Document:

exv4w5

Exhibit 4.5

MEDQUIST HOLDINGS INC.

RESTRICTED STOCK AWARD AGREEMENT

          THIS RESTRICTED STOCK AWARD AGREEMENT (this “Award” or “Agreement”) is made by
and between MedQuist Holdings Inc. (the “Company”) and ______________ (the
“Grantee”) as of this 18th day of August, 2011 (the “Effective Date”).

          WHEREAS, pursuant to that certain Agreement and Plan of Merger and Reorganization, dated
July 11, 2011, by and among the Company, Multimodal Technologies, Inc., a Pennsylvania
corporation (“Multimodal”) and certain other parties thereto, the Company acquired
Multimodal (the “Transaction”); and

          WHEREAS, the Grantee is currently employed by Multimodal; and

          WHEREAS,
in order to induce the Grantee to join the employ of Multimodal
Technologies, LLC, the successor of Multimodal in connection with the Transaction, and to further align the Grantee’s financial
interests with those of the Company’s stockholders, the Board approved this Award of shares of
common stock of the Company subject to the restrictions and on the terms and conditions contained
in this Agreement (the “Restricted Stock”); and

          WHEREAS, this Award of Restricted Stock is intended to constitute a non-plan based “inducement
grant,” as described in the Nasdaq Listing Rule 5635(c)(4).

          NOW, THEREFORE, in consideration of these premises and the agreements set forth herein, the
parties, intending to be legally bound hereby, agree as follows:

     1. Award of Restricted Shares.

          (a) The Company hereby awards the Grantee                    shares of Restricted Stock (the “Restricted
Shares”).

          (b) The Company maintains the MedQuist Holdings Inc. 2010 Equity Incentive Plan (the
“Plan”), which provides the general terms and restrictions for certain equity incentive
awards to the Company’s employees, directors, consultants, and other individuals who provide
services to the Company. This Award of Restricted Stock is not awarded pursuant to the Plan, but
rather is intended to constitute a non-plan based “inducement grant,” as described in Nasdaq
Listing Rule 5635(c)(4). Nonetheless, the terms and provisions of the Plan relating to restricted
stock (including, without limitation, Section 9 of the Plan) are hereby incorporated into this
Agreement by this reference, as though fully set forth herein, as if the Restricted Shares were
granted pursuant to the Plan. Unless the context herein otherwise requires, the terms defined in
the Plan shall have the same meanings herein.

     2. Vesting of Restricted Shares. The Restricted Shares are subject to forfeiture to
the Company until they become vested and non-forfeitable in accordance with this Section 2. While
subject to forfeiture, the Restricted Shares may not be sold, pledged, assigned, otherwise
encumbered or transferred in any manner, whether voluntarily or involuntarily by the operation of
law.

          (a) Provided the Grantee remains in continuous service with the Company through the applicable
vesting date, the Restricted Shares subject hereto shall become vested and non-forfeitable as
follows:

 

 

               i. 33 1/3% of the total number of Restricted Shares subject hereto shall become
vested and non-forfeitable on the first anniversary of the Effective Date; and

               ii. 33 1/3% of the total number of Restricted Shares subject hereto shall become
vested and non-forfeitable on the second anniversary of the Effective Date; and

               iii. 33 1/3% of the total number of Restricted Shares subject hereto shall become
vested and non-forfeitable on the third anniversary of the Effective Date.

          (b) Upon cessation of the Grantee’s service with the Company for any reason, any Restricted
Shares which then remain forfeitable (determined after any acceleration of vesting under Section
2(c) of this Agreement) will immediately and automatically, without any action on the part of the
Company, be forfeited, and the Grantee will have no further rights with respect to those shares.

          (c) If the Grantee’s service with the Company ceases due to a termination by the Company
without “Cause” or due to a resignation by the Grantee with “Good Reason” (each as defined in
Section 11 below), and the Grantee executes and delivers to the Company a general release of claims
in favor of the Company and its Affiliates in a form prescribed by the Company and such release
becomes effective and irrevocable prior to the expiration of the 60-day period immediately
following the date on which the Grantee’s service terminates, any otherwise unvested Restricted
Shares will become vested and non-forfeitable when such release becomes effective and irrevocable.

          (d) Solely for purposes of this Agreement (including but not limited to Section 9 of this
Agreement), employment or service with the Company will be deemed to include employment or service
with any subsidiary or Affiliate of the Company (for only so long as such entity remains a
subsidiary or Affiliate).

     3. Issuance of Shares.

          (a) The Company will cause the Restricted Shares to be issued in the Grantee’s name either by
book-entry registration or issuance of a stock certificate or certificates.

          (b) While the Restricted Shares remain forfeitable, the Company will cause an appropriate
stop-transfer order to be issued and to remain in effect with respect to the Restricted Shares. As
soon as practicable following the time that any Restricted Share becomes nonforfeitable (and
provided that appropriate arrangements have been made with the Company for the withholding or
payment of any taxes that may be due with respect to such share), the Company will cause that
stop-transfer order to be removed. The Company may also condition delivery of certificates for
Restricted Shares upon receipt from the Grantee of any undertakings that it may determine are
appropriate to facilitate compliance with federal and state securities laws.

          (c) If any certificate is issued in respect of Restricted Shares, that certificate will be
legended and held in escrow by the Company or an agent of the Company. In addition, the Grantee
may be required to execute and deliver to the Company a stock power with respect to those
Restricted Shares. At such time as those Restricted Shares become nonforfeitable, the Company will
cause a new certificate to be issued without that portion of the legend referencing the previously
applicable forfeiture conditions and will cause that new certificate to be delivered to the Grantee
(provided that appropriate arrangements have been made with the Company for the withholding or
payment of any taxes that may be due with respect to such shares).

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     4. Substitute Property. If, while any of the Restricted Shares remain subject to
forfeiture, there occurs a merger, reclassification, recapitalization, stock split, stock dividend
or other similar event or transaction resulting in new, substituted or additional securities being
issued or delivered to the Grantee by reason of the Grantee’s ownership of the Restricted Shares,
such securities will constitute “Restricted Shares” for all purposes of this Agreement and
any certificate issued to evidence such securities will immediately be deposited with the secretary
of the Company (or his or her designee) and subject to the escrow described in Section 3, above.

     5. Rights of Grantee During Restricted Period. The Grantee will have the right to
vote the Restricted Shares and to receive dividends and distributions with respect to the
Restricted Shares; provided, however, that any cash dividends or distributions paid in respect of
the Restricted Shares while those shares remain subject to forfeiture will be withheld by the
Company and will be delivered to the Grantee (without interest and net of any required tax
withholding) only if and when the Restricted Shares giving rise to such dividends or distributions
become vested and non-forfeitable.

     6. Securities Laws. The Board may from time to time impose any conditions on the
Restricted Shares as it deems necessary or advisable to ensure that the Restricted Shares are
issued and sold in compliance with the requirements of any stock exchange or quotation system upon
which the shares are then listed or quoted, the Securities Act of 1933 and all other applicable
laws.

     7. Tax Consequences.

          (a) The Grantee acknowledges that the Company has not advised the Grantee regarding the
Grantee’s income tax liability in connection with the grant or vesting of the Restricted Shares.
The Grantee has had the opportunity to review with his or her own tax advisors the federal, state
and local tax consequences of the transactions contemplated by this Agreement. The Grantee is
relying solely on such advisors and not on any statements or representations of the Company or any
of its agents. The Grantee understands that the Grantee (and not the Company) shall be responsible
for the Grantee’s own tax liability that may arise as a result of the transactions contemplated by
this Agreement.

          (b) If the Grantee makes an election under Section 83(b) of the Code with respect to the grant
of the Restricted Shares, the Grantee agrees to notify the Company in writing on the day of such
election. The amount includible in the Grantee’s income as a result of that election will be
subject to tax withholding. The Grantee will be required to remit to the Company in cash, or make
other arrangements reasonably satisfactory to the Company for the satisfaction of such tax
withholding amount; failure to do so within three business days of making the Section 83(b)
election will result in forfeiture of all the Restricted Shares.

     8. The Plan. Although this Award of Restricted Stock is not granted under the Plan,
the terms of the Plan have been incorporated herein by reference. Accordingly, the Grantee agrees
to be bound by all of the terms and conditions of the Plan, as such Plan may be amended from time
to time in accordance with the terms thereof. This Award of Restricted Stock will be administered
by the Board or its designated Committee, who will have the same authority with respect to this
Award of Restricted Stock as described in Section 4 of the Plan. A copy of the Plan in its present
form is available for inspection during business hours by the Grantee at the Company’s principal
office. All questions regarding the interpretation of the terms of this Award of Restricted Stock,
including all questions regarding the application and interpretation of Plan provisions
incorporated herein, will be determined by the Board or its designated Committee, whose
determination will be final, binding and conclusive.

     9. Covenant Not to Solicit.

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          (a) While the Grantee is in service to the Company (or any of its subsidiaries or Affiliates),
and for one year following cessation of the Grantee’s service to the Company (or any of its
subsidiaries or Affiliates) for any reason, the Grantee shall not, directly or indirectly:

               i. cause, solicit, induce or encourage, or attempt to cause, solicit, induce or
encourage, any actual or prospective customer, supplier or independent contractor of the Company or
any of its subsidiaries or Affiliates (including any existing or former customer, supplier or
independent contractor of the Company or any of its subsidiaries or Affiliates and any Person that
becomes a customer, supplier or independent contractor of the Company or any of its subsidiaries or
Affiliates on or after the date of termination of the Grantee’s service to the Company or any of
its subsidiaries or Affiliates), or any other Person who has a business relationship with the
Company or any of its subsidiaries or Affiliates, to terminate, modify or not establish any such
actual or prospective relationship;

               ii. cause, solicit, induce or encourage, or attempt to cause, solicit, induce or
encourage, any employee or other Person providing service to the Company or any of its subsidiaries
or Affiliates, or any employee or other Person providing service to the Company or any of its
subsidiaries or Affiliates during the immediately preceding rolling twelve (12) month period, to
leave such employment or service, or hire, employ or otherwise engage any such Person; provided
that the foregoing shall not prohibit any general solicitation or advertising activities not
targeted at any such Person.

          (b) Acknowledgements. The Grantee acknowledges that the Restricted Shares would not
be granted in the absence of the Grantee’s agreement to this Section 9.

          (c) Specific Enforcement. The Grantee acknowledges that any breach by the Grantee,
willfully or otherwise, of this Section 9 will cause continuing and irreparable injury to the
Company and its subsidiaries and Affiliates for which monetary damages would not be an adequate
remedy. The Grantee shall not, in any action or proceeding to enforce any of the provisions of
this Section 9, assert the claim or defense that such an adequate remedy at law exists. In the
event of any such breach by the Grantee of any of the provisions of this Section 9, the Company
shall be entitled to injunctive or other similar equitable relief in any court, without any
requirement that a bond or other security be posted, and this Agreement shall not in any way limit
remedies of law or in equity otherwise available to the Company.

          (d) Accounting. If the Grantee breaches any of the provisions of this Section 9, the
Company will have the right and remedy to require the Grantee to account for and pay over to the
Company all compensation, profits, monies, accruals, increments or other benefits derived or
received by the Grantee as the result of such breach. This right and remedy will be in addition
to, and not in lieu of, any other rights and remedies available to the Company under law or in
equity.

          (e) Enforceability in Multiple Jurisdictions. If any court holds the provisions of
this Section 9 unenforceable, it is the intention of the parties hereto that such determination not
bar, or in any way affect, the right of the Company to the relief herein provided in the courts of
any other jurisdiction.

          (f) Disclosure and Extension of Restrictive Covenants. The Grantee shall promptly
disclose the existence and terms of this Section 9 to any party that the Grantee may be employed by
or provide services to while the restrictions of this Section 9 remain in effect. If the Grantee
breaches this Agreement in any respect, the restrictions contained in that section will be extended
for a period equal to the period that the Grantee was in breach.

          (g) Survival. The obligations contained in this Section 9 shall survive the cessation
of any relationship between the Grantee and the Company or its subsidiaries or Affiliates.

-4-

 

          (h) Successors and Assigns. The Company may assign its rights under Section 9 of this
Agreement to any successor to all or substantially all of its assets and business by means of
liquidation, dissolution, merger, consolidation, transfer of assets, or otherwise. The duties and
obligations of the Grantee hereunder are personal to the Grantee and may not be assigned by the
Grantee.

     10. Consent to Electronic Delivery. The Grantee hereby authorizes the Company to
deliver electronically any prospectuses or other documentation related to this Agreement, the Plan
and any other compensation or benefit plan or arrangement in effect from time to time (including,
without limitation, reports, proxy statements or other documents that are required to be delivered
to participants in such plans or arrangements pursuant to federal or state laws, rules or
regulations). For this purpose, electronic delivery will include, without limitation, delivery by
means of e-mail or e-mail notification that such documentation is available on the Company’s
intranet site. Upon written request, the Company will provide to the Grantee a paper copy of any
document also delivered to the Grantee electronically. The authorization described in this
paragraph may be revoked by the Grantee at any time by written notice to the Company.

     11. Definitions.

          (a) “Cause” means (i) the Grantee’s failure to substantially perform the Grantee’s
duties to the Company or its Affiliates (other than as a result of total or partial incapacity due
to physical or mental illness) for a period of 15 days following written notice by the Company to
the Grantee of such failure, (ii) participation by the Grantee in any fraud against the Company or
its Affiliates or dishonesty in the performance of the Grantee’s duties to the Company or its
Affiliates, (iii) the Grantee’s conviction of, or plea of nolo contendere to, a crime constituting
(x) a felony under the laws of the United States or any state thereof or (y) a misdemeanor
involving moral turpitude, (iv) the Grantee’s gross negligence, willful malfeasance or willful
misconduct in connection with the Grantee’s duties to the Company or any of its Affiliates, or (v)
the Grantee’s breach of any agreement with, or duty owed to, the Company or any of its Affiliates.

          (b) “Good Reason” means (i) the failure of the Company to pay or cause to be paid to
the Grantee the Grantee’s base salary when due or any earned annual bonus when due under the terms
of the applicable bonus plan, (ii) any substantial and sustained diminution in the Grantee’s
authority, title, reporting relationship or responsibilities or (iii) relocation of the Grantee’s
primary place of employment outside of the Pittsburgh, Pennsylvania metropolitan area; provided
that any of the events described in this Section 11(b) shall constitute Good Reason only if (x) the
Grantee notifies the Company in writing that an event constituting Good Reason has occurred, which
notice shall be provided within 30 days after the Grantee first becomes aware of the occurrence of
such event constituting Good Reason, (y) the Company fails to cure such event within 30 days after
receipt of the written notice from the Grantee, and (z) the Grantee resigns employment within 30
days following expiration of the Company’s cure period.

     12. Entire Agreement. This Agreement, including the terms incorporated herein by
reference, represents the entire agreement between the parties hereto relating to the subject
matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and
understandings of every nature relating to the subject matter hereof. Notwithstanding anything to
the contrary, this Agreement will not supersede any other restrictive covenant agreement between
the Grantee and the Company or any of its Affiliates, and the Grantee shall be bound both by the
restrictions set forth in such other restrictive covenants agreements and the restrictions set
forth in this Agreement.

     13. Severability. Whenever possible, each provision and term of this Agreement shall
be interpreted in a manner to be effective and valid, but if any provision or term of this
Agreement is held to be prohibited or invalid, then such provision or term will be ineffective only
to the extent of such

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prohibition or invalidity, without invalidating or affecting in any manner whatsoever the
remainder of such provision or term or the remaining provisions or terms of this Agreement. If any
of the covenants set forth in this Agreement are held to be unreasonable, arbitrary or against
public policy, such covenants will be considered divisible with respect to scope, time and
geographic area, and in such lesser scope, time and geographic area, will be effective, binding and
enforceable against the Grantee.

     14. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to the principles of conflicts of laws. Any
legal proceeding arising out of or relating to this Agreement will be instituted in a state or
federal court in the State of Delaware, and the Grantee and the Company hereby consent to the
personal and exclusive jurisdiction of such court(s) and hereby waive any objection(s) that they
may have to personal jurisdiction, the laying of venue of any such proceeding and any claim or
defense of inconvenient forum.

     15. Amendment. This Agreement may only be amended by a writing signed by each of the
parties hereto.

     16. Execution. This Agreement may be executed, including execution by facsimile
signature, in one or more counterparts, each of which will be deemed an original, and all of which
together shall be deemed to be one and the same instrument.

     17. Clawback.

          (a) Grantee’s Conduct. Notwithstanding anything to the contrary contained herein, if
the Company as a result of misconduct or fraud is required to prepare a financial restatement due
to the material noncompliance of the Company with any financial reporting requirement under the
securities laws, where the Grantee (i) engaged in fraud resulting in such financial restatement, or
(ii) knowingly or through gross negligence engaged in misconduct resulting in such financial
restatement, the Grantee shall forfeit any or all of the Restricted Shares, whether or not vested,
then held by the Grantee and repay to the Company an amount in cash equal to all or any portion of
the sales proceeds received by the Grantee in connection with the sale or other disposition of any
such Restricted Shares during the three-year period preceding the date on which the Company first
determines that it must prepare the financial restatement (or, if no proceeds were received by the
Grantee in any such disposition, an amount equal to the aggregate Fair Market Value of the
Restricted Shares so disposed of, determined as of the date of such disposition). For the
avoidance of doubt, the Grantee’s failure to have personal knowledge of the conduct of any other
individual that contributed to a financial restatement shall not, in and of itself, be sufficient
to trigger this provision.

          (b) Conduct of Others or Errors. Notwithstanding anything to the contrary contained
herein, the Grantee shall repay the Company any amount in excess of what the Grantee should have
received under the terms of the Award for any reason (including without limitation by reason of a
financial restatement, mistake in calculation or other administrative error) with respect to any
sale or other disposition of any Restricted Shares during the three-year period preceding the date
on which the Company first determines that it must prepare the financial restatement or otherwise
first discovers the mistake or error and promptly notifies the Grantee.

          (c) Compliance. The Grantee will agree to revise this Section 16 to the extent
necessary for the Company to comply with any regulatory guidance promulgated under Section 954 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

[signature page follows]

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     IN WITNESS WHEREOF, the Company’s duly authorized representative and the Grantee have each
executed this Restricted Stock Award Agreement on the respective date below indicated.

	 	 	 	 	 	 	 

	 	 	MEDQUIST HOLDINGS INC.	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 

	 	By	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	
Title:
	 	 

	 	 
	 

	 	

Date:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	GRANTEE	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	Signature	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	

Date:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

 

Schedule of Differences

Other than with regard to the information set forth below, each Restricted Stock Award Agreement
executed by the persons listed below is substantially the same as this form and each other.

	 	 	 	 	 
	 	 	Number of Restricted
	Name	 	Shares Awarded
	Anna Abovyan
	 	 	3,310	 
	Lilantha Alawattegama
	 	 	2,389	 
	Wooyeol Baek
	 	 	1,522	 
	Deborah Baird
	 	 	3,569	 
	Carolyn Becker
	 	 	1,233	 
	Ganesan Bhaskar
	 	 	3,743	 
	Pablo Bianco
	 	 	3,218	 
	Aaron Brauser
	 	 	9,861	 
	Elizabeth Bush
	 	 	873	 
	Mike Capsembelis
	 	 	10,089	 
	Russell Cardullo
	 	 	11,399	 
	Eric Carraux
	 	 	12,632	 
	Kelly Carter
	 	 	1,755	 
	James Chan
	 	 	1,149	 
	Hua Cheng
	 	 	7,935	 
	Jonathan Conley
	 	 	1,655	 
	David Crimm
	 	 	1,164	 
	Kaitlyn Crowther
	 	 	1,149	 
	Erin Deeb
	 	 	1,724	 
	Rajesh Devarajan
	 	 	2,855	 
	Laura Dickey
	 	 	1,480	 
	Kimberly Doss
	 	 	1,563	 
	Shahid Durrani
	 	 	7,829	 
	Franklin Ejoh
	 	 	3,678	 
	Daniel Engel
	 	 	1,264	 
	Matthew Flint
	 	 	3,825	 
	Nathan Franzen
	 	 	2,702	 
	Mark Fuhs
	 	 	9,561	 
	Nathan Gibbon
	 	 	1,149	 
	Stephen Grada
	 	 	1,217	 
	Amy Hatfield
	 	 	1,149	 
	Katarzyna Hensley
	 	 	5,929	 
	Joshua Hoexter
	 	 	6,423	 
	Steven Hooks
	 	 	4,168	 
	Ryan Hopkins
	 	 	9,999	 
	Mark Ivie
	 	 	15,713	 
	Michael Jones
	 	 	4,688	 
	Francis Keith
	 	 	4,916	 
	Matthew Kessler
	 	 	2,605	 
	Laura Kieras
	 	 	6,237	 
	Russell Klopfer
	 	 	5,753	 
	Lynn Kosegi
	 	 	11,391	 
	Timothy Krenzer
	 	 	1,303	 
	Kushtrim Kuqi
	 	 	7,033	 
	Werakul Laoworakiat
	 	 	2,255	 
	John Leavitt
	 	 	862	 
	Nicholas Lewyn
	 	 	1,297	 
	Bethany Lindow
	 	 	4,149	 
	Gerrald Maloney
	 	 	1,203	 
	Lisa McCormick
	 	 	873	 
	Uwe Meier
	 	 	5,329	 
	Rahul Mishra
	 	 	2,338	 
	Lynn Nero
	 	 	4,323	 
	Brandon Pamplin
	 	 	1,008	 
	Malia Paresa-Yost
	 	 	1,694	 
	Paula Pasquinelli
	 	 	11,420	 
	Michael Pawley
	 	 	919	 
	Daniel Poland
	 	 	2,942	 
	Thomas Polzin
	 	 	10,176	 
	Aparna Prasannam
	 	 	3,334	 
	Saravanan Prasannam
	 	 	3,592	 
	Max Putas
	 	 	2,641	 
	James Rankin
	 	 	2,981	 
	Ariel Raz
	 	 	7,870	 
	Kelly Read
	 	 	1,609	 
	Joren Reynders
	 	 	5,213	 
	Timothy Ruff
	 	 	8,457	 
	April Russell
	 	 	1,528	 
	Samuel Sanchez-Oritiz
	 	 	1,885	 
	Thomas Schaaf
	 	 	9,670	 
	Kjell Schubert
	 	 	13,179	 
	Chris Scott
	 	 	10,584	 
	Taras Silecky
	 	 	6,783	 
	Rebekah Smith
	 	 	3,563	 
	Stacey Stewart
	 	 	1,724	 
	Scott Stimmel
	 	 	1,655	 
	Sirus Sukanich
	 	 	1,494	 
	William Tarbell
	 	 	6,126	 
	Tim Van Den Eynde
	 	 	5,213	 
	Erik Van Hoeymissen
	 	 	11,585	 
	Rachel Vigliotti
	 	 	2,988	 
	Chad Vogelsong
	 	 	1,970	 
	William Walker
	 	 	654	 
	Julie Wehunt
	 	 	3,520	 
	Bryan Wilson
	 	 	4,023	 
	Monika Woszczyna
	 	 	2,802	 
	Donna Wright
	 	 	1,396	 
	Weiyi Yang
	 	 	3,418	 
	Curtis Young
	 	 	4,738exv10w1

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT AND

PLEDGE AND SECURITY AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT AND PLEDGE AND SECURITY AGREEMENT (this
“Amendment”) is made and entered into as of August 12, 2011, and shall be effective as of
August 12, 2011 upon the satisfaction of all of the conditions to effectiveness set forth in
Article IV hereof (the “Effective Date”) by and between SWISHER HYGIENE, INC., a Delaware
corporation (“Borrower”), the Subsidiary Guarantors party hereto, the Required Lenders
under and as defined in the hereinafter defined Credit Agreement, and WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Administrative Agent under the hereinafter defined Credit Agreement (the
“Administrative Agent”).

BACKGROUND STATEMENT

     A. The Borrower is party to the Credit Agreement dated as of March 30, 2011, between the
Borrower, the Lenders party thereto from time to time and the Administrative Agent (the “Credit
Agreement”). Capitalized terms not otherwise defined herein shall have the meaning given to
such terms in the Credit Agreement.

     B. In connection with and as a condition to the initial and continued extensions of credit
under the Credit Agreement, the Borrower and certain of its subsidiaries, pursuant to a Pledge and
Security Agreement, dated as of March 30, 2011 (the “Security Agreement”), have granted in
favor of the Administrative Agent a security interest in and Lien upon the Collateral described
therein as security for their obligations under the Credit Agreement, the Guaranty and the other
Credit Documents.

     C. The Borrower has requested certain amendments to the Credit Agreement and Security
Agreement and the Required Lenders have agreed to make such amendments on the terms and subject to
the conditions set forth herein.

STATEMENT OF AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

ARTICLE I

AMENDMENTS TO THE CREDIT AGREEMENT

     1.1 Amendments to Section 1.1(Definitions) of the Credit Agreement.

          (a) Section 1.1 of the Credit Agreement is hereby amended by adding the following definition
in appropriate alphabetical order:

“Reported Consolidated EBITDA” means, for any Reference
Period, the aggregate of (i) Consolidated Net Income for such
period, plus (ii) the sum of (A) Consolidated Interest
Expense, (B) foreign, federal, state, local and other income taxes,
and (C) depreciation and amortization all to the extent taken into
account in the calculation of

 

 

Consolidated Net Income for such Reference Period and all
calculated in accordance with GAAP, plus (iii)
extraordinary losses, to the extent taken into account in the
calculation of Consolidated Net Income for such Reference Period;
minus (iv) extraordinary gains or income, to the extent
taken into account in the calculation of Consolidated Net Income
for such Reference Period, plus (v) compensation paid by
the Borrower and its Subsidiaries in the form of stock of the
Borrower, the extent taken into account in the calculation of
Consolidated Net Income for such period, plus (vi) any
nonrecurring transaction costs and expenses incurred in connection
with the private placement of the equity of the Borrower, to the
extent documented and approved by the Administrative Agent, in its
reasonable discretion, plus (vii) any nonrecurring
transaction costs and expenses incurred in connection with
Permitted Acquisitions, to the extent documented and approved by
the Administrative Agent, in its reasonable discretion, plus
(viii) for the fiscal year ending December 31, 2011, to the
extent taken into account in the calculation of Consolidated Net
Income for such fiscal year (or portion thereof) and to be
evidenced by documentation reasonably satisfactory to the
Administrative Agent, the sum of (A) nonrecurring costs and
expenses incurred in connection with the merger with and into
Coolbrands International, Inc. not to exceed $5,125,000, and (B)
nonrecurring costs and expenses incurred in connection with the
private placement of the equity of the Borrower that closed in
February, 2011 and the acquisition by the Borrower of Choice
Environmental Services, Inc. and its Subsidiaries, not to exceed
$3,500,000 in the aggregate; provided that for the
avoidance of doubt, Reported Consolidated EBITDA of the Borrower
and its Subsidiaries for any Reference Period shall not include any
EBITDA of a Target earned during such Reference Period prior to the
consummation of the Acquisition of such Target.”

          (b) The definition of “Applicable Percentage” in Section 1.1 of the Credit Agreement is hereby
deleted in its entirety and replaced with the following:

“Applicable Percentage” means, at any time from and after the
Closing Date, the applicable percentage (i) to be added to the Base
Rate for purposes of determining the Adjusted Base Rate, and (ii)
to be added to the LIBOR Rate and the LIBOR Market Index Rate for
purposes of, respectively, determining the Adjusted LIBOR Rate and
Adjusted LIBOR Market Index Rate, in each case as determined under
the following matrix with reference to the Senior Leverage Ratio:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	Applicable	 	 	Applicable	 
	 	 	 	 	Senior	 	 	LIBOR	 	 	Base Rate	 
	 	Level	 	 	Leverage Ratio	 	 	Margin	 	 	Margin	 
	 	I

	 	 	Greater than or equal to 3.25 to 1.0
	 	 	 	3.50	%	 	 	 	2.50	%	 
	 	II

	 	 	Less than 3.25 to 1.0
but greater than or equal to 2.50
to 1.0
	 	 	 	3.00	%	 	 	 	2.00	%	 
	 	III

	 	 	Less than 2.50 to 1.0
	 	 	 	2.50	%	 	 	 	1.50	%	 
	 

2

 

On each Adjustment Date (as hereinafter defined), the Applicable
Percentage for all Loans shall be adjusted effective as of such
Adjustment Date (based upon the calculation of the Senior Net
Leverage Ratio as of the last day of the Reference Period to which
such Adjustment Date relates) in accordance with the above matrix;
provided, however, that, notwithstanding the foregoing or anything
else herein to the contrary, (i) if at any time the Borrower shall
have failed to deliver any of the financial statements as required
by Sections 6.1(a) or 6.1(b), as the case may be, or the Compliance
Certificate as required by Section 6.2(a), then at all times from
and including the date on which such statements and Compliance
Certificate are required to have been delivered until the date on
which the same shall have been delivered, each Applicable
Percentage shall be determined based on Level I above
(notwithstanding the actual Senior Net Leverage Ratio), and (ii)
the determination of the Applicable Percentage shall be subject to
Section 2.8(f). For purposes of this definition, “Adjustment Date”
means, with respect to any Reference Period of the Borrower
beginning with the Reference Period ending as of the last day of
the second fiscal quarter of fiscal year 2011, the day (or, if such
day is not a Business Day, the next succeeding Business Day) of
delivery by the Borrower in accordance with Section 6.1(a) or
Section 6.1(b), as the case may be, of (i) financial statements as
of the end of and for such Reference Period and (ii) a duly
completed Compliance Certificate with respect to such Reference
Period. From the Closing Date until the first Adjustment Date
requiring a change in any Applicable Percentage as provided herein,
each Applicable Percentage shall be based on Level II above.”

          (c) The definition of “Consolidated EBITDA” in Section 1.1 of the Credit Agreement is hereby
amended by deleting the following proviso at the end thereof

”; and provided further that Consolidated EBITDA of
the Borrower and its Subsidiaries for any Reference Period shall be
calculated on a Pro Forma Basis as if any Permitted Acquisition
consummated during such Reference Period (but after the Closing
Date) had been consummated on the first day of such Reference
Period provided that any such additions or reductions to
Consolidated EBITDA as a result of the foregoing shall have been
approved by the Administrative Agent in its reasonable discretion
(such approval not to be required for the consummation of the
Acquisition itself unless otherwise required herein) based upon a
review of the highest quality financial statements or financial
data available to the Borrower with respect to such Acquisition.”

and replacing it with the following proviso:

3

 

”; and provided further that Consolidated EBITDA of
the Borrower and its Subsidiaries for any Reference Period shall be
calculated on a Pro Forma Basis as if any Permitted Acquisition
consummated during such Reference Period (but after the Closing
Date) that involves a Target with EBITDA greater than $150,000 as
of the most recent 12 month period then ended (as set forth in the
highest quality financial statements or financial data available to
the Borrower) had been consummated on the first day of such
Reference Period provided that any such additions or
reductions to Consolidated EBITDA as a result of the foregoing
shall have been approved by the Administrative Agent in its
reasonable discretion (such approval not to be required for the
consummation of the Acquisition itself unless otherwise required
herein) based upon a review of the highest quality financial
statements or financial data available to the Borrower with respect
to such Acquisition.”

     1.2 Amendments to Section 2.12 (Method of Payments; Computations; Apportionment of
Payments) of the Credit Agreement. Section 2.12(e)(v) of the Credit Agreement is hereby
deleted in its entirety and replaced with the following:

“(v) fifth, to the payment of the outstanding principal
amount of the Obligations (including the payment of any outstanding
Reimbursement Obligations and the obligation to cash collateralize
Letter of Credit Exposure), and including with respect to any Hedge
Agreement between any Credit Party and any Hedge Party (to the
extent such Hedge Agreement is permitted hereunder), any breakage,
termination or other payments due under such Hedge Agreement and
any interest accrued thereon and to the payment of outstanding
obligations under corporate credit cards or purchase cards issued
to the Borrower by any Lender;”

     1.3 Amendments to Section 6.9 (Permitted Acquisitions) of the Credit Agreement.
Section 6.9(a) of the Credit Agreement is hereby deleted in its entirety and replaced with the
following:

“(a) (i) (1) Not less than three Business Days prior to the
expected consummation of any Permitted Acquisition with respect to
any Acquisition with an Acquisition Amount in excess of
$10,000,000, the Borrower shall report (which may be made orally or
by email) to the Administrative Agent the name of the Target and
its historical revenue and EBITDA, (2) prior to the consummation of
such Permitted Acquisition, the Borrower shall certify in writing
(which certification may be made via email and may be made
contemporaneously with the report described in clause (1) above) as
to the Acquisition Amount of such Permitted Acquisition and that
the Borrower will be in compliance comply with clause (vi) of the
definition of “Permitted Acquisition” upon the consummation of such
Permitted Acquisition, and (3) as soon as practical after the
consummation of such Acquisition, a Financial Officer of the
Borrower shall deliver to the Administrative Agent a certification,
in form and substance reasonably acceptable to the Administrative
Agent, setting forth the Acquisition Amount (including a good faith
calculation of any Contingent Purchase Price Obligations)
and further to the effect that, to the best of such Financial
Officer’s knowledge, the Borrower has complied with the
requirements of the definition of “Permitted Acquisition”, Section
6.9 and Section 6.10, to the extent applicable, with respect to
such Acquisition;

4

 

     (ii) Concurrently with the delivery of the financial
statements for any fiscal quarter pursuant to Section 6.1(a), the
Borrower shall deliver to the Administrative Agent (x) a summary
schedule of all Acquisitions consummated during such fiscal
quarter, which shall include the total revenue and operating income
of the Persons or business acquired, and the Acquisition Amount
(including a good faith calculation of any Contingent Purchase
Price Obligations) of each Acquisition included thereon, and (y) a
certification of a Financial Officer of the Borrower, in form and
substance reasonably acceptable to the Administrative Agent,
setting forth that, to the best of such Financial Officer’s
knowledge, the Borrower has complied with the requirements of the
definition of “Permitted Acquisition” herein, Section 6.9 and
Section 6.10, to the extent applicable, with respect to such
Acquisitions;”

     1.4 Amendments to Section 6.10 (Creation or Acquisition of Subsidiaries) of the Credit
Agreement.

          (a) Section 6.10 of the Credit Agreement is hereby amended by deleting the following
parenthetical “(and in any event within 15 Business Days thereof)” in subsections (a) and (b)
thereof and replacing it with “(and in any event within 20 Business Days thereof or such later date
approved by the Administrative Agent)”.

          (b) Section 6.10(a) of the Credit Agreement is hereby amended by deleting the following phrase
“a Mortgage with respect to any owned or leased interest of such new Subsidiary in real property”
in clause (C) thereof, and replacing it with “a Mortgage with respect to any owned interest of such
new Subsidiary in real property”.

          (c) Section 6.10(b)(i) of the Credit Agreement is hereby deleted in its entirety and replaced
with the following:

“(i) if such Subsidiary, after giving effect to any Permitted
Acquisition contemplated in connection with such Subsidiary, is
reasonably expected to have Consolidated EBITDA in excess of
$5,000,000 for the following 12 months, upon the reasonable request
of the Administrative Agent, a written legal opinion of counsel to
such Subsidiary addressed to the Administrative Agent and the
Lenders, in form and substance reasonably satisfactory to the
Administrative Agent and its counsel;”

          (d) Section 6.10(b)(iii) of the Credit Agreement is hereby deleted in its entirety and
replaced with the following:

“(iii) a report of Uniform Commercial Code financing statement, tax
and judgment lien searches performed against any such Subsidiary
that is acquired in each jurisdiction in which such Subsidiary is
incorporated
or organized and has a principal place of business, which report
shall show no Liens on its assets (other than Permitted Liens);”

5

 

          (e) Section 6.10(b)(v) of the Credit Agreement is hereby deleted in its entirety and replaced
with the following:

“(v) [Reserved]”

     1.5 Amendments to Section 7.1 (Senior Net Leverage Ratio) of the Credit Agreement.
Section 7.1 of the Credit Agreement is hereby deleted in its entirety and replaced with the
following:

“7.1 Senior Leverage Ratio. The Borrower will not permit
the Senior Leverage Ratio, at any time, to be greater than
3.75:1.0.”

     1.6 Amendments to Section 7.2 (Total Net Leverage Ratio) of the Credit Agreement.
Section 7.2 of the Credit Agreement is hereby deleted in its entirety and replaced with the
following:

“7.2 Total Leverage Ratio. The Borrower will not permit
the Total Leverage Ratio, at any time, to be greater than 4.5:1.0.”

     1.7 Amendments to Section 7.3 (Consolidated EBITDA) of the Credit Agreement. Section
7.3 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

“7.3 Consolidated EBITDA. The Borrower will not permit
Consolidated EBITDA for any Reference Period ending as of the last
day of any fiscal quarter to be less than the amount set forth
below opposite such fiscal quarter (or opposite the period that
includes such fiscal quarter):

	 	 	 	 	 	 
	 
	 	Period	 	 	Minimum Consolidated EBITDA	 
	 	fiscal quarter ending September 30, 2011
	 	 	$12,000,000	 
	 	fiscal quarter ending December 31, 2011
	 	 	$18,000,000	 
	 	fiscal quarter ending March 31, 2012
	 	 	$22,500,000	 
	 

     1.8 Amendments to Section 7.4 (Fixed Charge Coverage Ratio) of the Credit Agreement.
Section 7.4 of the Credit Agreement is hereby deleted in its entirety and replaced with the
following:

“7.4 Fixed Charge Coverage Ratio. The Borrower will not
permit the Fixed Charge Coverage Ratio as of the last day of any
fiscal quarter to be less than the ratio set forth below opposite
such fiscal quarter (or opposite the period that includes such
fiscal quarter):

6

 

	 	 	 	 	 	 
	 
	 	 	 	 	Minimum Fixed	 
	 	 	 	 	Charge Coverage	 
	 	Period	 	 	Ratio	 
	 	fiscal quarter ending September 30, 2011
	 	 	0.75:1.0	 
	 	fiscal quarter ending December 31, 2011
	 	 	1.25:1.0	 
	 	fiscal quarter ending March 31, 2012 and 

thereafter
	 	 	1.50:1.0	 
	 

     1.9 Amendments to Section 7.6 (Minimum Unencumbered Liquidity) of the Credit
Agreement. Section 7.6 of the Credit Agreement is hereby deleted in its entirety and replaced
with the following:

“7.6 Minimum Unencumbered Liquidity. The Borrower will not
permit, at any time, Unencumbered Liquidity to be less than
$20,000,000.”

     1.10 Addition of New Section 7.7 (Reported Consolidated EBITDA) to the Credit
Agreement. A new Section 7.7 is hereby added to the Credit Agreement as follows:

“7.7 Reported Consolidated EBITDA. The Borrower will not
permit Reported Consolidated EBITDA for any Reference Period ending
as of the last day of any fiscal quarter to be less than the amount
set forth below opposite such fiscal quarter (or opposite the
period that includes such fiscal quarter):

	 	 	 	 	 	 
	 
	 	 	 	 	Minimum Reported	 
	 	Period	 	 	Consolidated EBITDA	 
	 	fiscal quarter ending December 31, 2011
	 	 	$15,000,000	 
	 	fiscal quarter ending March 31, 2012
	 	 	$20,000,000	 
	 	fiscal quarter ending June 30, 2012
	 	 	$25,000,000	 
	 	fiscal quarter ending September 30, 2012
	 	 	$30,000,000	 
	 	fiscal quarter ending December 31, 2012 and 

thereafter
	 	 	$35,000,000	 
	 

     1.11 Amendments to Section 8.2 (Indebtedness) of the Credit Agreement.

          (a) Section 8.2 of the Credit Agreement is hereby amended by deleting clause (v) thereof in
its entirety and replacing it with the following:

7

 

“(v) purchase money Indebtedness of the Borrower and its
Subsidiaries incurred solely to finance the acquisition,
construction or improvement of any equipment, real property or
other fixed assets in the ordinary course of business (or assumed
or acquired by the Borrower and its Subsidiaries in connection with
a Permitted Acquisition or other transaction permitted under this
Agreement), (but excluding Capital Lease Obligations), and any
renewals, replacements, refinancings or extensions thereof,
provided that all such Indebtedness plus Indebtedness
permitted under Section 8.2(vi) shall not exceed $37,500,000 in
aggregate amount outstanding at any one time;”

          (b) Section 8.2 of the Credit Agreement is hereby amended by deleting clause (vi) thereof in
its entirety and replacing it with the following:

“(vi) Capital Lease Obligations (including resulting from
sale-leaseback transactions and other lease programs with respect
to trucks or other equipment of the Borrower and its Subsidiaries),
provided that all such Indebtedness plus Indebtedness
permitted under Section 8.2(v) shall not exceed $37,500,000 in
aggregate amount outstanding at any one time;”

          (c) Section 8.2 of the Credit Agreement is hereby amended by deleting clause (x) thereof in
its entirety and replacing it with the following:

“(x) notwithstanding subsection (v) or (vi) above, purchase money
Indebtedness or Capital Lease Obligations of the Borrower or its
Subsidiaries incurred in order to continue to develop its
technology platform, in an aggregate amount not to exceed
$2,500,000;”

     1.12 Amendments to Section 8.3 (Liens) of the Credit Agreement.

          (a) Section 8.3 of the Credit Agreement is hereby amended by deleting clause (iii) thereof in
its entirety and replacing it with the following:

“(iii) Liens imposed by law, such as Liens of carriers,
warehousemen, mechanics, materialmen and landlords, incurred in the
ordinary course of business for sums not constituting borrowed
money that are not overdue for a period of more than 30 days (or
the underlying obligations of which do not exceed $1,000,000) or
that are being contested in good faith by appropriate proceedings
and for which adequate reserves have been established in accordance
with GAAP (if so required);”

          (b) Section 8.3 of the Credit Agreement is hereby amended by inserting the phrase “or Section
8.2(x)” in clause (viii) thereof after the phrase “Section 8.2(v)” in such clause(viii).

          (c) Section 8.3 of the Credit Agreement is hereby amended by renumbering clause (xii) as the
new clause (xiii) thereof, and inserting a new clause (xii) therein as follows:

“(xii) Liens arising in connection with Capital Leases of the
Borrower and its Subsidiaries permitted hereunder;”

8

 

     1.13 Amendments to Section 8.4 (Asset Dispositions) of the Credit Agreement. Section
8.4 of the Credit Agreement is hereby amended by deleting clause (iv) thereof in its entirety and
replacing it with the following:

“(iv) the sale, exchange or other disposition in the ordinary
course of business of equipment or other assets that are obsolete
or no longer necessary for the operations of the Borrower and its
Subsidiaries with an aggregate net book value on such Person’s
balance sheet of no more than $2,000,000 per year (and an
individual net book value for any single piece of such equipment or
asset not to exceed $1,000,000);”

     1.14 Amendments to Section 8.6 (Restricted Payments) of the Credit Agreement. Section
8.6(b) of the Credit Agreement is hereby deleted in its entirety and replaced it with the
following:

“(b) The Borrower will not, and will not permit any of its
Subsidiaries to, make any payment in respect of any Contingent
Purchase Price Obligations (whether or not such Contingent Purchase
Price Obligations constitute Indebtedness) unless (i) no Default or
Event of Default has occurred and is continuing or would result
therefrom and (ii) immediately after giving effect to such payment,
the Borrower is in compliance with the financial covenants
contained in Article VII, such compliance determined with regard to
calculations made on a Pro Forma Basis for the Reference Period
most recently ended, calculated in accordance with GAAP as if such
payment had been made on the last day of such Reference Period.”

     1.15 Amendment to Exhibit C (Compliance Certificate) of the Credit Agreement. The
Covenant Compliance Worksheet, which is Attachment A to Exhibit C to the Credit Agreement shall be
in a form reasonably acceptable to the Administrative Agent.

ARTICLE II

AMENDMENTS TO SWISHER SECURITY AGREEMENT

     2.1 Amendments to Section 2.2 (Security for Secured Obligations) of the Security
Agreement. Section 2.2 of the Security Agreement is hereby amended by deleting the word “and”
immediately preceding subpart (ii) and adding the following immediately prior to the last
parenthetical:

“and (iii) obligations under corporate credit cards or purchase
cards issued to the Borrower by any Lender”

ARTICLE III

CONDITIONS TO EFFECTIVENESS

     This Amendment shall become effective as of the Effective Date upon the satisfaction of each
of the following conditions precedent:

9

 

          (a) The Administrative Agent shall have received a duly executed counterpart of this Amendment
from the Borrower and the Subsidiary Guarantors (collectively, the “Amendment Parties”);

          (b) The Borrower shall have paid all reasonable out-of-pocket costs and expenses of the
Administrative Agent to be paid by it at the closing in connection with the preparation,
negotiation, execution and delivery of this Amendment (including, without limitation, the
reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect
thereto); and

          (c) The Administrative Agent shall have received such other documents, certificates, opinions,
instruments and other evidence as the Administrative Agent may reasonably request, all in a form
and substance satisfactory to the Administrative Agent and its counsel.

Notwithstanding anything to the contrary herein, compliance with the financial covenants included
in Article VII of the Credit Agreement as calculated in the Compliance Certificate to be delivered
by the Borrower pursuant to Section 6.1(c) for the fiscal quarter ending June 30, 2011, shall be
measured in accordance with Article VII of the Credit Agreement in effect immediately prior to the
date hereof without giving effect to any of the amendments contained herein, and such Compliance
Certificate shall be in the form of Exhibit C to the Credit Agreement in effect immediately prior
to the date hereof without giving effect to any of the amendments contained herein.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

          The Amendment Parties hereby represents and warrants that:

     4.1 Representations in Credit Agreement. The representations and warranties of the
Amendment Parties set forth in the Credit Agreement and the Credit Documents are true and correct
in all material respects as of the date hereof, except to the extent such representations and
warranties relate solely to or are specifically expressed as of a particular date or period.

     4.2 Compliance with Credit Agreement. Each of the Amendment Parties is in compliance
with all covenants, terms and provisions set forth in the Credit Agreement and the other Credit
Documents to be observed or performed by it.

     4.3 Due Authorization. This Amendment has been duly authorized, validly executed and
delivered by one or more authorized officers of each Amendment Party and each of this Amendment,
the Credit Agreement and the other Credit Documents, constitutes the legal, valid and binding
obligation of each Amendment Party, to the extent each is a party thereto, enforceable against it
in accordance with its terms.

     4.4 No Event of Default. No Default or Event of Default under the Credit Agreement
has occurred and is continuing.

     4.5 Continuing Security Interests. All obligations of the Amendment Parties under the
Credit Agreement and the other Credit Documents continue to be or will be secured by the
Administrative Agent’s security interests in all of the collateral granted under the Security
Documents, and nothing herein will affect the validity, enforceability, perfection or priority of
such security interests.

10

 

ARTICLE V

ACKNOWLEDGEMENTS; REPRESENTATIONS; CONSENT

     5.1 Amendment Parties. Each of the Amendment Parties hereby approves and consents to
the transactions contemplated by this Amendment, confirms and agrees that, after giving effect to
this Amendment, each of the Credit Agreement and the other Credit Documents to which it is a party,
remains in full force and effect and enforceable against it in accordance with its terms and shall
not be discharged, diminished, limited or otherwise affected in any respect, and represents and
warrants to the Administrative Agent and the Lenders that it has no knowledge of any claims,
counterclaims, offsets, or defenses to or with respect to its obligations under the Credit
Documents, or if it has any such claims, counterclaims, offsets, or defenses to such Credit
Documents or any transaction related to such Credit Documents, the same are hereby waived,
relinquished, and released in consideration of the execution of this Amendment. Furthermore, each
of the Amendment Parties acknowledges and agrees that its obligations under the Credit Documents
shall not be discharged, limited or otherwise affected by reason of the Administrative Agent’s or
any Lender’s actions with respect to any other Amendment Party, or with respect to, or in adding or
releasing, any other guarantor of the obligations of the Borrower under the Credit Agreement
without the necessity of giving notice to or obtaining the consent of such Amendment Party. The
acknowledgements and confirmations by each of the Amendment Parties herein is made and delivered to
induce the Administrative Agent and the Lenders to enter into this Amendment and continue to
extend credit to the Borrower and the other Amendment Parties, and each of the Amendment Parties
acknowledges that the Administrative Agent and the Lenders would not enter into this Amendment and
continue to extend such credit in the absence of the acknowledgement and confirmation contained
herein.

     5.2 Subsidiary Guarantors. Each of the Subsidiary Guarantors further represents that
it has knowledge of the Borrower’s and the other Amendment Parties’ financial condition and affairs
and that it has adequate means to obtain from the Borrower and the other Amendment Parties on an
ongoing basis information relating thereto and to the Borrower’s and the other Amendment Parties’
ability to pay and perform their respective obligations under the Credit Documents, and agrees to
assume the responsibility for keeping, and to keep, so informed for so long as the guaranty of each
such Subsidiary Guarantor remains in effect. Each Subsidiary Guarantor agrees that the
Administrative Agent and the Lenders shall have no obligation to investigate the financial
condition or affairs of the Borrower or any of the Amendment Parties for the benefit of any
Subsidiary Guarantor nor to advise any Subsidiary Guarantor of any fact respecting, or any change
in, the financial condition or affairs of the Borrower or any of the Amendment Parties that might
become known to the Administrative Agent or any Lender at any time, whether or not the
Administrative Agent or any such Lender knows or believes or has reason to know or believe that any
such fact or change is unknown to any Subsidiary Guarantor, or might (or does) materially increase
the risk of any Subsidiary Guarantor as guarantor, or might (or would) affect the willingness of
any Subsidiary Guarantor to continue as a guarantor of the obligations of the Borrower under the
Credit Documents. These representations and agreements by each of the Subsidiary Guarantors are
made and delivered to induce the Administrative Agent and the Lenders to enter into this Amendment
and continue to extend credit to the Borrower and the other Amendment Parties under the Credit
Documents, and each of the Subsidiary Guarantors acknowledges that the Administrative Agent and the
Lenders would not enter into this Amendment and continue to extend such credit in the absence of
the representations and agreements contained herein.

11

 

ARTICLE VI

GENERAL

     6.1 Full Force and Effect. This Amendment is limited as specified and, except as
specifically set forth herein, shall not constitute a modification, acceptance or waiver of any
other provision of any of the Credit Documents. The Credit Agreement, as amended by the amendments
set forth herein, shall continue to be in full force and effect in accordance with the provisions
thereof after giving effect to such amendments. Any reference to the Credit Agreement in any of
the other Credit Documents shall mean the Credit Agreement as amended by this Amendment and as may
be further amended, modified, restated, or supplemented from time to time. This Amendment shall be
a Credit Document.

     6.2 Applicable Law. This Amendment shall be governed by and construed in accordance
with the internal laws and judicial decisions of the State of North Carolina.

     6.3 Counterparts; Execution. This Amendment may be executed in two or more
counterparts, each of which shall constitute an original, but all of which when taken together
shall constitute but one instrument. The exchange of copies of this Amendment and of signature
pages by facsimile transmission or by electronic delivery of .pdf copies shall constitute effective
execution and delivery of this Amendment and such copies may be used in lieu of the original
Amendment for all purposes. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile transmission shall be effective as delivery of a manually executed
counterpart of this Amendment.

     6.4 Expenses. The Borrower agrees to pay on demand all reasonable out-of-pocket
expenses incurred by the Administrative Agent in connection with the preparation, execution and
delivery of this Amendment, including, without limitation, all reasonable attorneys’ fees.

     6.5 Further Assurances. Each of the Amendment Parties shall execute and deliver to
the Administrative Agent such documents, certificates, and opinions as the Administrative Agent may
reasonably request to effect the amendments contemplated by this Amendment and to continue the
existence, perfection and first priority of the Administrative Agent’s security interests in the
collateral securing the obligations under the Credit Documents.

     6.6 Headings. The headings of this Amendment are for the purposes of reference only
and shall not affect the construction of this Amendment.

[The remainder of this page is left blank intentionally.]

12

 

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

	 	 	 	 	 
	 	SWISHER HYGIENE, INC.

 	 
	 	By:  	/s/ Michael J. Kipp
 	 
	 	 	Name:  	Michael J. Kipp 	 
	 	 	Title:  	Senior Vice President, Chief Financial Officer 	 
	 

[Signature Pages Continued on the Following Page]

13

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Cavan J. Harris
 	 
	 	 	Cavan J. Harris 	 
	 	 	Senior Vice President 	 
	 

[Signature Pages Continued on the Following Page]

14

 

	 	 	 	 	 
	 	GUARANTORS:

SWISHER INTERNATIONAL, INC.

HB SERVICE, LLC

SWISHER HYGIENE FRANCHISE CORP.

SWISHER PEST CONTROL CORP.

SWISHER MAID, INC.

SHFC FINANCE, LLC

SERVICE MINNEAPOLIS, LLC

SHFC OPERATIONS, LLC

EXPRESS RESTAURANT EQUIPMENT

    SERVICE, INC.

SERVICE ARKANSAS, LLC

SERVICE BALTIMORE, LLC

SERVICE BEVERLY HILLS, LLC

SERVICE BIRMINGHAM, LLC

SERVICE CALIFORNIA, LLC

SERVICE CAROLINA, LLC

SERVICE CENTRAL FL, LLC

SERVICE CHARLOTTE LLC

SERVICE CHATTANOOGA, LLC

SERVICE CINCINNATI, LLC

SERVICE COLUMBIA, LLC

SERVICE COLUMBUS, LLC

SERVICE DC, LLC

SERVICE DENVER, LLC

 	 
	 	By:  	/s/ Thomas E. Aucamp
 	 
	 	 	Name:  	Thomas E. Aucamp 	 
	 	 	Title:  	Executive Vice President 	 
	 

[Signature Pages Continued on the Following Page]

15

 

	 	 	 	 	 
	 	SERVICE FLORIDA, LLC

SERVICE GAINESVILLE, LLC

SERVICE GOLD COAST, LLC

SERVICE GREENSBORO, LLC

SERVICE GREENVILLE, LLC

SERVICE GULF COAST, LLC

SERVICE HAWAII, LLC

SERVICE HOUSTON, LLC

SERVICE LAS VEGAS, LLC

SERVICE LOUISVILLE, LLC

SERVICE MEMPHIS, LLC

SERVICE MICHIGAN, LLC

SERVICE MIDATLANTIC, LLC

SERVICE MIDWEST, LLC

SERVICE NASHVILLE, LLC

SERVICE NEW ENGLAND, LLC

SERVICE NEW MEXICO, LLC

SERVICE NEW ORLEANS, LLC

SERVICE NORTH, LLC

SERVICE NORTH-CENTRAL, LLC

SERVICE OKLAHOMA CITY, LLC

SERVICE PHILADELPHIA, LLC

SERVICE PHOENIX, LLC

SERVICE PORTLAND, LLC

SERVICE RALEIGH, LLC

SERVICE SALT LAKE CITY, LLC

SERVICE SEATTLE, LLC

SERVICE SOUTH, LLC

SERVICE ST. LOUIS, LLC

SERVICE TALLAHASSEE, LLC

SERVICE TAMPA, LLC

SERVICE TRI-CITIES, LLC

SERVICE VIRGINIA, LLC

SERVICE WEST COAST, LLC

SERVICE WESTERN PENNSYLVANIA, LLC

FOUR-STATE HYGIENE, INC.

INTEGRATED BRANDS INC.

ESKIMO PIE CORPORATION

 	 
	 	By:  	/s/
 Thomas E. Aucamp 	 
	 	 	Name:  	Thomas E. Aucamp 	 
	 	 	Title:  	Executive Vice President 	 
	 

[Signature Pages Continued on the Following Page]

16

 

	 	 	 	 	 
	 	CHOICE ENVIRONMENTAL SERVICES,

     INC.

CHOICE ENVIRONMENTAL SERVICES

     OF MIAMI, INC.

CHOICE ENVIRONMENTAL SERVICES

     OF BROWARD, INC.

CHOICE ENVIRONMENTAL SERVICES

     OF DADE COUNTY, INC.

CHOICE ENVIRONMENTAL SERVICES

     OF COLLIER, INC.

CHOICE RECYCLING SERVICES

     OF MIAMI, INC.

CHOICE ENVIRONMENTAL SERVICES

     OF ST. LUCIE, INC.

CHOICE RECYCLING SERVICES

     OF BROWARD, INC.

CHOICE ENVIRONMENTAL SERVICES

     OF LEE COUNTY, INC.

CHOICE ENVIRONMENTAL SERVICES

     OF HIGHLANDS COUNTY, INC.

SANOLITE CORPORATION

SWSH MOUNT HOOD MFG., INC.

SWSH ARIZONA MFG., INC.

 	 
	 	By:  	/s/ Thomas E. Aucamp
 	 
	 	 	Name:  	Thomas E. Aucamp 	 
	 	 	Title:  	Executive Vice President 	 
	 

17

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