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Exhibit 10.1    
    

 
 

TRC Companies, Inc.
  
    Restated Stock Option Plan    
    

        The Stock Option Plan originally called the "Stock Option Plan for Key Employees" (the "Plan") was adopted by the Board of Directors of TRC
Companies, Inc., a Delaware corporation (the "Company") on August 29, 1979. 

        1.    Purpose.    The purpose of this Plan is to increase the interest in the welfare of the Company of those
individuals who bear the primary responsibility for the management, growth and protection of the business of the Company, to furnish such individuals with an incentive to continue their services to
the Company, and to attract able management personnel to the employ of the Company by enabling such individuals to acquire a proprietary interest in the Company through the grant to such individuals
of options to purchase shares of the Company's Common Stock. 

        2.    Administration.    This Plan shall be administered either by the full Board of Directors or by the Compensation
Committee (the "Committee") of not less than three members of the Board of Directors of the Company (the "Board"). Reference herein to the Committee shall refer either to the Committee or the Board. 

        3.    Shares Subject to Plan.    Options may be granted from time to time under this Plan providing for the purchase
of up to 5,490,250 shares of Common Stock, $0.10 par value per share, of the Company ("Common Stock"), subject to adjustment pursuant to Section 13, including such number of shares as may
become available for re-offering pursuant to Section 15. For the purposes of this Plan, shares of authorized and unissued Common Stock or Common Stock reacquired by the Company and
held in its treasury, as from time to time determined by the Board, may be sold upon exercise of options granted hereunder. 

        4.    Eligible Personnel.    Only those key employees and directors of the Company, its present Subsidiaries, and any
Subsidiary which the Company may organize or acquire, who in the judgment of the Committee, bear the primary responsibility for the management, growth and protection of the business of the Company
and/or a Subsidiary shall be eligible to be granted options under this Plan. For the purposes of this Plan, the term "Subsidiary" shall mean any Corporation, the stock of which possessing more than
50% of the total combined voting power of all classes of stock is at the time owned by the Company or another Subsidiary of the Company. 

        5.    Restrictions on Eligibility.    No option shall be granted under this Plan to any one individual if the number
of shares which are made the subject of options to such individual exceeds in the aggregate 5% of the total number of shares of stock outstanding at the time such option is granted. No individual
shall be entitled to be granted in any 12-month period options to purchase more than 100,000 shares of the Company's Common Stock. 

        6.    Allotment of Shares.    The Committee shall from time to time determine the key personnel of the Company and its
Subsidiaries to whom options may be granted under this Plan and the number of shares of Common Stock to be offered to each by the grant of an option. The grant of an option to an eligible person under
this Plan shall not be deemed either to entitle such person to, or to disqualify such person from, participation in any other grant of options under this Plan. 

        7.    Grant of Option.    Grants of options under this Plan shall be made only by resolutions adopted by the Committee
whose written reports shall be duly filed with the Minutes of Board meetings. The grant of such options shall be evidenced by such Committee resolutions and, in addition, by Option Agreements. The
grant of an option under this Plan shall commence to have legal force and effect at the time of adoption by the Committee of the resolutions making the grant, and the person to whom 

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such
option is granted shall become a participant in this Plan at such time. Such resolutions of the Committee shall specify, subject to Sections 8, 9 and 10 hereof, the option price and the time
period or periods over which the option may be exercised. 

        8.    Option Price and Proceeds from Sale of Shares.    The price at which shares of Common Stock may be purchased
upon the exercise of an option granted under this Plan shall not be less than the fair market value of the Common Stock of the Company on the date such option is granted nor less than the par value of
the Common Stock. The fair market value of the Common Stock on the date of grant shall be the mean between the bid and asked prices for the Common Stock on such date if the Common stock is traded in
the over-the-counter market, or the closing price of the Common Stock on such date if the Common Stock is traded on a national securities exchange. 

        9.    Option Period.    The period for exercising an option granted under this Plan shall not exceed ten
(10) years from the date the option is granted. 

        10.    Termination of Options.    All rights to exercise an option granted under this Plan shall terminate upon the
conditions specified in the Option Agreement evidencing such option. 

        11.    Payment.    Full payment of the purchase price for shares purchased upon the exercise, in whole or in part, of
an option granted under this Plan, shall be made at the time of such exercise. No such shares shall be issued or transferred to a participant until full payment therefor has been made, and a
participant shall have none of the rights of a shareholder until shares are issued or transferred to him. In addition, as a further condition of issuance or transfer of shares upon exercise of an
option to the person exercising the option, such person (whether an employee or director, former employee, or the legal representative of a former employee or director, or the estate of a former
employee or director) must pay to the Company the amount of money that the Company or any Subsidiary is legally required to withhold for Federal or state tax purposes, as determined by the Company or
such Subsidiary, on account of the income to be realized upon exercise of the option by the holder of the option. 

        12.    Registration of Shares.    The Company intends, but shall not be obligated, to register the shares included in
the Plan on Form S-8 under the Securities Act of 1933, as amended. However, if requested by the Company, the optionee upon exercise of any option shall make such representations and
furnish such information to the Company as may be necessary or appropriate to permit the Company to issue such shares in compliance with the provisions of the Securities Act of 1933, as amended, or
with any other applicable law without registration under such Act or other applicable law. In such event, the certificate for shares purchased upon exercise of any option issued pursuant to the Plan
shall bear a legend to the effect that such shares have not been registered pursuant to the Securities Act of 1933 and cannot be transferred unless so registered or upon delivery to the Company of an
opinion of counsel satisfactory to it that such registration is not required. In no event shall shares be issued pursuant to an option if any requisite approval or consent of any governmental
authority having jurisdiction over the exercise of options or the issue and sale of the Common Stock shall not have been secured or if any required registration of such shares with any governmental
authority is not in effect. The Company may, without incurring any liability to the holder of the option, delay the issuance of such shares until such approval or consent has been secured or until
such registration is effective. 

        13.    Changes in Capital Structure, etc.    In the event of the payment of any dividend payable in, or the making of
any distribution of, stock of the Company to holders of record of Common Stock of the Company during the period that any option granted under this Plan is outstanding or in the event of any stock
split, combination of shares or recapitalization of the authorized capital stock of the Company during such period, participants shall be entitled, upon the exercise of any unexercised options held by
them, to receive such new, additional or other shares of stock of any class, or other property (including cash), as they would have been entitled to receive as a matter of law in connection 

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with
such payment, distribution, stock split, combination or recapitalization, as the case may be, had they held the shares of Common Stock being purchased upon exercise of such options on the record
date set for such payment or distribution or on the date of such stock split, combination or recapitalization, and the option price under any such option shall be appropriately adjusted. In case any
such event shall occur during the term of this Plan, the number of shares that may be optioned and sold under this Plan, as provided in Section 3, shall be appropriately adjusted. The decision
of the Board as to all such adjustments, made in good faith, shall be conclusive and binding upon the holders of options granted under this Plan. Options granted pursuant to this Plan shall terminate
upon the effective date of the merger or consolidation of the Company into another corporation in which event the Company is not the surviving corporation, or the dissolution or liquidation of the
Company. The Company shall give holders of such options at least thirty (30) days prior written notice of such effective date. 

        14.    Non-Transferability.    The Committee shall have the discretion to grant options which are
transferable, but may also in their discretion place limits on the transferability of options granted. 

        15.    Re-Offering of Shares.    Any shares of Common Stock which, by reason of the expiration or
termination of an option, are no longer subject to purchase pursuant to an option granted under this Plan shall be available for re-offering under this Plan. 

        16.    Interpretation.    The Committee shall interpret this Plan and prescribe, amend or rescind rules and
regulations relating to this Plan and make any and all other determinations necessary or advisable for the administration of this Plan. 

        17.    Amendment of the Plan.    The Board may terminate or discontinue this Plan at any time and may suspend this
Plan or amend or modify this Plan in any respect at any time or from time to time, provided that no action of the Board or Shareholders may, without the consent of a participant, alter or impair the
rights of such participant under any option previously granted under this Plan to such Participant. 

        18.    Effect of the Plan, etc.    Neither the adoption of this Plan nor any action of the Committee in determining a
person as eligible for the grant of an option or otherwise shall be deemed to give a person any right to be granted an option to purchase Common Stock of the Company or any other rights hereunder
unless and until the Committee shall have adopted a resolution granting such person an option, and then only to the extent and on such terms and conditions as may be set forth in such resolution. 

        19.    Options Granted Prior to Amendment of Plan.    Notwithstanding any amendments to or modification of this Plan
made after the granting of any option under this Plan, such option, including the validity thereof and the effective date of grant thereof, shall be governed by the provisions of this Plan as in
effect on the date of grant thereof. 

WITNESS the Seal of the Company and the signatures of its duly authorized officers. 

Dated
as of November 22, 2002 and as subsequently amended. 

	

 	
 	
TRC COMPANIES, INC.
	

 	
 	

By	
 	

/s/  RICHARD D. ELLISON      
 Chairman, President and

Chief Executive Officer

(Seal) 

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	ATTEST:	 	 
	

/s/ Martin H. Dodd
 Vice President, Secretary

and General Counsel

	
 	

 

4

QuickLinks

Exhibit 10.1

TRC Companies, Inc. Restated Stock Option PlanQuickLinks
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Exhibit 10.3.2    
    

 
  AMENDMENT NO. 4 TO
  REVOLVING CREDIT AGREEMENT    
    

        This AMENDMENT NO. 4 ("Amendment") dated as of June 30, 2003 is by and between  WACHOVIA BANK, NATIONAL
ASSOCIATION (formerly known as First Union National Bank), as an individual Lender and as Sole Lead Arranger and Administrative
Agent ("Wachovia"), Wachovia in its capacity as the Lead Arranger and Administrative Agent is hereinafter the "Agent", MERRILL LYNCH BUSINESS FINANCIAL
SERVICES INC., as an individual Lender ("Merrill"), BANKNORTH, N.A., as an individual Lender ("Banknorth", and together
with Wachovia and Merrill, the "Lenders") and TRC COMPANIES, INC., a Delaware corporation ("TRC") and the subsidiaries of TRC listed herein,
(each a "Borrower" and collectively the "Borrowers"). 

 
 

W I T N E S S E T H:    
    

        WHEREAS, the Borrowers, Agent and Lenders are parties to a certain Revolving Credit Agreement dated as of March 25, 2002, as amended by an Amendment
No. 1 thereto dated as of August 30, 2002, as further amended by an Amendment No. 2 thereto dated as of September 16, 2002, and as further amended by an Amendment
No. 3 thereto dated as of February 14, 2003 (said agreement, as so amended, and as further as amended and modified from time to time, the "Credit Agreement") and certain other Credit
Documents executed and delivered in connection therewith; 

        WHEREAS,
the Borrowers, the Agent and the Lenders desire to amend the Credit Agreement to modify certain of the financial covenants set forth therein; 

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

	1.
	Defined
Terms; Effect of Amendment.

	(a)
	Unless
otherwise modified hereby, all capitalized terms used herein which are defined in the Credit Agreement, and not otherwise defined herein, are used herein as defined in the
Credit Agreement. All capitalized terms used herein which are defined in the Credit Agreement and modified herein shall have the meaning assigned to such terms in the Credit Agreement as so modified.

	(b)
	This
Amendment is an amendment to the Credit Agreement. Unless the context of this Amendment otherwise requires, the Credit Agreement and this Amendment shall be read together and
shall have effect as if the provisions of the Credit Agreement and this Amendment were contained in one agreement. After the effective date of this Amendment, all references in the Credit Agreement to
the "Credit Agreement", "this Agreement", "hereto", "hereof", "hereunder" or words of like import referring to the Credit Agreement shall mean the Credit Agreement as amended by this Amendment, and
all references in the Notes and the other Credit Documents to the Credit Agreement shall mean the Credit Agreement as amended by this Amendment. 

        2.     Amendment to Credit Agreement.  

	(a)
	The following new defined terms shall be inserted into Section 1.01 in their respective appropriate alphabetical order: 

        "Environmental
Remediation Liabilities" shall mean the current and long-term portion of the amount of all liabilities in respect of environmental remediation claims that are
the responsibility of the Borrowers that are otherwise included in the Consolidated Total Liabilities." 

1

 

        "Insurance
Recoverable Assets" shall mean the amount of all unrealized insurance recoverables in respect of environmental remediation claims under the policies of insurance that inure to
the benefit of the Borrowers that are included in the Consolidated Current Assets." 

	(b)
	Section 8.07
of the Credit Agreement shall be amended and restated to read as follows: 

        "8.07. Debt Service Coverage Ratio.    The Borrowers will not permit for each Test Period set forth below the
ratio of (A) Consolidated EBITDA minus the sum of (i) Capital Expenditure and (ii) Earnout Payments to (B) the sum of
(i) Consolidated Total Interest Expense plus Consolidated CPLTD, to be less than the ratio set opposite said Test Period: 

	Test Period
 
	 	Ratio

	Test Period ending June 30, 2003 and September 30, 2003	 	3.00 to 1.00
	Test Period ending December 31, 2003	 	2.50 to 1.00
	Test Period ended March 31, 2004	 	4.00 to 1.00
	Test Period ended June 30, 2004 and each Test Period thereafter ending as of each fiscal quarter end occurring thereafter"	 	4.50 to 1.00

	(c)
	Section 8.09
of the Credit Agreement shall be amended and restated to read as follows: 

        "8.09. Current Assets to Total Liabilities Ratio.    The Borrower will not permit the ratio of (A) Consolidated Current
Assets minus Insurance Recoverable Assets to (B) Consolidated Total Liabilities minus
Environmental Remediation Liabilities to be less than 1.00 to 1.00, at all times, measured quarterly." 

	3.
	Full
Force and Effect. Except as expressly modified by this Amendment, all of the terms and conditions of the Credit Agreement shall continue in full force and effect, and all parties
hereto shall be entitled to the benefits thereof. This Amendment is limited as written and shall not be deemed (i) to be an amendment of or a consent under or waiver of any other term or
condition of the Credit Agreement or (ii) to prejudice any right or rights which the Lenders now have or may have in the future under or in connection with the Credit Agreement or such other
agreements.

	4.
	Representations
and Warranties. In order to induce the Lenders to enter into this Amendment, each Borrower makes the following representations and warranties to the Lenders, which
shall survive the execution and delivery hereof:

	(i)
	The
execution and delivery of this Amendment has been authorized by all necessary corporate action on its part, this Amendment has been duly executed and delivered by
it, and this Amendment and the Credit Agreement, as amended hereby, constitutes the legal, valid and binding obligations of it enforceable against it in accordance with its terms subject to applicable
bankruptcy, insolvency, reorganization and other laws affecting creditors' rights generally, moratorium laws from time to time in effect and general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law);

	(ii)
	No
Event of Default has occurred and is continuing under the Credit Agreement, and no event has occurred which, with notice, lapse of time or both, would constitute
such an Event of Default; and

	(iii)
	The
representations and warranties set forth in the Credit Agreement and the other Credit Documents are true and correct as of the date hereof in all material
respects.

	5.
	Counterparts.
This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all which when taken together shall
constitute one and the same agreement. 

2

 
	6.
	Governing
Law. This Amendment, including the validity thereof and the rights and obligations of the parties hereunder, shall be construed in accordance with and governed by the laws of
the State of New Jersey.

	7.
	Conditions
Precedent. This Amendment shall not be effective until (i) the Agent shall have received counterparts of this Amendment, duly executed by each of the parties hereto,
(ii) the Borrowers shall have paid to the Agent for the ratable benefit of the Lenders, a fee of $90,000 in respect of the amendment fees contemplated in Section 3.05 of the Credit
Agreement, and (iii) Borrowers shall have paid all reasonable fees and expenses of the Agent's counsel incurred in connection with the preparation, negotiation, execution and delivery and
review of this Amendment. The date on which all of the foregoing conditions are satisfied as determined by the Lenders is referred to herein as the "Effective Date".

	8.
	Execution
Certification. The Borrowers hereto certified that this Amendment and each of the notes referenced in Section 10 above were executed by the Borrowers in the State of
Connecticut and delivered to the Agent in the State of New Jersey. 

        [SIGNATURE
PAGES TO FOLLOW] 

3

 

        IN
WITNESS WHEREOF, THE UNDERSIGNED HAVE EXECUTED THIS AMENDMENT AS OF THE DAY AND YEAR FIRST ABOVE WRITTEN.

THE BORROWERS:  

	TRC COMPANIES, INC.	 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Senior Vice President	

 
	
TRC ENGINEERS, INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Vice President & Treasurer	

 
	
TRC ENVIRONMENTAL CORPORATION	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Vice President & Treasurer	

 
	
TRC ENVIRONMENTAL SOLUTIONS, INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Assistant Treasurer	

 
	
TRC MARIAH ASSOCIATES INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Vice President & Treasurer	

 
	
TRC GARROW ASSOCIATES, INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
TRC ALTON GEOSCIENCE, INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Assistant Treasurer	

 
	
VECTRE CORP.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	 	 	 

4

 

	
HUNTER ASSOCIATES TEXAS, LTD.
 By Hunter Associates, Inc., its General Partner	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
LOWNEY ASSOCIATES	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
OMNI ENVIRONMENTAL CORPORATION	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
IMBSEN & ASSOCIATES	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Assistant Treasurer	

 
	
ENGINEERED AUTOMATION SYSTEMS, INCORPORATED	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
ECON CAPITAL, LP
 By TRC Companies, Inc., its General Partner	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,

Treasurer	

 
	
TRC ENERGYSOLVE LLC
 By TRC Companies, Inc., its Managing Member	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
GBF HOLDINGS LLC

By TRC Companies, Inc., its Managing Member	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
PBWO HOLDINGS, LLC
 By TRC Companies, Inc., its Managing Member	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	 	 	 

5

 

	
CO-ENERGY GROUP LLC	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Assistant Treasurer	

 
	
HUNTER ASSOCIATES, INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
METUCHEN REALTY ACQUISITION, LLC
 By TRC Companies, Inc., its Managing Member	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
E/PRO ENGINEERING AND ENVIRONMENTAL CONSULTING LLC	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
CARSON-SALCEDO-MCWILLIAMS, INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
NEW CENTURY ENGINEERING SUPPORT SERVICES, LLC	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
SITE-BLAUVELT ENGINEERS, INC.

(New Jersey)	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
SITE CONSTRUCTION SERVICES INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
SITE-BLAUVELT ENGINEERS, INC.
 (New York)	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	 	 	 

6

 

	
SITE-BLAUVELT ENGINEERS, INC.

(Virginia)	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
ESSEX ENVIRONMENTAL, INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
CUBIX CORPORATION	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
NOVAK ENGINEERING, INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
SGS WITTER, INC.	

 
	
By:	

/s/  HAROLD C. ELSTON, JR.      
 Harold C. Elston, Jr.,
 Treasurer	

 
	
THE AGENT:
 WACHOVIA BANK, NATIONAL ASSOCIATION,

(formerly known as First Union National Bank),
 as Agent	

 
	
By:	

/s/  PAUL J. BAKEY, JR.      
 Paul J. Bakey,
 Vice President	

 
	
THE LENDERS:

WACHOVIA BANK, NATIONAL ASSOCIATION,

(formerly known as First Union National Bank),
 individually	

 
	
By:	

/s/  PAUL J. BAKEY, JR.      
 Paul J. Bakey
 Vice President	

 
	 	 	 

7

 

	
MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.	

 
	
By:	

/s/  DUSTIN J. VAN PEARSEM      
 Dustin J. Van Pearsem,
 Assistant Vice President	

 
	
BANKNORTH, N.A.	

 
	
By:	

/s/  JEFFREY R. WESTLING      
 Jeffrey R. Westling,
 Senior Vice President	

 

8

QuickLinks

Exhibit 10.3.2

AMENDMENT NO. 4 TO REVOLVING CREDIT AGREEMENT

W I T N E S S E T H

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