Document:

EX-4.4

 Exhibit 4.4 
 TERM NOTE 
  

			
	$5,512,500.00	 	Portland, Oregon

 November 1, 2012 
 FOR VALUE RECEIVED, the undersigned BARRETT BUSINESS SERVICES, INC. (“Borrower”) promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) at its office at
Portland RCBO, 1200 SW Fifth Avenue, MAC P6101-133, Portland, Oregon 97201, or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of Five
Million Five Hundred Twelve Thousand Five Hundred Dollars ($5,512,500.00), with interest thereon as set forth herein. 
 DEFINITIONS:

 As used herein, the following terms shall have the meanings set forth after each, and any other term defined in this Note
shall have the meaning set forth at the place defined: 
 (a) “Business Day” means any day except a Saturday, Sunday
or any other day on which commercial banks in Oregon are authorized or required by law to close. 
 (b) “Fixed Rate
Term” means a period of one (1) month during which the entire outstanding principal balance of this Note bears interest determined in relation to LIBOR, with the understanding that (i) the initial Fixed Rate Term shall commence on the
date this Note is disbursed, (ii) each successive Fixed Rate Term shall commence automatically, and without notice to or consent from Borrower, on the first Business Day following the date on which the immediately preceding Fixed Rate Term
matures, and (iii) if, on the first Business Day of the last Fixed Rate Term applicable hereto the remaining term of this Note is less than one (1) month, said Fixed Rate Term shall be in effect only until the scheduled maturity date
hereof. If any Fixed Rate Term would end on a day which is not a Business Day, then such Fixed Rate Term shall be extended to the next succeeding Business Day. 
 (c) “LIBOR” means the rate per annum (rounded upward, if necessary, to the nearest whole 1/8 of 1%) and determined pursuant to the following formula: 

 

			
	LIBOR =	  	 Base LIBOR

		  	100% - LIBOR Reserve Percentage

 (i) “Base LIBOR” means the rate per annum for United States dollar deposits quoted by Bank as
the Inter-Bank Market Offered Rate, with the understanding that such rate is quoted by Bank for the purpose of calculating effective rates of interest for loans making reference thereto, on the first day of a Fixed Rate Term for delivery of funds on
said date for a period of time approximately equal to the number of days in such Fixed Rate Term and in an amount approximately equal to the principal amount to which such Fixed Rate Term applies. Borrower understands and agrees that Bank may base
its quotation of the Inter-Bank Market Offered Rate upon such offers or other market indicators of the Inter-Bank Market as Bank in its discretion deems appropriate including, but not limited to, the rate offered for U.S. dollar deposits on the
London Inter-Bank Market. 

  
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 (ii) “LIBOR Reserve Percentage” means the reserve percentage prescribed by the
Board of Governors of the Federal Reserve System (or any successor) for “Eurocurrency Liabilities” (as defined in Regulation D of the Federal Reserve Board, as amended), adjusted by Bank for expected changes in such reserve percentage
during the applicable Fixed Rate Term. 
 (d) “Prime Rate” means at any time the rate of interest most recently
announced within Bank at its principal office as its Prime Rate, with the understanding that the Prime Rate is one of Bank’s base rates and serves as the basis upon which effective rates of interest are calculated for those loans making
reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as Bank may designate. 
 INTEREST: 
 (a) Interest. The outstanding principal balance of this Note
shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a fixed rate per annum determined by Bank to be two and one quarter of one percent (2.25%) above LIBOR in effect on the first day of each Fixed Rate Term.
With respect to each Fixed Rate Term hereunder, Bank is hereby authorized to note the date and interest rate applicable thereto and any payments made thereon on Bank’s books and records (either manually or by electronic entry) and/or on any
schedule attached to this Note, which notations shall be prima facie evidence of the accuracy of the information noted. 
 (b)
Taxes and Regulatory Costs. Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to become due hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes
(except income and franchise taxes) imposed by any domestic or foreign governmental authority and related in any manner to LIBOR, and (ii) future, supplemental, emergency or other changes in the LIBOR Reserve Percentage, assessment rates
imposed by the Federal Deposit Insurance Corporation, or similar requirements or costs imposed by any domestic or foreign governmental authority or resulting from compliance by Bank with any request or directive (whether or not having the force of
law) from any central bank or other governmental authority and related in any manner to LIBOR to the extent they are not included in the calculation of LIBOR. In determining which of the foregoing are attributable to any LIBOR option available to
Borrower hereunder, any reasonable allocation made by Bank among its operations shall be conclusive and binding upon Borrower. 

(c) Payment of Interest. Interest accrued on this Note shall be payable on the first day of each month, commencing
December 1, 2012. 
 (d) Default Interest. From and after the maturity date of this Note, or such earlier date as
all principal owing hereunder becomes due and payable by acceleration or otherwise, or at Bank’s option upon the occurrence, and during the continuance of an Event of Default, the outstanding principal balance of this Note shall bear interest
at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to four percent (4%) above the rate of interest from time to time applicable to this Note. 

REPAYMENT AND PREPAYMENT: 
 (a)
Repayment. Principal shall be payable on the first day of each month in installments of Eighteen Thousand Three Hundred Seventy-Five Dollars ($18,375.00) each, commencing December 1, 2012, and continuing up to and including
October 1, 2017, with a final installment consisting of all remaining unpaid principal due and payable in full on November 1, 2017. 

  
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 (b) Application of Payments. Each payment made on this Note shall be credited first,
to any interest then due and second, to the outstanding principal balance hereof. 
 (c) Prepayment. From and after the
date on which all of Borrower’s obligations under that certain Revolving Reducing Note in the original principal amount of $24,000,000.00 dated September 18, 2012 executed by Borrower in favor of Bank have been satisfied in full and Bank
obligations to extend credit to Borrower thereunder have been terminated, Borrower may prepay principal on this Note at any time and in the minimum amount of One Hundred Thousand Dollars ($100,000.00); provided however, that if the outstanding
principal balance of this Note is less than said amount, the minimum prepayment amount shall be the entire outstanding principal balance hereof. In consideration of Bank providing this prepayment option to Borrower, or if this Note shall become due
and payable at any time prior to the last day of any Fixed Rate Term by acceleration or otherwise, Borrower shall pay to Bank immediately upon demand a fee which is the sum of the discounted monthly differences for each month from the month of
prepayment through the month in which such Fixed Rate Term matures, calculated as follows for each such month: 
  

	 	(i)	Determine the amount of interest which would have accrued each month on the amount prepaid at the interest rate applicable to such amount had it remained
outstanding until the last day of the Fixed Rate Term applicable thereto. 

  

	 	(ii)	Subtract from the amount determined in (i) above the amount of interest which would have accrued for the same month on the amount prepaid for the remaining
term of such Fixed Rate Term at LIBOR in effect on the date of prepayment for new loans made for such term and in a principal amount equal to the amount prepaid. 

 

	 	(iii)	If the result obtained in (ii) for any month is greater than zero, discount that difference by LIBOR used in (ii) above. 

Borrower acknowledges that prepayment of such amount may result in Bank incurring additional costs, expenses and/or liabilities, and that it is difficult
to ascertain the full extent of such costs, expenses and/or liabilities. Borrower, therefore, agrees to pay the above-described prepayment fee and agrees that said amount represents a reasonable estimate of the prepayment costs, expenses and/or
liabilities of Bank. If Borrower fails to pay any prepayment fee when due, the amount of such prepayment fee shall thereafter bear interest until paid at a rate per annum two percent (2%) above the Prime Rate in effect from time to time
(computed on the basis of a 360-day year, actual days elapsed). 
 All prepayments of principal shall be applied on the most
remote principal installment or installments then unpaid. 
 EVENTS OF DEFAULT: 

This Note is made pursuant to and is subject to the terms and conditions of that certain Restated Credit Agreement between Borrower and
Bank dated as of November 1, 2012, as amended from time to time (the “Credit Agreement”). Any default in the payment or performance of any obligation under this Note, or any defined event of default under the Credit Agreement,
shall constitute an “Event of Default” under this Note. 

  
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 MISCELLANEOUS: 
 (a) Remedies. Upon the sale, transfer, hypothecation, assignment or other encumbrance, whether voluntary, involuntary or by operation of law, of all or any interest in any real property securing
this Note, or upon the occurrence of any Event of Default, the holder of this Note, at the holder’s option, may declare all sums of principal and interest outstanding hereunder to be immediately due and payable without presentment, demand,
notice of nonperformance, notice of protest, protest or notice of dishonor, all of which are expressly waived by Borrower. Borrower shall pay to the holder immediately upon demand the full amount of all payments, advances, charges, costs and
expenses, including reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of the holder’s in-house counsel), expended or incurred by the holder in connection with the enforcement of the holder’s rights
and/or the collection of any amounts which become due to the holder under this Note, and the prosecution or defense of any action in any way related to this Note, including without limitation, any action for declaratory relief, whether incurred at
the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion
brought by Bank or any other person) relating to Borrower or any other person or entity. 
 (b) Obligations Joint and
Several. Should more than one person or entity sign this Note as a Borrower, the obligations of each such Borrower shall be joint and several. 
 (c) Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Oregon. 
 UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY BANK CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY
THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION AND BE SIGNED BY BANK TO BE ENFORCEABLE. 
 IN
WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above. 
  

			
	BARRETT BUSINESS SERVICES, INC.
		
	By:	 	 /s/ James D. Miller

	Name:	 	James D. Miller
	Title:	 	Vice President-Finance

  
 -4-EX-10.1

 Exhibit 10.1 
 AWARD AGREEMENT 
 Under The 

Barrett Business Services, Inc. 
 2009 Stock Incentive Plan 
 EMPLOYEE RESTRICTED STOCK UNITS

  

					
	Corporation:	  	 BARRETT BUSINESS SERVICES, INC.
 8100 N.E. Parkway Drive, Suite 200
 Vancouver, Washington 98662

			
	Participant:	  	  
	  	
		  	  
	  	
		  	  
	  	
			
	Date:	  	                    , 20    	  	

 Corporation maintains the Barrett Business Services, Inc., 2009 Stock Incentive Plan (the
“Plan”). 
 This Employee Restricted Stock Units Award Agreement (this “Agreement”) evidences the grant of
restricted stock units (“RSUs”) to Participant. The RSUs will be treated as an “Other Stock-Based Award” under Section 10.1 of the Plan. 
 The parties agree as follows: 
  

	1.	Defined Terms 

 When used
in this Agreement, the following terms have the meanings set forth below: 
 (a) “Acquiring
Person” means any person or related person or related persons which constitute a “group” for purposes of Section 13(d) and Rule 13d-5 under the Exchange Act, as such Section and Rule are in effect as of the Grant Date;
provided, however, that the term Acquiring Person shall not include (i) Corporation or any of its Subsidiaries, (ii) any employee benefit plan of Corporation or any of its Subsidiaries, (iii) any entity holding voting capital stock of
Corporation for or pursuant to the terms of any such employee benefit plan, or (iv) any person or group solely because such person or group has voting power with respect to capital stock of Corporation arising from a revocable proxy or consent
given in response to a public proxy or consent solicitation made pursuant to the Exchange Act. 
 (b)
“Change in Control” means: 
 (i) A change in control of Corporation of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A as in effect on the Grant Date pursuant to the Exchange Act; provided that, 

  
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without limitation, such a change in control shall be deemed to have occurred at such time as any Acquiring Person hereafter becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of 30 percent or more of the combined voting power of Voting Securities; or 
 (ii) During any period of 12 consecutive calendar months, individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof unless the
election, or the nomination for election, by Corporation stockholders of each new director was approved by a vote of at least a majority of the directors then in office who were directors at the beginning of the period; or 

(iii) There shall be consummated (1) any consolidation or merger of Corporation in which Corporation is not the
continuing or surviving corporation or pursuant to which Voting Securities would be converted into cash, securities, or other property, other than a merger of Corporation in which the holders of Voting Securities immediately prior to the merger have
the same proportionate ownership of Common Stock of the surviving corporation immediately after the merger, or (2) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all, or substantially
all, of the assets of Corporation; or 
 (iv) Approval by the stockholders of Corporation of any plan or proposal
for the liquidation or dissolution of Corporation. 
 (c) “Change in Control Date” means
the first date following the Grant Date on which a Change in Control has occurred. 
 (d)
“Employer” means Corporation or a Subsidiary of Corporation. 
 (e) “Grant
Date” means the date the RSUs are granted, which is reflected as the date of this Agreement. 
 (f)
“Voting Securities” means Corporation’s issued and outstanding securities ordinarily having the right to vote at elections for director. 
 Capitalized terms not otherwise defined in this Agreement have the meanings given them in the Plan. 
  

	2.	Grant of RSUs 

 Subject to
the terms and conditions of this Agreement and the Plan, Corporation grants to Participant              RSUs. Each RSU represents a hypothetical Share of Common Stock. As a holder of RSUs,
Participant will have only the rights of a general unsecured creditor of Corporation until delivery of Shares is made as specified in this Agreement. 

  
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	3.	Terms of RSUs 

 The RSUs
are subject to all the provisions of the Plan and to the following terms and conditions: 
 3.1 Restriction
Periods. Each Restriction Period commences on the Grant Date and ends as follows: 
 (a) on
Corporation’s first payroll date on or after the first anniversary of the Grant Date (“Restriction Period 1”); 
 (b) on Corporation’s first payroll date on or after the second anniversary of the Grant Date (“Restriction Period 2”); 

(c) on Corporation’s first payroll date on or after the third anniversary of the Grant Date (“Restriction Period
3”); and 
 (d) on Corporation’s first payroll date on or after the fourth anniversary of the Grant
Date (“Restriction Period 4”). 
 3.2 Vesting. Subject to the accelerated Vesting provisions of
Section 3.4, the designated percentage of RSUs will Vest as follows: 
 (a) 25 percent of the total RSUs
will Vest on the expiration of Restriction Period 1; 
 (b) An additional 25 percent of the total RSUs will Vest
on the expiration of Restriction Period 2; 
 (c) An additional 25 percent of the total RSUs will Vest on the
expiration of Restriction Period 3; and 
 (d) The final 25 percent of the total RSUs will Vest on the expiration
of Restriction Period 4. 
 3.3 Employment Requirement. Except as otherwise provided in this Agreement, in the
event that Participant ceases to be an employee of Corporation or a Subsidiary during the Restriction Period for any reason, all unvested RSUs will be forfeited immediately. For purposes of this Agreement, “employment” includes periods of
illness or other leaves of absence authorized by the Employer. 
 3.4 Acceleration of Vesting. Notwithstanding
Section 3.3 or the schedule provided in Section 3.2, the RSUs will become fully Vested upon the occurrence of either: 
 (a) Participant’s death or termination of employment by reason of Disability; or 
 (b) A Change in Control Date. 
 3.5 Settlement. 

(a) Generally. Unless previously forfeited pursuant to Section 3.3 or otherwise provided by this Agreement,
each designated percentage of RSUs will be settled on the last day of the applicable Restriction Period (the “Settlement Date”) by the delivery to Participant of an unrestricted certificate for a number of Shares of Common Stock equal to
the number of RSUs that became Vested on that Settlement Date. Shares issued upon settlement of RSUs may be subject to additional transfer restrictions as provided in this Agreement. 

  
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 (b) On Change in Control Date. RSUs that Vest upon a Change in
Control Date will be settled in cash in lieu of Shares, with the settlement value of each RSU calculated as the Fair Market Value of a Share on the Change in Control Date. 
 3.6 Other Documents. Participant will be required to furnish to Corporation before closing such other documents or representations as Corporation may require to assure compliance with
applicable laws and regulations. 
 3.7 RSUs Not Transferable. Neither the RSUs, nor this Agreement, nor any
interest or right in the RSUs or this Agreement, may be sold, pledged, assigned, or transferred in any manner other than by will or the laws of descent and distribution, unless and until the RSUs have been settled as provided in this Agreement.
Neither the RSUs nor any interest or right in the RSUs will be liable for the debts, obligations, contracts or engagements of Participant or his or her successors in interest or will be subject to disposition by transfer, alienation, anticipation,
pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any
attempted disposition will be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
 3.8 Rights as Stockholder. Prior to the issuance of a certificate for Shares of Common Stock in settlement of the RSUs, Participant will have no rights as a stockholder of Corporation with
respect to this Agreement or the RSUs. 
  

	4.	Tax Withholding and Reimbursement 

 Participant will be responsible for payment of all federal, state and local withholding taxes and Participant’s portion of any applicable payroll taxes imposed in connection with the settlement of
the RSUs and the issuance of Shares (collectively, the “Applicable Taxes”). Corporation’s obligation to issue Shares of Common Stock in settlement of the RSUs is expressly conditioned on Participant’s making arrangements
satisfactory to Corporation, in its sole and absolute discretion, for the payment of all Applicable Taxes. Participant may satisfy his or her obligation to pay the Applicable Taxes by electing in Participant’s sole discretion (a) to pay to
Corporation (in cash or by check) an amount equal to the Applicable Taxes, (b) to authorize Corporation to withhold a number of unrestricted Shares (thus reducing the number of unrestricted Shares to be issued to Participant) having a Fair
Market Value (as of the Settlement Date) equal to the remaining balance of the Applicable Taxes, or (c) to authorize Corporation to withhold an amount equal to the Applicable Taxes from Participant’s payroll check or deposit to be made on
or about the Settlement Date, provided such withholding is permissible under applicable state law. 
  

	5.	Conditions Precedent 

Corporation will not be required to issue any Shares upon Vesting of the RSUs, or any portion thereof, until Corporation has taken any
action required to comply with all applicable laws. 

  
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	6.	Successorship 

 Subject to
restrictions on transferability set forth in the Plan, this Agreement will be binding upon and benefit the parties, their successors and assigns. 
  

	7.	Notices 

 Any notices
under this Agreement must be in writing and will be effective when actually delivered personally or, if mailed, when deposited as registered or certified mail directed to the address of Corporation’s records or to such other address as a party
may certify by notice to the other party. 
  

	8.	Arbitration 

 Any dispute
or claim that arises out of or that relates to this Agreement or to the interpretation, breach, or enforcement of this Agreement, must be resolved by mandatory arbitration in accordance with the then effective arbitration rules of Arbitration
Service of Portland, Inc., and any judgment upon the award rendered pursuant to such arbitration may be entered in any court having jurisdiction thereof. 
  

	9.	Attorney Fees 

 In the
event of any suit or action or arbitration proceeding to enforce or interpret any provision of this Agreement (or which is based on this Agreement), the prevailing party will be entitled to recover, in addition to other costs, reasonable attorney
fees in connection with such suit, action, or arbitration, and in any appeal. The determination of who is the prevailing party and the amount of reasonable attorney fees to be paid to the prevailing party will be decided by the arbitrator or
arbitrators (with respect to attorney fees incurred prior to and during the arbitration proceedings) and by the court or courts, including any appellate courts, in which the matter is tried, heard, or decided, including the court which hears any
exceptions made to an arbitration award submitted to it for confirmation as a judgment (with respect to attorney fees incurred in such confirmation proceedings). 
  

	10.	Code Section 409A 

This Agreement and the Award are intended to be exempt from the requirements of Code Section 409A by reason of all payments being
“short-term deferrals” within the meaning of Treas. Reg. § 1.409A-1(b)(4). All provisions of this Agreement shall be interpreted in a manner consistent with preserving this exemption. In no event will Company be liable for any
tax, interest, or penalties that may be imposed on Participant by Code Section 409A or any damages for failing to comply with Code Section 409A.  
  

							
		 		 	BARRETT BUSINESS SERVICES, INC.
				
	  
	 		 	By	 	  

	Participant	 		 	Name	 	  

		 		 	Its	 	  

  
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