Document:

Exhibit 10.1

Exhibit 10.1

EXECUTION VERSION

STOCK AND OPTION PURCHASE AGREEMENT

THIS STOCK AND OPTION PURCHASE AGREEMENT (this “Agreement”), dated September 14, 2010, by and
among Westbury (Bermuda) Ltd., a Bermuda exempted company (“Westbury Ltd.”), Westbury Trust, a
Bermuda trust (“Westbury Trust” and, together with Westbury Ltd., the “Seller”) and Michael G.
DeGroote, a resident of Bermuda (“DeGroote”) on the one hand, and CBIZ, Inc., a Delaware
corporation (“Purchaser” or the “Company”), on the other hand.

RECITAL

Seller beneficially owns 15,433,338 shares of common stock of the Company, par value $0.01 per
share (the “Common Stock”) and Seller hereby desires to (a) sell to Purchaser seven million, seven
hundred sixteen thousand, six hundred sixty-nine (7,716,669) shares of Common Stock at $6.25 per
share (the “Purchased Shares”), and (b) grant to Purchaser an irrevocable option (the “Option”) to
purchase seven million, seven hundred sixteen thousand, six hundred sixty-nine (7,716,669) shares
of Common Stock (the “Remaining Shares”), and Purchaser desires to purchase the Purchased Shares
and the Option from Seller, upon and subject to the terms of this Agreement.

AGREEMENT

NOW, THEREFORE, in consideration of the premises, the respective representations, warranties,
covenants and agreements contained in this Agreement, and other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser, intending to be
legally bound, hereby agree as follows:

1. Purchase and Sale of the Purchased Shares and the Option. Upon the terms and subject to
the conditions set forth in this Agreement, and in reliance upon the representations and warranties
herein made by each party to the other, Seller agrees to sell and grant, and Purchaser agrees to
purchase from Seller, at the Closing, the Purchased Shares and the Option. Seller will deliver to
Purchaser at the Closing (a) a certificate or certificates representing a portion of the Purchased
Shares with duly executed stock powers attached thereto and (b) confirmation of book entry transfer
of the remaining Purchased Shares into a Depository Trust Company account of the Purchaser as may
be designated by the Purchaser.

2. Purchase Price.

(a) As the purchase price for the Purchased Shares, Purchaser will pay, or cause to be paid,
to Seller at the Closing in immediately available funds the sum of forty-eight million, two hundred
twenty-nine thousand, one hundred eighty-one dollars and twenty-five cents ($48,229,181.25).

(b) As the purchase price for the Option, Purchaser will pay, or cause to be paid, to Seller
at the Closing in immediately available funds the sum of five million dollars ($5,000,000.00).

 

 

 

3. Option.

(a) At the Closing, upon receipt of the purchase price described in Section 2(b), Seller shall
grant to Purchaser the Option to purchase from Seller, in whole or in part, at any time and from
time to time after the date of the Closing (the “Grant Date”) and on or before September 30, 2013
(the “Exercise Period”), the Remaining Shares at an exercise price of $7.25 per share, subject to
adjustment as provided in Section 3(c) (the “Exercise Price”). The Exercise Price and the shares
purchasable upon exercise of this Option at any given time (the “Option Shares”) shall be subject
to adjustment from time to time pursuant to the provisions of Section 3(c).

(b) This Option may be exercised in whole or in part from time to time during the Exercise
Period by Purchaser’s notice in writing delivered to the Seller and Purchaser’s payment to the
Seller of an amount of cash equal to the product of the Exercise Price times the applicable
number of Option Shares by wire transfer of immediately available lawful money of the United States
against the delivery to Purchaser by the release from the Custody Account (as defined in Section 4
below) of the number of the Option Shares to which such exercise applies.

(c) The Option Shares and the Exercise Price shall be subject to adjustment from time to time
as follows:

(i) If the Company shall at any time after the Grant Date and while this Option
remains outstanding and unexpired in whole or in part, effect a subdivision (by any stock
split or otherwise) of the outstanding shares of Common Stock into a greater number of
 shares, the Exercise Price in effect immediately before that subdivision shall be
proportionately decreased and the number of Option Shares obtainable upon exercise of this
Option shall be proportionately increased. Conversely, if the Company shall at any time or
from time to time after the Grant Date combine (by reverse stock split or otherwise) the
outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in
effect immediately before the combination shall be proportionately increased and the number
of shares of Common Stock obtainable upon exercise of this Option shall be proportionately
decreased. Any adjustment under this paragraph shall become effective at the close of
business on the date the subdivision or combination becomes effective.

(ii) In the event the Company at any time, or from time to time after the Grant Date
and while this Option remains outstanding and unexpired in whole or in part, shall make or
issue, or fix a record date for the determination of holders of Common Stock entitled to
receive, a dividend or other distribution payable in additional shares of Common Stock,
then and in each such event the Exercise Price then in effect immediately before such event
shall be decreased as of the time of such issuance or, in the event such a record date
shall have been fixed, as of the close of business on such record date, by multiplying the
Exercise Price then in effect by a fraction:

A. the numerator of which shall be the total number of shares of Common
Stock issued and outstanding immediately prior to the time of such issuance
or the close of business on such record date; and

 

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B. the denominator of which shall be the total number of shares of
Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date plus the number of
 shares of Common Stock issuable in payment of such dividend or distribution;

provided, however, that if such record date shall have been fixed and such dividend is not
fully paid or if such distribution is not fully made on the date fixed therefor, the
Exercise Price shall be recomputed accordingly as of the close of business on such record
date and thereafter the Exercise Price shall be adjusted pursuant to this paragraph as of
the time of actual payment of such dividends or distributions.

(iii) If at any time after the Grant Date and while this Option remains outstanding
and unexpired in whole or in part, the Option Shares are changed into the same or a
different number of shares of any class or classes of stock, this Option will thereafter
represent the right to acquire such number and kind of securities into which the Option
Shares are changed.

4. Custody Account.

(a) At the Closing, the Remaining Shares will be placed in a custody account (“Custody
Account”) and will, during the Exercise Period, be subject to a custody agreement in substantially
the form attached hereto as Annex A (the “Custody Agreement”). Purchaser may,
subject to its compliance with Section 3(b), exercise the Option and cause the Remaining Shares to
be released from the Custody Account in one or any number of blocks, at any one or more times
throughout the Exercise Period, as Purchaser may choose in its sole discretion. During the
Exercise Period, (i) any and all dividends or distributions (in cash or in kind) declared, paid or
payable on any Remaining Shares held in the Custody Account shall be paid or distributed to Seller,
(ii) the Remaining Shares may not be sold to any party other than Purchaser or a Permitted
Transferee, provided that (x) such Permitted Transferee shall agree to be subject to the terms of
this Agreement and the Custody Agreement and deliver to the Company a written acknowledgment in
form and substance reasonably satisfactory to the Company to that effect and (y) the Remaining
Shares transferred to a Permitted Transferee shall remain subject to the Custody Agreement, and
(iii) only Seller or a Permitted Transferee, as applicable, shall have the right to exercise the
voting rights associated with the Remaining Shares, it being understood that Seller and Permitted
Transferee, as applicable, shall maintain and not transfer full discretion over the voting of the
Remaining Shares or the manner in which the Remaining Shares are voted. Notwithstanding the
foregoing, Seller or a Permitted Transferee, as applicable, may within its absolute discretion,
execute and deliver any proxy solicited by management or any other person except for an irrevocable
proxy in connection with any vote or solicitation of consents from the Company’s stockholders.

 

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(b) “Permitted Transferee” means DeGroote or any DeGroote Family Member.

(i) “DeGroote Family Member” means (A) any spouse or surviving spouse of DeGroote, (B)
any brother, sister, child, adopted child, step child, grandchild, adopted grandchild or
other issue of DeGroote, (C) any spouse or surviving spouse of any Person referred to in
clause (B) of this definition, (D) the executor, administrator or other personal
representative of the estate of any of the foregoing Persons, (E) any DeGroote Entity or
(F) any DeGroote Trust.

(ii) “DeGroote Entity” means any partnership, corporation, limited liability company
or other entity in which all or substantially all of the equity interests are owned
directly or indirectly by one or more DeGroote Family Members.

(iii) “DeGroote Trust” means any trust of which all or substantially all of the
beneficiaries are, or in which all or substantially all of the beneficial interests are
held by, one or more DeGroote Family Members.

5. Closing. The transfer and sale provided for in this Agreement (the “Closing”) will take
place at the offices of Akin Gump Strauss Hauer & Feld LLP, One Bryant Park, New York, NY 10036, at
10:00 am Eastern Time, on no later than September 16, 2010 or on such other date as may be fixed
for the Closing by written agreement between Seller and Purchaser (the “Closing Date”).

6. Representations and Warranties.

(a) Representations and Warranties of Seller and DeGroote. Seller and DeGroote hereby
represent and warrant to Purchaser as follows:

(i) Westbury Ltd. is an exempted company duly organized, validly existing and in good
standing under the laws of Bermuda. Westbury Trust is a trust duly formed, validly
existing and in good standing under the laws of Bermuda.

(ii) Seller has all requisite power and authority to execute and deliver into this
Agreement and to consummate the transactions contemplated hereby. The execution and
delivery of this Agreement by Seller and the consummation by Seller of the transactions
contemplated hereby have been duly authorized by all necessary action on the part of
Seller.

(iii) This Agreement has been duly executed and delivered by Seller and DeGroote and
constitutes a valid and binding obligation of Seller and DeGroote, enforceable in
accordance with its terms, except as enforceability may be subject to the effects of
bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting
the rights of creditors or general principles of equity.

(iv) The execution and delivery of this Agreement by Seller and DeGroote and the
consummation by Seller and DeGroote of the transactions contemplated hereby will not (A)
violate any provision of any existing law, statute, rule,
regulation or ordinance applicable to Seller or DeGroote or (B) conflict with, result
in any breach of or constitute a default under (1) the Memorandum of Association or By-laws
of Westbury Ltd. and the trust deed of Westbury Trust, (2) any order, writ, judgment, award
or decree of any court, governmental authority, bureau or agency to which Seller or
DeGroote is a party or by which Seller or DeGroote may be bound or (3) any contract or
other agreement or undertaking to which Seller or DeGroote is a party or by which Seller or
DeGroote may be bound.

 

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(v) No consent, approval, order or authorization of, or registration, declaration or
filing with, any court, administrative agency or commission or other governmental authority
or instrumentality, is required by or with respect to Seller or DeGroote in connection with
the execution and delivery of this Agreement or the consummation by Seller and DeGroote of
the transactions contemplated hereby, except for any filings required under Schedule 13D
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or Section 16 of
the Exchange Act.

(vi) Seller has, and upon transfer by Seller of the Purchased Shares and the Remaining
Shares hereunder Seller will deliver to Purchaser, good and marketable title to the
Purchased Shares and the Remaining Shares, free and clear of any claims, liens,
encumbrances, security interests, restrictions and adverse claims of any kind or nature
whatsoever. There are no outstanding subscriptions, options, warrants, rights, contracts,
understandings or agreements to purchase or otherwise acquire the Purchased Shares or the
Remaining Shares other than as provided for herein.

(b) Representations and Warranties of Purchaser. Purchaser represents and warrants to
Seller and DeGroote as follows:

(i) Purchaser is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware.

(ii) Purchaser has all requisite power and authority to enter into this Agreement and
to consummate the transactions contemplated hereby. The execution and delivery of this
Agreement by Purchaser and the consummation by Purchaser of the transactions contemplated
hereby have been duly authorized by all necessary action on the part of the Purchaser.

(iii) This Agreement has been duly executed and delivered by Purchaser and constitutes
a valid and binding obligation of Purchaser, enforceable in accordance with its terms
except as enforceability may be subject to the effects of bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting the rights of creditors
or general principles of equity.

(iv) The execution and delivery of this Agreement by Purchaser and the consummation by
Purchaser of the transactions contemplated hereby will not (A) violate any provision of any
existing law, statute, rule, regulation or ordinance applicable to Purchaser or (B)
conflict with, result in any breach of or constitute a default under (1) the Certificate of
Incorporation or By-laws of Purchaser, (2) any order,
writ, judgment, award or decree of any court, governmental authority, bureau or agency
to which Purchaser is a party or by which it may be bound or (3) any contract or other
agreement or undertaking to which Purchaser is a party or by which Purchaser may be bound.

 

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(v) No consent, approval, order or authorization of, or registration, declaration or
filing with, any court, administrative agency or commission or other governmental authority
or instrumentality, is required by or with respect to Purchaser in connection with the
execution and delivery of this Agreement or the consummation by Purchaser of the
transactions contemplated hereby, except for the filing of a Current Report on Form 8-K in
accordance with the Exchange Act.

7. Closing Conditions.

(a) Conditions to Each Party’s Obligations. The obligation of Purchaser to purchase
the Purchased Shares and the Option at the Closing and the obligation of Seller to sell the
Purchased Shares and the Option at the Closing are subject to the fulfillment at or prior to the
Closing of the following conditions:

(i) No preliminary or permanent injunction or other order shall have been issued by
any court of competent jurisdiction or by any governmental or regulatory body, nor shall
any statute, rule, regulation or executive order have been promulgated or enacted by any
governmental authority which prevents the consummation of the transactions contemplated by
this Agreement.

(ii) No action or proceeding before any court or any governmental or regulatory
authority shall have been commenced by any governmental or regulatory body and shall be
pending against any of the parties hereto or any of their respective affiliates,
associates, officers or directors seeking to prevent or delay the transactions contemplated
by this Agreement.

(b) Conditions to Obligation of Purchaser. The obligation of Purchaser to purchase
the Purchased Shares and the Option at the Closing is subject to the fulfillment at or prior to the
Closing of the following conditions:

(i) The representations and warranties of Seller and DeGroote contained in this
Agreement shall have been true and correct when made and shall be true and correct in all
material respects at and as of the Closing Date with the same force and effect as though
such representations and warranties were made at and as of the Closing Date.

(ii) Seller and DeGroote shall have performed and complied in all material respects
with all agreements, obligations and conditions required by this Agreement to be performed
or complied with by Seller and DeGroote at or prior to the Closing.

 

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(c) Conditions to Obligation of Seller. The obligation of Seller to sell the
Purchased Shares and the Option at the Closing is subject to the fulfillment at or prior to the
Closing of the following conditions:

(i) The representations and warranties of Purchaser contained in this Agreement shall
have been true and correct when made and shall be true and correct in all material respects
at and as of the Closing Date with the same force and effect as though such representations
and warranties were made at and as of the Closing Date.

(ii) Purchaser shall have performed and complied in all material respects with all
agreements, obligations and conditions required by this Agreement to be performed or
complied with by Purchaser at or prior to the Closing.

8. Miscellaneous.

(a) No Brokers. Seller and DeGroote, on the one hand, and Purchaser, on the other
hand, each represent to the other that neither it nor any of its respective affiliates have
employed any broker or finder or incurred any liability for any brokerage or finder’s fees or
commissions or expenses related thereto in connection with the negotiation, execution or
consummation of this Agreement or any of the transactions contemplated hereby and respectively
agree to indemnify and hold the other harmless from and against any and all claims, liabilities or
obligations with respect to any such fees, commissions or expenses asserted by any person on the
basis of any act or statement alleged to have been made by such party or any of its affiliates.

(b) Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties in respect of the subject matter hereof and supersedes all prior
understandings, agreements or representations by or between the parties, written or oral, to the
extent they relate in any way to the subject matter hereof.

(c) Assignment; Binding Effect; Third Party Beneficiaries. No party may assign either
this Agreement or any of its rights, interests or obligations hereunder without the prior written
approval of the other party. All of the terms, agreements, covenants, representations, warranties
and conditions of this Agreement are binding upon and inure to the benefit of and are enforceable
by, the parties and their respective successors and permitted assigns. There are no third party
beneficiaries having rights under or with respect to this Agreement.

(d) Further Assurances. If any further action is necessary or reasonably desirable to
carry out this Agreement’s purposes, each party will take such further action (including executing
and delivering any further instruments and documents and providing any reasonably requested
information) as the other party reasonably may request.

(e) Survival of Representations, Warranties and Covenants. Each representation,
warranty, covenant and obligation in this Agreement will survive for a period of one year after the
execution and delivery of this Agreement and the consummation of the transactions contemplated by
this Agreement, and will not be affected by any investigation by or on behalf of the other party to
this Agreement.

(f) Indemnification. Seller and DeGroote, on the one hand, and Purchaser, on the
other hand, respectively, will each indemnify and hold harmless the other from and against any and
all losses, claims, damages, liabilities and expenses (including, without limitation, legal fees
and expenses) suffered or incurred by any such indemnified party to the extent arising from any
breach of any representation or warranty of the indemnifying party contained in this Agreement or
any breach by the indemnifying party, or failure by the indemnifying party to perform, any covenant
or agreement contained herein.

 

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(g) Notices. All notices, requests and other communications provided for or permitted
to be given under this Agreement must be in writing and given by personal delivery, by certified or
registered United States mail (postage prepaid, return receipt requested), by a nationally
recognized overnight delivery service for next day delivery, or by facsimile transmission, as
follows (or to such other address as any party may give in a notice given in accordance with the
provisions hereof):

If to Purchaser:

6050 Oak Tree Blvd., South, Suite 500

Cleveland, OH 44131

Attention: Michael W. Gleespen

Facsimile: 216-447-9007

with a copy (which will not constitute notice) to:

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, NY 10036

Attention: Mark Zvonkovic

Facsimile: (212) 872-1002

If to Seller or DeGroote:

Victoria Hall

11 Victoria Street

Hamilton, HMEX Bermuda

Attention: James Watt

Facsimile: (441) 292 9485

with a copy (which will not constitute notice) to:

Dickstein Shapiro LLP

1633 Broadway 10019-6708

Attention: Malcolm I. Ross, Esq.

Facsimile: (212) 277-6501

All notices, requests or other communications will be effective and deemed given only as follows:
(i) if given by personal delivery, upon such personal delivery, (ii) if sent by certified or
registered mail, on the fifth business day after being deposited in the United States mail, (iii)
if
sent for next day delivery by overnight delivery service, on the date of delivery as confirmed by
written confirmation of delivery, (iv) if sent by facsimile, upon the transmitter’s confirmation of
receipt of such facsimile transmission, except that if such confirmation is received after 5:00
p.m. (in the recipient’s time zone) on a business day, or is received on a day that is not a
business day, then such notice, request or communication will not be deemed effective or given
until the next succeeding business day. Notices, requests and other communications sent in any
other manner, including by electronic mail, will not be effective.

 

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(h) Specific Performance; Remedies. Each party acknowledges and agrees that the other
party would be damaged irreparably if any provision of this Agreement were not performed in
accordance with its specific terms or were otherwise breached. Accordingly, the parties will be
entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement
and to enforce specifically this Agreement and its provisions in addition to any other remedy to
which they may be entitled, at law or in equity. Except as expressly provided herein, the rights,
obligations and remedies created by this Agreement are cumulative and in addition to any other
rights, obligations or remedies otherwise available at law or in equity. Except as expressly
provided herein, nothing herein will be considered an election of remedies.

(i) Headings. The article and section headings contained in this Agreement are
inserted for convenience only and will not affect in any way the meaning or interpretation of this
Agreement.

(j) Governing Law. This Agreement will be governed by and construed in accordance
with the laws of the State of New York, without giving effect to any choice of law principles.

(k) Amendment. This Agreement may not be amended or modified except by a writing
signed by all of the parties.

(l) Extensions; Waivers. Any party may, for itself only, (a) extend the time for the
performance of any of the obligations of any other party under this Agreement, (b) waive any
inaccuracies in the representations and warranties of any other party contained herein or in any
document delivered pursuant hereto and (c) waive compliance with any of the agreements or
conditions for the benefit of such party contained herein. Any such extension or waiver will be
valid only if set forth in a writing signed by the party to be bound thereby. No waiver by any
party of any default, misrepresentation or breach of warranty or covenant hereunder, whether
intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation
or breach of warranty or covenant hereunder or affect in any way any rights arising because of any
prior or subsequent such occurrence. Neither the failure nor any delay on the party of any party
to exercise any right or remedy under this Agreement will operate as a waiver thereof, nor will any
single or partial exercise of any right or remedy preclude any other or further exercise of the
same or of any other right or remedy.

(m) Expenses. Each party will bear its own costs and expenses incurred in connection
with the preparation, execution and performance of this Agreement and the transactions contemplated
hereby, including all fees and expenses of agents, representatives, financial advisors, legal
counsel and accountants.

(n) Counterparts; Effectiveness. This Agreement may be executed in two or more
counterparts, each of which will be deemed an original but all of which together will constitute
one and the same instrument. This Agreement will become effective when one or more counterparts
have been signed by each of the parties and delivered to the other party, which delivery may be
made by exchange of copies of the signature page by facsimile transmission.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written.

	 	 	 	 	 
	 	CBIZ, Inc.

 	 
	 	By:  	/s/ Jerome P. Grisko, Jr. 	 
	 	 	Name:  	Jerome P. Grisko, Jr. 	 
	 	 	Title:  	President 	 
	 
	 	Westbury (Bermuda) Ltd.

 	 
	 	By:  	/s/ Jim Watt 	 
	 	 	Name:  	Jim Watt 	 
	 	 	Title:  	President 	 
	 
	 	Westbury Trust

 	 
	 	By:  	/s/ Jim Watt 	 
	 	 	Name:  	Jim Watt 	 
	 	 	Title:  	Trustee 	 
	 
	 	Michael G. DeGroote 	 
	 
	 	/s/ Michael G. DeGroote 	 

 

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Annex A

EXECUTION VERSION

CUSTODY AGREEMENT

THIS CUSTODY AGREEMENT (as the same may be amended or modified from time to time pursuant
hereto, this “Agreement”) is made and entered into as of September 14, 2010, by and among Westbury
(Bermuda) Ltd., a Bermuda exempted company, and Westbury Trust, a Bermuda trust (collectively,
“Seller”), Michael G. DeGroote (“DeGroote”), CBIZ, Inc., a Delaware corporation (“Company”), and
JPMorgan Chase Bank, N.A. (the “Custodian”).

WHEREAS, Company, Seller and DeGroote are desirous of appointing the Custodian as its agent to hold
7,716,669 shares of common stock of the Company (the “Shares”) subject to the terms and conditions
set forth herein.

NOW THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth,
the parties hereto agree as follows:

1. Appointment. Company, Seller and DeGroote hereby appoint the Custodian as the custodian for the
purposes set forth herein, and the Custodian hereby accepts such appointment under the terms and
conditions set forth herein.

2. Custody Account. The Custodian will establish and maintain one or more custody accounts as
required (the “Accounts”) in the name of Seller for the purpose of holding the Shares that shall be
deposited with the Custodian.

3. Disposition and Termination. The Custodian shall release all or a portion of the Shares
deposited in the Accounts to Company upon, and pursuant to, the joint written instructions of
Company, Seller and DeGroote in the form of Annex A hereto and in accordance with the security
procedures set forth in Section 12 below. This Agreement shall terminate at the earlier of (a) the
mutual agreement of Seller, DeGroote and Company, (b) September 30, 2013, (c) upon receipt of a
written notice from Seller, DeGroote and Company stating that the Underlying Agreement (as defined
below) has been terminated by its terms, and (d) the date on which the final release of all of the
Shares has been made hereunder in accordance with the terms hereof. Any Shares remaining in the
Accounts upon termination of this Agreement shall be returned by the Custodian to Seller (together
with all instruments of assignment executed in connection with such remaining Shares) or to whoever
may be lawfully entitled to receive the same or as a court of competent jurisdiction shall direct.

4. Use of Depositories; Nominee Name.

(a) The Custodian may deposit the Shares with, and hold securities in, any securities
depository, settlement system, dematerialized book entry system or similar system (together a
“Securities Depository”) on such terms as such systems customarily operate and Company, Seller and
DeGroote will provide the Custodian with such documentation or acknowledgements that the Custodian
may require to hold the Shares in such systems. The Custodian is not responsible for the selection
or monitoring of any Securities Depository and will have no responsibility for any act or omission
by (or the insolvency of) any Securities Depository. In the event Company, Seller or DeGroote
incur a loss due to the negligence, willful misconduct, or insolvency of a Securities Depository,
the Custodian will make reasonable endeavors, to seek recovery from the Securities Depository, but
Custodian will not be obligated to institute legal proceedings, file proofs of claim in any
insolvency proceeding, or take any similar action. The Securities Depository must be acceptable
and approved by the Custodian, as an operating system compatible with the Custodian’s bank systems.

(b) The Custodian will identify in its books that the Shares credited to the Accounts belong
to Seller (except as otherwise may be agreed by all parties hereto).

(c) The Custodian is authorized:

(i) to hold securities in or deposit securities with any Securities Depository or settlement
system, acceptable to the Custodian; and

 

 

 

(ii) to register in the name of Seller, the Custodian, a Securities Depository, or their
respective nominees, such securities as are customarily held in registered form.

5. Entitlements. With respect to all Shares held in the Accounts, the Custodian by itself, or
through the use of the book entry system or the appropriate Securities Depository, shall, unless
otherwise instructed in writing to the contrary by Company, Seller and DeGroote: (a) collect all
income and other payments reflecting dividends and other distributions on the Shares in the
Accounts and disburse such amounts to Seller; (b) forward to Seller copies of all information or
documents that it may receive from the Company which, in the opinion of the Custodian, are intended
for the beneficial owner of the Shares including, without limitation, all proxies and other
authorizations properly executed and all proxy statements, notices and reports; and (c) hold
directly, or through the book entry system or Securities Depository, all rights issued with respect
to the Shares held by the Custodian hereunder.

6. Custodian. (a) The Custodian shall have only those duties as are specifically and expressly
provided herein, which shall be deemed purely ministerial in nature, and no other duties shall be
implied. The Custodian shall neither be responsible for, nor chargeable with, knowledge of, nor
have any requirements to comply with, the terms and conditions of any other agreement, instrument
or document between Company, Seller, DeGroote and any other party, in connection herewith, if any,
including without limitation that certain Stock and Option Purchase Agreement among Company, Seller
and DeGroote (the “Underlying Agreement”), nor shall the Custodian be required to determine if any
person or entity has complied with any Underlying Agreement, nor shall any additional obligations
of the Custodian be inferred from the terms of any Underlying Agreement, even though reference
thereto may be made in this Agreement. In the event of any conflict between the terms and
provisions of this Agreement, those of the Underlying Agreement, any schedule or exhibit attached
to this Agreement, or any other agreement with Company, Seller and DeGroote, the terms and
conditions of this Agreement shall control. The Custodian may rely upon and shall not be liable
for acting or refraining from acting upon any written notice, document, instruction or request
furnished to it hereunder and believed by it to be genuine and to have been signed or presented by
Company, Seller and DeGroote without inquiry and without requiring substantiating evidence of any
kind. The Custodian shall not be liable to Company, Seller, DeGroote, any beneficiary or other
person for refraining from acting upon any instruction setting forth the release of Shares in the
Accounts, unless such instruction shall have been delivered to the Custodian in accordance with
Section 12 below and the Custodian has been able to satisfy any applicable security procedures as
may be required thereunder. The Custodian shall be under no duty to inquire into or investigate the
validity, accuracy or content of any such document, notice, instruction or request. The Custodian
shall have no duty to solicit any payments which may be due to it or the Accounts nor shall the
Custodian have any duty or obligation to confirm or verify the accuracy or correctness of any
amounts deposited with it hereunder.

(b) The Custodian shall not be liable for any action taken, suffered or omitted to be taken by it
except to the extent that a final adjudication of a court of competent jurisdiction determines that
the Custodian’s gross negligence or willful misconduct was the primary cause of any loss to
Company, Seller or DeGroote. The Custodian may execute any of its powers and perform any of its
duties hereunder directly or through affiliates or agents. The Custodian may consult with counsel,
accountants and other skilled persons to be selected and retained by it. The Custodian shall not
be liable for any action taken, suffered or omitted to be taken by it in accordance with, or in
reliance upon, the advice or opinion of any such counsel, accountants or other skilled persons. In
the event that the Custodian shall be uncertain or believe there is some ambiguity as to its duties
or rights hereunder or shall receive instructions, claims or demands from any party hereto which,
in its opinion, conflict with any of the provisions of this Agreement, it shall be entitled to
refrain from taking any action and its sole obligation shall be to keep safely all property held in
escrow until it shall be given a joint direction in writing by Company, Seller and DeGroote which
eliminates such ambiguity or uncertainty to the satisfaction of Custodian or by a final and
non-appealable order or judgment of a court of competent jurisdiction. Company, Seller and
DeGroote agree to pursue any redress or recourse in connection with any dispute without making the
Custodian a party to the same. Anything in this Agreement to the contrary notwithstanding, in no
event shall the Custodian be liable for special, incidental, punitive, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the
Custodian has been advised of the likelihood of such loss or damage and regardless of the form of
action.

 

 

 

7. Succession. The Custodian may resign and be discharged from its duties or obligations
hereunder by giving thirty (30) days advance notice in writing of such resignation to Company,
Seller and DeGroote specifying a date when such resignation shall take effect. Company, Seller and
DeGroote shall have the right at any time by written agreement to remove the Custodian and appoint
a successor by giving the Custodian thirty (30) days advance notice in writing of such replacement
and instructions to deliver the Shares to such successor custodian. The Custodian shall have the
right to withhold an amount equal to any amount due and owing to the Custodian, plus any costs and
expenses the Custodian shall reasonably believe may be incurred by the Custodian in connection with
the termination of this Agreement. Any entity into which the Custodian may be merged or converted
or with which it may be consolidated, or any entity to which all or substantially all the escrow
business may be transferred, shall be the Custodian under this Agreement without further act.
Custodian’s sole responsibility after such thirty-day notice period expires shall be to hold the
Shares in the Accounts (without any obligation to reinvest the same) and to deliver the same to a
designated substitute custodian, if any, or in accordance with the directions of a final order or
judgment of a court of competent jurisdiction, at which time of delivery Custodian’s obligations
hereunder shall cease and terminate, subject to the provisions of Section 9(b).

8. Compensation and Reimbursement. Company agrees (a) to pay the Custodian upon execution of this
Agreement and from time to time thereafter reasonable compensation for the services to be rendered
hereunder, along with any fees or charges for accounts, including those levied by any governmental
authority which the Custodian may impose, charge or pass-through, which unless otherwise agreed in
writing shall be as described in Schedule 2 attached hereto, and (b) to pay or reimburse the
Custodian upon request for all reasonable out-of-pocket expenses, disbursements and advances,
including, without limitation reasonable attorney’s fees and expenses, incurred or made by it in
connection with the performance of this Agreement. The obligations contained in this Section 8
shall survive the termination of this Agreement and the resignation, replacement or removal of the
Custodian.

9. Indemnity. (a) Seller, DeGroote, and Company shall jointly and severally indemnify, defend and
save harmless the Custodian and its affiliates and their respective successors, assigns, directors,
agents and employees (the “Indemnitees”) from and against any and all losses, damages, claims,
liabilities, penalties, judgments, settlements, litigation, investigations, costs or expenses
(including, without limitation, the reasonable fees and expenses of outside counsel and experts and
their staffs and all expense of document location, duplication and shipment) (collectively
“Losses”) arising out of or in connection with (i) the Custodian’s execution and performance of
this Agreement, tax reporting or withholding, the enforcement of any rights or remedies under or in
connection with this Agreement, or as may arise by reason of any act, omission or error of the
Indemnitee, except in the case of any Indemnitee to the extent that such Losses are finally
adjudicated by a court of competent jurisdiction to have been primarily caused by the gross
negligence or willful misconduct of such Indemnitee, or (ii) its following any joint instructions
or other directions from the Company, Seller and DeGroote, except to the extent that its following
any such instruction or direction is expressly forbidden by the terms hereof. The indemnity
obligations set forth in this Section 9(a) shall survive the resignation, replacement or removal of
the Custodian or the termination of this Agreement.

(b) Seller hereby grants the Custodian a lien on, right of set-off against and security interest
in, the Accounts for the payment of any claim for indemnification, fees, expenses and amounts due
to the Custodian or an Indemnitee. In furtherance of the foregoing, the Custodian is expressly
authorized and directed, but shall not be obligated, to charge against, liquidate sufficient assets
and withdraw the proceeds of such from the Accounts for its own account or for the account of an
Indemnitee any amounts due to the Custodian or to an Indemnitee under either Sections 7, 8 or 9(a).

10. Account Opening Information/Taxpayer Identification Number/Tax Reporting.

(a) Patriot Act Disclosure. Section 326 of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”)
requires the Custodian to implement reasonable procedures to verify the identity of any person that
opens a new account with it. Accordingly, the Parties acknowledge that Section 326 of the USA
PATRIOT Act and the Custodian’s identity verification procedures require the Custodian to obtain
information which may be used to confirm Seller’s and DeGroote’s identity including without
limitation name, address and organizational documents (“identifying information”). Seller and
DeGroote agree to provide the Custodian with and consents to the Custodian obtaining from third
parties any such identifying information required as a condition of opening an account with or
using any service provided by the Custodian.

 

 

 

(b) Certification and Tax Reporting. Seller, DeGroote and Company have provided the Custodian
with thier fully executed Internal Revenue Service (“IRS”) Forms W-8, or W-9 and/or other required
documentation. All interest or other income earned under this Agreement shall be allocated Seller
and reported, as and to the extent required by law, by the Custodian to the IRS, or any other
taxing authority, on IRS Form 1099 or 1042S (or other appropriate form) as income earned from the
Accounts by Seller whether or not said income has been distributed during such year. Custodian
shall withhold any taxes in the absence of proper tax documentation, or as required by law, and
shall remit such taxes to the appropriate authorities.

11. Notices. All communications hereunder shall be in writing and except for the joint instructions
from Company, Seller and DeGroote setting forth the release of Shares (which shall be specifically
governed by Section 12 below), shall be deemed to be duly given after it has been received and the
receiving party has had a reasonable time to act upon such communication if it is sent or served:

(a) by facsimile;

(b) by overnight courier; or

(c) by prepaid registered mail, return receipt requested;

to the appropriate notice address set forth below or at such other address as any party hereto may
have furnished to the other parties in writing by registered mail, return receipt requested.

	 	 	 
	If to Company

	 	6050 Oak Tree Blvd., South, Suite 500

Cleveland, OH 44131

Attention: Michael W. Gleespen

Tel No.: (216) 447-9000

Fax No.: (216) 447-9007
	 
	 	 
	If to Seller or DeGroote

	 	Victoria Hall

11 Victoria Street

Hamilton, HMEX Bermuda

Attention: James Watt

Tel No.: (441) 292 9480

Fax No.: (441) 292 9485
	 
	 	 
	with a copy (which shall not constitute notice) to:

	
	Dickstein Shapiro LLP

1633 Broadway

New York, NY 10019

Tel No.: (212) 277-6525

Fax No.: (212) 277-6501 
	 
	 	 
	If to the Custodian

	 	JPMorgan Chase Bank, N.A.

Escrow Services

4 New York Plaza, 21st Floor

New York, N.Y. 10004

Attention: Florence Hanley or Sal Lunetta

Fax No.: 212.623.6168

 

 

 

Notwithstanding the above, in the case of communications delivered to the Custodian, such
communications shall be deemed to have been given on the date received by an officer of the
Custodian or any employee of the Custodian who reports directly to any such officer at the
above-referenced office. In the event that the Custodian, in its sole discretion, shall determine
that an emergency exists, the Custodian may use such other means of communication as the Custodian
deems appropriate.

12. Security Procedures. Notwithstanding anything to the contrary as set forth in Section 11, the
joint instructions in the form of Annex A hereto setting forth the release of Shares, may be given
to the Custodian only by confirmed facsimile and no instruction for or related to the release of
Shares in the Accounts, shall be deemed delivered and effective unless the Custodian actually shall
have received such instruction by facsimile at the number provided to the Company, Seller and
DeGroote by the Custodian in accordance with Section 11 and as further evidenced by a confirmed
transmittal to that number.

(a) The Custodian is authorized to seek confirmation of the joint instructions by telephone
call-back to the person or persons designated on Schedule 1 hereto, and the Custodian may rely upon
the confirmation of anyone purporting to be the person or persons so designated. The persons and
telephone numbers for call-backs may be changed only in a writing actually received and
acknowledged by the Custodian. If the Custodian is unable to contact any of the authorized
representatives identified in Schedule 1, the Custodian is hereby authorized both to receive
written instructions from and seek confirmation of such instructions by telephone call-back to any
one or more, as the case may be, of each of the Company’s and Seller’s executive officers
(“Executive Officers”), which shall include the titles of President, Chief Financial Officer or
Treasurer in the case of the Company and President in the case of Seller as the Custodian may
select. Such Executive Officer shall deliver to the Custodian a fully executed incumbency
certificate, and the Custodian may rely upon the confirmation of anyone purporting to be any such
officer.

(b) Company, Seller and DeGroote acknowledge that the security procedures set forth in this
Section 12 are commercially reasonable.

13. Compliance with Court Orders. In the event that any of the Shares deposited hereunder shall be
attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or
enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any
court order affecting the Shares deposited under this Agreement, (a) the Custodian shall provide a
copy or written notice of the same to each of Company, Seller, and DeGroote as soon as practicable
and at most within five (5) Business Days of the Custodian’s receipt of the same, and (b) the
Custodian is hereby expressly authorized, in its sole discretion, to obey and comply with all
writs, orders or decrees so entered or issued, which it is advised by legal counsel of its own
choosing is binding upon it, whether with or without jurisdiction, and in the event that the
Custodian obeys or complies with any
such writ, order or decree it shall not be liable to Company, Seller, DeGroote or to any other
person, entity, firm or corporation, by reason of such compliance notwithstanding such writ, order
or decree be subsequently reversed, modified, annulled, set aside or vacated. “Business Day” shall
mean any day other than a Saturday, Sunday or any other day on which the Custodian located at the
notice address set forth above is authorized or required by law or executive order to remain
closed.

14. Miscellaneous. Except for changes to the joint instructions as provided in Section 12, the
provisions of this Agreement may be waived, altered, amended or supplemented, in whole or in part,
only by a writing signed by all parties to this Agreement. Neither this Agreement nor any right or
interest hereunder may be assigned in whole or in part by any party to this Agreement, except as
provided in Section 7, without the prior consent of all parties hereto. This Agreement shall be
governed by and construed under the laws of the State of New York. Each party irrevocably waives
any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably
consents to service of process by mail or in any other manner permitted by applicable law and
consents to the jurisdiction of the courts located in the State of New York. To the extent that in
any jurisdiction Company, Seller or DeGroote may now or hereafter be entitled to claim for itself
or its assets, immunity from suit, execution attachment (before or after judgment), or other legal
process, Company, Seller and DeGroote shall not claim, and each hereby irrevocably waives, such
immunity. Each party further hereby waives any right to a trial by jury with respect to any

 

 

 

lawsuit
or judicial proceeding arising or relating to this Agreement. No party to this Agreement is liable
to any other party for losses due to, or if it is unable to perform its obligations under the terms
of this Agreement because of, acts of God, fire, war, terrorism, floods, strikes, electrical
outages, equipment or transmission failure, or other causes reasonably beyond its control. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. All signatures of the
parties to this Agreement may be transmitted by facsimile or email, and such facsimile or email
will, for all purposes, be deemed to be the original signature of such party whose signature it
reproduces, and will be binding upon such party. If any provision of this Agreement is determined
to be prohibited or unenforceable by reason of any applicable law of a jurisdiction, then such
provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions thereof, and any such prohibition or
unenforceability in such jurisdiction shall not invalidate or render unenforceable such provisions
in any other jurisdiction. Where, however, the conflicting provisions of any such applicable law
may be waived, they are hereby irrevocably waived by the parties hereto to the fullest extent
permitted by law, to the end that this Agreement shall be enforced as written. Except as expressly
provided in Section 9 above, nothing in this Agreement, whether express or implied, shall be
construed to give to any person or entity other than the parties hereto any legal or equitable
right, remedy, interest or claim under or in respect of this Agreement or any Shares in the
Accounts hereunder.

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.

CBIZ, INC.

	 	 	 	 	 
	Signature:

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Printed Name:

	 	 	 	 
	 

	 	 	 	 

WESTBURY (BERMUDA) LTD.

	 	 	 	 	 
	Signature:

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Printed Name:

	 	 	 	 
	 

	 	 	 	 

WESTBURY TRUST

	 	 	 	 	 
	Signature:

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Printed Name:

	 	 	 	 
	 

	 	 	 	 

MICHAEL G. DEGROOTE

	 	 	 	 	 
	Signature:

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Printed Name:

	 	 	 	 
	 

	 	 	 	 

JPMORGAN CHASE BANK, N.A.

as Custodian

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	Its: Vice President

	 	 	 	 
	 

	 	 	 	 

 

 

 

Schedule 1

Telephone Number(s) and authorized signature(s) for

Person(s) Designated to give Share Release Instructions

If from Company:

	 	 	 	 	 	 	 
	 	 	Name	 	Telephone Number	 	Signature
	 
	 	 	 	 	 	 
	1.

	 	Jerome P. Grisko
	 	(216) 447-9000	 	 
	 
	 	 	 	 	 	 
	2.

	 	Ware H. Grove
	 	(216) 447-9000	 	 
	 
	 	 	 	 	 	 
	3.

	 	Kelly J. Marek
	 	(216) 447-9000	 	 

If from Seller:

	 	 	 	 	 	 	 
	 	 	Name	 	Telephone Number	 	Signature
	 
	 	 	 	 	 	 
	1.

	 	James A. Loatt
	 	(441) 292-9480	 	 

Telephone Number(s) for Call-Backs and

Person(s) Designated to Confirm Share Release Instructions

If from Company:

	 	 	 	 	 	 
	 	 	Name	 	Telephone Number
	 
	 	 	 	 
	1.

	 	Jerome P. Grisko
	 	(216) 447-9000
	 
	 	 	 	 
	2.

	 	Ware H. Grove
	 	(216) 447-9000
	 
	 	 	 	 
	3.

	 	Kelly J. Marek
	 	(216) 447-9000

If from Seller:

	 	 	 	 	 	 
	 	 	Name	 	Telephone Number
	 
	 	 	 	 
	1.

	 	James A. Watt
	 	(441) 292-9480

All Share release instructions must include the signature of the person(s) authorizing said Share
release.

 

 

 

Schedule 21

Based upon our current understanding of your proposed transaction, our fee proposal is as follows:

	 	 	 	 	 
	Account Acceptance Fee
	 	$WAIVED

Encompassing review, negotiation and execution of governing documentation, opening of the account,
and completion of all due diligence documentation. Payable upon closing.

	 	 	 	 	 
	Annual Administration Fee 
	 	$	2,500	 

The Administration Fee covers our usual and customary ministerial duties, including record keeping,
distributions, document compliance and such other duties and responsibilities expressly set forth
in the governing documents for each transaction. Payable upon closing and annually in advance
thereafter, without pro-ration for partial years.

Extraordinary Services and Out-of Pocket Expenses

Any additional services beyond our standard services as specified above, and all reasonable
out-of-pocket expenses including attorney’s or accountant’s fees and expenses will be considered
extraordinary services for which related costs, transaction charges, and additional fees will be
billed at the Bank’s then standard rate. Disbursements, receipts, investments or tax reporting
exceeding 25 items per year may be treated as extraordinary services thereby incurring additional
charges. The Escrow Agent may impose, charge, pass-through and modify fees and/or charges for any
account established and services provided by the Escrow Agent, including but not limited to,
transaction, maintenance, balance-deficiency, and service fees and other charges, including those
levied by any governmental authority.

Disclosure & Assumptions

	•	 	Please note that the fees quoted are based on a review of the transaction documents
provided and an internal due diligence review. JPMorgan reserves the right to revise, modify,
change and supplement the fees quoted herein if the assumptions underlying the activity in the
account, level of balances, market volatility or conditions or other factors change from those
used to set our fees.

	 
	 	 	The escrow deposit shall be continuously invested in a JPMorgan Chase Bank money market deposit
account (“MMDA”) MMDA have rates of compensation that may vary from time to time based upon
market conditions.

	 
	•	 	The Depositor acknowledges and agrees that they are permitted by U.S. law to make up to six
(6) pre-authorized withdrawals or telephonic transfers from an MMDA per calendar month or
statement cycle or similar period. If the MMDA can be accessed by checks, drafts, bills of
exchange, notes and other financial instruments (“Items”), then no more than three (3) of
these six (6) transfers may be made by an Item. The Escrow Agent is required by U.S. law to
reserve the right to require at least seven (7) days notice prior to a withdrawal from a
money market deposit account.

	 
	•	 	Payment of the invoice is due upon receipt.

Compliance

To help the government fight the funding of terrorism and money laundering activities, Federal law
requires all financial institutions to obtain, verify, and record information that identifies each
person or entity that opens an account. We may ask for information that will enable us to meet the
requirements of the Act.

 

	 	 	 
	1	 	Conform to fee proposal

 

 

Annex A

[Date]

VIA FACSIMILE: _________

[Name and Address of Custodian]

Re: Joint Written Instructions on Release of Shares Pursuant to Option Exercise

Ladies and Gentlemen:

Reference is made to that certain Custody Agreement, dated as of September
___, 2010 (the “Agreement”), by and among Westbury (Bermuda) Ltd., a Bermuda exempted company, and Westbury Trust
(collectively, “Seller”) and Michael G. DeGroote, CBIZ, Inc. ( “Company”) and JPMorgan Chase Bank,
N.A. (the “Custodian”). Capitalized terms used but not defined herein shall have the meanings
provided in the Agreement.

Pursuant to Sections 3 and 12 of the Agreement, Company hereby notifies the Custodian of, and
Seller and DeGroote acknowledge, exercise of the Option (as defined in the Underlying Agreement) by
Company in accordance with the terms of the Underlying Agreement, and Seller, DeGroote and Company
hereby instruct the Custodian to release ___________ Shares to Company.

	 	 	 	 	 
	 	Very truly yours,

CBIZ, INC.

 	 
	 	By:  	 	 
	 	Name:	 	 
	 	Title:	 	 
	 
	 	WESTBURY (BERMUDA) LTD.

 	 
	 	By:  	 	 
	 	Name:	 	 
	 	Title:	 	 
	 
	 	WESTBURY TRUST

 	 
	 	By:  	 	 
	 	Name:	 	 
	 	Title:	 	 
	 
	 	MICHAEL G. DEGROOTEExhibit 10.2

Exhibit 10.2

Execution Version

FIRST AMENDMENT

TO

CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (the “Agreement”) is being executed and
delivered as of September 14, 2010 by and among CBIZ, Inc., a Delaware corporation (the
“Company”), the “Guarantors” as defined in the Credit Agreement referred to and defined
below, the several financial institutions from time to time party to such Credit Agreement
(collectively, the “Lenders”), and Bank of America, N.A. (“Bank of America”), as
administrative agent for the Lenders (in such capacity, the “Agent”). Undefined
capitalized terms used herein shall have the meanings ascribed to such terms in such Credit
Agreement, and section references used herein, shall, unless otherwise specified, refer to sections
of such Credit Agreement.

W I T N E S S E T H:

WHEREAS, the Company, the Lenders and the Agent have entered into that certain Credit
Agreement dated as of June 4, 2010 (as may be amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), pursuant to which, among other things, the
Lenders have agreed to provide, subject to the terms and conditions contained therein, certain
loans and other financial accommodations to or for the benefit of the Company;

WHEREAS, in connection with the Credit Agreement, the Guarantors have each executed and
delivered in favor of the Agent and the Lenders a certain Guaranty pursuant to which the Guarantors
have guaranteed the Company’s obligations under the Credit Agreement;

WHEREAS, the Company requested that the Lenders agree, and subject to the terms and conditions
set forth herein, the Lenders have agreed, to amend the Credit Agreement in certain respects as
hereinafter set forth.

NOW, THEREFORE, in consideration of the foregoing premises, the terms and conditions stated
herein and other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the Company, the Guarantors, the Majority Lenders and the Agent, such parties
hereby agree as follows:

1. Amendment. Subject to the satisfaction of the conditions set forth in
Paragraph 2 of this Agreement, the Credit Agreement is hereby amended as follows (unless
otherwise specified, section references used in this section shall refer to such sections of the
Credit Agreement):

(a) Section 1.01 is amended to add the following new definitions in their appropriate
alphabetical location:

“2010 Buyback/Option Agreement” means a stock and option purchase agreement in
the form delivered to the Agent and the Lenders on September 14, 2010.

 

 

 

“2010 Buyback/Option Transactions” means, collectively, the capital stock
repurchase transaction and option purchase transaction contemplated by the 2010
Buyback/Option Agreement.

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

	 	 	 	 	 
	Period of Determination	 	Ratio	 
	 
	 	 	 	 
	First Amendment Effective Date through
6/29/2011
	 	 	2.50:1.0	 
	 
	 	 	 	 
	6/30/2011 through 12/31/2011
	 	 	2.25:1.0	 
	 
	 	 	 	 
	1/1/2012 through 6/29/2012
	 	 	2.50:1.0	 
	 
	 	 	 	 
	Thereafter
	 	 	2.25:1.0.	 

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

	 	 	 	 	 
	Period of Determination	 	Ratio	 
	 
	 	 	 	 
	First Amendment Effective Date through
6/29/2011
	 	 	3.75:1.0	 
	 
	 	 	 	 
	6/30/2011 through 6/29/2012
	 	 	3.50:1.0	 
	 
	 	 	 	 
	Thereafter
	 	 	3.25:1.0.	 

“First Amendment Effective Date” means the date on which each of the conditions
set forth in clauses (i) through (iii) of Paragraph 2 of the First Amendment to this
Agreement dated as of September 14, 2010 shall have been satisfied.

“New Subordinated Debt” means unsecured Indebtedness (i) incurred at a time
when no Event of Default exists and, after giving pro forma effect thereto, no Event of
Default would occur (including, without limitation, with respect to the Total Leverage Ratio
under Section 8.15), (ii) which is subordinated in right of payment to all of the
Obligations pursuant to subordination provisions which are substantially similar to, or more
favorable to the Agent and the Lenders than, those applicable to the Convertible Debt, as
determined by the Agent in its sole discretion, (iii) which does not have a maturity date,
scheduled amortization payments, mandatory prepayments or redemptions, or other similar
obligations scheduled to occur prior to the Revolving Termination Date, (iv) which is
governed by documentation which does not include covenants or defaults which are materially
more restrictive or onerous in any respect
than those set forth herein, as determined by the Agent in its sole discretion and (v)
does not prohibit the Company or any Subsidiary from granting Liens on any assets of the
Company or its Subsidiaries in favor of the Agent or the Lenders.

 

2

 

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

	 	 	 	 	 
	Period of Determination	 	Ratio	 
	 
	 	 	 	 
	First Amendment Effective Date through
6/29/2011
	 	 	2.75:1.0	 
	 
	 	 	 	 
	6/30/2011 through 12/31/2011
	 	 	2.50:1.0	 
	 
	 	 	 	 
	1/1/2012 through 6/29/2012
	 	 	2.75:1.0	 
	 
	 	 	 	 
	Thereafter
	 	 	2.50:1.0.	 

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

	 	 	 	 	 
	Period of Determination	 	Ratio	 
	 
	 	 	 	 
	First Amendment Effective Date through
6/29/2011
	 	 	4.00:1.0	 
	 
	 	 	 	 
	6/30/2011 through 6/29/2012
	 	 	3.75:1.0	 
	 
	 	 	 	 
	Thereafter
	 	 	3.50:1.0.	 

(b) Section 1.01 is further amended to delete the words “as calculated after adjusting the
Leverage Ratio” appearing in the lead-in to the definition of “Applicable Margin” before the chart
set forth therein.

(c) Section 1.01 is further amended to delete, in its entirety, clause (i) of the definition
of “Applicable Margin” and to replace such clause with the following:

(i) for the period from September 14, 2010 to and including the delivery of the Compliance
Certificate for the period ending December 31, 2010, the Applicable Margin shall be
determined as if the Total Leverage Ratio for such period were greater than or equal to
3:50:1.00,

(d) Section 1.01 is further amended to delete, in its entirety, clause (j) of the definition
of “Indebtedness” set forth therein and to replace such clause with the following:

(j) indebtedness of such Person referred to in clauses (a) through (i)
above which is convertible into common stock of such Person provided that at the time and to
the extent such indebtedness is so converted such indebtedness shall no longer constitute
Indebtedness.

 

3

 

(e) Section 1.01 is further amended to delete the definition of “Leverage Ratio” in its
entirety and to replace such definition with the following:

“Senior Leverage Ratio” means, with respect to the Company and its Subsidiaries
(other than Excluded Subsidiaries), on a consolidated basis, as of any date of
determination, the ratio of total consolidated Indebtedness (excluding the Convertible Debt
and any New Subordinated Debt) as of such date to EBITDA for the twelve month period then
most recently ended (taken as a single accounting period and calculated giving pro forma
effect to any Acquisitions which occurred during such twelve month period as if such
Acquisitions were consummated as of the first day of such twelve month period and including
adjustments as are permitted under Regulation S-X of the SEC).

(f) Section 1.01 is further amended to delete, in its entirety, the definition of “Net Worth”
and to replace such definition with the following:

“Net Worth” means shareholders’ equity as determined in accordance with GAAP,
plus any reduction to such shareholders’ equity resulting from any of the 2010
Buyback/Option Transactions or any repurchases of capital stock made with the proceeds of
New Subordinated Debt, in any case to the extent such 2010 Buyback/Option Transactions and
repurchases are permitted under Section 8.10 hereof.

(g) Section 1.01 is further amended to delete in its entirety clause (3) of the definition of
“Permitted Acquisition” and to replace such clause with the following:

(3) The (A) Senior Leverage Ratio as of the date of such Acquisition (after giving pro
forma effect thereto such that the numerator thereof includes the effect of any Indebtedness
incurred or assumed in connection with such Acquisition and the denominator thereof is
calculated as if such Acquisition were consummated as of the first day of the twelve month
period most recently ended with respect to which the Company has delivered financial
statements pursuant to Section 7.01 and includes adjustments as are permitted under
Regulation S-X of the SEC) is less than (x) with respect to any Acquisition consummated on
or after May 1 of any calendar year but before February 1 of the succeeding calendar year,
the applicable Adjusted Senior Leverage Threshold or (y) with respect to any Acquisition
consummated on or after February 1 of any calendar year but before May 1 of that calendar
year, the applicable Senior Leverage Threshold and (B) Total Leverage Ratio as of the date
of such Acquisition (after giving pro forma effect thereto such that the numerator thereof
includes the effect of any Indebtedness incurred or assumed in connection with such
Acquisition and the denominator thereof is calculated as if such Acquisition were
consummated as of the first day of the twelve month period most recently ended with respect
to which the Company has delivered financial statements pursuant to Section 7.01 and
includes adjustments as are permitted under Regulation S-X of the SEC) is less than (x) with
respect to any Acquisition consummated on or after May 1 of any calendar year but before
February 1 of the succeeding calendar year, the applicable Adjusted Total Leverage Threshold
or (y) with respect to any Acquisition consummated on or after February 1 of any calendar
year but before May 1 of that calendar year, the applicable Total Leverage Threshold;

 

4

 

(h) Section 1.01 is further amended to delete, in its entirety, the definition of “Private
Placement Debt”.

(i) Section 2.05(b) is deleted, in its entirety, and replaced with the following:

[intentionally omitted].

(j) Section 8.01 is amended to insert the word “or” at the end of clause (i) of the last
sentence of such section, delete the word “or” at the end of clause (ii) of such sentence, and to
delete clause (iii) of such sentence in its entirety.

(k) Section 8.05(h) is deleted in its entirety and replaced with the following:

(h) Indebtedness consisting of New Subordinated Debt.

(l) Section 8.10 is deleted in its entirety and replaced with the following:

8.10 Restricted Payments. The Company shall not, and shall not suffer or permit any Subsidiary to, declare or make
any dividend payment or other distribution of assets, properties, cash, rights, obligations
or securities on account of any shares of any class of its capital stock, or purchase,
redeem or otherwise acquire for value any shares of its capital stock or any warrants,
rights or options to acquire such shares, now or hereafter outstanding, or repurchase,
redeem or prepay the Convertible Debt or any New Subordinated Debt; except that (a) any
Wholly-Owned Subsidiary may declare and make dividend payments or other distributions to the
Company or to its immediate parent Subsidiary of the Company, (b) any Subsidiary that is not
a Wholly-Owned Subsidiary may declare and make pro-rata dividend payments or other pro-rata
distributions, (c) the Company may repurchase its capital stock for aggregate cash
consideration not to exceed $50,000,000 pursuant to the terms and conditions of the 2010
Buyback/Option Agreement provided, at the time of each such repurchase, no Default or Event
of Default has occurred and is continuing and no Default or Event of Default would occur
after giving effect to such repurchase, and on or prior to the consummation of the initial
repurchase of capital stock pursuant to the 2010 Buyback/Option Agreement the Company shall
have delivered to the Agent a copy of a favorable “fairness opinion” with respect to the
2010 Buyback/Option Transactions from a nationally recognized investment banker engaged by
the Company, (d) the Company may purchase an option to repurchase its capital stock for cash
consideration for such option not to exceed $6,000,000 pursuant to the terms and conditions
of the 2010 Buyback/Option Agreement provided, at the time of that it purchases such option,
no Default or Event of Default has occurred and is continuing and no Default or Event of
Default would occur after giving effect to purchase, and on or prior to the consummation of
the purchase of such option the Company shall have delivered to the Agent a favorable
“fairness opinion” with respect to the 2010 Buyback/Option Transactions from a nationally
recognized investment banker engaged by the Company (which opinion may be part of the same
single opinion delivered pursuant to clause (c) of this section), (e) the Company
may repurchase its capital stock for 

 

5

 

aggregate cash consideration not to exceed $30,000,000
provided that such repurchases are funded with the proceeds of the Company’s issuance of New Subordinated Debt no later than five (5) Business Days following such issuance and,
at the time of such repurchase of capital stock, no Default or Event of Default has occurred
and is continuing and no Default or Event of Default would occur after giving effect to such
repurchase, (f) the Company and its Subsidiaries may make any other repurchase or redemption
of its capital stock, provided, that, in the case of this clause (f), (i) the Senior
Leverage Ratio as of the date of any such repurchase or redemption (calculated on a pro
forma basis giving effect to such repurchase or redemption) is less than or equal to 2.00 to
1.0 or (ii) (x) the Senior Leverage Ratio as of the date of any such repurchase or
redemption (calculated on a pro forma basis giving effect to such repurchase or redemption)
is greater than 2.00 to 1.0 but less than (I) with respect to any repurchase or redemption
occurring on or after May 1 of any calendar year but prior to February 1 of the succeeding
calendar year, the applicable Adjusted Senior Leverage Threshold or (II) with respect to any
repurchase or redemption occurring on or after February 1 of any calendar year but prior to
May 1 of that calendar year, the applicable Senior Leverage Threshold, and (y) the aggregate
consideration paid and other payments made by the Company and its Subsidiaries during the
preceding twelve months in connection with all such repurchases and redemptions, including
such proposed repurchase or redemption, does not exceed $15,000,000, (g) the Company may pay
the settlement amount with respect to each $1,000 aggregate principal amount of Convertible
Debt or other convertible Indebtedness of the Company converted into shares of the Company’s
common stock (i) in cash, which shall not exceed the lesser of $1,000 and the conversion
value of such Convertible Debt or other convertible Indebtedness pursuant to the terms and
conditions of the Indenture or other governing document and (ii) if the conversion value of
such Convertible Debt or other convertible Indebtedness exceeds $1,000, in the number of
shares of the Company’s common stock as calculated pursuant to the terms and conditions of
the Indenture or other governing document; provided, however, that, in the
event the aggregate amount of the shares of the Company’s common stock delivered upon any
such conversion would exceed 19.9% of the shares of the Company’s common stock outstanding
at the time at which such securities were issued, the Company may pay whole or partial
settlement amounts in cash in the aggregate amount, and to the extent, necessary for the
Company to be in compliance with the listing requirements of The New York Stock Exchange,
(h) with respect to the conversion of the Convertible Debt or other convertible Indebtedness
of the Company into shares of the Company’s common stock, the Company may pay the cash value
of fractional shares of the Company’s common stock pursuant to the terms and conditions of
the Indenture or applicable indenture or agreement governing such Indebtedness and (i) the
Company may repurchase, redeem or prepay the Convertible Debt or New Subordinated Debt,
provided that no Default or Event of Default has occurred and is continuing at the time of
the consummation of any such repurchase, redemption or prepayment and no Default or Event of
Default would occur after giving effect to any such repurchase, redemption or prepayment.

(m) Section 8.15 is deleted in its entirety and replaced with the following:

8.15 Leverage Ratios. The Company shall not, at any time, (a) permit its
Senior Leverage Ratio to be greater than the applicable Senior Leverage Threshold or
(b) permit its Total Leverage Ratio to be greater than the applicable Total Leverage
Threshold.

 

6

 

(n) The form of Compliance Certificate attached as Exhibit C to the Credit Agreement
is deleted in its entirety and replaced with the form attached hereto as Annex 1 to this
Agreement.

2. Effectiveness of this Agreement; Conditions Precedent. The provisions of
Paragraph 1 of this Agreement shall be expressly conditioned upon (a) in the case of the
amendments contemplated by Paragraph 1(c) hereof, satisfaction of the conditions set forth
in clauses (i) and (ii) below and (b) in the case of the other amendments
contemplated by Paragraph 1 hereof, satisfaction of the conditions set forth in clauses
(i), (ii) and (iii) below:

(i) the receipt by the Agent of an executed counterpart of this Agreement executed and
delivered by duly authorized officers of the Company, the Guarantors and the Majority Lenders;

(ii) payment in full, in immediately available funds, to the Agent of (x) an amendment fee for
the account of each Lender that executed and delivers a counterpart hereof on or prior to September
14, 2010, in the amount of 0.10% of such Lender’s Revolving Loan Commitment and (y) an arrangement
fee for the sole account of the Arranger as described in that certain letter agreement dated as of
September 14, 2010 among Bank of America, the Arranger and the Company (all of which fees the
Company hereby agrees to pay concurrently with its execution and delivery of this Agreement and
agrees and acknowledges that such fees are fully-earned and non-refundable); and

(iii) the earlier to occur of the receipt by the Agent of (x) a copy of a fully-executed stock
and option purchase agreement in the form delivered to the Agent and the Lenders on September 14,
2010 and (y) evidence satisfactory to the Agent that the Company shall have issued “New
Subordinated Debt” (as proposed to be defined in Paragraph 1 hereof).

3. Representations and Warranties.

(a) The Company hereby represents and warrants that this Agreement and the Credit
Agreement as amended by this Agreement constitute the legal, valid and binding obligations
of the Company enforceable against the Company in accordance with their terms.

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

 

7

 

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

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

4. Reaffirmation, Ratification and Acknowledgment; Reservation. The Company and each
Guarantor hereby (a) ratifies and reaffirms all of its payment and performance obligations,
contingent or otherwise, under each Loan Document to which they are a party, (b) agrees and
acknowledges that such ratification and reaffirmation are not a condition to the continued
effectiveness of such Loan Documents, and (c) agrees that neither such ratification and
reaffirmation, nor the Agent’s or any Lender’s solicitation of such ratification and reaffirmation,
constitutes a course of dealing giving rise to any obligation or condition requiring a similar or
any other ratification or reaffirmation from the Company or such Guarantor with respect to any
subsequent modifications to the Credit Agreement or the other Loan Documents. The Credit Agreement
as amended hereby and each of the other Loan Documents shall remain in full force and effect and is
hereby ratified and confirmed. Neither the execution, delivery nor effectiveness of this Agreement
shall operate as a waiver of any right, power or remedy of the Agent or the Lenders, or of any
Default or Event of Default (whether or not known to the Agent or the Lenders), under any of the
Loan Documents, all of which rights, powers and remedies, with respect to any such Default or Event
of Default or otherwise, are hereby expressly reserved by the Agent and the Lenders. This
Agreement shall constitute a Loan Document for purposes of the Credit Agreement.

5. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF ILLINOIS; PROVIDED THAT THE PARTIES SHALL RETAIN ALL RIGHTS ARISING
UNDER FEDERAL LAW.

6. Agent’s Expenses. The Company hereby agrees to promptly reimburse the Agent for
all of the reasonable out-of-pocket expenses, including, without limitation, attorneys’ and
paralegals’ fees, it has heretofore or hereafter incurred or incurs in connection with the
preparation, negotiation and execution of this Agreement.

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

* * * *

 

8

 

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

	 	 	 	 	 
	 	CBIZ, INC.

 	 
	 	By:  	/s/ Ware Grove	 
	 	 	Name:  	Ware Grove	 
	 	 	Title:  	SVP, CFO	 
	 
	 	BANK OF AMERICA, N.A., as Agent

 	 
	 	By:  	/s/
Denise Jones 	 
	 	 	Name:  	Denise Jones 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	BANK OF AMERICA, N.A., as a Lender

and as the Issuing Bank

 	 
	 	By:  	/s/
Jonathan M. Phillips 	 
	 	 	Name:  	Jonathan M. Phillips 	 
	 	 	Title:  	Senior Vice President 	 

CBIZ First Amendment

Signature Page

 

 

 

	 	 	 	 	 
	 	HUNTINGTON NATIONAL BANK, as a Lender

 	 
	 	By:  	/s/
Brian H. Gallagher 	 
	 	 	Name:  	Brian H. Gallagher 	 
	 	 	Title:  	Vice President 	 

CBIZ First Amendment

Signature Page

 

 

 

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

 	 
	 	By:  	/s/
Phillip R, Duryea 	 
	 	 	Name:  	Phillip R, Duryea 	 
	 	 	Title:  	Senior Vice President 	 

CBIZ First Amendment

Signature Page

 

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL
ASSOCIATION, as a Lender

 	 
	 	By:  	/s/
Jeff Kalinowski 	 
	 	 	Name:  	Jeff Kalinowski 	 
	 	 	Title:  	Senior Vice President 	 

CBIZ First Amendment

Signature Page

 

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL
ASSOCIATION, as a Lender

 	 
	 	By:  	/s/
Patrick McGraw 	 
	 	 	Name:  	Patrick McGraw 	 
	 	 	Title:  	Vice President 	 

CBIZ First Amendment

Signature Page

 

 

 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Lender

 	 
	 	By:  	/s/
Martin H. McGinty 	 
	 	 	Name:  	Martin H. McGinty 	 
	 	 	Title:  	Vice President 	 

CBIZ First Amendment

Signature Page

 

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL
ASSOCIATION, as a Lender

 	 
	 	By:  	/s/
Joseph G. Moran 	 
	 	 	Name:  	Joseph G. Moran 	 
	 	 	Title:  	Senior Vice President 	 

CBIZ First Amendment

Signature Page

 

 

 

	 	 	 	 	 
	 	GUARANTORS:

CBIZ ACCOUNTING, TAX & ADVISORY OF ATLANTA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF MARYLAND, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF CHICAGO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF COLORADO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF KANSAS CITY, INC.

CBIZ ACCOUNTING, TAX & ADVISORY OF NEW ENGLAND, LLC (FORMERLY
CBIZ ACQUISITION A, LLC)

CBIZ ACCOUNTING, TAX & ADVISORY OF NEW YORK, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF OHIO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF NORTHERN CALIFORNIA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF ORANGE COUNTY, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF PHOENIX, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF SAN DIEGO, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF FLORIDA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF TOPEKA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF WICHITA, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF ST. LOUIS, LLC

CBIZ ACCOUNTING, TAX & ADVISORY OF MINNESOTA, LLC (FORMERLY
CBIZ SK&B, LLC AND CBIZ BVKT, LLC)

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

CBIZ First Amendment

Signature Page

 

 

 

	 	 	 	 	 
	 	GUARANTORS (continued):

CBIZ ACCOUNTING, TAX & ADVISORY OF UTAH, LLC

CBIZ ACCOUNTING, TAX & ADVISORY, LLC

CBIZ BEATTY SATCHELL, LLC

CBIZ BENEFITS & INSURANCE SERVICES, INC.

CBIZ FAMILY OFFICE SERVICES, LLC (FORMERLY MAHONEY COHEN
FAMILY OFFICE SERVICES, LLC)

CBIZ GIBRALTAR REAL ESTATE SERVICES, LLC

CBIZ RISK & ADVISORY SERVICES LLC

CBIZ INSURANCE SERVICES, INC.

CBIZ KA CONSULTING SERVICES, LLC

CBIZ M & S CONSULTING SERVICES, LLC

CBIZ M.T. DONAHOE & ASSOCIATES, LLC

CBIZ MEDICAL MANAGEMENT, INC.

CBIZ MEDICAL MANAGEMENT NORTHEAST, INC.

CBIZ MEDICAL MANAGEMENT PROFESSIONALS, INC.

CBIZ MMP OF TEXAS, LLC

CBIZ NETWORK SOLUTIONS, LLC

CBIZ NATIONAL TAX OFFICE, LLC (FORMERLY CBIZ UNCLAIMED
PROPERTY SERVICES, LLC)

CBIZ RETIREMENT CONSULTING, INC.

CBIZ SOUTHERN CALIFORNIA, LLC

CBIZ SPECIAL RISK INSURANCE SERVICES, INC.

CBIZ TECHNOLOGIES, LLC

CBIZ VALUATION GROUP, LLC

CBIZ FLEX, INC.

EFL ASSOCIATES OF COLORADO, INC.

EFL ASSOCIATES, INC.

EFL HOLDINGS, INC.

MHM RETIREMENT PLAN SOLUTIONS, LLC

MEDICAL MANAGEMENT SYSTEMS, INC.

TRIMED INDIANA, LLC

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

CBIZ First Amendment

Signature Page

 

 

 

	 	 	 	 	 
	 	GUARANTORS (continued):

CBIZ MHM, LLC

CBIZ NETWORK SOLUTIONS CANADA, INC.

CBIZ OPERATIONS, INC.

CBIZ WEST, INC.

CBIZ TAX AND ADVISORY OF NEBRASKA INC.

ONECBIZ, INC.

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

CBIZ First Amendment

Signature Page

 

 

 

Annex 1

Form of Restated Compliance Certificate (Exhibit C to Credit Agreement)

Attached.

 

 

 

EXHIBIT C

to Credit Agreement

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date: June 30, 2010  

To: Bank of America, N.A., as Agent

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of June 4, 2010 (as amended, restated,
extended, supplemented or otherwise modified in writing from time to time, the “Agreement”), among
CBIZ, Inc., a Delaware corporation (the “Company”), the Lenders from time to time party thereto,
and Bank of America, N.A., as Agent, Issuing Bank and Swing Line Bank. Capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to such terms in the
Agreement.

The undersigned Responsible Officer hereby certifies as of the date hereof that he is the Chief
Financial Officer of the Company, and that, as such, he is authorized to execute and deliver this
Certificate to the Agent on the behalf of the Company, and that:

1. Attached hereto as Schedule 1 are the unaudited consolidated financial statements required by
Section 7.01(b) of the Agreement for the fiscal quarter of the Company and its Subsidiaries ended
as of the above date. Such financial statements fairly present the financial condition, results of
operations and cash flows of the Company and its Subsidiaries in accordance with GAAP as at such
date and for such period, subject only to ordinary, good faith year-end audit adjustments. Also
attached hereto is a copy of the unaudited combined consolidated statements of income of the
Excluded Subsidiaries for the period commencing on the first day and ending on the last day of such
quarter, and in any case certified by the chief executive officer and chief financial officer as
fairly presenting, in accordance with GAAP (subject to ordinary, good faith year-end audit
adjustments), the financial position and the results of operations of the Excluded Subsidiaries.

2. Attached hereto as Schedule 2 is an updated Schedule 6.19 to the Credit Agreement setting forth
a complete and accurate list, as of the date of this Certificate, of the correct legal name and
jurisdiction of organization of each direct and indirect Subsidiary of the Company.

3. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or
has caused to be made under his/her supervision, a detailed review of the transactions and
condition (financial or otherwise) of the Company and its Subsidiaries during the accounting period
covered by the attached financial statements.

 

 

 

4. A review of the activities of the Company during such fiscal period has been made under the
supervision of the undersigned with a view to determining whether during such fiscal period the
Company performed and observed all its Obligations under the Loan Documents, and to the best
knowledge of the undersigned during such fiscal period, no Default or Event of Default has occurred
under any of the Loan Documents.

5. The representations and warranties of the Company contained in Article VI of the Agreement, or
which are contained in any document furnished at any time under or in connection with the Loan
Documents, are true and correct on and as of the date hereof, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true
and correct as of such earlier date.

6. The financial covenant analyses and information set forth on Schedule 3 attached hereto are true
and accurate on and as of the date of this Certificate.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of August 9, 2010.

	 	 	 	 	 
	 	CBIZ, INC.

 	 
	 	By:  	/s/ Ware Grove
 	 
	 	Name:  	Ware Grove 	 
	 	Title:  	Chief Financial Officer

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