Document:

Employment Severance Agreement, Jeffrey Turner

 Exhibit 10.3 
 EMPLOYMENT SEVERANCE AGREEMENT 
 This Employment Severance Agreement (the “Agreement”) is
made and entered into effective as of September 28, 2007 (the “Effective Date”), by and between Jeffrey Turner (the “Executive”) and Cost Plus, Inc. (the “Company”). 
 R E C I T A L S 
 A. Cost Plus desires
to retain the services of the Executive, and the Executive desires to be employed by Cost Plus, on the terms and subject to the conditions set forth in this Agreement. 
 B. The Board of Directors of the Company (the “Board”) believes the Company should provide the Executive with certain severance benefits should the Executive’s employment with the Company terminate
under certain circumstances, such benefits to provide the Executive with enhanced financial security and sufficient incentive and encouragement to remain with the Company. 
 C. Certain capitalized terms used in the Agreement are defined in Section 6 below. 
 AGREEMENT 
 In consideration of the mutual covenants herein contained, the
parties agree as follows: 
 1. Duties and Scope of Employment. The Company shall employ the Executive in the position
of Senior Vice President, Chief Information Officer, with such duties, responsibilities and compensation as in effect as of the Effective Date. The Board and the Chief Executive Officer of the Company (the “CEO”) shall have the right to
revise such responsibilities and compensation from time to time as the Board or the CEO may deem necessary or appropriate. If any such revision constitutes “Involuntary Termination” as defined in Section 6(d) of this Agreement, the
Executive shall be entitled to benefits upon such Involuntary Termination as provided under this Agreement. 
 2. At-Will
Employment. The Company and the Executive acknowledge that the Executive’s employment is and shall continue to be at-will, as defined under applicable law. If the Executive’s employment terminates for any reason, the Executive shall
not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement, or as may otherwise be available in accordance with the Company’s established employee plans and practices or in accordance
with other agreements between the Company and the Executive. This Agreement shall remain in effect until the earlier of (i) the date that all obligations of the parties hereunder have been satisfied or (ii) the date upon which this
Agreement terminates by consent of the parties hereto. 

 3. Severance Benefits. 
 (a) Benefits upon Termination. Unless the Executive is entitled to benefits under Section 3(b) of this Agreement, if the
Executive’s employment terminates as a result of Involuntary Termination prior to June 15, 2008 and the Executive signs and does not revoke a Release of Claims, then the Company shall pay the Executive’s Base Compensation on a salary
continuation basis in accordance with the Company’s normal payroll practices to the Executive for six (6) months from the Termination Date. The Executive shall not be entitled to receive any payments if the Executive voluntarily terminates
employment other than as a result of an Involuntary Termination. 
 (b) Benefits upon Termination After a Change of
Control. If after a Change of Control the Executive’s employment terminates as a result of Involuntary Termination prior to June 15, 2008 and the Executive signs and does not revoke a Release of Claims, then the Company shall pay the
Executive’s Base Compensation on a salary continuation basis in accordance with the Company’s normal payroll practices to the Executive for nine (9) months from the Termination Date. The Executive shall not be entitled to receive any
payments if the Executive voluntarily terminates employment other than as a result of an Involuntary Termination. 
 (c)
Stock Options. Unless otherwise provided in the Company’s stock option plans or in the Executive’s stock option agreements, the Executive shall not be entitled to acceleration of any unvested stock options upon the termination of
the Executive’s employment for any reason, including an Involuntary Termination. 
 (d) Miscellaneous. In addition
to the benefits described in Section 3(a) or Section 3(b) of this Agreement, upon the termination of the Executive’s employment, (i) the Company shall pay the Executive any unpaid base salary due for periods prior to the
Termination Date; (ii) the Company shall pay the Executive all of the Executive’s accrued and unused vacation through the Termination Date; (iii) following submission of proper expense reports by the Executive, the Company shall
reimburse the Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the Company prior to the Termination Date; and (iv) if benefits will be paid under Section 3(a) or
Section 3(b) of this Agreement, the Company shall pay the Executive a pro-rata portion of the Executive’s fiscal year bonus, if any, under the Company’s Management Incentive Plan in effect for the fiscal year in which the Termination
Date occurs. Such amount shall be paid at the time bonuses for the completed fiscal year are paid to other executives (but no later than the period of time required to fit within the short-term deferral rule of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”)), shall be pro-rated for the period of time during the fiscal year that the Executive was an employee of the Company and shall only be paid if, and to the extent, that the relevant performance
targets have been achieved by the Company. Except for any bonus payment under clause (iv) of the preceding sentence, these payments shall be made promptly upon termination and within the period of time mandated by applicable law. 
  

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 4. Limitation on Payments. 
 (a) Code Section 409A. Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified
employee” within the meaning of Section 409A of the Code and the final regulations and any other guidance promulgated thereunder (“Section 409A”) at the time of the Executive’s termination, and the severance payable to
Executive, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits which may be considered deferred compensation under Section 409A (together, the “Deferred Compensation
Separation Benefits”) will not and could not under any circumstances, regardless of when such termination occurs, be paid in full by the fifteenth day of the third month of the Company’s fiscal year following Executive’s termination,
then only that portion of the Deferred Compensation Separation Benefits which do not exceed the Section 409A Limit (as defined below) may be made within the first six (6) months following Executive’s termination of employment in
accordance with the payment schedule applicable to each such payment or benefit. For these purposes, each severance payment is hereby designated as a separate payment and will not collectively be treated as a single payment. Any portion of the
Deferred Compensation Separation Benefits in excess of the Section 409A Limit shall accrue and, to the extent such portion of the Deferred Compensation Separation Benefits would otherwise have been payable within the first six (6) months
following Executive’s termination of employment, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s termination of employment. All
subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. 
 This provision is intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under
Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary,
appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 
 For purposes of this Agreement, “Section 409A Limit” shall mean the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during
the Company’s taxable year preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect
thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated. 
 (b) Code Section 280G. In the event that the severance and other benefits provided for in this Agreement or otherwise payable
to the Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 4, would be subject to the excise tax imposed by Section 4999 of the Code, then the
Executive’s severance benefits under Section 3(b) of this Agreement shall be either: 
 (i) delivered in full, or

 (ii) delivered as to such lesser extent which would result in no portion of such severance benefits being subject to
excise tax under Section 4999 of the Code, 
  

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 whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the
excise tax imposed by Section 4999 of the Code, results in the receipt by the Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable
under Section 4999 of the Code. Unless the Company and the Executive otherwise agree in writing, any determination required under this Section 4 shall be made in writing by the Company’s independent public accountants immediately
prior to Change of Control (the “Accountants”), whose determination shall be conclusive and binding upon the Executive and the Company for all purposes. For purposes of making the calculations required by this Section 4, the
Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive shall
furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Company shall bear all costs the Accountants may reasonably incur in connection with any
calculations contemplated by this Section 4. 
 5. Non-Solicitation. In consideration for the mutual agreements as
set forth herein, the Executive agrees that the Executive shall not, at any time, within twelve (12) months following termination of the Executive’s employment with the Company for any reason, directly or indirectly solicit the employment
or other services of any individual who at that time shall be or within the prior twelve (12) months shall have been an employee of the Company. 
 6. Definition of Terms. The following terms referred to in this Agreement shall have the following meanings: 
 (a) Base Compensation. “Base Compensation” means the Executive’s monthly base salary paid by the Company for services performed calculated as the average base salary for the six (6) months
completed prior to the Termination Date. If the Executive has not been employed by the Company for six (6) complete months prior to the Termination Date, Base Compensation shall be calculated as the average base salary for the period of the
Executive’s employment. 
 (b) Cause. “Cause” means the Executive’s (i) intentional failure to
perform reasonably assigned duties, (ii) dishonesty or willful misconduct in the performance of duties, (iii) engaging in a transaction in connection with the performance of duties to the Company or any of its subsidiaries which
transaction is adverse to the interests of the Company or any of its subsidiaries and which is engaged in for the Executive’s personal enrichment or (iv) willful violation of any material law, rule or regulation in connection with the
performance of duties. 
  

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 (c) Change of Control. “Change of Control” means the consummation of any
of the following events: 
 (i) The acquisition by any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of the “beneficial ownership” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities; 
 (ii) A change in the composition of the Board of Directors of the Company occurring within a two (2)-year period, as a result of which
fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the
Board of Directors of the Company with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual not otherwise an Incumbent Director whose election or
nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); 
 (iii) A merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation, or the approval by the stockholders of the Company of a plan of complete liquidation of the Company or of an agreement for the sale or disposition by the Company of all or substantially all the
Company’s assets; 
 (iv) The sale of all or substantially all of the assets of the Company determined on a consolidated
basis; or 
 (v) The complete liquidation or dissolution of the Company. 
 (d) Involuntary Termination. “Involuntary Termination” means: 
 (i) termination of the Executive’s employment by the Company for any reason other than Cause; 
 (ii) a material reduction in the Executive’s salary, other than any such reduction which is part of, and generally consistent with,
a general reduction of officer salaries; 
 (iii) any material breach by the Company of any material provision of this
Agreement which continues uncured for thirty (30) days following notice thereof; or 
 (iv) a material reduction in the
Executive’s duties, responsibilities or authority; 
  

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 provided that none of the foregoing shall constitute Involuntary Termination to the extent the Executive
has agreed thereto. Any purported Involuntary Termination pursuant to Section 6(d)(ii) through 6(d)(v) will not be effective until the Executive has delivered to the Company, within sixty (60) days of the initial existence of the
Involuntary Termination condition, a written explanation which describes the basis for the Executive’s belief that the Executive should be permitted to terminate the Executive’s employment and have it treated as an Involuntary Termination
and the Company has been given thirty (30) days following delivery of such notice to cure any curable violation. 
 (e)
Release of Claims. “Release of Claims” shall mean a waiver by the Executive, in a form satisfactory to the Company, of all employment-related obligations of and claims and causes of action against the Company. 
 (f) Termination Date. “Termination Date” shall mean the date on which an event that would constitute Involuntary
Termination occurs, or the later of (i) the date on which a notice of termination is given, or (ii) the date (which shall not be more than thirty (30) days after the giving of such notice) specified in such notice. 
 (g) Management Incentive Plan. “Management Incentive Plan” shall mean the Company’s bonus program, as implemented by
the Company’s board of directors from time to time and pursuant to which the Executive may receive incentive-based compensation at fiscal year end. 
 7. Confidentiality. The Executive acknowledges that during the course of the Executive’s employment, the Executive will have produced and/or have access to confidential information, records, notebooks,
data, formula, specifications, trade secrets, customer lists and secret inventions, and processes of the Company and its affiliated companies. Therefore, during or subsequent to the Executive’s employment by the Company, the Executive agrees to
hold in confidence and not directly or indirectly to disclose or use or copy or make lists of any such information, except to the extent authorized by the Company in writing. All records, files, drawings, documents, equipment, and the like, or
copies thereof, relating to the Company’s business, or the business of an affiliated company, which the Executive shall prepare, or use, or come into contact with, shall be and remain the sole property of the Company, or of an affiliated
company, and shall not be removed from the Company’s or the affiliated company’s premises without its written consent, and shall be promptly returned to the Company upon termination of employment with the Company. 
 8. Successors. 
 (a) Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the
Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such
obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement pursuant to
this subsection (a) or which becomes bound by the terms of this Agreement by operation of law. 
  

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 (b) Executive’s Successors. The terms of this Agreement and all rights of the
Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 9. Notice. 
 (a) General. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return
receipt requested and postage prepaid. In the case of the Executive, mailed notices shall be addressed to the Executive at the home address that the Executive most recently communicated to the Company in writing. In the case of the Company, mailed
notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its CEO. 
 (b) Notice of Termination. Any termination by the Company for Cause or by the Executive as a result of a voluntary resignation or an Involuntary Termination shall be communicated by a notice of termination to the other party hereto
given in accordance with Section 9(a) of this Agreement. Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination under the provision so indicated, and shall specify the termination date (which shall be not more than thirty (30) days after the giving of such notice). The failure by the Executive to include in the notice any fact or
circumstance which contributes to a showing of Involuntary Termination shall not waive any right of the Executive hereunder or preclude the Executive from asserting such fact or circumstance in enforcing the Executive’s rights hereunder.

 10. Miscellaneous Provisions. 
 (a) Non-Disparagement. The Executive agrees to refrain from any defamation, libel or slander of the Company and its respective
officers, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns or tortious interference with the contracts and relationships of the Company and its
respective officers, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns. The Executive acknowledges and agrees that any breach of this paragraph
shall constitute a material breach of the Agreement and shall entitle the Company immediately to recover all consideration paid under this Agreement, including, but not limited to the consideration described in Section 3.

 (b) No Duty to Mitigate. The Executive shall not be required to mitigate the amount of any payment contemplated by
this Agreement, nor shall any such payment be reduced by any earnings that the Executive may receive from any other source. 
  

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 (c) Waiver. No provision of this Agreement shall be modified, waived or discharged
unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by either party of any breach of, or of compliance with, any condition
or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (d) Whole Agreement. No agreements, representations or understandings (whether oral or written and whether express or implied)
which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. 
 (e) Severance Provisions in Other Agreements. The Executive acknowledges and agrees that the severance provisions set forth in this Agreement shall supersede any such provisions in any other agreement entered
into between the Executive and the Company. 
 (f) Choice of Law. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of California. 
 (g) Severability. The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 (h) No Assignment of Benefits. The rights of any person to payments or benefits under this Agreement shall not be made subject to
option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of this subsection shall be
void. 
 (i) Employment Taxes. All payments made pursuant to this Agreement will be subject to withholding of
applicable income and employment taxes. 
 (j) Assignment by Company. The Company may assign its rights under this
Agreement to an affiliate, and an affiliate may assign its rights under this Agreement to another affiliate of the Company or to the Company; provided, however, that no assignment shall be made if the net worth of the assignee is less than the net
worth of the Company at the time of assignment. In the case of any such assignment, the term “Company” when used in a section of this Agreement shall mean the corporation that actually employs the Executive. 
 (k) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together will constitute one and the same instrument. 
 [Signature Page to Follow] 
  

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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its
duly authorized officer, as of the day and year first above written. 
  

					
	 COMPANY:
	 		 	COST PLUS, INC.
			
	 	 		 	/s/ Joan Fujii
		 		 	By
			
	 	 		 	EVP HR
		 		 	Title
			
	 EXECUTIVE:
	 		 	/s/ Jeffrey Turner
		 		 	JEFFREY TURNER

  

 -9-Third Amendment to Second Amended and Restated Loan and Security Agreement

 Exhibit 10.1 
 THIRD AMENDMENT 
 TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”) dated as of October 31, 2007,
is entered into among MODUSLINK CORPORATION, a Delaware corporation (“ModusLink”), SALESLINK LLC, a Delaware limited liability company (“SalesLink”), SALESLINK MEXICO HOLDING CORP., a Delaware corporation
(“SalesLink Mexico”) (each herein called a “Borrower” and collectively, the “Borrowers”), the lenders party hereto (herein collectively called the “Lenders” and each individually
called a “Lender”) and LASALLE BANK NATIONAL ASSOCIATION, as a Lender and as Agent for the Lenders. 
 W I T N E S S E T
H: 
 WHEREAS, the Borrowers and the Lenders are parties to that certain Second Amended and Restated Loan and Security Agreement
dated as of October 31, 2005 as amended by (i) that certain First Amendment to Second Amended and Restated Loan and Security Agreement dated as of October 29, 2006 and (ii) that certain Second Amendment to Second Amended and
Restated Loan and Security Agreement dated as of January 9, 2007 (the “Existing Loan Agreement” and as the Existing Loan Agreement is amended and modified by this Amendment, the “Amended Loan Agreement”);

 WHEREAS, Borrowers have requested that the Lenders modify the Existing Loan Agreement in certain respects; and 
 WHEREAS, the Lenders are willing to modify the Existing Loan Agreement in certain respects subject to the terms and conditions set forth herein.

 NOW, THEREFORE, in consideration of the premises contained herein and other good and valuable consideration, it is agreed that:

 SECTION 1 
 DEFINED TERMS 
 Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the
Existing Loan Agreement. 
  

 SECTION 2 
 AMENDMENTS TO EXISTING LOAN AGREEMENT 
 2.1 Definition of Aggregate Revolving Credit
Commitment. The definition of “Aggregate Revolving Credit Commitment” in Section 1.1 of the Existing Loan Agreement is hereby amended by deleting the definition in its entirety and substituting the following therefor:

 “Aggregate Revolving Credit Commitment” shall mean the combined Revolving Credit Commitments of
Lenders then in effect, which initially shall be $45,000,000, as such amount may be increased pursuant to this Agreement. 
 2.2
Amendment to Commitment Increase Option. Section 2.3(B) of the Existing Loan Agreement is hereby amended by deleting the Section in its entirety and substituting the following therefor: 
 “(B) Commitment Increase Option. Provided that no Default or Event of Default has occurred and is continuing and subject to
the terms and conditions of this Agreement, at any time prior to the Revolving Credit Termination Date, but on not more than three (3) separate occasions, the Borrowers may elect to increase the Aggregate Revolving Credit Commitment by delivery
to Agent of at irrevocable written notice of such an election at least ten (10) Business Days’ prior to the effectiveness thereof, which notice must be in form and substance acceptable to Agent (a “Commitment Increase
Option”); provided, however, that (i) the Aggregate Revolving Loan Commitment shall at no time exceed $60,000,000; and (ii) each such request shall be for an amount not less than $5,000,000 or a higher
integral multiple of $5,000,000. After the exercise of any such Commitment Increase Option, the Aggregate Revolving Credit Commitment shall remain at the increased amount until the Revolving Credit Termination Date.” 
 2.3 Extension of Delivery Date of Financial Reports. Section 7.2(C) of the Existing Loan Agreement is hereby amended by deleting the
Section in its entirety and substituting the following therefor: 
 “(C) Financial Reports. Keep books of account
and prepare financial statements and furnish to Agent and each Lender the following (all of the foregoing and following to be kept and prepared in accordance with generally accepted accounting principles applied on a basis consistent with the
Financials, unless Borrowers’ independent certified public accountants concur in any changes therein and such changes are disclosed to Agent and are consistent with then generally accepted accounting principles): 
 (i) as soon as available, but not later than one hundred eighty (180) days after the close of each fiscal year of Borrowers,
(a) financial statements of Borrowers and Subsidiaries prepared on a consolidated basis (including a balance sheet, statement of 

  

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income and retained earnings and cash flow, all with supporting footnotes) as at the end of such year and for the year then ended, all in reasonable detail
as requested by Agent and audited by a firm of independent certified public accountants of recognized standing selected by Borrowers and approved by Agent, together with an unqualified opinion thereon from such certified public accountants and
(b) internally prepared financial statements of Borrowers and Subsidiaries prepared on a consolidated basis by business line for the last quarter of such fiscal year of Borrowers, together with a calculation sheet related thereto, signed by an
authorized officer of each Borrower; 
 (ii) as soon as available, but not later than forty-five (45) days after the end
of each fiscal quarter of Borrowers a Financial Condition and Compliance Certificate (“Compliance Certificate”) in the form of Exhibit G attached hereto for such period; 
 (iii) as soon as available, but no later than forty-five (45) days after the end of each month of each fiscal year of Borrowers,
internally prepared consolidated financial statements of Borrowers and Subsidiaries (including a balance sheet, statement of income and retained earnings and cash flow) as at the end of and for the portion of Borrowers’ fiscal year then
elapsed, all in reasonable detail as requested by Agent and certified by Borrowers’ principal financial officer as prepared in accordance with generally accepted accounting principles and fairly presenting in all material respects the financial
position and results of operations of Borrowers and Subsidiaries for such period (subject to normal year-end audit adjustments and omission of footnotes); 
 (iv) within forty-five (45) days after the last day of each month of each fiscal year of Borrowers, an Accounts and Inventory Report; provided that in the event loans outstanding under the Revolving Credit
Facility are less than $5,000,000, Borrowers shall not be required to provide the information set forth in (iv) of the definition of Accounts and Inventory Report; 
 (v) a properly completed and executed certificate setting forth a calculation of the Borrowing Base as at the last day of the applicable
month or quarter (“Borrowing Base Certificate”), in the form of Exhibit H attached hereto or in such other form as Agent deems acceptable, within, (a) if the Loans outstanding under the Revolving Credit Facility do not exceed
75% of the Availability shown on the most recent Borrowing Base Certificate delivered by Borrowers, forty-five (45) days after the 

  

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last day of each quarter of each fiscal year of Borrowers, or (b) if, at any time, the Loans outstanding under the Revolving Credit Facility exceed 75%
of the Availability shown on the most recent Borrowing Base Certificate delivered by Borrowers, forty-five (45) days after the last day of each month of each fiscal year of Borrowers; 
 (vi) as soon as available upon request of Agent, but no later than thirty (30) days after such request, pro forma financial
projections for Borrowers and Subsidiaries prepared on a consolidated basis for the then current fiscal quarter; 
 (vii)
prior to the beginning of each fiscal year, annual projections for Borrowers and Subsidiaries prepared on a consolidated basis for the upcoming fiscal year; 
 (viii) such other data and information (financial and otherwise) as Agent or any Lender, from time to time, may reasonably request,
bearing upon or related to the Collateral, Borrowers’ or any Affiliate’s financial condition or results of its operations, or the financial condition of any Person who is a guarantor of any of the Liabilities.” 
 SECTION 3 
 REPRESENTATIONS AND
WARRANTIES 
 Each Borrower hereby jointly and severally represents and warrants to Lenders that: 
 3.1 Due Authorization, etc. The execution and delivery of this Amendment and the performance of such Borrower’s obligations under the
Amended Loan Agreement are duly authorized by all necessary corporate or company action, do not require any filing or registration with or approval or consent of any governmental agency or authority, do not and will not conflict with, result in any
violation of or constitute any default under any provision of its certificate of incorporation or organization, as applicable, or by-laws or limited liability company agreement, as applicable, or that of any of its Subsidiaries or any material
agreement or other document binding upon or applicable to it or any of its Subsidiaries (or any of their respective properties) or any material law or governmental regulation or court decree or order applicable to it or any of its Subsidiaries, and
will not result in or require the creation or imposition of any Lien in any of its properties or the properties of any of its Subsidiaries pursuant to the provisions of any agreement binding upon or applicable to it or any of its Subsidiaries.

 3.2 Validity. This Amendment has been duly executed and delivered by such Borrower and, together with the Amended Loan
Agreement, are the legal, valid and binding obligations of such Borrower to the extent such Borrower is a party thereto, enforceable against 

  

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such Borrower in accordance with their respective terms subject, as to enforcement only, to bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforceability of the rights of creditors generally. 
 3.3 Representations and Warranties. The
representations and warranties contained in Section 6 of the Existing Loan Agreement are true and correct on the date of this Amendment, except to the extent that such representations and warranties (a) solely relate to an earlier date or
(b) have been changed by circumstances permitted by the Amended Loan Agreement. 
 SECTION 4 
 CONDITIONS PRECEDENT 
 The
amendments set forth in Section 2 of this Amendment shall become effective upon satisfaction of all of the following conditions precedent: 
 4.1 Receipt of Documents. Agent shall have received all of the following, each in form and substance satisfactory to Agent: 
 (a) Amendment. A counterpart original of this Amendment duly executed by Borrowers. 
 (b) Secretary’s Certificate. A certificate of the secretary of each Borrower dated the date of the execution of this Amendment substantially in the form of Exhibit A to this Amendment. 
 (c) Officer’s Certificate. A certificate of the chief financial officer of each Borrower dated the date of the execution of
this Amendment, substantially in the form of Exhibit B to this Amendment. 
 (d) Other. Such other documents as
Agent may reasonably request. 
 4.2 Other Conditions. No Event of Default or Default shall have occurred and be continuing.

 SECTION 5 
 MISCELLANEOUS 
 5.1 Warranties and Absence of Defaults. In order to induce Lenders to enter into this
Amendment, each Borrower jointly and severally hereby warrants to Lenders, as of the date of the actual execution of this Amendment, that (a) no Event of Default or Default has occurred which is continuing as of such date and (b) the
representations and warranties in Section 3 of this Amendment are true and correct. 
  

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 5.2 Documents Remain in Effect. Except as amended and modified by this Amendment, the
Existing Loan Agreement and the other documents executed pursuant to the Existing Loan Agreement remain in full force and effect and each Borrower hereby ratifies, adopts and confirms its representations, warranties, agreements and covenants
contained in, and obligations and liabilities under, the Existing Loan Agreement and the other documents executed pursuant to the Existing Loan Agreement. 
 5.3 Reference to Loan Agreement. On and after the effective date of this Amendment, each reference in the Amended Loan Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of like import, and each reference to the “Loan Agreement” in any Note and in any Ancillary Agreement, or other agreements, documents or other instruments executed and delivered pursuant to the Amended Loan
Agreement, shall mean and be a reference to the Amended Loan Agreement. 
 5.4 Headings. Headings used in this Amendment are
for convenience of reference only, and shall not affect the construction of this Amendment. 
 5.5 Counterparts. This Amendment
may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Amendment. 
 5.6 Expenses. Borrowers agree to pay on demand all costs and expenses of Lenders
(including reasonable fees, charges and disbursements of Lenders’ attorneys) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or
delivered or to be delivered hereunder or in connection herewith. In addition, Borrowers agree to pay, and save Lenders harmless from all liability for, any stamp or other taxes which may be payable in connection with the execution or delivery of
this Amendment, the borrowings under the Amended Loan Agreement, and the execution and delivery of any instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith. All obligations provided in this
Section 5.6 shall survive any termination of this Amendment or the Amended Loan Agreement. 
 5.7 Governing Law. This
Amendment shall be a contract made under and governed by the internal laws of the State of Illinois. Wherever possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under applicable laws, but if
any provision of this Amendment shall be prohibited by or invalid under such laws, such provisions shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Amendment. 
 5.8 Successors. This Amendment shall be binding upon Borrowers, Lenders and their respective
successors and assigns, and shall inure to the benefit of Borrowers, Lenders and the successors and assigns of Lenders. 
 [signature page
attached] 
  

 6 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first written
above. 
 BORROWERS: 
  

							
	 MODUSLINK CORPORATION
 a Delaware corporation

	 	 SALESLINK LLC
 a Delaware limited
liability company

				
	By:	  	 /s/ STEVEN G. CRANE
	 	By:	 	 /s/ STEVEN G. CRANE

	Name:	  	Steven G. Crane	 	Name:	 	Steven G. Crane
	Title:	  	Chief Financial Officer	 	Title:	 	Chief Financial Officer
			
	 SALESLINK MEXICO HOLDING CORP.
 a Delaware
corporation
	 		 	
				
	By:	  	 /s/ STEVEN G. CRANE
	 		 	
	Name:	  	Steven G. Crane	 		 	
	Title:	  	Chief Financial Officer	 		 	

 Third Amendment to Second Amended and Restated Loan and Security Agreement 
  

			
	LENDERS:
	
	 LASALLE BANK NATIONAL ASSOCIATION,
 as a
Lender and as Agent

		
	By:	 	 /s/ DAVID BACON

	Name:	 	David Bacon
	Title:	 	First Vice President
	
	Address
	LaSalle Bank National Association
	 135 South LaSalle
 Chicago, Illinois 60603

	Attention: David Bacon
	Fax: (312) 904-0409
	
	 RBS CITIZENS, NATIONAL ASSOCIATION
 f/k/a
CITIZENS BANK OF MASSACHUSETTS,
 as a Lender

		
	By:	 	 /s/ VICTORIA P. LAZZELL

	Name:	 	Victoria P. Lazzell
	Title:	 	Senior Vice President
	
	Address
	RBS Citizens, National Association
	 53 State Street
 8th Floor
 Boston, Massachusetts 02109

	Attention: Victoria P. Lazzell
	 Senior Vice President

	Fax: (617) 742-9548

 Third Amendment to Second Amended and Restated Loan and Security Agreement

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