Document:

ex10-4.htm

Exhibit 10.4

 

 

 

SECURITY AGREEMENT

This Security Agreement is granted by lnnovative Food  Holdings, Inc., a Florida corporation, Food  Innovations, Inc., a Florida corporation, Gourmet Foodservice Group, Inc., a Florida corporation, Artisan Specialty Foods, Inc., a Delaware corporation, 4 The Gourmet, Inc., a Florida corporation, Haley Food Group, Inc., a Florida  corporation,  Gourmet  Foodservice Group Warehouse, Inc., a Florida corporation, and Food New Media Group, Inc., a New York corporation (herein "Debtors") whose address and principal place  of  business  is 28411  Race Track Rd, Bonita Springs, Florida 34135, this November 26, 2013 in consideration of two Loans (herein the "Loans") to Debtors consisting of a Loan represented by a term note original principal sum of One Million and 00/100 Dollars ($1,000,000.00) to Fifth Third Bank, an Ohio banking corporation (herein "Lender") and a represented by a revolving credit note original principal sum of One Million and 00/100 Dollars ($1,000,000.00) to Lender whose address is 999 Vanderbilt Beach Road, Naples, Collier County, Florida 34108.

 

1. Definitions: Unless otherwise defined herein, all terms used in this Agreement shall have the definitions ascribed to them in that certain Restated Loan Agreement dated of even date herewith between Debtors and Lender as the same may be hereafter amended or restated (herein the "Loan Agreement").

 

2. Pledge. Debtor hereby grants to Lender, a security interest m each Debtor's personal property described on Exhibit A (herein the "Collateral").

 

3. Description of Obligation(s). The following obligations ("Obligation" or "Obligations") are secured by this Agreement: (a) the Loans represented by Debtors' Note dated of even date in the principal sum of One Million and  00/100 Dollars ($1,000,000.00) and the Debtors' Note dated of even date in the original principal sum of  One  Million  and  001100 Dollars ($1,000,000.00), and all other debts, obligations, liabilities and agreements of Debtors to Lender, now or hereafter existing, arising directly or indirectly between Debtors and Lender whether absolute or contingent, joint or several, secured or unsecured, due or not due, contractual or tortious, liquidated or unliquidated, arising by operation  of law or otherwise, whether or not evidenced by a note or other instrument and all renewals, extensions and rearrangements of any of the above; (b) All Costs incurred by Lender to obtain, preserve, perfect and enforce this Agreement and maintain, preserve, collect and realize upon the Collateral; (c) All other costs and expenses incurred by Lender, for which Debtors are obligated to reimburse Lender in accordance with the terms of the Loan Documents, together with interest at the Default Rate; (d) All amounts which may be owed to Lender pursuant to all other Loan Documents executed between Lender and Debtors; (e) the payment  and performance  by each Debtor of its obligations under all its

Security Agreement in Favor of Fifth Third Bank 

Page 1

  

  

 

agreements with Lender, as well as payment of any sums now, heretofore or hereafter owing to Lender, whether  or not evidenced by any note or other instrument and whether  or not for the payment of money, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, together with all interest thereon and costs of collection thereof, including reasonable attorneys' fees and expenses, including all renewals, reamortizations, deferments and extensions of the foregoing and including any debt liability or obligation originally owing to Lender; (f) all such future advances as may be made at the option of the Lender to any Debtor from time to time; (g) all obligations incurred by a Debtor under  any agreement  between  a Debtor and Lender or any Lender affiliate now existing or hereafter entered into, which provides for an interest rate, currency, equity, credit or commodity swap, cap, floor or collar, spot or forward foreign exchange transaction, cross currency rate swap, currency option, or any combination of, or option with respect to, any of the foregoing or any similar transactions, for the purpose of hedging such Debtor's exposure to fluctuations in interest rates, exchange rates, currency, stock, portfolio or loan valuations or commodity prices (including any such or similar agreement or transaction entered into by Lender or any Lender affiliate thereof in connection with any other agreement or transaction between any Debtor and Lender or any Lender  affiliate thereof) (each a "Rate Management Agreement") and (h) any of the foregoing that arise after the tiling of a petition by or against any Debtor under the Bankruptcy Code, even if the Obligations do not accrue because of the automatic stay under the Bankruptcy Code, or otherwise.

 

4.  Debtors' Warranties.   Each Debtor hereby represents and warrants to Lender as follows:

 

a.  Financing  Statements. Other  than  the  financing  statement  representing  the security interest herein created and those representing Permitted Encumbrances, no financing statement covering the Collateral will be on file in any public office, and no security interest, other than the one herein created and those constituting the Permitted Encumbrances shall be attached or perfected in the Collateral or any part thereof. This Agreement constitutes an authenticated record and each Debtor authorizes Lender to tile UCC financing statements under Article Nine without any Debtor's signature pursuant to Article Nine. Each Debtor further authorizes Lender to file any and all Article Nine financing statements and/or any amendments thereto in such other jurisdictions as Lender deems necessary to insure that UCC filing statements accurately describe the collateral pledged hereunder in accordance with Article Nine and to fully perfect Lender's security interest in the Collateral. Each Debtor's exact legal name is set forth above and each such Debtor's place of incorporation for filing of UCC financing statements is set forth above following the name of Debtor above.

 

Security Agreement in Favor of Fifth Third Bank 

Page 2

  

  

 

b. Ownership. Each Debtor owns its portion of the Collateral free from any setoff, claim, restriction, lien, security interest or encumbrance except liens for the security interest hereunder and the Permitted Encumbrances including a subordinate lien in favor of Barabra R. Mittman as collateral Agent under  UCC filing statement number 200509240176 filed with the Secured Transaction Registry State of Florida. Within the last seven years, no Debtor has been a surviving party to any merger or consolidation nor has any Debtor had any name changes or done business under any fictitious name other than as previously disclosed to Lender in writing.

 

c. Environmental Compliance. The conduct of each  Debtor's  business  operations and the condition of each Debtor's property does not and will not violate any federal laws, rules or ordinances for environmental protection, regulations of the Environmental Protection Agency and any applicable local or state law, rule, regulation or rule of common law and any judicial interpretation thereof relating primarily to the environment or any materials defined as hazardous materials or substances under any local, state or federal environmental laws, rules or regulations, and petroleum, petroleum products, oil and asbestos ("Hazardous Materials").

 

d. Power and Authority. Each Debtor has full power and authority to make this Agreement, and all necessary consents and approvals of any persons, entities, governmental or regulatory authorities and securities exchanges have been obtained to effectuate the validity of this Agreement.

 

e. Location of Collateral. Other than the Collateral of Artisan Specialty  Foods, Inc., a Delaware corporation, which are kept in the state of Illinois, the tangible Collateral shall be kept at the Debtors' Principal Place of Business or at the locations described on Exhibit  A. Debtors, in addition to any obligations set forth herein or in the Loan Agreement, authorize Lender to execute, or, if necessary, Debtors will execute, such supplemental UCC filing statements for filing with the appropriate filing officer in the State of Florida, or where the Collateral is kept for each new location where any Collateral is kept, if required by the laws of such jurisdiction, to maintain Lender's perfection of secured  interest, and Debtors shall pay all fees and costs associated therewith.

 

5. Debtor's  Covenants.    Until full payment and  performance of  all of the Obligations and termination or expiration of any obligation or commitment of Lender to make advances or loans to any Debtor, then, unless Lender otherwise consents in writing, which consent may be withheld in Lender's sole discretion:

 

a.  Obligation and This Agreement.   Each Debtor shall perform all of  its agreements herein and in any other agreements between it and Lender.

 

Security Agreement in Favor of Fifth Third Bank 

Page 3

  

  

 

b. Ownership and  Maintenance  of the Collateral.  Each  Debtor  shall  keep all of its tangible Collateral in good condition, subject to normal wear and tear. Debtors shall defend the Collateral against all claims and demands of all persons at any time claiming any interest therein adverse to Lender. Debtors shall keep the Collateral free from all liens and security interests except for the Permitted Encumbrances.

 

c. Insurance. Debtors shall insure the tangible personal property Collateral with companies acceptable to Lender. Such insurance shall be in an amount not less than the fair market value of the Collateral or the amount of the Obligations, whichever is less, and shall be against such casualties, with such deductible amounts as Lender shall approve. All insurance policies shall be written for the benefit of Debtors and Lender as their interests may appear, payable to Lender as an additional insured, or in other form satisfactory to Lender, and such policies or certificates evidencing the same shall be furnished to Lender. All policies of insurance shall provide for written notice to Lender at least thirty (30) days prior to cancellation. The risk of loss or damage to Collateral shall be Debtors to the extent of any deficiency in any effective insurance coverage.

 

d. Lender's Costs. Debtors shall pay all costs necessary to obtain, preserve, perfect, defend and enforce the security interest created by this Agreement, collect the Obligations, and preserve, defend, enforce and collect the Collateral, including but not limited to taxes, assessments, insurance premiums, repairs, rent, storage costs and expenses of sales, legal expenses, reasonable attorney's fees and other fees or expenses for which Debtors are obligated to reimburse Lender in accordance with the terms of the Loan Documents. Whether the Collateral is or is not in Lender's possession, and without any obligation to do so and without waiving any Debtor's default for failure to make any such payment, Lender at its option may pay any such costs and expenses, discharge encumbrances on the Collateral, and pay for insurance of the Collateral, and such payments shall be a part of the Obligations and bear interest at the Default Rate. Each Debtor, jointly and severally, agrees to reimburse Lender on demand for any costs so incurred.

 

e. Information and Inspection. Debtors shall: (i) promptly furnish Lender any information with respect to the Collateral  requested by Lender; (ii) allow Lender or its representatives to inspect the Collateral, at any time and wherever located, and to inspect and copy, or furnish Lender or its representatives with copies of, all records relating to the Collateral and the Obligations; (iii) promptly furnish Lender or its representatives such information as Lender may request to identify the Collateral, at the time and in the form requested by Lender; and (iv) deliver upon request to Lender shipping and delivery receipts evidencing the shipment of goods and invoices evidencing the receipt of, and the payment for, the Collateral.

 

 Security Agreement in Favor of Fifth Third Bank 

Page 4

  

  

 

f. Additional Documents. Debtors  shall  sign  and  deliver  any  papers  deemed necessary or desirable in the judgment of Lender to obtain, maintain, and perfect the security interest hereunder and to enable Lender to comply with any federal or state law in order to obtain or perfect Lender's interest in the Collateral or to obtain proceeds of the Collateral.

 

g. Records of the Collateral. Each Debtor shall maintain accurate  books  and records covering the Collateral at all times. Each Debtor immediately will mark all books and records with an entry showing the assignment of all Collateral to Lender, and Lender is hereby given the right to audit the books and records of each Debtor relating to the Collateral at any time and from time to time. 

 

h. Disposition of the Collateral. If disposition of any Collateral gives rise to an account, chattel paper or instrument, each affected  Debtor shall immediately  notify Lender, and upon request of Lender, shall assign or indorse the same to Lender. No Collateral may be sold, leased, manufactured, processed or otherwise disposed of by Debtors in any manner without the prior written consent of Lender, except the Collateral sold, leased, manufactured, processed or consumed in the ordinary course of Debtors' ongoing normal business operations. 

 

i.  Accounts and Deposit Accounts.  Each account held as Collateral will represent the valid and legally enforceable obligation of third parties  and shall not be evidenced by any instrument or chattel paper. In the event any Debtor has pledged any Deposit Accounts, investment property, letter of credit rights or electronic paper, such Debtor will undertake the necessary steps to insure Lender's control over such Collateral as required by Article Nine.

 

j.  Notice/Location of the Collateral. Each Debtor shall give Lender written notice of each office of such Debtor in which records of such Debtor pe1taining to accounts held as Collateral are kept, and each location at which the Collateral is or will be kept, and of any change of any such location as permitted by the Loan Agreement. If no such notice is given, all records of each Debtor pertaining to the Collateral shall be kept at the Principal Place Business or the locations set forth on Exhibit A. 

 

k. Change of Name/Status and Notice  of  Changes.  Except  as permitted  in  the Loan Agreement, without the prior written consent of Lender, no Debtor shall change its name, change its entity status (whether by conversion to another entity status or otherwise), merge or consolidate with any other Person, use any trade name or engage in any business not reasonably related to its business as presently conducted. Debtors shall notify Lender immediately of: (i) any material change in the Collateral; (ii) a change in any Debtor's business or location; (iii) a change in any matter warranted or represented by any Debtor in this Agreement, or in any of the Loan Documents or furnished to Lender pursuant to this Agreement; and (iv) the occurrence of an Event

 

Security Agreement in Favor of Fifth Third Bank 

Page 5

  

  

 

of Default as defined in the Loan Agreement. The above notwithstanding, Innovative Food Holdings, Inc. may migrate to Delaware, through the conversion process, and acquire other entities in the food business upon approval of its board of directors and prior notice to Lender.

 

l. Use and Removal of the Collateral. No Debtor shall use the Collateral illegally. No Debtor shall permit any of the Collateral to be removed from the locations specified herein without the prior written consent of Lender, except in the ordinary course of business and thereupon Debtors will comply with the provisions set forth in paragraph S(t) herein, if applicable.

 

m. Waivers by Debtor. Each Debtor waives notice of the creation,  advance, increase, existence, extension or renewal of: and of any indulgence with respect to, the Obligations; waives presentment, demand, notice of dishonor, and protest; waives notice of the amount of the Obligations outstanding at any time, notice of any change in financial condition of any person liable for the Obligations or any part thereof: notice of any Event of Default other than as required under the Loan Agreement, and all other notices respecting the Obligations; and agrees that maturity of the Obligations and any part thereof may be accelerated, extended or renewed one or more times by Lender in its discretion, without notice to any Debtor. Each Debtor waives any right to require that any action be brought against any other Debtor or other person or to require that resort be had to any other security or to any balance of any deposit account. Each Debtor further waives any right of subrogation or to enforce any right of action against any other Debtor until the Obligations are paid in full.

 

n. Compliance with State and Federal Laws. Each Debtor will maintain its existence, good standing and qualification to do business and comply with all laws, regulations and governmental requirements, including without limitation, environmental laws applicable to it or any of its property, business operations and transactions.

 

6.  Default. 

 

a. Event of Default. A default under this Agreement shall occur if: (i) there is a loss, theft, damage or destruction of any material portion of the tangible Collateral for which there is no insurance coverage or for which, in the reasonable opinion of Lender, there is insufficient insurance coverage; (ii) there is a levy upon or execution against any of the Collateral; or (iii) any Debtor shall fail to timely and properly pay or observe, keep or perform any term, covenant, agreement or condition in this Agreement or in any other agreement between such Debtor and Lender, including, but not limited to, any Note, the Loan Agreement, any Rate Management Agreement, any Security Instrument, any certificate, assignment, instrument, document or other Loan Document concerning or related to  the Obligations and any applicable notice and  cure periods have passed.

 

Security Agreement in Favor of Fifth Third Bank 

Page 6

  

  

 

b. Rights and Remedies. If any default shall occur under this Agreement, then, in each and every such case, at any time thereafter, Lender, without further: (i) presentment, demand, or protest; (ii) notice of default, dishonor, demand, non-payment, or protest; (iii) notice of intent to accelerate all or any part of the Obligations; (iv) notice of acceleration of all or any part of the Obligations; or notice of any other kind; all of which each Debtor hereby expressly waives, (except for any notice required under this Agreement, any other Loan Document or applicable law), may exercise and/or enforce any of the following rights and remedies at Lender's option:

i. Acceleration. Declare the Obligations to become immediately due and payable, and any duty of Lender to permit further borrowings under the Obligations shall immediately cease and terminate.

 

ii.  Possession and Collection of the Collateral.

 

(a) Take possession or control of, store, lease, operate, manage, sell, or instruct any agent or broker to sell or otherwise dispose of, all or any part of the Collateral;

 

(b) notify all parties under any account or contract right forming all or any part of the Collateral to make any payments otherwise due to any Debtor directly to Lender;

 

(c) in Lender's own name, or in the name of each Debtor,  demand, collect, receive, sue for, and give receipts and releases for, any and all amounts due under such accounts and contract rights. Lender shall not be liable for failure to collect any account or instruments, or for any act or omission on the part of Lender, its officers, agents or employees, except for its or their own willful misconduct or gross negligence;

 

(d) indorse, as the agent of each Debtor, any check, note, chattel paper, documents, or instruments forming all or any part of the Collateral;

 

(e) make formal application for transfer to Lender (or to any assignee of Lender or to any purchaser of any of the Collateral) of all of each Debtor's permits, licenses, copyrights, trademarks, trade names, patents, approvals, agreements, leases, contracts, titles and the like relating to the Collateral or to a Debtor's business;

 

(f) If any Debtor fails to maintain any required insurance, to the extent permitted by applicable law, Lender may (but is not obligated to) purchase single interest insurance coverage for the Collateral which insurance may at Lender's option: (i) protect only Lender and not provide any remuneration or protection for any Debtor directly; and (ii) provide coverage only after the Obligations have been declared due as herein provided. The premiums for any such insurance purchased by Lender shall be a part of the Obligations and shall bear interest at the Default Rate.

 

Security Agreement in Favor of Fifth Third Bank  

Page 7

  

  

 

(g) Make any claim under any insurance policy or cancel such insurance, and collect and receive payment and indorse any instrument in payment of loss or return premium or other refund or return, and apply such amounts received, at Lender's election, to replacement of Collateral or to the Obligations.

 

(h) take any other action which Lender deems necessary or desirable to protect and realize upon its security interest in the Collateral; and

 

(i) in addition to the foregoing, and not in substitution therefore, exercise any one or more of the rights and remedies exercisable by Lender under any other provision of this Agreement, under any of the other Loan Documents, or as provided by applicable law (including, without limitation, Article Nine). In taking possession of the Collateral Lender may enter any Place of Business of a Debtor and otherwise proceed without legal process, if this can be done without breach of the peace. Each Debtor shall, upon Lender's demand, promptly make the Collateral or other security available to Lender at a place designated by Lender in the County where a Debtor's Place of Business is located. Each Debtor appoints Lender, and any officer thereof, as such Debtor's attorney-in-fact with full power in such Debtor's name and behalf to do every act which such Debtor is obligated to do or may be required to do hereunder; however, nothing in this paragraph shall be construed to obligate Lender to take any action hereunder nor shall Lender be liable to any Debtor for failure to take any action hereunder. This appointment shall be deemed a power coupled with an  interest and shall not be terminable as long as the Obligations are outstanding.

 

Lender shall not be liable for, nor be prejudiced by, any loss, depreciation or other damages to the Collateral, unless caused by Lender's willful and malicious act. Lender shall have no duty to take any action to preserve or collect the Collateral.

 

iii. Receiver. Obtain the appointment of a receiver for all or any of the Collateral, and each Debtor hereby consents to the appointment of such a receiver as a matter of right, without regard to the value of the Collateral or the solvency of any Debtor and without prior notice and each Debtor waives prior notice and agrees not to oppose any such appointment.

 

iv. Right of Set Off. Without notice or demand to any Debtor, set off and apply against any and all of the Obligations any and all deposits (general or special, time or demand, provisional or final) and any other indebtedness, at any time held or owing by Lender to or for the credit of the account of Debtors.

 

v. Books and Records. Take immediate possession of all books  and records evidencing any Collateral or pertaining to chattel paper covered by this Agreement and it

 

Security Agreement in Favor of Fifth Third Bank 

Page 8

  

  

 

or its representatives shall have the authority to enter upon any Place of Business upon which any of the same, or any Collateral, may be situated and remove the same therefrom without liability.

 

vi. Insurance. Surrender any insurance policies on the Collateral  and receive the unearned premium thereon. Debtors shall be entitled to any surplus and shall be liable to Lender for any deficiency. The proceeds of any disposition after default available to satisfy the Obligation may, at Lender's option, be applied to the Obligations first to late tees and Costs, then to interest on the Notes, followed by application to principal on the Notes in such order as Lender shall determine.

 

c.       Disposition  of Collateral.   Each  Debtor  specifically  acknowledges  and  agrees that any sale by Lender of all or part of the Collateral pursuant to the terms of this Agreement may be effected by Lender at times and in manners which could result in the proceeds of such sale as being significantly and materially less than might have been received if such sale had occurred at different times or in different manners, and each Debtor hereby releases Lender and its officers and representatives from and against any and all obligations and liabilities arising out of or related to the timing or manner of any such sale.

 

If, in the opinion of Lender, there is any question that a public sale or distribution of any Collateral will violate any state or federal securities law, Lender may offer and sell such Collateral in a transaction exempt from registration under federal securities law, and any such sale made in good faith by Lender shall be deemed "commercially reasonable".

 

Lender shall have no obligation  to cleanup or otherwise prepare any Collateral for sale. 

 

Lender's compliance with applicable state or federal law requirements in connection  with  a disposition  of the Collateral  shall not  be considered  to adversely  affect the commercial reasonableness of any sale of the Collateral. 

 

Lender may specifically disclaim any warranties of title or the like upon disposition of any Collateral. The disclaimer of any warranty of title shall not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.

 

If Lender sells any Collateral upon credit, Debtors shall be credited only with the payments actually made by the purchaser thereof, and actually received by  the  Lender  and applied to the obligations of such purchaser. In the event the purchaser fails to pay for the Collateral, Lender may resell the Collateral and Debtors shall be credited only with  the net proceeds of such sale.

 

Security Agreement in Favor of Fifth Third Bank 

Page 9

  

  

 

Lender shall have no obligation to marshal any assets in favor of any Debtor, or against or payment of: (i) any Note; (ii) any of the other Obligations, or (iii) any other obligation owed to Lender by Debtors and each Debtor waives all claims of marshalling.

 

7.  General.

a. Parties Bound. Lender's rights hereunder shall inure to the benefit of its successors and assigns. In the event of any assignment or transfer by Lender of any of the Obligations or the Collateral, Lender thereafter shall be fully discharged from any responsibility with respect to the Collateral so assigned or transferred, but Lender shall retain all rights and powers hereby given with respect to any of the Obligations or the Collateral not so assigned or transferred. All representations, warranties and agreements of Debtors shall be binding upon the permitted successors and assigns of Debtors.

 

b. Waiver. No delay of Lender in exercising any power or right shall operate as a waiver thereof; nor shall any single or partial exercise of any power or right preclude other or further exercise thereof or the exercise of any other power or right. No waiver by Lender of any right hereunder or of any default by any Debtor shall be binding upon Lender unless in writing, and no failure by Lender to exercise any power or right hereunder or waiver of any default by any Debtor shall operate as a waiver of any other or further exercise of such right or power or of any further default. Each right, power and remedy of Lender as provided for herein or in any of the Loan Documents, or which shall now or hereafter exist at law or in equity or by statute or otherwise, shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by Lender of any one or more of such rights, powers or remedies shall not preclude the simultaneous or later exercise by Lender of any or all other such rights, powers or remedies.

 

c.  Agreement  Continuing.  This  Agreement  shall  constitute  a   continuing agreement, applying to all future as well as existing transactions, whether or not of the character contemplated at the date of this Agreement, and if all transactions between Lender and Debtors shall be closed at any time, shall be equally applicable to any new transactions thereafter.

 

d. Waiver of Jury Trial. Each Debtor hereby waives its rights to a jury trial of any claim or cause of action based upon or arising out of this Agreement, the Loan Documents, and/or the transactions contemplated by this agreement, or any dealings between each  Debtor  and Lender.

 

e.  Notices.  Notice shall be deemed reasonable if mailed postage prepaid at least five (5) days before the related  action (or if Article Nine elsewhere  specifies a longer period, such

Security Agreement in Favor of Fifth Third Bank 

Page 10

  

  

 

longer period) to the address of Debtors listed in the Loan Agreement in accordance with the Loan Agreement.

 

f.  Modifications. No  provision  hereof  shall be modified  or limited  except by a written agreement expressly referring hereto and to the provisions so modified or limited and signed by Debtors and Lender. The provisions of this Agreement shall not be modified or limited by course of conduct or usage of trade.

 

g. Applicable Law and Partial Invalidity. This Agreement  has been  delivered  in the State of Florida and shall be governed by and construed in accordance with the laws of that State even if Collateral is located outside the jurisdiction of the State of Florida. Wherever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement. The invalidity or unenforceability of any provision of any Loan Document to any person or circumstance shall not affect the enforceability or validity of such provision as it may apply to other persons or circumstances.

 

h. Financing Statement. To the extent permitted by applicable law, a carbon, photographic or other reproduction of this Agreement or any financing statement  covering the Collateral shall be sufficient as a financing statement. 

 

i. Attorney Fees. Should any litigation be commenced between the parties hereto concerning the provisions of this Agreement or the rights and duties of any in relation thereto, the party prevailing in such litigation shall be entitled, in addition to such other relief as may be granted, to a reasonable sum as and for its attoneys' fees in such litigation which shall be determined by the court in such litigation or in a separate action brought for that purpose and such attoneys' fees shall be deemed to include the right to a separate award for paralegal or legal assistant's fees. 

 

j.  Headings and  Captions.   The headings  and  captions contained  in this Agreement shall not be considered to be a part hereof  for purposes of interpretation or applying this Agreement but are for convenience only.

 

k. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which  together shall constitute one and the same instrument.

 

l. Prior Agreements. This Agreement is supplemental to and does not supersede any other security agreement between Lender and any Debtor.

 

Security Agreement in Favor of Fifth Third Bank 

Page 11

  

  

 

IN WITNESS  WHEREOF, the parties have executed  or caused theses  presents to be executed effective the day and year first above written.

 

Signed Sealed and Delivered In the Presence of:

 

	 	
Innovative Food Holdings, Inc., 

a Florida corporation

	 	 
	                                                                                                      	 
	Witness as to Debtor	By:                                                                                   
	Print Name                                                                                  	Justin Wiernasz, its President
	 	 
	                                                                                                      	 
	Witness as to Debtor	 
	Print Name                                                                                  	 
	 	 

  

 

 

	 	
Food Innovations, Inc., 

a Florida corporation

	 	 
	                                                                                                      	 
	Witness as to Debtor	By:                                                                                   
	Print Name                                                                                  	Justin Wiernasz, its President
	 	 
	                                                                                                      	 
	Witness as to Debtor	 
	Print Name                                                                                  	 
	 	 

  

 

 

	 	
Gourmet Foodservice Group, Inc., 

a Florida corporation

	 	 
	                                                                                                      	 
	Witness as to Debtor	By:                                                                                   
	Print Name                                                                                  	Justin Wiernasz, its President
	 	 
	                                                                                                      	 
	Witness as to Debtor	 
	Print Name                                                                                  	 
	 	 

  

 

Security Agreement in Favor of Fifth Third Bank  
Page 12

  

  

 

 

 

	 	
Artisan Specialty Foods, Inc., 

a Delaware corporation

	 	 
	                                                                                                      	 
	Witness as to Debtor	By:                                                                                   
	Print Name                                                                                  	Justin Wiernasz, its President
	 	 
	                                                                                                      	 
	Witness as to Debtor	 
	Print Name                                                                                  	 
	 	 

  

 

 

	 	
4 The Gourmet, Inc., 

a Florida corporation

	 	 
	                                                                                                      	 
	Witness as to Debtor	By:                                                                                   
	Print Name                                                                                  	Justin Wiernasz, its President
	 	 
	                                                                                                      	 
	Witness as to Debtor	 
	Print Name                                                                                  	 
	 	 

  

 

 

	 	
Haley Food Group, Inc., 

a Florida corporation

	 	 
	                                                                                                      	 
	Witness as to Debtor	By:                                                                                   
	Print Name                                                                                  	Justin Wiernasz, its President
	 	 
	                                                                                                      	 
	Witness as to Debtor	 
	Print Name                                                                                  	 
	 	 

  

 

 

	 	
 
Gourmet  Foodservice  Group  Warehouse,  Inc., 

a Florida corporation.

	 	 
	                                                                                                      	 
	Witness as to Debtor	By:                                                                                   
	Print Name                                                                                  	Justin Wiernasz, its President
	 	 
	                                                                                                      	 
	Witness as to Debtor	 
	Print Name                                                                                  	 
	 	 

  

 

Security Agreement in Favor of Fifth Third Bank  
Page 13

  

  

 

 

	 	
 
Food  New  Media  Group,  Inc.,  

a New  York corporation

	 	 
	                                                                                                      	 
	Witness as to Debtor	By:                                                                                   
	Print Name                                                                                  	Justin Wiernasz, its President
	 	 
	                                                                                                      	 
	Witness as to Debtor	 
	Print Name                                                                                  	 
	 	 

  

 

 

	 	
Fifth Third Bank, 

an Ohio banking corporation

	 	 
	                                                                                                      	 
	Witness as to Debtor	By:                                                                                   
	Print Name                                                                                  	
Timothy J. Reiter, Vice President

	 	 
	                                                                                                      	 
	Witness as to Debtor	 
	Print Name                                                                                  	 
	 	 

  

Security Agreement in Favor of Fifth Third Bank  
Page 14

  

  

 

Exhibit "A"

 

"Personal Property" shall mean:

A. All fixtures of every nature whatsoever affixed to the Real Estate described on the attached continuation page now or hereafter  owned by Debtors used or intended to be used in connection with or with the operation of the Real Estate , including all extensions, additions, improvements, betterments, renewals, substitutions, and replacements to any of the foregoing;

B. All right, title interest and privileges arising under all contracts, permits and licenses entered into or obtained in connection with the operation of the Real Estate, including by way of example and not in limitation: all variances, licenses and  franchises  granted  by  municipal, county, state and federal Governmental Authorities, or any of their respective agencies;

C. All judgments, awards of damages and settlements hereafter made resulting from condemnation proceeds or the taking of any of the Real Estate or any portion thereof under the power of eminent domain or the threat of exercise thereof; any proceeds of any and all policies of insurance maintained with respect to the Real Estate, or proceeds of any sale, option or contract to sell the Real Estate  or any portion thereof

D. Any and all of Debtors' goods held as inventory, whether now owned or hereafter acquired, including without limitation, any and all such goods held for sale or lease or being processed for sale or lease in Debtor's business, as now or hereafter conducted, including all materials, goods and work in process, finished goods and other tangible property held for sale or lease or furnished or to be furnished under contracts of service or used or consumed in Debtors' business, along with all documents (including documents of title) covering such inventory;

D. All of Debtors' other Goods, and all imbedded and non-imbedded software associated therewith;

F. Any and all accounts, accounts receivable, receivables, contract rights, all rents, profits, book debts, checks, notes, drafts, instruments, chattel paper, acceptances,  chases  in action, any and all amounts due to Debtors from a factor or other forms of obligations and receivables now existing or hereafter arising out of the business of Debtors, as well as any and all returned, refused and repossessed goods, the cash or non-cash proceeds resulting therefrom;

G. All patents, trademarks, service marks, trade secrets, copyrights and exclusive licenses (whether issued or pending), and all documents, applications, operating manuals, materials and other matters related thereto, all inventions, all manufacturing, engineering and production plans, drawings, specifications, processes and systems, all trade names, computer programs, data bases, systems and software (including source and object codes), goodwill, chases in action, and all other general intangibles of Debtors, whether now owned or hereafter acquired, and all cash and non-cash proceeds thereof, and all  chattel paper, documents and instruments relating to such intangibles;

H. All of Debtors' right, title interest and privileges arising under all contracts, permits and licenses entered into or obtained in connection with the operation of any of the Collateral and/or Debtors' business as now or hereafter conducted, including by way of example and not in limitation: all variances, licenses and franchises granted by municipal, county, state and federal Governmental Authorities, or any of their respective agencies;

 

Security Agreement in Favor of Fifth Third Bank  
Page 15

  

  

 

I. Any of each Debtor's licenses, permits, approvals, allocations,  contract rights, trade and fictitious names and similar matters and documents obtained or to be obtained in the future which are necessary or appropriate for the operation and management any of the Collateral;

J. All judgments, awards of damages and settlements hereafter made by any Debtor resulting from condemnation proceeds or the taking any of the Collateral  or any portion thereof under the power of eminent domain or the threat of exercise thereof; any proceeds of any and all policies of insurance maintained with respect any to the Collateral or proceeds of any sale, option or contract to sell any of the Collateral or any portion thereof. 

 

 All investment property of Debtors; 

 

L.  All Deposit Accounts of Debtors;

 

M.  All letter of credit rights of Debtors;

 

N.  All proceeds of the foregoing ("Proceeds").

 

  

Security Agreement in Favor of Fifth Third Bank  
Page 16

  

  

Exhibit A

 

Lot 3 of GREYHOUND COMMERCE PARK, according to the plat thereof as recorded in Plat Book 66, Page 21, of the Public Records of Lee County, Florida.

 

And

 

Other Places of Business:

 

 

Security Agreement in Favor of Fifth Third Bank  
Page 17EX-10.1

 Exhibit 10.1 

EXECUTION COPY 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT, dated as of August 22, 2013 (the “Employment Agreement”), by and between BakerCorp, a Delaware
corporation (the “Company”), and Robert Craycraft (the “Executive”). 
 WHEREAS, the Company desires to
employ the Executive and wishes to acquire and be assured of his services on the terms and conditions hereinafter set forth; and 
 WHEREAS,
the Executive desires to be employed by the Company and to perform and to serve the Company on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid consideration, the sufficiency of which is
acknowledged, the parties hereto agree as follows: 
 Section 1. Employment. 

1.1. Term. Subject to Section 3 hereof, the Company agrees to employ the Executive, and the Executive agrees to be employed by the
Company, in each case pursuant to this Employment Agreement, for a period commencing on September 9, 2013 (the “Effective Date”) and ending on the fifth anniversary of the Effective Date (the “Initial Term”);
provided, however, that the period of the Executive’s employment pursuant to this Employment Agreement shall be automatically extended for successive one-year periods thereafter (each, a “Renewal Term”), in each
case unless either party hereto provides the other party hereto with written notice that such period shall not be so extended at least 30 days in advance of the expiration of the Initial Term or the then-current Renewal Term, as applicable (the
Initial Term and any Renewal Term, collectively, the “Term”). Each additional one-year Renewal Term shall be added to the end of the next scheduled expiration date of the Initial Term or Renewal Term, as applicable, as of the first
day after the last date on which notice may be given pursuant to the preceding sentence. The Executive’s period of employment pursuant to this Employment Agreement shall hereinafter be referred to as the “Employment Period.”

 1.2. Duties. During the Employment Period, the Executive shall serve as the Company’s President and Chief Executive Officer
and such other positions as an officer or director of the Company and such affiliates of the Company as the Executive and the board of directors (the “Board”) of BakerCorp International Holdings, Inc. (“Parent”)
shall mutually agree from time to time, and shall have the customary duties associated with such positions. The Executive shall report directly to the Board. The Board shall take such action as may be necessary to appoint or elect the Executive as a
member of the Board as of the Effective Date. Thereafter, during the Employment Period, the Executive shall serve as a member of the Board, subject to any limitation imposed by applicable law or regulatory requirements. 

1.3. Exclusivity. During the Employment Period, the Executive will devote substantially all of the Executive’s business time,
attention and energies to the performance of the Executive’s duties hereunder. Consistent with the foregoing obligation, during the Employment Period, the Executive shall not without the prior written consent of the

 
Board, which the Board may grant or withhold in its sole discretion: (i) accept any other employment; (ii) serve on the board of directors or similar body of any other business entity;
or (iii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that, solely in the case of clause (iii), is or may be competitive with, or that might place the Executive in a competing
position to that of, the Company Group (as hereinafter defined). The term “Company Group” means individually and collectively Parent and each of its direct and indirect subsidiaries, including, without limitation, the Company.
Notwithstanding the foregoing, nothing herein shall prevent the Executive from (x) serving on the boards of directors of non-profit organizations, (y) participating in charitable, civic, educational, professional, community or industry
affairs and (z) managing the Executive’s passive personal investments so long as such activities in the aggregate do not interfere or conflict with the Executive’s duties hereunder or create a potential business or fiduciary conflict.

 1.4. Payment of Taxes. To the extent that any taxes become payable by the Executive by virtue of any payments made to, or benefits
conferred upon, the Executive by the Company, the Company shall not be liable to pay or obligated to reimburse the Executive for any such taxes or to make any adjustment under this Employment Agreement except as otherwise expressly set forth herein,
and any payments otherwise due under this Employment Agreement to the Executive shall be reduced by any required withholding for federal, state and/or local taxes and other appropriate payroll deductions. 

Section 2. Compensation. 

2.1. Salary. As compensation for the performance of the Executive’s services hereunder, during the Employment Period, the Company
shall pay to the Executive a salary at an annual rate of $500,000, payable in accordance with the Company’s standard payroll policies (the “Base Salary”). The Base Salary will be reviewed annually and may be adjusted upward
(but not downward) by the Board (or a committee thereof) in its sole discretion. 
 2.2. Annual Bonus. For each fiscal year of the
Company ending during the Employment Period, the Executive shall be eligible for a potential award of additional compensation (the “Annual Bonus”) to be based upon such objectively determinable Company performance criteria for each
such fiscal year as determined by the Board in the best interests of the Company (the “Performance Goals”). The Executive’s target Annual Bonus opportunity for each fiscal year that ends during the Employment Period shall equal
150% of the Base Salary (the “Target Annual Bonus Opportunity”) (which shall be pro-rated for any fiscal year not falling entirely within the Employment Period). The amount paid will depend on the extent to which the Performance
Goals are achieved or exceeded. The Annual Bonus shall be paid within two and one-half months after the end of the Company’s fiscal year, subject to the Executive’s continued employment through the date of payment, except to the extent
expressly provided herein. The Annual Bonus shall be paid in cash. 
 2.3. Initial Signing Bonus. Upon execution of this Employment
Agreement, the Executive shall receive a one-time signing bonus of $175,000 which shall be paid on the first regular payroll date following the Effective Date (the “Signing Bonus”); provided, that in the event of the
Executive’s termination of employment by the Company for Cause (as defined below) or by the Executive for any reason other than Good Reason (as defined below), in each case within one year following the Effective Date, the Executive shall repay
the Signing Bonus in full. 

  
 2 

 2.4. Employee Benefits. During the Employment Period, the Executive shall be eligible to
participate in such health and other group insurance and other employee benefit plans and programs of the Company as in effect from time to time on the same basis as similarly situated senior executives of the Company. 

2.5. Vacation. During the Employment Period, the Executive shall be entitled to four weeks vacation per fiscal year in accordance with
the Company’s policy on accrual and use applicable to employees as in effect from time to time. The number of vacation days is prorated for the first and last fiscal years of employment, and shall be determined by multiplying 20 by a fraction,
the numerator of which is the number of days the Executive is employed by the Company during the applicable year and the denominator of which is 365. 

2.6. Business Expenses. The Company shall pay or reimburse the Executive, upon presentation of documentation, for all commercially
reasonable business out-of-pocket expenses that the Executive incurs during the Employment Period in performing his duties under this Employment Agreement and in accordance with the expense reimbursement policy of the Company as approved by the
Board (or a committee thereof) and in effect from time to time. 
 2.7. Legal Fees. Promptly following the Effective Date, the
Company shall pay to the Executive up to $5,000 in aggregate documented legal fees and related expenses incurred in connection with the drafting, negotiation and execution of this Employment Agreement and other documents relating to the
Executive’s equity arrangements with the Company or Parent. 
 Section 3. Employment Termination. 

3.1. Termination of Employment. The Company may terminate the Executive’s employment hereunder for any reason during the Term, and
the Executive may voluntarily terminate his employment hereunder for any reason during the Term, in each case (other than upon a termination by the Company for Cause, as defined below) at any time upon not less than seven days’ notice to the
other party (the date on which the Executive’s employment terminates for any reason is herein referred to as the “Termination Date”). Upon the termination of the Executive’s employment with the Company for any reason, the
Executive shall be entitled to (i) payment of any Base Salary earned but unpaid through the Termination Date, (ii) any vested benefits to the extent provided under the applicable terms of applicable Company arrangements and (iii) any
unreimbursed expenses in accordance with Section 2.6 hereof (collectively, the “Accrued Amounts”). It is specifically understood and agreed by the parties to this Employment Agreement that the Company’s obligations under
this Section 3 constitute good and valuable consideration for the covenants made by the Executive in favor of the Company under this Employment Agreement, including, without limitation, Section 4 hereof. 

3.2. Termination due to Death or Disability. If the Executive’s employment is be terminated due to the Executive’s death or
Disability (as defined below), in 

  
 3 

 
addition to the Accrued Amounts, the Company shall pay to the Executive or the Executive’s estate, as applicable, a pro-rata bonus for the fiscal year of termination, equal to the
Executive’s Target Annual Bonus Opportunity, multiplied by a fraction, the numerator of which is the number of days the Executive is employed by the Company during the applicable fiscal year prior to and including the Termination Date and the
denominator of which is 365 (the “Pro-Rata Bonus”). The Pro-Rata Bonus shall be paid within 30 days following the Termination Date. 

3.3. Termination by the Company other than for Cause, Death or Disability; Termination by the Executive for Good Reason. If the
Executive’s employment is terminated (i) by the Executive by Voluntary Resignation for Good Reason, each as defined below (provided, that, the Executive has complied with the Notice of Resignation requirement set forth in
Section 5.8 hereof) or (ii) by the Company without Cause (which shall include a Company non-renewal of this Employment Agreement in accordance with Section 1 hereof, provided, that, the Executive has continued employment
to the end of the Term and resigns within ten days following the end of the Term), in addition to the Accrued Amounts, the Company shall pay to the Executive (i) an amount per month equal to one-twelfth of the Base Salary (the “Salary
Severance Amounts”) for the 12-month period following the Termination Date (the “Severance Benefits Period”) and (ii) a pro-rata bonus for the year of termination, equal to the Annual Bonus the Executive would have
been entitled to receive had his employment not been terminated, based on the actual performance of the Company for the full year, multiplied by a fraction, the numerator of which is the number of days the Executive is employed by the Company during
the applicable fiscal year prior to and including the Termination Date and the denominator of which is 365 (the “Bonus Severance Amounts”); provided, that, if such termination occurs within the one-year period
following a Change in Control (as defined below) (a “Change in Control Termination”), the Bonus Severance Amounts shall equal the Target Annual Bonus Opportunity for the year of termination. The Executive and the Executive’s
dependents shall also be entitled to health benefits (including medical, dental and vision benefits) under the Company’s benefit plans for the Severance Benefits Period, subject to earlier termination of such benefits if the Executive ceases to
be eligible for continuation coverage pursuant to Section 4980B of the Internal Revenue Code of 1986, as amended (“COBRA”) on similar terms and conditions applicable to the Executive immediately prior to the Termination Date;
provided, that, such continuation coverage shall be paid for by the Executive as to the employee paid portion of the premium and by the Company as to the Company paid portion of the premium, as in effect for similarly situated
employees under the Company’s benefit plans for active employees as of the Termination Date. Executive shall be entitled only to reimbursement for the costs of such continuation coverage as provided herein, if the Executive was participating in
the Company’s benefit plans for active employees immediately prior to the Termination Date. The Executive shall be fully liable for the “employee paid” portion of any applicable premium (as are similarly situated active employees)
under the benefit plans for which the Executive has elected COBRA coverage. The Company paid portion of any applicable premium under the benefits plans for which the Executive has elected COBRA coverage shall be paid in a lump sum payment by the
Company to the Executive within the 30-day period following the Termination Date, shall be taxable income to the Executive and shall equal the Company paid portion of such applicable premiums for the entire Severance Benefits Period, regardless of
any subsequent early termination of the Executive’s COBRA coverage. The Executive shall then be solely responsible for enrolling in and paying for such COBRA coverage. The period of such continued coverage shall be credited against the
Company’s 

  
 4 

 
obligation to permit the Executive to elect continuation coverage under Section 601 of the Employee Retirement Income Security Act of 1974, as amended, and any similar state law, under
COBRA, and any similar state law. The Company’s obligations under this Section 3.3 are collectively referred to as the “Severance Benefits.” Notwithstanding any provision to the contrary herein, and without limitation of
any remedies to which the Company may be entitled, (i) the Salary Severance Amounts shall commence to be paid within the 30-day period following the Termination Date, provided, that, the Executive signs and delivers to the Company
the release of claims attached hereto as Exhibit A (the “Release”) and the period (if any) during which the Release can be revoked expires within such 30-day period; provided, further, that, if such
30-day period spans two calendar years, payment of the Salary Severance Amounts shall commence to be paid in the second calendar year. The Bonus Severance Amounts shall be paid at the time when annual bonuses are paid generally to the Company’s
senior executives, provided, that, the Release has become effective as of such date; provided, further, that, in the event of a Change in Control Termination, the Bonus Severance Amounts shall be paid at the same
time and under the same conditions as the Salary Severance Amounts, including the condition that the Release has become effective. The Executive specifically acknowledges that the Executive’s entering into this Employment Agreement and payment
by the Company of the Severance Benefits constitutes good and valuable and otherwise sufficient consideration for the Executive’s execution and delivery of the Release. 

3.4. No Mitigation or Set-Off. In no event shall the Executive be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to the Executive under any of the provisions of this Employment Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by the Executive as a result of employment or other
service by a subsequent employer or service recipient. The Company’s obligations to pay the Executive amounts hereunder shall not be subject to set-off, counterclaim or recoupment of amounts owed by the Executive to the Company or any of its
affiliates. 
 Section 4. Restrictive Covenants. 

4.1. Non-Disclosure of Confidential Information. 

(a) “Confidential Information” means proprietary and confidential information regarding the Company Group that is not
generally available to the public, including (to the extent that it is not so generally available): (i) information regarding the Company Group’s business, operations, financial condition, customers, vendors, sales representatives and
other employees; (ii) projections, budgets and business plans regarding the Company Group; (iii) information regarding the Company Group’s planned or pending acquisitions, divestitures or other business combinations; (iv) the
Company Group’s trade secrets and proprietary information; and (v) the Company Group’s technical information, discoveries, inventions, improvements, techniques, processes, business methods, equipment, algorithms, software programs,
software source documents and formulae. For purposes of the preceding sentence, information is not treated as being generally available to the public if it is made public by the Executive in violation of this Employment Agreement. 

  
 5 

 (b) During the Term and at all times thereafter, (i) the Executive must maintain all
Confidential Information in confidence and must not disclose any Confidential Information to anyone outside of the Company Group; and (ii) the Executive must not use any Confidential Information for the benefit of the Executive or any third
party. Nothing in this Employment Agreement, however, prohibits the Executive from: (1) disclosing any information (or taking any other action) in furtherance of the Executive’s duties to the Company Group while employed by the Company
Group; or (2) disclosing Confidential Information to the extent required by law (after giving prompt notice to the Company in order that the Company Group may attempt to obtain a protective order or other assurance that confidential treatment
will be accorded such information). Upon the Company’s request at any time, and upon the Termination Date, the Executive must immediately deliver to the Company Group all tangible items in the Executive’s possession or control that are or
that contain Confidential Information, without keeping any copies. 
 (c) The covenants of the Executive under this Section 4.1 are in
addition to, and are not intended to limit in any way, the Executive’s duties and obligations to the Company Group under any applicable statutory, civil or common law not to disclose or make personal use of Confidential Information or trade
secrets. 
 4.2. Non-Competition; Non-Solicitation; No-Hire and Non-Disparagement. 

(a) By and in consideration of the Company entering into this Employment Agreement, and in further consideration of the Executive’s
exposure to the Confidential Information and the Company’s payment of the Severance Benefits, the Executive agrees that the Executive shall not, during the Employment Period and for a period of 12 months after the Executive’s termination
of employment for any reason (the “Restricted Period”), directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any manner
with, including, without limitation, holding any position as a stockholder, director, officer, consultant, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); provided, that, in no
event shall (i) ownership by the Executive of two percent or less of the outstanding securities of any class of any issuer whose securities are registered under the Securities Exchange Act of 1934, as amended, standing alone, be prohibited by
this Section 4.2, so long as the Executive does not have, or exercise, any rights to manage or operate the business of such issuer other than rights as a shareholder thereof or (ii) being employed by an entity, standing alone, be
prohibited by this Section 4.2, so long as the entity has more than one discrete and readily distinguishable part of its business and the Executive’s duties are not at or involving the part of the entity’s business that is actively
engaged in a Restricted Enterprise. During the Restricted Period, upon request of the Company, the Executive shall notify the Company of the Executive’s then-current employment status. 

(b) In addition, the Executive covenants and agrees that during the Restricted Period, the Executive shall not, directly or indirectly, as an
officer, director, employee, partner, stockholder, member, proprietor, consultant, joint venturer, investor or in any other capacity, (i) solicit any Persons who are, or within the one-year period immediately preceding the Termination Date
were, customers of the Company Group, to purchase other than from the 

  
 6 

 
Company Group any goods or services sold or provided by the Company Group in relation to the Business or (ii) take any action to discourage any Persons who are, or within the one-year period
immediately preceding the Termination Date were, suppliers of the Company Group, from doing business with the Company Group. 
 (c) In
addition, the Executive covenants and agrees that during the Restricted Period, the Executive shall not, directly or indirectly, as an officer, director, employee, partner, stockholder, member, proprietor, consultant, joint venturer, investor or in
any other capacity, hire or solicit to perform services (as an employee, consultant or otherwise) or take any actions which are intended to persuade any termination of association with the Company Group (as applicable) any Persons who are, or within
the six-month period immediately preceding the solicitation were, employed by the Company Group at the level of a manager, director (e.g., sales and marketing, business development), vice-president, president or any level more senior than any such
level, provided, however, that (i) solicitation or hiring by the Executive of an immediate family member of such Executive shall not constitute a violation of this Section 4.2, and (ii) general solicitations of
employment published in a journal, newspaper or other publication of general circulation or listed on any internet job site and not specifically directed towards such employees so long as the Executive is not personally involved in the interviewing,
considering or hiring of any such employee who has responded to any such general solicitation on such employee’s own accord, shall not be deemed to constitute solicitation for purposes of this Section 4.2 and the hiring of any person as a
result of such permitted solicitations shall not constitute a breach of this Section 4.2. 
 (d) The Executive also hereby covenants
and agrees that the Executive shall not, directly or indirectly, make (or cause to be made) to any Person any knowingly disparaging, derogatory or other negative statement about the Company Group or any of their officers, directors or employees. The
Company covenants and agrees that the directors and senior officers of the Company shall not, directly or indirectly, while employed by the Company Group or serving as a director of any member of the Company Group, as the case may be, make (or cause
to be made) to any Person any knowingly disparaging, derogatory or other negative statement about the Executive. The foregoing shall not be violated by (i) truthful statements in response to legal process, required governmental testimony or
filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), or (ii) statements that the Executive or the senior officers or directors of the Company in good faith believe
are necessary or appropriate to make in connection with their good faith performance of their duties to the Company Group. 
 4.3.
Reasonableness of Restrictions. The Executive specifically acknowledges and agrees that the time, geographic and activity restrictions (as applicable) set forth in Section 4 of this Employment Agreement are reasonable and properly
required for the protection of the Company Group. The Executive further agrees that these restrictions shall be given the construction which renders their provisions enforceable to the maximum extent (but not in excess of their express terms)
possible under applicable law. If, however, a court of competent jurisdiction determines that any of the restrictions stated herein are unreasonable or otherwise not enforceable, the parties agree to the reduction of such unenforceable restriction
to the maximum time, geographic and activity restriction (as applicable) as such court deems reasonable and otherwise enforceable under the circumstances then existing. Also, if the 

  
 7 

 
Company Group seeks partial enforcement of those Sections as to only time, geographic and activity restrictions which are deemed reasonable by a court of competent jurisdiction, then the Company
Group shall be entitled to such partial enforcement. If such agreement of reduction or right of partial enforcement is not enforced by a court of competent jurisdiction, then the unenforceable provisions shall be severed in accordance with
Section 7.5. The Executive recognizes that any breach of Section 4 will cause irreparable injury to the Company Group and that the actual damages may be difficult to ascertain, and the Executive agrees that money damages may not be an
adequate remedy for breach of any such Sections. Therefore, in the event of a breach or threatened breach of any such Sections by the Executive, the Company Group, or their respective successors and assigns may, in addition to other rights and
remedies existing in their favor, apply to a court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any breach of, the provisions hereof without the requirement to post bond. In
addition, in the event of a breach by the Executive of such Sections, the covenant period with respect to the Executive and such breached restriction, shall be tolled until such breach is stopped. 

4.4. Other Obligations. Without implication that the contrary would otherwise be true, the Executive’s obligations under
Section 4 of this Employment Agreement are in addition to, and not in limitation of, any other obligations that the Executive may have under contract, applicable law or otherwise. 

Section 5. Certain Definitions. 

5.1. “Business” means the business of (i) leasing temporary containment equipment, pumps, filtration equipment and
related accessories, (ii) selling pumps and related accessories and (iii) shoring, in each case as conducted or contemplated to be conducted (in the case of contemplated conduct, as evidenced by tangible business activities that have been
undertaken by any member of the Company Group or actions, activities or plans approved by the Board) by the Company Group on the Termination Date. 

5.2. “Cause” means any of the following, as reasonably determined in good faith by the Board: (i) commission by the
Executive of a felony (or a crime involving moral turpitude); (ii) theft, conversion, embezzlement or misappropriation by the Executive of funds or other assets of the Company Group or any other act of fraud or material dishonesty with respect
to the Company Group (including acceptance of any bribes or kickbacks); (iii) intentional, grossly negligent or unlawful misconduct by the Executive that causes material harm to the Company Group or exposes the Company Group to a substantial
risk of material harm; (iv) the Executive’s violation of a law regarding employment discrimination or sexual harassment; (v) the Executive’s repeated failure to follow the reasonable directives of a supervisor (or the Board
– or Person(s) exercising a managerial function similar to the Board – of the Executive’s employer within the Company Group) which failure has not been cured by the Executive within 30 days after written notice to the Executive of
such failure; (vi) the unauthorized dissemination by the Executive of Confidential Information which causes material harm to the Company Group or exposes the Company Group to material harm; (vii) a material breach of any non-competition,
non-solicitation, confidentiality or similar agreement with the Company Group; or (viii) a material breach of this Employment Agreement which breach has not been cured by the Executive within 30 days after written notice to the Executive of
such breach (which 30-day cure 

  
 8 

 
period shall be required only if such breach is capable of being cured). In the event that the Board believes that Cause may exist, it shall provide the Executive with the opportunity to promptly
(and in any event, not later than the date and time specified by the Board in writing for responding to its request for information, which date shall be reasonable given the circumstances that are being evaluated with regard to whether Cause may
exist) provide the Board with information relevant to the Board’s ultimate determination as to whether Cause exists. 
 5.3.
“Change in Control” means any transaction or series of related transactions (including the consummation of a merger, share purchase, recapitalization, redemption, issuance of capital stock, consolidation, reorganization or
otherwise) pursuant to which (i) the stockholders of Parent immediately before such transaction own (together with their affiliates), immediately following such transaction, securities representing 50% or less of the combined voting power of
the outstanding voting securities of the entity surviving or resulting from such transaction, or (ii) Parent sells all or substantially all of the assets of Parent and its subsidiaries on a consolidated basis; provided, that, for
purposes of this Employment Agreement, an event shall not be considered to be a Change in Control unless such event is also a “change in control event” within the meaning of Section 409A of the Internal Revenue Code. 

5.4. “Disability” means that the Executive is suffering from an illness, injury, impairment or other disability that has
caused (or the Board reasonably determines will cause) the Executive to be unable to perform the Executive’s duties with any member of the Company Group for 90 consecutive days or for 120 cumulative days during any 180-day period. 

5.5. “Good Reason” means the occurrence of any of the following events, without the express written consent of the Executive,
unless such events are fully corrected in all material respects by the Company within 30 days following written notification by the Executive to the Company of the occurrence of one of the reasons set forth below: (i) a material diminution in
the Executive’s Base Salary or Target Annual Bonus Opportunity; (ii) a material diminution in the Executive’s duties, authorities or responsibilities (other than temporarily while physically or mentally incapacitated or as required by
applicable law); or (iii) a relocation of the Executive’s primary work location by more than 50 miles from its then current location. The Executive must provide the Company with a written notice detailing the specific circumstances alleged
to constitute Good Reason in a Notice of Resignation pursuant to Section 5.8 hereof within 90 days after first becoming aware of the occurrence of such circumstances, and actually terminate employment within 30 days following the expiration of
the Company’s 30-day cure period described above. 
 5.6. “Person” means any individual, partnership, corporation,
limited liability company, association, joint stock company, trust, joint venture, unincorporated organization, or the United States of America or any other nation, state or other political subdivision thereof, or any entity exercising executive,
legislative, judicial, regulatory or administrative functions of government. 
 5.7. “Restricted Enterprise” shall mean any
Person that is engaged, directly or indirectly, in (or intends or proposes to engage in, or has been organized for the purpose of engaging in) a business which is in competition with the Business in any country or territory in which the Company or
any of its affiliates markets any of its services or products or has plans to begin marketing any of its services or products in such country or territory. 

  
 9 

 5.8. “Voluntary Resignation” means the Executive’s voluntarily resignation
of the Executive’s employment by the Company by delivery of the Notice of Resignation. The “Notice of Resignation” means a written notice of resignation addressed to the Board and sent to the Company in accordance with the
provisions of Section 7.4 hereof. The Notice of Resignation shall set forth the Date of Resignation and state whether or not the Executive believes that the resignation is for Good Reason. In the event that the Executive believes that the
resignation is for Good Reason, the Notice of Resignation shall also set forth in reasonable detail the basis of the Executive’s belief that the Executive is resigning for Good Reason, including the elements of the definition of Good Reason
that the Executive believes are applicable. 
 Section 6. Representations. The Executive represents and warrants that
(i) he is not subject to any contract, arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in any way limits his ability to enter into and fully perform his obligations under this Employment Agreement
and (ii) he is not otherwise unable to enter into and fully perform his obligations under this Employment Agreement. The Executive represents and warrants that: (A) prior to the Effective Date, the Executive has ensured compliance with all
of the Executive’s former employer’s policies, procedures and codes of conduct regarding the Executive’s separation from that company, including the return of any company property; (B) the Executive ensures compliance with any
continuing obligations the Executive may have relating to any confidential, proprietary or trade secret information belonging to that employer; and (C) the Executive shall not place any materials that the Executive used at the Executive’s
prior employment, other than rolodex-type non-confidential information, on the Company’s computers or emails or in the Company’s files, even if the Executive was the one who wrote or created the material. In the event of a breach of any
representation in this Section 6, the Company may terminate this Employment Agreement and the Executive’s employment with the Company without any liability to the Executive and the Executive shall indemnify the Company for any liability it
may incur as a result of any such breach. 
 Section 7. Miscellaneous. 

7.1. Indemnification; Liability Insurance. The Company shall indemnify the Executive to the fullest extent permitted by applicable law
in the event that the Executive is a party to a pending action, suit or proceeding, by reason of the fact that the Executive is or was a director, officer, employee or agent of the Company or any of its affiliates. In addition, a directors’ and
officers’ liability insurance policy (or policies) shall be kept in place, during the Employment Period and thereafter for the duration of any period in which a civil, equitable, criminal or administrative proceeding may be brought against the
Executive, providing coverage to the Executive that is no less favorable to the Executive in any respect (including with respect to scope, exclusions, amounts, and deductibles) than the coverage then being provided with respect to periods after the
Effective Date to any other present senior executive or director of the Company. 

  
 10 

 7.2. Assignment; No Third-Party Beneficiaries. This Employment Agreement and the rights
and duties hereunder are personal to the parties hereto and shall not be assigned, delegated, transferred, pledged or sold by either party hereto without the prior written consent of the Company. Notwithstanding the foregoing, the Company may assign
this Employment Agreement to any successor to all or substantially all of the business and/or assets of the Company, provided, that, the Company shall require such successor to expressly assume and agree to perform this Employment
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Employment Agreement, “Company” shall mean the Company and any successor to
its business and/or assets, which assumes this Employment Agreement by operation of law or otherwise assumes this Employment Agreement and agrees to perform the duties and obligations of the Company hereunder. Nothing in this Employment Agreement
shall confer upon any Person not a party to this Employment Agreement, or the legal representatives of such Person, any rights or remedies of any nature or kind whatsoever under or by reason of this Employment Agreement, except that the personal
representative of the deceased Executive may enforce the provisions hereof applicable in the event of the death of the Executive. 
 7.3.
Complete Agreement; Amendments and Waivers. When signed by the Executive, this Employment Agreement sets forth the terms of the Executive’s employment by the Company, certain severance benefits to the Executive and the restrictive
covenants made by the Executive in consideration thereof and the other terms hereof, and supersedes any and all prior representations and agreements, whether written or oral regarding the subject matter hereof (unless otherwise explicitly provided
in this Employment Agreement). This Employment Agreement can be amended only in a writing signed by the parties hereto; provided, that, the observance of any provision of the Employment Agreement may be waived in writing by the party
that will lose the benefit as a result of the waiver. The waiver by any party hereto of a breach of any provision of this Employment Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any
other or subsequent breach, except as otherwise explicitly provided for in such waiver. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder,
or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of
any other right, power or remedy. 
 7.4. Notice. Unless otherwise provided herein, all notices, requests, demands, claims and other
communications provided for under the terms of this Employment Agreement shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by (i) personal delivery (including receipted courier service) or
overnight delivery service, with confirmation of receipt, (ii) facsimile during normal business hours, with confirmation of receipt, to the number indicated, (iii) reputable commercial overnight delivery service courier, with confirmation
of receipt or (iv) registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below: 

If to the Company: 

BakerCorp 

3020 Old Ranch Parkway, Suite 220 

Seal Beach, CA 90740 

Attn: Amy Paul, General Counsel 

  
 11 

 with a copy to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 

New York, NY 10004 

Attention: Jeffrey Ross, Esq. 

Facsimile: 212-859-4000 

If to the Executive: 

Robert Craycraft at his principal office at the Company (during the Employment Period), and at all times to his principal residence as
reflected in the records of the Company 
 All such notices, requests, consents and other communications shall be deemed to have been given when received.
Either party may change its facsimile number or its address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other parties hereto notice in the manner then set forth. 

7.5. Severability. Whenever possible, each provision or portion of any provision of this Employment Agreement will be interpreted in
such manner as to be effective and valid under applicable law but the invalidity or unenforceability of any provision or portion of any provision of this Employment Agreement in any jurisdiction shall not affect the validity or enforceability of the
remainder of this Employment Agreement in that jurisdiction or the validity or enforceability of this Employment Agreement, including that provision or portion of any provision, in any other jurisdiction. In addition, should a court or arbitrator
determine that any provision or portion of any provision of this Employment Agreement, including those contained in Section 4 hereof, is not reasonable or valid, either in period of time, geographical area, or otherwise, the parties hereto
agree that such provision should be interpreted and enforced to the maximum extent which such court or arbitrator deems reasonable or valid. 

7.6. Applicable Law; Jurisdiction; Venue. This Employment Agreement is governed by the internal laws of the state of Delaware, without
giving effect to any choice of laws rules that would require the application of the laws of any other jurisdiction. Each party irrevocably submits to the non-exclusive jurisdiction of any state or federal court within the state of Delaware with
respect to any cause or claim arising under or relating to this Employment Agreement. Each party irrevocably consents to the service of process by registered mail or personal service. Nothing in this Section 7.6 however, affects any
Person’s right (i) to serve process in any other manner permitted by applicable law, or (ii) to enforce or collect any judgment, order or injunction in any court or jurisdiction. 

  
 12 

 7.7. Binding Effect. This Employment Agreement shall inure to the benefit of, and be
binding on, the successors and assigns of each of the parties, including, without limitation, the Executive’s heirs and the personal representatives of the Executive’s estate and any successor to all or substantially all of the business
and/or assets of the Company. 
 7.8. No Strict Construction; Convenience of Headings. The language used in this Employment Agreement
shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of construction shall be applied to this Employment Agreement to the effect that it should be construed strictly against any party hereto.
The headings contained in this Employment Agreement are for convenience of reference only and shall not affect the meaning or interpretation of this Employment Agreement. 

7.9. Section 409A of the Code. To the extent applicable, this Employment Agreement shall be interpreted, construed and operated in
accordance with Section 409A of the Code and the Treasury regulations and other guidance issued thereunder. If on the date of the Executive’s separation from service (as defined in Treasury Regulation Section 1.409A-1(h)) with the
Company, the Executive is a specified employee (as defined in Section 409A of the Code and Treasury Regulation §1.409A-1(i)), no payment constituting the “deferral of compensation” within the meaning of Treasury Regulation
Section 1.409A-1(b) and after application of the exemptions provided in Treasury Regulation Sections 1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) shall be made to the Executive at any time during the six-month period following the Executive’s
separation from service, and any such amounts deferred such six months shall instead be paid in a lump sum on the first payroll payment date following expiration of such six-month period. For purposes of conforming this Employment Agreement to
Section 409A, the parties agree that any reference to termination of employment, severance from employment, resignation from employment or similar terms shall mean and be interpreted as a “separation from service” as defined in
Treasury Regulation Section 1.409A-1(h). Each payment of severance under this Employment Agreement shall be considered a separate payment for purposes of Section 409A. Except as otherwise expressly provided herein, to the extent any
expense reimbursement or the provision of any in-kind benefit under this Employment Agreement is determined to be subject to Section 409A, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in
one calendar year shall not affect the expenses eligible for reimbursement in any other calendar year (except for any life-time or other aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the
last day of the calendar year following the calendar year in which the Executive incurred such expenses, and in no event shall any right to reimbursement or the or the provision of any in-kind benefit be subject to liquidation or exchange for
another benefit. 
 7.10. Executive’s Acknowledgement. The Executive acknowledges (i) that the Executive has consulted with
or has had the opportunity to consult with independent counsel of his own choice concerning this Employment Agreement and has been advised to do so by the Company, and (ii) that the Executive has read and understands this Employment Agreement,
is fully aware of its legal effect and has entered into it freely, based on the Executive’s own judgment. 

  
 13 

 7.11. Counterparts. A facsimile copy of this Employment Agreement (or a counterpart
thereof) shall be treated as an original. This Employment Agreement may be executed in counterparts, a complete set of which shall be treated as a single document. 

[signature page follows] 

  
 14 

 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first
written above. 
  

			
	BAKERCORP
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	  

	Robert Craycraft

 [Signature Page to Employment Agreement] 

 EXHIBIT A 

GENERAL RELEASE 

YOU ARE ADVISED TO CONSULT AN ATTORNEY BEFORE SIGNING THIS RELEASE OF CLAIMS. 

This General Release (this “Release”) is made and entered into by and between Robert Craycraft (the
“Executive”) and BakerCorp (the “Company”). 
 WHEREAS, the Executive has terminated employment with the
Company on                     ; 

WHEREAS, the Company and the Executive are parties to an Employment Agreement dated August 22, 2013 (the “Employment
Agreement”) (Capitalized terms not otherwise defined in this Release shall have the meaning assigned to such term in the Employment Agreement); 

NOW, THEREFORE, in consideration of the promises and agreements set forth below, the Executive and the Company agree as follows: 

 

	 	1.	Consideration. As partial consideration for entering into this Release, the Executive is to receive the Severance Benefits in accordance with and subject to the terms and conditions of the Employment
Agreement. The Executive also acknowledges that the Executive’s entry into the Employment Agreement constitutes good and valuable and otherwise sufficient consideration for the Executive’s execution and delivery to the Company of this
Release. The Executive is advised to consult with an attorney before signing this Release. 

  

	 	2.	Released Parties. The term “Released Parties,” as used in this Release, shall mean the Company Group and any of its past or present employees, administrators, agents, officials, officers,
directors, shareholders, divisions, parents, subsidiaries, successors, affiliates, general partners, limited partners, consultants, employee benefit plans (and their sponsors, fiduciaries, or administrators), insurers, accountants and attorneys.

  

	 	3.	General Release. In consideration for the benefits described in Paragraph 1, the Executive, on behalf of himself and his agents, representatives, attorneys, assigns, heirs, executors, and administrators,
fully releases each of the Released Parties from any and all liability, claims, demands, actions, causes of action, suits, grievances, debts, sums of money, agreements, promises, damages, back and front pay, costs, expenses, attorneys’ fees,
and remedies of any type, regarding any act or failure to act that occurred up to and including the date on which the Executive signs this Release, including, without limitation, any claims arising or that arose or may have arisen out of or in
connection with the Executive’s employment or separation of employment from the Company, and including but not limited to: 

all claims, actions or liability under (1) Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Act
of 1866 (42 U.S.C. §1981), the Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act, the Fair Labor Standards Act, the National Labor Relations Act, the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), the Family and Medical Leave Act; (2) any other federal, state, or local statute, ordinance, regulation or constitution regarding employment, compensation, unpaid wages, employee benefits, termination of
employment, or discrimination in employment; and (3) the common law of any state relating to employment contracts, wrongful discharge, defamation, or any other matter. 

  
 A-1 

 Notwithstanding the foregoing, this Release shall not be deemed to be a waiver of any claim the
Executive may have to the extent (and only to the extent) such claim arises from (1) a breach by the Company of its obligations under the Employment Agreement to pay or provide (as applicable) the Accrued Amounts and the Severance Benefits;
(2) any rights to indemnification by the Company or its affiliates under applicable law, by-laws, or as an insured under any director’s and officer’s liability insurance policy now or previously in force, in any event to the extent so
provided, (3) with respect to the Executive’s rights as a shareholder or holder of options of Parent, or (4) rights applicable to the Executive under ERISA and the Consolidated Omnibus Budget Reconciliation Act under any
“employee benefit plan” (as defined in ERISA) of the Company applicable to the Executive. 
  

	 	4.	Waiver of Statutory or Common Law Limitations on Release. On behalf of himself and his heirs, executors, legal representatives, successors and assigns, the undersigned Executive specifically waives
the benefits of any statutory or common law of any state, which in effect provides that a general release does not extend to claims which the creditor does not know or suspect to exist in his favor. It is expressly understood and agreed that the
releases contained herein are intended to cover and do cover all known facts and/or claims, as well as any further facts and/or claims within the scope of such released claims not known or anticipated, but which may later develop or be discovered,
including all the effects and consequences thereof. On behalf of himself and his heirs, executors, legal representatives, successors and assigns, the undersigned Executive acknowledges that he may hereafter discover facts in addition to, or
different from, those which he now believes to be true with respect to the subject matter of the Claims released herein, but agrees that the undersigned has taken that possibility into account prior to executing this Release and entering into the
Employment Agreement, and that the releases given herein shall be and remain in effect notwithstanding the discovery or existence of any such additional or different facts, as to which the undersigned Executive expressly assumes the risk.

  

	 	5.	 Non-Admission. This Release does not constitute an admission by any of the

  
 A-2 

	 	
Released Parties that any action that any of them took with respect to the Executive was wrongful, unlawful or in violation of any local, state, or federal act, statute, or constitution, or
susceptible of inflicting any damages or injury on the Executive and the Company specifically denies any such wrongdoing or violation. 

  

	 	6.	Release Inadmissible as Evidence. This Release, its execution, and its implementation may not be used as evidence, and shall not be admissible, in a subsequent proceeding of any kind, except one
which either party institutes alleging a breach of this Release. 

  

	 	7.	Confidentiality. Except as may be specifically required by law, the Executive agrees that he will not (without the prior written consent of the Company) disclose, publish, indicate, or in any manner
communicate, the terms and provisions of this Release to any other person or entity except: (a) as may be required by law; (b) to his accountant and/or financial advisor to the extent necessary to prepare his tax returns; (c) to his
attorney; and (d) to his immediate family members. The Executive further agrees that prior to any such authorized disclosure, the Executive will inform each such person to whom disclosure is to be made that the terms of this Release are
confidential. 

  

	 	8.	Waiver of Monetary Damages. Nothing in this Release shall be construed to prohibit the Executive from filing a charge with, providing information to, or participating in any investigation or
proceeding conducted by the EEOC or a comparable state or local government agency, though the Executive acknowledges and agrees that the Executive has waived the right to recover monetary damages in any charge, complaint, or lawsuit filed by the
Executive or by anyone else on the Executive’s behalf or otherwise. Further, nothing in this Release shall preclude the Executive from responding truthfully to a valid subpoena or a request by a governmental agency in connection with any
investigation it is conducting. 

  

	 	9.	Waiver Applicable to California Residents. WITH RESPECT TO THE RELEASES CONTAINED HEREIN, IF THE UNDERSIGNED IS A RESIDENT OF CALIFORNIA, THE UNDERSIGNED ACKNOWLEDGES THAT HE IS FAMILIAR WITH THE
PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS: 

 “A GENERAL RELEASE DOES NOT EXTEND TO
CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

THE UNDERSIGNED HEREBY EXPRESSLY WAIVES ANY RIGHTS THAT HE MAY HAVE UNDER SECTION 1542, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW
PRINCIPLES OF SIMILAR EFFECT. 

  
 A-3 

	 	10.	Entire Agreement. This Release contains the entire agreement and understanding between the Executive and the Company concerning the matters described herein. It supersedes all prior agreements,
discussions, negotiations, understandings and proposals of the parties with respect to such matters. The terms of this Release cannot be changed except in a subsequent document signed by both parties. 

 

	 	11.	Breach of Agreement. The Executive agrees that in the event the Company is required to commence an action in law or equity to enforce its rights under any provision of this Release and prevails, the
Executive shall be liable for the reasonable attorneys’ fees, costs and related expenses incurred by the Company in connection with such action (other than with respect to any claim under the ADEA). 

 

	 	12.	Severability. The provisions of this Release shall be severable and the invalidity of any provision shall not affect the validity of the other provisions. 

 

	 	13.	ADEA Waiver. The Executive acknowledges that he has been advised in writing to consult with an attorney prior to executing this Release, which contains releases and waivers. The Executive
understands that he may take a period of 21 days (or 45 days if this Release is being provided to the Executive in connection with an exit incentive or other employment termination program offered to a group or class of employees) within which to
consider this Release. The Executive understands that he may revoke this Release during the seven days following the execution of this Release and that this Release will not become effective until that seven-day revocation period has expired. In
order to revoke this Release, the Executive must sign and send a written notice to the Company addressed to the Board, which shall be effective only if the Company receives it no later than seven days after the Executive signs this Release. If the
Executive revokes this Release, he will not be entitled to any of the money, benefits or other consideration provided to him as a result of this Release (including, without limitation, the Severance Benefits). 

 

	 	14.	Knowing and Voluntary Waiver. The Executive acknowledges that: (a) he has carefully read this Release and fully understands its meaning and effect; (b) he had a full and adequate
opportunity and reasonable time period to review this Release with an attorney of his choosing before he signed it; (c) he was not coerced into signing this Release; (d) he agrees to all the terms of this Release and is entering into this
Release knowingly, voluntarily, and with full knowledge of its significance; and (e) the only consideration for his signing the Release are the terms stated herein, and no other promises or representations of any kind have been made by any
person or entity to cause him to sign this Release. 

  

	 	15.	 Governing Law. This Release shall be governed by the internal laws of the state

  
 A-4 

	 	
of Delaware, without regard to its conflict of laws principles. Each party to this Release irrevocably submits to the non-exclusive jurisdiction of any state or federal court within the state of
Delaware with respect to any cause or claim arising under or relating to this Release. Each party to this Release irrevocably consents to the service of process by registered mail or personal service. 

 

	 	16.	Miscellaneous. A facsimile copy of this Release (or a counterpart thereof) shall be treated as an original. 

  

	 	17.	Counterparts. This Release may be executed in counterparts and will be as fully binding as if signed in one entire agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
 A-5 

									
		 		 	BAKERCORP
				
	  
	 		 	By:	 	  

	Robert Craycraft	 		 		 	
					
	Dated:	 	  
	 		 	Dated:	 	  

 [Signature Page to Release of Claims]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]