Document:

EX-10.2

Exhibit 10.2

      

      

      

      

      

INTERCONTINENTALEXCHANGE, INC.

2009 OMNIBUS INCENTIVE PLAN

 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE I	    GENERAL	 	 	1	 
	 	1.1	 	 	Purpose
	 	 	1	 
	 	1.2	 	 	Definitions of Certain Terms
	 	 	1	 
	 	1.3	 	 	Administration
	 	 	4	 
	 	1.4	 	 	Persons Eligible for Awards
	 	 	6	 
	 	1.5	 	 	Types of Awards under Plan
	 	 	6	 
	 	1.6	 	 	Shares of Common Stock Available for Awards
	 	 	7	 
	ARTICLE II	    AWARDS UNDER THE PLAN	 	 	7	 
	 	2.1	 	 	Agreements Evidencing Awards
	 	 	7	 
	 	2.2	 	 	No Rights as a Stockholder
	 	 	8	 
	 	2.3	 	 	Options
	 	 	8	 
	 	2.4	 	 	Stock Appreciation Rights
	 	 	9	 
	 	2.5	 	 	Restricted Shares
	 	 	10	 
	 	2.6	 	 	Restricted Stock Units
	 	 	11	 
	 	2.7	 	 	Dividend Equivalent Rights
	 	 	11	 
	 	2.8	 	 	Other Stock-Based Awards
	 	 	12	 
	 	2.9	 	 	Individual Limitation on Awards
	 	 	12	 
	ARTICLE III	    MISCELLANEOUS	 	 	12	 
	 	3.1	 	 	Amendment of the Plan
	 	 	12	 
	 	3.2	 	 	Tax Withholding
	 	 	13	 
	 	3.3	 	 	Required Consents and Legends
	 	 	13	 
	 	3.4	 	 	Right of Offset
	 	 	14	 
	 	3.5	 	 	Nonassignability; No Hedging
	 	 	14	 
	 	3.6	 	 	Change in Control
	 	 	14	 
	 	3.7	 	 	Right of Discharge Reserved
	 	 	15	 
	 	3.8	 	 	Nature of Payments
	 	 	15	 
	 	3.9	 	 	Non-Uniform Determinations
	 	 	16	 
	 	3.10	 	 	Other Payments or Awards
	 	 	16	 
	 	3.11	 	 	Plan Headings
	 	 	16	 
	 	3.12	 	 	Termination of Plan
	 	 	16	 
	 	3.13	 	 	Section 409A
	 	 	17	 
	 	3.14	 	 	Governing Law
	 	 	17	 
	 	3.15	 	 	Choice of Forum
	 	 	17	 
	 	3.16	 	 	Severability; Entire Agreement
	 	 	18	 
	 	3.17	 	 	Waiver of Claims
	 	 	18	 
	 	3.18	 	 	No Third Party Beneficiaries
	 	 	19	 
	 	3.19	 	 	Successors and Assigns of ICE
	 	 	19	 
	 	3.20	 	 	Waiver of Jury Trial
	 	 	19	 
	 	3.21	 	 	Date of Adoption, Approval of Stockholders and Effective Date
	 	 	19	 

 

 

INTERCONTINENTALEXCHANGE, INC.

2009 OMNIBUS INCENTIVE PLAN

ARTICLE I

GENERAL

			
	1.1	 	Purpose

     The purpose of the IntercontinentalExchange, Inc. 2009 Omnibus Incentive Plan is to attract,
retain and motivate officers, directors and key employees (including prospective employees),
consultants and others who may perform services for the Company (as hereinafter defined), to
compensate them for their contributions to the long-term growth and profits of the Company and to
encourage them to acquire a proprietary interest in the success of the Company.

     This 2009 Omnibus Incentive Plan replaces the Company’s 2005 Equity Incentive Plan, the
Company’s 2004 Restricted Stock Plan, the Company’s 2000 Stock Option Plan and the Creditex 1999
Stock Option/Stock Incentive (together, the “Prior Plans”), each as amended to the
Effective Date (as hereinafter defined), for Awards (as hereinafter defined) granted on or after
the Effective Date. Awards may not be granted under the Prior Plans beginning on the Effective
Date, but this 2009 Omnibus Incentive Plan will not affect the terms or conditions of any stock
option grants under the Prior Plans before the Effective Date.

			
	1.2	 	Definitions of Certain Terms

     For purposes of this 2009 Omnibus Incentive Plan, the following terms have the meanings set
forth below:

     1.2.1 “Award” means an award made pursuant to the Plan.

     1.2.2 “Award Agreement” means the written document by which each Award is evidenced,
and which may, but need not be (as determined by the Committee) executed or acknowledged by a
Grantee as a condition to receiving an Award or the benefits under an Award, and which sets forth
the terms and provisions applicable to Awards granted under the Plan to such Grantee. Any
reference herein to an agreement in writing will be deemed to include an electronic writing to the
extent permitted by applicable law.

     1.2.3 “Board” means the Board of Directors of ICE.

     1.2.4 “Certificate” means a stock certificate (or other appropriate document or
evidence of ownership) representing shares of Common Stock.

     1.2.5 “Change in Control” means the happening of any of the following:

     (a) any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the 1934 Act),
is or becomes the beneficial owner (as defined in Rule 13d-3 under the 1934 Act), directly
or indirectly, of securities representing 30% or more of the combined voting power of the
then outstanding securities of ICE eligible to vote for the election of the members of ICE’s
Board (the “Company Voting Securities” unless, (1) such person

 

 

is ICE or any subsidiary of ICE, (2) such person is an employee benefit plan (or a
trust which is a part of such a plan) which provides benefits exclusively to, or on behalf
of, employees or former employees of ICE or a subsidiary of ICE, (3) such person is the
Grantee, an entity controlled by the Grantee or a group which includes the Grantee or (4)
such person acquired such securities in a Non-Qualifying Transaction (as defined in
1.2.5(c));

     (b) any dissolution or liquidation of ICE or any sale or the disposition of 50% or more
of the assets or business of ICE, or

     (c) the consummation of any reorganization, merger, consolidation or share exchange or
similar form of corporate transaction involving ICE unless (1) the persons who were the
beneficial owners of the outstanding securities eligible to vote for the election of the
members of ICE’s Board immediately before the consummation of such transaction hold more
than 60% of the voting power of the securities eligible to vote for the members of the board
of directors of the successor or survivor corporation in such transaction immediately
following the consummation of such transaction and (2) the number of the securities of such
successor or survivor corporation representing the voting power described in 1.2.5(c)(1)
held by the persons described in 1.2.5(c)(1) immediately following the consummation of such
transaction is beneficially owned by each such person in substantially the same proportion
that each such person had beneficially owned the outstanding securities eligible to vote for
the election of the members of ICE’s Board immediately before the consummation of such
transaction, provided (3) the percentage described in 1.2.5(c)(1) of the securities of the
successor or survivor corporation and the number described in 1.2.5(c)(2) of the securities
of the successor or survivor corporation shall be determined exclusively by reference to the
securities of the successor or survivor corporation which result from the beneficial
ownership of shares of common stock of ICE by the persons described in 1.2.5(c)(1)
immediately before the consummation of such transaction (any transaction which satisfies all
of the criteria specified in (1), (2) and (3) above shall be deemed to be a
“Non-Qualifying Transaction”).

     1.2.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or
any successor thereto, and the applicable rulings and regulations thereunder.

     1.2.7 “Committee” has the meaning set forth in Section 1.3.1.

     1.2.8 “Common Stock” means the common stock of the Company, par value $0.01 per share,
and any other securities or property issued in exchange therefor or in lieu thereof pursuant to
Section 1.6.3.

     1.2.9 “Company” means IntercontinentalExchange, Inc. and its consolidated
subsidiaries.

     1.2.10 “Consent” has the meaning set forth in Section 3.3.2.

     1.2.11 “Consultant” means any individual, corporation, partnership, limited liability
company or other entity that provides bona fide consulting or advisory services to the Company
pursuant to a written agreement.

-2-

 

     1.2.12 “Covered Person” has the meaning set forth in Section 1.3.4.

     1.2.13 “Director” means a member of the Board or a member of the board of directors of
a consolidated subsidiary of ICE.

     1.2.14 “Effective Date” means May 14, 2009, or such other date when the Plan is
approved by the stockholders of ICE.

     1.2.15 “Employee” means a regular, active employee and a prospective employee of the
Company.

     1.2.16 “Employment” means a Grantee’s performance of services for the Company, as
determined by the Committee. The terms “employ” and “employed” will have their correlative
meanings. The Committee in its sole discretion may determine (a) whether and when a Grantee’s
leave of absence results in a termination of Employment, (b) whether and when a change in a
Grantee’s association with the Company results in a termination of Employment and (c) the impact,
if any, of any such leave of absence or change in association on outstanding Awards. Unless
expressly provided otherwise, any references in the Plan or any Award Agreement to a Grantee’s
Employment being terminated will include both voluntary and involuntary terminations.
Notwithstanding the foregoing, with respect to any Award subject to Section 409A of the Code (and
not exempt therefrom), a termination of Employment occurs when a Grantee experiences a “separation
from service” (as such term is defined under Section 409A of the Code).

     1.2.17 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time, or any successor thereto, and the applicable rules and regulations thereunder.

     1.2.18 “Fair Market Value” means, with respect to a share of Common Stock, the closing
price reported for the Common Stock on the applicable date as reported on the New York Stock
Exchange or, if not so reported, as determined in accordance with a valuation methodology approved
by the Committee, unless determined as otherwise specified herein. For purposes of the grant of
any Award, the applicable date will be the trading day on which the Award is granted or, if the
date the Award is granted is not a trading day, the trading day immediately prior to the date the
Award is granted. For purposes of the exercise of any Award, the applicable date is the date a
notice of exercise is received by the Company or, if such date is not a trading day, the trading
day immediately following the date a notice of exercise is received by the Company.

     1.2.19 “Grantee” means an Employee, Director or Consultant who receives an Award.

     1.2.20 “Incentive Stock Option” means a stock option to purchase shares of Common
Stock that is intended to be an “incentive stock option” within the meaning of Sections 421 and 422
of the Code, as now constituted or subsequently amended, or pursuant to a successor provision of
the Code, and which is designated as an Incentive Stock Option in the applicable Award Agreement.

     1.2.21 “ICE” means IntercontinentalExchange, Inc. or a successor entity contemplated
by Section 3.6.

-3-

 

     1.2.22 “Performance Goals” means the goals determined by the Committee, in its
discretion, to be applicable to a Grantee with respect to an Award. As determined by the
Committee, the Performance Goals applicable to an Award may provide for a targeted level or levels
of achievement using certain Company or individual performance measures. The Performance Goals may
differ from Grantee to Grantee and from Award to Award. Any criteria used may be measured in
absolute terms or relative to comparative companies. Such Performance Goals may include, but are
not limited to, earnings; earnings per share; earnings before interest, taxes, depreciation and
amortization; revenue; profits; profit growth; profit-related return ratios; cost management;
dividend payout ratios; market share; economic value added; cash flow; total shareholder return, or
other measures of performance selected by the Committee. The Committee shall have the authority to
make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring
events affecting the Company or the financial statements of the Company, or in response to changes
in Applicable Laws, or to account for items of gain, loss or expense determined to be extraordinary
or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a
business or related to a change in accounting principles.

     1.2.23 “Plan” means this 2009 Omnibus Incentive Plan, as amended from time to time.

     1.2.24 “Plan Action” will have the meaning set forth in Section 3.3.1.

     1.2.25 “Securities Act” means the Securities Act of 1933, as amended from time to
time, or any successor thereto, and the applicable rules and regulations thereunder.

     1.2.26 “Ten Percent Stockholder” means a person owning stock possessing more than 10%
of the total combined voting power of all classes of stock of ICE and of any subsidiary corporation
of ICE.

			
	1.3	 	Administration

     1.3.1 The Compensation Committee of the Board (as constituted from time to time, and including
any successor committee, the “Committee”) will administer the Plan. In particular, the
Committee will have the authority in its sole discretion to:

     (a) exercise all of the powers granted to it under the Plan;

     (b) construe, interpret and implement the Plan and all Award Agreements;

     (c) prescribe, amend and rescind rules and regulations relating to the Plan, including
rules governing the Committee’s own operations;

     (d) make all determinations necessary or advisable in administering the Plan;

     (e) correct any defect, supply any omission and reconcile any inconsistency in the
Plan;

-4-

 

     (f) amend the Plan to reflect changes in applicable law but, subject to Section
1.6.3 or as otherwise specifically provided herein, no such amendment shall adversely
impair the rights of the Grantee of any Award without the holder’s consent;

     (g) grant Awards and determine who will receive Awards, when such Awards will be
granted and the terms of such Awards, including setting forth provisions with regard to the
effect of a termination of Employment on such Awards;

     (h) amend any outstanding Award Agreement in any respect, but, subject to Section
1.6.3 or as otherwise specifically provided herein, no such amendment shall adversely
impair the rights of the Grantee of any Award without the holder’s consent, including,
without limitation, to (1) accelerate the time or times at which the Award becomes vested,
unrestricted or may be exercised (and, in connection with such acceleration, the Committee
may provide that any shares of Common Stock acquired pursuant to such Award will be
restricted shares, which are subject to vesting, transfer, forfeiture or repayment
provisions similar to those in the Grantee’s underlying Award), (2) accelerate the time or
times at which shares of Common Stock are delivered under the Award (and, without limitation
on the Committee’s rights, in connection with such acceleration, the Committee may provide
that any shares of Common Stock delivered pursuant to such Award will be restricted shares,
which are subject to vesting, transfer, forfeiture or repayment provisions similar to those
in the Grantee’s underlying Award), (3) waive or amend any goals, restrictions or conditions
set forth in such Award Agreement, or impose new goals, restrictions and conditions or (4)
reflect a change in the Grantee’s circumstances (e.g., a change to part-time employment
status or a change in position, duties or responsibilities); and

     (i) determine at any time whether, to what extent and under what circumstances and
method or methods (1) Awards may be (A) settled in cash, shares of Common Stock, other
securities, other Awards or other property (in which event, the Committee may specify what
other effects such settlement will have on the Grantee’s Award, including the effect on any
repayment provisions under the Plan or Award Agreement), (B) exercised or (C) canceled,
forfeited or suspended, (2) shares of Common Stock, other securities, other Awards or other
property and other amounts payable with respect to an Award may be deferred either
automatically or at the election of the Grantee thereof or of the Committee, (3) to the
extent permitted under applicable law, loans (whether or not secured by Common Stock) may be
extended by the Company with respect to any Awards, (4) Awards may be settled by ICE, any of
its subsidiaries or affiliates or any of its or their designees and (5) the exercise price
for any stock option (other than an Incentive Stock Option, unless the Committee determines
that such a stock option will no longer constitute an Incentive Stock Option) or stock
appreciation right may be reset.

     1.3.2 Actions of the Committee may be taken by the vote of a majority of its members present
at a meeting (which may be held telephonically). Any action may be taken by a written instrument
signed by a majority of the Committee members, and action so taken will be fully as effective as if
it had been taken by a vote at a meeting. The determination of the Committee on all matters
relating to the Plan or any Award Agreement will be final, binding and conclusive.

-5-

 

The Committee may allocate among its members and delegate to any person who is not a member of
the Committee or to any administrative group within the Company, any of its powers,
responsibilities or duties. In delegating its authority, the Committee will consider the extent to
which any delegation may cause Awards to fail to be deductible under Section 162(m) of the Code or
to fail to meet the requirements of Rule 16(b)-3(d)(1) or Rule 16(b)-3(e) under the Exchange Act.

     1.3.3 Notwithstanding anything to the contrary contained herein, the Board may, in its sole
discretion, at any time and from time to time, grant Awards or administer the Plan. In any such
case, the Board will have all of the authority and responsibility granted to the Committee herein.

     1.3.4 No Director or Employee (each such person, a “Covered Person”) will have any
liability to any person (including any Grantee) for any action taken or omitted to be taken or any
determination made in good faith with respect to the Plan or any Award. Each Covered Person will
be indemnified and held harmless by ICE against and from (a) any loss, cost, liability or expense
(including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in
connection with or resulting from any action, suit or proceeding to which such Covered Person may
be a party or in which such Covered Person may be involved by reason of any action taken or omitted
to be taken under the Plan or any Award Agreement, in each case, in good faith and (b) any and all
amounts paid by such Covered Person, with ICE’s approval, in settlement thereof, or paid by such
Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such
Covered Person, provided that ICE will have the right, at its own expense, to assume and defend any
such action, suit or proceeding and, once ICE gives notice of its intent to assume the defense, ICE
will have sole control over such defense with counsel of ICE’s choice. The foregoing right of
indemnification will not be available to a Covered Person to the extent that a court of competent
jurisdiction in a final judgment or other final adjudication, in either case, not subject to
further appeal, determines that the acts or omissions of such Covered Person giving rise to the
indemnification claim resulted from such Covered Person’s bad faith, fraud or willful misconduct.
The foregoing right of indemnification will not be exclusive of any other rights of indemnification
to which Covered Persons may be entitled under ICE’s Restated Certificate of Incorporation or
Amended and Restated Bylaws, as a matter of law, or otherwise, or any other power that ICE may have
to indemnify such persons or hold them harmless.

			
	1.4	 	Persons Eligible for Awards

     Awards under the Plan may be made to Employees, Directors and Consultants.

			
	1.5	 	Types of Awards under Plan

     Awards may be made under the Plan in the form of any of the following, in each case in respect
of Common Stock: (a) stock options, (b) stock appreciation rights, (c) restricted shares, (d)
restricted stock units, (e) dividend equivalent rights and (f) other equity-based or equity-related
Awards (including performance awards) that the Committee determines to be consistent with the
purposes of the Plan and the interests of the Company.

-6-

 

			
	1.6	 	Shares of Common Stock Available for Awards

     1.6.1 Common Stock Subject to the Plan. Subject to the other provisions of this
Section 1.6, the total number of shares of Common Stock that may be granted under the Plan
is 3,700,000. Such shares of Common Stock may, in the discretion of the Committee, be either
authorized but unissued shares or shares previously issued and reacquired by ICE. Shares of Common
Stock issued in connection with awards that are assumed, converted or substituted as a result of
the Company’s acquisition of another company (including by way of merger, combination or similar
transaction) will not count against the number of shares that may be issued under the Plan.

     1.6.2 Replacement of Shares. If any Award is forfeited, expires, terminates or
otherwise lapses, in whole or in part, without the delivery of Common Stock, then the shares of
Common Stock covered by such forfeited, expired, terminated or lapsed award will again be available
for grant under the Plan. For the avoidance of doubt, the following will not again become
available for issuance under the Plan: (A) any shares of Common Stock withheld in respect of
taxes, (B) any shares tendered or withheld to pay the exercise price of stock options, (C) any
shares repurchased by the Company from the optionee with the proceeds from the exercise of stock
options and (D) any shares subject to stock appreciation rights but not issued on exercise as a
result of the operation of Section 2.4.4.

     1.6.3 Adjustments. The Committee will adjust the number of shares of Common Stock
authorized pursuant to Section 1.6.1, adjust the individual Grantee limitations set forth
in Sections 2.3.1 and 2.4.1 and 2.9 and adjust the terms of any outstanding Awards
(including, without limitation, the number of shares of Common Stock covered by each outstanding
Award, the type of property to which the Award relates and the exercise or strike price of any
Award), in such manner as it deems appropriate (including, without limitation, by payment of cash)
to prevent the enlargement or dilution of rights, or otherwise as it deems appropriate, for any
increase or decrease in the number of issued shares of Common Stock (or issuance of shares of stock
other than shares of Common Stock) resulting from a recapitalization, stock split, reverse stock
split, stock dividend, spinoff, splitup, combination, reclassification or exchange of shares of
Common Stock, merger, consolidation, rights offering, separation, reorganization or liquidation, or
any other change in the corporate structure or shares of ICE, including any extraordinary dividend
or extraordinary distribution. After any adjustment made pursuant to this Section 1.6.3,
the number of shares of Common Stock subject to each outstanding Award will be rounded down to the
nearest whole number.

ARTICLE II

AWARDS UNDER THE PLAN

			
	2.1	 	Agreements Evidencing Awards

     Each Award granted under the Plan will be evidenced by an Award Agreement that will contain
such provisions and conditions as the Committee deems appropriate. Unless otherwise provided
herein, the Committee may grant Awards in tandem with or in substitution for any other Award or
Awards granted under the Plan or any award granted under any other plan of
ICE. By accepting an Award pursuant to the Plan, a Grantee thereby agrees that the Award will
be subject to all of the terms and provisions of the Plan and the applicable Award Agreement.

-7-

 

			
	2.2	 	No Rights as a Stockholder

     No Grantee (or other person having rights pursuant to an Award) will have any of the rights of
a stockholder of ICE with respect to shares of Common Stock subject to an Award until the delivery
of such shares. Except as otherwise provided in Section 1.6.3, no adjustments will be made
for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in
cash, Common Stock, other securities or other property) for which the record date is before the
date the Certificates for the shares are delivered.

			
	2.3	 	Options

     2.3.1 Grant. Stock options may be granted to eligible recipients in such number and
at such times during the term of the Plan as the Committee may determine; provided, however, that
the maximum number of shares of Common Stock as to which stock options may be granted under the
Plan to any one individual in any one fiscal year may not exceed 1,000,000 shares (as adjusted
pursuant to the provisions of Section 1.6.3).

     2.3.2 Incentive Stock Options. At the time of grant, the Committee will determine (a)
whether all or any part of a stock option granted to an eligible Employee will be an Incentive
Stock Option and (b) the number of shares subject to such Incentive Stock Option; provided,
however, that (1) the aggregate Fair Market Value (determined as of the time the option is granted)
of the stock with respect to which Incentive Stock Options are exercisable for the first time by an
eligible Employee during any calendar year (under all such plans of ICE and of any subsidiary
corporation of ICE) will not exceed $100,000 and (2) no Incentive Stock Option (other than an
Incentive Stock Option that may be assumed or issued by the Company in connection with a
transaction to which Section 424(a) of the Code applies) may be granted to a person who is not
eligible to receive an Incentive Stock Option under the Code. The form of any stock option which
is entirely or in part an Incentive Stock Option will clearly indicate that such stock option is an
Incentive Stock Option or, if applicable, the number of shares subject to the Incentive Stock
Option.

     2.3.3 Exercise Price. The exercise price per share with respect to each stock option
will be determined by the Committee but will not be less than the Fair Market Value of the Common
Stock (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110% of
the Fair Market Value).

     2.3.4 Term of Stock Option. In no event will any stock option be exercisable after
the expiration of ten years (or, in the case of an Incentive Stock Option granted to a Ten Percent
Stockholder, five years) from the date on which the stock option is granted.

     2.3.5 Exercise of Stock Option and Payment for Shares. A stock option may be
exercised at such time or times and subject to such terms and conditions as will be determined by
the Committee at the time the stock option is granted and set forth in the Award Agreement.
Subject to any limitations in the applicable Award Agreement, any shares not acquired pursuant to
the exercise of a stock option on the applicable vesting date may be acquired thereafter at any

-8-

 

time before the final expiration of the stock option. To exercise a stock option, the Grantee
must give written notice to ICE specifying the number of shares to be acquired and accompanied by
payment of the full purchase price therefor in cash or by certified or official bank check or in
another form as determined by the Company, including: (a) personal check, (b) shares of Common
Stock, based on the Fair Market Value as of the exercise date, of the same class as those to be
granted by exercise of the stock option, (c) any other form of consideration approved by the
Company and permitted by applicable law and (d) any combination of the foregoing. Any person
exercising a stock option will make such representations and agreements and furnish such
information as the Committee may in its discretion deem necessary or desirable to assure compliance
by ICE, on terms acceptable to ICE, with the provisions of the Securities Act and any other
applicable legal requirements. If a Grantee so requests, shares acquired pursuant to the exercise
of a stock option may be issued in the name of the Grantee and another jointly with the right of
survivorship.

     2.3.6 Repricing. Except as otherwise permitted by Section 1.6.3, reducing the
exercise price of stock options issued and outstanding under the Plan, including through amendment,
cancellation in exchange for the grant of a substitute Award or repurchase for cash or other
consideration (in each case that has the effect of reducing the exercise price), will require
approval of the stockholders of ICE.

     2.3.7 Repayment if Conditions Not Met. If the Committee determines that all terms and
conditions of the Plan and a Grantee’s stock option Award Agreement in respect of exercised stock
options were not satisfied, then the Grantee will be obligated to pay the Company immediately upon
demand therefor, an amount equal to the excess of the Fair Market Value (determined at the time of
exercise) of the shares of Common Stock that were delivered in respect of such exercised stock
option over the exercise price paid therefor, without reduction for any shares of Common Stock
applied to satisfy withholding tax or other obligations in respect of such shares.

			
	2.4	 	Stock Appreciation Rights

     2.4.1 Grant. Stock appreciation rights may be granted to eligible recipients in such
number and at such times during the term of the Plan as the Committee may determine; provided,
however, that the maximum number of shares of Common Stock as to which stock appreciation rights
may be granted under the Plan to any one individual in any one fiscal year may not exceed 1,000,000
shares (as adjusted pursuant to the provisions of Section 1.6.3).

     2.4.2 Exercise Price. The exercise price per share with respect to each stock
appreciation right will be determined by the Committee but will not be less than the Fair Market
Value of the Common Stock.

     2.4.3 Term of Stock Appreciation Right. In no event will any stock appreciation right
be exercisable after the expiration of ten years from the date on which the stock appreciation
right is granted.

-9-

 

     2.4.4 Exercise of Stock Appreciation Right and Delivery of Shares. Each stock
appreciation right may be exercised in such installments as may be determined in the Award
Agreement at the time the stock appreciation right is granted. Subject to any limitations in
the applicable Award Agreement, any stock appreciation rights not exercised on the applicable
installment date may be exercised thereafter at any time before the final expiration of the stock
appreciation right. To exercise a stock appreciation right, the Grantee must give written notice
to ICE specifying the number of stock appreciation rights to be exercised. Upon exercise of stock
appreciation rights, shares of Common Stock with a Fair Market Value equal to (a) the excess of (1)
the Fair Market Value of the Common Stock on the date of exercise over (2) the exercise price of
such stock appreciation right multiplied by (b) the number of stock appreciation rights exercised
will be delivered to the Grantee. Any person exercising a stock appreciation right will make such
representations and agreements and furnish such information as the Committee may in its discretion
deem necessary or desirable to assure compliance by ICE, on terms acceptable to ICE, with the
provisions of the Securities Act and any other applicable legal requirements. If a Grantee so
requests, shares purchased may be issued in the name of the Grantee and another jointly with the
right of survivorship.

     2.4.5 Repricing. Except as otherwise permitted by Section 1.6.3, reducing the
exercise price of stock appreciation rights issued and outstanding under the Plan, including
through amendment, cancellation in exchange for the grant of a substitute Award or repurchase for
cash or other consideration (in each case that has the effect of reducing the exercise price), will
require approval of the stockholders of ICE.

     2.4.6 Repayment if Conditions Not Met. If the Committee determines that all terms and
conditions of the Plan and a Grantee’s stock appreciation right Award Agreement in respect of
exercised stock appreciation rights were not satisfied, then the Grantee will be obligated to pay
the Company, immediately upon demand therefor, an amount equal to the excess of the Fair Market
Value (determined at the time of exercise) of the shares of Common Stock subject to the exercised
stock appreciation rights over the exercise price therefor, without reduction for any amount
applied to satisfy withholding tax or other obligations in respect of such stock appreciation
rights.

			
	2.5	 	Restricted Shares

     2.5.1 Grants. The Committee may grant or offer for sale restricted shares in such
amounts and subject to such terms and conditions as the Committee may determine. The terms and
conditions set forth by the Committee in the applicable Award Agreement may relate to vesting and
nontransferability restrictions that will lapse upon the achievement of one or more goals related
to the completion of service by the Grantee or the achievement of Performance Goals, as determined
by the Committee at the time of grant. Upon the delivery of such shares, the Grantee will have the
rights of a stockholder with respect to the restricted shares, subject to any other restrictions
and conditions as the Committee may include in the applicable Award Agreement. In the event that a
Certificate is issued in respect of restricted shares, such Certificate may be registered in the
name of the Grantee but will be held by ICE or its designated agent until the time the restrictions
lapse.

     2.5.2 Right to Vote and Receive Dividends on Restricted Shares. Each Grantee of an
Award of restricted shares will, during the period of restriction, be the beneficial and record
owner of such restricted shares and will have full voting rights with respect thereto. Unless the

-10-

 

Committee determines otherwise in an Award Agreement, during the period of restriction, all
dividends (whether ordinary or extraordinary and whether paid in cash, additional shares or other
property) or other distributions paid upon any restricted share will be retained by the Company for
the account of the relevant Grantee. Such dividends or other distributions will revert back to the
Company if for any reason the restricted share upon which such dividends or other distributions
were paid reverts back to the Company. Upon the expiration of the period of restriction, all such
dividends or other distributions made on such restricted share and retained by the Company will be
paid to the relevant Grantee.

     2.5.3 Repayment if Conditions Not Met. If the Committee determines that all terms and
conditions of the Plan and a Grantee’s restricted share Award Agreement in respect of restricted
shares which have become vested were not satisfied, then the Grantee will be obligated to pay the
Company, immediately upon demand therefor, an amount equal to the Fair Market Value (determined at
the time such shares became vested) of such restricted shares, without reduction for any amount
applied to satisfy withholding tax or other obligations in respect of such restricted shares.

			
	2.6	 	Restricted Stock Units

     2.6.1 Grant. The Committee may grant Awards of restricted stock units in such amounts
and subject to such terms and conditions as the Committee may determine. A Grantee of a restricted
stock unit will have only the rights of a general unsecured creditor of ICE until delivery of
shares of Common Stock, cash or other securities or property is made as specified in the applicable
Award Agreement. The terms and conditions set forth by the Committee in the applicable Award
Agreement may relate to vesting and nontransferability restrictions that will lapse upon the
achievement of one or more goals related to the completion of service by the Grantee or the
achievement of Performance Goals, as determined by the Committee at the time of grant. On the
delivery date specified in the Award Agreement, the Grantee of each restricted stock unit not
previously forfeited or terminated will receive one share of Common Stock, cash or other securities
or property equal in value to a share of Common Stock or a combination thereof, as specified by the
Committee.

     2.6.2 Repayment if Conditions Not Met. If the Committee determines that all terms and
conditions of the Plan and a Grantee’s restricted stock unit Award Agreement in respect of the
delivery of shares underlying such restricted stock units were not satisfied, then the Grantee will
be obligated to pay the Company, immediately upon demand therefor, an amount equal to the Fair
Market Value (determined at the time of delivery) of the shares of Common Stock delivered with
respect to such delivery date, without reduction for any shares applied to satisfy withholding tax
or other obligations in respect of such shares of Common Stock.

			
	2.7	 	Dividend Equivalent Rights

     The Committee may include in the Award Agreement with respect to any Award a dividend
equivalent right entitling the Grantee to receive amounts equal to all or any portion of the
regular cash dividends that would be paid on the shares of Common Stock covered by such Award if
such shares had been delivered pursuant to such Award. The Grantee of a dividend equivalent right
will have only the rights of a general unsecured creditor of ICE until payment of

-11-

 

such amounts is made as specified in the applicable Award Agreement. In the event such a
provision is included in an Award Agreement, the Committee will determine whether such payments
will be made in cash, in shares of Common Stock or in another form, whether they will be
conditioned upon the exercise of the Award to which they relate, the time or times at which they
will be made, and such other terms and conditions as the Committee will deem appropriate.

			
	2.8	 	Other Stock-Based Awards

     The Committee may grant other types of equity-based or equity-related Awards (including the
grant or offer for sale of unrestricted shares of Common Stock and the grant of performance based
awards) in such amounts and subject to such terms and conditions as the Committee may determine.
The terms and conditions set forth by the Committee in the applicable Award Agreement may relate to
vesting and nontransferability restrictions that will lapse upon the achievement of one or more
goals related to the completion of service by the Grantee or the achievement of Performance Goals,
as determined by the Committee at the time of grant. Such Awards may entail the transfer of actual
shares of Common Stock to Award recipients and may include Awards designed to comply with or take
advantage of the applicable local laws of jurisdictions other than the United States.

			
	2.9	 	Individual Limitation on Awards

     The maximum number of shares of Common Stock as to which restricted shares, restricted stock
units, dividend equivalent rights and other types of equity-based or equity- related Awards may be
granted under the Plan to any one individual in any one fiscal year may not exceed 1,000,000 shares
(as adjusted pursuant to the provisions of Section 1.6.3).

ARTICLE III

MISCELLANEOUS

			
	3.1	 	Amendment of the Plan

     3.1.1 Unless otherwise provided in the Plan or in an Award Agreement, the Board may from time
to time suspend, discontinue, revise or amend the Plan in any respect whatsoever but, subject to
Section 1.6.3 or as otherwise specifically provided herein, no such amendment shall
adversely impair the rights of the Grantee of any Award without the holder’s consent.

     3.1.2 Unless otherwise determined by the Board, stockholder approval of any suspension,
discontinuance, revision or amendment will be obtained only to the extent necessary to comply with
any applicable laws, regulations or rules of a securities exchange or self-regulatory agency;
provided, however, if and to the extent the Board determines that it is appropriate for Awards
granted under the Plan to constitute performance-based compensation within the meaning of Section
162(m)(4)(C) of the Code, no amendment that would require stockholder approval in order for amounts
paid pursuant to the Plan to constitute performance-based compensation within the meaning of
Section 162(m)(4)(C) of the Code will be effective without the approval of the stockholders of ICE
as required by Section 162(m) of the Code and, if and to the extent the Board determines it is
appropriate for the Plan to comply with the provisions of Section 422 of the Code, no amendment
that would require stockholder approval under Section 422 of the Code will be effective without the
approval of the stockholders of ICE.

-12-

 

			
	3.2	 	Tax Withholding

     As a condition to the delivery of any shares of Common Stock, cash or other securities or
property pursuant to any Award or the lifting or lapse of restrictions on any Award, or in
connection with any other event that gives rise to a federal or other governmental tax withholding
obligation on the part of the Company relating to an Award (including, without limitation, FICA
tax), (a) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment
or distribution to a Grantee whether or not pursuant to the Plan (including shares of Common Stock
otherwise deliverable), (b) the Committee will be entitled to require that the Grantee remit cash
to the Company (through payroll deduction or otherwise) or (c) the Company may enter into any other
suitable arrangements to withhold, in each case in an amount sufficient in the opinion of the
Company to satisfy such withholding obligation.

			
	3.3	 	Required Consents and Legends

     3.3.1 If the Committee at any time determines that any Consent (as hereinafter defined) is
necessary or desirable as a condition of, or in connection with, the granting of any Award, the
delivery of shares of Common Stock or the delivery of any cash, securities or other property under
the Plan, or the taking of any other action thereunder (each such action a “Plan Action”),
then such Plan Action will not be taken, in whole or in part, unless and until such Consent will
have been effected or obtained to the full satisfaction of the Committee. The Committee may direct
that any Certificate evidencing shares delivered pursuant to the Plan will bear a legend setting
forth such restrictions on transferability as the Committee may determine to be necessary or
desirable, and may advise the transfer agent to place a stop transfer order against any legended
shares.

     3.3.2 The term “Consent” as used in this Article III with respect to any Plan Action
includes (a) any and all listings, registrations or qualifications in respect thereof upon any
securities exchange or under any federal, state, or local law, or law, rule or regulation of a
jurisdiction outside the United States, (b) any and all written agreements and representations by
the Grantee with respect to the disposition of shares, or with respect to any other matter, which
the Committee may deem necessary or desirable in order to comply with the terms of any such
listing, registration or qualification or to obtain an exemption from the requirement that any such
listing, qualification or registration be made, (c) any and all other consents, clearances and
approvals in respect of a Plan Action by any governmental or other regulatory body or any stock
exchange or self-regulatory agency, (d) any and all consents by the Grantee to (i) the Company’s
supplying to any third party recordkeeper of the Plan such personal information as the Committee
deems advisable to administer the Plan, (ii) the Company’s deducting amounts from the Grantee’s
wages, or another arrangement satisfactory to the Committee, to reimburse the Company for advances
made on the Grantee’s behalf to satisfy certain withholding and other tax obligations in connection
with an Award and (iii) the Company’s imposing sales and transfer procedures and restrictions and
hedging restrictions on shares of Common Stock delivered under the Plan and (e) any and all
consents or authorizations required to comply with, or required to be obtained under, applicable
local law or otherwise required by the Committee. Nothing herein will require the Company to list,
register or qualify the shares of Common Stock on any securities exchange.

-13-

 

			
	3.4	 	Right of Offset

     The Company will have the right to offset against its obligation to deliver shares of Common
Stock (or other property or cash) under the Plan or any Award Agreement any outstanding amounts
(including, without limitation, travel and entertainment or advance account balances, loans,
repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax
equalization, housing, automobile or other employee programs) that the Grantee then owes to the
Company and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization
policy or agreement. Notwithstanding the foregoing, if an Award provides for the deferral of
compensation within the meaning of Section 409A of the Code, the Committee will have no right to
offset against its obligation to deliver shares of Common Stock (or other property or cash) under
the Plan or any Award Agreement if such offset could subject the Grantee to the additional tax
imposed under Section 409A in respect of an outstanding Award.

			
	3.5	 	Nonassignability; No Hedging

     Unless otherwise provided in an Award Agreement, no Award (or any rights and obligations
thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned,
pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use
of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of
law or otherwise, other than by will or by the laws of descent and distribution, and all such
Awards (and any rights thereunder) will be exercisable during the life of the Grantee only by the
Grantee or the Grantee’s legal representative. Notwithstanding the foregoing, the Committee may
permit, under such terms and conditions that it deems appropriate in its sole discretion, a Grantee
to transfer any Award to any person or entity that the Committee so determines. Any sale,
exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the
provisions of this Section 3.5 will be null and void and any Award which is hedged in any
manner will immediately be forfeited. All of the terms and conditions of the Plan and the Award
Agreements will be binding upon any permitted successors and assigns.

			
	3.6	 	Change in Control

     3.6.1 At the time of a Change in Control, the surviving, continuing, successor or purchasing
corporation or parent corporation thereof, as the case may be (the “Acquiror”), may either assume
ICE’s rights and obligations with respect to outstanding Awards or substitute for outstanding
Awards substantially equivalent Awards for the Acquiror’s stock. If the Acquiror is the same
corporate entity as ICE, or its successor by merger, a reaffirmation of the Award shall be treated
as an assumption, and a failure to reaffirm shall be treated as a failure to assume. Any
assumption or substitution of an option or stock appreciation rights shall be designed to meet the
requirements of Section 424 of the Code.

     3.6.2 Unless otherwise determined by the Committee, if the Acquiror does not assume or
substitute for outstanding Awards in connection with a Change in Control, Grantee’s outstanding
stock options and stock appreciation rights shall become fully vested and exercisable as of the
date twenty (20) days before the Effective Date of the Change in Control. The Committee shall
notify the Grantee in writing or electronically that the stock option or stock

-14-

 

appreciation rights shall be exercisable. Unless otherwise determined by the Committee, if the
Acquiror does not assume or substitute for a Grantee’s outstanding restricted shares, restricted
stock units or other equity-based awards in connection with a Change in Control, the Grantee’s
outstanding restricted shares, restricted stock units and other equity-based awards shall become
fully vested as of the Effective Date of the Change in Control, provided that any
outstanding performance-based Awards shall be deemed earned at the target level (or if no target
level is specified, the maximum level) with respect to all open performance periods. The vesting
and exercise of any Awards that was permissible solely by reason of a Change in Control shall be
conditioned upon consummation of the Change in Control.

     3.6.3 The Award agreements may provide for additional rules applicable to awards.

     3.6.4 In the event of a Change in Control, a Grantee’s Award shall be treated, to the extent
determined by the Committee to be permitted under Section 409A of the Code, in accordance with one
of the following methods as determined by the Committee in its sole discretion: (i) cancel such
awards for fair value (as determined in the sole discretion of the Committee) which, in the case of
stock options and stock appreciation rights, may equal the excess, if any, of the value of the
consideration to be paid in the Change in Control transaction to holders of the same number of
shares of Common Stock subject to such stock options or stock appreciation rights over the
aggregate exercise price of such stock options or stock appreciation rights, as the case may be;
(ii) provide for the issuance of substitute awards that will substantially preserve the otherwise
applicable terms of any affected Awards previously granted under the Plan, as determined by the
Committee in its sole discretion; or (iii) provide that for a period of at least 20 days prior to
the Change in Control, any stock options or stock appreciation rights will be exercisable as to all
shares of Common Stock subject thereto (but any such exercise will be contingent upon and subject
to the occurrence of the Change in Control and if the Change in Control does not take place within
a specified period after giving such notice for any reason whatsoever, the exercise will be null
and void) and that any stock options or stock appreciation rights not exercised prior to the
consummation of the Change in Control will terminate and be of no further force and effect as of
the consummation of the Change in Control. For the avoidance of doubt, in the event of a Change in
Control, the Committee may, in its sole discretion, terminate any stock option or stock
appreciation right for which the exercise price is equal to or exceeds the per share value of the
consideration to be paid in the Change in Control transaction without payment of consideration
therefor.

			
	3.7	 	Right of Discharge Reserved

     Neither the grant of an Award nor any provision in the Plan or in any Award Agreement will
confer upon any Grantee the right to continued Employment by the Company or affect any right which
the Company may have to terminate or alter the terms and conditions of such Employment.

			
	3.8	 	Nature of Payments

     3.8.1 Any and all grants of Awards and deliveries of Common Stock, cash, securities or other
property under the Plan will be in consideration of services performed or to be performed for the
Company by the Grantee. Awards under the Plan may, in the discretion of the

-15-

 

Committee, be made in substitution in whole or in part for cash or other compensation
otherwise payable to a Grantee. Only whole shares of Common Stock will be delivered under the
Plan. Awards will, to the extent reasonably practicable, be aggregated in order to eliminate any
fractional shares. Fractional shares may, in the discretion of the Committee, be forfeited or be
settled in cash or otherwise as the Committee may determine.

     3.8.2 All such grants and deliveries of shares of Common Stock, cash, securities or other
property under the Plan will constitute a special discretionary incentive payment to the Grantee
and will not be required to be taken into account in computing the amount of salary or compensation
of the Grantee for the purpose of determining any contributions to or any benefits under any
pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the
Company or under any agreement with the Grantee, unless the Company specifically provides
otherwise.

			
	3.9	 	Non-Uniform Determinations

     3.9.1 The Committee’s determinations under the Plan and Award Agreements need not be uniform
and any such determinations may be made by it selectively among persons who receive, or are
eligible to receive, Awards under the Plan (whether or not such persons are similarly situated).
Without limiting the generality of the foregoing, the Committee will be entitled, among other
things, to make non-uniform and selective determinations under Award Agreements, and to enter into
non-uniform and selective Award Agreements, as to (a) the persons to receive Awards, (b) the terms
and provisions of Awards and (c) whether a Grantee’s Employment has been terminated for purposes of
the Plan.

     3.9.2 To the extent the Committee deems it necessary, appropriate or desirable to comply with
foreign law or practices and to further the purposes of the Plan, the Committee may, without
amending the Plan, establish special rules applicable to Awards to Grantees who are foreign
nationals, are employed outside the United States, or both, and grant Awards (or amend existing
Awards) in accordance with those rules.

			
	3.10	 	Other Payments or Awards

     Nothing contained in the Plan will be deemed in any way to limit or restrict the Company from
making any award or payment to any person under any other plan, arrangement or understanding,
whether now existing or hereafter in effect.

			
	3.11	 	Plan Headings

     The headings in the Plan are for the purpose of convenience only and are not intended to
define or limit the construction of the provisions hereof.

			
	3.12	 	Termination of Plan

     The Board reserves the right to terminate the Plan at any time; provided, however, that in any
case, the Plan will terminate May 14, 2019, and provided further, that all Awards made under the
Plan before its termination will remain in effect until such Awards have been satisfied or
terminated in accordance with the terms and provisions of the Plan and the applicable Award

-16-

 

Agreements and provided, further, that no Awards (other than a stock option or stock
appreciation right) that are intended to be “performance-based” under Section 162(m) of the Code
shall be granted on or after the five-year anniversary of the stockholder approval of the Plan
unless the Performance Goals are reapproved (or other designated performance goals are approved) by
the stockholders no later than the first stockholder meeting that occurs in the fifth year
following the year in which stockholders previously approved the Performance Goals.

			
	3.13	 	Section 409A

     It is the intention of the Company that no Award shall be “nonqualified deferred compensation”
subject to Section 409A of the Code, unless and to the extent that the Committee specifically
determines otherwise as provided below, and the Plan and the terms and conditions of all Awards
shall be interpreted, construed and administered in accordance with this intent, so as to avoid the
imposition of taxes and penalties on Grantees pursuant to Section 409A. The Company shall have no
liability to any Grantee or otherwise if the Plan or any Award, vesting, exercise or payment of any
Award hereunder is subject to the additional tax and penalties under Section 409A of the Code.
Notwithstanding any other provision of the Plan to the contrary, with respect to any Award that is
subject to Section 409A of the Code, if a Grantee is a “specified employee” (as such term is
defined in Section 409A of the Code and as determined by the Company) as of the Grantee’s
termination of Employment, any payments (whether in cash, Shares or other property) to be made with
respect to the Award upon the Grantee’s Termination of Service will be accumulated and paid
(without interest) on the earlier of (i) first business day of the seventh month following the
Grantee’s “separation from service” (as such term is defined and used in Section 409A of the Code)
or (ii) the date of the Grantee’s death.

			
	3.14	 	Governing Law

     THE PLAN WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
GEORGIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

			
	3.15	 	Choice of Forum

     3.15.1 The Company and each Grantee, as a condition to such Grantee’s participation in the
Plan, hereby irrevocably submit to the exclusive jurisdiction of any state or federal court located
in [Atlanta, Georgia] over any suit, action or proceeding arising out of or relating to or
concerning the Plan. The Company and each Grantee, as a condition to such Grantee’s participation
in the Plan, acknowledge that the forum designated by this Section 3.15.1 has a reasonable
relationship to the Plan and to the relationship between such Grantee and the Company.
Notwithstanding the foregoing, nothing herein will preclude the Company from bringing any action or
proceeding in any other court for the purpose of enforcing the provisions of Section
3.15.1.

     3.15.2 The agreement by the Company and each Grantee as to forum is independent of the law
that may be applied in the action, and the Company and each Grantee, as a condition to such
Grantee’s participation in the Plan, (i) agree to such forum even if the forum may under applicable
law choose to apply non-forum law, (ii) hereby waive, to the fullest extent permitted

-17-

 

by applicable law, any objection which the Company or such Grantee now or hereafter may have
to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any
court referred to in Section 3.15.1, (iii) undertake not to commence any action arising out
of or relating to or concerning the Plan in any forum other than the forum described in this
Section 3.15 and (iv) agree that, to the fullest extent permitted by applicable law, a
final and non-appealable judgment in any such suit, action or proceeding in any such court will be
conclusive and binding upon the Company and each Grantee.

     3.15.3 Each Grantee, as a condition to such Grantee’s participation in the Plan, hereby
irrevocably appoints the General Counsel of ICE as such Grantee’s agent for service of process in
connection with any action, suit or proceeding arising out of or relating to or concerning the
Plan, who will promptly advise such Grantee of any such service of process.

     3.15.4 Each Grantee, as a condition to such Grantee’s participation in the Plan, agrees to
keep confidential the existence of, and any information concerning, a dispute, controversy or claim
described in Section 3.15, except that a Grantee may disclose information concerning such
dispute, controversy or claim to the court that is considering such dispute, controversy or claim
or to such Grantee’s legal counsel (provided that such counsel agrees not to disclose any such
information other than as necessary to the prosecution or defense of the dispute, controversy or
claim).

			
	3.16	 	Severability; Entire Agreement

     If any of the provisions of the Plan or any Award Agreement is finally held to be invalid,
illegal or unenforceable (whether in whole or in part), such provision will be deemed modified to
the extent, but only to the extent, of such invalidity, illegality or unenforceability and the
remaining provisions will not be affected thereby; provided that if any of such provisions is
finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope
determined to be acceptable to permit such provision to be enforceable, such provision will be
deemed to be modified to the minimum extent necessary to modify such scope in order to make such
provision enforceable hereunder. The Plan and any Award Agreements contain the entire agreement of
the parties with respect to the subject matter thereof and supersede all prior agreements,
promises, covenants, arrangements, communications, representations and warranties between them,
whether written or oral with respect to the subject matter thereof.

			
	3.17	 	Waiver of Claims

     Each Grantee of an Award recognizes and agrees that before being selected by the Committee to
receive an Award he or she has no right to any benefits under such Award. Accordingly, in
consideration of the Grantee’s receipt of any Award hereunder, he or she expressly waives any right
to contest the amount of any Award, the terms of any Award Agreement, any determination, action or
omission hereunder or under any Award Agreement by the Committee, the Company or the Board, or any
amendment to the Plan or any Award Agreement (other than an amendment to the Plan or an Award
Agreement to which his or her consent is expressly required by the express terms of an Award
Agreement).

-18-

 

			
	3.18	 	No Third Party Beneficiaries

     Except as expressly provided in an Award Agreement, neither the Plan nor any Award Agreement
will confer on any person other than the Company and the Grantee of any Award any rights or
remedies thereunder. The exculpation and indemnification provisions of Section 1.3.4 will
inure to the benefit of a Covered Person’s estate and beneficiaries and legatees.

			
	3.19	 	Successors and Assigns of ICE

     The terms of the Plan will be binding upon and inure to the benefit of ICE and any successor
entity contemplated by Section 3.6.

			
	3.20	 	Waiver of Jury Trial

     EACH GRANTEE WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
ON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THE PLAN.

			
	3.21	 	Date of Adoption, Approval of Stockholders and Effective Date

     The Plan was adopted on March 6, 2009 by the Board, subject to the approval by the
stockholders of ICE at the 2009 Annual Meeting of Stockholders on May 14, 2009. The Plan will only
be effective if it is approved by the stockholders of ICE at the 2009 Annual Meeting. Any Awards
granted under the Plan prior to such stockholder approval shall be conditioned upon such approval
and shall be null and void if such approval is not obtained; provided, however, that stock options
and stock appreciation rights granted under the Plan prior to such stockholder approval may not be
exercisable until after such stockholder approval and no shares of Common Stock may be delivered
pursuant to a restricted stock unit granted under the Plan prior to such stockholder approval until
after such stockholder approval; provided, further, that restricted stock and other equity-based or
equity-related Awards may not be granted prior to obtaining stockholder approval. If the Plan is
not so approved by the stockholders of ICE, then the Plan will be null and void in its entirety and
the Prior Plans will remain in full force and effect.

-19-Exhibit 10.35

Exhibit 10.35

WAIVER AND AMENDMENT NO. 5

TO

CREDIT AGREEMENT

THIS WAIVER AND AMENDMENT NO. 5 TO CREDIT AGREEMENT (this “Amendment”), dated as of
the 31st day of July, 2009, is by and among BALDWIN TECHNOLOGY COMPANY, INC., a Delaware
corporation (“Parent”), BALDWIN GERMANY HOLDING GMBH, a German company (“Newco”),
BALDWIN GERMANY GMBH, a German company (“BGG”), BALDWIN OXY-DRY GMBH (formerly known as
“OXY-DRY MASCHINEN GMBH”), a German company (“Oxy-Dry GmbH”, and, collectively with the
Parent, Newco and BGG, the “Borrowers”), the other Credit Parties (as defined in the
Guaranty and Collateral Agreement (as defined below)) a party hereto, the Lenders (as defined in
the Credit Agreement referred to below) signatory hereto and BANK OF AMERICA, N.A., a national
banking association (as successor-by-merger to LASALLE BANK NATIONAL ASSOCIATION), in its capacity
as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.

PRELIMINARY STATEMENTS

A. The Borrowers, the Lenders and the Administrative Agent are parties to that certain Credit
Agreement, dated as of November 21, 2006, as amended by that certain (i) Amendment to Credit
Agreement dated as of December 29, 2006, (ii) Waiver, Consent and Amendment No. 2, dated as of
April 18, 2007 (“Amendment No. 2”), (iii) Waiver, Consent and Amendment No. 3 to Credit
Agreement dated as of January 3, 2008, (iv) Amendment No. 4 to Credit Agreement dated as of
February 26, 2008 and (v) Modification and Limited Waiver Agreement dated as of March 31, 2009, as
amended and restated as of May 15, 2009 and amended on June 22, 2009 (such Modification and Limited
Waiver Agreement, as so amended and restated and as so amended, and as may be further amended,
restated, supplemented or otherwise modified from time to time, the “Modification and Limited
Waiver”);

B. The term “Credit Agreement” as used in this Amendment shall mean such Credit
Agreement as amended as set forth in paragraph A above.

C. The Guaranty and Collateral Agreement (as defined in the Credit Agreement) was amended
pursuant to an Amendment No. 1 to Guaranty and Collateral Agreement, dated as of June 24, 2009 (the
“Amendment No. 1 to Guaranty and Collateral Agreement”).

D. The Borrowers, the Administrative Agent and the Lenders party hereto desire to further
amend the Credit Agreement, as hereafter set forth, and each of the Borrowers, the Administrative
Agent and such Lenders is willing to do so upon the terms and conditions set forth in this
Amendment; and

E. The Borrowers have requested that the Administrative Agent and the Lenders waive the
“Specified Events of Default” set forth in the Modification and Limited Waiver, and the
Administrative Agent and the Lenders are willing to waive such “Specified Events of Default” upon
the terms and conditions set forth in this Amendment.

 

 

 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending
to be legally bound, agree as follows:

ARTICLE I

DEFINITIONS

1.01 Capitalized terms used in this Amendment and not defined herein shall have the meanings
ascribed to such terms in the Credit Agreement unless otherwise stated herein.

ARTICLE II

AMENDMENTS

2.01 Amendment to Section 1.1: Addition of New Definitions. Section 1.1 of
the Credit Agreement is hereby amended by adding the following new definitions (to be inserted in
proper alphabetical order):

Amendment No. 5 means that certain Waiver and Amendment No. 5 to Credit
Agreement dated as of July 31, 2009, among Borrowers, the other Credit Parties a
party thereto, the Lenders signatory thereto and the Administrative Agent, as
amended, restated, supplemented or otherwise modified from time to time.

Currency Adjusted Net Sales means, with respect to any period, the net
sales of the Parent and its Subsidiaries for such period on a consolidated basis.
Such Currency Adjusted Net Sales shall, subject to the immediately succeeding
sentence, be calculated in accordance with GAAP in a manner consistent with how net
sales were calculated in the financial statements delivered pursuant to Sections
10.1.1 and 10.1.2 prior to the Fifth Amendment Effective Date.
Notwithstanding the foregoing, (i) sales for June of 2009 made in currencies other
than Dollars shall be converted to Dollars using the exchange rates set forth in the
projections for June of 2009 previously delivered to the Lenders and (ii) sales made
on or after July 1, 2009 in the following currencies shall, for purposes of
calculating Currency Adjusted Net Sales, be converted to Dollars using the following
respective exchange rates (which exchange rates are referred to herein as the
“Specified Assumed Exchange Rates”):

	 	 	 	 	 
	Foreign Currency	 	Exchange Rate (per Dollar)	 
	 
	 	 	 	 
	GBP
	 	 	0.61	 
	AUD
	 	 	1.36	 
	JPY
	 	 	99.31	 
	SEK
	 	 	7.36	 
	HKD
	 	 	7.77	 
	RMB
	 	 	6.84	 
	EURO
	 	 	0.73	 
	REAL
	 	 	2.06	 
	RUPEE
	 	 	46.82	 
	SING
	 	 	1.46	 
	CHF
	 	 	1.12	 

 

-2-

 

Excess Cash Flow means, without duplication, with respect to any
applicable Fiscal Year of the Parent and its Subsidiaries, (a) EBITDA with respect
to such Fiscal Year minus (b) the consolidated Capital Expenditures of the
Parent and its Subsidiaries during such Fiscal Year to the extent such Capital
Expenditures are permitted by this Agreement and are not financed with the proceeds
of Debt (other than Revolving Loans), minus (c) Interest Expense (whenever
accrued) actually paid in cash by the Parent or its Subsidiaries in such Fiscal
Year, minus (d) to the extent not deducted in determining such EBITDA, any
scheduled permanent principal payments (but excluding for the avoidance of doubt any
mandatory prepayments required under Section 6.2.2) actually paid in cash by
the Parent or its Subsidiaries in respect of Total Debt (other than the Revolving
Loans or other revolving indebtedness) permitted under this Agreement, minus
(e) any voluntary prepayments (if any) of the Term Loans made by Newco in such
Fiscal Year and any voluntary prepayment of the Revolving Loans made in such Fiscal
Year and after the Fifth Amendment Effective Date but only to the extent that the
applicable Revolving Commitments are simultaneously and permanently reduced by the
amount of such prepayment, minus (f) consolidated income taxes and franchise
taxes (to the extent in lieu of income taxes) actually paid in cash by the Parent or
its Subsidiaries in such Fiscal Year, plus (in the case of extraordinary
items consisting of a gain or income) and minus (in the case of
extraordinary items consisting of a loss or expense) (g) the cash component (if any)
of any extraordinary item (but excluding, in each case, any extraordinary item
covered by clause (h) below) in such Fiscal Year, minus (in the case of a
gain) and plus (in the case of a loss) (h) any gain or loss from any Asset
Disposition in such Fiscal Year, minus (i) any restructuring charges or
restructuring expenses paid in cash by the Parent and its Subsidiaries in such
Fiscal Year to the extent such charges or expenses are added-back in calculating
EBITDA pursuant to clause (vii) of the definition of EBITDA and minus (i)
any Fifth Amendment Expenses (as defined in the definition of EBITDA) paid in cash
by the Parent and its Subsidiaries in such Fiscal Year and added-back in
calculating EBITDA pursuant to clause (x) of the definition of EBITDA.

 

-3-

 

Fifth Amendment Effective Date means July 31, 2009.

Four Fiscal Quarter Computation Period means each period of four
consecutive Fiscal Quarters ending on the last day of a Fiscal Quarter.

German Pledge Agreements means the German Pledge Agreements as defined
in the Guaranty and Collateral Agreement.

Minimum Liquidity and Currency Adjusted Net Sales Certificate means a
Minimum Liquidity and Currency Adjusted Net Sales Certificate in substantially the
form of Exhibit C.

Specified Assumed Exchange Rates — see the definition of Currency
Adjusted Net Sales.

Specified Availability Amount means $7,900,000, or such lesser amount
(if any) as the Required Lenders may (in their absolute discretion) agree to in
writing from time to time.

Specified Currency Prepayment Amount means, at any time, an amount
equal to $25,000,000 less the applicable Specified Availability Amount at such time.

Technotrans Litigation means any and all claims, counterclaims or other
causes of action of the Parent or any of its Subsidiaries against technotrans AG or
its Affiliates arising out of or otherwise relating to any patent infringements (or
the like).

Technotrans Litigation Net Proceeds shall mean (i) any recovery (or
other receipt of cash proceeds) by the Parent or any of its Subsidiaries from the
Technotrans Litigation, whether from any judgment, decision, award, settlement or
otherwise less (ii) any and all out-of-pocket costs and expenses, including
out-of-pocket attorney fees and disbursements and the out-of-pocket fees and
disbursements of other outside experts, paid by the Parent or any of its
Subsidiaries in bringing or prosecuting the Technotrans Litigation or in any
settlement thereof, or in defending or settling any counterclaims related thereto.
If requested by the Administrative Agent, the Parent shall provide reasonable
evidence of the amount(s) under clause (i) and/or (ii) of the immediately preceding
sentence.

 

-4-

 

2.02 Amendment to Section 1.1: Amendment and Restatement of Certain Definitions.
Section 1.1 of the Credit Agreement is hereby amended by amending and restating the
following definitions to read in their entireties as follows:

Applicable Margin means, for any day on or after March 31, 2009, the
rate per annum set forth below (it being understood and agreed that the Applicable
Margin for (i) LIBOR Loans shall be the percentage set forth under the column “LIBOR
Margin”, (ii) Base Rate Loans shall be the percentage set forth under the column
“Base Rate Margin”, (iii) the Non-Use Fee Rate shall be the percentage set forth
under the column “Non-Use Fee Rate” and (iv) the L/C Fee Rate shall be the
percentage set forth under the column “L/C Fee Rate”):

	 	 	 	 	 	 	 	 	 	 	 	 	 
	LIBOR	 	Base Rate	 	 	Non-Use	 	 	L/C Fee	 
	Margin	 	Margin	 	 	Fee Rate	 	 	Rate	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	4.50%
	 	 	3.00	%	 	 	0.500	%	 	 	4.50	%

Bank Product Agreements means those certain cash management service
agreements and other agreements or other documents entered into from time to time
between any Loan Party and a Lender or its Affiliates or the Administrative Agent in
connection with any of the Bank Products.

Collateral Documents means, collectively, the Guaranty and Collateral
Agreement, each Mortgage (if any), each Collateral Access Agreement, the Foreign
Pledge Agreements, the German Opco Security Documents (as defined in the Guaranty
and Collateral Agreement), each control agreement and any other agreement or
instrument pursuant to which at any time the Parent, any Subsidiary or any other
Person grants or purports to grant collateral to the Administrative Agent for the
benefit of the Lenders or otherwise relates to such collateral.

EBITDA means, for any period, Consolidated Net Income for such period
plus (without duplication), in each case to the extent deducted in
determining such Consolidated Net Income in such period, (i) Interest Expense, (ii)
income tax expense and franchise tax expense (to the extent in lieu of income tax
expense), (iii) depreciation and amortization, (iv) non-cash charges (if any) under
FAS No. 142 regarding the impairment of goodwill, (v) other non-cash impairment
charges with respect to long-term assets (for the avoidance of doubt there is no
“add-back” under this clause (v) or any other clause of this definition for any
increases in the reserves with respect to inventory or accounts receivable or for
any write-off with respect to inventory or accounts receivable), (vi) non-cash write
offs of previously capitalized financing costs, (vii) restructuring charges or
restructuring expenses (whether cash or non-cash) incurred by the Parent or its
Subsidiaries with respect to (a) the closure or consolidation of plants or offices,
(b) rent reserves for closed or consolidated plants or offices and (c) severance
payments for employees terminated as part of a general downsizing, (viii)
establishment or increase in reserves for uninsured litigation claims provided that
the aggregate add-back under this clause (viii) shall not exceed $100,000 for such
period, (ix) non-cash expenses (if any) resulting from the grant by the Parent of
Capital Securities (including options), and (x) non-capitalized one-time
out-of-pocket fees (including the Amendment Fee (as defined in Amendment No. 5) and
any
fees payable pursuant to the Agent Fee Letter in connection with Amendment No.
5) and legal and financial advisor expenses, not to exceed $998,000 in the aggregate
for purposes of this clause (x), incurred (in such period) by the Parent and its
Subsidiaries in connection with the negotiation, execution and delivery of Amendment
No. 5 and any documents prepared and delivered in connection therewith or any term
sheet relating thereto (such one-time fees and expenses, the “Fifth Amendment
Expenses”), all on a consolidated basis of the Parent and its Subsidiaries.

 

-5-

 

Fixed Charge Coverage Ratio means, for any Four Fiscal Quarter
Computation Period, the ratio of (a) the total for such Four Fiscal Quarter
Computation Period of EBITDA minus the sum of (i) income taxes (and
franchise taxes in lieu of income taxes) paid, or required to be paid, in cash by
the Parent and its Subsidiaries in such Four Fiscal Quarter Computation Period plus
(ii) all Capital Expenditures of the Parent and its Subsidiaries for such Four
Fiscal Quarter Computation Period to the extent not financed (it being agreed that
Capital Expenditures paid with the proceeds of Revolving Loans shall not be
considered financed for such purposes) to (b) the sum for such Four Fiscal Quarter
Computation Period of (i) Interest Expense with respect to such Four Fiscal Quarter
Computation Period plus (ii) all payments of principal of Debt (including
the Term Loans but excluding payments required under Section 6.2.2 and also
excluding required payments of the Revolving Loans) required to be paid by the
Parent or its Subsidiaries in such Four Fiscal Quarter Computation Period
plus (iii) any Rabbi Trust Permitted Payments made in such Four Fiscal
Quarter Computation Period.

Foreign Pledge Agreements shall mean (i) the German Pledge Agreements,
(ii) the Pledge Agreement between BEC BV and the Administrative Agent, pledging the
 shares of Baldwin Jimek AB, (iii) the respective Share Pledge Agreements, as
supplemented and modified by any Undertaking and Acknowledgement(s) if applicable,
and any other share pledge modifications, agreements, undertakings and
acknowledgments pledging the shares of BEC BV and Baldwin Graphic Equipment B.V. in
favor of the Administrative Agent at any time entered into (collectively, the
“Netherlands Pledge Agreements”), and (iv) the Stock Pledge Agreement
pledging the shares of Japan-Baldwin Ltd. in favor of the Administrative Agent.

German Revolving Commitment or German Revolving Loan Commitment
means, with respect to a Permanent Lender at the applicable time, the commitment of
such Permanent Lender to make German Revolving Loans. The initial amount (in
Dollars) of the respective German Revolving Commitment of each initial Permanent
Lender that has made such a commitment is set forth in Annex A hereto; and,
as of the Fifth Amendment Effective Date, the amount (in Dollars) of the respective
German Revolving Commitment of each Permanent Lender that has made such a commitment
is also set forth in Annex A hereto. The German Revolving Commitment of
each Permanent Lender may be reduced pursuant to Section 6. The German
Revolving Commitment(s) of the applicable
assigning and assignee Permanent Lender shall be adjusted to give effect to any
assignments of a German Revolving Commitment(s) pursuant to Section 15.6.1.

 

-6-

 

German Revolving Commitments or the German Revolving Loan
Commitments means, collectively, the aggregate amount, at the applicable time,
of all German Revolving Commitments of all Permanent Lenders. The initial aggregate
amount of the German Revolving Commitments shall be $15,000,000 and, as of the Fifth
Amendment Effective Date, the aggregate amount of the German Revolving Commitments
shall be $5,000,000.

Loan Documents means this Agreement, the Notes, the Letters of Credit,
the Master Letter of Credit Agreement, the L/C Applications, the Agent Fee Letter,
the Collateral Documents, any applicable subordination agreements (if any), and all
documents, instruments and agreements at any time delivered in connection with the
foregoing.

Obligations means all obligations (monetary (including post-petition
interest, allowed or not) or otherwise) of any Loan Party under this Agreement and
any other Loan Document including Attorney Costs and any reimbursement obligations
of each Loan Party in respect of Letters of Credit (including those to the Issuing
Lender or any other applicable Person) and surety bonds, all Hedging Obligations of
any Loan Party permitted hereunder which are owed to any Lender or its Affiliate or
the Administrative Agent (whether or not such Lender or the Person acting as
Administrative Agent subsequently is no longer a party to this Agreement), and all
Bank Product Obligations, all in each case howsoever created, arising or evidenced,
whether direct or indirect, absolute or contingent, now or hereafter existing, or
due or to become due.

Parent Revolving Commitment or Parent Revolving Loan Commitment
means, with respect to a Permanent Lender at the applicable time, the commitment of
such Permanent Lender to make Parent Revolving Loans. The initial amount (in
Dollars) of the respective Parent Revolving Commitment of each initial Permanent
Lender that made such a commitment is set forth in Annex A hereto; and, as
of the Fifth Amendment Effective Date, the amount (in Dollars) of the respective
Parent Revolving Commitment of each Permanent Lender that has made such a commitment
is also set forth in Annex A hereto. The Parent Revolving Commitment of
each Permanent Lender may be reduced pursuant to Section 6. The Parent
Revolving Commitment(s) of the applicable assigning and assignee Permanent Lender
shall be adjusted to give effect to any assignments of a Parent Revolving Commitment
pursuant to Section 15.6.1.

Rabbi Trust Existing Contributions means cash contributions made by the
Parent to the Rabbi Trust prior to the Closing Date and aggregating no more than
$1,250,000.

 

-7-

 

Rabbi Trust Permitted Payments shall mean the following contributions
to the Rabbi Trust made after the Closing Date: (a) cash contributions made prior to
January 1, 2009 in compliance with the terms and provisions of this Agreement
(as it existed at the time of such contributions) and (b) upon the occurrence of a
Potential Change of Control (as defined in the Rabbi Trust Agreement as constituted
on November 21, 2006) the Parent shall be permitted to make those contributions
required to be made (as a result of the Potential Change of Control) under the Rabbi
Trust Agreement (as constituted on November 21, 2006).

Required Lenders means Permanent Lenders whose Pro Rata Shares are
equal (in the aggregate) to at least
662/3% as determined pursuant to clause (d) of
the definition of “Pro Rata Share”.

Specified Permitted Redemption means (i) the $1,721,000 of redemptions
consummated by the Parent prior to February 26, 2008 pursuant to the Announced 1999
Stock Repurchase Program (as defined below) and (ii) redemptions (if any) by the
Parent, on or after February 26, 2008 and prior to January 1, 2009, of shares of the
Parent’s Class A Common Stock in compliance with the terms and provisions of this
Agreement (as it existed at the time of such redemption). The “Announced 1999
Stock Repurchase Program” means the stock repurchase program announced by the
Parent on November 3, 1999 pursuant to which program the Parent was authorized
(pursuant to prior resolutions adopted by the Parent’s Board of Directors) to
utilize up to $5,000,000 to repurchase its Class A Common Stock. Borrowers
acknowledge and agree that no Specified Permitted Redemptions are permitted to be
made after January 1, 2009.

Total Debt to EBITDA Ratio means, as of the last day of any Fiscal
Quarter, the ratio of (a) Total Debt as of such day to (b) EBITDA for the Four
Fiscal Quarter Computation Period ending on such day.

2.03 Amendment to Section 1.1: Amendment of Interest Period Definition. Section
1.1 of the Credit Agreement is hereby amended by amending the definition “Interest Period” as
follows:

The definition of “Interest Period” in Section 1.1 of the Credit
Agreement is hereby amended by deleting “one, two, three or six months
thereafter as selected” where it appears therein, and inserting, in lieu
thereof, “(i) prior to the Fifth Amendment Effective Date, one (1), two (2),
three (3) or six (6) months thereafter and (ii) on or after the Fifth
Amendment Effective Date, one (1) month thereafter (unless additional
periods are otherwise consented to as Interest Periods by the Required
Lenders in their sole discretion), as selected (to the extent available)”.

2.04 Amendment to Section 1.1: Amendment to Definition of Change of Control. The
definition of Change of Control in Section 1.1 of the Credit Agreement is hereby amended by
deleting the phrase “any Change of Control as defined in the Rabbi Trust Agreement” and inserting
in lieu thereof the phrase “any Change of Control or Potential Change of Control as those terms are
respectively defined in the Rabbi Trust Agreement”.

 

-8-

 

2.05 Amendment to Section 1.1: Deletion of Definitions. Section 1.1 of the
Credit Agreement is hereby amended by deleting the definition “Computation Period”.

2.06 Amendment to Section 2.1.2. Section 2.1.2 of the Credit Agreement is
hereby amended by deleting the last sentence thereof and substituting in lieu thereof the
following:

The Parent Revolving Loans may (i) before the Fifth Amendment Effective Date, be
borrowed in Dollars or Euros and (ii) on or after the Fifth Amendment Effective Date, only
be borrowed in Dollars. In addition to (and not in impairment of) any other limitation on
the borrowing of the Parent Revolving Loans contained in this Agreement, the Parent agrees
to also comply with the limitations set forth in Section 11.14.6(b).

2.07 Amendment to Section 2.1.3. Section 2.1.3 of the Credit Agreement is
hereby amended as follows:

(a) by amending and restating clause (ii) of the first sentence thereof to read in its
entirety as follows:

(ii)(a) after the Initial German Revolving Loan, only the German
Opcos shall be permitted to borrow German Revolving Loans and (b) on
or after March 31, 2009, only BGG shall be permitted to borrow
German Revolving Loans,

and

(b) by adding the following sentence to the end thereof:

In addition to (and not in impairment of) any other limitation on the borrowing
of German Revolving Loans contained in this Agreement, BGG agrees to also comply
with the limitations set forth in Section 11.14.6(b).

2.08 Amendment to Section 2.1.5. Section 2.1.5 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

2.1.5 L/C Commitments. Subject to Section 2.3.1, the Issuing Lender
agrees to issue letters of credit, in each case containing such terms and conditions as are
permitted by this Agreement and are reasonably satisfactory to the Issuing Lender (each, a
“Letter of Credit”), at the request of and for the account of the Parent or a German
Opco (except that on or after the Fifth Amendment Effective Date Oxy-Dry GmbH may not
request or have issued on its account a Letter of Credit), as the case may be, from time to
time before the scheduled Termination Date and, as more fully set forth in
Section 2.3.2, each Permanent Lender with a Parent Revolving Commitment agrees to
purchase a participation in each Parent Letter of Credit (and such obligation to so purchase
shall not be impaired by any termination of the Parent Revolving Commitments) and each
Permanent Lender with a German Revolving Commitment agrees to purchase a participation in
each German Letter of Credit (and such obligation to so purchase shall not be impaired by
any termination of the German Revolving Commitments); provided that, the Issuing
Lender shall have no obligation to issue or increase any Letter of
Credit (and the

 

-9-

 

applicable Borrower shall have no right to request such issuance or increase),
unless (among other conditions precedent) (i) the aggregate Dollar Equivalent (as of the
most recent Revaluation Date) of the Parent Stated Amounts and the German Stated Amounts
shall not exceed $6,000,000, (ii) the Dollar Equivalent (as of the most recent Revaluation
Date) of all Parent Revolving Outstandings shall not exceed the Parent Revolving Loan
Commitments (in Dollars), (iii) the Dollar Equivalent (as of the most recent Revaluation
Date) of all German Revolving Outstandings shall not exceed the German Revolving Loan
Commitments (in Dollars), and (iv) the Dollar Equivalent (as of the most recent Revaluation
Date) of Revolving Outstandings shall not exceed the Revolving Commitments (in Dollars). In
addition to (and not in impairment of) any other limitations under the Agreement with
respect to the issuance (or increase) of any Letter of Credit, (i) the Borrowers agree to
also comply with the applicable limitations set forth in Section 11.14.6(b) or (ii)
if any Lender (other than the Issuing Lender) has failed to make a required Loan hereunder
or has failed to make any required payment to the Administrative Agent or the Issuing Lender
or otherwise failed to make a required payment hereunder the Issuing Lender shall not be
required to issue (or increase) any Letter of Credit. The Letters of Credit shall include
the Initial Letters of Credit. The Initial Letters of Credit (to the extent issued) shall
be part of the Parent Letters of Credit (and the Master Letter of Credit Agreement executed
by the Parent shall cover, among other things, the Initial Letters of Credit (to the extent
issued) as well as any other Parent Letters of Credit). The Parent Letters of Credit may
only (i) before the Fifth Amendment Effective Date, be issued in Dollars or Euros and (ii)
on or after the Fifth Amendment Effective Date be issued in Dollars. The German Letters of
Credit may only be issued in Dollars or Euros.

2.09 Amendment to Section 2.3.1. Section 2.3.1 of the Credit Agreement is
hereby amended by adding to the end thereof the following sentence: “It is hereby acknowledged and
agreed that failure by Parent or any German Opco to execute a Master Letter of Credit Agreement
shall not limit or otherwise impair the obligations of the Borrowers, any Subsidiary thereof or any
other party under this Agreement or any other Loan Document with respect to any Letter of Credit.”

2.10 Amendment to Section 5.1. Section 5.1 of the Credit Agreement is hereby
amended by adding the following sentence immediately after the third sentence of Section
5.1 and immediately before the fourth sentence of Section 5.1:

(For the avoidance of doubt, Borrowers acknowledge and agree that the limitations
on borrowings set forth in Section 11.14.6 shall not, and shall not be
interpreted to, limit the non-use fees payable under this Section 5.1.)

 

-10-

 

2.11 Amendment to Section 6.2.2. Section 6.2.2 of the Credit Agreement is
hereby amended as follows:

(a) by adding the following new clauses (iv) and (v) to paragraph (a) therein as
follows:

	 	(iv)	 	Within three (3) Business Days of the receipt
by the Parent or any Subsidiary of the Parent of any Technotrans
Litigation Net Proceeds, in an amount equal to 100% of such Technotrans
Litigation Net Proceeds.

	 	(v)	 	On or before October 10, 2010, in an amount equal
to fifty percent (50%) of the Excess Cash Flow for the Fiscal Year
ending June 30, 2010.

and

	 	(b)	 	by adding the following to the end of paragraph (b) of such Section 6.2.2:

In addition to, and not in limitation of, any other mandatory prepayment
provisions set forth in this Agreement, if at any time (as of the most
recent Revaluation Date) the Dollar Equivalent of all Revolving Outstandings
at any time in the period from (and including) the Fifth Amendment Effective
Date to (and including) November 16, 2010 exceeds 105% of the Specified
Currency Prepayment Amount, the Parent shall immediately cause the
prepayment of the Revolving Loans and Cash Collateralization of the
outstanding Letters of Credit, or do a combination of the foregoing
(provided, that if so instructed by the Administrative Agent, prepayments
shall be made to eliminate the excess before any Cash Collateralization), in
an amount sufficient to eliminate such excess. Nothing contained in this
Section 6.2.2(b) shall, or shall be interpreted to, impair any
limitation contained in this Agreement on the borrowing of Revolving Loans
or the issuance or increase of any Letters of Credit. Notwithstanding
anything contained in Section 6.2.2(d) to the contrary, the Parent
shall not have the option provided for in Section 6.2.2(d) with
respect to a prepayment required under the third sentence of this
Section 6.2.2(b) unless the Administrative Agent in its absolute
discretion permits the Parent to use such option.

2.12 Amendment to Section 9.4. Section 9.4 of the Credit Agreement is hereby
amended and restated to read in its entirety as follows:

9.4 Financial Condition.

The audited consolidated financial statements of the Parent and its
Subsidiaries as at (and for the Fiscal Years ended) June 30, 2007 and June
30, 2008, and the unaudited consolidated financial statements of the Parent
and its Subsidiaries as at (and for the nine months ended) March 31, 2009,
copies of each of which have been delivered to the Administrative Agent and
each Lender, were prepared in accordance with GAAP (subject, in the case of
such unaudited statements, to the absence of footnotes and to normal
year-end adjustments) and present fairly, in all material respects, the
consolidated financial condition of the Parent and its
Subsidiaries as at such dates and the results of their operations and cash
flows for the periods then ended.

 

-11-

 

2.13 Amendment to Section 9.5. Section 9.5 of the Credit Agreement is hereby
amended by deleting the date “September 30, 2006” and inserting the date “March 31, 2009”.

2.14 Amendment to Section 9.26. Section 9.26 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

9.26 Certain Rabbi Trust Payments. To the best knowledge of the
Parent, as of the Fifth Amendment Effective Date the amount of aggregate
remaining cash contributions necessary to fully fund the projected
liabilities under the Plans (as defined in the Rabbi Trust Agreement) would
not exceed $3,700,000.

2.15 Amendment to Section 10.1.3. Section 10.1.3 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

10.1.3 Compliance Certificates. Contemporaneously with the furnishing of a
copy of each annual audit report pursuant to Section 10.1.1 and each set of
quarterly statements pursuant to Section 10.1.2, an accompanying duly
completed Compliance Certificate, with appropriate insertions and signed by a Senior
Officer of the Parent, containing (i) a computation of all applicable financial
covenants and restrictions set forth in Section 11.14 (except for the
Currency Adjusted Net Sales financial covenant under Section 11.14.4 and
the minimum liquidity financial covenant under Section 11.14.6, it being
agreed that Section 10.1.6(a) shall cover the certifications as to the
calculation of such financial covenants), (ii) a statement that such officer has not
become aware of any Event of Default or Unmatured Event of Default that has occurred
and is continuing or, if there is any such event, describing it and the steps, if
any, being taken to cure it, and (iii) a written statement of the Parent’s
management setting forth a discussion of the financial condition, changes in
financial condition and results of operations of the Parent and its Subsidiaries.
In addition, to, and not in limitation of, any obligations under the immediately
preceding sentence, the Compliance Certificate delivered in connection with
quarterly statements (A) for each of the first three Fiscal Quarters of the Fiscal
Year ending June 30, 2010 shall also contain a separate computation of the Capital
Expenditures for such Fiscal Quarter and for the elapsed portion of such Fiscal Year
ending with such Fiscal Quarter and (B) for the Fiscal Quarter ending September 30,
2010 shall also contain a separate computation of EBITDA for such Fiscal Quarter.

 

-12-

 

2.16 Amendment to Section 10.1.6. Section 10.1.6 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

10.1.6 Certain Additional Deliverables.

(a) Within 30 days after the end of each month (commencing with the month of
July of 2009 and ending (in the case of clauses (i) and (ii) below) with the
month of September of 2010 and ending (in the case of clause (iii) below)
with the month of November of 2010), a duly completed Minimum Liquidity and
Currency Adjusted Net Sales Certificate, with appropriate insertions and
signed by a Senior Officer of the Parent (i) attaching (and certifying as
to) a report (in detail reasonably satisfactory to the Administrative Agent
including a breakdown of actual consolidated net sales of the Parent and its
Subsidiaries by currency and comparing such actual net sales to “budgeted”
net sales and showing (for all sales made on or after July 1, 2009) the
conversion of net sales in all applicable foreign currencies using the
Specified Assumed Exchange Rates (and showing for sales for June of 2009 the
applicable exchange rates referred to in the definition of Currency Adjusted
Net Sales for such sales) in order to obtain the applicable Currency
Adjusted Net Sales) of the Currency Adjusted Net Sales for such month and
for the Currency Adjusted Net Sales for the consecutive three (3) month
period ending with such month, (ii) certifying as to whether or not the
applicable Currency Adjusted Net Sales financial covenant in Section
11.14.4 for the three (3) months ending on such date has been satisfied
and (iii) certifying (in detail reasonably satisfactory to the
Administrative Agent) as to whether or not the minimum liquidity financial
covenant set forth in Section 11.14.6 and any prepayment
requirements under the third sentence of Section 6.2.2(b) have each
been satisfied;

(b) Within 15 days after the end of each month (commencing with the month of
July of 2009), a so-called “flash report” (in the same form as flash reports
delivered to the Administrative Agent and Lenders prior to the Fifth
Amendment Effective Date with such adjustments thereto as may reasonably be
required by the Administrative Agent) showing the preliminary Currency
Adjusted Net Sales figures for such month;

(c) On a bi-weekly basis, rolling updated 13-week cash flow forecasts for
the Parent and its Subsidiaries and accompanying “forecasting accuracy”
schedule (such forecasts and schedule to be in the same format as the
13-week cash flow forecasts and forecasting accuracy schedules delivered to
the Administrative Agent and the Lenders prior to the Fifth Amendment
Effective Date); and

(d) At the earlier of (i) the making of any mandatory prepayment pursuant
to Section 6.2.2(a)(v) or (ii) October 10, 2010, a certificate
(signed by a Senior Officer of the Parent) setting forth (in detail
reasonably satisfactory to the Administrative Agent) the Excess Cash Flow
for the Fiscal Year ending June 30, 2010.

 

-13-

 

2.17 Amendment to Section 10.1.8. Section 10.1.8 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

	 	10.1.8	 	Projections. As soon as practicable, and in any event (i) for the
Fiscal Year commencing July 1, 2010, no later than June 15, 2010, and (ii) for
any Fiscal Year other than the Fiscal Year commencing July 1, 2010, no later
than the last Business Day of the first month of such Fiscal Year, financial
projections for the Parent and its Subsidiaries for such Fiscal Year (including
quarterly operating and cash flow budgets) prepared in a manner consistent with
the projections delivered by the Parent to the Lenders prior to the Fifth
Amendment Effective Date, or otherwise in a manner reasonably satisfactory to
the Administrative Agent, accompanied by a certificate of a Senior Officer of
the Parent on behalf of the Parent to the effect that (a) such projections were
prepared by the Parent in good faith, (b) the Parent believes the assumptions
contained in such projections are reasonable and (c) such projections have been
prepared in accordance with such assumptions.

2.18 Amendment to Section 10.2. Section 10.2 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

Keep, and cause each Subsidiary of the Parent to keep, its books and
records in accordance with sound business practices sufficient to allow the
preparation of financial statements in accordance with GAAP; permit, and
cause each Subsidiary of the Parent to permit, any Lender or the
Administrative Agent or any representative thereof, during reasonable
business hours and upon reasonable notice (provided that no notice need be
given during the existence of an Event of Default), to inspect the
properties and operations of the Parent or any of its Subsidiaries and
permit, and cause each Subsidiary of the Parent to permit, at any
reasonable time and with reasonable notice (or at any time without notice
if an Event of Default exists), any Lender or the Administrative Agent or
any representative thereof to visit any or all of its offices, to discuss
its financial matters with its officers and its independent auditors (and
the Borrowers hereby authorize such independent auditors to discuss such
financial matters with any Lender or the Administrative Agent or any
representative thereof), and to examine (and, at the expense of the
Borrowers, photocopy extracts from) any of its books or other records; and
permit, and cause each Subsidiary of the Parent to permit, the
Administrative Agent and its representatives during reasonable business
hours and upon reasonable notice (provided, that no notice need be given
during the existence of an Event of Default), to inspect the Inventory and
other tangible assets of the Parent and its Subsidiaries, and to inspect,
audit, check and make copies of and extracts from the books, records,
computer data, computer programs, journals, orders, receipts,
correspondence and other data relating to Inventory, Accounts and other
assets or the operations of the Parent and its Subsidiaries. All such
inspections or audits by the Administrative Agent shall be at the Parent’s
expense. If any Event of Default exists or if any Borrower requests any
modification of the Loan Documents, the Administrative Agent (or its
legal counsel) may, in addition to any other rights and remedies provided
for herein, retain an outside financial advisor with respect to any matters
relating to the Parent or its Subsidiaries (and/or the Loan Documents), and
the Parent shall pay the reasonable fees (and disbursements) of such
advisor.

 

-14-

 

2.19 Amendment to Section 10.6. Section 10.6 of the Credit Agreement is
hereby amended by adding to the end thereof the following sentence: “In addition to (and not in
impairment of) any other limitations set forth herein, no Revolving Loans proceeds shall be used to
fund any Rabbi Trust Permitted Payments made after January 1, 2009.”

2.20 Amendment to Section 10.9. Section 10.9 of the Credit Agreement is
hereby amended by adding the following sentence to the end thereof: “Upon receipt by the applicable
Borrower(s) of an affidavit and indemnity agreement in customary form from an authorized
representative of any Lender stating the circumstances of the loss, theft, destruction or
mutilation of any Note (and in the case of any such mutilation, on surrender and cancellation of
such Note) and providing for customary indemnification resulting from the loss of such Note, the
applicable Borrower(s) will promptly execute and deliver, in substitution for same, a new Note of
like tenor.”

2.21 Amendment to Section 10.10. Section 10.10 of the Credit Agreement is
hereby amended by adding to the end thereof, but before the period, the following parenthetical
phrase: “(the German Borrowers shall also comply with any provisions in the “German Opco Security
Documents” (as defined in the Guaranty and Collateral Agreement) with respect to deposit
accounts)”. 

2.22 Amendment to Section 11.1. Section 11.1 of the Credit Agreement is
hereby amended by:

(a) deleting the amount “$2,500,000” in Section 11.1(b) and
inserting in lieu thereof the amount $1,000,000”.

(b) amending Section 11.1(d) by inserting the following phrase at
the end thereof immediately after the phrase “that is also not a Material
Subsidiary;”:

“provided, further, that in addition to (and not in
limitation of) any of the other restrictions set forth above
or otherwise contained in this Agreement (x) any Debt
incurred under the preceding clauses (ii) or (iii) on or
after March 31, 2009 must be incurred in the ordinary course
of business of the Parent and its Subsidiaries and be
consistent with the practices of the Parent and its
Subsidiaries prior to March 31, 2009 and (y) Baldwin-Japan,
Ltd. shall not be permitted to incur (i.e. become liable
under) any Debt under this Section 11.1(d) on or
after March 31, 2009;”

 

-15-

 

(c) amending and restating Section 11.1(f) to read in its entirety as
follows:

(f) Debt consisting of reimbursement obligations with
respect to bank guaranties issued by one or more Swedish
banks in the ordinary course of business and securing the
performance obligations (under contracts entered into in the
ordinary course of business) of Baldwin Jimek AB;
provided, that (i) such reimbursement obligations
are secured only by the Swedish Letter of Credit (as defined
in Amendment No. 5) and (ii) the aggregate sum of (A) the
aggregate outstanding amounts of such bank guaranties and
(B) the aggregate sum of any outstanding reimbursement
obligations with respect any amounts drawn on such bank
guaranties shall not exceed, at any one time outstanding,
15,000,000 Swedish Krona;

and

(d) amending and restating Section 11.1(i) to read in its entirety as
follows:

(i) reimbursement obligations with respect to bank
guaranties issued by one or more German banks in the
ordinary course of business and securing the performance
obligations (under contracts entered into in the ordinary
course of business) of the German Opcos and, if applicable,
any other European Foreign Subsidiary (including the
Existing German Bank Guaranty Obligations as defined in
Section 7.03 of Amendment No. 5) provided, that (i)
such reimbursement obligations are either unsecured or
secured only by the pledge of cash deposits (held with the
bank(s) issuing such bank guaranties) in an aggregate amount
no greater than the then outstanding amount of such bank
guaranties (limited as provided in clause (ii) below) that
such pledged cash deposits secure and (ii) the aggregate sum
of (A) the aggregate outstanding amounts of such bank
guaranties and (B) the aggregate sum of any outstanding
reimbursement obligations with respect any amounts drawn on
such bank guaranties shall not exceed, at any one time
outstanding, the Dollar Equivalent of $1,000,000;

2.23 Amendment to Section 11.2. Section 11.2(b) of the Credit Agreement is
hereby amended by adding to the end thereof the following phrase immediately after the phrase
“adequate reserves;”: “and the pledges of cash deposits referred to in subclause (a) of Section
11.1(i) as limited by subclause (b) of Section 11.1(i);”.

2.24 Amendment to Section 11.4. Section 11.4 of the Credit Agreement is
hereby amended by (a) inserting at the end of clause (iii) thereof immediately before “, and” the
phrase “may be made” and (b) deleting the phrase “distributions by” in clause (iv) thereof and
inserting in lieu thereof the phrase “distributions may be made by”.

 

-16-

 

2.25 Amendment to Section 11.5. Section 11.5 of the Credit Agreement is
hereby amended by (a) amending and restating clause (v) thereof to read in its entirety as follows:
“(v) [Reserved];”, (b) deleting the phrase “the sale of” in clause (vi) thereof and inserting in
lieu thereof the phrase “the sale, prior to March 31, 2009, of” and (c) deleting the phrase “any
Acquisition” in clause (vii) thereof and inserting in lieu thereof the phrase “any Acquisition,
consummated prior to March 31, 2009,”. The Borrowers acknowledge and agree that as a result of the
modification of clause (v) of Section 11.5 of the Credit Agreement set forth above (1) the
sale of Oxy-Dry Food Blends, Inc. is not permitted (unless such sale is hereafter consented to in
writing by the Required Lenders in their absolute discretion) and (2) the parenthetical phrase
“(subject to clause (v) of Section 11.5)” contained in Section 6.2.2(a)(i) of the
Credit Agreement is no longer applicable.

2.26 Amendment to Section 11.11. Section 11.11 of the Credit Agreement is
hereby amended by:

(a) Amending Section 11.11(a) by inserting the following phrase at
the end thereof immediately after the phrase “of this Section
11.11(a);”: “provided, further, that in addition to (and not in
limitation of) any of the other restrictions set forth above in this
Section 11.11(a) or otherwise contained in this Agreement (1) the
contributions made under the preceding clauses (ii) and (iii) of this
Section 11.11(a) on or after March 31, 2009 must be incurred in the
ordinary course of business of the Parent and its Subsidiaries and
consistent with the practices of the Parent and its Subsidiaries prior to
March 31, 2009 and (2) no capital contributions may be made to
Baldwin-Japan, Ltd. on or after March 31, 2009;”;

and

(b) Deleting the phrase “other Investments not consisting of” in clause (j)
thereof and inserting in lieu thereof the phrase “other Investments
consummated prior to March 31, 2009 and not consisting of”.

2.27 Amendment to Section 11.14. Section 11.14 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

11.14 Financial Covenants.

 

-17-

 

11.14.1 EBITDA. Not Permit EBITDA for the following periods to be
less than the following respective amounts of minimum EBITDA set forth below
for such period:

	 	 	 	 	 
	Period	 	Minimum EBITDA	 
	 
	 	 	 	 
	The two consecutive Fiscal Quarters ending December 31, 2009
	 	$	1,100,000	 
	The three consecutive Fiscal Quarters ending March 31, 2010
	 	$	2,300,000	 
	The four consecutive Fiscal Quarters ending June 30, 2010
	 	$	4,100,000	 
	Each Four Fiscal Quarter Computation Period ending on or
after September 30, 2010
	 	$	12,000,000	 

11.14.2 Fixed Charge Coverage Ratio. Not permit the Fixed Charge
Coverage Ratio for any Four Fiscal Quarter Computation Period, commencing
with the Four Fiscal Quarter Computation Period ending September 30, 2010,
to be less than 1.25 to 1.0

11.14.3 Total Debt to EBITDA Ratio. Not permit the Total Debt to
EBITDA Ratio as of the last day of any Four Fiscal Quarter Computation
Period, commencing with the Four Fiscal Quarter Computation Period ending
September 30, 2010, to exceed 3.00 to 1.0.

11.14.4 Currency Adjusted Net Sales. Not permit Currency Adjusted
Net Sales for the following consecutive three-month periods to be less than
the following respective amounts set forth below for such three-month
period:

	 	 	 	 	 
	 	 	Minimum Currency Adjusted	 
	Consecutive Three Months Ending	 	Net Sales for the Applicable Period	 
	 
	 	 	 	 
	July 31, 2009
	 	$	35,152,500	 
	August 31, 2009
	 	$	33,100,500	 
	September 30, 2009
	 	$	33,525,500	 
	October 31, 2009
	 	$	38,165,100	 
	November 30, 2009
	 	$	38,687,300	 
	December 31, 2009
	 	$	36,116,300	 
	January 31, 2010
	 	$	33,658,800	 
	February 28, 2010
	 	$	33,890,400	 
	March 31, 2010
	 	$	37,709,300	 
	April 30, 2010
	 	$	40,563,300	 
	May 31, 2010
	 	$	40,080,000	 
	June 30, 2010
	 	$	40,612,800	 
	July 31, 2010
	 	$	37,000,000	 
	August 31, 2010
	 	$	36,300,000	 
	September 30, 2010
	 	$	35,100,000	 

 

-18-

 

11.14.5 Capital Expenditures. Not permit Capital Expenditures of
the Parent and its Subsidiaries on a consolidated basis for the Fiscal Year
ending June 30, 2010 to exceed $1,000,000.

11.14.6 Minimum Liquidity.

(a) Not permit the Dollar Equivalent of the consolidated cash and Cash
Equivalent Investments of the Parent and its Domestic Subsidiaries and the
European Foreign Subsidiaries of the Parent, in each case unrestricted and
without any Liens thereon except in favor of the Administrative Agent and
maintained in a deposit account (or money market type account linked to a
deposit account), to at any time on or after the Fifth Amendment Effective
Date to (and including) November 16, 2010 be less than $300,000; and

(b) Neither the Parent nor BGG shall, on or after the Fifth Amendment
Effective Date to (and including) November 16, 2010 (i) make any borrowing
of a Revolving Loan or request the issuance of or increase in any Letter of
Credit if immediately after such borrowing, issuance or increase, as the
case may be, the sum of (i) the Dollar Equivalent of all Revolving
Outstandings plus (ii) the then applicable Specified Availability Amount
exceeds $25,000,000. Nothing contained in this Section 11.14.6(b)
shall, or shall be interpreted to, impair any other limitation contained in
this Agreement with respect to the borrowing of Revolving Loans or the
issuance or increase of any Letters of Credit.

2.28 Amendment to Section 11.17. Section 11.17 of the Credit Agreement is hereby
amended and restated to read in its entirety as follows:

11.17 Payments on the Rabbi Trust; Amendment to Eliminate Insurance
Policies from Rabbi Trust. Not, and not permit any Subsidiary to, make
any payment, contribution or other transfer of monies or other properties
to the Rabbi Trust other than (i) the Rabbi Trust Existing Contributions
and (ii) the Rabbi Trust Permitted Payments. The Parent shall cause an
amendment to the Rabbi Trust Agreement eliminating the obligation of the
Parent (or any Subsidiary of the Parent) to deliver the Insurance Policies
(as defined in the Rabbi Trust Agreement prior to such amendment) and
otherwise removing references to such Policies and the obligations with
respect thereto to be executed and delivered no later than September 30,
2009, such amendment to be in form and substance reasonably satisfactory to
the Administrative Agent.

 

-19-

 

2.29 Amendment to Section 13.1.5. Section 13.1.5 of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

13.1.5. Non-Compliance with Loan Documents. (a) Failure by any Loan
Party to comply with or to perform any covenant set forth in Sections
10.1.5, 10.1.6(d), 10.3(b) (unless such failure with respect to
Section 10.3(b) is of a non-material nature in which case such
failure shall be covered by clause (d) below), 10.5 or 10.6
or Section 11; (b) failure of any Loan Party to comply with any
provisions of the Agent Fee Letter (and not constituting an Event of Default
under any other provision of this Section 13 above) and the
continuance of such failure described in this clause (b) for 20 days after
the earlier to occur of (i) any Lender or the Administrative Agent providing
notice of such failure or (ii) any Senior Officer of the Parent or any of
its Subsidiaries becoming aware of such failure; (c) failure by any Loan
Party to comply with or to perform any covenant set forth in Sections
10.1.1, 10.1.2, 10.1.3, 10.1.4, 10.1.6 (except 10.1.6(d)), 10.1.7, 10.1.8
10.1.9 or 10.1.10 and continuance of such failure described in
this clause (c) for 10 Business Days, (except that in the case of a
failure with respect to Section 10.1.6 covered by this clause (c)
the period shall be 5 Business Days not 10 Business Days) after the earlier
to occur of (i) any Lender or the Administrative Agent providing notice of
such failure or (ii) any Senior Officer or the Parent or any of its Material
Subsidiaries becoming aware of such failure; or (d) failure by any Loan
Party to comply with or to perform any other provision of this Agreement or
any other Loan Document (and not constituting an Event of Default under any
other provision of this Section 13) and continuance of such failure
described in this clause (d) for 30 days after the earlier to occur
of (i) any Lender or the Administrative Agent providing notice of such
failure or (ii) any Senior Officer or the Parent or any of its Material
Subsidiaries becoming aware of such failure.

2.30 Amendment to Section 15.5. Section 15.5 of the Credit Agreement is
hereby amended by deleting the phrase “acting it is” in the third sentence thereof and inserting in
lieu thereof the phrase “acting in its”.

2.31 Amendment to Section 15.17. Section 15.17 of the Credit Agreement is
hereby amended by amending and restating clause (E) thereof (which clause (E) commences with “(E)
THE EXECUTION” and ends with “BY ANY OF THE LENDER PARTIES,” to read in its entirety as follows:
“(E) THE EXECUTION OR DELIVERY OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY OTHER AGREEMENT OR
INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, THE PERFORMANCE BY THE PARTIES HERETO OF THEIR
RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER, THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY, THE NON-PERFORMANCE BY ANY CREDIT PARTY OF ITS OBLIGATIONS HEREUNDER OR
THEREUNDER, THE ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BY ANY LENDER PARTY, THE
MAKING OF ANY LOAN (OR THE USE OR PROPOSED USE OF ANY PROCEEDS OF ANY LOAN), THE ISSUANCE OF ANY
LETTER OF CREDIT (OR THE USE OR PROPOSED USE THEREOF) OR ANY DRAWING (OR REQUESTED DRAWING) UNDER
ANY LETTER OF CREDIT, OR, IN THE CASE OF THE ADMINISTRATIVE AGENT (AND ANY SUB-AGENT
THEREOF) AND ITS AFFILIATES, OFFICERS, DIRECTORS AND EMPLOYEES, THE ADMINISTRATION OF THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS,”.

 

-20-

 

2.32 Amendment to Section 15.21. Section 15.21(a) of the Credit Agreement is
hereby amended by deleting the phrase “or any of the Lenders” in the first sentence thereof and
inserting in lieu thereof the phrase “or any of the Lenders (or their respective Affiliates)”.

2.33 Amendment to Annex A. Annex A to the Credit Agreement is hereby amended
and restated to read in its entirety as set forth in Annex A attached hereto and hereby
made a part hereof.

2.34 Amendment to Exhibit B. Exhibit B to the Credit Agreement is hereby
amended and restated to read in its entirety as set forth in Exhibit B attached hereto and
hereby made a part hereof.

2.35 Amendment to Exhibit C. Exhibit C to the Credit Agreement is hereby
amended and restated to read in its entirety as set forth in Exhibit C attached hereto and
hereby made a part hereof.

2.36 Amendment to Exhibit E. Exhibit E to the Credit Agreement is hereby
amended and restated to read in its entirety as set forth in Exhibit E attached hereto and
hereby made a part hereof.

2.37 Amendment to Exhibit F. Exhibit F to the Credit Agreement is hereby
amended and restated to read in its entirety as set forth in Exhibit F attached hereto and
hereby made a part hereof.

2.38 Amendment to Schedules. The Schedules to the Credit Agreement are hereby amended
by deleting Schedule 11.1 to the Credit Agreement and any reference to such Schedule
11.1 in the Credit Agreement is hereby deleted in each instance and any corresponding
conforming changes in connection therewith shall be deemed made.

2.39 Further Amendments to Credit Agreement. Reference is hereby made to Sections
7.03, Section 7.04 and Section 7.05 of this Amendment and the further
modifications of the Credit Agreement (and any other applicable Loan Document) set forth therein;
and it is hereby agreed that such modifications are in full force and effect.

ARTICLE III

CERTAIN WAIVERS

3.01 Waiver. The Required Lenders hereby waive the “Specified Events of Default” (as
defined in the Modification and Limited Waiver). The foregoing waivers in this Section
3.01 are limited solely to such “Specified Events of Default” and shall not apply to any other
Events of Default or Unmatured Events of Default which may now or hereafter exist. Without
limiting the generality of the immediately preceding sentence, the Borrowers (and other Credit
Parties) hereby acknowledge and agree that the waivers set forth in the first sentence of this
paragraph do not apply to any breach of Sections 11.14.1, 11.14.2 or 11.14.3 of the Credit
Agreement other than the breach of Section 11.14.1 for the Computation Periods (as defined
in the Credit
Agreement prior to the amendments set forth in this Amendment) ending March 31, 2009 and June
30, 2009, the breach of Section 11.14.2 for the Computation Period ending June 30, 2009,
and the breach of Section 11.4.3 as of the last day of the Computation Periods ending March
31, 2009 and June 30, 2009. Each of the Borrowers and the other Credit Parties hereby consents to,
and acknowledges the availability of, each and every right and remedy set forth in the Credit
Agreement, the Guaranty and Collateral Agreement and the other Loan Documents with respect to any
Event of Default other than the Events of Default expressly waived pursuant to the first sentence
of this paragraph.

 

-21-

 

ARTICLE IV

CONDITIONS PRECEDENT

4.01 Conditions to Effectiveness. The effectiveness of the amendments set forth in
Sections 2.01 — 2.38 and the waiver set forth in Section 3.01 hereof are subject to
the satisfaction of the following conditions precedent, unless specifically waived in writing by
the Administrative Agent:

(a) The Administrative Agent shall have received the following documents, each in form
and substance satisfactory to the Administrative Agent and its legal counsel:

(i) this Amendment duly executed by Borrowers and the other Credit Parties and
the Lenders constituting at least the Required Lenders;

(ii) the amended and restated Agent Fee Letter; and

(iii) such other documents as reasonably requested by the Administrative Agent;

(b) All corporate (or other organization) proceedings taken in connection with the
transactions contemplated by this Amendment and all documents, instruments and other legal
matters incident thereto shall be satisfactory to the Administrative Agent and its legal
counsel;

(c) Borrowers shall have delivered to the Administrative Agent and the Lenders a “flash
report” reporting the consolidated “Currency Adjusted Net Sales” (as defined in the Credit
Agreement after giving effect to Amendment No. 5) for the month ending June 30, 2009;

(d) Borrowers shall have paid all costs and expenses (including reasonable attorneys’
fees and disbursements) and fees of the Administrative Agent; and

(e) Borrowers shall have paid the first installment of the Amendment Fee as set forth
in Section 5.01.

 

-22-

 

ARTICLE V

CERTAIN COVENANTS

5.01 Amendment Fee. In consideration of the Required Lenders entering into this
Amendment, and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Borrowers hereby agree to pay to each Lender who executes and delivers
this Amendment on or before the date hereof, an amendment fee equal to such Lender’s pro-rata share
of the product of (a) the sum of the aggregate Term Loan Exposures of all Lenders on the date
hereof plus the aggregate Revolving Commitments (after giving effect to the reduction of
the Revolving Commitments set forth in this Amendment) of all Lenders on the date hereof multiplied
by (b) 0.75% (i.e., 75 basis points). This amendment fee shall be fully earned on the date
hereof and shall be payable in four (4) equal installment payments, with the first of such payments
due on the date hereof and the next three payments respectively due three (3), six (6) and nine (9)
months following the date hereof. The phrase “pro-rata share” as used in the immediately preceding
sentence shall mean, with respect to any Lender, the percentage obtained by dividing (i) such
Lender’s aggregate Revolving Commitments (as so reduced) plus such Lender’s Term Loan
Exposure as of the date hereof by (ii) the aggregate amount of Revolving Commitments (as so
reduced) of all Lenders plus the Term Loan Exposures of all Lenders as of the date hereof.
Any failure of the Borrowers to pay, when due, any such installments shall constitute an Event of
Default under the Credit Agreement. The term “Amendment Fee” as used herein shall mean the
aggregate amendment fees owed pursuant to this Section 5.01 to those Lenders who execute
and deliver this Amendment.

ARTICLE VI

NO WAIVER

6.01 No Waiver. Other than the waivers set forth in Section 3.01 hereof,
nothing contained in this Amendment shall be construed as a waiver by the Administrative Agent or
the Lenders of any covenant or provision of the Credit Agreement, the Guaranty and Collateral
Agreement, this Amendment, the other Loan Documents, or of any other contract or instrument among
the Borrowers and/or the other Credit Parties, as the case may be, and the Administrative Agent
and/or the Lenders (and/or their respective Affiliates), as the case may be, and the failure of the
Administrative Agent and/or Lenders (and/or their respective Affiliates) at any time or times
hereafter to require strict performance by the Borrowers and/or the other Credit Parties of any
provision thereof shall not waive, affect or diminish any right of the Administrative Agent and the
Lenders (or their respective Affiliates) to thereafter demand strict compliance therewith.

ARTICLE VII

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES; CONFIRMATIONS

7.01 Ratifications. The terms and provisions set forth in this Amendment shall modify
and supersede all inconsistent terms and provisions set forth in Credit Agreement and the other
Loan Documents. The terms and provisions of the Credit Agreement and the other Loan Documents, as
amended hereby, are ratified and confirmed and shall continue in full force and effect. The
Borrowers, the other Credit Parties, the Lenders and the Administrative Agent agree that the Credit
Agreement and the other Loan Documents, as amended hereby, shall continue to be legal, valid,
binding obligations of the parties thereto, enforceable against such parties in accordance with
their respective terms. Without limiting the generality of the foregoing, the Borrowers and the
other Credit Parties hereby confirm and agree that (a) all Liens under the Collateral Documents (as
amended) remain in

 

-23-

 

full force and effect (as so amended) and (b) the
guaranty obligations and other obligations of the Borrowers and all other Credit Parties under
the Guaranty and Collateral Agreement (and other applicable Collateral Documents), as amended,
remain in full force and effect (as so amended) and (as set forth in the Guaranty and Collateral
Agreement) shall not be impaired or otherwise limited by any waiver or modification set forth in
this Amendment (and nothing contained in this Amendment shall, or shall be interpreted to, create a
custom, course of dealing or other agreement or arrangement by which the consent or confirmation of
any Credit Party to any modification or waiver is required in order to keep any obligations under
the Guaranty and Collateral Agreement (and other applicable Collateral Documents) in full force and
effect, it being agreed that no such consent or confirmation is necessary or required in order to
keep such obligations in full force and effect). Without limiting the generality of the foregoing
(or of Section 1.2(e) of the Credit Agreement), it is hereby confirmed and agreed that any
reference in the Loan Documents to any Note shall include all amendments, restatements, supplements
and other modifications thereto and any Notes issued under Section 15.6.1 of the Credit
Agreement and/or other Notes in substitution or replacement of any Note(s). Any breach of any
representation, warranty or confirmation set forth in this Amendment by any Borrower or any other
Credit Party shall be deemed to constitute an Event of Default under the Credit Agreement.

7.02 Representations and Warranties. Each of the Borrowers and the other Credit
Parties hereby represents and warrants to the Administrative Agent and the Lenders that (a) the
execution, delivery and performance of this Amendment and any and all Loan Documents executed
and/or delivered in connection herewith have been authorized by all requisite corporate (or other
applicable organization) action on the part of such Borrower or other Credit Party, as the case may
be, and will not violate the charter, by-laws or other organizational documents of such Borrower or
other Credit Party; (b) the representations and warranties of such Borrower or other Credit Party,
as the case may be, contained in any Loan Document are true and correct in all respects (or if the
applicable representation or warranty is not qualified by a materiality qualifier, true and correct
in all material respects) on the date hereof and on and as of the date of execution hereof as
though made on and as of each such date (except to the extent stated to relate to a specific
earlier date, in which case such representations and warranties were true and correct in all
respects (or if the applicable representation or warranty is not qualified by a materiality
qualifier, true and correct in all material respects) as of such earlier date); (c) after giving
effect to the waivers set forth in Section 3.01 hereof, no Event of Default or Unmatured
Event of Default under the Credit Agreement has occurred and is continuing; (d) no Specified
Permitted Redemption Payment and no Rabbi Trust Permitted Payment, as each of those terms were
defined in the Credit Agreement prior to this Amendment, were made from (and including) January 1,
2009 to (and including) the date hereof; and (e) no Credit Party that is party to the Guaranty and
Collateral Agreement has changed its legal name since November 21, 2006 except (i) Newco changed
its name from Mainsee 430. VV GmbH to Baldwin Germany Holding GmbH, (ii) Oxy-Dry GmbH changed its
name from Oxy-Dry Maschinen GmbH to Baldwin Oxy-Dry GmbH and (iii) Baldwin Southeast Asia
Corporation changed its name from Oxy-Dry Asia Pacific, Inc.. The Borrowers and the other Credit
Parties acknowledge and agree that the unpaid principal of, and accrued and unpaid interest under,
each of the Loans as of July 31, 2009 is as set forth below and such sums are justly owed without
claim, counterclaim, cross-complaint, offset, defense or other reduction of any kind against the
Lenders or the Administrative Agent:

(a) Parent Revolving Loans borrowed in Dollars: unpaid principal of $12,100,000 and
accrued and unpaid interest of $25,759.56 is owed by the Parent.

(b) Parent
Revolving Loans borrowed in Euros: unpaid principal of €0 and accrued and
unpaid interest of €0 is owed by the Parent.

 

-24-

 

(c) German Revolving Loans borrowed by BGG in Dollars: unpaid principal of $0 and
accrued and unpaid interest of $0 is owed by BGG.

(d) German Revolving Loans borrowed by BGG in Euros: unpaid principal of €1,000,000
and accrued and unpaid interest of €1,260 is owed by BGG.

(e) German Revolving Loans borrowed by Oxy-Dry GmbH in Dollars: unpaid principal of $0
and accrued and unpaid interest of $0 is owed by Oxy-Dry GmbH.

(f) German Revolving Loans borrowed by Oxy-Dry GmbH in Euros: unpaid principal of €0
and accrued and unpaid interest of €0 is owed by Oxy-Dry GmbH.

(g) Term Loans: unpaid principal of €7,364,340.98 and accrued and unpaid interest of
€9,279.07 is owed by Newco.

(h) Parent Letters of Credit issued in Dollars: the portion of the Parent Stated Amount
with respect to such Letters of Credit is $382,916.00.

(i) Parent Letters of Credit issued in Swedish Krona: the portion of the Parent Stated
Amount with respect to such Letters of Credit is 5,000,000 Swedish Krona.

(j) Parent Letters of Credit issued in Euros: the portion of the Parent Stated Amount
with respect to such Letters of Credit is €0.

As of the date hereof, (i) Bank of America, N.A., in its capacity as a Lender, owns fifty
percent (50%) of the outstanding Term Loans and outstanding Revolving Loans, (ii) Citizens Bank of
Connecticut as Lender owns thirty percent (30%) of the outstanding Term Loans and outstanding
Revolving Loans and (iii) Webster Bank, National Association as Lender owns twenty percent (20%) of
the outstanding Term Loans and Revolving Loans.

7.03 Confirmations (German Master Credit Contract). Reference is made to Amendment
No. 2 and to the Amendment No. 1 to Guaranty and Collateral Agreement. Borrowers hereby confirm,
represent and warrant that the Master Credit Contract referred to in Amendment No. 2 and the
Amendment No. 1 to Guaranty and Collateral Agreement has been terminated and that all obligations
of any Borrower thereunder to the “German Bank” (as defined in Amendment No. 2) have been paid and
satisfied in full other than with respect to guaranty obligations of Borrowers’ customer contracts
in an amount not to exceed $630,000 in the aggregate as of June 30, 2009 (the “Existing German
Bank Guaranty Obligations”) which such Existing German Bank Guaranty Obligations have been cash
collateralized (by the pledge of cash deposits) in an amount equal thereto. Borrowers further
confirm, agree and covenant that the Existing German Bank Guaranty Obligations outstanding from
time to time shall

 

-25-

 

“count” towards the $1,000,000 limitation set forth in Section 11.1(i)
of the Credit Agreement, as
amended. As set forth in Amendment No. 2, the Existing German Bank Guaranty Obligations shall
(as shall any other bank guaranties permitted under Section 11.1(i) of the Credit
Agreement, as amended) be deemed part of Debt (and Total Debt). This Section 7.03 and
Section 11.1(i) of the Credit Agreement, as amended, supersede any inconsistent provision
in Amendment No. 1 to Guaranty and Collateral Agreement with respect to the Existing German Bank
Guaranty Obligations. Borrowers further understand and agree that the only Debt permitted under
Section 11.1(i) of the Credit Agreement (and by this Section 7.03) are the bank
guaranties described therein and that no Borrower (including any German Borrower) may enter into
any other master credit contract for any other purpose without the consent of the Required Lenders
(which consent may be granted in their sole discretion).

7.04 Confirmations (Swedish Letter of Credit). Reference is made to the Modification
and Limited Waiver. It is hereby confirmed that the Parent had previously requested, and the
Issuing Lender has issued, a Parent Letter of Credit in the amount of 5,000,000 Swedish Krona
(LaSalle Bank National Association letter of credit #S605274 and Bank of America, N.A. letter of
credit #68030846) (as same may be renewed, extended or otherwise modified from time to time, the
“Swedish Letter of Credit” which term shall also include any letter(s) of credit (if any)
issued (in Swedish Krona) by the Issuing Lender in substitution or replacement thereof or of any
such substitute or replacement letter(s) of credit). It is acknowledged and agreed that the
Swedish Letter of Credit is one of the Parent Letters of Credit and that the terms and provisions
of the Credit Agreement as amended, restated, supplemented or otherwise modified from time to time
(including without limitation Sections 2.1.5 and 2.3 of the Credit Agreement) and
the other Loan Documents shall apply to the Swedish Letter of Credit. The term “Euros” as used in
the Credit Agreement (and any other applicable Loan Document), as amended, restated, supplemented
or otherwise modified from time to time, shall be deemed to mean “Swedish Krona” in connection with
the Swedish Letter of Credit. Without limiting the generality of the immediately preceding
sentence, the Dollar Equivalent of the Stated Amount of the Swedish Letter of Credit shall be the
equivalent amount thereof in Dollars as determined by the Administrative Agent or the Issuing
Lender, as the case may be, at such time on the basis of the Spot Rate (determined in respect of
the most recent Revaluation Date) for the purchase of Dollars with Swedish Krona.

7.05 Confirmations (Netherlands Pledge Agreements). Reference is hereby made to
Amendment No. 1 to Guaranty and Collateral Agreement the terms and provisions of which are hereby
confirmed in all respects. Without limiting the generality of the immediately preceding sentence,
it is hereby confirmed and agreed that if any Netherlands Pledge Agreement provides for a lien
priority (as it relates to securing the applicable secured obligations thereunder) that would, if
not for this Section 7.05 (or Section 5.03 of Amendment No. 1 to Guaranty and
Collateral Agreement), result in an application of the proceeds of the collateral or security under
such Netherlands Pledge Agreements that would be different than the order of priority set forth in
Section 6.6 of the Guaranty and Collateral Agreement (as amended), then the parties shall
take such actions (including the applicable Lender(s) purchasing participation interests) so that
such order of priority under such Section 6.6 of the Guaranty and Collateral Agreement is,
in effect, preserved.

 

-26-

 

ARTICLE VIII

MISCELLANEOUS PROVISIONS

8.01 Survival of Representations and Warranties. All representations and warranties
made in the Credit Agreement or the Guaranty and Collateral Agreement or any other Loan Documents
or under or in connection with this Amendment, including, without limitation, any document
furnished in connection with this Amendment, shall survive the execution and delivery of this
Amendment and the other Loan Documents.

8.02 Severability. Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable.

8.03 Successors and Assigns. This Amendment is binding upon and shall inure to the
benefit of the Administrative Agent, the Lenders, the Borrowers and the other Credit Parties and
their respective successors and assigns, except that no Borrower or Credit Party may assign or
transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent. It is acknowledged and agreed that Bank of America, N.A., has, as successor
by merger to LaSalle Bank National Association, succeeded to all of the respective rights and
duties of LaSalle Bank National Association as a Lender (including without limitation as the
Issuing Lender), and the Administrative Agent under the Loan Documents.

8.04 Certain Costs and Expenses. Without in any way limiting the generality of
Sections 10.2 or 15.5 of the Credit Agreement, the Parent acknowledges and agrees that it shall (i)
promptly pay the reasonable fees and disbursements of all legal counsel retained by the
Administrative Agent in connection with the preparation, negotiation, execution and delivery of
this Amendment or any future waiver or modification (or proposed modification or waiver whether or
not consummated), if any, of any Loan Document(s) (provided that Borrower shall not have to pay the
allocable costs of internal legal services of the Administrative Agent in connection with the
preparation, negotiation, execution and delivery of this Amendment provided it is understood and
agreed that this parenthetical phrase shall not, and shall not be interpreted to, limit the right
of the Administrative Agent or any Lender to receive the allocable costs of internal legal services
with respect to agreements or matters other than the preparation, negotiation, execution and
delivery of this Amendment) and (ii) pay all fees of Capstone (as defined in the Modification and
Limited Waiver) required to be paid in the Modification and Limited Waiver. The Borrowers and
other Credit Parties hereby agree that all findings and conclusions and other work product of
Capstone shall be protected by the attorney-client privilege and shall not be subject to review or
discovery by the Borrowers or any other Credit Party.

8.05 Counterparts. This Amendment may be executed and delivered by facsimile,
portable document format (“.pdf”), Tagged Image File Format (“.TIFF”) or other electronic means of
delivery and in one or more counterparts, each of which when so executed shall be deemed to be an
original, but all of which when taken together shall constitute one and the same instrument.

 

-27-

 

8.06 Preliminary Statements. The Preliminary Statements set forth in this Amendment
are accurate and shall form a substantive part of the agreement of the parties hereto.

8.07 Headings. The headings, captions, and arrangements used in this Amendment are
for convenience only and shall not affect the interpretation of this Amendment.

8.08 Relationship. The relationship between the Borrowers and other Credit Parties on
the one hand and the Lenders and the Administrative Agent on the other hand shall be solely that of
borrowers and guarantors, on the one hand, and lender on the other. Neither the Administrative
Agent nor any Lender has any fiduciary relationship with or duty to any Borrower or other Credit
Party arising out of or in connection with this Amendment or any of the other Loan Documents, and
the relationship between the Borrowers and other Credit Parties, on the one hand, and the
Administrative Agent and the Lenders, on the other hand, in connection herewith or therewith is
solely that of debtor and creditor. The Borrowers and other Credit Parties acknowledge that they
have been advised by counsel in the negotiation, execution and delivery of this Amendment and the
other Loan Documents. No joint venture is created hereby or by the other Loan Documents or
otherwise exists by virtue of the transactions contemplated hereby or by the other Loan Documents
among the Lenders or among the Borrowers (and other Credit Parties) and the Lenders.

8.09 Time is of the Essence. The parties hereto (i) have agreed specifically with
regard to the times for performance set forth herein and in the other Loan Documents and (ii)
acknowledge and agree such times are material to this Amendment and the other Loan Documents.
Therefore, time is of the essence with respect to this Agreement and the other Loan Documents.

8.10 Jury Trial; Indemnification. Without limiting the generality of Sections
15.17, 15.18, 15.19 and 15.20 of the Credit Agreement, it is hereby agreed that the terms and
provisions of such Sections shall apply to this Amendment and any transaction or matter
contemplated by, in connection with or arising out of this Amendment.

8.11 Applicable Law. THIS AMENDMENT AND ALL OTHER AGREEMENTS EXECUTED PURSUANT HERETO
(EXCEPT AS EXPRESSLY SET FORTH IN ANY SUCH AGREEMENT) SHALL BE A CONTRACT MADE UNDER AND GOVERNED
BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW).

 

-28-

 

8.12 Final Agreement. THE CREDIT AGREEMENT (AS AMENDED HEREBY) AND THE OTHER LOAN
DOCUMENTS REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF
AND THEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT (AS AMENDED HEREBY) AND
THE OTHER LOAN DOCUMENTS MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING PROVISIONS, THE BORROWERS AND THE OTHER
CREDIT
PARTIES ACKNOWLEDGE AND AGREE THAT NEITHER ANY LENDER NOR THE ADMINISTRATIVE AGENT HAS MADE
ANY PROMISES OR ASSURANCES WITH RESPECT TO, AND THE BORROWERS AND OTHER CREDIT PARTIES ACKNOWLEDGE
AND AGREE THAT THERE IS NO ORAL AGREEMENT WITH RESPECT TO, ANY FUTURE AMENDMENT, WAIVER OR OTHER
MODIFICATION OF THE LOAN DOCUMENTS OR ANY RESTRUCTURING OR WORKOUT THEREOF OR WITH RESPECT THERETO.
NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AMENDMENT SHALL
BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY THE BORROWERS AND THE REQUIRED LENDERS AND (WITH
RESPECT TO MATTERS AFFECTING THE ADMINISTRATIVE AGENT) THE ADMINISTRATIVE AGENT AND (WITH RESPECT
TO MATTERS AFFECTING THE ISSUING LENDER) THE ISSUING LENDER.

8.13 Release. EACH OF THE BORROWERS AND THE OTHER CREDIT PARTIES HEREBY ACKNOWLEDGES
THAT, AS OF THE DATE HEREOF, IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR
DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED (A) TO REDUCE OR ELIMINATE ALL OR ANY
PART OF ITS APPLICABLE LIABILITIES UNDER ANY LOAN DOCUMENT, ANY BANK PRODUCT AGREEMENT OR ANY
HEDGING AGREEMENT WITH ANY LENDER, THE ADMINISTRATIVE AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES
AND/OR (B) TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM THE ADMINISTRATIVE
AGENT OR ANY OF THE LENDERS (OR ANY OF THEIR RESPECTIVE AFFILIATES). EACH OF THE BORROWERS AND THE
OTHER CREDIT PARTIES HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES THE
ADMINISTRATIVE AGENT AND LENDERS, THEIR PREDECESSORS, AGENTS, AFFILIATES, EMPLOYEES, SUCCESSORS AND
ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES,
AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR
UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN
PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH SUCH BORROWER OR OTHER CREDIT PARTY
MAY NOW OR HEREAFTER HAVE AGAINST THE ADMINISTRATIVE AGENT, LENDERS, THEIR PREDECESSORS, AGENTS,
EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF
CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING OUT OF OR OTHERWISE IN
ANY WAY RELATING IN ANY WAY TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT, HEDGING AGREEMENT, BANK
PRODUCT AGREEMENT, THE OBLIGATIONS, ANY OTHER TRANSACTION CONTEMPLATED BY ANY OF THE FOREGOING
DOCUMENTS, OR ANY ACTION OR OMISSION OF THE ADMINISTRATIVE AGENT OR ANY LENDER UNDER OR OTHERWISE
IN

 

-29-

 

ANY WAY RELATING TO ANY OF THE FOREGOING DOCUMENTS.
THE BORROWERS AND OTHER CREDIT PARTIES
EXPRESSLY WAIVE ANY PROVISION OF STATUTORY OR DECISIONAL LAW TO THE EFFECT THAT A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE RELEASING PARTY(IES) DOES NOT KNOW OR SUSPECT TO EXIST IN SUCH
PARTY’S FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN
BY SUCH PARTY, MUST OR MIGHT HAVE MATERIALLY AFFECTED SUCH PARTY’S SETTLEMENT WITH THE
RELEASED PARTIES. NOTHING CONTAINED IN THIS PARAGRAPH SHALL, OR SHALL BE INTERPRETED TO, IMPAIR
ANY RIGHTS OF ANY BORROWER (OR OTHER CREDIT PARTY) WITH RESPECT TO ANY DEPOSIT OR OTHER BANK
ACCOUNTS OF SUCH BORROWER OR OTHER CREDIT PARTY (OR ANY OF THEIR RESPECTIVE SUBSIDIARIES) WITH ANY
LENDER OR THE ADMINISTRATIVE AGENT.

[Remainder of Page Intentionally Left Blank]

 

-30-

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment as of the date
first written above.

	 	 	 	 	 	 	 	 	 
	 	 	BALDWIN TECHNOLOGY COMPANY, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Karl S. Puehringer	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	 	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BALDWIN GERMANY HOLDING GMBH	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Karl S. Puehringer	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BALDWIN GERMANY GMBH	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Karl S. Puehringer	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BALDWIN OXY-DRY GMBH	 	 
	 	 	(formerly known as OXY-DRY MASCHINEN GMBH)	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Karl S. Puehringer	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 

[Signature Page to Waiver and Amendment No 5. to Credit Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	BALDWIN GRAPHIC SYSTEMS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John P. Jordan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John P. Jordan	 	 
	 

	 	 	 	Title:
	 	Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	OXY-DRY FOOD BLENDS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John P. Jordan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John P. Jordan	 	 
	 

	 	 	 	Title:
	 	Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	OXY-DRY U.K., INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John P. Jordan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John P. Jordan	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BALDWIN SOUTHEAST ASIA CORPORATION	 	 
	 	 	(formerly known as Oxy-Dry Asia Pacific, Inc.)	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John P. Jordan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John P. Jordan	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BALDWIN AMERICAS CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Karl S. Puehringer	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	 	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BALDWIN ASIA PACIFIC CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Karl S. Puehringer	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	 	 	Title:
	 	President	 	 

[Signature Page to Waiver and Amendment No 5. to Credit Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	MTC TRADING COMPANY	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Karl S. Puehringer	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	 	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	OXY-DRY CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John P. Jordan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John P. Jordan	 	 
	 

	 	 	 	Title:
	 	Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BALDWIN EUROPE CONSOLIDATED INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Karl S. Puehringer	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Karl S. Puehringer	 	 
	 

	 	 	 	Title:
	 	President	 	 

[Signature Page to Waiver and Amendment No 5. to Credit Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	BALDWIN ROCKFORD CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John P. Jordan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John P. Jordan	 	 
	 

	 	 	 	Title:
	 	President and CEO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BALDWIN EUROPE CONSOLIDATED B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Baldwin Graphic Equipment BV	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John P. Jordan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name(s): 
	 	John P. Jordan	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Jacobus Willems	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name(s):
	 	Jacobus Willems	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BALDWIN GRAPHIC EQUIPMENT B.V.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John P. Jordan	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name(s):
	 	John P. Jordan	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Jacobus Willems	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name(s):
	 	Jacobus Willems	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 

[Signature Page to Waiver and Amendment No 5. to Credit Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Administrative Agent	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Roberto Salazar	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Roberto Salazar	 	 
	 

	 	 	 	Title:
	 	Assistant Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Anthony D. Healey	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Anthony D. Healey	 	 
	 

	 	 	 	Title:
	 	Senior Vice President	 	 

[Signature Page to Waiver and Amendment No 5. to Credit Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	WEBSTER BANK, NATIONAL
ASSOCIATION,
 as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ E.B. Shelley	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	E.B. Shelley	 	 
	 

	 	 	 	Title:
	 	Senior Vice President	 	 

[Signature Page to Waiver and Amendment No 5. to Credit Agreement]

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CITIZENS BANK OF CONNECTICUT, as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Gary Burdick	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Gary Burdick	 	 
	 

	 	 	 	Title:
	 	Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}]]