Document:

EX-10.2

Exhibit
10.2

OFFICER INDEMNIFICATION AGREEMENT

     This Officer Indemnification Agreement, dated as of                     , 20___ (this “Agreement”),
is made by and between Developers Diversified Realty Corporation, an Ohio corporation (the
“Company”), and                                          (“Indemnitee”).

RECITALS:

     A. It is critically important to the Company and its shareholders that the Company be able to
attract and retain the most capable persons reasonably available to serve as officers of the
Company.

     B. In recognition of the need for corporations to be able to induce capable and responsible
persons to accept positions in corporate management, Ohio law authorizes (and in some instances
requires) corporations to indemnify their directors and officers, and further authorizes
corporations to purchase and maintain insurance for the benefit of their directors and officers.

     C. Indemnification by a corporation serves the dual policies of (1) allowing corporate
officials to resist unjustified lawsuits, secure in the knowledge that, if vindicated, the
corporation will bear the expense of litigation and (2) encouraging capable women and men to serve
as corporate directors and officers, secure in the knowledge that the corporation will absorb the
costs of defending their honesty and integrity.

     D. Lawsuits challenging the judgment and actions of officers of corporations are frequent, and
the high costs of defending those lawsuits, and the related threat to officers’ personal assets
have made individuals less willing to undertake the responsibilities imposed on corporate officers.

     E. Recent federal legislation and rules adopted by the Securities and Exchange Commission and
the national securities exchanges have imposed additional disclosure and corporate governance
obligations on officers of public companies and have exposed such officers to new and substantially
broadened civil liabilities.

     F. These legislative and regulatory initiatives have also exposed officers of public companies
to a significantly greater risk of criminal proceedings, with attendant defense costs and potential
criminal fines and penalties.

     G. Under Ohio law, an officer’s right to be reimbursed for the costs of defense of criminal
actions does not depend upon the merits of the claims asserted against the officer and
indemnification of the officer against criminal fines is permitted if the officer satisfies the
applicable standard of conduct.

     H. Indemnitee is an officer of the Company and Indemnitee’s willingness to serve in such
capacity is predicated, in substantial part, upon the Company’s willingness to indemnify

 

 

Indemnitee in accordance with the principles reflected above, to the fullest extent permitted
by the laws of the state of Ohio, and upon the other undertakings set forth in this Agreement.

     I. Therefore, in recognition of the need to provide Indemnitee with substantial protection
against personal liability, in order to procure Indemnitee’s continued service as an officer of the
Company and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in
order to provide such protection pursuant to express contract rights (intended to be enforceable
irrespective of, among other things, any amendment to any provisions relating to indemnification
included in the Constituent Documents, any change in the composition of the Board or any
change-in-control or business combination transaction relating to the Company), the Company wishes
to provide in this Agreement for the indemnification of and the advancement of Expenses to
Indemnitee as set forth in this Agreement and for the continued coverage of Indemnitee under the
Company’s directors’ and officers’ liability insurance policies.

     J. In light of the considerations referred to in the preceding recitals, it is the Company’s
intention and desire that the provisions of this Agreement be construed liberally, subject to their
express terms, to maximize the protections to be provided to Indemnitee hereunder.

AGREEMENT:

     NOW, THEREFORE, the parties hereby agree as follows:

     1. Certain Definitions. In addition to terms defined elsewhere herein, including Section 22,
the following terms have the following meanings when used in this Agreement:

          (a) “Board” means the Board of Directors of the Company.

          (b) “Change in Control” means the occurrence of any of the following:

               (i) the Board or shareholders of the Company approve a consolidation or merger in which the
Company is not the surviving corporation, the sale of substantially all of the assets of the
Company, or the liquidation or dissolution of the Company;

               (ii) any person or other entity (other than the Company or a Subsidiary or any Company
employee benefit plan (including any trustee of any such plan acting in its capacity as trustee))
purchases any Shares (or securities convertible into Shares) pursuant to a tender or exchange offer
without the prior consent of the Board, or becomes the beneficial owner of securities of the
Company representing 20% or more of the voting power of the Company’s outstanding securities
without the prior consent of the Board;

               (iii) during any two-year period, individuals who at the beginning of such period constitute
the entire Board cease to constitute a majority of the Board, unless the election or the nomination
for election of each new director is approved by at least two-thirds of the directors then still in
office who were directors at the beginning of that period; or

               (iv) a record date is established for determining shareholders of the Company entitled to vote
upon (A) a merger or consolidation of the Company with another real

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estate investment trust, partnership, corporation or other entity in which the Company is not
the surviving or continuing entity or in which all or a substantial part of the outstanding shares
are to be converted into or exchanged for cash, securities or other property, (B) a sale or other
disposition of all or substantially all of the assets of the Company or (C) the dissolution of the
Company.

          (c) “Claim” means (i) any threatened, asserted, pending or completed claim, demand, action,
suit or proceeding, whether civil, criminal, administrative, arbitrative, investigative or other,
and whether made pursuant to federal, state or other law; and (ii) any threatened, pending or
completed inquiry or investigation, whether made, instituted or conducted by the Company or any
other person, including any federal, state or other governmental entity, that Indemnitee determines
might lead to the institution of any such claim, demand, action, suit or proceeding.

          (d) “Constituent Documents” means the Company’s articles of incorporation and code of
regulations.

          (e) “Controlled Affiliate” means any corporation, limited liability company, partnership,
joint venture, trust or other entity or enterprise, whether or not for profit, that is directly or
indirectly controlled by the Company. For purposes of this definition, “control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of an entity or enterprise, whether through the ownership of voting securities, through
other voting rights, by contract or otherwise; provided that direct or indirect beneficial
ownership of capital stock or other interests in an entity or enterprise entitling the holder to
cast 20% or more of the total number of votes generally entitled to be cast in the election of
directors (or persons performing comparable functions) of such entity or enterprise shall be deemed
to constitute “control” for purposes of this definition.

          (f) “Disinterested Director” means a director of the Company who is not and was not a party to
or threatened with the Claim in respect of which indemnification is sought by Indemnitee.

          (g) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

          (h) “Expenses” means attorneys’ and experts’ fees and expenses and all other costs and
expenses paid or payable in connection with investigating, defending, being a witness in or
participating in (including on appeal), or preparing to investigate, defend, be a witness in or
participate in (including on appeal), any Claim.

          (i) “Incumbent Directors” means the individuals who, as of the date hereof, are directors of
the Company and any individual becoming a director subsequent to the date hereof whose election,
nomination for election by the Company’s shareholders, or appointment, was approved by a vote of at
least two-thirds of the then Incumbent Directors (either by a specific vote or by approval of the
proxy statement of the Company in which such person is named as a nominee for director, without
objection to such nomination); provided, however, that an individual shall not be an Incumbent
Director if such individual’s election or appointment to

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the Board occurs as a result of an actual or threatened election contest (as described in Rule
14a-12(c) of the Exchange Act) with respect to the election or removal of directors or other actual
or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.

          (j) “Indemnifiable Claim” means any Claim based upon, arising out of or resulting from (i) any
actual, alleged or suspected act or failure to act by Indemnitee in his or her capacity as a
director, officer, employee or agent of the Company or as a director, officer, employee, member,
manager, trustee or agent of any other corporation, limited liability company, partnership, joint
venture, trust or other entity or enterprise, whether or not for profit, as to which Indemnitee is
or was serving at the request of the Company as a director, officer, employee, member, manager,
trustee or agent, (ii) any actual, alleged or suspected act or failure to act by Indemnitee in
respect of any business, transaction, communication, filing, disclosure or other activity of the
Company or any other entity or enterprise referred to in clause (i) of this sentence, or (iii)
Indemnitee’s status as a current or former director, officer, employee or agent of the Company or
as a current or former director, officer, employee, member, manager, trustee or agent of the
Company or any other entity or enterprise referred to in clause (i) of this sentence or any actual,
alleged or suspected act or failure to act by Indemnitee in connection with any obligation or
restriction imposed upon Indemnitee by reason of such status. In addition to any service at the
actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed to be
serving or to have served at the request of the Company as a director, officer, employee, member,
manager, trustee or agent of another entity or enterprise if Indemnitee is or was serving as a
director, officer, employee, member, manager, trustee or agent of such entity or enterprise and (i)
such entity or enterprise is or at the time of such service was a Controlled Affiliate, (ii) such
entity or enterprise is or at the time of such service was an employee benefit plan (or related
trust) sponsored or maintained by the Company or a Controlled Affiliate, or (iii) the Company or a
Controlled Affiliate directly or indirectly caused or authorized Indemnitee to be nominated,
elected, appointed, designated, employed, engaged or selected to serve in such capacity.

          (k) “Indemnifiable Losses” means any and all Losses relating to, arising out of or resulting
from any Indemnifiable Claim.

          (l) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporation law and neither presently is, nor in the past five years has been, retained
to represent: (i) the Company (or any subsidiary) or Indemnitee in any matter material to either
such party (other than with respect to matters concerning Indemnitee under this Agreement, or of
other indemnitees under similar indemnification agreements), or (ii) any other named (or, as to a
threatened matter, reasonably likely to be named) party to the Indemnifiable Claim giving rise to a
claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in
an action to determine Indemnitee’s rights under this Agreement.

          (m) “Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines,
penalties (whether civil, criminal or other) and amounts paid in settlement, including all
interest, assessments and other charges paid or payable in connection with or in respect of any of
the foregoing.

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          (n) “Notification Date” means the date of receipt by the Company of written notice from
Indemnitee advising the Company of the final disposition of the applicable Indemnifiable Claim or
portion thereof to which such Indemnifiable Losses are related, out of which such Indemnifiable
Losses arose or from which such Indemnifiable Losses resulted.

          (o) “ORC” means the Ohio Revised Code.

          (p) “Other Indemnity Provisions” means, collectively, (i) the Constituent Documents, (ii) the
substantive laws of Ohio, and (iii) any other contract to which both Indemnitee and the Company (or
a Subsidiary of the Company) are a party.

          (q) “Shares” means the Common Shares, par value $0.10 per share, of the Company.

          (r) “Standard of Conduct Determination” means a determination of whether Indemnitee has
satisfied any applicable standard of conduct under Ohio law that is a legally required condition
precedent to indemnification of Indemnitee under this Agreement against Indemnifiable Losses
relating to, arising out of or resulting from an Indemnifiable Claim.

          (s) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if each of the corporations (other than the last
corporation in the unbroken chain) owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in that chain.

          (t) “Undertaking” means a sworn request for advancement of Expenses substantially in the form
of Exhibit A attached hereto, with the blanks therein appropriately completed and the
proper selection made for the execution of Part A and Part B therein as set forth in Section
3(b).

     2. Indemnification Obligation. Subject to Section 7, the Company shall indemnify,
defend and hold harmless Indemnitee, to the fullest extent permitted or required by the laws of the
State of Ohio in effect on the date hereof or as such laws may from time to time hereafter be
amended to increase the scope of such permitted indemnification, against any and all Indemnifiable
Claims and Indemnifiable Losses; provided, however, that, except as provided in Section 4
and Section 21, Indemnitee shall not be entitled to indemnification pursuant to this
Agreement in connection with any Claim (i) initiated by Indemnitee against the Company or any
director or officer of the Company unless the Company has joined in or consented to the initiation
of such Claim or (ii) in which judgment is rendered against Indemnitee for an accounting of profits
made from the purchase or sale of securities of the Company pursuant to the provisions of Section
16(b) of the Exchange Act.

     3. Advancement of Expenses Incurred with Respect to Indemnifiable Claims.

          (a) Indemnitee shall have the right to advancement by the Company prior to the final
disposition of any Indemnifiable Claim of any and all Expenses relating to, arising out of or
resulting from any Indemnifiable Claim paid or incurred by Indemnitee or which Indemnitee
determines are reasonably likely to be paid or incurred by Indemnitee. Subject to Section
3(b), Indemnitee’s right to such advancement is not subject to the satisfaction of any

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standard of conduct. Without limiting the generality or effect of the foregoing, within five
business days after any request by Indemnitee, the Company shall, in accordance with such request
(but without duplication), (i) pay such Expenses on behalf of Indemnitee, (ii) advance to
Indemnitee funds in an amount sufficient to pay such Expenses, or (iii) reimburse Indemnitee for
such Expenses; provided that Indemnitee shall repay, without interest any amounts actually advanced
to Indemnitee that, at the final disposition of the Indemnifiable Claim to which the advance
related, were in excess of amounts paid or payable by Indemnitee in respect of Expenses relating
to, arising out of or resulting from such Indemnifiable Claim. For purposes of this Section
3, the determination of when a “final disposition” of any Indemnifiable Claim will be deemed to
occur or have occurred shall be made by the person or entity that has or will make any required
Standard of Conduct Determination with respect to such Indemnifiable Claim pursuant to Section
7(b) or Section 7(c).

          (b) For purposes of obtaining payments of Expenses in advance of final disposition of any
Indemnifiable Claim, Indemnitee shall submit to the Company an Undertaking averring that Indemnitee
has reasonably incurred or will reasonably incur actual Expenses in defending an Indemnifiable
Claim. The Undertaking need not be secured and the Company must accept the Undertaking without
reference to Indemnitee’s ability to repay the Expenses. In no event shall Indemnitee’s right to
the payment, advancement or reimbursement of Expenses pursuant to this Section 3 be
conditioned upon any undertaking that is less favorable to Indemnitee than, or that is in addition
to, the undertakings set forth in Exhibit A.

     4. Indemnification for Expenses Incurred with Respect to Certain Claims Made by Indemnitee.
Without limiting the generality or effect of the foregoing, the Company shall indemnify and hold
harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or
advance to Indemnitee, within five business days of such request, any and all Expenses paid or
incurred by Indemnitee or which Indemnitee determines are reasonably likely to be paid or incurred
by Indemnitee in connection with any Claim made, instituted or conducted by Indemnitee for (a)
indemnification or payment, advancement or reimbursement of Expenses by the Company under any
provision of this Agreement, or under any other agreement or provision of the Constituent Documents
now or hereafter in effect relating to Indemnifiable Claims, and/or (b) recovery under any
directors’ and officers’ liability insurance policies maintained by the Company, regardless in each
case of whether Indemnitee ultimately is determined to be entitled to such indemnification,
reimbursement, advance or insurance recovery, as the case may be; provided, however, that
Indemnitee shall return, without interest, any such advance of Expenses (or portion thereof) which
remains unspent at the final disposition of the Claim to which the advance related.

     5. Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for a portion of any Indemnifiable Loss, but not for the total
amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to
which Indemnitee is entitled.

     6. Procedure for Notification. To obtain indemnification under this Agreement in respect of
an Indemnifiable Claim or Indemnifiable Loss, Indemnitee shall submit to the Company a written
request, including a brief description (based upon information then available to Indemnitee) of
such Indemnifiable Claim or Indemnifiable Loss. If, at the time of the receipt

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of such request, the Company has directors’ and officers’ liability insurance in effect under
which coverage for such Indemnifiable Claim or Indemnifiable Loss is potentially available, the
Company shall give prompt written notice of such Indemnifiable Claim or Indemnifiable Loss to the
applicable insurers in accordance with the procedures set forth in the applicable policies. The
Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and
copies of all subsequent correspondence between the Company and such insurers regarding the
Indemnifiable Claim or Indemnifiable Loss, in each case substantially concurrently with the
delivery or receipt thereof by the Company. The failure by Indemnitee to timely notify the Company
of any Indemnifiable Claim or Indemnifiable Loss shall not relieve the Company from any liability
hereunder unless, and only to the extent that, the Company did not otherwise learn of such
Indemnifiable Claim or Indemnifiable Loss and such failure results in forfeiture by the Company of
substantial defenses, rights or insurance coverage.

     7. Determination of Right to Indemnification.

          (a) Circumstances in Which No Standard of Conduct Determination is Required. To the extent
that Indemnitee shall have been successful on the merits or otherwise in defense of any
Indemnifiable Claim or any portion thereof or in defense of any issue or matter therein, including
dismissal without prejudice, Indemnitee shall be indemnified against all Indemnifiable Losses
relating to, arising out of or resulting from such Indemnifiable Claim in accordance with
Section 2 and no Standard of Conduct Determination shall be required.

          (b) Standard of Conduct Determination Prior to a Change in Control. To the extent that (i)
the provisions of Section 7(a) are inapplicable to an Indemnifiable Claim that shall have
been finally disposed of and (ii) a Change in Control shall not have occurred, or a Change in
Control shall have occurred but Indemnitee shall have requested that the Standard of Conduct
Determination be made pursuant to this Section 7(b), any Standard of Conduct Determination
shall be made (A) by a majority vote of a quorum consisting of the Disinterested Directors, (B) if
the Disinterested Directors so direct, by a majority vote of a committee of Disinterested Directors
designated by a majority vote of all Disinterested Directors, or (C) if such quorum of
Disinterested Directors is not available or if a majority of such a quorum so directs, by
Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered
to Indemnitee.

          (c) Standard of Conduct Determination Following a Change in Control. To the extent that (i)
the provisions of Section 7(a) are inapplicable to an Indemnifiable Claim that shall have
been finally disposed of and (ii) a Change in Control shall have occurred and Indemnitee shall not
have requested that the Standard of Conduct Determination be made pursuant to Section 7(b),
the Standard of Conduct Determination shall be made by Independent Counsel in a written opinion
addressed to the Board, a copy of which shall be delivered to Indemnitee.

          (d) Cooperation by Indemnitee. Indemnitee will cooperate with the person or persons making
such Standard of Conduct Determination pursuant to Section 7(b) or Section 7(c),
including providing to such person or persons, upon reasonable advance request, any documentation
or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such Standard of

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Conduct Determination. The Company shall indemnify and hold harmless Indemnitee against and,
if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within five
business days of such request, any and all costs and expenses (including attorneys’ and experts’
fees and expenses) incurred by Indemnitee in so cooperating with the person or persons making such
Standard of Conduct Determination.

          (e) Timing of Standard of Conduct Determination. The Company shall use its reasonable best
efforts to cause any Standard of Conduct Determination required under Section 7(b) or
Section 7(c) to be made as promptly as practicable. If (i) the person or persons empowered
or selected under Section 7(b) or Section 7(c) to make the Standard of Conduct
Determination shall not have made a determination within 30 days after the later of (A) the
Notification Date and (B) the selection of an Independent Counsel, if such determination is to be
made by Independent Counsel, that is permitted under the provisions of Section 7(g) to make
such determination and (ii) Indemnitee shall have fulfilled his/her obligations set forth in the
first sentence of Section 7(d), then Indemnitee shall be deemed to have satisfied the
applicable standard of conduct; provided that such 30-day period may be extended for a reasonable
time, not to exceed an additional 30 days, if the person or persons making such Standard of Conduct
Determination in good faith requires such additional time for the obtaining or evaluation or
documentation and/or information relating thereto.

          (f) Timing of Payment. If (i) Indemnitee shall be entitled to indemnification hereunder
against any Indemnifiable Losses pursuant to Section 7(a), (ii) no determination of whether
Indemnitee has satisfied any applicable standard of conduct under Ohio law is a legally required
condition precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, or
(iii) Indemnitee has been determined or deemed pursuant to Section 7(b), Section
7(c) or Section 7(e) to have satisfied any applicable standard of conduct under Ohio
law which is a legally required condition precedent to indemnification of Indemnitee hereunder
against any Indemnifiable Losses, then the Company shall pay to Indemnitee, within five business
days after the later of (x) the Notification Date and (y) the earliest date on which the applicable
criterion specified in clause (i), (ii) or (iii) of this Section 7(f) shall have been
satisfied, an amount equal to the amount of such Indemnifiable Losses.

          (g) Selection of Independent Counsel. If a Standard of Conduct Determination is to be made by
Independent Counsel pursuant to Section 7(b), the Independent Counsel shall be selected by
the Board of Directors, and the Company shall give written notice to Indemnitee advising him or her
of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is
to be made by Independent Counsel pursuant to Section 7(c), the Independent Counsel shall
be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of
the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as
applicable, may, within five business days after receiving written notice of selection from the
other, deliver to the other a written objection to such selection; provided, however, that such
objection may be asserted only on the ground that the Independent Counsel so selected does not
satisfy the criteria set forth in the definition of “Independent Counsel” set forth in Section
1(l), and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person or firm so selected shall act as Independent
Counsel. If such written objection is properly and timely made and substantiated, (i) the
Independent Counsel so selected may not serve as

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Independent Counsel unless and until such objection is withdrawn or a court has determined
that such objection is without merit and (ii) the non-objecting party may, at its option, select an
alternative Independent Counsel and give written notice to the other party advising such other
party of the identity of the alternative Independent Counsel so selected, in which case the
provisions of the two immediately preceding sentences and clause (i) of this sentence shall apply
to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the
immediately preceding sentence shall apply to successive alternative selections. If no Independent
Counsel that is permitted under the foregoing provisions of this Section 7(g) to make the
Standard of Conduct Determination shall have been selected within 30 days after the Company gives
its initial notice pursuant to the first sentence of this Section 7(g) or Indemnitee gives
its initial notice pursuant to the second sentence of this Section 7(g), as the case may
be, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution
of any objection which shall have been made by the Company or Indemnitee to the other’s selection
of Independent Counsel and/or for the appointment as Independent Counsel of a person or firm
selected by the court or by such other person as the court shall designate, and the person or firm
with respect to whom all objections are so resolved or the person or firm so appointed will act as
Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses
of the Independent Counsel incurred in connection with the Independent Counsel’s determination
pursuant to Section 7(b) or Section 7(c).

     8. Presumption of Entitlement. In making any Standard of Conduct Determination, the person or
persons making such determination shall presume that Indemnitee has satisfied the applicable
standard of conduct, and the Company may overcome such presumption only by its adducing clear and
convincing evidence to the contrary. Any Standard of Conduct Determination that is adverse to
Indemnitee may be challenged by Indemnitee in the state or federal courts in Ohio. No
determination by the Company (including by its directors or any Independent Counsel) that
Indemnitee has not satisfied any applicable standard of conduct shall be a defense to any Claim by
Indemnitee for indemnification or reimbursement or advance payment of Expenses by the Company
hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

     9. No Other Presumption. For purposes of this Agreement, the termination of any Claim by
judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea
of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet
any applicable standard of conduct or that indemnification hereunder is otherwise not permitted.

     10. Non-Exclusivity. The rights of Indemnitee hereunder will be in addition to any other
rights Indemnitee may have under any Other Indemnity Provisions; provided, however, that (a) to the
extent that Indemnitee otherwise would have any greater right to indemnification under any Other
Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the
extent that any change is made to any Other Indemnity Provision which permits any greater right to
indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be
deemed to have such greater right hereunder. The Company will not adopt any amendment to any of
the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s
right to indemnification under this Agreement or any Other Indemnity Provision.

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     11. Liability Insurance and Funding. For the duration of Indemnitee’s service as an officer
of the Company, and thereafter for so long as Indemnitee shall be subject to any pending or
possible Indemnifiable Claim, the Company shall use commercially reasonable efforts (taking into
account the scope and amount of coverage available relative to the cost thereof) to cause to be
maintained in effect policies of directors’ and officers’ liability insurance providing coverage
for directors and/or officers of the Company that is at least substantially comparable in scope and
amount to that provided by the Company’s current policies of directors’ and officers’ liability
insurance. The Company shall provide Indemnitee with a copy of all directors’ and officers’
liability insurance policies in effect from time to time. Without limiting the generality or
effect of the two immediately preceding sentences, the Company shall not discontinue or
significantly reduce the scope or amount of coverage from one policy period to the next (i)
without the prior approval thereof by a majority vote of the Incumbent Directors, even if less than
a quorum, or (ii) if at the time that any such discontinuation or significant reduction in the
scope or amount of coverage is proposed there are no Incumbent Directors, without the prior written
consent of Indemnitee (which consent shall not be unreasonably withheld or delayed). In all
policies of directors’ and officers’ liability insurance obtained by the Company, Indemnitee shall
be named as an insured in such a manner as to provide Indemnitee the same rights and benefits,
subject to the same limitations, as are accorded to the Company’s directors and officers most
favorably insured by such policy. The Company may, but shall not be required to, create a trust
fund, grant a security interest or use other means, including a letter of credit, to ensure the
payment of such amounts as may be necessary to satisfy its obligations to indemnify and advance
expenses pursuant to this Agreement.

     12. Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the related rights of recovery of Indemnitee
against other persons or entities (other than Indemnitee’s successors), including any entity or
enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in Section
1(j). Indemnitee shall execute all papers reasonably required to evidence such rights (all of
Indemnitee’s reasonable Expenses, including attorneys’ fees and charges, related thereto to be
reimbursed by or, at the option of Indemnitee, advanced by the Company).

     13. No Duplication of Payments. The Company shall not be liable under this Agreement to make
any payment to Indemnitee in respect of any Indemnifiable Losses to the extent Indemnitee has
otherwise actually received payment (net of Expenses incurred in connection therewith) under any
insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise (including
from any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim”
in Section 1(j)) in respect of such Indemnifiable Losses otherwise indemnifiable hereunder.

     14. Defense of Claims. The Company shall be entitled to participate in the defense of any
Indemnifiable Claim or to assume the defense thereof, with counsel reasonably satisfactory to
Indemnitee; provided that if Indemnitee believes, after consultation with counsel selected by
Indemnitee, that (a) the use of counsel chosen by the Company to represent Indemnitee would present
such counsel with an actual or potential conflict, (b) the named parties in any such Indemnifiable
Claim (including any impleaded parties) include both the Company and Indemnitee and Indemnitee
shall conclude that there may be one or more legal defenses available to Indemnitee that are
different from or in addition to those available to the Company,

10

 

or (c) any such representation by such counsel would be precluded under the applicable
standards of professional conduct then prevailing, then Indemnitee shall be entitled to retain
separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of
any particular Indemnifiable Claim) at the Company’s expense. The Company shall not be liable to
Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending
Indemnifiable Claim effected without the Company’s prior written consent. The Company shall not,
without the prior written consent of Indemnitee, effect any settlement of any threatened or pending
Indemnifiable Claim to which Indemnitee is, or could have been, a party unless such settlement
solely involves the payment of money and includes a complete and unconditional release of
Indemnitee from all liability on any claims that are the subject matter of such Indemnifiable
Claim. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed
settlement; provided that Indemnitee may withhold consent to any settlement that does not provide a
complete and unconditional release of Indemnitee.

     15. Successors and Binding Agreement. (a) The Company shall require any successor (whether
direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or
substantially all of the business or assets of the Company, by agreement in form and substance
satisfactory to Indemnitee and his or her counsel, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent the Company would be required to perform if no
such succession had taken place. This Agreement shall be binding upon and inure to the benefit of
the Company and any successor to the Company, including any person acquiring directly or indirectly
all or substantially all of the business or assets of the Company whether by purchase, merger,
consolidation, reorganization or otherwise (and such successor will thereafter be deemed the
“Company” for purposes of this Agreement), but shall not otherwise be assignable or delegatable by
the Company.

          (b) This Agreement shall inure to the benefit of and be enforceable by Indemnitee’s personal
or legal representatives, executors, administrators, heirs, distributees, legatees and other
successors.

          (c) This Agreement is personal in nature and neither of the parties hereto shall, without the
consent of the other, assign or delegate this Agreement or any rights or obligations hereunder
except as expressly provided in Section 15(a) and Section 15(b). Without limiting
the generality or effect of the foregoing, Indemnitee’s right to receive payments hereunder shall
not be assignable, whether by pledge, creation of a security interest or otherwise, other than by a
transfer by Indemnitee’s will or by the laws of descent and distribution, and, in the event of any
attempted assignment or transfer contrary to this Section 15(c), the Company shall have no
liability to pay any amount so attempted to be assigned or transferred.

     16. Notices. For all purposes of this Agreement, all communications, including notices,
consents, requests or approvals, required or permitted to be given hereunder shall be in writing
and shall be deemed to have been duly given when hand delivered or dispatched by electronic
facsimile transmission (with receipt thereof orally confirmed), or five business days after having
been mailed by United States registered or certified mail, return receipt requested, postage
prepaid or one business day after having been sent for next day delivery by a nationally recognized
overnight courier service, addressed to the Company (to the attention of the Secretary of the
Company) and to Indemnitee at the applicable address shown on the signature page hereto,

11

 

or to such other address as any party may have furnished to the other in writing and in
accordance herewith, except that notices of changes of address will be effective only upon receipt.

     17. Governing Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by and construed in accordance with the substantive laws of the State
of Ohio, without giving effect to the principles of conflict of laws of such State. The Company
and Indemnitee each hereby irrevocably consent to the jurisdiction of the state and federal courts
in Ohio for all purposes in connection with any action or proceeding which arises out of or relates
to this Agreement and agree that any action instituted under this Agreement shall be brought only
in the state or federal courts in Ohio.

     18. Validity. If any provision of this Agreement or the application of any provision hereof
to any person or circumstance is held invalid, unenforceable or otherwise illegal, the remainder of
this Agreement and the application of such provision to any other person or circumstance shall not
be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be
reformed to the extent, and only to the extent, necessary to make it enforceable, valid or legal.
In the event that any court or other adjudicative body shall decline to reform any provision of
this Agreement held to be invalid, unenforceable or otherwise illegal as contemplated by the
immediately preceding sentence, the parties thereto shall take all such action as may be necessary
or appropriate to replace the provision so held to be invalid, unenforceable or otherwise illegal
with one or more alternative provisions that effectuate the purpose and intent of the original
provisions of this Agreement as fully as possible without being invalid, unenforceable or otherwise
illegal.

     19. Prior Agreements. This Agreement shall supersede any and all indemnification agreements
between the Company and Indemnitee.

     20. Miscellaneous. No provision of this Agreement may be waived, modified or discharged
unless such waiver, modification or discharge is agreed to in writing signed by Indemnitee and the
Company. No waiver by either party hereto at any time of any breach by the other party hereto or
compliance with any condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. No agreements or representations, oral or otherwise, expressed or
implied with respect to the subject matter hereof have been made by either party that are not set
forth expressly in this Agreement.

     21. Legal Fees and Expenses. It is the intent of the Company that Indemnitee not be required
to incur legal fees and or other Expenses associated with the interpretation, enforcement or
defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and
expense thereof would substantially detract from the benefits intended to be extended to Indemnitee
hereunder. Accordingly, without limiting the generality or effect of any other provision hereof,
if it should appear to Indemnitee that the Company has failed to comply with any of its obligations
under this Agreement (including its obligations under Section 3) or in the event that the
Company or any other person takes or threatens to take any action to declare this Agreement void or
unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to
recover from, Indemnitee the benefits provided or intended to be

12

 

provided to Indemnitee hereunder, the Company irrevocably authorizes Indemnitee from time to
time to retain counsel of Indemnitee’s choice, at the expense of the Company as hereafter provided,
to advise and represent Indemnitee in connection with any such interpretation, enforcement or
defense, including the initiation or defense of any litigation or other legal action, whether by or
against the Company or any director, officer, shareholder or other person affiliated with the
Company, in any jurisdiction. Notwithstanding any existing or prior attorney-client relationship
between the Company and such counsel, the Company irrevocably consents to Indemnitee’s entering
into an attorney-client relationship with such counsel, and in that connection the Company and
Indemnitee agree that a confidential relationship shall exist between Indemnitee and such counsel.
Without respect to whether Indemnitee prevails, in whole or in part, in connection with any of the
foregoing, the Company will pay and be solely financially responsible for any and all attorneys’
and related fees and expenses incurred by Indemnitee in connection with any of the foregoing.

     22. Certain Interpretive Matters. Unless the context of this Agreement otherwise requires,
(a) “it” or “its” or words of any gender include each other gender, (b) words using the singular or
plural number also include the plural or singular number, respectively, (c) the terms “hereof,”
“herein,” “hereby” and derivative or similar words refer to this entire Agreement, (d) the terms
“Article,” “Section,” “Annex” or “Exhibit” refer to the specified Article, Section, Annex or
Exhibit of or to this Agreement, (e) the terms “include,” “includes” and “including” will be deemed
to be followed by the words “without limitation” (whether or not so expressed), (f) the word “or”
is disjunctive but not exclusive, and (g) descriptive headings of the Sections and subsections of
this Agreement are inserted for convenience only and will not control or affect the meaning or
construction of any of the provisions of this Agreement. Whenever this Agreement refers to a
number of days, such number will refer to calendar days unless business days are specified and
whenever action must be taken (including the giving of notice or the delivery of documents) under
this Agreement during a certain period of time or by a particular date that ends or occurs on a
non-business day, then such period or date will be extended until the immediately following
business day. As used herein, “business day” means any day other than Saturday, Sunday or a United
States federal holiday.

     23. Counterparts. This Agreement may be executed in one or more counterparts, each of which
will be deemed to be an original but all of which together shall constitute one and the same
agreement.

[Signatures Appear On Following Page]

13

 

     IN WITNESS WHEREOF, Indemnitee has executed, and the Company has caused its duly authorized
representative to execute, this Agreement as of the date first above written.

	 	 	 	 	 
	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION

3300 Enterprise Parkway

Beachwood, Ohio 44122

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[INDEMNITEE]

[Address]

 	 
	 	
 	 
	 	[Indemnitee] 	 

14

 

EXHIBIT A

UNDERTAKING

	 	 	 	 	 	 	 
	STATE OF OHIO

	 	 	)	 	 	 
	 

	 	 	)	 	 	SS
	COUNTY OF __________________

	 	 	)	 	 	 

     I, ____________________________________, being first duly sworn, do depose and say as follows:

     1. This Undertaking is submitted pursuant to the Officer Indemnification Agreement, dated
____________, 2009, between Developers Diversified Realty Corporation, an Ohio corporation (the
“Company”) and the undersigned.

     2. I am requesting payment of Expenses that I have reasonably incurred or will reasonably
incur in defending an Indemnifiable Claim referred to in the aforesaid Officer Indemnification
Agreement.

     3. The Expenses for which payment is requested are,
in general, all expenses related to _________________________________________
_________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________.

     4. I hereby undertake to repay the amounts paid pursuant hereto if and to the extent it
ultimately is determined that I am not entitled to be indemnified by the Company for all or part of
such amounts under the aforesaid Officer Indemnification Agreement or otherwise.

_____________________________________________

[Indemnitee Name]

     Subscribed and sworn to before me, a Notary
Public in and for said County and State, this
______ day of __________________, ______.

     [Seal]

     My
commission expires the ______ day of __________________, ______.EX-4.19

EXHIBIT 4.19

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

     THIS FIRST AMENDMENT (“First Amendment”) is made as of this April 6, 2009 by and among the
financial institutions signatory hereto (individually a “Bank,” and any and all such financial
institutions collectively, the “Banks”), Comerica Bank, as Administrative Agent for the Banks (in
such capacity, the “Agent”), Bank of America, N.A. as Collateral Agent (as appointed hereby) (in
such capacity, the “Collateral Agent”) and Syndication Agent, Fifth Third Bank, as Documentation
Agent, KeyBank National Association as Cash Management Agent and Olympic Steel, Inc. (the
“Company”).

RECITALS

     A. The Company has entered into that certain Second Amended and Restated Credit Agreement
dated as of May 28, 2008 (as amended, supplemented, amended and restated or otherwise modified from
time to time, the “Credit Agreement”) with each of the Banks and the Agent pursuant to which the
Banks agreed, subject to the satisfaction of certain terms and conditions, to extend or to continue
to extend financial accommodations to the Company, as provided therein.

     B. At the request of the Company, Agent and the Banks have agreed to make certain amendments
and modifications to the Credit Agreement as set forth below, but only on the terms and conditions
set forth in this First Amendment.

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged, Company, Agent and the Banks agree:

     1. Section 1.1 of the Credit Agreement is hereby amended as follows:

     (a) by inserting the following definitions into Section 1.1 of the Credit Agreement in their
appropriate alphabetical order:

““Agents” shall mean the Agent and the Collateral Agent.”

““Availability Reserve” means, immediately after notice to the Company by the Agent
or the Collateral Agent, such amounts as the Agent or the Collateral Agent may from
time to time establish against the Revolving Credit Aggregate Commitment in the
Agent or the Collateral Agent’s discretion exercised in a commercially reasonable
manner in order either (a) to preserve the value of the Collateral or the Banks’
Lien thereon or (b) to provide for the payment of unanticipated liabilities of the
Company or any Guarantor (including, without limitation, liabilities which have
priority by operation of applicable law).”

““Base Rate” shall mean for any day, that rate of interest which is equal to the
Applicable Margin plus the sum of the greatest of (a) the Prime Rate for such day,
(b) the Federal Funds Effective Rate in effect on such day, plus one percent (1.0%),
and (c) the Daily Adjusting LIBOR Rate plus one percent (1%); provided, however, for purposes of

 

 

determining the Base Rate during any period that LIBOR Rate is unavailable as
determined under Sections 11.4 and 11.5 hereof, the Base Rate shall be determined
without reference to clause (c).”

““Base Rate Advance” shall mean an Advance which bears interest at the Base Rate.”

““Collateral Agent” shall mean Bank of America, N.A. or any successor thereto.”

““Consolidated EBITDA” shall mean, for any period, the sum of Consolidated Net
Income for such period, plus to the extent deducted in determining Consolidated Net
Income, Consolidated Interest Expense, Consolidated Income Taxes, Consolidated
depreciation and amortization, non-cash losses, expenses or other charges relating
to goodwill impairment, provided such charges are not in excess of $6,600,000, and
lower of cost or market charges provided such charges are not in excess of
$40,000,000, minus, to the extent included in Consolidated Net Income, non-cash
gains, all as determined in accordance with GAAP.”

““Consolidated Income Taxes” shall mean for any period the aggregate amount of taxes
which are based on revenue, income or profits for such period of the operations of
Company and its Consolidated Subsidiaries determined in accordance with GAAP.”

““Consolidated Net Income” shall mean, for any period, the net income (loss) of
Company and its Consolidated Subsidiaries, determined in accordance with GAAP.”

““Daily Adjusting LIBOR Rate” shall mean for any day a per annum interest rate which
is equal to the quotient of the following:

(a) the LIBOR Rate;

divided by

(b) a percentage (expressed as a decimal) equal to 1.00 minus the maximum
rate on such date at which Agent is required to maintain reserves on
“Euro-currency Liabilities” as defined in and pursuant to Regulation D of
the Board of Governors of the Federal Reserve System or, if such regulation
or definition is modified, and as long as Agent is required to maintain
reserves against a category of liabilities which includes eurodollar
deposits or includes a category of assets which includes eurodollar loans,
the rate at which such reserves are required to be maintained on such
category;

such sum to be rounded upward, if necessary, in the discretion of the Agent, to the
nearest whole multiple of 1/100th of 1%.”

““Impaired Bank” means a Bank (a) that has failed to fund its Percentage of any
Advance or to purchase participations in a Swing Line Advance or any Reimbursement
Obligations, (b) that has otherwise failed to pay to the Agent or any other Bank any
other amount required to be paid by it under the terms of this Agreement or any
other Loan Document, unless such Bank is disputing such obligation to pay any such
amount in good faith, (c) which the Agent, the Issuing Bank or Swing Line Bank
believes, in good faith, has defaulted in fulfilling its obligations under any other
syndicated credit facilities or as a participant in any other credit facility unless
such Bank is disputing such obligations in good faith, (d) that has been, or is
controlled by any Person which has been, determined
to be insolvent or that has become subject to a bankruptcy or other similar
proceeding, or

 

 

(e) any material assets or management of which has been taken over by
any governmental authority.”

““LIBOR Floor” shall mean two percent (2%).”

““LIBOR Rate” shall mean the greater of (i) the LIBOR Floor and (ii) the rate
determined by the following calculation:

(a) with respect the principal amount of any Eurocurrency-based Advance outstanding
hereunder, the per annum rate of interest determined on the basis of the rate for
deposits in United States Dollars for a period equal to the relevant
Eurocurrency-Interest Period, commencing on the first day of such
Eurocurrency-Interest Period, appearing on Page BBAM of the Bloomberg Financial
Markets Information Service as of 11:00 a.m. (Detroit, Michigan time) (or soon
thereafter as practical), two (2) Business Days prior to the first day of such
Eurocurrency-Interest Period. In the event that such rate does not appear on Page
BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such
Service), the “LIBOR Rate” shall be determined by reference to such other publicly
available service for displaying LIBOR rates as may be agreed upon by Agent and
Company, or, in the absence of such agreement, the “LIBOR Rate” shall, instead, be
the per annum rate equal to the average (rounded upward, if necessary, to the
nearest one-sixteenth of one percent (1/16%)) of the rate at which Agent is offered
dollar deposits at or about 11:00 a.m. (Detroit, Michigan time) (or soon thereafter
as practical), two (2) Business Days prior to the first day of such
Eurocurrency-Interest Period in the interbank LIBOR market in an amount comparable
to the principal amount of the relevant Eurocurrency-based Advance which is to bear
interest at such Eurocurrency-based Rate and for a period equal to the relevant
Eurocurrency-Interest Period; and

(b) with respect to the principal amount of any Advance carried at the Daily
Adjusting LIBOR Rate outstanding hereunder, the per annum rate of interest
determined on the basis of the rate for deposits in United States Dollars for a
period equal to one (1) month appearing on Page BBAM of the Bloomberg Financial
Markets Information Service as of 11:00 a.m. (Detroit, Michigan time) (or soon
thereafter as practical) on such day, or if such day is not a Business Day, on the
immediately preceding Business Day. In the event that such rate does not appear on
Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on
such Service), the “LIBOR Rate” shall be determined by reference to such other
publicly available service for displaying eurodollar rates as may be agreed upon by
Agent and Company, or, in the absence of such agreement, the “LIBOR Rate” shall,
instead, be the per annum rate equal to the average of the rate at which Agent is
offered dollar deposits at or about 11:00 a.m. (Detroit, Michigan time) (or soon
thereafter as practical) on such day in the interbank eurodollar market in an amount
comparable to the principal amount of the Indebtedness hereunder which is to bear
interest at such “LIBOR Rate” and for a period equal to one (1) month.”

““Net Orderly Liquidation Percentage” shall mean the orderly liquidation value (net
of costs and expenses incurred in connection with liquidation) of Eligible Inventory
as a percentage of the cost of such Eligible Inventory, which percentage shall be
determined by reference to a third-party appraisal of such Eligible Inventory to be
received by the Agent and the Collateral Agent not later than May 15, 2009 from a
third party acceptable to the Agent and the Collateral Agent in their sole
discretion and promptly following receipt by the Agents copies of which appraisal is to be made available to the
Banks.”

 

 

““Revolving Credit Facility Fee” shall mean the fees payable to Agent for
distribution to the Revolving Credit Banks pursuant to Section 2.12 hereof.”

     (b) by deleting the definitions set forth below and inserting the following definitions in
their respective places:

““Availability” shall mean as of any date of determination thereof, the lesser of
(A) the Borrowing Base and (B) the Revolving Credit Aggregate Commitment, minus, in
each case (i) the Availability Reserves as of such date, if any, (ii) the
outstanding principal amount of the Revolving Advances and the Swing Line Advances
as of such date and (iii) the Letter of Credit Obligations as of such date.”

““Borrowing Base” shall mean, as of any date of determination thereof, an amount
equal to the sum of:

(i)   eighty five percent (85%) of Eligible Accounts, plus

(ii)  the lesser of:

     (A) fifty percent (50%) of Eligible Inventory (valued at the lower of
cost or market value on a specific identification basis consistent with
GAAP);

     (B) eighty five percent (85%) of the Net Orderly Liquidation Percentage
of the Eligible Inventory (calculated separately for each class of Inventory
and in each case valued at the lower of cost and market value on a basis
consistent with GAAP); or

     (C) Seventy Five Million Dollars ($75,000,000) from and after the date
hereof, to and including May 15, 2009, and Sixty Five Million Dollars
($65,000,000) thereafter;

     minus

(iii)   $20,000,000 from and after the date hereof, to and including June 29,
2010;

     minus 

(iv) such amounts as the Agent or the Collateral Agent, in their sole
discretion, may from time to time establish against the gross amounts of the
Eligible Accounts and Eligible Inventory to reflect the lower of cost or
market value of Eligible Inventory, risks or contingencies that may effect
the collectability of such Eligible Accounts or the saleability of such
Eligible Inventory and that, in each case, have not already been taken into
account in the calculation of the Borrowing Base.

provided that the Agents, in the exercise of their commercially
reasonable judgment may upon notice to Company and Banks (a) increase or
decrease reserves against Eligible Accounts and Eligible Inventory or (b)
reduce the advance rates provided in this definition, or (c) restore such
advance rates to any level equal to or below the advance rates in effect as
of the date hereof.”

““Eurocurrency-based Rate” shall mean, with respect to any Eurocurrency-Interest

 

 

Period, the per annum interest rate which is equal to the sum of the Applicable
Margin plus the quotient of:

(i) the LIBOR Rate, divided by

(ii) an amount equal to one minus the stated maximum rate (expressed as a
decimal) of all reserve requirements (including, without limitation, any
marginal, emergency, supplemental, special or other reserves) that is
specified on the first day of such Eurocurrency-Interest Period by the Board
of Governors of the Federal Reserve System (or any successor agency thereto)
for determining the maximum reserve requirement with respect to eurodollar
funding (currently referred to as “eurocurrency liabilities” in Regulation D
of such Board) maintained by a member bank of such System,

all as conclusively determined (absent manifest error) by the Administrative Agent,
such sum to be rounded upward, if necessary, to the nearest whole multiple of
1/100th of 1%.”

““Eurocurrency-Interest Period” shall mean, for any Eurocurrency-based Advance,
an interest period of one, two or three months (or any lesser or greater number of
days agreed to in advance by the Company, Agent and the Banks) as selected by the
Company, for such Eurocurrency-based Advance pursuant to Section 2.3, 2.5 or 4.4
hereof, as the case may be.”

““Swing Line Bank” shall mean Comerica Bank in its capacity as lender under Section
2.5 of this Agreement or any other Bank appointed as a successor thereto by the
Agent in its sole discretion.”

““Swing Line Maximum Amount” shall mean Ten Million Dollars ($10,000,000).”

     (c)   by deleting clause (c) of the definition of “Eligible Inventory” as set forth in Section
1.1 of the Credit Agreement and inserting the following in its place:

“(c) such item of Inventory is in the possession and control of the applicable
Borrowing Base Obligors and, such item of Inventory is located within the
continental United States of America at such location or locations owned by the
applicable Borrowing Base Obligors as Company has represented in the Loan Documents,
relating to Inventory, or, if such facilities are not so owned by a Borrowing Base
Obligor, Agent (i) is in possession of a Collateral Access Agreement or other
acknowledgement agreement in favor of Agent or Collateral Agent with respect thereto
or (ii) has imposed a reserve equivalent to three months rent for such leased
premises where such Inventory is located;”

     (e)   by amending the following definitions in Section 1.1 of the Credit Agreement such that the
references to “Prime-based Advance” and “Prime-based Rate” shall be deleted and replaced with a
reference to “Base Rate Advance” and “Base Rate” in each of the following definitions:
“Advance(s)”, “Applicable Interest Rate”, “Revolving Credit Advance” and “Swing Line Advance”.

     (f)   by deleting the definitions of “Alternate Base Rate”, “Prime-based Rate” and “Prime-based
Advance”.

     2.   The following is inserted as new Section 2.5(f) to the Credit Agreement:

“(f) Notwithstanding any of the other provisions of this Section 2.5, the Company

 

 

shall provide copies of all Requests for Swing Line Advances to the Agent and the
Swing Line Bank at the same time. In connection with the making of all Swing Line
Advances, unless otherwise notified in writing by Agent promptly following each
receipt of Request for Swing Line Advance hereunder, Swing Line Bank may assume that
all conditions precedent to the disbursement of such requested Swing Line Advance
have been satisfied, including without limitation that no Default or Event of
Default has occurred and is continuing and that the entirety of the Swing Line
Maximum Amount less any outstanding Swing Line Advances is available hereunder
(provided that Agent shall have no responsibility whatsoever to Swing Line Bank or
to any other Bank to give any such notice under this Agreement). If the Agent is
not the Swing Line Bank, the Banks and the Company agree (i) that the Agent, at the
request of the Swing Line Bank, shall take the actions permitted under Section
2.5(d) hereof on the Swing Line Bank’s behalf and for the Swing Line Bank’s benefit,
(ii) the Swing Line Bank and the Company may move the deadlines for delivery of
Requests for Swing Line Advances by the Company and for funding of Swing Line
Advances by the Swing Line Bank from those times set forth in Section 2.5 of the
Credit Agreement to other times mutually agreeable to the Company and the Swing Line
Bank, and (iii) the Swing Line Bank shall, promptly following the request of the
Agent, provide notice of the total amount of outstanding Swing Line Advances on any
applicable date.”

     3.   Section 2.9 of the Credit Agreement is hereby amended to delete the phrase “two percent
(2%)” wherever it appears therein and insert “three percent (3%)” in place thereof.

     4.   Section 2.12 of the Credit Agreement is hereby deleted in its entirety and the following is
inserted in its place:

“From April 6, 2009 to the Revolving Credit Maturity Date, the Company shall pay to
the Agent for distribution to the Revolving Credit Banks pro-rata in accordance with
their respective Revolving Credit Percentages, a Revolving Credit Facility Fee
quarterly in arrears, commencing on May 1, 2009 and on the first day of each August,
November, February and May thereafter (in respect of the prior three months or any
portion thereof). The Revolving Credit Facility Fee payable to each Revolving Credit
Bank shall be determined by multiplying the Applicable Fee Percentage times the
Revolving Credit Aggregate Commitment then in effect (whether used or unused). The
Revolving Credit Facility Fee shall be computed on the basis of a year of three
hundred sixty (360) days and assessed for the actual number of days elapsed.
Whenever any payment of the Revolving Credit Facility Fee shall be due on a day
which is not a Business Day, the date for payment thereof shall be extended to the
next Business Day. Upon receipt of such payment, Agent shall make prompt payment to
each Revolving Credit Bank of its share of the Revolving Credit Facility Fee based
upon its respective Revolving Credit Percentage. It is expressly understood that the
Revolving Credit Facility Fees described in this Section are not refundable.”

     5.   Section 3.2 of the Credit Agreement is hereby amended to insert the following as new clause
(h) and renumber existing clause (h) as clause (i):

“(h) if any Bank is an Impaired Bank, the Issuing Bank has entered into arrangements
satisfactory to it with such Bank or the Company to eliminate the Issuing Bank’s
risk with respect to the participation in Letters of Credit by all such Impaired
Banks, including creation of a cash collateral account or delivery of other security
to assure payment of such Impaired Bank’s Percentage of all outstanding Letter of Credit

 

 

Obligations; and”

     6.   Section 3.6 of the Credit Agreement is hereby amended to insert the following as new clause
(f):

“(f) In the event that any Bank becomes an Impaired Bank, the Issuing Bank may, at
its option, require that the Impaired Bank enter into arrangements satisfactory to
it to eliminate the Issuing Bank’s risk with respect to the participation in Letters
of Credit by such Impaired Bank, including creation of a cash collateral account or
delivery of other security to assure payment of such Impaired Bank’s Percentage of
all outstanding Letter of Credit Obligations.”

     7.  Section 7.2(d) of the Credit Agreement is hereby deleted and the following is inserted in
its place:

“(d) By Monday of each week and as of the close of business on Friday of the prior
week, a Borrowing Base Certificate in form and substance satisfactory to the Agents,
provided, however if Availability is $60,000,000 or greater as of any month end, the
Borrowing Base Certificate(s) for the immediately following month (and only such
month) shall be delivered on a monthly, rather than weekly basis, within twenty (20)
days after and as of the end of such month unless, during the course of such month,
Availability at any time is $50,000,000 or less, at which time the Company shall
deliver a Borrowing Base Certificate on the next succeeding Monday covering the
period since delivery of the last Borrowing Base Certificate and for each subsequent
Monday in the manner set forth in this clause (d), until Company’s Availability as
of a subsequent month-end again meets the requirements set forth in this clause (d)
for the Company to deliver the Borrowing Base Certificate(s) on a monthly basis,
provided, further, that if the Company’s Availability at any time is less than or
equal to $20,000,000, the Company shall provide additional Borrowing Base
Certificates at such times as may be requested by the Agents in their discretion,
provided, in addition, the Company may deliver Borrowing Base Certificates more
frequently than as set forth herein at its option, and copies of all Borrowing Base
Certificates shall be made available by the Agents to the Banks after receipt
thereof;”

     8.   Section 7.6(a) of the Credit Agreement is hereby deleted and the following is inserted in
its place:

“(a) at all reasonable times during normal business hours, to examine Company’s
and each Subsidiary’s books, accounts, records, ledgers and assets and properties of
every kind and description wherever located, provided, however, that the Company
shall be required to reimburse the Agents for the reasonable costs and expenses of
no more than three (3) such reviews per year unless a Default or Event of Default
has occurred and is continuing, in which case Company shall reimburse the Agents for
the reasonable costs and expenses of all such reviews undertaken during such period
(without reduction of the number of reviews otherwise to be reimbursed by the
Company while no Default or Event of Default has occurred and is continuing);”

     9.   Section 7.9 of the Credit Agreement is hereby deleted and the following is inserted in its
place:

“7.9 Consolidated Debt Service Coverage Ratio. Maintain as of the end of
each month, a Consolidated Debt Service Ratio of not less than 1.25 to 1.00 commencing
with

 

 

the month ending June 30, 2010.”

     10. Section 7.15 of the Credit Agreement is hereby deleted and the following is inserted in
its place:

“Section 7.15 Appraisal Requirements. (a) In the event required by the
applicable banking regulatory authorities having jurisdiction thereof, as determined
by Agent or Collateral Agent in its reasonable discretion, deliver to Agents (with a
copy for each of the Banks) within ninety (90) days following written notice from
Agent or Collateral Agent, as applicable, real estate and machinery and equipment
appraisals meeting Agents’ customary appraisal standards for each real or personal
property interest (owned in fee or leasehold, as the case may be, to the extent so
required by such regulatory authorities) encumbered by a Mortgage hereunder, and (b)
permit each of the Agents from time to time to obtain appraisals (copies of which
are to be made available to the Banks) of the Inventory in form and substance and
performed by appraisers reasonably acceptable to the Agents, provided, that the
reasonable costs and expenses of only one such appraisal during each calendar year
(not conducted during a Default or Event of Default) and any and all appraisals
conducted during a Default or an Event of Default shall be reimbursed by the
Company.”

     11. Section 7.19 of the Credit Agreement is hereby deleted and the following is inserted in
its place:

“7.19 Availability and Consolidated EBITDA. Maintain (a) at all times
Availability of not less than $15,000,000 commencing with the month ending June 30,
2010, (b) commencing with the month ending April 30, 2009, Consolidated EBITDA of
no less than ($5,000,000) for (i) the one month period ending April 30, 2009, (ii)
the two month period end May 31, 2009, and (iii) for the three month period ending
June 30, 2009 and the three month period ending with each subsequent month end
thereafter until and including May 31, 2010 and (c) commencing with the month ending
April 30, 2009 through and including the month ending May 31, 2010, a cumulative
Consolidated EBITDA for such period of no less than ($10,000,000).”

     12. The following shall be inserted as new Section 7.21 of the Credit Agreement:

“7.21 Dominion of Funds. All funds of the Company or any of its
Subsidiaries shall be deposited immediately upon receipt thereof in a blocked
account held by the Agent or a Bank. The Agent or the Collateral Agent may (and at
the request of the Majority Banks shall) (i) require all amounts on deposit in any
blocked account be transferred to the main concentration account (which shall be
located with the Agent or, at the option of Agent, the Swing Line Bank, provided,
further, that any Bank may also hold an additional concentration account for the
various blocked accounts held by such Bank) at the end of each Business Day and (ii)
cause all amounts on deposit in the main concentration account to be applied by the
Agent (or, at the option of the Agent, the Swing Line Bank) to reduce outstanding
Advances. Notwithstanding the foregoing, during any period after May 15, 2009,
commencing with the date that Availability is less than $20,000,000 and ending on
the first Business Day following the date on which Availability has been greater
than $30,000,000 for thirty consecutive days, all amounts on deposit in any blocked
account shall be transferred to the main concentration account (A) at the end of
each Business Day for (x) blocked accounts with the Agent if such concentration
account is held with the Agent or (y) blocked accounts with the Swing Line Bank if
such concentration account is held with the Swing Line Bank and (B) by the end of the
next

 

 

Business Day for all other blocked accounts and shall be applied on a daily
basis by the Agent (or at the Agent’s option, the Swing Line Bank) to reduce the
outstanding Advances. At the Agent’s or Collateral Agent’s request, the Company
shall execute or cause to be executed by its Subsidiaries such modifications to any
Deposit Account Control Agreements as may be necessary or desirable to comply with
this Section 7.20.”

     13. Section 8.5(e) of the Credit Agreement is hereby deleted and the following is inserted in
its place:

“(e) Company may make cash Distributions to the holders of the Equity Interests in
Company during any fiscal quarter of Company (“Current Quarter”), provided that (i)
Company is in compliance with Section 7.9 of this Agreement as of the last day of
such Current Quarter and as of the date such cash Distribution is made and (ii) the
aggregate amount of such cash Distributions during any fiscal year is not in excess
of $2,250,000; and”

     14. Section 8.6 of the Credit Agreement is hereby deleted and the following is inserted in its
place:

“8.6 Limitation on Capital Expenditures. Make or commit to make (by way of
the acquisition of securities of a Person or otherwise) any expenditure in respect
of the purchase or other acquisition of fixed or capital assets (excluding any such
asset acquired in connection with normal replacement and maintenance programs
properly charged to current operations) except Capital Expenditures which shall not
exceed Twenty Million Dollars ($20,000,000) during any fiscal year of Company.”

     15. Section 9.1(c) of the Credit Agreement is hereby amended to insert the phrase “, 7.21”
after the phrase “7.20” as it appears therein.

     16. Section 9.2(a) of the Credit Agreement is hereby amended to deleted clause (v) and
inserting the following clause (v) in its place, and insert the following as new clause (vi):

“(v) the Agent may and shall if directed by the Majority Banks or the Banks, as
applicable (subject to the terms hereof), and the Collateral Agent shall, if
directed by the Agent, the Majority Banks or the Banks, as applicable (subject to
the terms hereof), exercise any remedy permitted by this Agreement, the Loan
Documents or law, and (vi) the Agent may, and shall, upon being directed to do so by
the Majority Banks, notify Company or any Loan Party that interest shall be payable
on demand on all Obligations (other than Revolving Credit Advances and Swing Line
Advances with respect to which Sections 2.6 hereof shall govern) owing from time to
time to the Agent or any Bank, at a per annum rate equal to the then applicable Base
Rate plus three percent (3%).”

     17. Section 10.2 of the Credit Agreement is hereby deleted and the following is inserted in
its place:

“Section 10.2 Application of the Proceeds of Collateral. Notwithstanding
anything to the contrary in this Agreement, in the case of any Event of Default
under Section 9.1(i), immediately following the occurrence thereof, and in the case
of any other Event of Default: (a) upon the termination of the Revolving Credit
Aggregate Commitment, (b) the acceleration of any Obligations arising under this
Agreement, (c) at the Agent’s option, or upon the request of the Majority Banks, the
Collateral Agent shall deliver any proceeds of the Collateral to the Agent, and the Agent shall apply the proceeds of
any

 

 

Collateral, together with any offsets, voluntary payments by any Loan Party or
others and any other sums received or collected in respect of the Obligations first,
to pay all incurred and unpaid fees and expenses of the Agents under the Loan
Documents and any protective advances made by the Collateral Agent with respect to
the Collateral under or pursuant to the terms of any Loan Document on a pro-rata
basis, next, to pay any fees and expenses owed to the Issuing Bank hereunder, next,
to the Obligations under the Revolving Credit (including the Swing Line and any
Reimbursement Obligations), next to any obligations owing by any Loan Party under
any Hedging Agreements on a pro rata basis, next, to any other Obligations on a pro
rata basis, and then, if there is any excess, to the Loan Parties, as the case may
be.”

     18. Sections 11.3, 11.4 and 11.5 of the Credit Agreement are hereby deleted, and the following
is inserted in their respective places:

“11.3 Circumstances Affecting Eurocurrency-based Rate and LIBOR-based
Rate Availability. If Agent or the Majority Banks (after consultation
with Agent) shall determine in good faith that, by reason of circumstances
affecting the foreign exchange and interbank markets generally, deposits in
eurodollars in the applicable amounts are not being offered to the Agent or
such Banks, then Agent shall forthwith give notice thereof to Company.
Thereafter, until Agent notifies Company that such circumstances no longer
exist, (i) the obligation of Banks to make Eurocurrency-based Advances and
LIBOR-based Advances, and the right of Company to convert an Advance to or
refund an Advance as a Eurocurrency-based Advance, as the case may be shall
be suspended, and (ii) the Company shall repay in full (or cause to be
repaid in full) the then outstanding principal amount of each such
Eurocurrency-based Advance or LIBOR-based Advance, together with accrued
interest thereon, any amounts payable under Sections 11.1 and 11.8 hereof,
and all other amounts payable hereunder on the last day of the then current
Interest Period applicable to such Advance. Upon the date for repayment as
aforesaid and unless Company notifies Agent to the contrary within two (2)
Business Days after receiving a notice from Agent pursuant to this Section,
such outstanding principal amount shall, in lieu of being so repaid, be
converted to a Prime-based Advance as of the last day of such Interest
Period.

11.4 Laws Affecting Eurocurrency-based Rate and Daily Adjusting LIBOR
Rate Availability. If, after the date of this Agreement, the adoption
or introduction of, or any change in, any applicable law, rule or regulation
or in the interpretation or administration thereof by any governmental
authority charged with the interpretation or administration thereof, or
compliance by any of the Banks (or any of their respective Eurocurrency
Lending Offices) with any request or directive (whether or not having the
force of law) of any such authority, shall make it unlawful or impossible
for any of the Banks (or any of their respective Eurocurrency Lending
Offices) to honor its obligations hereunder to make or maintain any Advance
with interest at the Eurocurrency-based Rate or the Daily Adjusting LIBOR
Rate, such Bank shall forthwith give notice thereof to Company and to Agent.
Thereafter, (a) the obligations of the applicable Banks to make
Eurocurrency-based Advances and LIBOR-based Advances and the right of
Company to convert an Advance into or refund an Advance as a
Eurocurrency-based Advance shall be suspended and thereafter Company may
select as Applicable Interest Rates only those which remain available and
which

 

 

are permitted to be selected hereunder, and (b) if any of the Banks
may not lawfully continue to maintain an Advance as a Eurocurrency-based
Advance or a LIBOR-based Advance, the applicable Advance shall immediately
be converted to a Prime-based Advance and the Prime-based Rate shall be
applicable thereto for the remainder of any applicable Interest Period. For
purposes of this Section, a change in law, rule, regulation, interpretation
or administration shall include, without limitation, any change made or
which becomes effective on the basis of a law, rule, regulation,
interpretation or administration presently in force, the effective date of
which change is delayed by the terms of such law, rule, regulation,
interpretation or administration.

11.5 Increased Cost of Advances Carried at a Eurocurrency-based Rate or
a Daily Adjusting LIBOR Rate. If, after the date of this Agreement, the
adoption or introduction of, or any change in, any applicable law, rule or
regulation or in the interpretation or administration thereof by any
governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any of the Banks
(or any of their respective Eurocurrency Lending Offices) with any request
or directive (whether or not having the force of law) of any such authority,
central bank or comparable agency:

(a) shall subject any of the Banks (or any of their respective Eurocurrency
Lending Offices) to any tax, duty or other charge with respect to any
Advance or shall change the basis of taxation of payments to any of the
Banks (or any of their respective Eurocurrency Lending Offices) of the
principal of or interest on any Advance or any other amounts due under this
Agreement in respect thereof (except for changes in the rate of tax on the
overall net income of any of the Banks or any of their respective
Eurocurrency Lending Offices imposed by the jurisdiction in which such
Bank’s principal executive office or Eurocurrency Lending Office is
located); or

(b) shall impose, modify or deem applicable any reserve (including, without
limitation, any imposed by the Board of Governors of the Federal Reserve
System), special deposit or similar requirement against assets of, deposits
with or for the account of, or credit extended by, any of the Banks (or any
of their respective Eurocurrency Lending Offices) or shall impose on any of
the Banks (or any of their respective Eurocurrency Lending Offices) or the
foreign exchange and interbank markets any other condition affecting any
Advance;

and the result of any of the foregoing matters is to increase the costs to
any of the Banks of maintaining any part of the Indebtedness hereunder as a
Eurocurrency-based Advance or a LIBOR-based Advance, or to reduce the amount
of any sum received or receivable by any of the Banks under this Agreement
in respect of a Eurocurrency-based Advance or a LIBOR-based Advance, as the
case may be, then such Bank shall promptly notify Agent, and Agent shall
promptly notify Company of such fact and demand compensation therefor and,
within fifteen (15) days after such notice, Company agrees to pay to such
Bank or Banks such additional amount or amounts as will compensate such Bank
or Banks for such increased cost or reduction. Agent will promptly notify
Company of any event of which it has knowledge which will entitle Banks to
compensation pursuant to this
Section, or which will cause Company to incur additional liability under
Sections

 

 

11.1 and 11.6 hereof, provided that Agent shall incur no liability
whatsoever to the Banks or Company in the event it fails to do so. A
certificate of Agent (or such Bank, if applicable) setting forth the basis
for determining such additional amount or amounts necessary to compensate
such Bank or Banks shall accompany such demand and shall be conclusively
presumed to be correct absent manifest or demonstrable error. For purposes
of this Section, a change in law, rule, regulation, interpretation,
administration, request or directive shall include, without limitation, any
change made or which becomes effective on the basis of a law, rule,
regulation, interpretation, administration, request or directive presently
in force, the effective date of which change is delayed by the terms of such
law, rule, regulation, interpretation, administration, request or
directive.”

     19. Section 12.14 of the Credit Agreement is hereby amended by deleting such Section in its
entirety and inserting the following in its place:

“12.14 Co-Agent or Other Titles. Any Bank identified on the facing page or
signature page of this Agreement or in any amendment hereto or as designated with
consent of the Agent in any assignment agreement as Lead Arranger, Documentation
Agent, Syndications Agent or any similar titles, shall not have any right, power,
obligation, liability, responsibility or duty under this Agreement as a result of
such title other than those applicable to all Banks as such. Without limiting the
foregoing, the Banks so identified shall not have or be deemed to have any fiduciary
relationship with any Bank as a result of such title. Each Bank acknowledges that it
has not relied, and will not rely, on the Bank so identified in deciding to enter
into this Agreement or in taking or not taking action hereunder. Notwithstanding
the foregoing, the Collateral Agent shall have such rights, powers, obligations,
liabilities, responsibilities and duties of the Collateral Agent as are specifically
set forth in this Agreement and the other Loan Documents.”

     20. The Credit Agreement is hereby amended by inserting the following as new Section 13.25:

“Section 13.25 Substitution of Banks; Impaired Banks. If (a) any Bank
shall become an Impaired Bank, (b) the obligation of any Bank to make
Eurodollar-based Advances has been suspended pursuant to Section 11.3 or 11.4, (c)
any Bank has demanded compensation under Section 3.4(b), 11.5 or 11.6 or (d) any
Bank has not approved an amendment, waiver or other modification of this Agreement,
if such amendment or waiver has been approved by the Majority Banks and the consent
of such Bank is required (in each case, an “Affected Bank”), then the Agent or the
Company shall have the right to make written demand on the Affected Bank (with a
copy to the Company in the case of a demand by the Agent or with a copy to the Agent
in the case of a demand by the Company) to assign and the Affected Bank shall
assign, to one or more financial institutions that comply with the provisions of
Section 13.8 hereof (the “Purchasing Bank” or “Purchasing Banks”) to purchase the
Advances of the Revolving Credit and/or Swing Line, as the case may be, of such
Affected Bank (including, without limitation, its participating interests in
outstanding Swing Line Advances and Letters of Credit) and assume the commitment of
the Affected Bank to extend credit under the Revolving Credit (including without
limitation its obligation to purchase participations in Swing Line Advances and
Letters of Credit) under this Agreement. The Affected Bank shall be obligated to
sell its Advances of the Revolving Credit and/or Swing Line, as the case may be, and
assign its commitment to extend credit under the Revolving Credit (including
without limitation its obligations to purchase participations in Swing Line Advances
and

 

 

Letters of Credit) to such Purchasing Bank or Purchasing Banks within ten (10)
days after receiving notice from the Company requiring it to do so, at an aggregate
price equal to the outstanding principal amount thereof, plus unpaid interest
accrued thereon up to but excluding the date of the sale. In connection with any
such sale, and as a condition thereof, the Company shall pay to the Affected Bank
all fees accrued for its account hereunder to but excluding the date of such sale,
plus, if demanded by the Affected Bank within ten (10) Business Days after such
sale, (i) the amount of any compensation which would be due to the Affected Bank
under Section 11.1 if the Company had prepaid the outstanding Eurodollar-based
Advances of the Affected Bank on the date of such sale and (ii) any additional
compensation accrued for its account under Sections 3.4(b), 11.5 and 11.6 to but
excluding said date. Upon such sale, the Purchasing Bank or Purchasing Banks shall
assume the Affected Bank’s commitment, and the Affected Bank shall be released from
its obligations hereunder to a corresponding extent. If any Purchasing Bank is not
already one of the Banks, the Affected Bank, as assignor, such Purchasing Bank, as
assignee, the Company and the Agent, shall enter into an Assignment Agreement
pursuant to Section 13.8 hereof, whereupon such Purchasing Bank shall be a Bank
party to this Agreement, shall be deemed to be an assignee hereunder and shall have
all the rights and obligations of a Bank with a Revolving Credit Percentage equal to
its ratable share of the then applicable Revolving Credit Aggregate Commitment of
the Affected Bank. In connection with any assignment pursuant to this Section 13.25,
the Company or the Purchasing Bank shall pay to the Agent the administrative fee for
processing such assignment referred to in Section 13.8. If any Bank shall become an
Impaired Bank (a) it shall not receive payments of principal on the Obligations
during any period when the amount funded by such Impaired Lender is less than the
amount of its Percentage of the Obligations and (b) for purposes of determining the
effectiveness of any amendment, restatement or waiver of this Agreement or any Loan
Document (excluding any amendment, restatement or waiver which reduces the
outstanding principal amount of the Obligations or extends the maturity date of any
of the Obligations), (i) whether the consent of the Required Banks has been obtained
shall be determined without including in the calculation each Impaired Bank and its
Percentage of the Revolving Credit Aggregate Commitment and/or the Obligations and
(ii) the consent of all Banks shall be deemed obtained upon the consent of all Banks
other than any Impaired Bank.”

     21. The Credit Agreement is hereby amended by deleting (a) all references to “Prime-based
Advance” and “Prime-based Rate” and replacing such references with references to “Base Rate
Advance” and “Base Rate”, respectively, in Articles 2 through 13, inclusive and in the Exhibits to
the Credit Agreement and (b) all references to the “Revolving Credit Commitment Fee” and replacing
such references with references to “Revolving Credit Facility Fee” in Articles 1 through 13,
inclusive and in the Exhibits to the Credit Agreement.

     22. Clauses (g) and (l) of the definition of “Eligible Accounts” and the post-amble to the
definition of “Eligible Accounts”, clauses (b) and (i) of the definition of “Eligible Inventory”,
Sections 7.2(c), 7.5(b), 7.17, 7.18, 8.2(c), 9.1(l), 9.2(b), 12.1 through 12.3, 12.5 through 12.13,
13.5, 13.10(e) and the post-amble to Section 13.10 of the Credit Agreement are hereby amended such
that each reference therein to the Agent shall be deemed to mean both the Agent and the Collateral
Agent. Section 12.12 is further amended to insert the phrase “and Bank of America, N.A. and its
Affiliates and its successors and assigns” after the phrase “Comerica Bank and its Affiliates and
its successors and assigns” in each place where such phrase appears.

     23. Schedule 1.1 to the Credit Agreement is hereby deleted in its entirety and the replacement
Schedule 1.1 to the Credit Agreement attached hereto as Annex A is inserted in its place.

 

 

     24. Exhibits A, G and M to the Credit Agreement are hereby deleted in their respective
entireties and the replacement Exhibits A, G and M to the Credit Agreement attached hereto as Annex
B are inserted in their respective places.

     25. The Company, the Agent and the Banks consent to the appointment of Bank of America, N.A.
as Collateral Agent under the Credit Agreement, and Bank of America, N.A. by execution and delivery
of this First Amendment accepts such appointment. Within ten (10) Business Days of the date hereof
(or such longer time period as the Agent may consent to in writing in its sole discretion), the
Agents and the Company shall, and the Company shall cause its Subsidiaries, as applicable, to
execute and deliver (a) such assignments and amendments to the Collateral Documents (including any
Uniform Commercial Code financing statements) as may be deemed necessary or desirable by the Agents
to evidence and effect the transfer of the Agent’s position in such Collateral Documents to Bank of
America, N.A. as Collateral Agent and (b) a Collateral Compliance Certificate, substantially in the
form of the Collateral Compliance Certificate executed and delivered in connection with the Credit
Agreement, and otherwise in form and substance reasonably acceptable to the Agents. Each of the
Banks party hereto consent and agree to the execution and delivery by the Agents, the Company and
its Subsidiaries of the amendments and assignments required by clause (a) above. Each of the
Banks, the Company and the Agents agree that the appointment of a successor Collateral Agent shall
use the same methodology as set for the appointment of a successor Agent in Section 12.4 of the
Credit Agreement.

     26. Within sixty (60) days of the date hereof, the Company shall make, and shall cause its
Subsidiaries to make, commercially reasonable efforts to deliver Collateral Access Agreements, in
form and substance reasonably acceptable to the Agents for all premises owned by a third party
where Collateral is stored and for which a Collateral Access Agreement has not been previously
delivered.

     27. This First Amendment shall become effective (according to the terms hereof) on the date
(the “First Amendment Effective Date”) that the following conditions have been fully satisfied by
the Company (the “Conditions”):

	 	(a)	 	Agent shall have received counterpart copies (by facsimile or email) of (i)
this First Amendment, duly executed and delivered by the Company and the requisite
Banks, (ii) a closing certificate in form and substance reasonably acceptable to the
Agent and (iii) that certain Reaffirmation of Loan Documents executed by the Company
and certain of its Subsidiaries in the form attached hereto as Exhibit A, in each case
with original signatures to follow promptly thereafter.
	 
	 	(b)	 	Agent shall have received such other documentation as it may reasonably request
within a reasonable time period following such request, giving consideration to the
extent and nature of the information so requested.
	 
	 	(c)	 	The Agent shall have received (a) the business projections of the Company and
its Subsidiaries for the year 2010 and (b) a certificate of the chief financial officer
of the Company (i) attaching the pro forma consolidated balance sheet of the Company
and its Subsidiaries as at the date of their most recent fiscal quarter, adjusted to
give effect to a mark-to-market of their Inventory, as if such mark-to-market has
occurred on such date and (ii) stating that such balance sheet accurately presents in
all material respects the pro forma financial position of the Company and its
Subsidiaries in accordance with GAAP (except as to the entries necessary to give effect
to the mark-to-market) and such pro forma consolidated balance sheet and the respective
amounts of assets, liabilities and
equity reflected therein shall be satisfactory to the Agent.

 

 

	 	(d)	 	The Company shall have paid all fees due under and pursuant to the Fee Letter,
and shall have paid to the Agent for distribution to each Bank an amendment fee of 50
basis points on such Bank’s Revolving Credit Percentage of the Revolving Credit
Aggregate Commitment, together with any other outstanding fees and expenses for which
invoices have been submitted, provided, however, that the Revolving Credit Commitment
Fee (as defined in the Credit Agreement prior to this First Amendment) accrued for the
period before the date hereof, shall by paid together with the Revolving Credit
Facility Fee, on May 1, 2009.

     28. Company hereby represents and warrants that, after giving effect to any amendments,
consents and waivers contained herein, execution and delivery of this First Amendment and the
performance by each of them of their respective obligations under the Credit Agreement as amended
hereby (herein, as so amended, the “Amended Credit Agreement”) are within its company powers, have
been duly authorized, are not in contravention of law or the terms of its operating agreement or
other organizational documents, as applicable, and except as have been previously obtained, do not
require the consent or approval, material to the amendments set forth herein, of any governmental
body, agency or authority, and the Amended Credit Agreement will constitute the valid and binding
obligations of the Company, as applicable, enforceable in accordance with its terms, except as
enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency,
moratorium, fraudulent conveyance, ERISA or similar laws affecting the enforcement of creditors’
rights generally and by general principles of equity (whether enforcement is sought in a proceeding
in equity or at law).

     29. Except as specifically set forth herein, this First Amendment shall not be deemed to amend
or alter in any respect the terms and conditions of the Credit Agreement (including without
limitation all conditions and requirements for Advances and any financial covenants) or any of the
other Loan Documents, or to constitute a waiver or release by any of the Banks or the Agent of any
right, remedy, Collateral, Default or Event of Default under the Credit Agreement or any of the
other Loan Documents, except to the extent specifically set forth herein. The Company hereby
acknowledges and agrees that this First Amendment and the amendments contained herein do not
constitute any course of dealing or other basis for altering any obligation of the Company, any
other Loan Party or any other party or any rights, privilege or remedy of the Agents or the Banks
under the Credit Agreement, any other Loan Document, any other agreement or document, or any
contract or instrument except as expressly set forth herein. Furthermore, this First Amendment
shall not affect in any manner whatsoever any rights or remedies of the Banks or the Agents with
respect to any other non-compliance by the Company with the Credit Agreement or the other Loan
Documents not waived or otherwise amended hereby, whether in the nature of a Default or Event of
Default, and whether now in existence or subsequently arising, and shall not apply to any other
transaction.

     30. Company hereby acknowledges and confirms that it does not possess any claim, cause of
action, demand, defense, and other right of action whatsoever, in law or equity against the Agent,
the Collateral Agent or any of the Banks or any of their respective employees, officers, attorneys
or agents (collectively, the “Bank Parties”), prior to or as of the date of this First Amendment by
reason of any cause or matter of any kind or nature whatsoever, including, but not limited to, any
cause or matter arising from, relating to, or connected with, in any manner the Credit Agreement,
any of the Loan Documents, any related document, instrument or agreement or this First Amendment
(including, without limitation, any payment, performance, validity or enforceability of any or all
of the indebtedness, covenants, agreements, rights, remedies, obligations and liabilities under the
Credit Agreement, any of the Loan Documents, any related document, instrument or agreement or this
First Amendment) or any transactions relating to any of the foregoing, or any or all actions,
courses of conduct or other matters in any manner
whatsoever relating to or otherwise connected with any of the foregoing.

 

 

     31. Company hereby reaffirms, confirms, ratifies and agrees to be bound by each of its
covenants, agreements and obligations under the Credit Agreement, as amended as of the date hereof,
and each other Loan Document previously executed and delivered by it, or executed and delivered in
accordance with this First Amendment. Each reference in the Credit Agreement to “this Agreement”
or “the Credit Agreement” shall be deemed to refer to Credit Agreement as amended by this First
Amendment and each previous amendment thereto.

     32. Unless otherwise defined to the contrary herein, all capitalized terms used in this First
Amendment shall have the meanings set forth in the Credit Agreement.

     33. This First Amendment shall be a contract made under and governed by the internal laws of
the State of Michigan, and may be executed in counterpart, in accordance with the Credit
Agreement.

     34. Company, the Agent, the Collateral Agent and each Bank party hereto agrees that any copy
of this First Amendment (or any other Loan Document) signed by them and transmitted by facsimile,
email or any other delivery method shall be admissible in evidence as the original itself in any
judicial or administrative proceeding, whether or not the original is in existence.

 

 

     IN WITNESS WHEREOF, the Company, the Banks and Agent have each caused this First Amendment to
be executed by their respective duly authorized officers or agents, as applicable, all as of the
date first set forth above.

	 	 	 	 	 	 	 
	 	 	AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	COMERICA BANK, as Agent, Swing Line Bank,	 	 
	 	 	Issuing Bank and Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	OLYMPIC STEEL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 

 

 

CONSENT TO FIRST AMENDMENT TO SECOND AMENDED

AND RESTATED CREDIT AGREEMENT

     The undersigned Bank hereby consents and agrees to the amendments, terms and conditions set
forth in that certain First Amendment to Second Amended and Restated Credit Agreement dated April
                    , 2009.

Dated: April                     , 2009

	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	(Bank)	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]