Document:

exv10w1

Exhibit 10.1

Stock Incentive Plan

20__ Performance Plan Award

Agreement

Corn Products International, Inc.

                    , 20__

 

 

Contents

	 	 	 	 	 
	Article 1. Performance Period
	 	 	1	 
	 
	 	 	 	 
	Article 2. Value of Performance Shares
	 	 	1	 
	 
	 	 	 	 
	Article 3. Performance Shares and Achievement of Performance Measures
	 	 	1	 
	 
	 	 	 	 
	Article 4. Termination Provisions
	 	 	4	 
	 
	 	 	 	 
	Article 5. Dividends
	 	 	4	 
	 
	 	 	 	 
	Article 6. Form and Timing of Payment of Performance Shares
	 	 	4	 
	 
	 	 	 	 
	Article 7. Nontransferability
	 	 	5	 
	 
	 	 	 	 
	Article 8. Administration
	 	 	5	 
	 
	 	 	 	 
	Article 9. Miscellaneous
	 	 	6	 

 

 

Corn Products International, Inc.

Stock Incentive Plan

20___Performance Plan Award Agreement

You have been selected to be a participant in the Corn Products International, Inc.
Stock Incentive Plan (the “Plan”), as specified below:

	 	 	 
	Participant:
	 	 
	 
	 	 
	Target Performance Share Award:
	 	 
	 
	 	 
	Performance Period:

	 	                    , 20___ to                     , 20___
	 
	 	 
	Performance Measures:

	 	Relative Total Shareholder Return (“TSR”) — 50% 

Return on Capital Employed (“ROCE”) — 50%

THIS AGREEMENT (the “Agreement”) effective as of                     , 20___, represents the grant of
Performance Shares by Corn Products International, Inc., a Delaware corporation (the “Company”), to
the Participant named above, pursuant to the provisions of the Plan.

The Plan provides a complete description of the terms and conditions governing the Performance
Shares. If there is any inconsistency between the terms of this Agreement and the terms of the
Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this
Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless
specifically set forth otherwise herein. The parties hereto agree as follows:

Article 1. Performance Period

The Performance Period commences on                     , 20___and ends on                     , 20_.

Article 2. Value of Performance Shares

Each Performance Share shall represent and have a value equal to one share of common stock of the
Company as detailed herein.

Article 3. Performance Shares and Achievement of Performance Measures

	 	(a)	 	The number of Performance Shares to be earned under this Agreement shall be based
upon the achievement of preestablished TSR percentile ranking performance and ROCE goals
as approved by the Compensation Committee of the Company’s Board of Directors (the
“Committee”) for the Performance Period, based on the following charts:

- 1 - 

 

Total Shareholder Return

	 	 	 
	 	 	Percent of Target
	TSR Percentile	 	Performance Share
	Ranking Goal	 	Award Earned
	 
	  
3__th
	 	200% (maximum)
	__th
	 	150%
	__th
	 	100% (target)
	__th
	 	  75%
	__th
	 	  50% (threshold)
	   <__th
	 	    0%

	 	 	 	Interpolation shall be used to determine the percentile rank in the event the Company’s
TSR Percentile Rank does not fall directly on one of the ranks listed in the above
chart.
	 
	 	(b)	 	For this purpose, TSR shall be determined as follows:

	 	 	 	 	 	 	 
	TSR

	 	=
	 	Change in Stock Price + Dividends Paid
 

Beginning Stock Price
	 	 

	 	(i)	 	Beginning Stock Price shall mean the average of the Daily
Averages for each of the twenty (20) trading days immediately prior to the
first day of the Performance Period;
	 
	 	(ii)	 	Ending Stock Price shall mean the average of Daily Averages for
each of the last twenty (20) trading days of the Performance Period;
	 
	 	(iii)	 	Change in Stock Price shall mean the difference between the
Beginning Stock Price and the Ending Stock Price; and
	 
	 	(iv)	 	Dividends Paid shall mean the total of all dividends paid on
one (1) share of stock during the applicable calendar quarter(s) during the
Performance Period, provided that dividends shall be treated as though they
are reinvested at the end of each calendar quarter based on the stock price
at the end of each calendar quarter.
	 
	 	(v)	 	Daily Average shall mean the average of the high and low stock
price on the applicable stock exchange of one share of stock for a
particular trading day.

	 	(c)	 	Following the TSR determination, the Company’s Percentile Rank against the “Peer
Group” shall be determined. Once the Company’s Percentile Rank is determined, 50% of

- 2 - 

 

	 	 	 	the
Performance Shares target to be awarded shall then be determined based on the chart in
Section 3(a).
	 
	 	(d)	 	“Peer Group” shall mean the companies listed below, categorized by industry. If two
companies in the Peer Group merge, or one is acquired, the new company will be included in
the Peer Group. If a company merges with a company not in the Peer Group or if a company
declares bankruptcy, the company will be removed and its TSR will not be included as part
of the Peer Group.

	 	 	 
	Agricultural Processing

	 	Paper/Timber
	Archer Daniels Midland Company

	 	AbitibiBowater Inc.
	Bunge Limited

	 	Aracruz Celulose S.A.-ADR
	Gruma, S.A. de C.V.

	 	Buckeye Technologies Corporation
	MGP Ingredients, Inc.

	 	Caraustar Industries Inc.
	Penford Corp.

	 	Chesapeake Corporation
	Tate & Lyle — ADR

	 	Deltic Timber Corp.
	 
	 	MeadWestvaco Corporation
	Agricultural Production/Farm Production

	 	Potlatch Corporation
	Alico Inc.

	 	Smurfit-Stone Container Corporation
	Alliance One International

	 	Wausau Paper Corporation
	Charles River Labs International Inc.

	 	
	Universal Corporation
	 	 
	 
	 	 
	Agricultural Chemicals
	 	 
	Agrium Inc.
	 	 
	Monsanto Company
	 	 
	Potash Corporation of Saskatchewan Inc.
	 	 
	Syngenta AG-ADR
	 	 
	Terra Industries Inc.
	 	 
	Terra Nitrogen Co.-LP
	 	 

Return on Capital Employed

The second measure is based on the Company’s ROCE at the end of the performance period. The
calculation will be based on the opening balance sheet in the third year, measured against the net
operating profit after tax in the third year. Once the ROCE results are determined, 50% of the
Performance Shares target to be awarded shall then be determined based on the following table.

	 	 	 
	 	 	Percent of Target Performance
	ROCE	 	Share Award Earned
	 
	 3 %
	 	200%
	%
	 	150%
	%
	 	100%
	%
	 	  75%
	%
	 	  50%
	 
< %
	 	 0

- 3 - 

 

Once the number of Performance Shares to be awarded based on the Company’s performance measures
results are known, then the Committee may decrease or eliminate entirely the number of Performance
Shares to be awarded based on whether the Participant’s individual performance during the
Performance Period was acceptable (an average rating of “meets expectation” or above).

Article 4. Termination Provisions

Except as provided below, the Participant shall be eligible for payment of awarded Performance
Shares, as determined in Section 3, only if the Participant’s employment with the Company continues
through the end of the Performance Period.

If the Participant’s employment with the Company terminates prior to the end of the Performance
Period by reason of death, retirement on or after age 55 (with a minimum of 10 years of employment
or service with the Company) or the occurrence of such Participant’s Disability Date, a pro-rated
payment will be provided as long as the event occurred in years two or three of the period, subject
to the Committee’s approval. Upon termination of employment under any other circumstances, the
Committee, in its sole discretion and taking into consideration the performance of the Participant
and the performance of the Company during the Performance Period, may authorize the payment to the
Participant (or his legal representative) at the end of the Performance Period of all or any
portion of the Performance Share Award which would have been paid to the Participant for such
Performance Period.

If the Participant’s employment with the Company terminates for any other reason prior to the end
of the Performance Period, then the award which is subject to such Performance Period on the
effective date of the Participant’s termination of employment shall be forfeited to and cancelled
by the Company.

Article 5. Dividends

The Participant shall have no right to any dividends which may be paid with respect to shares of
Company common stock until any such shares are paid to the Participant following the completion of
the Performance Period.

Article 6. Form and Timing of Payment of Performance Shares

	 	(a)	 	The payment of the Performance Share Awards shall be paid to the Participant
no later than two and one-half months after the end of the Performance Period.
Payment of the Performance Shares awarded shall be made subject to the following:

	 	(i)	 	The Participant shall have no right with respect to
any Award until such award shall be paid to such Participant.

- 4 - 

 

	 	(ii)	 	If the Committee determines, in its sole discretion,
that the Participant at any time has willfully engaged in any
activity that the Committee determines was or is harmful to the
Company, any unpaid Award will be forfeited by the Participant.

	 	(b)	 	Performance Shares awarded, if any, will only be paid out in shares of Company
stock.
	 
	 	(c)	 	The Participant may defer receipt of all or any portion of the Performance
Shares awarded hereunder, upon such terms and conditions stated in the deferral
election form by filing such written election with the Vice President of Human
Resources no later than six months prior to the termination of the Performance
Period, provided such election is made in a manner which complies with the
requirements of Code Section 409A. Deferrals may only be made into the Corn
Products International, Inc. phantom unit investment option under the Corn Products
International, Inc. Supplemental Executive Retirement Plan or a successor to that
investment option.

Article 7. Nontransferability

Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution. Further, except as
otherwise provided in a Participant’s Award Agreement, the Participant’s rights under the Plan
shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s
legal representative.

Article 8. Administration

This Agreement and the rights of the Participant hereunder are subject to all the terms and
conditions of the Plan, as the same may be amended from time to time, as well as to such rules and
regulations as the Committee may adopt for administration of the Plan. It is expressly understood
that the Committee is authorized to administer, construe, and make all determinations necessary or
appropriate to the administration of the Plan and this Agreement, all of which shall be binding
upon the Participant. Any inconsistency between the Agreement and the Plan shall be resolved in
favor of the Plan.

- 5 - 

 

Article 9. Miscellaneous

	 	(a)	 	The selection of any employee for participation in the Plan and
this Agreement shall not give such Participant any right to be retained in
the employ of the Company. The right and power of the Company to dismiss or
discharge the Participant is specifically reserved. The Participant or any
person claiming under or through the Participant shall not have any right
or interest in the Plan or any Award thereunder, unless and until all
terms, conditions, and provisions of the Plan that affect the Participant
have been complied with as specified herein.
	 
	 	(b)	 	With the approval of the Board, the Committee may terminate,
amend, or modify this Agreement; provided, however, that no such
termination, amendment, or modification of this Agreement may in any way
adversely affect the Participant’s rights under this Agreement without the
Participant’s written consent.
	 
	 	(c)	 	This Agreement shall be subject to all applicable laws, rules,
and regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be required.
	 
	 	(d)	 	Notwithstanding any other provision of this Agreement or the
Plan to the contrary, the Board of Directors may amend the Plan or this
Agreement, to take effect retroactively or otherwise, as deemed necessary
or advisable for the purpose of conforming the Plan or Agreement to any
present or future law relating to plans of this or similar nature
(including, but not limited to, Code Section 409A), and to the
administrative regulations and rulings promulgated thereunder.
	 
	 	(e)	 	To the extent not preempted by federal law, this Agreement
shall be governed by, and construed in accordance with, the laws of the
State of Delaware.
	 
	 	(e)	 	The Company shall have the power and right to deduct or
withhold, or require the Participant to remit to Company, the minimum
statutory amount to satisfy federal, state, and local taxes, domestic or
foreign, required by law or regulation to be withheld with respect to any
taxable event arising under this Agreement.
	 
	 	(f)	 	With respect to withholdings required upon payment of Company
stock in satisfaction of all of the Performance Shares awarded, the Company
will withhold Company stock having an aggregate Fair Market Value on the
date the tax is to be determined equal to the minimum statutory total tax
that could be imposed on the transaction.

- 6 - 

 

	 	(g)	 	In the event of a Change in Control, the Performance Period will be
deemed to have ended, and the Performance Shares will be considered
earned and the Target Performance Share Award amount will be paid out in
accordance with the Plan. Such deemed earned Performance Shares shall be
paid out as soon as practicable.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of                     , 20_.

	 	 	 	 	 	 	 
	 	 	Corn Products International, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

- 7 -EX-10.1

Exhibit 10.1

THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of January 22,
2009, is by and among SUNAIR SERVICES CORPORATION (f/k/a SUNAIR ELECTRONICS, INC.), a Florida
corporation (the “Borrower”), each of those subsidiaries of the Borrower party hereto (each
a “Guarantor”, and collectively, the “Guarantors”), the several banks and other
financial institutions (the “Lenders”) from time to time party to the Credit Agreement
(defined below) and WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders
(the “Agent”). Capitalized terms used herein without definition have the respective
meanings set forth in the Credit Agreement. References herein to “Sections” are to Sections of the
Credit Agreement unless otherwise indicated.

RECITALS

     A. The Borrower, the Guarantors, the Lenders and the Agent have entered into that certain
Credit Agreement, dated as of June 7, 2005, as amended by that certain First Amendment to Credit
Agreement dated May 14, 2007 and Second Amendment to Credit Agreement dated as of February 12, 2008
(as amended, supplemented or otherwise modified, the “Credit Agreement”).

     B. The Borrower, the Guarantors, the Lenders and the Agent have agreed to modify the Credit
Agreement in the manner hereinafter set forth:

     NOW, THEREFORE, the parties hereto agree as follows:

     1. The Credit Agreement is hereby amended as follows:

     (a) Section 1.1 is hereby amended by amending in its entirety the
following definition so that such definition now reads as follows.

     “Revolving Commitment Termination Date” shall mean January 2,
2010.

     (b) Section 2.1(a) is amended in its entirety so that such Section now
reads as follows.

     (a) Revolving Commitment. During the Commitment Period,
subject to the terms and conditions hereof, each Lender severally agrees to
make revolving credit loans (“Revolving Loans”) to the Borrower from
time to time for the purposes hereinafter set forth; provided, however, that
(i) with regard to each Lender individually, the sum of such Lender’s share
of outstanding Revolving Loans [p] such Lender’s LOC Commitment Percentage
of LOC Obligations shall not exceed such Lender’s Revolving Commitment
Percentage of the aggregate Revolving Committed Amount, and (ii) with regard
to the Lenders collectively, the sum of the aggregate amount of outstanding
Revolving Loans plus LOC Obligations shall not exceed the aggregate
Revolving Committed Amount then in effect. For

1

 

purposes hereof, the aggregate amount available hereunder shall be
SEVEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($7,750,000) (as such
aggregate maximum amount may be reduced from time to time as provided in
Section 2.4 including, without limitation, scheduled mandatory
reductions and the maintenance of Reserves, the “Revolving Committed
Amount”). Revolving Loans shall consist solely of Fixed LIBOR Rate
Loans and may be repaid and re- borrowed in accordance with the provisions
hereof. Fixed LIBOR Rate Loans shall be made by each Lender at its LIBOR
Lending Office.

     (c) Section 2.1(d) is amended by deleting subsection (1) thereof. Such
deletion is intended to remove the Floating LIBOR Rate option from the Credit
Agreement in its entirety. Consequently, all references to the Floating LIBOR Rate
option and the right to convert from one Type of Loan to another Type of Loan are
deleted from the Credit Agreement and each other Loan Document. From and after the
date of this Third Amendment, all outstanding Loans and all Loans hereafter advanced
under the Credit Agreement shall be Fixed LIBOR Rate Loans, notwithstanding anything
to the contrary contained in any of the Loan Documents. There shall not be more
than five (5) Tranches of Fixed LIBOR Rate Loans outstanding at any time.

     (d) Section 2.1(d)(ii) is renumbered as Section 2.1(d)(i).

     (e) Section 2.2(a) is amended to reduce the LOC Committed Amount from
THREE MILLION DOLLARS ($3,000,000) to ONE MILLION DOLLARS ($1,000,000).

     (f) Section 2.3(a) is deleted in its entirety. All unpaid Commitment
Fees payable thereunder for periods prior to January 1, 2009 shall be paid upon
execution by the Credit Parties of this Third Amendment. No Commitment Fees shall
accrue or be payable for any period commencing on or after January 1, 2009.

     (g) Section 2.4(b) is amended in its entirety so that such Section now
reads as follows:

     (b) Mandatory Reductions. The Revolving Commitment Amount
shall be reduced to $7,500,000 on March 31, 2009, to $6,750,000 on June 30,
2009, and to $5,500,000 on September 30, 2009 and thereafter.

     (h) Section 5.9(a) is amended in its entirety, such amendment to be
effective as of September 30, 2008, so that such Section reads as follows:

     (a) Leverage Ratio. The Leverage Ratio shall be less than or
equal to the following amounts as of the last day of each fiscal quarter
ending during the following periods:

2

 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	MAXIMUM	 
	 	PERIOD	 	 	RATIO	 
	 	Through September 30, 2008
	 	 	 	6.00	 	 
	 	October 1, 2008 through December 31, 2008
	 	 	 	3.90	 	 
	 	January 1, 2009 through March 31, 2009
	 	 	 	3.25	 	 
	 	April 1, 2009 through June 30, 2009
	 	 	 	2.65	 	 
	 	July 1, 2009 and thereafter
	 	 	 	1.90	 	 
	 

     (i) Section 5.9(b) is amended in its entirety, such amendment to be
effective as of September 30, 2008, so that such Section reads as follows:

     (b) Fixed Charge Coverage Ratio. The Fixed Charge Coverage
Ratio shall be at least the following amounts as of the last day of each
fiscal quarter ending during the following periods:

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	MAXIMUM	 
	 	PERIOD	 	 	RATIO	 
	 	Through September 30, 2008
	 	 	 	1.00	 	 
	 	October 1, 2008 through December 31, 2008
	 	 	 	1.00	 	 
	 	January 1, 2009 through March 31, 2009
	 	 	 	1.05	 	 
	 	April 1, 2009 through June 30, 2009
	 	 	 	1.10	 	 
	 	July 1, 2009 and thereafter
	 	 	 	1.20	 	 
	 

     (j) Section 5.9(c) is amended in its entirety, such amendment to be
effective as of September 30, 2008, so that such Section reads as follows:

     (c) Consolidated EBITDA. Consolidated EBITDA shall not be
less than each of the following amounts for each of the rolling four fiscal
quarterly periods ending as of the last day of each fiscal quarter ending
during the following periods:

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	MAXIMUM	 
	 	PERIOD	 	 	RATIO	 
	 	Through September 30, 2008
	 	 	$	1,700,000.00	 	 
	 	October 1, 2008 through December 31, 2008
	 	 	$	1,800,000.00	 	 
	 	January 1, 2009 through March 31, 2009
	 	 	$	2,050,000.00	 	 
	 	April 1, 2009 through June 30, 2009
	 	 	$	2,300,000.00	 	 
	 	July 1, 2009 and thereafter
	 	 	$	2,800,000.00	 	 
	 

     (k) Section 9.13 is amended in its entirety so that such Section now
reads as follows:

     Section 9.13 Governing Law.

     This Credit Agreement, the Notes and each of the other Credit
Documents, and the rights and obligations of the parties under the Credit
Agreement, the Notes and each of the other Credit Documents, shall be
governed by, and construed and interpreted in accordance with, the laws of
the State of Florida.

3

 

     The foregoing amendment is intended to change the governing law provisions of
all Credit Documents and, as such, shall be deemed an amendment to each Credit
Document.

     The first sentence of Section 9.14 (Consent to Jurisdiction and
Service of Process) is amended in its entirety so that such sentence now reads
as follows:

     Any legal action or proceeding with respect to this Credit Agreement
or any other Credit Document shall be brought in the courts of the State of
Florida in Broward County or of the United States for the Southern District
of Florida, and, by execution of this Credit Agreement, each of the
Borrower and the other Credit Parties accepts, for itself and in connection
with its properties, generally and unconditionally, the non-exclusive
jurisdiction of the aforesaid courts and irrevocably agrees to be bound by
any final judgment rendered thereby in connection with this Credit
Agreement or any other Credit Document from which no appeal has been take
or is available.

     2. In connection with the execution of this Third Amendment, Borrower agrees to pay the Agent
a loan modification fee in the amount of $40,000 on the date hereof, and this Third Amendment shall
not be effective until the receipt in full of such amount.

     3. To induce the Agent and the Lenders to enter into this Third Amendment, Borrower represents
and warrants to the Agent and the Lenders that (i) except for Middleton Pest Control, Inc., Sunair
Florida Pest Holdings, Inc., Sunair Pest Holdings, Inc., Sunair Communications, Inc., Sunair
Southeast Pest Holdings, Inc. and Sunair Holdings Inc., there are no other Domestic Subsidiaries
which, pursuant to Section 5.10, are required to be Guarantors, (ii) after giving effect to
this Third Amendment, no Default or Event of Default exists, and (iii) all corporate and other
action necessary to authorize the Credit Parties to enter into and execute this Third Amendment,
and to perform their respective obligations hereunder, have been taken.

     4. Borrower agrees to execute such additional documents as are reasonably requested by the
Agent to reflect the terms and conditions of this Third Amendment and will cause to be delivered
such certificates, legal opinions and other documents as are reasonably required by the Agent. In
addition, the Borrower will pay all costs and expenses in connection with the preparation,
execution and delivery of the documents executed in connection with this transaction, including,
without limitation, the reasonable fees and out-of-pocket expenses of special counsel to the Agent
as well as any and all filing and recording fees and stamp and other taxes with respect thereto and
to save the Agent harmless from any and all such costs, expenses and liabilities.

4

 

     5. Except as expressly amended hereby, all of the provisions of the Credit Agreement and the
Credit Documents shall remain unchanged and shall continue to be, and shall
remain, in full force and effect in accordance with their respective terms. The amendments
set forth herein are the only amendments being made by this Third Amendment, any waivers of any
provisions of the Credit Agreement or other Credit Documents granted prior to the date hereof shall
be limited to such waiver on the date waived, and, in each case, the amendments and the waivers
shall not be deemed to be a waiver of, an amendment to, consent to or modification of any other
term or provision of the Credit Agreement or any other Credit Document or any transaction or
further or future action on the part of the Borrower which would require the consent of the Lenders
under the Credit Agreement or any of the Credit Documents.

     6. This Third Amendment is a Credit Document executed pursuant to the Credit Agreement and
shall (unless otherwise expressly indicated herein or therein) be construed, administered and
applied in accordance with the terms and provisions of the Credit Agreement.

     7. At such time as this Third Amendment shall become effective, all references in the Credit
Documents to the “Credit Agreement” shall be deemed to refer to the Credit Agreement as amended by
this Third Amendment.

     8. This Third Amendment shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

     9. This Third Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, and it shall not be necessary in making proof
of this Third Amendment to produce or account for more than one counterpart.

     10. THIS THIRD AMENDMENT AND THE OTHER DOCUMENTS AND AGREEMENTS EXECUTED IN CONNECTION
HEREWITH (UNLESS SPECIFICALLY STIPULATED TO THE CONTRARY IN SUCH DOCUMENT OR AGREEMENT), AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER, SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES.

[Three execution pages follow]

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed
and delivered by its proper and duly authorized officers as of the day and year first above
written.

	 	 	 	 	 
	BORROWER:                                	SUNAIR SERVICES CORPORATION (Vida

SUNNAIR ELECTRONICS, INC.)

 	 
	 	By:  	/s/ Jack I. Ruff
 	 
	 	 	Name:  	Jack I. Ruff 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	MIDDLETON PEST CONTROL, INC.

GUARANTORS:

 	 
	By:  	/s/ Jack I. Ruff
 	 
	 	Name:  	Jack I. Ruff 	 
	 	Title:  	President 	 
	 

	 	 	 	 	 
	SUNAIR SOUTHEAST PEST HOLDINGS, INC.

 	 
	By:  	/s/ Jack I. Ruff
 	 
	 	Name:  	Jack I. Ruff 	 
	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	SUNAIR PEST HOLDINGS, INC.

 	 
	 	By:  	/s/ Jack I. Ruff
 	 
	 	 	Name:  	Jack I. Ruff 	 
	 	 	Title:  	President 	 
	 

[Two execution pages follow]

6

 

SUNAIR HOLDINGS, INC. (f/k/a Sunair Services Corporation

SUNAIR FLORIDA PEST HOLDINGS, INC.

[One execution page follows]

	 	 	 	 	 
	 	 	 
	 	By:  	                          /s/ Jack I. Ruff
 	 
	 	 	Name:  	Jack I. Ruff 	 
	 	 	Title:  	President 	 
	 
	 	SUNAIR COMMUNICATIONS, INC.

 	 
	 	By:  	/s/ Jack I. Ruff
 	 
	 	 	Name:  	Jack I. Ruff 	 
	 	 	Title:  	President 	 
	 
	 	 	 
	 	By:  	                         /s/ Jack I. Ruff
 	 
	 	 	Name:  	Jack I. Ruff 	 
	 	 	Title:  	President 	 

7

 

	 	 	 	 	 
	ADMINISTRATIVE AGENT AND SOLE LENDER:

WACHOVIA BANK, NATIONAL ASSOCIATION

 	 
	By:  	/s/ Pat Schnitzer
 	 
	 	Name:  	Pat Schnitzer, Senior Vice President 	 
	 	 	 
	 

8

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