Document:

Stock Option Plan

 Exhibit 10.1 
 SRI/SURGICAL EXPRESS, INC. 
 AMENDMENT NO. 1 
 TO 
 1998 STOCK OPTION PLAN

 (as Amended and Restated as of June 17, 2005) 
 Effective May 8, 2006 
 In accordance with Section 5.6 of the 1998 Stock Option Plan, as
amended and restated as of June 17, 2005 (the “Plan”), by action of its Board of Directors, SRI/Surgical Express, Inc. (the “Company”) amends the Plan as set forth below. Capitalized terms used in this
Amendment No. 1 to 1998 Stock Option Plan (this “Amendment No. 1”) and not defined shall have the meanings given to them in the Plan. 
 Section 1. Amendments to the Plan. 
 (a) The definition of Market Value set forth in
Section 1.2 of the Plan is deleted and replaced in its entirety with the following: 
 “MARKET VALUE”
means, as of any particular day, the closing sales price of the Shares on such day (or if such day is not a business day, on the preceding business day) as reported on the Nasdaq National Market (“Nasdaq”), or if not reported on Nasdaq, as
reported on the principal national securities exchange or other market on which the Shares are listed or admitted to trading (the “Exchange”). If no regular sale of the Shares was reported on such day, Market Value shall mean the closing
sales price of the Shares on the preceding business day on which there were sales, as reported on Nasdaq. 
 (b) The fifth sentence of
Section 4.2 of the Plan is amended to replace the reference to “30 calendar days” to “90 calendar days.” As a result, the entire fifth sentence of Section 4.2 of the Plan now reads as follows (with foregoing amendment
underlined herein solely for illustrative purposes): 
 An award of a Stock Option to a Participant will be cancelled automatically if the
Participant does not accept the award within 90 calendar days following the date when the Participant is given written notice of the award. 
 Section 2. Amendments Not Retroactive. No amendment set forth in this Amendment No. 1 shall be retroactive or otherwise impact or amend any Award or Option Agreement granted, issued or entered into by the Company
prior to the date hereof. 
 Section 3. No Other Amendments. Except as specifically set forth in this Amendment
No. 1, no other changes or amendments are made to the Plan. 
 * * * * *Stock Compensation Plan

 Exhibit 10.2 
 SRI/SURGICAL EXPRESS, INC. 
 AMENDMENT NO. 1 
 TO 
 2004 STOCK COMPENSATION PLAN

 May 8, 2006 
 In accordance with Section 6.6 of the 2004 Stock Compensation Plan (the “Plan”), by action of its Board of Directors, SRI/Surgical Express, Inc. (the “Company”) amends the Plan as set forth below.
Capitalized terms used in this Amendment No. 1 to 2004 Stock Compensation Plan (this “Amendment No. 1”) and not defined shall have the meanings given to them in the Plan. 
 Section 1. Amendments to the Plan. 
 (a) The definition of Market Value set forth in Section 1.2 of the Plan is deleted and replaced in its entirety with the following: 
 “MARKET VALUE” means, as of any particular day, the closing sales price of the Shares on such day (or if such day is not
a business day, on the preceding business day) as reported on the Nasdaq National Market (“Nasdaq”), or if not reported on Nasdaq, as reported on the principal national securities exchange or other market on which the Shares are listed or
admitted to trading (the “Exchange”). If no regular sale of the Shares was reported on such day, Market Value shall mean the closing sales price of the Shares on the preceding business day on which there were sales, as reported on Nasdaq.

 (b) The fifth sentence of Section 4.2 of the Plan is amended to replace the reference to “30 calendar days” to “90
calendar days.” As a result, the entire fifth sentence of Section 4.2 of the Plan now reads as follows (with foregoing amendment underlined herein solely for illustrative purposes): 
 An award of a Stock Option to a Participant will be cancelled automatically if the Participant does not accept the award within 90 calendar days
following the date when the Participant is given written notice of the award. 
 Section 2. Amendments Not Retroactive. No
amendment set forth in this Amendment No. 1 shall be retroactive or otherwise impact or amend any Award, Option Agreement or Restricted Stock Agreement granted, issued or entered into by the Company prior to the date hereof. 
 Section 3. No Other Amendments. Except as specifically set forth in this Amendment No. 1, no other changes or amendments are made
to the Plan. 
 * * * * *Letter Agreement

 Exhibit 10.3 
 SRI/Surgical Express, Inc. 
 12425 Race Track Road 
 Tampa, Florida 33626 
 As of March 22, 2006 
 Wayne R. Peterson 
 2779 Camden Road 
 Clearwater, FL 33759 
  

	 	Re:	SRI/Surgical Express, Inc. (the “Company”) – Consulting Arrangement 

 Dear Wayne: 
 This letter
agreement confirms the terms on which you will provide consulting services to the Company on an interim basis. 
 Your consulting services to
the Company will involve advising the Company regarding its operations, as and when the Company’s Chief Executive Officer requests that advice. For your services, the Company will pay you a consulting fee of $1,000 per full day of services to
the Company. You acknowledge being paid separately for time that you will spend discharging your normal duties as a member of the Company’s Board of Directors. 
 Your relationship with the Company in connection with these consulting services is that of an independent contractor, not an employee, and therefore, no employee benefits are available to you in connection with this
consulting arrangement. You assume full responsibility for the payment and reporting of all state and federal taxes and other contributions imposed or required under unemployment, social security, or income tax laws with respect to your rendition of
consulting services to the Company. This letter agreement constitutes the final and complete understanding of you and SRI with respect to the matters addressed in it and supersedes any prior or contemporaneous agreement, representation, or
understanding, oral or written, by you and/or SRI. 
 Please confirm your agreement to these terms by executing this letter where indicated
below. 
  

			
	SRI/SURGICAL EXPRESS, INC.
		
	By:	 	 /s/ Christopher S. Carlton

		 	Christopher S. Carlton, Chief Executive Officer

 Acknowledged and agreed to by: 
  

	
	 /s/ Wayne R. Peterson

	WAYNE R. PETERSONRestated Credit and Security Agreement

 Exhibit 10.4 
 AMENDMENT TO SECOND AMENDED AND RESTATED 
 CREDIT AND SECURITY AGREEMENT 
 THIS AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (the “Amendment”), dated May 8, 2006, is entered into
by and between SRI/SURGICAL EXPRESS, INC., a Florida corporation (“Borrower”), WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (“Wachovia”) and LASALLE BANK NATIONAL ASSOCIATION, a national banking association
(“LaSalle,” and together with Wachovia, the “Banks”); 
 WITNESSETH: 
 WHEREAS, the Borrower and the Banks have previously entered into the Second Amended and Restated Credit and Security Agreement, dated as of
June 21, 2005 (the “Agreement”), and 
 NOW, THEREFORE, in consideration of the premises, mutual covenants hereinafter
contained and other good and valuable consideration, the Borrower and the Banks do hereby amend the Agreement as follows: 
 Section 1.
Section 7.1 of Agreement Amended. Section 7.1 of the Agreement is hereby amended by deleting in its entirety such Section 7.1 and inserting the following in lieu thereof: 
 7.1 Consolidated Leverage Ratio. Borrower shall maintain, on a consolidated basis, a Consolidated Leverage Ratio of not more than
(a) 3.00 to 1.00 for the fiscal quarters ending March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005, (b) 2.75 to 1.00 for the fiscal quarter ending March 31, 2006, and (c) 2.50 to
1.00 for the fiscal quarters ending June 30, 2006 and thereafter, measured as of the end of each fiscal quarter for the four fiscal quarters then ended. “Consolidated Leverage Ratio” shall mean the sum of all Funded Debt divided by
the sum of net income plus interest, taxes, depreciation and amortization of good will, and reusable surgical products and the provision for reusable surgical products shrinkage (such shrinkage not to exceed $500,000 per quarter) plus expenses
related to Share Based Payments as required by Statement of Financial Accounting Standards (SFAS) No. 123(R). “Funded Debt” shall mean, as applied to any person, the sum of all Debt for borrowed money (including, without limitation,
capital lease obligations, subordinated debt, and unreimbursed drawings under letters of credit) or evidenced by a note, bond, debenture or similar instrument of that person, and shall, in addition, include contingent reimbursement obligations for
outstanding letters of credit (to the extent not resulting in double-counting). Such Share Based Payments shall exclude for this covenant calculation purposes any expenses related to such Share Based Payments arising from payments in cash or other
property; provided, the term “other property” shall not include stock, restricted stock or options to purchase stock.. 

 Section 2. Section 7.2 of Agreement Amended. Section 7.2 of the Agreement is hereby
amended by deleting in its entirety such Section 7.2 and inserting the following in lieu thereof: 
 7.2 Funds Flow
Coverage Ratio. Borrower shall, on a consolidated basis, maintain, a Funds Flow Coverage Ratio of not less than (a) 2.25 to 1.00 for the fiscal quarters ending June 30, 2006, September 30, 2006 and December 31, 2006, and
(b) 2.50 to 1.00 for the fiscal quarters ending March 31, 2007 and thereafter. “Funds Flow Coverage Ratio” shall mean (i) the sum, for the four fiscal quarters then ended, of net income after taxes plus depreciation,
amortization of good will, interest and expenses related to Share Based Payments as required by Statement of Financial Accounting Standards (SFAS) No. 123(R) minus all dividends, withdrawals and non-cash income divided by (ii) the sum of
all current maturities of long-term debt and capital leases obligations, plus interest. Such Share Based Payments shall exclude for this covenant calculation purposes any expenses related to such Share Based Payments arising from payments in cash or
other property; provided, the term “other property” shall not include stock, restricted stock or options to purchase stock. 
 Section 3. Waiver of Covenant Non-Compliance. Under Section 7.2 of the Agreement prior to this Amendment, Borrower covenanted to maintain a Funds Flow Coverage Ratio of not less than 2.50 to 1.00 for the fiscal quarters
ending December 31, 2005 and thereafter. Borrower failed to comply with this Funds Flow Coverage Ratio covenant as set forth in Section 7.2 prior to this Amendment, for the quarter ended March 31, 2006. The Banks, in their discretion,
hereby grant a one-time waiver of this covenant non-compliance. Such waiver does not imply or constitute a waiver of any kind whatsoever relating to any other provision or term of the Agreement or any future compliance of Section 7.2 of the
Agreement as amended by this Amendment. 
 Section 4. Effect of Modification and Amendment of Agreement. The Agreement shall be
deemed to be modified and amended in accordance with the provisions of this Amendment to the Agreement and the respective rights, duties and obligations of the Borrower and the Banks under the Agreement shall remain to be determined, exercised and
enforced under the Agreement subject in all respects to such modifications and amendments in writing, and all the terms and conditions of this Amendment to the Agreement shall be part of the terms and conditions of the Agreement for any and all
purposes. All the other terms of the Agreement shall continue in full force and effect subject to the amendments set forth herein. 
 Section 5. Representations and Warranties. The Borrower represents and warrants to the Banks as follows: 
 (a)
Representations and Warranties in Agreement. The representations and warranties of the Borrower contained in the Agreement (i) were true and correct when made, and (ii) after giving effect to this Amendment continue to be true and
correct on the date hereof (except to the extent of changes resulting from transactions contemplated or permitted by the Agreement, as amended hereby, and changes 

  

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occurring in the ordinary course of business that singly or in the aggregate are not materially adverse, and to the extent that such representations and
warranties relate expressly to an earlier date). 
 (b) Authority. The execution and delivery by the Borrower of this Amendment and the
performance by the Borrower of all of its agreements and obligations under this Amendment within its corporate authority, have been duly authorized by all necessary corporate action and do not and will not: (i) contravene any provision of its
charter documents or any amendment thereof; (ii) conflict with, or result in a breach of any material term, condition or provision of, or constitute a default under or result in the creation of any mortgage, lien, pledge, charge, security
interest or other encumbrance upon any of its respective property under any agreement, deed of trust, indenture, mortgage or other instruments to which it is a party or by which any of its properties are bound including, without limitation, any of
other agreements; (iii) violate or contravene any provision of any law, statute, rule or regulation to which the Borrower is subject or any decree, order or judgment of any court or governmental or regulatory authority, bureau, agency or
official applicable to the Borrower; (iv) require any waivers, consents or approvals by any of its creditors which have not been obtained; or (v) require any approval, consent, order, authorization or license by, or giving notice to, or
taking any other action with respect to, any governmental or regulatory authority or agency under any provision of any law. 
 (c)
Enforceability of Obligations. This Amendment and the Agreement, as amended hereby, constitute the legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their respective terms,
provided that: (i) enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights and remedies of creditors; and (ii) the availability of the
remedies of specific performance and injunctive relief may be subject to the discretion of the court before which any proceedings for such remedies may be brought. 
 Section 6. Counterparts. This Amendment to the Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and
the same instrument. 
 Section 7. Governing Law. This Amendment to the Agreement shall be construed in accordance with and
governed by the laws of the State of Florida. 
  

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 IN WITNESS WHEREOF, the Borrower and the Banks have caused this Amendment to the Agreement to be executed
in their respective names to be hereunto by their duly authorized representatives, all as of the date first above written. 
  

									
	THE BORROWER:	 		 	THE BANKS:
			
	SRI/SURGICAL EXPRESS, INC.	 		 	WACHOVIA BANK, NATIONAL ASSOCIATION
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
				
		 		 		 	LASALLE BANK NATIONAL ASSOCIATION
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  

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