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EXHIBIT 10.1

ABM INDUSTRIES INCORPORATED

EXECUTIVE STOCK OPTION PLAN

(as amended and restated as of September 4, 2007)

ARTICLE 1

Definitions

As used herein, the following terms have the meanings hereinafter set forth unless the context
clearly indicates to the contrary:

(a) “Beneficiary” means a person designated as such by an Optionee or a Beneficiary for purposes
of the Plan or determined with reference to Section 4.4.

(b) “Board” shall mean the Board of Directors of the Company.

(c) “Committee” shall mean the Compensation Committee of the Board, or such other committee as
the Board may designate. The Committee shall consist of not fewer than three members of the
Board. Each member of the Committee shall be a “disinterested person” as defined in Rule 16b-3
under the Securities Exchange Act of 1934.

(d) “Company” shall mean ABM Industries Incorporated.

(e) For the purposes of this Plan, the term “fair market value,” when used in reference to the
date of grant of an option or the date of surrender of Stock in payment for the purchase of
shares pursuant to the exercise of an option, as the case may be, shall refer to the closing
price of the Stock as quoted in the Composite Transactions Index for the New York Stock Exchange,
on the day before such date as published in the “Wall Street Journal,” or if no sale price was
quoted in any such Index on such date, then as of the next preceding date on which such a sale
price was quoted.

(f) “Nonemployee Director” shall mean a member of the Board who is neither an employee of the
Company nor of any Subsidiary.

(g) “Option” shall mean an option to purchase Stock granted to the provisions of Article VI
hereof.

(h) “Optionee” shall mean an individual to whom an Option has been granted hereunder.

(i) “Plan” shall mean the ABM Industries Incorporated Executive Stock Option Plan, the terms of
which are set forth herein.

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(j) “Stock” shall mean the Common Stock of the Company or, in the event that the outstanding
shares of Stock are hereafter changed into or exchanged for shares of a different stock or
securities of the Company or some other corporation, such other stock or securities.

(k) “Stock Option Agreement” shall mean the agreement between the Company and the Optionee under
which the Optionee may purchase Stock hereunder.

(l) “Subsidiary” shall mean any corporation, the majority of the outstanding capital stock of
which is owned, directly or indirectly, by the Company.

(m) “Vesting Date” shall mean an Optionee’s “Initial Vesting Date” or “Final Vesting Date”, as
the case may be. An Optionee’s Initial Vesting Date shall apply to the first fifty percent (50 %)
of the shares covered by his or her Option, and shall mean the Optionee’s sixty-first (61st)
birthday. An Optionee’s Final Vesting Date shall apply to the remaining fifty percent (50%) of
the shares covered by such Option, and shall mean the Optionee’s sixty fourth (64th) birthday.

ARTICLE II

The Plan

     2.1 Name. This Plan shall be known as the “ABM Industries Incorporated Executive Stock Option
Plan”.

     2.2 Purpose. The purpose of the Plan is to advance the interests of the Company and its
shareholders by affording to Nonemployee Directors and to key management employees of the Company
and its Subsidiaries an opportunity to acquire or increase their proprietary interest in the
Company by the grant to such individuals of Options under the terms set forth herein. By thus
encouraging such individuals to become owners of the Company shares, the Company seeks to motivate,
retain, and attract those highly competent individuals upon whose judgment, initiative, leadership,
and continued efforts the success of the Company in large measure depends.

ARTICLE III

Participants

     Any officer or other key management employee of the Company of its Subsidiaries shall be
eligible to participate in the Plan. Prior to December 9, 2003, the Committee may grant Options to
any eligible employee in accordance with such determinations as the Committee from time to time in
its sole discretion shall make. Effective December 9, 2003, no additional Options shall be granted
under the Plan. Each Nonemployee Director who both (1) is such on the date of the 1995 Annual
Meeting of Stockholders, and (2) does not hold an Option, automatically shall receive as of such
date only, an Option to purchase 12,000 shares of Stock, but subject to Section 6.2 (regarding the
ineligibility of

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10 percent ((10%) holders). Each Nonemployee Director who becomes such after the 1995 Annual
Meeting of Stockholders and prior to December 9, 2003, automatically shall receive, as of the date
of his or her election or appointment to the Board, an Option to purchase 12,000 shares of Stock.

ARTICLE IV

Administration

     4.1 Duties and Powers of Committee. The Plan shall be administered by the Committee. Subject
to the express provisions of the Plan, the Committee shall have the sole discretion and authority
to determine from among eligible employee those to whom an the time or times at which the Options
may be granted and the number of shares of Stock to be subject to each Option. Subject to the
express provisions of the Plan, the Committee shall also have complete authority to interpret the
Plan, to prescribe, amend, and rescind rules and regulations relating to it, to determine the
details and provisions of each Stock Option Agreement, and to make all other determinations
necessary or advisable in the administration of the Plan.

     4.2 Majority Rule. A majority of the members of the committee shall constitute a quorum, and
any action taken by a majority present at a meeting at which a quorum is present or any action
taken without a meeting evidenced by a writing executed by a majority of the whole Committee shall
constitute the action of the Committee.

     4.3 Company Assistance. The Company shall supply fill and timely information to the Committee
on all matters relating to eligible employees and Nonemployee Directors, their employment or
service, death, retirement, disability or other termination of employment or service, and such
other pertinent facts as the Committee may require. The Company shall furnish the Committee with
such clerical and other assistance as is necessary in the performance of its duties.

     4.4 Beneficiary Designation. Optionees and their Beneficiaries may designate on the prescribed
form one or more Beneficiaries to whom distribution shall be made of any vested Options outstanding
at the time of the Optionee’s or Beneficiary’s death. An Optionee or Beneficiary may change such
designation at any time by filing the prescribed form with the Committee or its designee. If a
Beneficiary has not been designated or if no designated Beneficiary survives the Optionee or
Beneficiary, distribution will be made to the residuary beneficiary under the terms of the
Optionee’s or Beneficiary’s last will and testament or, in the absence of a last will and
testament, to the Optionee’s or Beneficiary’s estate as beneficiary.

ARTICLE V

Shares of Stock Subject to Plan

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     5.1 Limitations. Subject to adjustment pursuant to the provisions of Section 5.3 hereof, the
number of shares of Stock which may be issued and sold hereunder shall not exceed 2,360,000 shares.
Such shares may be either authorized and unissued shares or shares issued and thereafter acquired
by the Company.

     5.2 Options and Awards Granted Under Plan. Shares of Stock with respect to which an Option
granted hereunder shall have been exercised shall not again be available for Options hereunder. If
Options granted hereunder shall terminate for any reason without being wholly exercised, new
Options may be granted hereunder for the number of shares to which such Option termination relates.

     5.3 Antidilution. In the event that the outstanding shares of Stock hereafter are changed into
or exchanged for a different number or kind of shares or other securities of the Company or of
another corporation by reason of merger, consolidation, other reorganization, recapitalization,
reclassification, combination of shares, stock split-up or stock dividend:

(a) The aggregate number and kind of shares subject to Options which may be granted hereunder
shall be adjusted appropriately;

(b) Rights under outstanding Options granted hereunder, both as to the number of subject shares
and the Option price, shall be adjusted appropriately;

(c) Where dissolution or liquidation of the Company or any merger or combination in which the
Company is not a surviving corporation is involved, each outstanding Option granted hereunder
shall terminate, but the Optionee shall have the right, immediately prior to such dissolution,
liquidation, merger, or combination, to exercise his Option in whole or in part, without regard
to any time of exercise provisions.

     The foregoing adjustments and the manner of application of the foregoing provisions shall be
determined solely the Committee, and any such adjustment may provide for the elimination of
fractional share interests

ARTICLE VI

Options

     6.1 Option Grant and Agreement. Each Option granted hereunder shall be evidenced by minutes of
a meeting or the written consent of the Committee and by a written Stock Option Agreement dated as
of the date of grant and executed by the Company and the Optionee, which Agreement shall set forth
such terms and conditions as my be determined by the Committee consistent with the Plan.

     6.2 Participant Limitation. The Committee shall not grant an Option to any individual for such
number of shares of Stock that, immediately after the grant, the total number of shares of Stock
owned or subject to all options exercisable at any time by such individual

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exceed ten percent (10%) of the total combined voting power of all Stock of the Company or its
Subsidiaries. For this purpose an individual shall be considered as owning stock owned, directly or
indirectly, by or for his brothers and sisters (whether by the whole or half blood), spouse,
ancestors, and lineal descendents, and stock owned, directly or indirectly, by or for a
corporation, partnership, estate, or trust shall be considered as being owned proportionately by or
for its shareholders, partners, or beneficiaries.

     6.3 Option Price. The per share Option price of the Stock subject to each Option shall be
determined by the Committee, but the per share price shall not be less than the Fair Market Value
of the Stock on the date the Option is granted. The per share Option price of the Stock subject to
each Option granted to a Nonemployee Director shall equal 100% of the Fair Market Value of the
Stock on the date the Option is granted.

     6.4 Period of Exercisablity. Subject to Sections 6.5 (a) and 6.7, the period during which each
Option may be exercised shall be determined in accordance with the following rules. As to the first
fifty percent (50%) of the shares covered by an Option, the Option may be exercised during the
period commencing on the Optionee’s Initial Vesting Date and ending one (1) year after the
Optionee’s termination of employment with the Company and all of its Subsidiaries (termination from
the Board, in the case of Nonemployee Director).

     As to the remaining fifty percent (50%) of the shares covered by the Option, the Option may be
exercised during the period commencing on the Optionee’s Final Vesting Date and ending one (1) year
after the Optionee’s termination of employment with the Company and all of its Subsidiaries
(termination from the Board, in the case of a Nonemployee Director).

     6.5 Option Exercise.

(a) Options granted hereunder may not be exercised unless the Optionee shall have remained in the
employ of the Company or its Subsidiaries (on the Board in the case of a Nonemployee Director)
until the applicable Vesting Date.

(b) Options may be exercised in whole or in part from time to time with respect to whole shares
only, during such period for the exercise thereof, and shall be exercised by written notice of
exercise with respect to a specified number of shares delivered to the Company at its
headquarters office, and payment in full to the Company at said office of the amount of the
Option price for the number of shares of Stock with respect to which the Option is exercised. In
addition to and at the time of payment of the Option price, Optionee shall pay to the Company in
cash the full amount of all the federal and/or state withholding taxes applicable to the taxable
income of such Optionee resulting from such exercise.

     6.6 Nontransferablitiy of Option. Options shall be exercisable, during the Optionee’s
lifetime, only by the Optionee. No Option or any right granted thereunder shall be

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transferable by the Optionee by operation of law or otherwise, other than by will or the laws of
descent and distribution. Notwithstanding the foregoing, an Optionee may designate a Beneficiary to
succeed, after the Optionee’s death, to all of the Optionee’s Options outstanding on the date of
death.

     6.7 Effect of Termination of Employment or Service. If, prior to an Optionees applicable
Vesting Date, the Optionee’s employment or service shall be terminated by the Company or a
Subsidiary with or without cause, or by the act of the Optionee, the right to exercise such Option
(or portion thereof) shall terminate and all rights thereunder shall cease.

     6.8 Rights as Stockholder. An Optionee shall have no rights as a stockholder with respect to
any shares subject to such Option prior to the purchase of such shares by exercise of such Option
as provided herein.

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ARTICLE VII

Stock Certificates

     The Company shall not be required to issue or deliver any certificate for shares of Stock
purchased upon the exercise of any Option granted hereunder prior to fulfillment of all the
following conditions:

(a) The admission of such shares to listing on all stock exchanges on which the Stock is then
listed;

(b) The completion of any registration or other qualification of such shares under any federal or
state law or under the rulings or regulations of the Securities Exchange Commission or any other
governmental regulatory body, which the Committee shall in its sole discretion deem necessary or
advisable;

(c) The obtaining of any approval or other clearance from any federal or state governmental
agency which the Committee shall in its sole discretion determine to be necessary or advisable;
and

(d) The lapse of such reasonable period of time following the exercise of the Option as the
Committee from time to time may establish or approve for reasons of administrative convenience.

ARTICLE VIII

Amendment and Termination of Plan

     The Board may at any time, or from time to time, amend or terminate the Plan in any respect,
except that, to the extent required to maintain this Plan’s qualification under Rule 16b-3, any
amendment shall be subject to stockholder approval.

ARTICLE IX

Miscellaneous

     9.1 No Effect on Employment or Service. Nothing in the Plan or in any Option granted hereunder
or in any Stock Option Agreement shall confer upon any employee the right to continue as a member
of the Board or in the employ of the Company or in any Subsidiary.

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     9.2 Use of Proceeds. The proceeds received by the Company from the sale of Stock pursuant to
the exercise of Options shall be added to the Company’s general funds and used for general
corporate purposes.

     9.3 Effective Date. The effective date of this amendment and restatement of the Plan is
January 11, 2005. The amendment and restatement of the Plan shall have no effect on the Options
granted under the Plan prior to the amendment and restatement.

     9.4 Plan Binding on Successors. The Plan shall be binding upon the successors and assigns of
the Company.

     9.5 Singular, Plural; Gender. Wherever used herein, nouns in the singular shall include the
plural and the masculine pronoun shall include the feminine gender.

     9.6 Headings Not Part of Plan. Headings of Articles and Sections hereof are inserted for
convenience and reference; they constitute no part of the Plan.

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EXHIBIT 10.2

ABM INDUSTRIES INCORPORATED

“TIME VESTED” INCENTIVE STOCK OPTION PLAN

(as amended and restated as of September 4, 2007)

ARTICLE I

GENERAL

1. PURPOSE.

     This “Time Vested” Incentive Stock Option Plan (the “Plan”) is intended to increase incentive
and to encourage stock ownership on the part of nonemployee directors of ABM Industries
Incorporated (the “Company”) and selected key employees of the Company or of other corporations
which are to become subsidiaries of the Company, and other individuals whose efforts may aid the
Company. It is also the purpose of the Plan to provide such employees and other individuals with a
proprietary interest, or to increase their proprietary interest, in the Company and its
subsidiaries, and to encourage them to remain in the employ of the Company or its subsidiaries. It
is intended that certain options granted pursuant to the Plan shall constitute incentive stock
options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”), and that certain other options granted pursuant to the Plan shall not constitute incentive
stock options (“nonqualified stock options”).

2. ADMINISTRATION.

     The Plan shall be administered by the Officer Compensation & Stock Option Committee (the
“Committee”) of the Board of Directors of the Company (the “Board”). The Committee shall from time
to time at its discretion make determinations with respect to the persons to who options shall be
granted and the amount of such options. The Committee shall consist of not fewer than three members
of the Board. Each member of the Committee shall be a “disinterested person” as defined in Rule
16b-3 under the Securities Exchange Act of 1934, as amended (“Rule 16b-3”).

     The interpretation and construction by the Committee of any provisions of the Plan or of any
option granted under it shall be final. No member of the Committee shall be liable for any action
or determination made in good faith with respect to the Plan or any option granted under it.

3. ELIGIBILITY.

     Subject to Section 2 of this Article I, the persons who shall be eligible to receive options
under the Plan shall be such officers and key employees (including directors who are also salaried
employees of the Company) of the Company as the Committee shall select. In addition, independent
contractors of the Company who are not also salaried employees of the Company shall be eligible to
receive nonqualified stock options (but

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such persons shall not be eligible to receive incentive stock options). The terms “officers and key
employees” as used herein shall mean such key employees as may be determined by the Committee in
its sole discretion. Directors of the Company who are not employees of the Company nor of any of
its subsidiary corporations (“nonemployee directors”) shall be eligible only for the options
automatically granted pursuant to Article V.

     Except where the context otherwise requires, the term “Company,” as used herein, shall include
(i) ABM Industries Incorporated and (ii) any of its “subsidiary corporations” which meet the
definition of subsidiary corporation contained in Section 424(f) of the Code, and the terms
“officers and key employees of the Company,” and words of similar import, shall include officers
and key employees of each such subsidiary corporation, as well as officers and key employees of ABM
Industries Incorporated.

4. SHARES OF STOCK SUBJECT TO THE PLAN.

     The shares that may be issued under the Plan shall be authorized and unissued and reacquired
shares of the Company’s common stock (the “Common Stock”). The aggregate number of shares which may
be issued under the Plan shall not exceed 8,400,000 shares of Common Stock, unless an adjustment is
required in accordance with Article III.

5. AMENDMENT OF THE PLAN.

     The Board of Directors may at any time, or from time to time, amend this Plan in any respect,
except that, to the extent required to maintain this Plan’s qualification under Rule 16b-3, any
such amendment shall be subject to stockholder approval. In addition, as required by Rule 16b-3,
the provisions of Article V regarding the formula for determining the amount, exercise price, and
timing of nonemployee director options shall in no event be amended more than once every six
months, other than to comport with changes in the Code and/or the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”). (ERISA is inapplicable to the Plan.)

6. APPROVAL OF STOCKHOLDERS.

     All options granted under the Plan before the Plan is approved by affirmative vote at the next
meeting of stockholders of the Company, or any adjournment thereof, of the holders of a majority of
the outstanding shares of Common Stock shall be subject to such approval. No option granted
hereunder may become exercisable unless and until such approval is obtained.

7. TERM OF PLAN.

     The Plan, as amended and restated herein, shall remain in effect until amended or terminated
by the Board in accordance with Section 5 of Article I. However, without further stockholder
approval, no option which is intended to be an incentive stock option may be granted under the Plan
after December 19, 2005. Notwithstanding the foregoing,

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each option granted under the Plan shall remain in effect until such option has been satisfied by
the issuance of shares or terminated in accordance with its terms and the terms of the Plan.

8. RESTRICTIONS

     All options granted under the Plan shall be subject to the requirement that, if at any time
the Committee shall determine, in its discretion, that the listing, registration or qualification
of the shares subject to options granted under the Plan upon any securities exchange or under any
state or federal law, or the consent or approval of any government regulatory body, is necessary or
desirable as a condition of, or in connection with, the granting of such option or the issuance, if
any, or purchase of shares in connection therewith, such options may not be exercised in whole or
in part unless such listing, registration, qualification, consent or approval shall have been
effected or obtained free of any conditions not acceptable to the Committee.

9. NONASSIGNABILITY.

     No option shall be assignable or transferable by the grantee except by will or by the laws of
descent and distribution. During the lifetime of the optionee, the option shall be exercisable only
by him, and no other person shall acquire any rights therein. Notwithstanding the foregoing, an
optionee may designate a Beneficiary to succeed, after the optionee’s death, to all of the
optionee’s options outstanding on the date of death. “Beneficiary” means a person designated as
such by an optionee or a Beneficiary for purposes of the Plan or determined with reference to
Section 6 of Article IV.

10. WITHHOLDING TAXES.

     Whenever shares of Common Stock are to be issued under the Plan, the Company shall have the
right to require the optionee to remit to the Company an amount sufficient to satisfy federal,
state and local withholding tax requirements prior to the delivery of any certificate or
certificates for such shares.

11. DEFINITION OF “FAIR MARKET VALUE.”

     For the purposes of this Plan, the term “fair market value,” when used in reference to the
date of grant of an option or the date of surrender of Common Stock in payment for the purchase of
shares pursuant to the exercise of an option, as the case may be, shall refer to the closing price
of the Common Stock as quoted in the Composite Transactions Index for the New York Stock Exchange,
on the day before such date as published in the “Wall Street Journal,” or if no sale price was
quoted in any such Index on such date, then as of the next preceding date on which such a sale
price was quoted; provided, however, that when the term “fair market value” is used in reference to
the grant of an option which is effective on a future date set by the Compensation Committee, “fair
market value” shall refer to the closing price of the Common Stock as quoted in the Composite

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Transactions Index for the New York Stock Exchange, on such effective date as published in the
“Wall Street Journal.”

ARTICLE II

STOCK OPTIONS

1. AWARD OF STOCK OPTIONS.

     Awards of stock options may be made under the Plan under all the terms and conditions
contained herein. However, in the cases of incentive stock options the aggregate fair market value
(determined as of the date of grant) of the stock with respect to which incentive stock options are
exercisable for the first time by such officer or key employee during any calendar year (under all
incentive stock options plans of the Company and its parent and subsidiary corporations) shall not
exceed $100,000. The date on which any option is granted shall be the date of the Committee’s
authorization of such grant or such later date as may be determined by the Committee at the time
such grant is authorized.

2. TERM OF OPTIONS AND EFFECT OF TERMINATION.

     Notwithstanding any other provision of the Plan, no nonqualified stock option granted under
the Plan shall be exercisable after the expiration of ten (10) years and one (1) month from the
date of its grant, and no incentive stock option granted under the Plan shall be exercisable after
the expiration of ten (10) years from the date of grant. In addition, notwithstanding any other
provision of the Plan, no incentive stock option granted under the Plan to a person who, at the
time such option is granted and in accordance with Section 425(d) of the Code, owns stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company
shall be exercisable after the expiration of five (5) years from the date of its grant.

     In the event that any outstanding option under the Plan expires by reason of lapse of time or
otherwise is terminated for any reason, then the shares of Common Stock subject to any such option
which have not been issued pursuant to the exercise of the option shall again become available in
the pool of shares of Common Stock for which options may be granted under the Plan.

3. CANCELLATION OF AND SUBSTITUTION FOR NONQUALIFIED OPTIONS.

     The Company shall have the right to cancel any nonqualified stock option at any time before it
otherwise would have expired by its terms and to grant to the same optionee in substitution
therefor a new nonqualified stock option stating an option price which is lower (but not higher)
than the option price stated in the cancelled option. Any such substituted option shall contain all
other terms and conditions of the cancelled option provided, however, that notwithstanding Section
2 of this Article II such

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substituted option shall not be exercisable after the expiration of ten (10) years from the date of
grant of the cancelled option.

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4. TERMS AND CONDITIONS OF OPTIONS.

     Options granted pursuant to the Plan shall be evidenced by agreements in such form as the
Committee shall from time to time determine, which agreements shall comply with the following terms
and conditions.

(A) OPTIONEE’S AGREEMENT

     Each optionee shall agree to remain in the employ of and to render to the Company his services
for a period of one (1) year from the date of the option, but such agreement shall not impose upon
the Company any obligation to retain the optionee in its employ for any period.

(B) NUMBER OF SHARES AND TYPE OF OPTION

     Each option agreement shall state the number of shares to which the option pertains and
whether the option is intended to be an incentive stock option or a nonqualified stock option.
Notwithstanding any contrary provision of the Plan, during any single fiscal year of the Company,
no individual shall be granted options covering more than 100,000 shares of Common Stock.

(C) OPTION PRICE

     Each option agreement shall state the option price per share (or the method by which such
price shall be computed). The option price per share shall not be less than 99% of the fair market
value of a share of the Common Stock on the date such option is granted. In the cases of incentive
stock options and options granted to non-employee directors pursuant to Article V hereof, the
option price shall be not less than 100% of the fair market value of a share of the Common Stock on
the date such option is granted. Notwithstanding the foregoing, the option price per share of an
incentive stock option granted to a person who, on the date of such grant and in accordance with
Section 424(d) of the Code, owns stock possessing more than 10% of the total combined voting power
of all classes of stock of the Company shall be not less than 110% of the fair market value of a
share of the Common Stock on the date that the option is granted.

(D) MEDIUM AND TIME OF PAYMENT

     The option price shall be payable upon the exercise of an option in the legal tender of the
United States or, in the discretion of the Committee, in shares of the Common Stock or in a
combination of such legal tender and such shares. Upon receipt of payment, the Company shall
deliver to the optionee (or person entitled to exercise the option) a certificate or certificates
for the shares of Common Stock to which the option pertains.

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(E) EXERCISE OF OPTIONS

     Pursuant to the terms of a written option agreement approved by the Committee, each option
shall become exercisable at a rate of twenty percent (20%) per
year of the shares subject to the option, commencing one year after the date that the option was
granted, but only if the optionee has been continuously employed by the Company from the date of
grant through the date of vesting. The Committee may, in its discretion, waive any vesting
provisions contained in an option agreement.

     To the extent that an option has become vested (except as provided in Article III), and
subject to the foregoing restrictions, it may be exercised in whole or in such lesser amount as may
be authorized by the option agreement provided, however, that no partial exercise of an option
shall be for fewer than twenty-five (25) shares. If exercised in part, the unexercised portion of
an option shall continue to be held by the optionee and may thereafter be exercised as herein
provided. Notwithstanding any inconsistent or contrary Plan provisions, in the event an optionee
who is at least age 64 dies while in the service of the Company or of a subsidiary, all unvested
options granted after April 19, 1999 shall immediately vest and become fully exercisable as of the
date of such death.

(F) TERMINATION OF EMPLOYMENT EXCEPT BY DISABILITY OR DEATH

     In the event that an optionee shall cease to be employed by the Company for any reason other
than his death or disability, his option shall terminate on the date three (30) months after the
date that he ceases to be an employee of the Company.

(G) DISABILITY OF OPTIONEE

     If an optionee shall cease to be employed by the Company by reason of his becoming permanently
and totally disabled within the meaning of Section 22(e)(3) of the Code (as determined by the
Committee), such option shall terminate on the date one (1) year after cessation of employment due
to such disability.

(H) DEATH OF OPTIONEE AND TRANSFER OF OPTION

     If an optionee should die while in the employ of the Company, or within the three-month period
after termination of his employment with the Company during which he is permitted to exercise an
option in accordance with Subsection 4(F) of this Article II, such option shall terminate on the
date one (1) year after the optionee’s death. During such one-year period, such option may be
exercised by the optionee’s designated Beneficiary, the executors or administrators of the
optionee’s estate or by any person or persons who shall have acquired the option directly from the
optionee by his will or the applicable law of descent and distribution. During such one-year
period, such option may be exercised with respect to the number of shares for which the deceased
optionee would have been entitled to exercise it at the time of his death and also with respect to
10 percent of the additional number of shares for which he would have been entitled to exercise it
during the balance of the option period, had he survived and remained in the employ of the Company.

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ARTICLE III

RECAPITALIZATIONS AND REORGANIZATIONS

     The number of shares of Common Stock covered by the Plan, the maximum number of shares with
respect to which options may be granted during any single fiscal year to any employee, and the
number of shares and price per share of each outstanding option, shall be proportionately adjusted
for any increase or decrease in the number of issued and outstanding shares of Common Stock
resulting from a subdivision or consolidation of shares or the payment of a stock dividend, or any
other increase or decrease in the number of issued and outstanding shares of Common Stock effected
without receipt of consideration by the Company.

     If the Company shall be the surviving corporation in any merger or consolidation, each
outstanding option shall pertain to and apply to the securities to which a holder of the same
number of shares of Common Stock that are subject to that option would have been entitled (unless
the Committee determines the provisions of the following sentences are applicable to such merger or
consolidation). A Change in Control of the Company (as defined below) shall cause each outstanding
option to terminate, provided that each optionee in the event of a Change in Control which will
cause his option to terminate shall have the right immediately prior to such Change in Control to
exercise his option in whole or in part, subject to every limitation on the exercisability of such
option other than any vesting provisions. For purposes hereof, a “Change in Control” means:

     (1) the acquisition (other than by ABM or by an employee benefit plan or related trust
sponsored or maintained by ABM), directly or indirectly, in one or more transactions, by any person
or by any group of persons, within the meaning of Section 13(d) or 14(d) of the Securities Exchange
Act of 1934 or any comparable successor provisions (the “Exchange Act”), of beneficial ownership
(within the meaning of Rule 13d-3 of the Exchange Act) of twenty-five percent or more of either the
outstanding shares of common stock or the combined voting power of ABM’s outstanding voting
securities entitled to vote generally, if the acquisition was not previously approved by the
existing directors;

     (2) the acquisition (other than by ABM or by an employee benefit plan or related trust
sponsored or maintained by ABM), directly or indirectly, in one or more transactions, by any such
person or by any group of persons of beneficial ownership (within the meaning of Rule 13d-3 of the
Exchange Act) of fifty percent or more of either the outstanding shares of common stock or the
combined voting power of ABM’s outstanding voting securities entitled to vote generally, whether or
not the acquisition was approved by the existing directors, other than an acquisition that complies
with clause (i) and (ii) of paragraph (3);

     (3) consummation of a reorganization, merger or consolidation of ABM or the sale or other
disposition of all or substantially all of ABM’s assets unless, immediately following such event,
(i) all or substantially all of the stockholders of ABM immediately

8

 

prior to such event own, directly or indirectly, seventy-five percent or more of the then
outstanding voting securities entitled to vote generally of the resulting corporation (including
without limitation, a corporation which as a result of such event owns ABM or all or substantially
all of ABM’s assets either directly or through one or more subsidiaries) in substantially the same
proportions as their ownership of ABM’s outstanding voting securities entitled to vote generally
immediately prior to such event and (ii) the securities of the surviving or resulting corporation
received or retained by the stockholders of ABM is publicly traded;

     (4) approval by the stockholders of the complete liquidation or dissolution of ABM; or

     (5) a greater than one-third change in the composition of the Board of Directors within 24
months if not approved by a majority of the pre-existing directors. provided that, with respect of
options that are outstanding as of September 22, 1999, the following shall also apply:

     A dissolution or liquidation of the Company, a merger or consolidation in which the Company is
not the surviving corporation or a “change in control” of the Company (as defined below) (each a
“Terminating Transaction”), shall cause each outstanding option to terminate, unless the agreement
of merger or consolidation or any agreement relating to a dissolution, liquidation or change in
control shall otherwise provide, provided that each optionee in the event of a Terminating
Transaction which will cause his option to terminate shall have the right immediately prior to such
Terminating Transaction to exercise his option in whole or in part, subject to every limitation on
the exercisability of such option other than any vesting provisions. For purposes of this proviso
only, a“change of control” shall be deemed to have occurred when (i) a person or group or persons
acquires fifty percent (50%) or more of the Company’s voting securities, and (ii) the Board of
Directors of the company or the Committee shall have determined that such a “change of control,” as
established by the Board or Committee, has been satisfied.

     The foregoing adjustments shall be made by the Committee, whose determination in that respect
shall be final, binding and conclusive.

     The grant of an option pursuant to the Plan shall not affect in any way the right or power of
the Company to make adjustments, reclassifications, reorganizations or changes of its capital or
business structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all
or any part of its business or assets.

ARTICLE IV

MISCELLANEOUS PROVISIONS

1. RIGHTS AS A STOCKHOLDER.

     An optionee or a transferee of an option shall have no rights as a stockholder with respect to
any shares covered by an option until the date of the receipt of payment

9

 

(including any amounts required by the Company pursuant to Section 10 of Article I) by the Company.
No adjustment shall be made as to any option for dividends (ordinary or extraordinary, whether in
cash, securities or other property) or distributions or other rights for which the record date is
prior to such date of receipt of payment, except as provided in Article III.

2. MODIFICATION, EXTENSION AND RENEWAL OF OPTIONS.

     Subject to the terms and conditions and within the limitations of the Plan, the Committee may
modify, extend, renew or cancel outstanding options granted under the Plan. Notwithstanding the
foregoing, however, no modification of an option shall, without the consent of the optionee impair
or diminish any rights or obligations under any option theretofore granted under the Plan. For
purposes of the preceding sentence, the right of the Company pursuant to Section 3 of Article II to
cancel any outstanding nonqualified option and to issue therefor a substituted nonqualified option
stating a lower portion price shall not be construed or impairing or diminishing an optionee’s
rights or obligations.

3. OTHER PROVISIONS.

     The option agreements authorized under the Plan shall contain such other provisions,
including, without limitation, restrictions upon the exercise of the option or restrictions
required by any applicable securities laws, as the Committee shall deem advisable.

4. APPLICATION OF FUNDS.

     The proceeds received by the Company from the sale of Common Stock pursuant to the exercise of
options will be used for general corporate purposes.

5. NO OBLIGATION TO EXERCISE OPTION.

     The granting of an option shall impose no obligation upon the optionee or a transferee of the
option to exercise such option.

6. BENEFICIARY DESIGNATION

     Optionees and their Beneficiaries may designate on the prescribed form one or more
Beneficiaries to whom distribution shall be made of any vested options outstanding at the time of
the optionee’s or Beneficiary’s death. An optionee or Beneficiary may change such designation at
any time by filing the prescribed form with the Committee or its designee. If a Beneficiary has not
been designated or if no designated Beneficiary survives the optionee or Beneficiary, distribution
will be made to the residuary beneficiary under the terms of the optionee’s or Beneficiary’s last
will and testament or, in the absence of a last will and testament, to the optionee’s or
Beneficiary’s estate as beneficiary.

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ARTICLE V

NONEMPLOYEE DIRECTOR OPTIONS

     The provisions of this Article V are applicable only to options granted to nonemployee
directors. The provisions of Article II are applicable to options granted to other individuals.

1. GRANTING OF OPTIONS.

     Each nonemployee director who is a nonemployee director on the date of the 1994 Annual Meeting
of Stockholders, automatically will receive, as of such date only, an option to purchase 10,000
shares of Common Stock. Each nonemployee director who becomes a nonemployee director after the 1994
Annual Meeting of Stockholders automatically will receive, as of the date of such nonemployee
director’s election or appointment to the Board of Directors of the Company, an option to purchase
10,000 shares of Common Stock.

     Each continuing nonemployee director (i.e., a nonemployee director who has received an initial
grant of an option to purchase 10,000 shares of Common Stock) automatically will receive, on the
first day of each subsequent fiscal year, an option to purchase 10,000 shares of Common Stock.

2. TERMS OF OPTIONS.

(A) OPTION AGREEMENT

     Each option shall be evidenced by written stock option agreement which shall be executed by
the optionee and the Company.

(B) OPTION PRICE

     The price of the shares subject to each option shall be 100% of the fair market value for such
shares on the date that the option is granted.

(C) EXERCISABILITY

     An option granted pursuant to this Article V shall become exercisable at the rate of twenty
percent (20%) per year of the shares subject to the option, commencing one year after the date that
the option was granted, but only if the optionee has been a nonemployee director continuously from
the date of grant through the date of vesting.

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(D) EXPIRATION OF OPTIONS

     In the event that an optionee shall cease to be a nonemployee director for any reason other
than his death or disability, his option shall terminate on the date three (3) months after the
date that he ceases to be a nonemployee director.

     If an optionee shall cease to be a nonemployee director by reason of his becoming permanently
and totally disabled within the meaning of Section 22(e)(3) of the Code (as determined by the
Committee), such option shall terminate on the date one (1) year after his cessation of service as
nonemployee director.

     If an optionee should die while a nonemployee director, or within the three-month period
described above in this Subsection 2(D), such option shall terminate on the date one (1) year after
the optionee’s death. During such one-year period, such option may be exercised by the optionee’s
designated Beneficiary, the executors or administrators of the optionee’s estate or by any person
or persons who shall have acquired the option directly from the optionee by his will or the
applicable law of descent and distribution. During such one-year period, such option may be
exercised with respect to the number of shares for which the deceased optionee would have been
entitled to exercise it at the time of his death and also with respect to 10 percent of the
additional number of shares for which he would have been entitled to exercise it during the balance
of the option period, had he survived and remained a nonemployee director.

(E) INCENTIVE STOCK OPTIONS.

     Options granted pursuant to this Article V shall not be designated as incentive stock options.

(F) OTHER TERMS.

     All provisions of the Plan not inconsistent with this Article V shall apply to options granted
to nonemployee directors.

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