “GAAP” means generally accepted accounting principles as in effect from time to time in the United States, consistently applied.

 “Governing Documents” means, with respect to any Person, the certificate or articles of incorporation, by-laws, or other
organizational documents of such Person. 
 “Governmental Authority” means any federal, state, local, or other governmental
or administrative body, instrumentality, board, department, or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body. 
 “Guarantors” means (a) each Subsidiary of Borrower on the Closing Date, other than a Restricted Subsidiary, and (b) each other
Person that becomes a guarantor after the Closing Date pursuant to Section 5.11 of the Agreement, and “Guarantor” means any one of them. 
 “Guaranty” means that certain general continuing guaranty executed and delivered by each Guarantor in favor of Agent, for the benefit of the Lender Group and the Bank Product Providers, in form and
substance reasonably satisfactory to Agent. 
  

 11 

 “Hazardous Materials” means (a) substances that are defined or listed in, or
otherwise classified pursuant to, any applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or any other formulation intended to define, list,
or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum, or petroleum derived substances, natural gas,
natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances or explosives or
any radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million. 
 “Hedge Agreement” means any and all agreements or documents now existing or hereafter entered into by Borrower or any of its
Subsidiaries that provide for an interest rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange transaction, currency swap, cross currency rate swap, currency option, or any combination of, or option with respect to,
these or similar transactions, for the purpose of hedging Borrower’s or any of its Subsidiaries’ exposure to fluctuations in interest or exchange rates, loan, credit exchange, security, or currency valuations or commodity prices.

 “Holdout Lender” has the meaning specified therefor in Section 14.2(a) of the Agreement. 
 “Inactive Subsidiary” means each of (i) Labour Ready Temporary Services, Ltd., a company organized under the laws of the United
Kingdom, (ii) Labour Ready Temporary Services, Ltd. a company organized under the laws of Ireland, (iii) Contractors Labor Pool, Inc., a Nevada corporation, (iv) Drivers on Demand, LLC, a Washington limited liability company,
(v) Labor Ready GP Co., Inc., a Washington corporation, (vi) Labor Ready Funding, a Delaware; (vii) Labor Ready Franchise Development Corp., Inc. a Washington corporation; and (viii) PlaneTechs of Puerto Rico, Inc., a Tennessee
corporation. 
 “Indebtedness” means (a) all obligations for borrowed money, (b) all obligations evidenced by
bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, or other financial products, (c) all obligations as a lessee under Capital Leases,
(d) all obligations or liabilities of others secured by a Lien on any asset of a Person, irrespective of whether such obligation or liability is assumed, (e) all obligations to pay the deferred purchase price of assets (other than trade
payables incurred in the ordinary course of business and repayable in accordance with customary trade practices), (f) all obligations owing under Hedge Agreements (which amount shall be calculated based on the amount that would be payable by
such Person if the Hedge Agreement were terminated on the date of determination), (g) any Prohibited Preferred Stock, and (h) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed,
co-made, discounted, or sold with recourse) any obligation of any other Person that constitutes Indebtedness under any of clauses (a) through (g) above. For purposes of this definition, (i) the amount of any Indebtedness represented
by a guaranty or other similar instrument shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument
embodying such Indebtedness, and (ii) the amount of any Indebtedness described in clause (d) above shall be the lower of the amount of the obligation and the fair market value of the assets securing such obligation. 
 “Indemnified Liabilities” has the meaning specified therefor in Section 10.3 of the Agreement. 
 “Indemnified Person” has the meaning specified therefor in Section 10.3 of the Agreement. 
 “Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any
other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar
relief. 
  

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 “Intercompany Subordination Agreement” means a subordination agreement executed and
delivered by Borrower, each of its Subsidiaries, and Agent, the form and substance of which is reasonably satisfactory to Agent. 
 “Interest Expense” means, for any period, the aggregate of the interest expense of Borrower for such period, determined on a consolidated basis in accordance with GAAP. 
 “Interest Period” means, with respect to each LIBOR Rate Loan, a period commencing on the date of the making of such LIBOR Rate Loan (or
the continuation of a LIBOR Rate Loan or the conversion of a Base Rate Loan to a LIBOR Rate Loan) and ending 1, 2, or 3 months thereafter; provided, however, that (a) interest shall accrue at the applicable rate based upon the
LIBOR Rate from and including the first day of each Interest Period to, but excluding, the day on which any Interest Period expires, (b) any Interest Period that would end on a day that is not a Business Day shall be extended to the next
succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day, (c) with respect to an Interest Period that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period), the Interest Period shall end on the last Business Day of the calendar month that is 1, 2, or 3 months after
the date on which the Interest Period began, as applicable, and (d) Borrower may not elect an Interest Period which will end after the Maturity Date. 
 “Inventory” means inventory (as that term is defined in the Code). 
 “Investment” means, with respect to any Person, any investment by such Person in any other Person (including Affiliates) in the form of loans, guarantees, advances, capital contributions (excluding (a) commission,
travel, and similar advances to officers and employees of such Person made in the ordinary course of business, and (b) bona fide Accounts arising in the ordinary course of business consistent with past practice), or acquisitions of
Indebtedness, Stock, or all or substantially all of the assets of such other Person (or of any division or business line of such other Person), and any other items that are or would be classified as investments on a balance sheet prepared in
accordance with GAAP. 
 “IRC” means the Internal Revenue Code of 1986, as in effect from time to time. 
 “Issuing Lender” means WFF or any other Lender that, at the request of Borrower and with the consent of Agent, agrees, in such
Lender’s sole discretion, to become an Issuing Lender for the purpose of issuing Letters of Credit or Reimbursement Undertakings pursuant to Section 2.11 of the Agreement. 
 “Labor Ready Canada” means Labor Ready Temporary Services, Ltd., an extra-provincial corporation. 
 “Lender” and “Lenders” have the respective meanings set forth in the preamble to the Agreement, and shall include any
other Person made a party to the Agreement in accordance with the provisions of Section 13.1 of the Agreement. 
 “Lender
Group” means each of the Lenders (including the Issuing Lender) and Agent, or any one or more of them. 
 “Lender Group
Expenses” means all (a) costs or expenses (including taxes and insurance premiums) required to be paid by Borrower or its Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by the Lender Group,
(b) out-of-pocket fees or charges paid or incurred by Agent in connection with the Lender Group’s transactions with Borrower or its Subsidiaries under any of the Loan Documents, including, fees or charges for photocopying, notarization,
couriers and messengers, telecommunication, public record searches (including tax lien, litigation, and UCC searches and including searches with the patent and trademark office, or the copyright office), filing, recording, publication, appraisal
(including periodic collateral 

  

 13 

 
appraisals or business valuations to the extent of the fees and charges (and up to the amount of any limitation) contained in the Agreement or the Fee
Letter), real estate surveys, real estate title policies and endorsements, and environmental audits, (c) out-of-pocket costs and expenses incurred by Agent in the disbursement of funds to Borrower or other members of the Lender Group (by wire
transfer or otherwise), (d) out-of-pocket charges paid or incurred by Agent resulting from the dishonor of checks payable by or to any Loan Party, (e) reasonable out-of-pocket costs and expenses paid or incurred by the Lender Group to
correct any default or enforce any provision of the Loan Documents, or during the continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell
the Collateral, or any portion thereof, irrespective of whether a sale is consummated, (f) reasonable out-of-pocket audit fees and expenses (including travel, meals, and lodging) of Agent related to any inspections or audits to the extent of
the fees and charges (and up to the amount of any limitation) contained in the Agreement or the Fee Letter, (g) reasonable out-of-pocket costs and expenses of third party claims or any other suit paid or incurred by the Lender Group in
enforcing or defending the Loan Documents or in connection with the transactions contemplated by the Loan Documents or the Lender Group’s relationship with Borrower or any of its Subsidiaries, (h) Agent’s reasonable costs and expenses
(including reasonable attorneys fees) incurred in advising, structuring, drafting, reviewing, administering (including travel, meals, and lodging), syndicating, or amending the Loan Documents, and (i) Agent’s and each Lender’s
reasonable costs and expenses (including reasonable attorneys, accountants, consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and expenses
incurred in connection with a “workout,” a “restructuring,” or an Insolvency Proceeding concerning Borrower or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan
Documents, irrespective of whether suit is brought, or in taking any Remedial Action concerning the Collateral. 
 “Lender Group
Representatives” has the meaning specified therefor in Section 17.9 of the Agreement. 
 “Lender-Related
Person” means, with respect to any Lender, such Lender, together with such Lender’s Affiliates, officers, directors, employees, attorneys, and agents. 
 “Letter of Credit” means a letter of credit issued by Issuing Lender or a letter of credit issued by Underlying Issuer, as the context requires, including the Existing Letters of Credit. 

“Letter of Credit Collateralization” means either (a) providing cash collateral (pursuant to documentation reasonably
satisfactory to Agent, including provisions that specify that the Letter of Credit fee and all usage charges set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the benefit of those
Lenders with a Revolver Commitment in an amount that, when added to any Supplemental Cash Collateral already held by Agent, is equal to 105% of the then existing Letter of Credit Usage, (b) causing the Letters of Credit to be returned to the
Issuing Lender, or (c) providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent (in its sole discretion) in an amount equal to 105% of the then existing
Letter of Credit Usage (it being understood that the Letter of Credit fee and all usage charges set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue must be an amount that
can be drawn under any such standby letter of credit). 
 “Letter of Credit Disbursement” means a payment made by Issuing
Lender or Underlying Issuer pursuant to a Letter of Credit. 
 “Letter of Credit Usage” means, as of any date of
determination, the aggregate undrawn amount of all outstanding Letters of Credit. 
 “LIBOR Deadline” has the meaning
specified therefor in Section 2.12(b)(i) of the Agreement. 
 “LIBOR Notice” means a written notice in the form
of Exhibit L-1. 
  

 14 

 “LIBOR Option” has the meaning specified therefor in Section 2.12(a) of the
Agreement. 
 “LIBOR Rate” means, for each Interest Period for each LIBOR Rate Loan, the rate per annum determined by Agent
by dividing (a) the Base LIBOR Rate for such Interest Period, by (b) 100% minus the Reserve Percentage. The LIBOR Rate shall be adjusted on and as of the effective day of any change in the Reserve Percentage. 
 “LIBOR Rate Loan” means each portion of an Advance that bears interest at a rate determined by reference to the LIBOR Rate. 

“LIBOR Rate Margin” means 3.00 percentage points. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory or other), security interest, or other security
arrangement and any other preference, priority, or preferential arrangement of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor under a Capital Lease and any
synthetic or other financing lease having substantially the same economic effect as any of the foregoing. 
 “Loan Account”
has the meaning specified therefor in Section 2.9 of the Agreement. 
 “Loan Documents” means the Agreement, the
Bank Product Agreements, any Borrowing Base Certificate, the Controlled Account Agreements, the Control Agreements, the Copyright Security Agreement, the Environmental Indemnities, the Fee Letter, the Guaranty, the Intercompany Subordination
Agreement, the Letters of Credit, the Mortgages, the Patent Security Agreement, the Security Agreement, the Trademark Security Agreement, any note or notes executed by Borrower in connection with the Agreement and payable to any member of the Lender
Group, any letter of credit application entered into by Borrower in connection with the Agreement, and any other agreement entered into, now or in the future, by Borrower or any of its Subsidiaries and any member of the Lender Group in connection
with the Agreement. 
 “Loan Party” means Borrower or any Guarantor. 
 “LRAC” means Labor Ready Assurance Company, a company organized under the laws of the Cayman Islands. 
 “Margin Stock” as defined in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time to time.

 “Material Adverse Change” means (a) a material adverse change in the business, operations, results of operations,
assets, liabilities or condition (financial or otherwise) of Borrower and its Subsidiaries, taken as a whole, (b) a material impairment of (i) Borrower’s and its Subsidiaries ability to perform their obligations under the Loan
Documents to which they are parties or (ii) of the Lender Group’s ability to enforce the Obligations or realize upon the Collateral, or (c) a material impairment of the enforceability or priority of Agent’s Liens with respect to
the Collateral as a result of an action or failure to act on the part of Borrower or its Subsidiaries. 
 “Material
Contract” means, with respect to any Person, (i) each contract or agreement to which such Person or any of its Subsidiaries is a party involving aggregate consideration payable to or by such Person or such Subsidiary of $5,000,000 or
more (other than purchase orders in the ordinary course of the business of such Person or such Subsidiary and other than contracts that by their terms may be terminated by such Person or Subsidiary in the ordinary course of its business upon less
than 60 days notice without penalty or premium), and (ii) all other contracts or agreements, the loss of which could reasonably be expected to result in a Material Adverse Change. 
  

 15 

 “Maturity Date” has the meaning specified therefor in Section 3.3 of the
Agreement. 
 “Maximum Revolver Amount” means $80,000,000, decreased by the amount of reductions in the Revolver Commitments
made in accordance with Section 2.4(c) of the Agreement. 
 “Moody’s” has the meaning specified therefor in
the definition of Cash Equivalents. 
 “Mortgage Policy” has the meaning specified therefor in Schedule 3.1(v).

 “Mortgages” means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt,
executed and delivered by Borrower or its Subsidiaries in favor of Agent, in form and substance reasonably satisfactory to Agent, that encumber the Real Property Collateral. 
 “Obligations” means (a) all loans, Advances, debts, principal, interest (including any interest that accrues after the commencement
of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), contingent reimbursement or indemnification obligations with respect to Reimbursement Undertakings or with
respect to Letters of Credit, premiums, liabilities (including all amounts charged to the Loan Account pursuant to the Agreement), obligations (including indemnification obligations), fees (including the fees provided for in the Fee Letter), Lender
Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), guaranties, covenants, and
duties of any kind and description owing by Borrower to the Lender Group pursuant to or evidenced by the Loan Documents and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due,
now existing or hereafter arising, and including all interest not paid when due and all other expenses or other amounts that Borrower is required to pay or reimburse by the Loan Documents or by law or otherwise in connection with the Loan Documents,
and (b) all Bank Product Obligations. Any reference in the Agreement or in the Loan Documents to the Obligations shall include all or any portion thereof and any extensions, modifications, renewals, or alterations thereof, both prior and
subsequent to any Insolvency Proceeding. 
 “OFAC” means The Office of Foreign Assets Control of the U.S. Department of the
Treasury. 
 “Originating Lender” has the meaning specified therefor in Section 13.1(e) of the Agreement.

 “Overadvance” has the meaning specified therefor in Section 2.5 of the Agreement. 
 “PAC” means TrueBlue, Inc., PAC, a Nevada corporation. 
 “Parking Lease” that certain Parking Agreement, dated December 4, 2000, entered into by Borrower and the City of Tacoma, as amended by that certain First Amendment to Parking Agreement, dated
April 27, 2006. 
 “Participant” has the meaning specified therefor in Section 13.1(e) of the Agreement.

 “Participant Register” has the meaning set forth in Section 13.1(i) of the Agreement. 
 “Patent Security Agreement” has the meaning specified therefor in the Security Agreement. 
 “Patriot Act” has the meaning specified therefor in Section 4.18 of the Agreement. 
 “Payoff Date” means the first date on which all of the Obligations are paid in full and the Commitments of the Lenders are terminated.

  

 16 

 “Payroll Period” means, as of any date of determination, the number of days of work for
which Loan Party pays its temporary employees on a regular basis. By way of example, as of the Closing Date, the Payroll Period for the Labor Ready Loan Parties is 1 Business Day and for the remaining Loan Parties, is 5 Business Days. 
 “Payroll Reserve” means, as of any date of determination, amount equal to the aggregate amount of payroll, payroll taxes and per diem
expense reimbursements applicable to the Loan Parties in respect of their temporary employees; with such calculation being made on the basis of the normal Payroll Period then in effect for each such Loan Party. 
 “Permitted Acquisition” means any Acquisition (excluding an Approved Customer List Acquisition) so long as: 
 (a) no Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition and the
proposed Acquisition is consensual, 
 (b) no Indebtedness will be incurred, assumed, or would exist with respect to Borrower or its
Subsidiaries as a result of such Acquisition, other than Indebtedness permitted under clauses (f), (g), (n), (o), (p), or (q) of the definition of Permitted Indebtedness and no Liens will be incurred, assumed, or would exist with respect to the
assets of Borrower or its Subsidiaries as a result or such Acquisition other than Permitted Liens, 
 (c) Immediately before and after giving
effect to the consummation of the proposed Acquisition, no Primary Triggering Event has occurred, 
 (d) the assets being acquired or the
Person whose Stock is being acquired did not have negative EBITDA during the 12 consecutive month period most recently concluded prior to the date of the proposed Acquisition, 
 (e) Borrower has provided Agent with written notice of the proposed Acquisition at least 15 Business Days prior to the anticipated closing date of the
proposed Acquisition and, not later than 5 Business Days prior to the anticipated closing date of the proposed Acquisition, copies of the acquisition agreement and other material documents relative to the proposed Acquisition, which agreement and
documents and Borrower’s supporting calculations in respect thereto, must be reasonably acceptable to Agent for the purpose of confirming that the proposed Acquisition is, in fact, a Permitted Acquisition, 
 (f) the assets being acquired (other than a de minimis amount of assets in relation to Borrower’s and its Subsidiaries’ total assets),
or the Person whose Stock is being acquired, are useful in or engaged in, as applicable, the business of Borrower and its Subsidiaries or a business reasonably related thereto, 
 (g) the assets being acquired (other than a de minimis amount of assets in relation to the assets being acquired) are located within the United
States or the Person whose Stock is being acquired is organized in a jurisdiction located within the United States, 
 (h) the subject assets
or Stock, as applicable, are being acquired directly by a Loan Party, and, in connection therewith, the applicable Loan Party shall have complied with Section 5.11 or 5.12, as applicable, of the Agreement, and 
 (i) the purchase consideration payable in respect of all Permitted Acquisitions (including the proposed Acquisition and including deferred payment
obligations) shall not exceed $10,000,000 in the aggregate in any 12 month period. 
  

 17 

 “Permitted Discretion” means a determination made in the exercise of reasonable (from
the perspective of a secured lender) business judgment. 
 “Permitted Dispositions” means: 
 (a) sales, abandonment, or other dispositions of Equipment that is substantially worn, damaged, or obsolete in the ordinary course of business,

 (b) sales of Inventory to buyers in the ordinary course of business, 
 (c) the use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of the Agreement or the other Loan Documents,

 (d) the licensing, on a non-exclusive basis, of patents, trademarks, copyrights, and other intellectual property rights in the ordinary
course of business, 
 (e) the granting of Permitted Liens, 
 (f) the sale or discount, in each case without recourse, of Accounts arising in the ordinary course of business, but only in connection with the compromise or collection thereof, 
 (g) any involuntary loss, damage or destruction of property, 
 (h) any involuntary condemnation, transfer under threat of condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property, 
 (i) the leasing or subleasing of assets of Borrower or its Subsidiaries in the ordinary course of business, 
 (j) the sale or issuance of Stock (other than Prohibited Preferred Stock) of Borrower, 
 (k) the lapse of registered patents, trademarks and other intellectual property of Borrower and its Subsidiaries to the extent not economically desirable
in the conduct of their business and so long as such lapse is not materially adverse to the interests of the Lenders, 
 (l) the making of a
Restricted Junior Payment that is expressly permitted to be made pursuant to the Agreement, 
 (m) the making of a Permitted Investment,

 (n) dispositions of assets acquired by Borrower and its Subsidiaries pursuant to a Permitted Acquisition consummated within 12 months of
the date of the proposed Disposition (the “Subject Permitted Acquisition”) so long as (i) the consideration received for the assets to be so disposed is at least equal to the fair market value thereof, (ii) the assets to
be so disposed are not necessary or economically desirable in connection with the business of Borrower and its Subsidiaries, and (iii) the assets to be so disposed are readily identifiable as assets acquired pursuant to the subject Permitted
Acquisition, and 
 (o) dispositions of assets (other than Material Contracts) not otherwise permitted in clauses (a) through
(n) above so long as (y) the aggregate fair market value of all assets disposed of in all such dispositions under this clause (o) in any 12-month period (including the proposed disposition) would not exceed $500,000 during any
12-month period, and (z) no Default or Event of Default has occurred and is continuing at the time of such disposition or will result therefrom. 
  

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 “Permitted Holder” means the Person identified on Schedule P-1. 
 “Permitted Indebtedness” means: 
 (a) Indebtedness evidenced by the Agreement and the other Loan Documents, together with Indebtedness owed to Underlying Issuers with respect to Underlying Letters of Credit, 
 (b) Indebtedness set forth on Schedule 4.19 and any Refinancing Indebtedness in respect of such Indebtedness, 
 (c) Permitted Purchase Money Indebtedness and any Refinancing Indebtedness in respect of such Indebtedness, 
 (d) endorsement of instruments or other payment items for deposit, 
 (e) Indebtedness consisting of (i) unsecured guarantees incurred in the ordinary course of business with respect to surety and appeal bonds, performance bonds, bid bonds, appeal bonds, completion guarantee and
similar obligations; (ii) unsecured guarantees arising with respect to customary indemnification obligations to purchasers in connection with Permitted Dispositions; and (iii) unsecured guarantees with respect to Indebtedness of Borrower
or one of its Subsidiaries, to the extent that the Person that is obligated under such guaranty could have incurred such underlying Indebtedness, 
 (f) Indebtedness incurred in the ordinary course of business under performance, surety, statutory, and appeal bonds, 
 (g)
Indebtedness owed to any Person providing property, casualty, liability, or other insurance to Borrower or any of its Subsidiaries, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be
incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year, 
 (h) the incurrence by Borrower or its Subsidiaries of Indebtedness under Hedge Agreements that are incurred for the bona fide purpose of hedging the interest rate or foreign currency risk associated with
Borrower’s and its Subsidiaries’ operations and not for speculative purposes, 
 (i) unsecured Indebtedness incurred in respect of
netting services, overdraft protection, and other like services, in each case, incurred in the ordinary course of business, 
 (j) unsecured
Indebtedness of Borrower owing to former employees, officers, or directors (or any spouses, ex-spouses, or estates of any of the foregoing) incurred in connection with the repurchase by Borrower of the Stock of Borrower that has been issued to such
Persons, so long as (i) no Default or Event of Default has occurred and is continuing or would result from the incurrence of such Indebtedness, (ii) the aggregate amount of all such Indebtedness outstanding at any one time does not exceed
$500,000, and (iii) such Indebtedness is subordinated to the Obligations on terms and conditions reasonably acceptable to Agent, 
 (k)
Indebtedness composing Permitted Investments, 
 (l) Indebtedness in connection with the deferred purchase price of Approved Customer List
Acquisitions, 
 (m) Reimbursement obligations of WAHI and LRAC under letters of credit issued for the account of WAHI or LRAC to the extent
such letters of credit are secured by Cash or Cash Equivalent pledged to secure only the reimbursement obligations with respect to such letters of credit, 
  

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 (n) unsecured Indebtedness of Borrower that is incurred on the date of the consummation of a Permitted
Acquisition solely for the purpose of consummating such Permitted Acquisition so long as (i) no Event of Default has occurred and is continuing or would result therefrom, (ii) such unsecured Indebtedness is not incurred for working capital
purposes, (iii) such unsecured Indebtedness does not mature prior to the date that is 12 months after the Maturity Date, (iv) such Indebtedness is subordinated in right of payment to the Obligations on terms and conditions reasonably
satisfactory to Agent, and (v) the only interest that accrues with respect to such Indebtedness is payable in kind, 
 (o) unsecured
Indebtedness owing to sellers of assets or Stock to a Loan Party that is incurred by the applicable Loan Party in connection with the consummation of one or more Permitted Acquisitions so long as (i) the aggregate principal amount for all such
unsecured Indebtedness does not exceed $1,000,000 at any one time outstanding, (ii) is subordinated to the Obligations on terms and conditions reasonably acceptable to Agent, and (iii) is otherwise on terms and conditions (including all
economic terms and the absence of covenants) reasonably acceptable to Agent, 
 (p) contingent liabilities in respect of any indemnification
obligation, adjustment of purchase price, non-compete, or similar obligation of Borrower or the applicable Loan Party incurred in connection with the consummation of one or more Permitted Acquisitions, 
 (q) Acquired Indebtedness in an amount not to exceed $2,000,000 outstanding at any one time, 
 (r) Indebtedness of Borrower or its Subsidiaries owing to WAHI or LRAC as a result of borrowing back from WAHI or LRAC, as applicable, the amount
invested by Borrower or such Subsidiary as described in clauses (k) and (l) of the definition of Permitted Investment, and 
 (s)
other unsecured Indebtedness not covered by clauses (a) – (r) above in an aggregate amount to not exceed $1,000,000; provided, that such unsecured Indebtedness may only be incurred so long as no Default or Event of Default has
occurred and is continuing at the time of its incurrence or will result therefrom. 
 “Permitted Intercompany Advances”
means loans made by (a) a Loan Party to another Loan Party, (b) a non-Loan Party to another non-Loan Party, (c) a non-Loan Party to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination Agreement,
and (d) a Loan Party to an Inactive Subsidiary for the purpose of paying costs and expenses of a Permitted Restructuring Transaction so long as no Event of Default has occurred and is continuing or would result therefrom. 
 “Permitted Investments” means: 
 (a) Investments in cash and Cash Equivalents, 
 (b) Investments in negotiable instruments deposited or to be deposited for
collection in the ordinary course of business, 
 (c) advances made in connection with purchases of goods or services in the ordinary course
of business, 
 (d) Investments received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary
course of business or owing to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings involving an Account Debtor or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries, 

(e) Investments owned by any Loan Party or any of its Subsidiaries on the Closing Date and set forth on Schedule P-1, 
  

 20 

 (f) guarantees permitted under the definition of Permitted Indebtedness, 
 (g) Permitted Intercompany Advances, 
 (h)
Stock or other securities acquired in connection with the satisfaction or enforcement of Indebtedness or claims due or owing to a Loan Party or its Subsidiaries (in bankruptcy of customers or suppliers or otherwise outside the ordinary course of
business) or as security for any such Indebtedness or claims, 
 (i) deposits of cash made in the ordinary course of business to secure
performance of operating leases, 
 (j) non-cash loans to employees, officers, and directors of Borrower or any of its Subsidiaries for the
purpose of purchasing Stock in Borrower so long as the proceeds of such loans are used in their entirety to purchase such stock in Borrower, 
 (k) so long as WAHI is a Subsidiary of the Borrower, (i) all investments in WAHI existing on the Closing Date and (ii) additional investments in WAHI not to exceed, with respect to each transfer of workers’ compensation
liabilities by the Borrower and its Subsidiaries to WAHI for a policy period, 110% of the amount of workers’ compensation liabilities so transferred for such policy period, valued on the transfer date, 
 (l) so long as LRAC is a Subsidiary of the Borrower, (i) all investments in LRAC existing on the Closing Date and (ii) additional investments
in LRAC not to exceed, with respect to each transfer of workers’ compensation liabilities by the Borrower and its Subsidiaries to LRAC for a policy period, 110% of the amount of workers’ compensation liabilities so transferred for such
policy period, valued on the transfer date, 
 (m) Permitted Acquisitions, and 
 (n) Approved Customer List Acquisition. 
 “Permitted Liens” means 
 (a) Liens held by Agent to secure the Obligations, 
 (b) Liens for unpaid taxes, assessments, or other governmental charges or levies that either (i) are not yet delinquent, or (ii) do not have
priority over Agent’s Liens and the underlying taxes, assessments, or charges or levies are the subject of Permitted Protests, 
 (c)
judgment Liens arising solely as a result of the existence of judgments, orders, or awards that do not constitute an Event of Default under Section 8.3 of the Agreement, 
 (d) Liens set forth on Schedule P-2; provided, however, that to qualify as a Permitted Lien, any such Lien described on Schedule P-2
shall only secure the Indebtedness that it secures on the Closing Date and any Refinancing Indebtedness in respect thereof, 
 (e) the
interests of lessors under operating leases and non-exclusive licensors under license agreements, 
 (f) purchase money Liens or the
interests of lessors under Capital Leases to the extent that such Liens or interests secure Permitted Purchase Money Indebtedness and so long as (i) such Lien attaches only to the asset purchased or acquired and the proceeds thereof, and
(ii) such Lien only secures the Indebtedness that was incurred to acquire the asset purchased or acquired or any Refinancing Indebtedness in respect thereof, 
  

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 (g) Liens arising by operation of law in favor of warehousemen, landlords, carriers, mechanics,
materialmen, laborers, or suppliers, incurred in the ordinary course of business and not in connection with the borrowing of money, and which Liens either (i) are for sums not yet delinquent, or (ii) are the subject of Permitted Protests,

 (g) Liens on amounts deposited to secure Borrower’s and its Subsidiaries obligations in connection with worker’s compensation or
other unemployment insurance, 
 (h) Liens on amounts deposited to secure Borrower’s and its Subsidiaries obligations in connection with
the making or entering into of bids, tenders, or leases in the ordinary course of business and not in connection with the borrowing of money, 
 (i) Liens on amounts deposited to secure Borrower’s and its Subsidiaries reimbursement obligations with respect to surety or appeal bonds obtained in the ordinary course of business, 
 (j) with respect to any Real Property, easements, rights of way, and zoning restrictions that do not materially interfere with or impair the use or
operation thereof, 
 (k) non-exclusive licenses of patents, trademarks, copyrights, and other intellectual property rights in the ordinary
course of business, 
 (l) Liens that are replacements of Permitted Liens to the extent that the original Indebtedness is the subject of
permitted Refinancing Indebtedness and so long as the replacement Liens only encumber those assets that secured the original Indebtedness, 
 (m) rights of setoff or bankers’ liens upon deposits of cash in favor of banks or other depository institutions, solely to the extent incurred in connection with the maintenance of such deposit accounts in the ordinary course of
business, 
 (n) Liens granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of
insurance premiums to the extent the financing is permitted under the definition of Permitted Indebtedness, 
 (o) Liens solely on any cash
earnest money deposits made by Borrower or any of its Subsidiaries in connection with any letter of intent or purchase agreement with respect to a Permitted Acquisition, 
 (p) Liens assumed by Borrower or its Subsidiaries in connection with a Permitted Acquisition that secure Acquired Indebtedness, 
 (q) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods, and 
 (r) Liens not otherwise permitted by clauses (a) – (r) securing not more than $100,000 in the aggregate. 
 “Permitted Preferred Stock” means and refers to any Preferred Stock issued by Borrower (and not by one or more of its Subsidiaries) that
is not Prohibited Preferred Stock. 
 “Permitted Protest” means the right of Borrower or any of its Subsidiaries to protest
any Lien (other than any Lien that secures the Obligations), taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or rental payment, provided that (a) a reserve with respect to such obligation is
established on Borrower’s or its Subsidiaries’ books and records in such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by Borrower or its Subsidiary, as 

  

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applicable, in good faith, and (c) Agent is satisfied that, while any such protest is pending, there will be no impairment of the enforceability,
validity, or priority of any of Agent’s Liens. 
 “Permitted Purchase Money Indebtedness” means, as of any date of
determination, the sum of Purchase Money Indebtedness (x) existing on the Closing Date and set forth on Schedule P-3, and (y) incurred after the Closing Date in an aggregate principal amount outstanding not in excess of $2,000,000
at any time during any 12-month period. 
 “Permitted Restructuring Transaction” means the liquidation or dissolution of any
Inactive Subsidiary as permitted under Section 6.3(b)(i) of the Agreement. 
 “Person” means natural persons,
corporations, limited liability companies, limited partnerships, general partnerships, limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and
governments and agencies and political subdivisions thereof. 
 “Preferred Stock” means, as applied to the Stock of any
Person, the Stock of any class or classes (however designated) that is preferred with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares
of Stock of any other class of such Person. 
 “Primary Syndication” means a syndication of the Revolver Commitments and
Obligations held by WFF to other Lenders after which WFF’s Revolver Commitment is less than or equal to $50,000,000. 
 “Primary
Triggering Event” means as of any date of determination, that either (i) an Event of Default has occurred and is continuing, or (ii) the sum of Excess Availability plus Qualified Cash plus Qualified CDM Cash is less than
$30,000,000 
 “Prohibited Preferred Stock” means any Preferred Stock that by its terms is mandatorily redeemable or subject
to any other payment obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and series payable in kind or dividends of shares of common stock) on or before a date that is less than
1 year after the Maturity Date, or, on or before the date that is less than 1 year after the Maturity Date, is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred
Stock of the same class and series or of shares of common stock). 
 “Projections” means Borrower’s forecasted
(a) balance sheets, (b) profit and loss statements, and (c) cash flow statements, all prepared on a basis consistent with Borrower’s historical financial statements, together with appropriate supporting details and a statement of
underlying assumptions. 
 “Pro Rata Share” means, as of any date of determination: 
 (a) with respect to a Lender’s obligation to make Advances and right to receive payments of principal, interest, fees, costs, and expenses with
respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage obtained by dividing (y) such Lender’s Revolver Commitment, by (z) the aggregate Revolver Commitments of all Lenders, and
(ii) from and after the time that the Revolver Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the outstanding principal amount of such Lender’s Advances by (z) the outstanding
principal amount of all Advances, 
 (b) with respect to a Lender’s obligation to participate in Letters of Credit and Reimbursement
Undertakings, to reimburse the Issuing Lender, and right to receive payments of fees with respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage obtained by dividing 

  

 23 

 
(y) such Lender’s Revolver Commitment, by (z) the aggregate Revolver Commitments of all Lenders, and (ii) from and after the time that the
Revolver Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the outstanding principal amount of such Lender’s Advances by (z) the outstanding principal amount of all Advances; provided,
however, that if all of the Advances have been repaid in full and Letters of Credit remain outstanding, Pro Rata Share under this clause shall be determined based upon subclause (i) of this clause as if the Revolver Commitments had not
been terminated or reduced to zero and based upon the Revolver Commitments as they existed immediately prior to their termination or reduction to zero, and 
 (c) with respect to all other matters as to a particular Lender (including the indemnification obligations arising under Section 15.7 of the Agreement), (i) prior to the Revolver Commitments being
terminated or reduced to zero, the percentage obtained by dividing (y) such Lender’s Revolver Commitment by (z) the aggregate amount of Revolver Commitments of all Lenders and (ii) from and after the time that the Revolver
Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the outstanding principal amount of such Lender’s Advances by (z) the outstanding principal amount of all Advances; provided,
however, that if all of the Advances have been repaid in full and Letters of Credit remain outstanding, Pro Rata Share under this clause shall be determined based upon sub-clause (i) of this clause as if the Revolver Commitments had not
been terminated or reduced to zero and based upon the Revolver Commitments as they existed immediately prior to their termination or reduction to zero. 
 “Protective Advances” has the meaning specified therefor in Section 2.3(d)(i) of the Agreement. 
 “Purchase Money Indebtedness” means Indebtedness (other than the Obligations, but including Capitalized Lease Obligations), incurred at the time of, or within 20 days after, the acquisition of any
fixed assets for the purpose of financing all or any part of the acquisition cost thereof. 
 “Qualified Cash” means, as of
any date of determination, the amount of unrestricted cash and Cash Equivalents of Borrower and its Subsidiaries (excluding Supplemental Cash Collateral) that is in Deposit Accounts or in Securities Accounts, or any combination thereof, and which
such Deposit Account or Securities Account is the subject of a Control Agreement and is maintained by a branch office of the bank or securities intermediary located within the United States. 
 “Qualified CDM Cash” means, as of any date of determination, the lesser of (i) $5,000,000 or (ii) 50% of the money (in
Dollars) that is either (a) located in Loan Parties’ cash dispenser machines, provided that (x) such machines are in the possession of a Loan Party at locations on Schedule 4.26 that are within the United States (other
than Puerto Rico), (y) the money in such machines can be demonstrated by Borrower to be the identifiable cash proceeds (as defined in the Code) of Qualified Cash, and (z) such machines are serviced by a Qualified CDM Servicer, or
(b) located in the United States (other than Puerto Rico) in the possession of a Qualified CDM Servicer. 
 “Qualified
CDM Servicer” means Brink’s Incorporated or another servicer of the Loan Parties’ cash dispenser machines, provided that such Person has entered into a Collateral Access Agreement satisfactory to Agent providing, among
other things, that such Person is acting as Agent’s gratuitous bailee with respect to any money of Loan Parties that is from time to time in its possession, and that such Person will follow Agent’s directions with respect to the money in
such cash dispenser machines or in its possession. 
 “Real Property” means any estates or interests in real property
now owned or hereafter acquired by Borrower or its Subsidiaries and the improvements thereto. 
 “Real Property Collateral”
means the Real Property identified on Schedule R-1 and any Real Property hereafter acquired by Borrower or its Subsidiaries. 
  

 24 

 “Real Property Reserve” means an amount equal to the sum of (i) prior to obtaining
an appraisal (which appraisal and appraiser conducting such appraisal shall be acceptable to Agent in its Permitted Discretion) reflecting the value of the Eligible Real Property after a condemnation or casualty as described below, an amount equal
to any loss in value (as determined by Agent in its Permitted Discretion) of the Eligible Real Property resulting from either (x) an involuntary condemnation, transfer under threat of condemnation, seizure or taking, by exercise of the power of
eminent domain or otherwise, or confiscation or requisition of use of such property, or (y) any damage to or destruction of such property in excess of $200,000 during any 12-month period, and (ii) any loss in value of the Eligible Real
Property resulting from the termination of the Parking Lease as determined by Agent in its Permitted Discretion. 
 “Record”
means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. 
 “Refinancing Indebtedness” means refinancings, renewals, or extensions of Indebtedness so long as: 
 (a) the terms
and conditions of such refinancings, renewals, or extensions do not, in Agent’s Permitted Discretion, materially impair the prospects of repayment of the Obligations by Borrower or materially impair Borrower’s creditworthiness, 

(b) such refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, or
extended, 
 (c) such refinancings, renewals, or extensions do not result in an increase in the interest rate in excess of 2% with respect to
the Indebtedness so refinanced, renewed, or extended, 
 (d) excluding Purchase Money Indebtedness, such refinancings, renewals, or
extensions do not result in a shortening of the average weighted maturity (measured as of the refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole,
are or could reasonably be expected to be materially adverse to the interests of the Lenders, 
 (e) if the Indebtedness that is refinanced,
renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as favorable to the Lender Group
as those that were applicable to the refinanced, renewed, or extended Indebtedness, and 
 (f) the Indebtedness that is refinanced, renewed,
or extended is not recourse to any Person that is liable on account of the Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended. 
 “Reimbursement Undertaking” has the meaning specified therefor in Section 2.11(a) of the Agreement. 
 “Related Fund” means, with respect to any Lender that is an investment fund, any other investment fund that invests in commercial loans
and that is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “Remedial Action” means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or outdoor environment, (b) prevent
or minimize a release or threatened release of Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) restore or reclaim natural resources or the
environment, (d) perform any pre-remedial studies, investigations, or post-remedial operation and maintenance activities, or (e) conduct any other actions with respect to Hazardous Materials required by Environmental Laws. 
  

 25 

 “Replacement Lender” has the meaning specified therefor in Section 2.13(b)
of the Agreement. 
 “Report” has the meaning specified therefor in Section 15.16 of the Agreement. 

“Required Availability” means that the sum of (a) Excess Availability, plus (b) Qualified Cash, plus
(c) Qualified CDM Cash exceeds $50,000,000. 
 “Required Lenders” means, at any time, Lenders whose aggregate Pro
Rata Shares (calculated under clause (c) of the definition of Pro Rata Shares) exceed 50%; provided, however, that at any time there are 2 or more Lenders, “Required Lenders” must include at least 2 Lenders. 

“Reserve Percentage” means, on any day, for any Lender, the maximum percentage prescribed by the Board of Governors of the Federal
Reserve System (or any successor Governmental Authority) for determining the reserve requirements (including any basic, supplemental, marginal, or emergency reserves) that are in effect on such date with respect to eurocurrency funding (currently
referred to as “eurocurrency liabilities”) of that Lender, but so long as such Lender is not required or directed under applicable regulations to maintain such reserves, the Reserve Percentage shall be zero. 
 “Restricted Junior Payment” means to (a) declare or pay any dividend or make any other payment or distribution on account of Stock
issued by Borrower (including any payment in connection with any merger or consolidation involving Borrower) or to the direct or indirect holders of Stock issued by Borrower in their capacity as such (other than dividends or distributions payable in
Stock (other than Prohibited Preferred Stock) issued by Borrower), or (b) purchase, redeem, or otherwise acquire or retire for value (including in connection with any merger or consolidation involving Borrower) any Stock issued by Borrower.

 “Restricted Subsidiary” means each of (i) the Inactive Subsidiaries, (ii) Labor Ready Canada, (iii) WAHI,
(iv) LRAC, and (v) PAC. 
 “Revolver Commitment” means, with respect to each Lender, its Revolver Commitment, and,
with respect to all Lenders, their Revolver Commitments, in each case as such Dollar amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-1 or in the Assignment and Acceptance pursuant to which such
Lender became a Lender hereunder, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of Section 13.1 of the Agreement. 
 “Revolver Usage” means, as of any date of determination, the sum of (a) the amount of outstanding Advances, plus
(b) the amount of the Letter of Credit Usage. 
 “Sanctioned Entity” means (a) a country or a government of a
country, (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in a country, in each case, that is
subject to a country sanctions program administered and enforced by OFAC. 
 “Sanctioned Person” means a person named on the
list of Specially Designated Nationals maintained by OFAC. 
 “S&P” has the meaning specified therefor in the definition
of Cash Equivalents. 
 “SEC” means the United States Securities and Exchange Commission and any successor thereto.

 “Secondary Triggering Event” means as of any date of determination, that the sum of Excess Availability plus Qualified
Cash plus Qualified CDM Cash is less than $15,000,000. 
  

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 “Securities Account” means a securities account (as that term is defined in the Code).

 “Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute. 

“Security Agreement” means a security agreement, in form and substance reasonably satisfactory to Agent, executed and delivered by
Borrower and Guarantors to Agent. 
 “Settlement” has the meaning specified therefor in Section 2.3(e)(i) of the
Agreement. 
 “Settlement Date” has the meaning specified therefor in Section 2.3(e)(i) of the Agreement.

 “Solvent” means, with respect to any Person on a particular date, that, at fair valuations, the sum of such Person’s
assets is greater than all of such Person’s debts. 
 “Stock” means all shares, options, warrants, interests,
participations, or other equivalents (regardless of how designated) of or in a Person, whether voting or nonvoting, including common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of the
General Rules and Regulations promulgated by the SEC under the Exchange Act). 
 “Subsidiary” of a Person means a
corporation, partnership, limited liability company, or other entity in which that Person directly or indirectly owns or controls the shares of Stock having ordinary voting power to elect a majority of the board of directors (or appoint other
comparable managers) of such corporation, partnership, limited liability company, or other entity. 
 “Supplemental Cash
Collateral” means otherwise unrestricted cash deposited with Agent by Borrower or a Loan Party and designated by Borrower to Agent (and confirmed by Agent) to be (i) held by Agent as Collateral subject to Agent’s Lien (without any
obligation of Agent or any Lender to pay interest on such deposit to Borrower or any Loan Party) and (ii) available for purposes of clause (b) of the definition of Borrowing Base. 
 “Swing Lender” means WFF or any other Lender that, at the request of Borrower and with the consent of Agent agrees, in such
Lender’s sole discretion, to become the Swing Lender under Section 2.3(b) of the Agreement. 
 “Swing Loan”
has the meaning specified therefor in Section 2.3(b) of the Agreement. 
 “Taxes” means any taxes, levies,
imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or taxing authority thereof or therein with respect to such payments and all interest, penalties or
similar liabilities with respect thereto; provided, however, that Taxes shall exclude (i) any tax imposed on the net income or net profits of any Lender or any Participant (including any branch profits taxes), in each case imposed
by the jurisdiction (or by any political subdivision or taxing authority thereof) in which such Lender or such Participant is organized or the jurisdiction (or by any political subdivision or taxing authority thereof) in which such Lender’s or
such Participant’s principal office is located in each case as a result of a present or former connection between such Lender or such Participant and the jurisdiction or taxing authority imposing the tax (other than any such connection arising
solely from such Lender or such Participant having executed, delivered or performed its obligations or received payment under, or enforced its rights or remedies under the Agreement or any other Loan Document); (ii) taxes resulting from a
Lender’s or a Participant’s failure to comply with the requirements of Section 16(c) or (d) of the Agreement, and (iii) any United States federal withholding taxes that would be imposed on amounts payable to a
Foreign Lender based upon the applicable withholding rate in effect at the time such Foreign Lender becomes a party to the Agreement (or designates a new lending office), except that Taxes shall include (A) any amount that such Foreign
Lender (or its assignor, if any) was previously entitled to 

  

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receive pursuant to Section 16(a) of the Agreement, if any, with respect to such withholding tax at the time such Foreign Lender becomes a party
to the Agreement (or designates a new lending office), and (B) additional United States federal withholding taxes that may be imposed after the time such Foreign Lender becomes a party to the Agreement (or designates a new lending office), as a
result of a change in law, rule, regulation, order or other decision with respect to any of the foregoing by any Governmental Authority. 
 “Tax Lender” has the meaning specified therefor in Section 14.2(a) of the Agreement. 
 “Trademark Security Agreement” has the meaning specified therefor in the Security Agreement. 
 “Underlying
Issuer” means Wells Fargo or one of its Affiliates. 
 “Underlying Letter of Credit” means a Letter of Credit that
has been issued by an Underlying Issuer. 
 “United States” means the United States of America. 
 “Voidable Transfer” has the meaning specified therefor in Section 17.8 of the Agreement. 
 “WAHI” means Worker’s Assurance of Hawaii, Inc., a Hawaii corporation 
 “Wells Fargo” means Wells Fargo Bank, National Association, a national banking association. 
 “WFF” means Wells Fargo Foothill, LLC, a Delaware limited liability company. 
  

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