Document:

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                                                                   EXHIBIT 10.33

                           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.

<PAGE>

     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"):

<TABLE>
<CAPTION>
FOREIGN CURRENCY   EXCHANGE RATE (PER DOLLAR)
----------------   --------------------------
<S>                <C>
       GBP                     0.61
       AUD                     1.36
       JPY                    99.31
       SEK                     7.36
</TABLE>

                                      -2-

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<TABLE>
<CAPTION>
FOREIGN CURRENCY   EXCHANGE RATE (PER DOLLAR)
----------------   --------------------------
<S>                <C>
       HKD                     7.77
       RMB                     6.84
       EURO                    0.73
       REAL                    2.06
      RUPEE                   46.82
       SING                    1.46
       CHF                     1.12
</TABLE>

          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

                                      -3-

<PAGE>

     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.

          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.

     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:

                                       -4-

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          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"):

<TABLE>
<CAPTION>
 LIBOR   BASE RATE    NON-USE   L/C FEE
MARGIN     MARGIN    FEE RATE     RATE
------   ---------   --------   -------
<S>      <C>         <C>        <C>
 4.50%     3.00%      0.500%     4.50%
</TABLE>

          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

                                      -5-

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     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.

          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

                                      -6-

<PAGE>

     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.

          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.

          Rabbi Trust Permitted Payments shall mean the following contributions
     to the Rabbi Trust made after the Closing Date: (a) cash contributions made
     prior to

                                      -7-

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     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 66 2/3% 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-

<PAGE>

     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

                                       -9-

<PAGE>

     (and the 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.)

     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:

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<PAGE>

               (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

                                      -11-
<PAGE>

          Subsidiaries as at such dates and the results of their operations and
          cash flows for the periods then ended.

     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.

     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.

                                      -12-

<PAGE>

          (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.

     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:

                                      -13-

<PAGE>

          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

                                      -14-
<PAGE>

          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.

     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;"

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

                                      -15-
<PAGE>

                    (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-
<PAGE>

     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.

          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:

<TABLE>
<CAPTION>
                  PERIOD                     MINIMUM EBITDA
------------------------------------------   --------------
<S>                                          <C>
The two consecutive Fiscal Quarters ending     $1,100,000
December 31, 2009
</TABLE>

                                      -17-
<PAGE>

<TABLE>
<CAPTION>
                  PERIOD                     MINIMUM EBITDA
-------------------------------------------  --------------
<S>                                          <C>

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
</TABLE>

          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:

<TABLE>
<CAPTION>
                         Minimum Currency
                        Adjusted Net Sales
  Consecutive Three     for the Applicable
    Months Ending             Period
---------------------   ------------------
<S>                     <C>
 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
</TABLE>

                                      -18-
<PAGE>

          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.

     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:

                                      -19-
<PAGE>

          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

                                      -20-
<PAGE>

THEREOF) AND ITS AFFILIATES, OFFICERS, DIRECTORS AND EMPLOYEES, THE
ADMINISTRATION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS,".

     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

                                      -21-
<PAGE>

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.

                                   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.

                                   ARTICLE V
                               CERTAIN COVENANTS

                                      -22-
<PAGE>

     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 full force and effect (as so amended) and (b) the

                                      -23-
<PAGE>

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:

                                      -24-
<PAGE>

          (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
     E0 and accrued and unpaid interest of (euro)0 is owed by the Parent.

          (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 (euro)1,000,000 and accrued and unpaid interest of (euro)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 (euro)0 and accrued and unpaid interest of (euro)0 is owed by
     Oxy-Dry GmbH.

          (g) Term Loans: unpaid principal of (euro)7,364,340.98 and accrued and
     unpaid interest of (euro)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 (euro)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) RBS Citizens N.A. 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 "count" towards the
$1,000,000 limitation set forth in Section 11.1(i) of the Credit Agreement, as

                                      -25-
<PAGE>

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-

<PAGE>

                                  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-

<PAGE>

     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).

     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

                                      -28-

<PAGE>

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 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

                                      -29-

<PAGE>

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-

<PAGE>

     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]

<PAGE>

                                        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]

<PAGE>

                                        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]

<PAGE>

                                        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]

<PAGE>

                                        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]

<PAGE>

                                        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]

<PAGE>

                                        RBS CITIZENS N.A., as Lender

                                        By: /s/ Gary Burdick
                                            ------------------------------------
                                        Name: Gary Burdick
                                        Title: Senior Vice President<PAGE>

                                                                   EXHIBIT 10.34

              MANAGING DIRECTOR/VICE PRESIDENT OPERATIONS CONTRACT

between

Baldwin Germany GmbH
(hereinafter referred to as the "Company" or "BGG")

and

Dr. Steffen Weisser
(hereinafter referred to as "Managing Director" or "Vice President Operations")

PREAMBLE

This Employment Agreement sets forth the terms of your employment as the
Managing Director ("Vorsitzender der Geschaftsfuehrung") of Baldwin Germany GmbH
in Friedberg, Germany and Vice President Operations of the Baldwin Group
effective July 1, 2009 and it supersedes your current employment agreement
signed and dated on June 28, 2007.

1. DUTIES AS MANAGING DIRECTOR/VICE PRESIDENT OPERATIONS

The Managing Director/Vice President Operations will report directly to the
President and CEO of Baldwin Technology Company, Inc. ("BTI") and shall be
responsible for the operational leadership with direct reporting of the
following areas: all Product Units including the areas of Engineering, R&D,
Documentation, Testing and Assembly, as well as the indirect functions including
Finance & Accounting, Human Resources, Legal, and IT of the Baldwin Group's
operations in Germany, China, Sweden, India, and Americas. The Managing
Director/Vice President Operations shall represent the Company in compliance
with the law, this Contract of Employment, and the directions of BTI, of which
BGG is a wholly owned subsidiary. The Managing Director/Vice President
Operations shall also be a member of the Baldwin Leadership Team (BLT), which
consists of seven members including the President & CEO and CFO of BTI.

Periodically from time to time, the Company or Baldwin Group may change the
duties and responsibilities of the Managing Director/Vice President Operations
or the location of the Company's or Baldwin Group's operations by adding to them
or subtracting from them.

In the course of his activities, the Managing Director/Vice President Operations
shall look after the Company's operational, commercial, financial and
organizational interests in the best possible manner. He shall fulfill his
duties with the due diligence of a prudent businessman and shall be responsible
for the compliance with the existing statutory obligations. The Managing
Director/Vice President Operations shall represent the Company in and out of
court together with a Co-Managing Director or an Authorized Signatory
(Prokurist). Internally, he shall be solely in charge of, and solely responsible
for all operations as identified herein.

<PAGE>

The Managing Director/Vice President Operations shall exercise the Company's
rights and fulfill the Company's obligations in accordance with the provisions
of all employment and social welfare law.

The Managing Director/Vice President Operations shall be bound by the
instructions of the Company and BTI. Any acts going beyond the Company's usual
operations and limits of the Delegation of Authority require prior consent from
the President & CEO of BTI.

Although the duties of the Managing Director/Vice President Operations hereunder
shall require him to travel to other Company and Subsidiary locations, the
Managing Director/Vice President Operations' primary location of work shall be
in Friedberg, Germany. At the Company's or Baldwin Group's request, the Managing
Director/Vice President Operations' location of work may be changed.

The Managing Director/Vice President Operations shall make his entire working
capability and all his knowledge and experience available to the Company and to
the entire Baldwin Group.

The Managing Director/Vice President Operations shall not be bound by particular
working hours. He shall be required to be available for providing services
whenever and insofar as this is required for the well-being of the Company and
the Baldwin Group.

2. TERM OF CONTRACT

This Employment Agreement shall be effective July 1, 2009 and will remain valid
until terminated by the Company or the Managing Director/Vice President
Operations in writing with six (6) months notice as of the end of any month. The
Company shall have the right to remove the Managing Director/Vice President
Operations from his position during the notice period or part of the notice
period. Such removal shall not impact the Managing Director/Vice President
Operations' employment benefits under this agreement.

At latest, this Contract shall expire at the end of the month in which the
Managing Director/Vice President Operations reaches the age of 65, without an
express termination being necessary.

This Contract may be terminated by the Company for cause at any time without
notice. A cause for such termination shall exist, if the Managing Director/Vice
President Operations violates the non-competition clause or if the Managing
Director/Vice President Operations acts disloyally and detrimentally in relation
to the Company and/or Baldwin Group.

In the case the Managing Director/Vice President Operations' Contract is
terminated by the Company without cause prior to age 65, the Company will pay
the Managing Director/Vice President Operations severance pay in an amount equal
to the last monthly

<PAGE>

base salary at the time of termination for a period of six (6) months following
the expiration of the notice period.

3. SALARY AND MICP

The Managing Director/Vice President Operations shall be paid a base monthly
salary amounting to Euro 190,000 per annum payable in monthly installments on
the last day of each month.

Said salary will include the pay for any and all overtime hours, claims for any
pay for overtime hours, work on Sundays or public holidays and any other
additional work shall not be permitted under this agreement.

Effective January 1, 2010 the base salary will be increased to Euro 200,000 per
annum. Beginning on January 1, 2011, the President & CEO of BTI shall review the
Managing Director/Vice President Operations' performance and attainment of
mutually agreed-upon objectives, each succeeding year consistent with the
effective date of January 1st. The Managing Director/Vice President Operations'
base salary for the ensuing twelve (12) month period may be increased, subject
to the approval of the Compensation Committee of the Board of Directors and the
Board of Directors of BTI, in accordance with the level of performance of the
Managing Director/Vice President Operations as well as the market and business
conditions of the Baldwin Group.

The Managing Director/Vice President Operations shall be eligible to participate
in the BTI Management Incentive Compensation Plan (MICP) at a level of 50% of
his annual base salary to be calculated in accordance with paragraph 3 and shall
be defined in accordance with the MICP. The Managing Director shall receive a
detailed key to the MICP and bonus computation under separate cover.

The payment of any actual bonus shall not form the basis of any legal claim
against the Company as regards to the ground and amount, even if such payment is
made repeatedly or without the express reservation of it being non-compulsory.

4. EQUITY COMPENSATION

The position of Managing Director/Vice President Operations is considered at a
level that is eligible for future consideration for participation in the BTI's
2005 Equity Compensation Plan. The Compensation Committee of the Board of
Directors of BTI administers this plan, and recommendations for equity awards to
the full Board of Directors under the plan are usually considered at the time of
the Board's August and November meetings.

5. OUT-OF POCKET EXPENSES, COMPANY CAR

Subject to the approval of the President & CEO of BTI, the Managing
Director/Vice President Operations shall be reimbursed adequate out-of-pocket
expenses to the extent they are in accordance with Company policy, are
recognized for tax purposes, and are proven to have actually been incurred.

<PAGE>

For the duration of the Managing Director/Vice President Operations' employment,
the Company shall provide the Managing Director/Vice President Operations with a
leased company car (Audi A6 or BMW 5 Series) with a net purchase value of up to
Euro 60,000 for his professional and private use. The income tax on the benefits
in money's worth resulting from the private use of the car shall be borne by the
Managing Director/Vice President Operations. In addition, the company's Company
Car Regulations, as amended, shall apply.

In the case of any dismissal or end of the Managing Director/Vice President
Operations' activities - regardless of the cause - the Managing Director/Vice
President Operations shall retain the right to use the company car provided to
him during the six (6) month notice period only. At the expiration of the notice
period the Managing Director/Vice President Operations must return the car
immediately on the Company's request; a right of retention shall not exist
beyond any imposed notice period.

6. PENSION INSURANCE

The Company shall assume the cost of up to Euro 500 per month related to an
existing private pension insurance. Any cost beyond Euro 500 per month and any
income tax resulting from such reimbursement shall be the responsibility of the
Managing Director/Vice President Operations.

7. HOLIDAY

The Managing Director/Vice President Operations may claim a paid holiday of six
(6) weeks (30 working days) per business year. The time of the holiday shall be
chosen and, if required, coordinated so that the Company's and the Baldwin
Group's needs are taken into account in every way.

8. DUTY TO BE LOYAL, COMPANY SECRETS

The Managing Director/Vice President Operations agrees no to disclose to any
third person or parties any and all business, operational or technical
information, processes, trade secrets, or proprietary information which are
entrusted to him or otherwise come to his knowledge and which concern the
Company or Baldwin Group and are of internal and confidential nature. The
obligation set forth above, shall continue to exist and survive the termination
of the employment relationship.

Business and Company and Baldwin Group documents of all kinds, including
personal records concerning work-related matters, may be used for business
purposes only. Such documents shall be kept in a diligent manner and handed over
on the request at any time, but at the latest upon termination of the employment
relationship.

9. SIDELINE ACTIVITIES, NON-COMPLIANCE CLAUSE

During the Managing Director/Vice President Operations' employment hereunder he
shall devote his best and full-time efforts to the business and affairs of the
Company and the Baldwin Group. During the duration of the Managing Director/Vice
President Operations' employment with the Company, he shall not commence any
employment with, or participate in, the business affairs of, any other person,
corporation, or entity,

<PAGE>

whether paid or unpaid, except at the direction of or with the written approval
of the President & CEO of BTI and the Board of Directors of BTI. The same shall
apply to any taking-over of seats in supervisory boards and of honorary posts,
particularly in associations and leagues.

Upon termination of the employment relationship, the Company will require that
during the period of notice and if terminated by the Company, for an additional
period of six (6) months following the expirations of the period of notice, the
Managing Director/Vice President Operations shall not in any geographical
location in which there is at that time business conducted by the Company or its
Affiliates at the date of such termination, directly or indirectly, own, manage,
operate, control, be employed by, participate in, or be connected in any manner
with the ownership, management, operation, control of any business that is
competitive with such business conducted by the Company or its Affiliates
without the written consent of the Company or the Baldwin Group.

As consideration for his obligation under paragraph 10 (2) - non-competition -
clause for an additional period of six (6) months, the Managing Director/Vice
President Operations shall receive per month 50% of his average, total salary
that was paid to him during the last 12 months before the end of the period of
notice.

Any severance payment that is made under paragraph 2 (4) is to be deducted from
the foregoing consideration.

The Company and its Affiliates' area of activity comprises the production and
distribution of additional sets or components for the printing press industry.
Primarily, these are cleaning system, refrigeration and circulation systems, web
control and safety equipment, spray dampening equipment, dryers and consumables
such as washing tissues and detergents for cylinder cleaning, fountain
solutions, glue, and other related consumables, services such as installation
and commissioning, after sales service, and spare parts.

This prohibition of competition comprises all forms of activity, whether as an
employee or self-employed person, direct or indirect, also on third parties
account or occasional, in the form of participation, sub-participations, silent
partnerships, consultancies or favors; this shall also apply to the foundation
of such a competing enterprise or the acquisition of shares of it.

For each violation of the non-competition clause, the Managing Director/Vice
President Operations shall be obliged to pay the Company a contractual penalty
of the amount of three monthly salaries. In the case of any permanent violation
of the non-competition clause, the activities during one month shall be
considered as an independent violation within the meaning of this clause. Any
claims for damages shall remain unaffected.

10. INVENTIONS/INTELLECTUAL PROPERTY RIGHTS

So long as the Managing Director/Vice President Operations shall be employed by
the Company, he will agree promptly to make known the existence to the Company
of any

<PAGE>

and all creations, inventions, discoveries and improvements made or conceived by
him, either solely or jointly with other, during the period of his employment
under this Agreement, to assign to the Company the full exclusive rights to any
and all subject matter with which the Company is now or shall become concerned,
or relating to any other subject matter if made with the use of the Company's
time, materials or facilities. To the fullest extent permitted by law, any
foregoing inventions shall be considered "work-made-for-hire" and the Company
shall be the owner thereof. The Managing Director/Vice President Operations
further agrees, without charge to the Company, to execute, acknowledge and
deliver all papers, including applications or assignment of patents, trademarks
or copyrights for such creations, inventions, discoveries, and improvements in
any and all countries and to vest title thereto in the Company in all
inventions, creations, discoveries, and improvements as indicated above and
conceived during his employment with the Company.

11. LEGAL BASES, PLACE OF JURISDICTION

German law shall apply to this Managing Director/Vice President Operations'
Contract. The place of jurisdiction shall be the Company's place of business.

12. FINAL PROVISIONS

Any changes and additions to this Contract must be in writing and signed by both
parties.

Should individual provisions of this Contract be or become legally ineffective
in full or in part, the validity of the remaining contractual provisions shall
remain unaffected. In such case, the ineffective provision shall be replaced by
a legally effective provision which comes as close as possible to the
recognizable commercial purpose as is permitted by law. This shall apply
accordingly is during the performance of this Contract gaps which need to be
filled become obvious.

By: /s/ Karl S. Puehringer
    ---------------------------------
    Karl S. Puehringer
    Managing Director Baldwin Germany
    GmbH

Date: _______________________

AGREED TO AND ACCEPTED:

/s/ Steffen Weisser
-------------------------------------
Dr. Steffen Weisser

Date: 18.9.09

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