Document:

EX-10.1

 Exhibit 10.2 
 SEPARATION AGREEMENT 
 This SEPARATION AGREEMENT (this
“Agreement”) is entered into as of August 31, 2012, between Myers Industries, Inc., an Ohio corporation (“Company”), and Donald A. Merril (“Executive”). 

RECITALS 
 A. Executive
has been employed by the Company as its Executive Vice President, Chief Financial Officer and Secretary. 
 B. Executive and the Company are
parties to an Employment Agreement dated January 24, 2006 (“Employment Agreement”) and a Non-Disclosure and Non-Competition Agreement dated January 24, 2006 (“Non-Disclosure Agreement”). 

C. Executive and the Company have mutually agreed to terminate the employment relationship effective on August 31, 2012 (the “Termination
Date”). 
 D. Executive and the Company desire to provide for a smooth transition of Executive’s responsibilities and to resolve all
issues regarding his employment with and separation from the Company. Accordingly, and without admitting any liability or wrongdoing whatsoever, they are entering into this Agreement. 
 In consideration of the promises and mutual agreements, provisions and covenants contained in this Agreement and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows: 
 AGREEMENTS 

1.1 Executive hereby acknowledges, covenants and agrees: 
  

	 	(a)	That his employment with the Company as Executive Vice President, Chief Financial Officer and Secretary and the Employment Agreement are terminated effective upon the
Termination Date, and he hereby resigns from any and all other positions held with the Company and any affiliate thereof as of the Termination Date. 

  

	 	(b)	 To release and discharge forever the Company and its: (i) affiliated companies and entities, (ii) present and former directors, shareholders,
officers, employees, agents and attorneys, (iii) predecessors, (iv) successors, (v) insurance carriers, and (vi) assigns (the Company and (i) through (vi) are sometimes hereinafter collectively referred to as the
“Company and All Related Parties”), and each of them, from all liabilities, claims, causes of action, charges, complaints, obligations, costs, losses, damages, injuries, attorneys’ fees and other legal responsibilities, of any form
whatsoever, whether known or unknown, foreseen or unforeseen, anticipated or unanticipated, suspected or unsuspected, manifest or latent, which Executive now owns or holds, has at any time heretofore owned or

	 	
held or may at any time own or hold by reason of any matter or thing arising from any cause whatsoever prior to the Effective Date of this Agreement, and without limiting the generality of the
foregoing, from all claims, demands and causes of action based on, relating to or arising out of Executive’s status as a shareholder, or ownership of shares, in the Company, or Executive’s employment with the Company or any of its
affiliates, compensation for such employment, or the termination of such employment relationship, including but not limited to claims for breach of contract, claims under the Employment Agreement, defamation, invasion of privacy, wrongful discharge,
retaliatory discharge based on the asserted engagement of any type of protected activity or whistleblowing including, without limitation, under the Sarbanes-Oxly Act, or those claims arising under the Americans With Disabilities Act, the Age
Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, Ohio Revised Code Chapter 4112, and any other federal, state or local laws prohibiting age, sex, race, national origin, disability or any other forms of discrimination or
sexual or other forms of harassment. The foregoing shall not release any rights under this Agreement or the obligation of the Company to indemnify or advance expenses, or the rights to indemnification or advancement of expenses Executive has,
pursuant to any director and officer or other insurance policy the Company maintains or has maintained (including self-insurance), the General Corporation laws of the State of Ohio or other applicable state or jurisdiction, pursuant to the articles
of incorporation or code of regulations of the Company, or pursuant to the Indemnification Agreement between the Executive and the Company. 

  

	 	(c)	 That (i) he has made no assignment and will make no assignment of the claims, demands, causes of action or other rights released herein; and
(ii) he will not institute any legal or administrative proceedings or, absent an order from a court of competent jurisdiction, participate in any manner in any civil lawsuit or administrative proceeding based upon, arising out of or relating to
any claim, demand, cause of action or other right released herein. In the event any such civil lawsuit or administrative proceeding is initiated by Executive or any assignee or successor of Executive, Executive agrees to repay to the Company all
consideration paid by the Company under this Agreement upon the demand of the Company. Executive further agrees to indemnify and hold harmless the Company and All Related Parties against any loss or liability whatsoever, including but not limited to
reasonable attorneys’ fees, caused by or incurred in any action or proceeding before any court or governmental agency, commission, division or department, whether state, federal or local, which is brought by or on behalf of Executive or
Executive’s successors in interest if such action or proceeding arises out of, is based on or is related to any claims, demands, causes of action or other rights released herein. The foregoing shall not prohibit Executive from filing a charge
of discrimination with the Equal Employment Opportunity Commission, 

  
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however, Executive acknowledges and agrees that this Agreement waives and releases any right to individual relief at law or equity that Executive may otherwise have in connection with any
proceeding arising out of any such charge of discrimination. 

  

	 	(d)	That he will not apply for or seek re-employment with the Company or any affiliate thereof at any time in the future, and acknowledges that the Company shall have no
obligation to consider him for employment at any time in the future. 

  

	 	(e)	To the best of his knowledge and belief, the Executive has already reported to the Company any actions or inactions by the Company or any Related Parties which could
constitute the basis for a claimed violation of any federal, state or local law or regulation. 

 2.1 The Company
hereby acknowledges and agrees that upon Executive’s prior execution of this Agreement the Company shall, following the Effective Date (as defined in Section 3.7): 

 

	 	(a)	Pay Executive, on September 7, 2012 his current base salary earned to the Termination Date along with all earned, but unused vacation time (five (5) days),
subject to all required federal, state and local income and employment taxes and related deductions and withholdings. 

  

	 	(b)	Pay Executive, on the first regular payroll date following the Effective Date, subject to all required federal, state and local income and employment taxes and related
deductions and withholdings, the following amounts: 

 i) Severance pay in a lump sum amount equal to the sum of
one times Executive’s base salary in effect on the Effective Date (total amount of $342,750). 
 ii) Severance pay in a
lump sum amount equal to one times Executive’s annual bonus at the highest rate in effect during the prior three year period ($351,244) plus any annual bonus earned but unpaid as of the Termination Date ($219,105). 

iii) Tax gross-up payment in a lump sum of $608,763 to cover federal, state and local income taxes on (i) and (ii) above and
this clause (iii). 
  

	 	(c)	Reimburse Executive a sum not to exceed $7,500, for Executive’s attorney fees incurred in connection with this Agreement, provided that evidence of such expenses
is provided to the Company. 

  

	 	(d)	 (i) Continue to pay Executive’s car expenses (including lease fees and liability insurance) for the month of September 2012 of $1,818 per month
and reimburse Executive’s maintenance and fuel expenses in arrears for 

  
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September 2012 provided accurate substantiation of those costs are submitted in accordance with past practices. Executive agrees to return the car to the Company no later than September 30,
2012 in good condition (normal wear and tear excepted). 

 (ii) Pay Executive, on the first regular payroll date
following the Effective Date, a lump sum amount of 26,422 as payment in full for the remaining 11 months of car expense, maintenance and fuel reimbursement pursuant to the terms of the Employment Agreement. 

 

	 	(e)	Pay Executive, on the first regular payroll date following the Effective Date, a lump sum amount of $12,500 for outplacement services. 

 

	 	(f)	Pay Executive a tax gross-up payment in an amount equal to 66.67% of the amount of any taxable payments in Sections 2.1(c)-(e) and Section 2.2, simultaneously
with the payment of any such taxable payment. For the avoidance of doubt, the parties agree that the amount of the tax gross-up payments with respect to the payments in Sections 2.1(d), 2.1(e) and 2.2 will be $17,616, $8,334, and $12,603,
respectively. 

 2.2 Executive’s coverage under the Company’s medical, dental, long term and short term
disability, life and any other insurance plans or policies in which Executive participated immediately prior to the Effective Date, as well as any such insurance obtained by Executive and reimbursed by the Company immediately prior to the Effective
Date will cease on the Effective Date, subject to Executive’s right to continue medical and dental coverage pursuant to COBRA. The Company will provide any notices regarding the foregoing as required by law. The Company will pay Executive an
amount equal to twelve (12) months COBRA premiums for medical and dental coverage equal to $15,101 plus an amount equal to twelve (12) months premiums for long-term disability, short-term disability and life insurance coverage commensurate
with that provided to employees of the Company equal to $3,803. Such payment will be made in the first regular payroll date following the Effective Date. 
 2.3 The Company and Executive acknowledge that Executive has a vested right under the Company’s Executive Supplemental Retirement Plan, as amended, and pursuant to the Amendment to the Company’s
Executive Supplemental Retirement Plan between the Executive and the Company effective December 15, 2008 (the “SERP”), that Executive currently is vested in eight (8) years of service under the SERP and that he is entitled to a
Supplemental Vested Pension based upon commencement of the benefit upon his attainment of age 55, pursuant to Sections 4.2 and 4.4 of the SERP. The parties agree that such Supplemental Vested Pension to be paid Executive at age 55 is
$1,666.66 per month payable for a period of 120 months ($200,000 total benefit). 
 2.4 The Company and Executive acknowledge
that nothing herein shall affect the stock options granted to Executive by the Company which are now vested, being a total of 112,067 shares, and that Executive shall have a right to exercise such vested options until January 31, 2013 pursuant
to the terms of the Stock Option Grant Agreements or 

  
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Option Agreements pursuant to which they were granted, subject to any restrictions under law. To the extent that the exercise period set forth in this Section 2.4 is inconsistent with any
Stock Option Grant Agreement or Option Agreement evidencing such vested options, such Stock Option Grant Agreement or Option Agreement is hereby amended to conform with this Section 2.4. The Company agrees to assist Executive in the exercise of
such options and agrees to facilitate Executive’s filing of any Form 4s as necessary with the SEC in the same manner it does for other executives. Executive acknowledges that the filing of the Form 4s is ultimately his responsibility.
Executive further acknowledges (i) that if he is in possession of material non-public information concerning the Company’s business and operations there may exist restrictions under law regarding the manner or ability to exercise any
options and sell the underlying securities and (ii) that compliance with any such restrictions is solely Executive’s responsibility. 
 2.5 The Company and Executive acknowledge that Executive is entitled to payments aggregating $333,000 pursuant to the terms of those certain Performance Based Cash Award Agreements between the Company and
Executive dated as of March 4, 2010, March 3, 2011 and March 2, 2012. 
 2.6 The Company acknowledges that
Executive has certain personal effects, which are his personal possessions and which Executive shall (other than the office furniture and certain other items which shall be professionally moved), have a right to remove from the Company on or before
the Termination Date. Executive and the Company will cooperate in good faith in the review of the Company’s files and documents to determine those items which Executive may retain. Executive’s retention of any such items shall be subject
to his confidentiality and nondisclosure obligations under this Agreement and his ethical duty to maintain client confidences. 

2.7 The Company agrees to provide Executive in advance with sufficient time for review and comment (which shall be deemed to be no less
than 24-hours by e-mail), any press release or filing to be made publicly, or with the SEC or NYSE, which has as its subject the termination of Executive’s relationship with the Company. Company need only provide the portion which deals with
Executive. 
 2.8 The Company releases and forever discharges Executive, his heirs, attorneys, successors and assigns from all
liabilities, claims, causes of action, charges, complaints, obligations, costs, losses, damages, injuries and attorneys’ fees and other legal responsibilities, whether known or unknown, foreseen or unforeseen, anticipated or unanticipated,
suspected or unsuspected, manifest or latent, which the Company now holds, has at any time heretofore owned or held, or may at any time own or hold by reason of any matter or thing arising from any cause whatsoever prior to the Effective Date of
this Agreement. 
 2.9 That (i) the Company has made no assignment and will make no assignment of the claims, demands,
causes of action or other rights released herein; and (ii) it will not institute or legal or administrative proceedings or, absent an order from a court of competent jurisdiction, participate in any manner in any civil lawsuit or administrative
proceeding based upon, arising out of or relating to any claim, demand, cause of action or other right released herein. 

  
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 3.0 Executive shall fully cooperate with the Company in the transition of his duties and
responsibilities by being reasonably available to answer questions and other inquiries by telephone. 
 3.1 Subject to paragraph
2.1(d), Executive covenants and represents that he has returned, or will return before the Effective Date of this Agreement, to the Company all of the Company’s property of any kind in his possession or the possession of his agents including,
without limitation, all keys, credit cards, files, papers, documents, and devices for holding electronic information. Executive further agrees that he will not, without prior written consent of the Company, directly or indirectly, disclose, reveal
or communicate, or cause or allow to be disclosed, revealed or communicated, to any third party any confidential matters, non-public information concerning the Company, proprietary information or trade secrets of the Company or its affiliates.

 3.2 All provisions of this Agreement will be binding on and inure to the benefit of the dependents, successors, heirs,
executors, representatives, administrators and assigns of Executive, the Company and All Related Parties. 
 3.3 With the
exception of the Non-Disclosure Agreement, the SERP, the indemnification rights and Indemnification Agreement, the Performance Based Cash Award Agreements, the vested stock options, the conversion rights to any insurance benefits, the vested rights
in the Company’s profit sharing or other retirement plan, the vested rights in Company’s 401(k) Plan, and the COBRA rights, which all shall remain in full force and effect, this Agreement constitutes the entire agreement among the parties
and supersedes and extinguishes all prior negotiations and agreements among the parties. It is further agreed that, other than the payments and entitlements specifically referenced in this Agreement, all payments due Executive as a result of his
employment or pursuant to the Employment Agreement, whether salary, severance, bonus, commission, stock options, membership interest, stock grant or other payments, have been made and that Executive is due no other payments whatsoever except those
specifically provided for herein. 
 3.4 Executive and the Company further acknowledge and agree: 

 

	 	(a)	 Neither Executive nor the Company (including Related Parties) will make any statement or otherwise communicate, divulge or disseminate any information
regarding the events, discussions or communications relating to or leading up to this Agreement, to any person or entity, other than the information set forth in the Company’s Form 8-K filing regarding Executive’s separation from
employment, the Agreement and any subsequent filings required under the SEC or NYSE rules. Nothing herein shall limit any communication Executive may have with his legal advisor, nor by the Company with its legal advisor and independent registered
audit firm, provided that Executive and Company, as applicable, will 

  
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cause them and the Related Parties to comply with this paragraph 3.4. Further, subject to the limitations in paragraph 3.1 hereof, nothing shall limit Executive’s duty to respond to any
request by the Company’s Board of Directors or a Committee thereof, any attorney representing the Company, or in response to a lawfully issued subpoena from a court or agency of competent jurisdiction, provided that in the event Executive
receives such a subpoena he shall provide notice to the Company within two days of receipt thereof to enable the Company to move to quash, or otherwise limit such subpoena. Further, Executive agrees not to oppose any action by the Company in
connection with any such subpoena. 

  

	 	(b)	Executive and the Company agree they will not make any disparaging remarks about the other. Disparagement for purposes of this Agreement means to engage in any act or
omission that would in either case subject the Executive or Company to public disrespect, scandal or ridicule or have a material adverse effect on its business, results of operation or financial condition, reputation or standing in the community.

  

	 	(c)	For purposes of paragraphs 3.1 and 3.4, Executive and the Company acknowledge that the term “Company” includes the Company and All Related Parties as defined
in paragraph 1.1(b) hereof. 

  

	 	(d)	Executive retains any and all rights he may have as a shareholder of the Company under Ohio law, the Company’s Articles of Incorporation or Code of Regulations
except to the extent any such right is expressly waived, released, prohibited or otherwise restricted by this Agreement. 

 3.5 Executive and the Company acknowledge that they understand the terms of this Agreement, that they have had the opportunity to review it with legal counsel of their own choosing and that they are
relying solely on the contents of this Agreement and are not relying on any other representation whatsoever as an inducement to enter into this Agreement. 
 3.6 This Agreement will be construed and enforced in accordance with the laws of the State of Ohio. This Agreement may not be varied, altered, modified, canceled, changed or in any way amended except by
written agreement of the parties. However, by signing this Agreement, Executive agrees, without any further consideration, to consent to any amendment necessary to avoid penalties or excise taxes under code § 409A. The Company shall have
no affirmative obligation to amend (or propose an amendment to) this Agreement to the extent necessary to avoid any such penalties or interest, except that it agrees to consent to any such amendment proposed by Executive to the extent such amendment
would not materially increase the Company’s obligations hereunder. 
 3.7 Executive acknowledges that he is aware of his
right to revoke this Agreement at any time within the seven (7) day period following the date this Agreement is signed by him and that, unless so revoked by written notice to the Company, this Agreement will become effective and enforceable
upon the expiration of the seven (7) day revocation 

  
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period (“Effective Date”). Executive further acknowledges that the payments to him specified in this Agreement will be paid only after the expiration of such seven (7) day
revocation period. 
 3.8 Company and Executive further acknowledge that (a) they have read this Agreement, (b) the
Company has offered Executive a period of 21 days to consider whether to enter into it and has either considered this Agreement and its terms for that period of time or has knowingly and voluntarily waived his right to do so, (c) they have been
advised in writing to consult with an attorney prior to signing, (d) they are each signing it voluntarily with full knowledge that it is intended, to the maximum extent permitted by law, as a complete release and waiver of all claims, and
without any coercion, undue influence, threat or intimidation of any kind or type whatsoever, and (e) nothing herein constitutes any admission of liability or wrongdoing on the part of the Executive or the Company. Company represents that it
has the full authority to enter into this Agreement and that the terms and conditions are fully binding upon it. 
 3.9. NOTICES.
For purposes of this Agreement, all communications provided for herein shall be in writing and shall be deemed to have been duly given when hand delivered or mailed by United States Express mail, postage prepaid, addressed as follows: 

 

			
	(a)	  	If the notice is to the Company:
		
		  	 Myers Industries, Inc.
 1293
South Main Street
 Akron, OH 44301

Attn: Chief Executive Officer

		
		  	With a Copy to:
		
		  	 Benesch, Friedlander, Coplan & Aronoff, LLP
 200 Public Square, Suite #2300
 Cleveland, OH 44114-2378

Attn: Megan L. Mehalko, Esq.

		
	(b)	  	If the notice is to the Executive:
		
		  	 Mr. Donald A. Merril
 4513
Bridle Trail
 Akron, OH 44333

		
		  	With a Copy to:
		
		  	 Brennan, Manna & Diamond

75 East Market Street
 Akron, OH 44308

Attn: John N. Childs, Esq.

 or to such other address as either party hereto may have furnished to the other in writing and in
accordance herewith; except that notices of change of address shall be effective only upon receipt. 

  
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 IN WITNESS WHEREOF, this Agreement has been executed by or on behalf of each of the parties
hereto as of the date first written above. 
  

			
	Donald A. Merril
	
	 /s/ Donald A. Merril

	
	Myers Industries, Inc.
		
	By:	 	 /s/ John C. Orr

		
	Its:	 	 President

  
 9EX-10.1

 Exhibit 10.1 
 Execution Version 
 THIRD AMENDMENT 

TO 
 CREDIT
AGREEMENT 
 THIS THIRD AMENDMENT TO CREDIT AGREEMENT (the “Amendment”) is being executed and delivered as of
August 30, 2012 by and among CBIZ, Inc., a Delaware corporation (the “Company”), the “Guarantors” (as defined in the Credit Agreement referred to and defined below) signatory hereto, the several financial institutions
signatory hereto as “Lenders” (as defined in the Credit Agreement) (collectively, the “Lenders”), and Bank of America, N.A. (“Bank of America”), as administrative agent under the Credit Agreement (in such
capacity, the “Agent”). Undefined capitalized terms used herein shall have the meanings ascribed to such terms in such Credit Agreement. 
 W I T N E S S E T H: 
 WHEREAS, the Company, the Lenders and the Agent are parties
to that certain Credit Agreement dated as of June 4, 2010 (as heretofore amended, restated, supplemented or otherwise modified, the “Credit Agreement”), pursuant to which, among other things, the Lenders have agreed to provide,
subject to the terms and conditions contained therein, certain loans and other financial accommodations to or for the benefit of the Company; 
 WHEREAS, in connection with the Credit Agreement, the Guarantors have each executed and delivered in favor of the Agent and the Lenders a certain Guaranty pursuant to which the Guarantors have guaranteed
the Company’s obligations under the Credit Agreement; 
 WHEREAS, the Company desires to amend certain provisions of the
Credit Agreement, and subject to the terms and conditions set forth herein, the Lenders have agreed, to amend the Credit Agreement in certain respects as hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing premises, the terms and conditions stated herein and other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the Company, the Guarantors, the Lenders and the Agent, such parties hereby agree as follows: 
 1. Amendment. Subject to the satisfaction of the conditions set forth in Paragraph 2 of this Amendment, the Credit Agreement is hereby amended as follows (unless otherwise specified, section
references used in this section shall refer to such sections of the Credit Agreement): 
 (a) Section 1.01 is amended to
add the following new definitions in their respective appropriate alphabetical locations: 
 “Change in Law”
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, 

 
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any
Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Eurodollar Rate” means for any Interest Period with respect to a Eurodollar Rate Loan, a rate per annum determined by the Agent pursuant to the following formula: 

 

			
	

 “Third Amendment Effective Date” means the date on which each of the conditions set
forth in clauses (i) and (ii) of Paragraph 2 of the Third Amendment to this Agreement dated as of August 30, 2012 shall have been satisfied. 
 (b) The definition of the term “Adjusted Senior Leverage Threshold” appearing in Section 1.01 is amended and restated in its entirety to read as follows: 

“Adjusted Senior Leverage Threshold” means, at any time, the following applicable ratio: 

 

					
	 Period of Determination
	  	Ratio	 
	 Third Amendment Effective Date through
	  			
	 6/29/2013
	  	 	2.75:1.0	  
	 6/30/2013 through 6/29/2014
	  	 	2.50:1.0	  
	 Thereafter
	  	 	2.25:1.0.	  

 (c) The definition of the term “Adjusted Total Leverage Threshold” appearing in
Section 1.01 is amended and restated in its entirety to read as follows: 
 “Adjusted Total Leverage
Threshold” means, at any time, the following applicable ratio: 
  

					
	 Period of Determination
	  	Ratio	 
	 Third Amendment Effective Date through
	  			
	 6/29/2013
	  	 	4.00:1.0	  
	 6/30/2013 through 9/30/2013
	  	 	3.75:1.0	  
	 10/1/2013 through 6/29/2014
	  	 	3.50:1.0	  
	 Thereafter
	  	 	3.25:1.0.	  

  
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 (d) The definition of the term “Applicable Margin” appearing in
Section 1.01 is amended and restated in its entirety to read as follows: 
 “Applicable
Margin” shall mean on any date the applicable percentage set forth below based upon the Total Leverage Ratio shown in the Compliance Certificate then most recently delivered to the Agent and the Lenders: 

 

									
	 Revolving Loans / Letters of Credit
	 	Fees
	 Total Leverage

Ratio
	  	Base
Rate	 	Eurodollar
Rate	 	Letter of Credit
Fees	 	Commitment Fee
	 > 4.00:1.00
	  	1.750%	 	2.750%	 	2.750%	 	0.500%
	 > 3.50:1.00, but < 4.0:1.00
	  	1.500%	 	2.500%	 	2.500%	 	0.450%
	 > 3.00:1.00, but < 3.50:1.00
	  	1.250%	 	2.250%	 	2.250%	 	0.400%
	 > 2.50:1.00, but < 3.00:1.00
	  	1.000%	 	2.000%	 	2.000%	 	0.350%
	 > 2.00:1.00, but < 2.50:1.00
	  	0.750%	 	1.750%	 	1.750%	 	0.300%
	 < 2.00:1.00
	  	0.500%	 	1.500%	 	1.500%	 	0.250%

 ; provided however that (i) for the period from the Third Amendment Effective Date
to and including the delivery of the Compliance Certificate for the period ending September 30, 2012, the Applicable Margin shall be determined as if the Total Leverage Ratio for such period were greater than or equal to 3.50:1.00 but less than
4.00:1.00, and (ii) if the Company shall have failed to deliver to the Lenders by the date required hereunder any Compliance Certificate pursuant to Section 7.02(b), then from the date such Compliance Certificate was required to be
delivered until the date of such delivery the Applicable Margin shall be determined as if the Total Leverage Ratio for such period was greater than or equal to 4.00:1.00. Each change in the Applicable Margin (other than pursuant to clause
(i) immediately above, which change shall take effect as provided in such clause) shall take effect with respect to all outstanding Loans on the third Business Day immediately succeeding the day on which such Compliance Certificate is
received by the Agent. Notwithstanding the foregoing, no reduction in the Applicable Margin shall be effected if a Default or an Event of Default shall have occurred and be continuing on the date when such change would otherwise occur, it being
understood that on the third Business Day immediately succeeding the day on which such Default or Event of Default is either waived or cured (assuming no other Default or Event of Default shall be then pending), the Applicable Margin shall be
reduced (on a prospective basis) in accordance with the then most recently delivered Compliance Certificate (or clause (i) above, as applicable). Notwithstanding anything to the contrary contained in this definition, the determination of
the Applicable Margin for any period shall be subject to the provisions of Section 2.11(c). 

  
 3 

 (e) The definition of the term “Eurodollar Rate” appearing in
Section 1.01 (before giving effect to Section 1(a) of this Amendment) is amended to be the definition of the term “Eurodollar Base Rate”. 
 (f) The definition of the term “Senior Leverage Threshold” appearing in Section 1.01 is amended and restated in its entirety to read as follows: 

“Senior Leverage Threshold” means, at any time, the following applicable ratio: 

 

					
	 Period of Determination
	  	Ratio	 
	 Third Amendment Effective Date through
	  			
	 6/29/2013
	  	 	3.00:1.0	  
	 6/30/2013 through 6/29/2014
	  	 	2.75:1.0	  
	 Thereafter
	  	 	2.50:1.0.	  

 (f) The definition of the term “Total Leverage Threshold” appearing in Section 1.01
is amended and restated in its entirety to read as follows: 
 “Total Leverage Threshold” means, at any
time, the following applicable ratio: 
  

					
	 Period of Determination
	  	Ratio	 
	 Third Amendment Effective Date through
	  			
	 6/29/2013
	  	 	4.25:1.0	  
	 6/30/2013 through 9/30/2013
	  	 	4.00:1.0	  
	 10/1/2013 through 6/29/2014
	  	 	3.75:1.0	  
	 Thereafter
	  	 	3.50:1.0.	  

 (g) Section 4.03 is amended and restated in its entirety to read as follows: 

 

	 	4.03	Increased Costs and Reduction of Return. 

 (a) Increased Costs Generally. If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended
or participated in by, any Lender (except any reserve requirement reflected in the Eurodollar Rate) or the Issuing Bank; 
 (ii) subject any Lender or the Issuing Bank to any Taxes (other than (A) Indemnified Taxes and (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes) on
its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

  
 4 

 (iii) impose on any Lender or the Issuing Bank or the London interbank
market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest on which is determined by reference to the
Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in
or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the Issuing Bank, the
Company will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

 (b) Capital Requirements. If any Lender or the Issuing Bank determines that any Change in Law affecting such
Lender or the Issuing Bank or any Lending Office of such Lender or such Lender’s or the Issuing Bank’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such
Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations
in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from
time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any
such reduction suffered. 
 2. Effectiveness of Amendment; Conditions Precedent. The provisions of Paragraph 1
of this Amendment shall be expressly conditioned upon satisfaction of the conditions set forth below: 
 (i) the receipt by the
Agent of (x) an executed counterpart of this Amendment executed and delivered by duly authorized officers of the Company, the Guarantors and the Lenders and (y) each of the items listed on Schedule I hereto, in form and substance
satisfactory to the Agent; and 
 (ii) payment in full, in immediately available funds, to the Agent of (x) an amendment
fee for the account of each Lender that executed and delivers a counterpart hereof on or prior to August 30, 2012, in the amount of 0.125% of such Lender’s Revolving Loan Commitment and (y) an arrangement fee for the sole account of
the Arranger as described in that 

  
 5 

 
certain letter agreement dated as of August 30, 2012 among Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Arranger, and the Company (all of which fees the
Company hereby agrees to pay concurrently with its execution and delivery of this Amendment and agrees and acknowledges that such fees are fully-earned and non-refundable). 
 3. Representations and Warranties. 
 (a) The Company hereby
represents and warrants that this Amendment and the Credit Agreement as amended by this Amendment constitute the legal, valid and binding obligations of the Company enforceable against the Company in accordance with their terms. 

(b) The Company hereby represents and warrants that its execution, delivery and performance of this Amendment and the
Credit Agreement as amended by this Amendment have been duly authorized by all proper corporate action, do not violate any provision of its certificate of incorporation or bylaws, will not violate any law, regulation, court order or writ applicable
to it, and will not require the approval or consent of any Governmental Authority, or of any other third party under the terms of any contract or agreement to which the Company or any of the Company’s Subsidiaries is bound. 

(c) The Company hereby represents and warrants that (i) no Default or Event of Default has occurred and is continuing
or will have occurred and be continuing and (ii) all of the representations and warranties of the Company contained in the Credit Agreement and in each other Loan Document (other than representations and warranties which, in accordance with
their express terms, are made only as of an earlier specified date) are, and will be, true and correct as of the date of the Company’s execution and delivery of this Amendment in all material respects as though made on and as of such date.

 (d) The Company hereby represents and warrants that there are no actions, suits, investigations, proceedings,
claims or disputes pending, or to the best knowledge of the Company, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, against the Company, its Subsidiaries or any of their respective properties
which purport to affect or pertain to this Amendment, the Credit Agreement or any other Loan Document or any of the transactions contemplated hereby or thereby, or which could reasonably be expected to have a Material Adverse Effect 

4. Reaffirmation, Ratification and Acknowledgment; Reservation. The Company and each Guarantor hereby (a) ratifies and
reaffirms all of its payment and performance obligations, contingent or otherwise, under each Loan Document to which they are a party, (b) agrees and acknowledges that such ratification and reaffirmation are not a condition to the continued
effectiveness of such Loan Documents, and (c) agrees that neither such ratification and reaffirmation, nor the Agent’s or any Lender’s solicitation of such ratification and reaffirmation, constitutes a course of dealing giving rise to
any obligation or condition requiring a similar or any other ratification or reaffirmation from the Company or such Guarantor with respect to any subsequent modifications to the Credit Agreement or the other Loan Documents. The Credit Agreement as
amended hereby and each of the other Loan Documents 

  
 6 

 
shall remain in full force and effect and is hereby ratified and confirmed. Neither the execution, delivery nor effectiveness of this Amendment shall operate as a waiver of any right, power or
remedy of the Agent or the Lenders, or of any Default or Event of Default (whether or not known to the Agent or the Lenders), under any of the Loan Documents, all of which rights, powers and remedies, with respect to any such Default or Event of
Default or otherwise, are hereby expressly reserved by the Agent and the Lenders. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement. 
 5. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF ILLINOIS; PROVIDED THAT THE PARTIES SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL
LAW. 
 6. Agent’s Expenses. The Company hereby agrees to promptly reimburse the Agent for all of the reasonable
out-of-pocket expenses, including, without limitation, attorneys’ and paralegals’ fees, it has heretofore or hereafter incurred or incurs in connection with the preparation, negotiation and execution of this Amendment. 

7. Counterparts. This Amendment may be executed in counterparts and all of which together shall constitute one and the same
agreement among the parties. 
 * * * * 

  
 7 

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

					
	CBIZ, INC.
		
	By	 	/s/ Jerome P. Grisko, Jr.
		 	Name:	 	Jerome P. Grisko, Jr.
		 	Title:	 	President and Chief Operating Officer
	
	BANK OF AMERICA, N.A., as Agent
		
	By	 	/s/ Denise Jones
		 	Name:	 	Denise Jones
		 	Title:	 	Assistant Vice President
	
	BANK OF AMERICA, N.A., as a Lender, as the
Issuing Bank and as Swing Line Bank
		
	By	 	/s/ Matthew Buzzelli
		 	Name:	 	Matthew Buzzelli
		 	Title:	 	Senior Vice President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 
					
	HUNTINGTON NATIONAL BANK, as a Lender
		
	By	 	/s/ Brian H. Gallagher
		 	Name:	 	Brian H. Gallagher
		 	Title:	 	Senior Vice President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 
					
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By	 	/s/ Phillip R. Duryea
		 	Name:	 	Phillip R. Duryea
		 	Title:	 	Senior Vice President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 
					
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By	 	/s/ James Gelle
		 	Name:	 	James Gelle
		 	Title:	 	Vice President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 
					
	U.S. BANK NATIONAL ASSOCIATION, as a
Lender
		
	By	 	/s/ Mark Irey
		 	Name:	 	Mark Irey
		 	Title:	 	Assistant Vice President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 
					
	FIFTH THIRD BANK, as a Lender
		
	By	 	/s/ Sandra Centa
		 	Name:	 	Sandra Centa
		 	Title:	 	Vice President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 
					
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By	 	Joseph G. Moran
		 	Name:	 	Joseph G. Moran
		 	Title:	 	Senior Vice President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 
			
	 GUARANTORS:
  

CBIZ ACCOUNTING, TAX & ADVISORY OF ATLANTA, LLC
 CBIZ ACCOUNTING, TAX & ADVISORY OF MARYLAND, LLC
 CBIZ ACCOUNTING,
TAX & ADVISORY OF CHICAGO, LLC
 CBIZ ACCOUNTING, TAX & ADVISORY OF COLORADO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF FLORIDA, LLC
 CBIZ ACCOUNTING, TAX & ADVISORY OF KANSAS CITY, INC.
 CBIZ ACCOUNTING,
TAX & ADVISORY OF MINNESOTA, LLC (formerly CBIZ SK&B, LLC AND CBIZ BVKT, LLC)
 CBIZ ACCOUNTING, TAX & ADVISORY OF
NEW ENGLAND, LLC (formerly CBIZ ACQUISITION A, LLC)
 CBIZ ACCOUNTING, TAX & ADVISORY OF NEW YORK, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF OHIO, LLC
 CBIZ ACCOUNTING, TAX & ADVISORY OF NORTHERN CALIFORNIA, LLC
 CBIZ ACCOUNTING,
TAX & ADVISORY OF ORANGE COUNTY, LLC
 CBIZ ACCOUNTING, TAX & ADVISORY OF PHOENIX, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF SAN DIEGO, LLC
 CBIZ ACCOUNTING, TAX & ADVISORY OF ST. LOUIS, LLC
 CBIZ ACCOUNTING,
TAX & ADVISORY OF TOPEKA, LLC

		
	By:	 	/s/ Jerome P. Grisko, Jr.
	Name:	 	Jerome P. Grisko, Jr.
	Title:	 	Executive Vice President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 
			
	 GUARANTORS (continued):
  

CBIZ ACCOUNTING, TAX & ADVISORY OF UTAH, LLC
 CBIZ ACCOUNTING, TAX & ADVISORY OF WICHITA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY, LLC
 CBIZ BEATTY SATCHELL, LLC
 CBIZ BENEFITS & INSURANCE SERVICES,
INC.
 CBIZ FAMILY OFFICE SERVICES, LLC (formerly MAHONEY COHEN FAMILY OFFICE SERVICES, LLC) 

CBIZ GIBRALTAR REAL ESTATE SERVICES, LLC
 CBIZ RISK & ADVISORY SERVICES LLC
 CBIZ INSURANCE SERVICES, INC.

CBIZ KA CONSULTING SERVICES, LLC
 CBIZ
LIFE INSURANCE SOLUTIONS, INC. (formerly CBIZ SPECIAL RISK INSURANCE SERVICES, INC.)
 CBIZ M & S CONSULTING SERVICES,
LLC
 CBIZ M.T. DONAHOE & ASSOCIATES, LLC
 CBIZ MEDICAL MANAGEMENT, INC.
 CBIZ MEDICAL MANAGEMENT NORTHEAST, INC.

CBIZ MEDICAL MANAGEMENT PROFESSIONALS, INC.

CBIZ MMP OF TEXAS, LLC
 CBIZ MMP OHIO,
LLC
 CBIZ NETWORK SOLUTIONS, LLC
 CBIZ NATIONAL TAX OFFICE, LLC (formerly CBIZ UNCLAIMED PROPERTY SERVICES, LLC)
 CBIZ RETIREMENT CONSULTING, INC.
 CBIZ SOUTHERN CALIFORNIA,
LLC
 CBIZ TECHNOLOGIES, LLC

CBIZ VALUATION GROUP, LLC
 EFL
ASSOCIATES OF COLORADO, INC.
 EFL ASSOCIATES, INC.
 EFL HOLDINGS, INC.
 MHM RETIREMENT PLAN SOLUTIONS, LLC

MEDICAL MANAGEMENT SYSTEMS, INC.

MULTIPLE BENEFIT SERVICES, LLC
 TRIMED
INDIANA, LLC

		
	By:	 	 /s/ Jerome P. Grisko, Jr.

	Name:	 	Jerome P. Grisko, Jr.
	Title:	 	Executive Vice President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 
			
	 GUARANTORS (continued):
  

CBIZ MHM, LLC
 CBIZ NETWORK SOLUTIONS
CANADA, INC.
 CBIZ OPERATIONS, INC.
 CBIZ WEST, INC.

CBIZ TAX AND ADVISORY OF NEBRASKA INC.
 CBIZ ACCOUNTING, TAX & ADVISORY OF MEMPHIS, LLC
 CBIZ ACCOUNTING, TAX &
ADVISORY OF SOUTHWEST FLORIDA, LLC
 ONECBIZ, INC.

		
	By:	 	 /s/ Jerome P. Grisko, Jr.

	Name:	 	Jerome P. Grisko, Jr.
	Title:	 	President

  
 Signature
Page to 
 Third Amendment to 
 Credit Agreement 

 SCHEDULE I 
 Closing Deliveries 
  

	1.	Certificate executed by the Secretary of the Company certifying (i) the resolutions adopted by the Board of Directors of the Company authorizing or ratifying the
execution, delivery and performance of the Amendment and performance of the Credit Agreement as amended thereby, (ii) the names, signatures and incumbency of the officers of the Company authorized to execute the Amendment on behalf of the
Company, (iii) the Certificate of Incorporation of the Company certified as of a recent date by the Secretary of State of the State of Delaware and (iv) By-laws of the Company as in effect on the date of such certification.

  

	2.	Good Standing Certificate for the Company from the Secretary of State (or similar applicable Governmental Authority) of its jurisdiction of organization as of a recent
date.

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