Document:

EX-10.2

FIRST AMENDMENT TO CREDIT AGREEMENT

FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as of April 27,
2009, among STARWOOD HOTELS & RESORTS WORLDWIDE, INC., a Maryland corporation (the
“Borrower”), various lenders from time to time party to the Credit Agreement (the
“Lenders”) and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the
“Administrative Agent”). Unless otherwise defined herein, all capitalized terms used herein
shall have the respective meanings provided such terms in the Credit Agreement referred to below.

W I T N E S S E T H:

WHEREAS, the Borrower, the Lenders, the Administrative Agent, Banc of America Securities LLC,
as sole Lead Arranger and Joint Book Running Manager, The Bank of Nova Scotia and Citigroup Global
Markets Inc., as Joint Book Running Managers, The Bank of Nova Scotia, Citicorp North America, Inc.
and The Royal Bank of Scotland, as Co-Syndication Agents, Calyon New York Branch, The Bank of
Tokyo-Mitsubishi UFJ, Ltd., Deutsche Bank AG New York Branch and Wachovia Bank, National
Association, as Co-Documentation Agents, JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, Ltd. and
Sumitomo Mitsui Banking Corporation, New York, as Senior Managing Agents, and Banca Nazionale del
Lavoro S.p.A. and Morgan Stanley Bank, as Managing Agents, are parties to that certain Credit
Agreement, dated as of June 29, 2007 (as amended, modified and/or supplemented to, but not
including, the date hereof, the “Credit Agreement”); and

WHEREAS, subject to the terms and conditions of this First Amendment, the Lenders and the
Borrower wish to amend certain provisions of the Credit Agreement;

	 	 	 
	 	 	NOW, THEREFORE, it is agreed:

	PART I.
	 	Acknowledgments, Agreements and Amendments.

	 	 	 

SECTION 1. Section 9.01 of the Credit Agreement is hereby amended by (i) deleting the
text “Section 9.01(xiii)” appearing in clauses (iii) and (xi) of said Section and inserting the
text “Section 9.01(xiv)” in lieu thereof; (ii) deleting the text “and” appearing at the end of
clause (xiii) of said Section; (iii) deleting the text “10%” appearing in clause (xiv) of said
Section and inserting the text “5%” in lieu thereof; (iv) deleting the period (“.”) at the end of
clause (xiv) of said Section and inserting the text “; and” in lieu thereof; and (v) inserting the
following new clause (xv) immediately following clause (xiv) of said Section:

“(xv) Liens incurred after the Closing Date and in existence on the First Amendment
Effective Date which are listed, and the property subject thereto described, in Schedule
9.01(a), and giving effect to any renewals, replacements and extensions of such Liens, in
each case so long as (x) the principal amount of the obligations secured thereby is not
increased as a result thereof (except to the extent any such incremental obligations are
independently justified under (and applied as a utilization of the basket described in)
Section 9.01(xiv) above), (y) such renewals, replacements and extensions do not result in
Liens applying to any Assets which are not already subject to the Liens securing the
respective obligations being renewed, replaced or extended, and (z) prior to the First
Amendment Effective Date, such Liens were exclusively justified under (and applied as a
utilization of the basket described in) Section 9.01(xiv) (as in effect prior to the First
Amendment Effective Date). ”

SECTION 2. Section 9.03 of the Credit Agreement is hereby amended by (i) deleting the
text “and” appearing at the end of clause (ii) of said Section and (ii) deleting clause (iii) of
said Section in its entirety and inserting the following new clauses (iii) and (iv) in lieu
thereof:

“(iii) the Borrower may authorize, declare and make an annual Dividend once per Fiscal
Year in the form of a cash distribution to its shareholders (payable in the first fiscal
quarter of each Fiscal Year) in an amount not to exceed $100,000,000 per Fiscal Year;
provided that (x) in no event shall the amount of such Dividend paid in any Fiscal
Year exceed Excess Cash Flow for the immediately preceding Fiscal Year, (y) in no event
shall any Dividend be authorized, declared or made, unless (1) the Consolidated Leverage
Ratio (determined, for this purpose, on a Pro Forma Basis based on the
Consolidated Indebtedness as of the date of such authorization, declaration or cash
distribution after giving effect to any Indebtedness incurred (or to be incurred) to make
such cash distribution) as at the last day of the Reference Period then last ended is less
than 5.00:1.00 and (2) no Specified Default or Event of Default exists at the time of the
respective authorization, declaration or distribution or would exist immediately after
giving effect thereto and (z) on or prior to the date of the payment of such Dividend, the
Borrower shall have furnished to the Administrative Agent a certificate from an Authorized
Officer of the Borrower certifying to the best of his or her knowledge as to compliance with
the requirements of this clause (iii) and containing the calculations (in reasonable detail)
required to demonstrate compliance with preceding subclauses (x) and (y)(1); and

(iv) the Borrower may authorize, declare and make Dividends in the form of share
repurchases from time to time, so long as (x) the Consolidated Leverage Ratio as at the last
day of the most recently ended Reference Period (determined, for this purpose, on a
Pro Forma Basis based on the Consolidated Indebtedness as of the date of
such authorization, declaration or repurchase after giving effect to any Indebtedness
incurred (or to be incurred) to make such repurchase) is less than 4.50:1.00, (y) no
Specified Default or Event of Default exists at the time of the respective authorization,
declaration or repurchase or would exist immediately after giving effect thereto and (z) on
or prior to the date of the payment of such Dividends, the Borrower shall have furnished to
the Administrative Agent a certificate from an Authorized Officer of the Borrower certifying
to the best of his or her knowledge as to compliance with the requirements of preceding
subclauses (x) and (y) and containing the calculations (in reasonable detail) required to
demonstrate compliance with preceding subclause (x).”

SECTION 3. Section 9.05 of the Credit Agreement is hereby amended by deleting the text
“4.50:1.00” appearing in said Section and inserting the text “5.50:1.00” in lieu thereof.

SECTION 4. Section 11.01 of the Credit Agreement is hereby amended by deleting the
definition of “Applicable Margin” appearing therein in its entirety and inserting the
following text in lieu thereof:

“Applicable Margin” shall mean, from and after any Start Date to and including
the corresponding End Date, the respective percentage per annum set forth below under the
respective Type of Loans or Fee and opposite the respective Ratings-Based Level
(i.e., 1, 2, 3, 4, 5 or 6, as the case may be) and Leverage-Based Level
(i.e., I, II, III, IV, V or VI, as the case may be) indicated to have been achieved
on the applicable Test Date for such Start Date (as adjusted in accordance with the
immediately succeeding proviso and as set forth in the respective officer’s certificate
delivered pursuant to Section 8.01(d)):

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ratings-Based

Level
	 	Unsecured Debt Rating

	 	Leverage-

Based Level
	 	Consolidated Leverage Ratio
	 	“Applicable Margin”

for Euro Rate Loans
	 	“Applicable Margin”

for Base Rate

Loans
	 	 	 	 	 

	 	 
	 	 
	 	 
	 	 
	 	1	 	 	BBB+ or higher from

S&P and Baa1 or

higher from Moody’s

	 	I

	 	Less than 2.25:1.0

	 	2.00%

	 	0.0%

	 	 	 	 	 

	 	 
	 	 
	 	 
	 	 
	 	2	 	 	Ratings-Based Level

1 is not applicable

and ratings of BBB

or higher from S&P

and Baa2 or higher

from Moody’s

	 	II

	 	Greater than or equal to

2.25:1.0 and less than 3.00:1.0

	 	2.25%

	 	0.25%

	 	 	 	 	 

	 	 
	 	 
	 	 
	 	 
	 	3	 	 	Ratings-Based Levels

1 and 2 are not

applicable and

ratings of BBB- or

higher from S&P and

Baa3 or higher from

Moody’s

	 	III

	 	Greater than or equal to

3.00:1.0 and less than 3.75:1.0

	 	2.50%

	 	0.50%

	 	 	 	 	 

	 	 
	 	 
	 	 
	 	 
	 	4	 	 	Ratings-Based Levels

1, 2 and 3 are not

applicable and

ratings of BB+ or

higher from S&P and

Ba1 or higher from

Moody’s

	 	IV

	 	Greater than or equal to

3.75:1.0 and less than 4.25:1.0

	 	2.75%

	 	0.75%

	 	 	 	 	 

	 	 
	 	 
	 	 
	 	 
	 	5	 	 	Ratings-Based Levels

1, 2, 3 and 4 are

not applicable

	 	V

	 	Greater than or equal to

4.25:1.0 and less than 4.75

	 	3.00%

	 	1.00%

	 	 	 	 	 

	 	 
	 	 	 	 
	 	 
	 	6	 	 	Ratings-Based Levels

1, 2, 3, 4 and 5 are

not applicable

	 	VI

	 	Greater than or equal to 4.75:1.0

	 	3.50%

	 	1.50%

	 	 	 	 	 

	 	 
	 	 
	 	 
	 	 

; provided that for purposes of calculations pursuant to the preceding table,
if the Ratings-Based Level and the Leverage-Based Level at a given time under the foregoing
table would result in the determination of different “Applicable Margins” at such time, then
the “Applicable Margin” shall be determined by reference to that Level (i.e., either
the Ratings-Based Level or the Leverage-Based Level) which would then result in a higher
“Applicable Margin”; provided, further, that notwithstanding anything to the
contrary contained above, (x) if the Borrower fails to deliver the financial statements
required to be delivered pursuant to Section 8.01(a) or (b) (accompanied by the officer’s
certificates required by Section 8.01(d) showing the applicable Consolidated Leverage Ratio
and Unsecured Debt Ratings on the relevant Test Date) on or prior to the respective date
required by such Sections, then Ratings-Based Level 6 and Leveraged-Based Level VI pricing
shall apply until such time, if any, as the financial statements required as set forth above
and the accompanying officer’s certificates have been delivered showing that the pricing for
the respective Margin Adjustment Period is at a Level which is less than Ratings-Based Level
6 and Leveraged-Based Level VI (it being understood that, in the case of any late delivery
of the financial statements and officer’s certificates as so required, the reduced
Applicable Margin, if any, shall apply only from and after the date of the delivery of the
complying financial statements and officer’s certificates), (y) subject to clause (z) below,
at any time during the period from the First Amendment Effective Date to but not including
the date of the actual (or, if earlier, required) delivery of the officer’s certificates
pursuant to Section 8.01(d) in respect of the fiscal quarter ended March 31, 2009,
Ratings-Based Level 4 and Leveraged-Based Level IV pricing shall apply and (z) Ratings-Based
Level 6 and Leveraged-Based Level VI pricing shall apply at all times when any Default or
any Event of Default exists.

SECTION 5. Section 11.01 of the Credit Agreement is hereby amended by deleting the
definition of “Consolidated EBITDA” appearing therein in its entirety and inserting the
following text in lieu thereof:

“Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for
such period, adjusted by (x) adding thereto (i) to the extent actually deducted in
determining said Consolidated Net Income, consolidated interest expense and provision for
taxes for such period (excluding, however, consolidated interest expense and taxes
attributable to Unconsolidated Joint Ventures of the Borrower and any of its Subsidiaries),
(ii) the amount of all amortization of intangibles and depreciation that were deducted
determining Consolidated Net Income for such period (including in any event (and regardless
of any contrary treatment under GAAP) the pro rata share of depreciation and
amortization of Unconsolidated Joint Ventures of the Borrower and its Subsidiaries), (iii)
any non-recurring non-cash charges in such period to the extent that (A) such non-cash
charges do not give rise to a liability that would be required to be reflected on the
consolidated balance sheet of the Borrower (and so long as no cash payments or cash expenses
will be associated therewith (whether in the current period or for any future period)) and
(B) same were deducted in determining Consolidated Net Income for such period, and (iv) the
total amount of cash severance costs actually incurred by the Borrower and its Subsidiaries
during such period, to the extent same were deducted in determining Consolidated Net Income
for such period, provided that, in the case of each fiscal quarter ended in Fiscal
Year 2009 or in Fiscal Year 2010 and included in such period, the amount of cash severance
costs added back to Consolidated EBITDA pursuant to this subclause (iv) for such fiscal
quarter, when aggregated with the aggregate amount of cash severance costs added back to
Consolidated EBITDA pursuant to this subclause (iv) for all other fiscal quarters ended in
Fiscal Year 2009 or in Fiscal Year 2010 and included in such period, shall not exceed
$25,000,000 (it being understood, for the avoidance of doubt, that, in the case of each
fiscal quarter ended in Fiscal Year 2008 and included in such period, the actual amount of
cash severance costs shall be added back to Consolidated EBITDA pursuant to this subclause
(iv) for such fiscal quarter) and (y) subtracting therefrom, to the extent included in
determining Consolidated Net Income for such period, the amount of non-recurring non-cash
gains during such period; provided that (I) Consolidated EBITDA shall be determined
without giving effect to any extraordinary gains or losses (including any taxes attributable
to any such extraordinary gains or losses) or gains or losses (including any taxes
attributable to such gains or losses) from sales of assets other than from sales of
inventory (excluding Real Property) in the ordinary course of business and (II) to the
extent any calculation pursuant to this Agreement is to be made on a
Pro Forma Basis (for events other than the occurrence of the Transaction),
such Consolidated EBITDA shall be further adjusted as provided in the definition of
Pro Forma Basis for transactions occurring after the Closing Date.

SECTION 6. Section 11.01 of the Credit Agreement is hereby amended by inserting the
following new definitions in appropriate alphabetical order:

“Capital Expenditures” shall mean all expenditures by the Borrower and its
Subsidiaries which should be capitalized in accordance with GAAP.

“Excess Cash Flow” shall mean, for any period, the remainder of (x)
Consolidated EBITDA for such period minus (y) the sum of (w) Consolidated Interest
Expense for such period, (x) scheduled amortization payments made with respect to any
Indebtedness of the Borrower and its Subsidiaries during such period (excluding, however,
balloon payments made at final stated maturity), (y) Maintenance Capital Expenditures
incurred or made during such period and (z) taxes paid in cash by the Borrower and its
Subsidiaries during such period.

“Maintenance Capital Expenditures” shall mean (i) Capital Expenditures relating
to improvements, repairs, maintenance and substantially equivalent replacements of existing
property, plant or equipment and (ii) Capital Expenditures required to be made due to a
change in law or ongoing regulatory requirements.

“First Amendment” shall mean the First Amendment to the Credit Agreement, dated
as of April 27, 2009.

“First Amendment Effective Date” shall have the meaning provided in the First
Amendment.

SECTION 7. The Credit Agreement is hereby further amended by inserting a new Schedule
9.01(a), attached hereto as Annex A, immediately following Schedule 9.01.

PART II. Miscellaneous Provisions.

A. Each Guarantor, by its signature below, hereby confirms that (i) its Subsidiaries Guaranty
shall remain in full force and effect and (ii) its Subsidiaries Guaranty covers the obligations of
the Borrower under the Credit Agreement (as modified by this First Amendment), including the Loans.

B. In order to induce the Lenders to enter into this First Amendment, the Borrower represents
and warrants to the Lenders that, on the First Amendment Effective Date, before, as of and after
giving effect to the execution, delivery and performance by the Borrower of this First Amendment
and the transactions contemplated hereby, (i) there shall exist no Default or Event of Default and
(ii) all representations and warranties contained in the Credit Agreement and in the other Credit
Documents are true and correct in all material respects with the same effect as though such
representations and warranties had been made on the First Amendment Effective Date (it being
understood and agreed that any representation or warranty which by its terms is made as of a
specified date shall be true and correct in all material respects only as of such specified date).

C. This First Amendment is limited as specified and shall not constitute a modification,
acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document.

D. This First Amendment may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, each of which counterparts when executed and delivered
shall be an original, but all of which shall together constitute one and the same instrument. A
complete set of counterparts shall be lodged with the Corporation and the Administrative Agent.

E. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

F. This First Amendment shall become effective on the date (the “First Amendment Effective
Date”) when each of the following conditions has been satisfied:

(i) the Borrower, each Guarantor and the Lenders constituting the Required Lenders
shall have signed a counterpart hereof (whether the same or different counterparts) and
shall have delivered (including by way of facsimile transmission) the same to the
Administrative Agent (or its designee);

(ii) the Administrative Agent (or its designee) shall have received from the Borrower
by wire transfer of immediately available funds, for the account of each Lender who has
consented to this First Amendment by signing a counterpart hereof and delivering the same as
provided in the preceding clause (i) on or prior to 5:00P.M. (New York City time) on April
16, 2009, a non-refundable cash fee in Dollars in an amount equal to 0.50% of the aggregate
principal amount of Loans (after giving effect to the repayment of the B-1 Term Loans as
contemplated by clause (iii) below) of such Lender outstanding on such date;

(iii) the Borrower shall have repaid in full all outstanding B-1 Term Loans, together
with all accrued and unpaid interest on such B-1 Term Loans;

(iv) the Administrative Agent shall have received from the Borrower and each Guarantor
certified copies of resolutions of the Board of Directors (or equivalent managing body) of
such Credit Party with respect to the matters set forth in this First Amendment, and such
resolutions shall be satisfactory to the Administrative Agent; and

(v) the Borrower shall have paid (or caused to be paid) to the Agents and the Lenders
all fees, costs and expenses (including, without limitation, reasonable legal fees and
expenses) payable to the Agents and the Lenders to the extent then due.

The Administrative Agent shall promptly deliver notice to the Borrower of the occurrence of the
First Amendment Effective Date.

G. From and after the First Amendment Effective Date, all references in the Credit Agreement
and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to
the Credit Agreement as modified by this First Amendment on the First Amendment Effective Date.
This First Amendment shall constitute a Credit Document for all purposes under the Credit Agreement
and the other Credit Documents.

[Signatures appear on the following page.]

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to
execute and deliver this First Amendment as of the date first above written.

	 
	STARWOOD HOTELS & RESORTS WORLDWIDE, INC., as Borrower

By:

	Name:

	Title:

1

	 
	STARWOOD CANADA FINANCE LP, as a Guarantor

By:

	Name:

	Title:

2

	 
	BANK OF AMERICA, N.A.,

Individually and as Administrative Agent

By:

	 

	Name:

	Title:

	By:

	 

	Name:

	Title:

3

SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE
DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT
AGREEMENT, DATED AS OF JUNE 29, 2007, AMONG STARWOOD
HOTELS & RESORTS WORLDWIDE, INC., THE VARIOUS LENDERS
PARTY THERETO, BANK OF AMERICA N.A., AS ADMINISTRATIVE
AGENT, BANC OF AMERICA SECURITIES LLC AS SOLE LEAD
ARRANGER AND JOINT BOOK-RUNNING MANAGER, THE BANK OF NOVA
SCOTIA AND CITIGROUP GLOBAL MARKETS INC., AS JOINT BOOK
RUNNING MANAGERS, THE BANK OF NOVA SCOTIA, CITICORP NORTH
AMERICA, INC. AND THE ROYAL BANK OF SCOTLAND AS
CO-SYNDICATION AGENTS, CALYON NEW YORK BRANCH, THE BANK
OF TOKYO-MITSUBISHI UFJ, LTD, DEUTSCHE BANK AG NEW YORK
BRANCH AND WACHOVIA BANK, NATIONAL ASSOCIATION, AS
CO-DOCUMENTATION AGENTS, JPMORGAN CHASE BANK, N.A.,
MIZUHO CORPORATE BANK, LTD. AND SUMITOMO MITSUI BANKING
CORPORATION, NEW YORK, AS SENIOR MANAGING AGENTS, AND
BANCA NATIONALE DEL LAVORO S.P.A. AND MORGAN STANLEY
BANK, AS MANAGING AGENTS

NAME OF INSTITUTION:

	 	 	 	      

	 	 	 	By:
     

Name:

	 	 	 	Title:

4Exhibit 10.13

Exhibit 10.13

FIRST AMENDMENT TO LOAN AGREEMENT

THIS FIRST AMENDMENT TO LOAN AGREEMENT, dated as of April 24, 2009 (this “Amendment”), is
among KELLY SERVICES, INC., a Delaware corporation(the “Company”), the Foreign Subsidiary Borrowers
set forth on the signature pages hereof (together with the Company, the “Borrowers”), the lenders
set forth on the signature pages hereof (collectively, the “Lenders”) and JPMORGAN CHASE BANK, N.A.
a national banking association, as administrative agent for the Lenders (in such capacity, the
“Agent”).

RECITALS

A. The Borrowers, the Agent and the Lenders are parties to a Loan Agreement, dated as of
November 30, 2005 (as now and hereafter amended, the “Loan Agreement”), pursuant to which the
Lenders agreed, subject to the terms and conditions thereof, to extend credit to the Borrowers.

B. The Borrowers desire to amend the Loan Agreement and the Agent and the Lenders are willing
to do so strictly in accordance with the terms hereof.

TERMS

In consideration of the premises and of the mutual agreements herein contained, the parties
agree as follows:

ARTICLE 1.

AMENDMENTS

Upon fulfillment of the conditions set forth in Article 3 hereof, the Loan Agreement shall be
amended as follows:

1.1 The definition of “EBITDA” in Section 1.1 shall be amended by adding the following
language at the end thereof:

“plus (e) for any calculation including the fiscal quarter ending September
30, 2008, an amount equal to $23,460,000 relating to charges taken for past
litigation, plus (f) for any calculation including the fiscal quarter ending
December 31, 2008, an amount equal to $1,500,000 relating to restructuring charges,
plus (g) an amount not to exceed $5,000,000 in aggregate amount relating to future
cash restructuring charges taken by the Company on or after January 1, 2009, which
add-back shall be taken by the Company in the quarter in which any such charges were
taken and shall continue for any calculation thereafter which includes such
quarter.”

1.2 The following definitions in Section 1.1 are restated to read as follows:

“Alternate Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds
Effective Rate in effect on such day plus 1/2 of 1% and (c) the Adjusted LIBO Rate for
a one month Interest Period on such day (or if such day is not a Business Day, the
immediately preceding Business Day) plus 1%, provided that, for the
avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate
appearing on the Reuters Screen LIBOR01 Page (or on any successor or substitute
page) at approximately 11:00 a.m. London time on such day (without any rounding).
Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal
Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including
the effective date of such change in the Prime Rate, the Federal Funds Effective
Rate or the Adjusted LIBO Rate, respectively.

“Floating Rate” means, for any day, a rate per annum equal to (i) the
Alternate Base Rate for such day, in each case changing when and as the Alternate
Base Rate changes, plus (ii) the Applicable Margin.

 

 

 

1.3 The following definitions shall be added to Section 1.1 in appropriate alphabetical order:

“Adjusted LIBO Rate” means, with respect to any calculation of the
Alternate Base Rate, the quotient of (i) the Eurocurrency Reference Rate for
deposits in Dollars divided by (ii) one minus the Reserve Requirement (expressed as
a decimal).

“Equity Interests” means shares of capital stock, partnership
interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants,
options or other rights entitling the holder thereof to purchase or acquire any such
equity interest.

“First Amendment Effective Date” means April 24, 2009.

“Restricted Payment” means any dividend or other distribution (whether
in cash, securities or other property) with respect to any Equity Interests in any
Borrower or any Subsidiary, or any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any
such Equity Interests in any Borrower or any Subsidiary or any option, warrant or
other right to acquire any such Equity Interests in any Borrower or any Subsidiary.

1.4 Section 6.12(k) shall be restated as follows:

(k) (x) Liens encumbering Property of the Company or any Subsidiary securing
Indebtedness of the Company or any Subsidiary and (y) unsecured Indebtedness of
Subsidiaries, in each case, in addition to the Liens and Indebtedness described in
clauses (a) through (j) above, in an aggregate amount not exceeding 10% of the
consolidated Net Worth of the Company and its Subsidiaries.

1.5 Section 6.15 shall be restated as follows:

6.15 Interest Coverage Ratio. The Company shall not permit its
Interest Coverage Ratio as of the last day of each fiscal quarter to be less than
(i) as of the fiscal quarter ending March 31, 2009, 5.0 to 1.0; (ii) as of the
fiscal quarter ending December 31, 2009, 3.5 to 1.0; (iii) as of the fiscal quarters
ending March 31, 2010 and June 30, 2010, 4.0 to 1.0; and (iv) thereafter, 5.0 to
1.0. The Interest Coverage Ratio shall not be tested for the fiscal quarters ending
June 30, 2009 and September 30, 2009.

1.6 New Sections 6.17 and 6.18 shall be added at the end of Article VI to read as follows:

6.17. Restricted Payments. The Company will not, nor will it permit
any Subsidiary to, declare or make, or agree to pay or make, directly or indirectly,
any Restricted Payment, or incur any obligation (contingent or otherwise) to do so,
except (i) the Borrower may declare and pay dividends with respect to its common
stock payable solely in additional shares of its common stock, and, with respect to
its preferred stock, payable solely in additional shares of such preferred stock or
in shares of its common stock, and (ii) Subsidiaries may declare and pay dividends
or other distributions to the Company or to another Subsidiary, provided,
that, if the Agent determines that the Company is in compliance with the
Interest Coverage Ratio pursuant to Section 6.15 as of the fiscal quarter ending
December 31, 2009, the restrictions set forth in this Section 6.17 shall no longer
be applicable and the Company may thereafter make Restricted Payments.

6.18. Minimum EBITDA. The Company shall have EBITDA of not less than
(i) $5,000,000 at June 30, 2009 for the 12-month period then ending; and (ii)
$2,000,000 at September 30, 2009 for the fiscal quarter ended then ending.

 

2

 

1.7 The Pricing Schedule attached as Exhibit A to the Loan Agreement shall be replaced with
the Pricing Schedule attached to this Amendment as Exhibit A. The changes in the Applicable Margin
reflected on the attached Pricing Schedule shall be effective as of April 24, 2009.

ARTICLE 2.

REPRESENTATIONS AND WARRANTIES

Each Borrower represents and warrants to the Agent and the Lenders that, after giving effect
to this Amendment:

2.1 The execution, delivery and performance of this Amendment is within its powers, has been
duly authorized and is not in contravention with any law, of the terms of its Certificate of
Incorporation or By-laws, or any undertaking to which it is a party or by which it is bound.

2.2 This Amendment is the legal, valid and binding obligation of the Borrower enforceable
against it in accordance with the terms hereof.

2.3 After giving effect to the amendments herein contained, the representations and warranties
contained in Article V of the Loan Agreement are true on and as of the date hereof with the same
force and effect as if made on and as of the date hereof.

2.4 No Default or Unmatured Default exists or has occurred and is continuing on the date
hereof.

ARTICLE 3.

CONDITIONS OF EFFECTIVENESS

This Amendment shall become effective upon the first date (the “Effective Date”) on which each
of the following conditions to effectiveness have been satisfied:

3.1 This Amendment shall be signed by the Borrowers, the Agent and the Required Lenders and
delivered to the Agent.

3.2 The Borrowers shall have delivered or caused to be delivered to the Agent such other
documents and instruments as the Agent may request in connection therewith.

ARTICLE 4.

MISCELLANEOUS.

4.1 On the date hereof, the Borrowers agrees to pay an upfront fee to each Lender in an amount
equal to 25.0 basis points on the amount of each Lender’s Commitment, which fees shall be
distributed to such Lenders on or within two Business Days after the date hereof.

4.2 This Amendment shall be governed by and construed in accordance with the laws of the State
of Michigan.

4.3 References in the Loan Agreement or in any note, certificate, instrument or other document
to the “Loan Agreement” shall be deemed to be references to the Loan Agreement as amended hereby
and as further amended from time to time.

4.4 The Borrowers agree to pay and to save the Agent harmless for the payment of all costs and
expenses arising in connection with this Amendment, including the reasonable fees of counsel to the
Agent in connection with preparing this Amendment and the related documents.

 

3

 

4.5 The Borrowers acknowledge and agree that the Agent and the Lenders have fully performed
all of their obligations under all documents executed in connection with the Loan Agreement and all
actions taken by the Agent and the Lenders are reasonable and appropriate under the circumstances
and within their rights under the Loan Agreement and all other documents executed in connection
therewith and otherwise available. Each Borrower represents and warrants that it is not aware of
any claims or causes of action against the Agent or any Lender, any participant lender or any of
their successors or assigns.

4.6 Except as expressly amended hereby, the Borrowers agree that the Loan Agreement and all
other documents and agreements executed by the Borrowers in connection with the Loan Agreement in
favor of the Agent or any Lender are ratified and confirmed and shall remain in full force and
effect and that it has no set off, counterclaim or defense with respect to any of the foregoing.
Terms used but not defined herein shall have the respective meanings ascribed thereto in the Loan
Agreement.

4.7 This Amendment may be signed upon any number of counterparts with the same effect as if
the signatures thereto and hereto were upon the same instrument and signatures sent by facsimile or
electronic mail message shall be enforceable as originals.

 

4

 

IN WITNESS WHEREOF, the parties signing this Amendment have caused this Amendment to
be executed and delivered as of April 24, 2009.

	 	 	 	 	 
	 	KELLY SERVICES, INC.

 	 
	 	By:  	

/s/ Joel Starr 	 
	 	 	Print Name: 	Joel
Starr 	 
	 	 	Title: 	Treasurer 	 

	 	 	 	 	 
	 	KELLY SERVICES SINGAPORE PTE LTD.

 	 
	 	By:  	
/s/ Joel Starr
 	 
	 	 	Print Name: 	

Joel Starr 	 
	 	 	Title: 	Treasurer 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as Agent and as a Lender

 	 
	 	By:  	
/s/ Thomas A. Gamm
 	 
	 	 	Print Name: 	Thomas
A. Gamm 	 
	 	 	Title: 	Senior
Vice President 	 

	 	 	 	 	 
	 	KEYBANK, NATIONAL ASSOCIATION

 	 
	 	By:  	
/s/ David M. Morris
 	 
	 	 	Print Name: 	David
M. Morris 	 
	 	 	 	 	 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION 	 
	 
	 	By:  	
/s/ Louis K. McLinden
 	 
	 	 	Print Name: 	Louis
K. McLinden 	 
	 	 	Title: 	Managing
Director 	 

 

5

 

	 	 	 	 	 
	 	COMERICA BANK

 	 
	 	By:  	
/s/ Jessica M. Migliore
 	 
	 	 	Print Name: 	
Jessica M. Migliore
 	 
	 	 	Title: 	

Assistant Vice President
 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	
/s/ Jeffrey S. Johnson
 	 
	 	 	Print Name: 	

Jeffrey S. Johnson
 	 
	 	 	Title: 	

Vice President
 	 

	 	 	 	 	 
	 	BNP PARIBAS

 	 
	 	By:  	

/s/ Michael Shryock

 	 
	 	 	Print Name: 	

Michael Shryock
 	 
	 	 	Title: 	

Managing Director
 	 
	 	 

 	 
	 	By:  	
/s/ Andrew Strait
 	 
	 	 	Print Name: 	

Andrew Strait
 	 
	 	 	Title: 	

Managing Director
 	 

	 	 	 	 	 
	 	THE BANK OF TOKYO — MITSUBISHI UFJ, LTD.,

 	 
	 	By:  	
/s/ Victor Pierzchalski
 	 
	 	 	Print Name: 	

Victor Pierzchalski
 	 
	 	 	Title: 	

Authorized Signatory
 	 

	 	 	 	 	 
	 	
RBS CITIZENS, N.A., formerly known as CHARTER ONE BANK, N.A.

 	 
	 	By:  	
/s/ Oliver J. Glenn
 	 
	 	 	Print Name: 	

Oliver J. Glenn
 	 
	 	 	Title: 	

Senior Vice President

 	 

 

6

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA

 	 
	 	By:  	
/s/ Dustin Craven
 	 
	 	 	Print Name: 	

Dustin Craven
 	 
	 	 	Title: 	

Attorney-In-Fact

 	 

	 	 	 	 	 
	 	
UNICREDIT spa New York Branch, fka Unicredito Italiano

 	 
	 	By:  	

/s/ Ken Hamilton

 	 
	 	 	Print Name: 	

Ken Hamilton, Attorney-In-Fact

 	 
	 	 	Title: 	

Director, Bayerische Hypo- Und Vereinsbank Ag, New York Branch, Unicredit Group

 	 
	 	
 

 	 
	 	By:  	

 /s/ Ivana Albanese-Rizzo

 	 
	 	 	Print Name: 	

Ivana Albanese-Rizzo,
Attorney-In-Fact

 	 
	 	 	Title: 	

Managing Director, Bayerische Hypo- Und Vereinsbank Ag, New York Branch, Unicredit Group

 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	

/s/ Thiplada Siddiqui

 	 
	 	 	Print Name: 	

Thiplada Siddiqui

 	 
	 	 	Title: 	

Vice President
 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	

/s/ Michael K. Makaitis

 	 
	 	 	Print Name: 	

Michael K. Makaitis
 	 
	 	 	Title: 	

Vice President
 	 

 

7

 

EXHIBIT A

PRICING SCHEDULE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	Level I	 	 	Level II	 	 	Level III	 	 	Level IV	 
	Applicable Margin	 	Status	 	 	 Status	 	 	Status	 	 	Status	 
	Eurocurrency Rate
	 	230.0 bps	 	250.0 bps	 	270.0 bps	 	285.0 bps
	Floating Rate
	 	130.0 bps	 	150.0 bps	 	170.0 bps	 	185.0 bps
	LC Fee
	 	230.0 bps	 	250.0 bps	 	270.0 bps	 	285.0 bps
	Facility Fee
	 	20.0 bps	 	25.0 bps	 	30.0 bps	 	40.0 bps

For the purposes of this Schedule, the following terms have the following meanings, subject to
the final paragraph of this Schedule:

“Financials” means the annual or quarterly financial statements of the Company delivered
pursuant to Sections 6.1(a) or (b).

“Level I Status” exists at any date if, as of the last day of the fiscal quarter of the
Company referred to in the most recent Financials, the Total Indebtedness to Total Capitalization
Ratio is less than 0.20 to 1.00.

“Level II Status” exists at any date if, as of the last day of the fiscal quarter of the
Company referred to in the most recent Financials, (i) the Company has not qualified for Level I
Status and (ii) the Total Indebtedness to Total Capitalization Ratio is less than 0.30 to 1.00.

“Level III Status” exists at any date if, as of the last day of the fiscal quarter of the
Company referred to in the most recent Financials, (i) the Company has not qualified for Level I
Status or Level II Status and (ii) the Total Indebtedness to Total Capitalization Ratio is less
than 0.40 to 1.00.

“Level IV Status” exists at any date if the Company has not qualified for Level I Status,
Level II Status or Level III Status.

“Status” means Level I Status, Level II Status, Level III Status or Level IV Status.

The Applicable Margin shall be determined in accordance with the foregoing table based on the
Company’s Status as reflected in the then most recent Financials. Adjustments, if any, to the
Applicable Margin shall be effective five Business Days after the Agent has received the applicable
Financials. If the Company fails to deliver the Financials to the Agent at the time required
pursuant to the Credit Agreement, then the Applicable Margin shall be the highest Applicable Margin
set forth in the foregoing table until five days after such Financials are so delivered.

 

8

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