Document:

EX-10.1

 Exhibit 10.1 

APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. 

2009 EQUITY INCENTIVE PLAN 

FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT 

THIS AGREEMENT is made by and between Apollo Commercial Real Estate Finance, Inc., a Maryland corporation (the “Company”), and
                     (the “Grantee”), dated as of the      day of
            , 20    . 
 WHEREAS, the Company maintains the
Apollo Commercial Real Estate Finance, Inc. 2009 Equity Incentive Plan (the “Plan”) (capitalized terms used but not defined herein shall have the respective meanings ascribed thereto by the Plan); 

WHEREAS, in accordance with the Plan, the Company may from time to time issue awards of Restricted Stock Units (“RSUs”) (also
generally known and referred to under the Plan as Phantom Shares) to individuals and persons who provide services to, among others, the Company and the Manager; 

WHEREAS, the Grantee, as an employee of an affiliate of the Manager, is an Eligible Person under the terms of the Plan; and 

WHEREAS, in accordance with the Plan, the Committee has determined that it is in the best interests of the Company and its stockholders to
grant RSUs to the Grantee subject to the terms and conditions set forth below. 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 

 

	 	1.	Grant of RSUs. 

 The Company hereby grants the Grantee
[                    ] RSUs. The RSUs are subject to the terms and conditions of this Agreement, and are also subject to the provisions of the Plan.
The Plan is hereby incorporated herein by reference as though set forth herein in its entirety. To the extent such terms or conditions in this Agreement conflict with any provision of the Plan, the terms and conditions set forth in the Plan shall
govern. Where the context permits, references to the Company shall include any successor to the Company. If this Agreement is not executed and returned to the Company by the Grantee by
[                    ], this award will be null and void ab initio and the Grantee will have no rights hereunder. 

 

	 	2.	Restrictions. 

 The RSUs awarded pursuant to this Agreement and the Plan shall be subject
to the terms and conditions set forth in this Paragraph 2. 
  

	 	(a)	Subject to clauses (b) and (c) below, the RSUs granted hereunder shall vest, solely to the extent the Grantee has not had a Termination of Service, in accordance with the following schedule: 

 

			
	 Vesting Date
	  	 Shares Vested

		
	[First Vesting Date]	  	[Number of Shares]
		
	[Second Vesting Date]	  	[Number of Shares]
		
	[Third Vesting Date]	  	[Number of Shares]

	 	(b)	Subject to clause (c) below, upon the Grantee’s Termination of Service for any reason, all unvested RSUs shall thereupon, and with no further action, be forfeited by the Grantee, and neither the Grantee nor
any of his or her successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such RSUs. 

  

	 	(c)	Termination of Service as an employee shall not be treated as a termination of employment for purposes of this Paragraph 2 if the Grantee continues without interruption to serve thereafter as an officer or director
of the Company, or in such other capacity as determined by the Committee (or if no Committee is appointed, the Board), and the termination of such successor service shall be treated as the applicable termination. 

 

	 	3.	Voting and Other Rights. 

 The Grantee shall have no rights of a stockholder (including
the right to distributions or dividends), and will not be treated as an owner of Shares for tax purposes, except with respect to Shares that have been issued. Notwithstanding the foregoing, a DER is hereby granted to the Grantee, consisting of the
right to receive, with respect to each outstanding and non-forfeited RSU, cash in an amount equal to the cash dividend distributions paid in the ordinary course on a Share to the Company’s common stockholders, as set forth below. All DERs (if
any) payable on an outstanding and non-forfeited RSU, whether or not then vested, shall be paid not later than 30 days after any ordinary cash dividend distributions on Shares are paid to the Company’s common stockholders. Under no
circumstances shall the Grantee be entitled to receive both (i) a distribution and a DER with respect to a vested RSU (or its associated Share) or (ii) a distribution and a DER with respect to an unvested RSU. 

 

	 	4.	Settlement. 

 One Share of Common Stock of the Company shall be issued to the Grantee in
settlement of each vested RSU not later than the March 15th following the year in which the applicable Vesting Date occurs (as set forth in Paragraph 2(a) above) (either by delivering one or more certificates for such Share or by entering such
Share in book-entry form, as determined by the Company in its discretion). Such issuance shall constitute payment of the RSUs. References herein to issuances to the Grantee shall include issuances to any
beneficial owner or other person to whom (or to which) the Shares are issued. The Company’s obligation to issue Shares or otherwise make any payment with respect to vested RSUs is subject to the condition precedent that the Grantee or other
person entitled under the Plan to receive any Shares with respect to the vested RSUs deliver to the Company any representations or other documents or assurances required pursuant to Paragraph 5(l) and the Company may meet any obligation to
issue Shares by having one or more of its Subsidiaries or affiliates issue the Shares. The Grantee shall have no further rights with respect to any RSUs, including with respect to any DER granted in connection with the RSU, that are paid or that
terminate pursuant to Paragraph 2(b). For the avoidance of doubt, to the extent the terms of this Paragraph 4 conflict with any terms of the Plan relating to the settlement of RSU or DERs, the terms of this Paragraph 4 shall govern. 

  
 - 2 - 

	 	5.	Miscellaneous. 

  

	 	(a)	The value of an RSU may decrease depending upon the Fair Market Value of a Share from time to time. Neither the Company, the Committee, the Manager, nor any other party associated with the Plan, shall be held liable for
any decrease in the value of the RSUs. If the value of such RSUs decrease, there will be a decrease in the underlying value of what is distributed to the Grantee under the Plan and this Agreement. 

 

	 	(b)	Participation in the Plan confers no rights or interests other than as herein provided. With respect to this Agreement, (i) the RSUs are bookkeeping entries, (ii) the obligations of the Company under the Plan
are unsecured and constitute a commitment by the Company to make benefit payments in the future, (iii) to the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the
right of any general unsecured creditor of the Company, (iv) all payments under the Plan (including distributions of Shares) shall be paid from the general funds of the Company in the manner specified in Paragraph 5(f) and (v) no special
or separate fund shall be established or other segregation of assets made to assure such payments (except that the Company may in its discretion establish a bookkeeping reserve to meet its obligations under the Plan). The RSUs shall be used solely
as a device for the determination of the payment to eventually be made to the Grantee if the RSUs vest pursuant to Paragraph 2. The award of RSUs is intended to be an arrangement that is unfunded for tax purposes and for purposes of Title I of the
Employee Retirement Income Security Act of 1974, as amended. 

  

	 	(c)	 Governing Law; Venue; Waiver of Jury Trial. This Agreement shall be governed by, interpreted under and construed and enforced in accordance
with the laws of the State of Delaware (without regard to any conflicts of laws principles thereof that would give effect to the laws of another jurisdiction), and any dispute, controversy, suit, action or proceeding (“Proceeding”)
arising out of or relating to this Award or any other Award, other than injunctive relief, will, notwithstanding anything to the contrary contained in the Plan, be settled exclusively by arbitration, conducted before a single arbitrator in New York
County, New York (applying Delaware law) in accordance with, and pursuant to, the Employment Arbitration Rules and Procedures of JAMS (“JAMS”). The decision of the arbitrator will be final and binding upon the parties hereto. Any
arbitral award may be entered as a judgment or order in any court of competent jurisdiction. Either party may commence litigation in court to obtain injunctive relief in aid of arbitration, to compel arbitration, or to confirm or vacate an award, to
the extent authorized by the U.S. Federal Arbitration Act or the New York Arbitration Act. The Company and the Grantee will share the JAMS administrative fees, the arbitrator’s fee and expenses. Each party shall be responsible for such
party’s attorneys’ fees. IF THIS AGREEMENT TO ARBITRATE IS HELD INVALID OR UNENFORCEABLE THEN, TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE GRANTEE AND THE COMPANY WAIVE AND COVENANT THAT THE GRANTEE AND THE
COMPANY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH AN AWARD UNDER THE PLAN OR ANY MATTERS CONTEMPLATED THEREBY, WHETHER NOW OR
HEREAFTER 

  
 - 3 - 

	 	
ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREE THAT ANY OF THE COMPANY OR ANY OF ITS AFFILIATES OR THE GRANTEE MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS
WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE COMPANY AND ITS AFFILIATES, ON THE ONE HAND, AND THE GRANTEE, ON THE OTHER HAND, IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN
SUCH PARTIES ARISING OUT OF OR RELATING TO AN AWARD UNDER THE PLAN AND THAT ANY PROCEEDING PROPERLY HEARD BY A COURT UNDER AN AWARD AGREEMENT UNDER THE PLAN WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A
JURY. 

  

	 	(d)	The Committee may construe and interpret this Agreement and establish, amend and revoke such rules, regulations and procedures for the administration of this Agreement as it deems appropriate. In this connection, the
Committee may correct any defect or supply any omission, or reconcile any inconsistency in this Agreement or in any related agreements, in the manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. All
decisions and determinations by the Committee in the exercise of this power shall be final and binding upon the Company and the Grantee. 

  

	 	(e)	All notices hereunder shall be in writing, and if to the Company or the Committee, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Grantee, shall
be delivered personally, sent by facsimile transmission or mailed to the Grantee at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this
Paragraph 5(e). 

  

	 	(f)	The grant made hereby is made to an affiliate of the Manager in consideration of services rendered thereby, and is in turn made by such affiliate of the Manager in consideration of the services rendered by the Grantee
(as further set forth in that certain letter agreement between the Company and the Manager dated [             ], 20    ). For purposes of the provisions in Paragraphs
2(a) through 2(c) above relating to employment with the Company (and the termination thereof), and also for purposes of any references in the Plan to an employment agreement, “Company,” as the context so requires, shall include Manager and
its affiliates to the extent that the Grantee is a provider of services to such entities. 

  

	 	(g)	The failure of the Grantee or the Company to insist upon strict compliance with any provision of this Agreement or the Plan, or to assert any right the Grantee or the Company, respectively, may have under this Agreement
or the Plan, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement or the Plan. 

  

	 	(h)	The Company or the Manager shall be entitled to withhold from any payments or deemed payments any amount of tax withholding it determines to be required by law. 

 

	 	(i)	 Notwithstanding anything to the contrary contained in this Agreement, to the extent that the Board determines that the Plan or the RSU is subject to
Section 409A of the Code and fails to comply with the requirements of Section 409A of the Code, the Board reserves the right (without any obligation to do so or to indemnify the Grantee for failure to do so), without the consent of the
Grantee, to amend or terminate the Plan and this 

  
 - 4 - 

	 	
Agreement and/or amend, restructure, terminate or replace the RSU in order to cause the RSU to either not be subject to Section 409A of the Code or to comply with the applicable provisions
of such section. 

  

	 	(j)	The terms of this Agreement shall be binding upon the Grantee and upon the Grantee’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest and upon the
Company and its successors and assignees, subject to the terms of the Plan. 

  

	 	(k)	Unless otherwise permitted in the sole discretion of the Committee, (i) neither this Agreement nor any rights granted herein shall be assignable by the Grantee, and (ii) no purported sale, assignment,
mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any RSUs or Shares by any holder thereof in violation of the provisions of
this Agreement or the Plan will be valid, and the Company will not transfer any of said RSUs or Shares on its books nor will any Shares be entitled to vote, nor will any distributions be paid thereon, unless and until there has been full compliance
with said provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions. 

 

	 	(l)	The Grantee hereby agrees to perform all acts, and to execute and deliver any documents, that may be reasonably necessary to carry out the provisions of this Agreement, including but not limited to all acts and
documents related to compliance with securities, tax and other applicable laws and regulations. If the Grantee is married, the Grantee shall return the Exhibit A, executed by the Grantee’s spouse, along with this Agreement.

  

	 	(m)	The Grantee hereby represents and agrees that the Participant is not acquiring the RSUs or the Shares with a view to distribution thereof. 

 

	 	(n)	Nothing in this Agreement shall confer on the Grantee any right to continue in the employ or other service of the Company, its Subsidiaries or any other Participating Companies or interfere in any way with the right of
any such entity and its stockholders to terminate the Grantee’s employment or other service at any time. Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any
proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a Termination of Service as provided in this Agreement or under the Plan. 

 

	 	(o)	This Agreement and the Plan contain the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. 

 

	 	(p)	This Agreement may be executed in any number of counterparts, including via facsimile, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

  

	 	(q)	Except as otherwise provided in the Plan or clause (i) above, no amendment or modification hereof shall be valid unless it shall be in writing and signed by all parties hereto. 

  
 - 5 - 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the day and
year first above written. 
  

			
	APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.
		
	By:	 	  

		
	Name:	 	
	Title:	 	

 The undersigned hereby accepts and agrees to all of the terms and provisions of this Agreement,
including its Exhibit. 
  

	
	  

	
	

  
 - 6 -Exhibit 10.1

 

CREDIT AGREEMENT

 

THIS CREDIT AGREEMENT (this “Agreement”)
is entered into effective as of December 29, 2014, by and between BARRETT BUSINESS SERVICES, INC., a Maryland corporation
(“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”). This Agreement amends, restates and
supersedes in its entirety that certain Restated Credit Agreement dated November 1, 2012 by and between Borrower and Bank, as such
may have been amended from time to time prior to the date hereof.

 

RECITALS

 

Borrower has requested that Bank extend
or continue to extend credit to Borrower as described below, and Bank has agreed to provide such credit to Borrower on the terms
and conditions contained herein.

 

NOW, THEREFORE, for valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Bank and Borrower hereby agree as follows:

 

ARTICLE I

CREDIT TERMS

 

SECTION 1.1.LINE OF CREDIT.

 

(a)Line of Credit. Subject to the terms and conditions
of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including October 1, 2017, not to
exceed at any time the aggregate principal amount of Fourteen Million Dollars ($14,000,000.00) (“Line of Credit”),
the proceeds of which shall be used to finance working capital for Borrower. Borrower’s obligation to repay advances under
the Line of Credit shall be evidenced by a promissory note dated as of December 29, 2014 (“Line of Credit Note”),
all terms of which are incorporated herein by this reference.

 

(b)Letter of Credit Subfeature. As a subfeature
under the Line of Credit, Bank agrees from time to time during the term thereof to issue or cause an affiliate to issue standby
letters of credit for the account of Borrower (each, a “Line of Credit Letter of Credit” and collectively, “Line
of Credit Letters of Credit”); provided however, that the aggregate undrawn amount of all outstanding Line of Credit Letters
of Credit (including without limitation the Existing Line of Credit Letters of Credit, as that term is defined in Section 1.1(b)(ii)
below) shall not at any time exceed Five Million Dollars ($5,000,000.00).

 

(i)The form and substance of each Line of Credit Letter
of Credit shall be subject to approval by Bank, in its sole discretion. Each Line of Credit Letter of Credit shall be issued for
a term not to exceed three hundred eighty (380) days, as designated by Borrower; provided however, that no Line of Credit Letter
of Credit shall have an expiration date more than three hundred sixty-five (365) days beyond the maturity date of the Line of Credit.
The undrawn amount of all Line of Credit Letters of Credit (including the Existing Line of Credit Letters of Credit) shall be reserved
under the Line of Credit and shall not be available for borrowings thereunder. Each Line of Credit Letter of Credit shall be subject
to the additional terms and conditions of the Letter of Credit Agreement (as that term is defined in Section 1.1(b)(ii) below),
applications and any related documents required by Bank in connection with the issuance thereof. Each drawing paid under a Line
of Credit Letter of Credit shall be deemed an advance under the Line of Credit and shall be repaid by Borrower in accordance with
the terms and conditions of this Agreement applicable to such advances; provided however, that if advances under the Line of Credit
are not available, for any reason, at the time any drawing is paid, then Borrower shall immediately pay to Bank the full amount
drawn, together with interest thereon from the date such drawing is paid to the date such amount is fully repaid by Borrower, at
the rate of interest applicable to advances under the Line of Credit. In such event, Borrower agrees that Bank, in its sole discretion,
may debit any account maintained by Borrower with Bank for the amount of any such drawing.

 

    	-1-

    	 

    

 

(ii)Bank has issued or caused an affiliate to issue
the following standby letters of credit (each an “Existing Line of Credit Letter of Credit” and collectively, the “Existing
Line of Credit Letters of Credit”), each of which is subject to the terms of that certain Standby Letter of Credit Agreement
(Credit Agreement/Loan Agreement Version) between Bank and Borrower dated September 18, 2012, as amended (the “Letter of
Credit Agreement”), together with applications and any related documents required by Bank in connection with the issuance
(and any renewal) thereof, and is outstanding as of the date hereof: (A) Standby Letter of Credit No. NZS504587 in the amount of
Two Million Five Hundred Thousand Dollars ($2,500,000.00) dated December 8, 2003, as amended from time to time, and (B) Standby
Letter of Credit No. NZS401574 in the amount of One Million Six Hundred Fifty Thousand Dollars ($1,650,000.00) dated June 20, 2001,
as amended from time to time.

 

(c)Borrowing and Repayment. Borrower may from
time to time during the term of the Line of Credit borrow, partially or wholly repay its outstanding borrowings, and reborrow,
subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided however, that
the total outstanding borrowings under the Line of Credit shall not at any time exceed the maximum principal amount available thereunder,
as set forth above.

 

SECTION 1.2TERM LOAN 1.

 

(a)Term Loan 1. Bank has made a loan to Borrower
in the original principal amount of Five Million Five Hundred Twelve Thousand Five Hundred Dollars ($5,512,500.00) (“Term Loan 1”),
on which the outstanding principal balance as of the date hereof is $5,053,125.00. Borrower’s obligation to repay Term Loan
1 is evidenced by a promissory note dated as of November 1, 2012, as amended (“Term Note 1”), all terms of which are
incorporated herein by this reference. Any reference in Term Note 1 to any prior loan agreement between Bank and Borrower shall
be deemed a reference to this Agreement. Subject to the terms and conditions of this Agreement, Bank hereby confirms that Term
Loan 1 remains in full force and effect.

 

(b)Repayment. Principal and interest on Term
Loan 1 shall be repaid in accordance with the provisions of Term Note 1.

 

(c)Prepayment. Borrower may prepay principal
on Term Loan 1 solely in accordance with the provisions of Term Note 1.

 

SECTION 1.3.TERM LOAN 2.

 

(a)Term Loan 2. Subject to the terms and conditions
of this Agreement, Bank hereby agrees to make a loan to Borrower in the principal amount of Forty Million Dollars ($40,000,000.00)
(“Term Loan 2”), the proceeds of which shall be used to fund insurance reserves of Borrower and its wholly-owned subsidiaries.
Borrower’s obligation to repay Term Loan 2 shall be evidenced by a promissory note dated as of December 29, 2014
(“Term Note 2”), all terms of which are incorporated herein by this reference. Bank’s commitment to grant the
Term Loan 2 shall terminate on January 31, 2015.

 

    	-2-

    	 

    

 

(b)Repayment. Principal and interest on Term
Loan 2 shall be repaid in accordance with the provisions of Term Note 2.

 

(c)Prepayment. Borrower may prepay principal
on Term Loan 2 solely in accordance with the provisions of Term Note 2.

 

SECTION 1.4.INSURANCE LETTERS OF CREDIT.

 

(a)Insurance Letters of Credit.

 

(i)Existing Insurance Letters of Credit. In addition
to the Existing Line of Credit Letters of Credit, Bank has issued or caused an affiliate to issue the following standby letters
of credit for the account of Borrower, each of which is subject to the terms of the Letter of Credit Agreement and is outstanding
as of the date hereof (each an “Existing Insurance Letter of Credit” and collectively, the “Existing Insurance
Letters of Credit”): (A) Standby Letter of Credit No. IS0133585U in the amount of Five Million Dollars ($5,000,000.00),
for the benefit of Atlantic Specialty Insurance Company dated December 19, 2013, as amended from time to time (the “Existing
Atlantic SLC”); (B) Standby Letter of Credit No. IS0133605U in the amount of Five Million Dollars ($5,000,000.00), for
the benefit of Argonaut Insurance Co. dated December 19, 2013, as amended from time to time (the “Existing Argonaut SLC”);
and (C) Standby Letter of Credit No. IS0133565U in the amount of Ten Million Nine Hundred Forty-Three Thousand Four Hundred
Sixty-Six and 20/100 Dollars ($10,943,466.20) for the benefit of Westchester Fire Insurance Company dated December 19, 2013, as
amended from time to time (the “Existing Westchester SLC”).

 

(ii)Amended Insurance Letters of Credit. Subject
to the terms of this Agreement, Bank hereby agrees, for the benefit of Borrower to secure a portion of Borrower’s obligations
to issuers of surety bonds issued to the Self Insurance Plans of the State of California, to amend or cause an affiliate to amend:
(A) the Existing Atlantic SLC to increase the amount thereof from Five Million Dollars ($5,000,000.00) to Fifteen Million Dollars
($15,000,000.00); (B) the Existing Argonaut SLC to increase the amount thereof from Five Million Dollars ($5,000,000.00) to Fifteen
Million Dollars ($15,000,000.00); and (C) the Existing Westchester SLC to increase the amount thereof from Ten Million Nine Hundred
Forty-Three Thousand Four Hundred Sixty-Six and 20/100 Dollars ($10,943,466.20) to Eighty-Four Million Three Hundred Thirty-Four
Thousand Six Hundred Sixty and 20/100 Dollars ($84,334,660.20). The form and substance of each such amended Existing Insurance
Letter of Credit shall be subject to approval by Bank, in its sole discretion. For purposes of this Agreement, “Insurance
Letters of Credit” means, collectively, the Existing Insurance Letters of Credit, amended as contemplated in this Section
1.4(a)(ii).

 

(iii)Additional Terms. Each of the Insurance
Letters of Credit shall remain subject to the additional terms of the Letter of Credit Agreement, applications and any related
documents required by Bank in connection with the issuance (and any renewal) thereof. Notwithstanding the provisions of any Insurance
Letter of Credit regarding automatic extension of its expiration date, Bank may, at its sole option, give notice to the beneficiary
thereof in accordance with the terms of such Insurance Letter of Credit that Bank has elected not to renew such Insurance Letter
of Credit beyond its current expiration date (or any other subsequent expiration date that may be agreed to by Bank at Bank’s
sole discretion). If Borrower does not at any time want any Insurance Letter of Credit to be renewed, Borrower will so notify Bank
at least fifteen (15) calendar days before Bank is to notify the beneficiary thereof of such nonrenewal pursuant to the terms of
such Insurance Letter of Credit.

 

    	-3-

    	 

    

 

(b)Repayment of Drafts. Each drawing paid under
the Insurance Letters of Credit shall be repaid by Borrower in accordance with the provisions of the Letter of Credit Agreement.

 

SECTION 1.5.INTEREST/FEES.

 

(a)Interest. The outstanding principal balance
of the Line of Credit, Term Loan 1 and Term Loan 2 shall bear interest, and the amount of each drawing paid under any Line of Credit
Letter of Credit and any Insurance Letter of Credit shall bear interest from the date such drawing is paid to the date such amount
is fully repaid by Borrower, at the rate of interest set forth in each promissory note or other instrument or document executed
in connection therewith.

 

(b)Computation and Payment. Interest shall be
computed on the basis of a 360-day year, actual days elapsed. Interest shall be payable at the times and place set forth in each
promissory note or other instrument or document required hereby.

 

(c)Commitment Fee. Borrower shall pay to Bank
a non-refundable commitment fee for Term Loan 2 equal to Four Hundred Thousand Dollars ($400,000.00), which fee shall be due and
payable in full on the earlier of (i) the date of funding of Term Loan 2, or (ii) January 15, 2015.

 

(d)Unused Commitment Fee. Borrower shall pay
to Bank a fee equal to thirty-five one hundredths of one percent (0.35%) per annum (computed on the basis of a 360-day year, actual
days elapsed) on the daily unused amount of the Line of Credit, which fee shall be calculated on a quarterly basis by Bank and
shall be due and payable by Borrower in arrears on the first day of each quarter, commencing on April 1, 2015.

 

(e)Line of Credit Letter of Credit Fees. Borrower
shall pay to Bank (i) fees upon the issuance of each Line of Credit Letter of Credit equal to one and three-quarters percent
(1.75%) per annum (computed on the basis of a 360-day year, actual days elapsed) of the face amount thereof, and (ii) fees
upon the payment or negotiation of each drawing under any Line of Credit Letter of Credit and fees upon the occurrence of any other
activity with respect to any Line of Credit Letter of Credit (including without limitation, the transfer, amendment or cancellation
of any Line of Credit Letter of Credit) determined in accordance with Bank's standard fees and charges then in effect for such
activity.

 

(f)Insurance Letter of Credit Fees. Borrower
shall pay to Bank (i) fees upon the issuance of each Insurance Letter of Credit equal to ninety-five one hundredths of one
percent (0.95%) per annum (computed on the basis of a 360-day year, actual days elapsed) of the face amount thereof, and (ii) fees
upon the payment or negotiation of each drawing under any Insurance Letter of Credit and fees upon the occurrence of any other
activity with respect to any Insurance Letter of Credit (including without limitation, the transfer, amendment or cancellation
of any Insurance Letter of Credit) determined in accordance with Bank’s standard fees and charges then in effect for such
activity.

 

SECTION 1.6.COLLECTION OF PAYMENTS. Borrower authorizes
Bank to collect all principal, interest and fees due under each credit subject hereto by debiting Borrower’s deposit account
number 4159583848 with Bank, or any other deposit account maintained by Borrower with Bank, for the full amount thereof. Should
there be insufficient funds in any such deposit account to pay all such sums when due, the full amount of such deficiency shall
be immediately due and payable by Borrower.

 

    	-4-

    	 

    

 

SECTION 1.7.COLLATERAL.

 

As security for all indebtedness and other
obligations of Borrower to Bank, Borrower shall grant, and hereby confirms its prior grant, to Bank security interests of first
priority in all Borrower’s accounts receivable and other rights to payment, general intangibles, inventory and equipment.

 

As security for all indebtedness and other
obligations of Borrower to Bank under Term Loan 1, Borrower shall grant, and hereby confirms its prior grant, to Bank
a lien of not less than first priority on that certain real property located at 8100 NE Parkway Drive, Vancouver, Washington 98662.

 

As security for all indebtedness and other
obligations of Borrower to Bank under the Insurance Letters of Credit, Borrower shall cause Associated Insurance Company for Excess,
an Arizona corporation (“AICE”), to grant, and confirm its prior grant, to Bank security interests of first priority
in (i) deposit account number xxxxxxxxxx with Bank (“AICE Deposit Account No. 1”), (ii) deposit account number xxxxxxxxx
with Bank (“AICE Deposit Account No. 2”), and (iii) deposit account number xxxxxxxxx with Bank (“AICE Deposit
Account No. 3”) (the deposit accounts described in clauses (i) through (iii) in this sentence, collectively, the “AICE
Deposit Accounts”).

 

All of the foregoing shall be evidenced by and subject to the
terms of such security agreements, financing statements, deeds or mortgages, and other documents as Bank shall reasonably require,
all in form and substance satisfactory to Bank. Borrower shall pay to Bank immediately upon demand the full amount of all charges,
costs and expenses (to include fees paid to third parties and all allocated costs of Bank personnel), expended or incurred by Bank
in connection with any of the foregoing security, including without limitation, filing and recording fees and costs of appraisals,
audits and title insurance.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES

 

Borrower makes the following representations
and warranties to Bank, which representations and warranties shall survive the execution of this Agreement and shall continue in
full force and effect until the full and final payment, and satisfaction and discharge, of all obligations of Borrower to Bank
subject to this Agreement.

 

SECTION 2.1.LEGAL STATUS. Borrower is a corporation,
duly organized and existing and in good standing under the laws of Maryland, and is qualified or licensed to do business (and is
in good standing as a foreign corporation, if applicable) in all jurisdictions in which such qualification or licensing is required
or in which the failure to so qualify or to be so licensed could have a material adverse effect on Borrower. Each of the Affiliates
(as that term is defined in Section 4.3(b) below) is a corporation, duly organized and existing and in good standing under the
laws of the state of its incorporation, and is qualified or licensed to do business (and is in good standing as a foreign corporation,
if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify
or to be so licensed could have a material adverse effect, individually or in the aggregate, on each of the Affiliates.

 

    	-5-

    	 

    

 

SECTION 2.2.AUTHORIZATION AND VALIDITY. This Agreement
and each promissory note, contract, instrument and other document required hereby or at any time hereafter delivered to Bank in
connection herewith (collectively, the “Loan Documents”) have been duly authorized, and upon their execution and delivery
in accordance with the provisions hereof will constitute legal, valid and binding agreements and obligations of Borrower or the
party which executes the same, enforceable in accordance with their respective terms.

 

SECTION 2.3.NO VIOLATION. The execution, delivery and
performance by Borrower of each of the Loan Documents do not violate any provision of any law or regulation, or contravene any
provision of the Articles of Incorporation or Bylaws of Borrower or any of its Affiliates, or result in any breach of or default
under any contract, obligation, indenture or other instrument to which Borrower or any of the Affiliates is a party or by which
Borrower or any of the Affiliates may be bound.

 

SECTION 2.4.LITIGATION. There are no pending, or to
the best of Borrower's knowledge threatened, actions, claims, investigations, suits or proceedings by or before any governmental
authority, arbitrator, court or administrative agency which could have a material adverse effect on the financial condition or
operation of Borrower or any of the Affiliates other than those disclosed by Borrower to Bank in writing prior to the date hereof.

 

SECTION 2.5.CORRECTNESS OF FINANCIAL STATEMENT. The
annual financial statement of Borrower dated December 31, 2013, and all interim financial statements delivered to Bank since said
date, true copies of which have been delivered by Borrower to Bank prior to the date hereof, (a) are complete and correct and present
fairly the financial condition of Borrower, (b) disclose all liabilities of Borrower that are required to be reflected or reserved
against under generally accepted accounting principles, whether liquidated or unliquidated, fixed or contingent, and (c) have been
prepared in accordance with generally accepted accounting principles consistently applied. Since the dates of such financial statements
there has been no material adverse change in the financial condition of Borrower or any of its Affiliates, nor has Borrower or
any of its Affiliates mortgaged, pledged, granted a security interest in or otherwise encumbered any of its assets or properties
except in favor of Bank or as otherwise permitted by Bank in writing. As of the date hereof, Borrower is solvent and, following
the consummation of the transactions contemplated herein, will continue to be solvent.

 

SECTION 2.6.INCOME TAX RETURNS. Borrower has no knowledge
of any pending assessments or adjustments of its income tax payable with respect to any year.

 

SECTION 2.7.NO SUBORDINATION. There is no agreement,
indenture, contract or instrument to which Borrower is a party or by which Borrower may be bound that requires the subordination
in right of payment of any of Borrower’s obligations subject to this Agreement to any other obligation of Borrower.

 

SECTION 2.8.PERMITS, FRANCHISES. Borrower and each of
the Affiliates possesses, and will hereafter possess, all permits, consents, approvals, franchises and licenses required and rights
to all trademarks, trade names, patents, and fictitious names, if any, necessary to enable it to conduct the business in which
it is now engaged in compliance with applicable law.

 

    	-6-

    	 

    

 

SECTION 2.9.ERISA. Borrower is in compliance in all
material respects with all applicable provisions of the Employee Retirement Income Security Act of 1974, as amended or recodified
from time to time (“ERISA”); Borrower has not violated any provision of any defined employee pension benefit plan (as
defined in ERISA) maintained or contributed to by Borrower (each, a “Plan”); no Reportable Event as defined in ERISA
has occurred and is continuing with respect to any Plan initiated by Borrower; Borrower has met its minimum funding requirements
under ERISA with respect to each Plan; and each Plan will be able to fulfill its benefit obligations as they come due in accordance
with the Plan documents and under generally accepted accounting principles.

 

SECTION 2.10.OTHER OBLIGATIONS. Neither Borrower nor
any of the Affiliates is in default on any obligation for borrowed money, any purchase money obligation or any other material lease,
commitment, contract, instrument or obligation.

 

SECTION 2.11.ENVIRONMENTAL MATTERS. Except as disclosed
by Borrower to Bank in writing prior to the date hereof, Borrower is in compliance in all material respects with all applicable
federal or state environmental, hazardous waste, health and safety statutes, and any rules or regulations adopted pursuant thereto,
which govern or affect any of Borrower’s operations and/or properties, including without limitation, the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, the Federal Resource
Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as any of the same may be amended, modified
or supplemented from time to time. None of the operations of Borrower is the subject of any federal or state investigation evaluating
whether any remedial action involving a material expenditure is needed to respond to a release of any toxic or hazardous waste
or substance into the environment. Borrower has no material contingent liability in connection with any release of any toxic or
hazardous waste or substance into the environment.

 

SECTION 2.12.REAL PROPERTY COLLATERAL. Except as disclosed
by Borrower to Bank in writing prior to the date hereof, with respect to any real property collateral required hereby:

 

(a)All taxes, governmental assessments, insurance premiums,
and water, sewer and municipal charges, and rents (if any) which previously became due and owing in respect thereof have been paid
as of the date hereof.

 

(b)There are no construction or similar liens or claims
which have been filed for work, labor or material (and no rights are outstanding that under law could give rise to any such lien)
which affect all or any interest in any such real property and which are or may be prior to or equal to the lien thereon in favor
of Bank.

 

(c)None of the improvements which were included for
purpose of determining the appraised value of any such real property lies outside of the boundaries and/or building restriction
lines thereof, and no improvements on adjoining properties materially encroach upon any such real property.

 

(d)There is no pending, or to the best of Borrower's
knowledge threatened, proceeding for the total or partial condemnation of all or any portion of any such real property, and all
such real property is in good repair and free and clear of any damage that would materially and adversely affect the value thereof
as security and/or the intended use thereof.

 

    	-7-

    	 

    

 

ARTICLE III

CONDITIONS

 

SECTION 3.1.CONDITIONS OF INITIAL EXTENSION OF CREDIT.
The obligation of Bank to extend any credit contemplated by this Agreement is subject to the fulfillment to Bank's satisfaction
of all of the following conditions:

 

(a)Approval of Bank Counsel. All legal matters
incidental to the extension of credit by Bank shall be satisfactory to Bank's counsel.

 

(b)Documentation. Bank shall have received, in
form and substance satisfactory to Bank, each of the following, duly executed:

 

(i)This Agreement and each
promissory note or other instrument or document required hereby;

(ii)Second Amended and Restated
Third Party Security Agreement: Specific Rights to Payment;

(iii)First Modification to
Term Note;

(iv)Corporate Resolution:
Borrowing;

(v)Incumbency Certificate;

(vi)Corporate Resolution:
Third Party Collateral [AICE];

(vii)Incumbency Certificate
[AICE]; and

(viii)Such other documents
as Bank may require under any other Section of this Agreement.

 

(c)Financial Condition. There shall have been
no material adverse change, as determined by Bank, in the financial condition or business of Borrower, any of the Affiliates or
any Third Party Obligor hereunder, if any, nor any material decline, as determined by Bank, in the market value of any collateral
required hereunder or a substantial or material portion of the assets of Borrower, any of the Affiliates, or any such Third Party
Obligor, if any.

 

(d)Insurance. Borrower shall have delivered to
Bank evidence of insurance coverage, in form, substance, amounts, covering risks and issued by companies satisfactory to Bank,
and where required by Bank, with lender loss payable endorsements in favor of Bank, including without limitation, policies of fire
and extended coverage insurance covering all real property collateral required hereby, with replacement cost and mortgagee loss
payable endorsements, and such policies of insurance against specific hazards affecting any such real property, including terrorism,
as may be required by governmental regulation or Bank.

 

(e)Deposit Account Funds. Borrower shall have
deposited, or caused AICE to deposit, into AICE Deposit Account No. 3, in immediately available funds, cash in an amount equal
to $93,391,194.00 as a time deposit for a period not less than three (3) months following the date hereof.

 

(f)Issuance of Surety Bonds. Each issuer of the
surety bonds who are beneficiaries of the Insurance Letters of Credit shall be irrevocably obligated to issue, subject only to
such issuer’s receipt of the respective Insurance Letters of Credit, surety bonds to the State of California Department of
Industrial Relations Office of Self Insurance Plans (“OSIP”) in satisfaction of Borrower’s security deposit required
by OSIP with respect to worker’s compensation obligations in the State of California in the aggregate dollar amount of $190,557,767.00
comprised of: (i) a surety bond in the amount of $25,000,000.00 issued by Atlantic Specialty Insurance Company; (ii) a
surety bond in the amount of $25,000,000.00 issued by Argonaut Insurance Co.; and (iii) a surety bond or surety bonds in the amount
of $140,557,767.00 issued by Westchester Fire Insurance Company. Borrower shall have provided, or caused the surety bond issuers
to provide, to Bank true and correct copies of each of the above described surety bonds.

 

    	-8-

    	 

    

 

(g)Confirmation of Regulatory Authority. Bank
shall have received written confirmation, in form and substance satisfactory to Bank in its sole discretion, that the transactions
contemplated in this Agreement (including AICE’s pledge of additional collateral securing the Insurance Letters of Credit)
(i) satisfy the obligations of Borrower to OSIP, and (ii) have been approved by the Department of Insurance of the State of Arizona.

 

(h)Capitalization of AICE. Bank shall have received
confirmation, in form and substance satisfactory to Bank in its sole discretion, that (i) Borrower has provided to AICE additional
capital from Borrower’s cash on hand in an amount not less than Thirty-Five Million Dollars ($35,000,000.00), which amount,
together with the proceeds of Term Loan 2, shall be sufficient to satisfy Borrower’s obligations to the Department of Insurance
of the State of Arizona with respect to the required capital and surplus of AICE; and (ii) true and correct copies of all corporate
consents, approval and authorizations of Borrower evidencing the capital contributions to AICE required by the Department of Insurance
of the State of Arizona.

 

SECTION 3.2.CONDITIONS OF EACH EXTENSION OF CREDIT.
The obligation of Bank to make each extension of credit requested by Borrower hereunder shall be subject to the fulfillment to
Bank's satisfaction of each of the following conditions:

 

(a)Compliance. The representations and warranties
contained herein and in each of the other Loan Documents shall be true on and as of the date of the signing of this Agreement and
on the date of each extension of credit by Bank pursuant hereto, with the same effect as though such representations and warranties
had been made on and as of each such date, and on each such date, no Event of Default as defined herein, and no condition, event
or act which with the giving of notice or the passage of time or both would constitute such an Event of Default, shall have occurred
and be continuing or shall exist.

 

(b)Documentation. Bank shall have received all
additional documents which may be required in connection with such extension of credit.

 

ARTICLE IV

AFFIRMATIVE COVENANTS

 

Borrower covenants that so long as Bank
remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or
unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations
of Borrower subject hereto, Borrower shall, unless Bank otherwise consents in writing:

 

SECTION 4.1.PUNCTUAL PAYMENTS. Punctually pay all principal,
interest, fees or other liabilities due under any of the Loan Documents at the times and place and in the manner specified therein,
and immediately upon demand by Bank, the amount by which the outstanding principal balance of any credit subject hereto at any
time exceeds any limitation on borrowings applicable thereto.

 

    	-9-

    	 

    

 

SECTION 4.2.ACCOUNTING RECORDS. Maintain adequate books
and records of Borrower and each of the Affiliates in accordance with generally accepted accounting principles consistently applied,
and permit any representative of Bank, at any reasonable time, to inspect, audit and examine such books and records, to make copies
of the same, and to inspect the properties of Borrower and each of the Affiliates.

 

SECTION 4.3.FINANCIAL STATEMENTS. Provide to Bank all
of the following, in form and detail satisfactory to Bank:

 

(a)not later than 120 days after and as of the end of
each fiscal year, an audited consolidated financial statement of Borrower, prepared by a certified public accountant acceptable
to Bank, to include balance sheet, income statement, and statement of cash flows and sources, and shall be accompanied by the unqualified
opinion of such accountant addressed to Bank;

 

(b)not later than 180 days after and as of the end of
each fiscal year, an audited financial statement for each of AICE, and Ecole Insurance Company, an Arizona corporation wholly owned
by Borrower (“Ecole”) (AICE and Ecole, each an “Affiliate” and collectively, the “Affiliates”),
prepared by a certified public accountant acceptable to Bank, to include balance sheet, income statement and statement of cash
flows and sources, and shall be accompanied by the unqualified opinion of such accountant addressed to Bank;

 

(c)promptly upon their becoming available, copies of
(i) all financial statements, reports, notices and proxy statements made publicly available by Borrower to its security holders;
(ii) all regular and periodic reports and all registration statements and prospectuses, if any, filed by Borrower with any securities
exchange or with the U.S. Securities and Exchange Commission (“SEC”) or any governmental or private regulatory authority,
including, but not limited to (A) not later than 95 calendar days after the end of each fiscal year, Borrower’s 10-K filing
with the SEC (including all exhibits and certifications) for the fiscal year just ended, and (B) not later than 50 calendar
days after the end of each fiscal quarter, Borrower’s 10-Q filing with the SEC (including all exhibits and certifications)
for the fiscal quarter just ended; and (iii) all press releases and other statements made available by Borrower to the public concerning
material changes or developments in the business of Borrower;

 

(d)not later than 30 days after and as of the end of
each month, a borrowing base certificate, and immediately upon each request from Bank, any supporting information relating thereto
requested by Bank;

 

(e)contemporaneously with each annual and quarterly
financial statement of Borrower and the Affiliates required hereby, a certificate of the president or chief financial officer of
Borrower that said financial statements are accurate, that Borrower is in compliance with all financial covenants in this Agreement
(as evidenced by detailed calculations attached to such certificate), and that there exists no Event of Default nor any condition,
act or event which with the giving of notice or the passage of time or both would constitute an Event of Default;

 

(f)annually, but in all events not later than October
15 of each year (commencing October 15, 2015), true and correct copies of a Uniform Certificate of Authority Application-Certificate
of Compliance issued by the State of Arizona Director of Insurance for each of the Affiliates indicating that, as of a date no
earlier than thirty (30) days prior to the date each such certificate is delivered to Bank, each of the Affiliates is duly organized
under the laws of the State of Arizona and authorized to transact the relevant insurance business of each of the Affiliates in
the State of Arizona;

 

    	-10-

    	 

    

 

(g)annually, but in all events not later than April
30 of each year (commencing April 30, 2015), true and correct copies of all third party actuarial reviews of the workers’
compensation obligations of Borrower and the Affiliates, including such actuarial reviews of Borrower and the Affiliates provided
to OSIP.

 

(h)promptly upon Borrower’s receipt thereof each
month, a true and correct copy of the monthly actuarial consultant’s report provided to Borrower; and

 

(i)from time to time such other information as Bank
may reasonably request, including without limitation, copies of rent rolls and other information with respect to any real property
collateral required hereby.

 

SECTION 4.4.COMPLIANCE. Preserve and maintain all licenses,
permits, governmental approvals, rights, privileges and franchises necessary for the conduct of its business; and comply with the
provisions of all documents pursuant to which Borrower or any of the Affiliates is organized and/or which govern Borrower's or
any of the Affiliates’ continued existence and with the requirements of all laws, rules, regulations and orders of any governmental
authority applicable to Borrower and/or its business and to each of the Affiliates and/or its business.

 

SECTION 4.5.INSURANCE. Maintain and keep in force, for
each business in which Borrower and each of the Affiliates is engaged, insurance of the types and in amounts customarily carried
in similar lines of business, including but not limited to fire, extended coverage, public liability, flood, and, if required,
seismic property damage and workers’ compensation, with all such insurance carried with companies and in amounts satisfactory
to Bank, and deliver to Bank from time to time at Bank’s request schedules setting forth all insurance then in effect, together
with a lender’s loss payee endorsement for all such insurance naming Bank as a lender loss payee.

 

SECTION 4.6.FACILITIES. Keep all properties useful or
necessary to Borrower's business in good repair and condition, and from time to time make necessary repairs, renewals and replacements
thereto so that such properties shall be fully and efficiently preserved and maintained.

 

SECTION 4.7.TAXES AND OTHER LIABILITIES. Pay and discharge
when due any and all indebtedness, obligations, assessments and taxes, both real or personal, including without limitation federal
and state income taxes and state and local property taxes and assessments, except (a) such as Borrower may in good faith contest
or as to which a bona fide dispute may arise, and (b) for which Borrower has made provision, to Bank’s satisfaction, for
eventual payment thereof in the event Borrower is obligated to make such payment.

 

SECTION 4.8.LITIGATION. Promptly give notice in writing
to Bank of any litigation pending or threatened against Borrower or any of the Affiliates with a claim in excess of $1,000,000.00.

 

SECTION 4.9.FINANCIAL CONDITION. Maintain Borrower’s
consolidated financial condition as follows using generally accepted accounting principles consistently applied and used consistently
with prior practices (except to the extent modified by the definitions herein), with compliance determined commencing with Borrower’s
consolidated financial statements for the period ending December 31, 2014:

 

    	-11-

    	 

    

 

(a)Fixed Charge Coverage Ratio not less than 1.50 to
1.0 as of each fiscal quarter end, determined on a rolling 4-quarter basis, with “Fixed Charge Coverage Ratio” defined
as (i) EBITDA minus distributions and dividends, plus cash tax refunds less cash taxes paid, divided by (ii) prior period
scheduled principal payments plus interest plus current portion of capital lease payments, with “EBITDA” defined as
net profit before taxes plus interest expense (net of capitalized interest expense), depreciation expense and amortization expense;
provided, however, that for purposes of calculating the Fixed Charge Coverage Ratio: (i) $66,500,000 will be added to the
numerator, and $5,000,000 will be added to the denominator, for each of the periods ending December 31, 2014, March 31, 2015 and
June 30, 2015, and (ii) $5,000,000 will be added to the denominator for the period ending September 30, 2015.

 

(b)Liquid Assets to Worker’s Compensation Claims
& Safety Incentive Liabilities not less than 1.0 to 1.0 as of each fiscal quarter end, with “Liquid Assets” defined
as the sum of (i) restricted and unrestricted cash and cash equivalents, plus (ii) restricted and unrestricted marketable
securities acceptable to Bank in its sole discretion, and with “Worker’s Compensation Claims & Safety Incentive
Liabilities” defined as the aggregate of Borrower’s obligations with respect to (i) workers’ compensation claims
liabilities, and (ii) safety incentive liabilities, in each case as the assets described in clauses (i) and (ii) of the foregoing
definition of “Liquid Assets” and as the liabilities described in clauses (i) and (ii) of the foregoing definition
of “Worker’s Compensation Claims & Safety Incentive Liabilities” are required to be reflected in Borrower’s
annual audited consolidated financial statements and quarterly unaudited consolidated financial statements, consistent with past
practices.

 

SECTION 4.10.NOTICE TO BANK. Promptly (but in no event
more than five (5) days after the occurrence of each such event or matter) give written notice to Bank in reasonable detail of:
(a) the occurrence of any Event of Default, or any condition, event or act which with the giving of notice or the passage
of time or both would constitute an Event of Default; (b) any change in the name or the organizational structure of Borrower;
(c) the occurrence and nature of any Reportable Event or Prohibited Transaction, each as defined in ERISA, or any funding
deficiency with respect to any Plan; or (d) any termination or cancellation of any insurance policy which Borrower is required
to maintain, or any uninsured or partially uninsured loss through liability or property damage, or through fire, theft or any other
cause affecting Borrower’s property in excess of an aggregate of $1,000,000.00.

 

SECTION 4.11.MAINTENANCE OF AICE POLICIES. For so long
as any one or more of the Insurance Letters of Credit remains outstanding: (a) Borrower shall maintain in full force and effect,
and pay all premiums with respect to, all policies of insurance with AICE outstanding as of the date hereof with respect to the
satisfaction of Borrower’s worker’s compensation obligations under the laws of the State of California (the “AICE
Policies”); and (b)  in the event any of the AICE Policies are terminated or cancelled for any reason, Borrower shall
promptly cause all premiums refunded therefrom to be deposited into a deposit account with Bank, in which Borrower shall (i) grant
to Bank a security interest of first priority and Bank shall have perfected its security interest therein, and (ii) maintain in
such deposit account funds in an amount sufficient to satisfy all obligations of Borrower to Bank with respect to the Insurance
Letters of Credit.

 

SECTION 4.12.FUNDING OF AICE DEPOSIT ACCOUNTS. For so
long as any one or more of the Insurance Letters of Credit remain outstanding, Borrower shall provide such financial support to
AICE as is necessary to ensure that the principal balance of time deposits in the AICE Deposit Accounts is no less than the then
outstanding aggregate dollar amount of the Insurance Letters of Credit (the “Minimum Collateral Value”). In the event
that the time deposit funds in the AICE Deposit Accounts is, for any reason and at any time, less than the Minimum Collateral Value,
Borrower shall promptly provide to AICE funds, and shall cause AICE to use such funds to increase the principal amount of the time
deposit(s) in the AICE Deposit Accounts, in an amount sufficient to achieve the Minimum Collateral Value.

 

    	-12-

    	 

    

 

SECTION 4.13.DEPOSIT ACCOUNTS. Maintain Borrower’s
principal deposit account and other traditional banking relationships with Bank for the duration of this Agreement.

 

ARTICLE V

NEGATIVE COVENANTS

 

Borrower further covenants that so long
as Bank remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated
or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations
of Borrower subject hereto, Borrower will not without Bank's prior written consent:

 

SECTION 5.1.USE OF FUNDS. Use any of the proceeds of
any credit extended hereunder except for the purposes stated in Article I hereof.

 

SECTION 5.2.CAPITAL EXPENDITURES. Make any additional
investment in fixed assets in (a) fiscal year 2015 in excess of an aggregate of $5,000,000.00, or (b) fiscal year 2016 in excess
of an aggregate of $4,000,000.00.

 

SECTION 5.3.OTHER INDEBTEDNESS. Create, incur, assume
or permit to exist any indebtedness or liabilities resulting from borrowings, loans or advances, whether secured or unsecured,
matured or unmatured, liquidated or unliquidated, joint or several, except (a) the liabilities of Borrower to Bank, and (b) purchase
money indebtedness (including capitalized leases) for the acquisition of assets, provided that (i) the total new purchase money
indebtedness does not exceed $200,000.00 in any fiscal year, and (ii) the aggregate of all purchase money indebtedness does not
exceed $400,000.00 at any time, and (c) any other liabilities of Borrower or any of the Affiliates existing as of, and disclosed
to the Bank prior to, the date hereof; provided, however, that if Borrower or any of the Affiliates incurs indebtedness or becomes
liable to any third party to the extent permitted hereunder, neither Borrower nor any of the Affiliates shall enter into any agreement
with such other party that prohibits Borrower or any of the Affiliates, as the case may be, from incurring indebtedness with Bank
or any affiliate of Bank or that prohibits Borrower or any of the Affiliates from granting Bank or any affiliate of Bank a lien
on any real or personal property owned by Borrower or any of the Affiliates, as the case may be.

 

SECTION 5.4.MERGER, CONSOLIDATION, TRANSFER OF ASSETS.
Merge into or consolidate with any other entity; make any substantial change in the nature of Borrower's or any of the Affiliates’
business as conducted as of the date hereof; acquire all or substantially all of the assets of any other entity; or sell, lease,
transfer or otherwise dispose of all or a substantial or material portion of Borrower's or any of the Affiliates’ assets
except in the ordinary course of its business.

 

    	-13-

    	 

    

 

SECTION 5.5.GUARANTIES. Guarantee or become liable in
any way as surety, endorser (other than as endorser of negotiable instruments for deposit or collection in the ordinary course
of business), accommodation endorser or otherwise for, nor pledge or hypothecate any assets of Borrower as security for, any liabilities
or obligations of any other person or entity, except any of the foregoing in favor of Bank.

 

SECTION 5.6.LOANS, ADVANCES, INVESTMENTS. Make any loans
or advances to or investments in, or permit any of the Affiliates to make any loans or advances to or investments in, any person
or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof and except, in the case
of AICE, investments of insurance reserves in the ordinary course of business and consistent with past practices.

 

SECTION 5.7.DIVIDENDS, DISTRIBUTIONS. Declare or pay
any dividend or distribution either in cash, stock or any other property on Borrower’s stock now or hereafter outstanding,
nor redeem, retire, repurchase or otherwise acquire any shares of any class of Borrower’s stock now or hereafter outstanding.
Notwithstanding the foregoing, so long as, after giving effect to such dividend or distribution, no Event of Default would exist,
Borrower may pay quarterly cash dividends or distributions to its holders of its common stock in an amount not to exceed $0.22
per share in the aggregate in any fiscal quarter (the “Permitted Dividend Amount”); provided, however, that in the
event Borrower, after the date hereof, issues additional shares of its common stock, subdivides its common stock, by split-up or
otherwise, or combines its common stock, or issues additional common stock as a dividend, then the Permitted Dividend Amount shall
be subject to adjustment as determined by Bank, in its sole discretion, to give proportional effect to such event.

 

SECTION 5.8.PLEDGE OF ASSETS. Mortgage, pledge, grant
or permit to exist a security interest in, or lien upon, all or any portion of Borrower’s assets now owned or hereafter acquired,
except (a) security interests or liens in favor of Bank; (b) security interests or liens existing as of, and disclosed to Bank
in writing prior to, the date hereof; and (c) liens to secure purchase money indebtedness permitted under Section 5.3 hereof.

 

SECTION 5.9.LINE OF CREDIT BORROWING LIMITATION. The
principal amount outstanding under the Line of Credit shall not, as of any fiscal month end, exceed the sum of eighty percent (80%)
of Borrower’s eligible accounts receivable, with “eligible accounts receivable” defined as fifteen and seven
tenths of one percent (15.7%) of the aggregate dollar amount of Borrower’s then outstanding accounts receivable; provided,
however, that in the event the principal amount outstanding under the Line of Credit exceeds the foregoing limitation, Borrower
shall be deemed in compliance with this Section 5.9 so long as Borrower pays to Bank, within three (3) days after Borrower becomes
aware of any such excess, the amount such excess.

 

SECTION 5.10.NO CANCELLATION OF AICE POLICIES. Terminate
or cancel any of the AICE Policies without Bank’s prior written consent.

 

ARTICLE VI

EVENTS OF DEFAULT

 

SECTION 6.1.The occurrence of any of the following shall
constitute an “Event of Default” under this Agreement:

 

    	-14-

    	 

    

 

(a)Borrower shall fail to pay when due any principal,
interest, fees or other amounts payable under any of the Loan Documents.

 

(b)Any financial statement or certificate furnished
to Bank in connection with, or any representation or warranty made by Borrower or any other party under this Agreement or any other
Loan Document shall prove to be incorrect, false or misleading in any material respect when furnished or made.

 

(c)Any default in the performance of or compliance with
any obligation, agreement or other provision contained herein or in any other Loan Document (other than those specifically described
as an “Event of Default” in this section 6.1), and with respect to any such default that by its nature can be cured,
such default shall continue for a period of twenty (20) days from (i) its occurrence, or (ii) solely with respect to Borrower’s
information reporting obligations under Section 4.3(d), Section 4.3 (g) or Section 4.3(h), Bank’s giving of notice to Borrower
of the occurrence thereof.

 

(d)Any default in the payment or performance of any
obligation, or any defined event of default, under the terms of any contract, instrument or document (other than any of the Loan
Documents) pursuant to which Borrower, any of the Affiliates, any guarantor hereunder or any general partner or joint venturer
in Borrower if a partnership or joint venture (with each such guarantor, general partner and/or joint venturer referred to herein
as a “Third Party Obligor”) has incurred any debt or other liability to any person or entity, including Bank.

 

(e)Borrower, any of the Affiliates, or any Third Party
Obligor shall become insolvent, or shall suffer or consent to or apply for the appointment of a receiver, trustee, custodian or
liquidator of itself or any of its property, or shall generally fail to pay its debts as they become due, or shall make a general
assignment for the benefit of creditors; Borrower, any of the Affiliates or any Third Party Obligor shall file a voluntary petition
in bankruptcy, or seeking reorganization, in order to effect a plan or other arrangement with creditors or any other relief under
the Bankruptcy Reform Act, Title 11 of the United States Code, as amended or recodified from time to time (“Bankruptcy Code”),
or under any state or federal law granting relief to debtors, whether now or hereafter in effect; or Borrower, any of the Affiliates
or any Third Party Obligor shall file an answer admitting the jurisdiction of the court and the material allegations of any involuntary
petition; or Borrower, any of the Affiliates or any Third Party Obligor shall be adjudicated a bankrupt, or an order for relief
shall be entered against Borrower, any of the Affiliates or any Third Party Obligor by any court of competent jurisdiction under
the Bankruptcy Code or any other applicable state or federal law relating to bankruptcy, reorganization or other relief for debtors.

 

(f)The filing of a notice of judgment lien against Borrower,
any of the Affiliates or any Third Party Obligor; or the recording of any abstract of judgment against Borrower, any of the Affiliates
or any Third Party Obligor in any county in which Borrower, any of the Affiliates or such Third Party Obligor has an interest in
real property; or the service of a notice of levy and/or of a writ of attachment or execution, or other like process, against the
assets of Borrower, any of the Affiliates or any Third Party Obligor; or the entry of a judgment against Borrower, any of the Affiliates
or any Third Party Obligor; or any involuntary petition or proceeding pursuant to the Bankruptcy Code or any other applicable state
or federal law relating to bankruptcy, reorganization or other relief for debtors is filed or commenced against Borrower, any of
the Affiliates or any Third Party Obligor.

 

    	-15-

    	 

    

 

(g)There shall exist or occur any event or condition
that Bank in good faith believes impairs, or is substantially likely to impair, the prospect of payment or performance by Borrower,
any of the Affiliates, any Third Party Obligor, or the general partner of either if such entity is a partnership, of its obligations
under any of the Loan Documents.

 

(h)The death or incapacity of Borrower or any Third
Party Obligor if an individual. The dissolution or liquidation of Borrower, any of the Affiliates or any Third Party Obligor if
a corporation, partnership, joint venture or other type of entity; or Borrower, any of the Affiliates or any such Third Party Obligor,
or any of its directors, stockholders or members, shall take action seeking to effect the dissolution or liquidation of Borrower,
any of the Affiliates or such Third Party Obligor.

 

(i)Any change in control of Borrower, any of the Affiliates
or any entity or combination of entities that directly or indirectly control Borrower or any of the Affiliates, with “control”
defined as ownership of an aggregate of twenty-five percent (25%) or more of the common stock, members' equity or other ownership
interest (other than a limited partnership interest).

 

(j)The sale, transfer, hypothecation, assignment or
encumbrance, whether voluntary, involuntary or by operation of law, without Bank’s prior written consent, of all or any part
of or interest in any real property collateral required hereby.

 

(k)Any amount is drawn on any of the Insurance Letters
of Credit.

 

SECTION 6.2.REMEDIES. Upon the occurrence of any Event
of Default: (a) all indebtedness of Borrower under each of the Loan Documents, any term thereof to the contrary notwithstanding,
shall at Bank’s option and without notice become immediately due and payable without presentment, demand, protest or notice
of dishonor, all of which are hereby expressly waived by Borrower; (b) the obligation, if any, of Bank to extend any further
credit under any of the Loan Documents shall immediately cease and terminate; and (c) Bank shall have all rights, powers and
remedies available under each of the Loan Documents, or accorded by law, including without limitation the right to resort to any
or all security for any credit subject hereto and to exercise any or all of the rights of a beneficiary or secured party pursuant
to applicable law. All rights, powers and remedies of Bank may be exercised at any time by Bank and from time to time after the
occurrence of an Event of Default, are cumulative and not exclusive, and shall be in addition to any other rights, powers or remedies
provided by law or equity.

 

ARTICLE VII

MISCELLANEOUS

 

SECTION 7.1.NO WAIVER. No delay, failure or discontinuance
of Bank in exercising any right, power or remedy under any of the Loan Documents shall affect or operate as a waiver of such right,
power or remedy; nor shall any single or partial exercise of any such right, power or remedy preclude, waive or otherwise affect
any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver, permit, consent or approval
of any kind by Bank of any breach of or default under any of the Loan Documents must be in writing and shall be effective only
to the extent set forth in such writing.

 

SECTION 7.2.NOTICES. All notices, requests and demands
which any party is required or may desire to give to any other party under any provision of this Agreement must be in writing delivered
to each party at the following address:

 

    	-16-

    	 

    

 

	BORROWER:    	BARRETT BUSINESS SERVICES, INC.
	 	8100 NE Parkway Drive, Suite 200
	 	Vancouver, Washington 98662
	 	Attn.:	James D. Miller, Vice President-Finance
	 	 	 
	BANK:	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	Portland RCBO
	 	MAC P6101-250
	 	1300 SW Fifth Avenue
	 	Portland, Oregon 97201
	 	Attn:	Julie R. Wilson, Vice President

 

or to such other address as any party may designate by written
notice to all other parties. Each such notice, request and demand shall be deemed given or made as follows: (a) if sent by
hand delivery, upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit
in the U.S. mail, first class and postage prepaid; and (c) if sent by telecopy, upon receipt.

 

SECTION 7.3.COSTS, EXPENSES AND ATTORNEYS’ FEES.
Borrower shall pay to Bank immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including
reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of Bank's in-house counsel), expended
or incurred by Bank in connection with (a) the negotiation and preparation of this Agreement and the other Loan Documents,
Bank's continued administration hereof and thereof, and the preparation of any amendments and waivers hereto and thereto, (b) the
enforcement of Bank’s rights and/or the collection of any amounts which become due to Bank under any of the Loan Documents,
and (c) the prosecution or defense of any action in any way related to any of the Loan Documents, including without limitation,
any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise,
and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary
proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity.

 

SECTION 7.4.SUCCESSORS, ASSIGNMENT. This Agreement shall
be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives, successors and assigns
of the parties; provided however, that Borrower may not assign or transfer its interests or rights hereunder without Bank’s
prior written consent. Bank reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part
of, or any interest in, Bank's rights and benefits under each of the Loan Documents. In connection therewith, Bank may disclose
all documents and information which Bank now has or may hereafter acquire relating to any credit subject hereto, Borrower or its
business, any guarantor hereunder or the business of such guarantor, if any, or any collateral required hereunder.

 

SECTION 7.5.ENTIRE AGREEMENT; AMENDMENT. This Agreement
and the other Loan Documents constitute the entire agreement between Borrower and Bank with respect to each credit subject hereto
and supersede all prior negotiations, communications, discussions and correspondence concerning the subject matter hereof. This
Agreement may be amended or modified only in writing signed by each party hereto.

 

SECTION 7.6.NO THIRD PARTY BENEFICIARIES. This Agreement
is made and entered into for the sole protection and benefit of the parties hereto and their respective permitted successors and
assigns, and no other person or entity shall be a third party beneficiary of, or have any direct or indirect cause of action or
claim in connection with, this Agreement or any other of the Loan Documents to which it is not a party.

 

    	-17-

    	 

    

 

SECTION 7.7.TIME. Time is of the essence of each and
every provision of this Agreement and each other of the Loan Documents.

 

SECTION 7.8.SEVERABILITY OF PROVISIONS. If any provision
of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent
of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of this Agreement.

 

SECTION 7.9.COUNTERPARTS. This Agreement may be executed
in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and all of which when
taken together shall constitute one and the same Agreement.

 

SECTION 7.10.GOVERNING LAW. This Agreement shall be
governed by and construed in accordance with the laws of the State of Oregon.

 

SECTION 7.11.ARBITRATION.

 

(a)Arbitration. The parties hereto agree, upon
demand by any party, to submit to binding arbitration all claims, disputes and controversies between or among them (and their respective
employees, officers, directors, attorneys, and other agents), whether in tort, contract or otherwise in any way arising out of
or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation, execution, collateralization,
administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default or termination; or
(ii) requests for additional credit. In the event of a court ordered arbitration, the party requesting arbitration shall be responsible
for timely filing the demand for arbitration and paying the appropriate filing fee within 30 days of the abatement order or the
time specified by the court. Failure to timely file the demand for arbitration as ordered by the court will result in that party’s
right to demand arbitration being automatically terminated.

 

(b)Governing Rules. Any arbitration proceeding
will (i) proceed in a location in Oregon selected by the American Arbitration Association (“AAA”); (ii) be governed
by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of law provision in
any of the documents between the parties; and (iii) be conducted by the AAA, or such other administrator as the parties shall mutually
agree upon, in accordance with the AAA’s commercial dispute resolution procedures, unless the claim or counterclaim is at
least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall be conducted
in accordance with the AAA’s optional procedures for large, complex commercial disputes (the commercial dispute resolution
procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable, as the “Rules”).
If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein shall control.
Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses
incurred by such other party in compelling arbitration of any dispute. Nothing contained herein shall be deemed to be a waiver
by any party that is a bank of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law.

 

    	-18-

    	 

    

 

(c)No Waiver of Provisional Remedies,
Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to (i) foreclose against real
or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff
or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment
of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of
the right or obligation of any party to submit any dispute to arbitration or reference hereunder, including those arising from
the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph.

 

(d)Arbitrator Qualifications and Powers. Any
arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by a single arbitrator selected
according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in which the amount in controversy
exceeds $5,000,000.00 shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators
must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney licensed in the State of
Oregon or a neutral retired judge of the state or federal judiciary of Oregon, in either case with a minimum of ten years experience
in the substantive law applicable to the subject matter of the dispute to be arbitrated. The arbitrator will determine whether
or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim. In any arbitration
proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator's discretion) any pre-hearing motions
which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall
resolve all disputes in accordance with the substantive law of Oregon and may grant any remedy or relief that a court of such state
could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator
shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator
deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the Oregon Rules of Civil Procedure
or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The
institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute
a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party
contests such action for judicial relief.

 

(e)Discovery. In any arbitration proceeding,
discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to matters directly relevant
to the dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for an extension
of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator upon a showing that
the request for discovery is essential for the party's presentation and that no alternative means for obtaining information is
available.

 

(f)Class Proceedings and Consolidations. No party
hereto shall be entitled to join or consolidate disputes by or against others in any arbitration, except parties who have executed
any Loan Document, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration
in the interest of the general public or in a private attorney general capacity.

 

(g)Payment Of Arbitration Costs And Fees. The
arbitrator shall award all costs and expenses of the arbitration proceeding.

 

    	-19-

    	 

    

 

(h)Miscellaneous. To the maximum extent practicable,
the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration proceeding within 180 days
of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding may disclose the existence,
content or results thereof, except for disclosures of information by a party required in the ordinary course of its business or
by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a
dispute, the arbitration provision most directly related to the Loan Documents or the subject matter of the dispute shall control.
This arbitration provision shall survive termination, amendment or expiration of any of the Loan Documents or any relationship
between the parties.

 

(i)Small Claims Court. Notwithstanding anything
herein to the contrary, each party retains the right to pursue in Small Claims Court any dispute within that court’s jurisdiction.
Further, this arbitration provision shall apply only to disputes in which either party seeks to recover an amount of money (excluding
attorneys’ fees and costs) that exceeds the jurisdictional limit of the Small Claims Court.

 

UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS
MADE BY BANK CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY
BY THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY BANK TO BE ENFORCEABLE.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed as of the day and year first written above.

 

	BARRETT BUSINESS SERVICES, INC.	 	WELLS FARGO BANK, NATIONAL ASSOCIATION	 
	 	 	 	 	 	 
	By:	/s/ James D. Miller	 	By:	/s/ Julie R. Wilson	 
	Name:  	James D. Miller	 	Name:  	Julie R. Wilson	 
	Title:  	Vice President-Finance	 	Title:  	Vice President	 

 

    	-20-

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