Document:

EX-10.1

June 24, 2010

Anthony D. James

c/o MedQuist Inc.

1000 Bishops Gate Blvd., Suite 300

Mount Laurel, NJ 08064

Dear Anthony:

On behalf of MedQuist Inc. (the “Company”), this Agreement describes the terms of the
change in your employment status with the Company, to be the Company’s Co-Chief Operating Officer,
reporting directly the Company’s CEO and commencing on June 24, 2010 (the “Change in
Employment Status Commencement Date”). In Employee’s role as Co-Chief Operating Officer,
among other things, he shall manage the Company’s global medical transcription and medical editing
operations performed by the Company’s employees and authorized subcontractors. For purposes of this
Agreement, you are referred to as the “Employee.” Other capitalized terms used in this
Agreement have the meanings defined in Section 6, below.

1. Term and Location. The Company shall employ Employee hereunder for a
three (3) year term commencing on the Change in Employment Status Commencement Date hereof (the
“Term”), which Term will be automatically extended for additional one (1) year periods
beginning on the third anniversary of the Change in Employment Status Commencement Date and upon
each subsequent anniversary thereof unless either party provides the other party with at least
ninety (90) days prior written notice of its intention not to renew this Agreement unless
terminated earlier pursuant to Section 4 of this Agreement.

2. Consideration.

a. Compensation. As consideration for all services rendered by Employee to
the Company and for the Covenants contained herein, Employee will be entitled to:

(1) base salary at an annual rate of $270,000, which base salary will be reviewed
for increase from time to time during the Term at the discretion of the Company, but in no
circumstance will be lowered;

(2) participate in MedQuist’s Management Incentive Plan for 2010. Your target
incentive in this plan will be 50% of your base salary for 2010 and following years; provided,
however that your incentive for 2010 shall be prorated based upon your date of hiring by the
Company – April 22, 2010. Your target incentive in the MedQuist’s Management Incentive Plan will be
reviewed for increase from time to time during the Term at the discretion of the Company, but in no
circumstance will be lowered. The target incentive is the payment amount that the Employee shall
be eligible to receive if the Company and Employee both attain the pre-established incentive plan
target objectives. The actual incentive award may be higher or lower than the target incentive
amount based upon achievement of the objectives by Employee and the Company. Management Incentive
Plan target objectives shall be developed on or before February 28th of each year of the Management
Incentive Plan;

(3) participate in the same employee benefit plans available generally to other
full-time employees of the Company, subject to the terms of those plans (as the same may be
modified, amended or terminated from time to time); (benefits information package enclosed); and

(4) if Employee’s employment is terminated by the Company without Cause or by
Employee for Good Reason (as defined in Section 6) , the severance pay and benefits
described below in Section 4.

b. Long Term Incentives. The Board will provide a long term incentive to
Employee designed to reward extraordinary performance and/or to encourage Employee’s future efforts
on behalf of the Company. The grant of the long term incentive will be subject to the terms of the
Company’s long term incentive plan, and will be evidenced by a separate award agreement by and
between the Company and Employee.

3. Covenants.

a. Non-Solicitation. While employed by the Company and for the two (2) year
period following the cessation of that employment for any reason (and without regard to whether
such cessation was initiated by Employee or the Company), Employee will not do any of the following
without the prior written consent of the Company:

(1) solicit, entice or induce, either directly or indirectly, any person, firm or
corporation who or which is a client or customer of the Company or any of its subsidiaries to
become a client or customer of any other person, firm or corporation;

(2) influence or attempt to influence, either directly or indirectly, any customer
of the Company or its subsidiaries to terminate or modify any written or oral agreement or course
of dealing with the Company or its subsidiaries (except in Employee’s capacity as an employee of
the Company); or

(3) influence or attempt to influence, either directly or indirectly, any person to
terminate or modify any employment, consulting, agency, distributorship, licensing or other similar
relationship or arrangement with the Company or its subsidiaries (except in Employee’s capacity as
an employee of the Company).

b. Non-Disclosure. Employee shall not use for Employee’s personal benefit,
or disclose, communicate or divulge to, or use for the direct or indirect benefit of any person,
firm, association or company other than Company, any “Confidential Information,” which term shall
mean any information regarding the business methods, business policies, policies, procedures,
techniques, research or development projects or results, historical or projected financial
information, budgets, trade secrets, or other knowledge or processes of, or developed by, Company
or any other confidential information relating to or dealing with the Business operations of
Company, made known to Employee or learned or acquired by Employee while in the employ of Company,
but Confidential Information shall not include information otherwise lawfully known generally by or
readily accessible to the general public. The foregoing provisions of this subsection shall apply
during and after the period when the Employee is an employee of the Company and shall be in
addition to (and not a limitation of) any legally applicable protections of Company interest in
confidential information, trade secrets, and the like. At the termination of Employee’s employment
with Company, Employee shall return to the Company all copies of Confidential Information in any
medium, including computer tapes and other forms of data storage.

c. Non-Competition. While employed by the Company and for the one (1) year
period following the cessation of that employment for any reason (and without regard to whether
such cessation was initiated by Employee or the Company), Employee shall not directly or indirectly
engage in (as a principal, shareholder, partner, director, officer, agent, employee, consultant or
otherwise) or be financially interested in any Business which is involved in business activities
which are the same as or in direct competition with business activities carried on by the Company,
or being definitively planned by the Company at the time of termination of Employee’s employment.
Nothing contained in this subsection shall prevent Employee from holding for investment up to three
percent (3%) of any class of equity securities of a company whose securities are publicly traded on
a national securities exchange or in a national market system.

d. Intellectual Property & Company Creations.

(1) Ownership. All right, title and interest in and to any and all ideas,
inventions, designs, technologies, formulas, methods, processes, development techniques,
discoveries, computer programs or instructions (whether in source code, object code, or any other
form), computer hardware, algorithms, plans, customer lists, memoranda, tests, research, designs,
specifications, models, data, diagrams, flow charts, techniques (whether reduced to written form or
otherwise), patents, patent applications, formats, test results, marketing and business ideas,
trademarks, trade secrets, service marks, trade dress, logos, trade names, fictitious names, brand
names, corporate names, original works of authorship, copyrights, copyrightable works, mask works,
computer software, all other similar intangible personal property, and all improvements, derivative
works, know-how, data, rights and claims related to the foregoing that have been or are conceived,
developed or created in whole or in part by the Employee (a) at any time and at any place that
relates directly or indirectly to the business of the Company, as then operated, operated in the
past or under consideration or development or (b) as a result of tasks assigned to Employee by the
Company (collectively, “Company Creations”), shall be and become and remain the sole and exclusive
property of the Company and shall be considered “works made for hire” as that term is defined
pursuant to applicable statutes and law.

(2) Assignment. To the extent that any of the Company Creations may not by law be
considered a work made for hire, or to the extent that, notwithstanding the foregoing, Employee
retains any interest in or to the Company Creations, Employee hereby irrevocably assigns and
transfers to the Company any and all right, title, or interest that Employee has or may have,
either now or in the future, in and to the Company Creations, and any derivatives thereof, without
the necessity of further consideration. Employee shall promptly and fully disclose all Company
Creations to the Company and shall have no claim for additional compensation for Company Creations.
The Company shall be entitled to obtain and hold in its own name all copyrights, patents, trade
secrets, trademarks, and service marks with respect to such Company Creations.

(3) Disclosure & Cooperation. Employee shall keep and maintain adequate and
current written records of all Company Creations and their development by Employee (solely or
jointly with others), which records shall be available at all times to and remain the sole property
of the Company. Employee shall communicate promptly and disclose to the Company, in such form as
the Company may reasonably request, all information, details and data pertaining to any Company
Creations. Employee further agrees to execute and deliver to the Company or its designee(s) any
and all formal transfers and assignments and other documents and to provide any further cooperation
or assistance reasonably required by the Company to perfect, maintain or otherwise protect its
rights in the Company Creations. Employee hereby designates and appoints the Company or its
designee as Employee’s agent and attorney-in-fact to execute on Employee’s behalf any assignments
or other documents deemed necessary by the Company to perfect, maintain or otherwise protect the
Company’s rights in any Company Creations.

e. Acknowledgments. Employee acknowledges that the Covenants are reasonable
and necessary to protect the Company’s legitimate business interests, its relationships with its
customers, its trade secrets and other confidential or proprietary information. Employee further
acknowledges that the duration and scope of the Covenants are reasonable given the nature of this
Agreement and the position Employee holds or will hold within the Company. Employee further
acknowledges that the Covenants are included herein to induce the Company to enter into this
Agreement and that the Company would not have entered into this Agreement or otherwise employed or
continued to employ the Employee in the absence of the Covenants. Finally, Employee also
acknowledges that any breach, willful or otherwise, of the Covenants will cause continuing and
irreparable injury to the Company for which monetary damages, alone, will not be an adequate
remedy.

f. Enforcement.

(1) If any court determines that the Covenants, or any part thereof, is
unenforceable because of the duration or scope of such provision, that court will have the power to
modify such provision and, in its modified form, such provision will then be enforceable.

(2) The parties acknowledge that significant damages will be caused by a breach of
any of the Covenants, but that such damages will be difficult to quantify. Therefore, the parties
agree that if Employee breaches any of the Covenants, liquidated damages will be paid by Employee
in the following manner:

(i) any Company stock options, stock appreciation rights, restricted stock units or
similar equity incentives or other long term incentives then held by Employee, whether or not then
vested, will be immediately and automatically forfeited;

(ii) any shares of restricted stock issued by the Company, then held by Employee or
his permitted transferee and then subject to forfeiture will be immediately and automatically
forfeited;

(iii) any obligation of the Company to provide severance pay or benefits (whether
pursuant to Section 4 or otherwise) will cease; and

(3) In addition to the remedies specified in Section 3(f)(2) and any other
relief awarded by any court, if Employee breaches any of the Covenants:

(i) Employee will be required to account for and pay over to the Company all
compensation, profits, monies, accruals, increments or other benefits derived or received by
Employee as a result of any such breach; and

(ii) the Company will be entitled to injunctive or other equitable relief to prevent
further breaches of the Covenants by Employee.

(4) If Employee breaches Section 3, then the duration of the restriction
therein contained will be extended for a period equal to the period that Employee was in breach of
such restriction.

4. Termination. Employee’s employment by the Company may be terminated at
any time. Upon termination, Employee will be entitled to the payment of accrued and unpaid salary
through the date of such termination. All salary, commissions and benefits will cease at the time
of such termination, subject to the terms of any benefit plans then in force or enforceable under
applicable law and applicable to Employee, and the Company will have no further liability or
obligation hereunder by reason of such termination; provided, however, that subject to Section
3(f)(2), if Employee’s employment is terminated by the Company without Cause or by Employee for
Good Reason, Employee will be entitled to continued payment of his base salary (at the rate in
effect upon termination) for a period of 12 months; and notwithstanding the foregoing, no amount
will be paid or benefit provided under this Section 4 unless and until (x) Employee
executes and delivers a general release of claims against the Company and its subsidiaries in a
form prescribed by the Company, and (y) such release becomes irrevocable. Any severance pay or
benefits provided under this Section 4 will be in lieu of, not in addition to, any other
severance arrangement maintained by the Company. No severance benefits will be paid to Employee in
the event that Employee resigns his employment without Good Reason.

5. Miscellaneous.

a. Other Agreements. Employee represents and warrants to the Company that
there are no restrictions, agreements or understandings whatsoever to which he is a party that
would prevent or make unlawful his execution of this Agreement, that would be inconsistent or in
conflict with this Agreement or Employee’s obligations hereunder, or that would otherwise prevent,
limit or impair the performance by Employee of his duties to the Company.

b. Entire Agreement; Amendment. This Agreement contains the entire
agreement and understanding of the parties hereto relating to the subject matter hereof, and merges
and supersedes all prior and contemporaneous discussions, agreements and understandings of every
nature relating to the employment of Employee by the Company. This Agreement may not be changed or
modified, except by an agreement in writing signed by each of the parties hereto.

c. Waiver. Any waiver of any term or condition hereof will not operate as a
waiver of any other term or condition of this Agreement. Any failure to enforce any provision
hereof will not operate as a waiver of such provision or of any other provision of this Agreement.

d. Governing Law. This Agreement shall be governed by, and enforced in
accordance with, the laws of the State of New Jersey without regard to the application of the
principles of conflicts of laws.

e. Severability. Whenever possible, each provision of this Agreement will
be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
will not affect any other provision or the effectiveness or validity of any provision in any other
jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as
if such invalid, illegal or unenforceable provision had never been herein contained.

f. Wage Claims. The parties intend that all obligations to pay compensation
to Employee be obligations solely of the Company. Therefore, intending to be bound by this
provision, Employee hereby waives any right to claim payment of amounts owed to him, now or in the
future, from directors or officers of the Company in the event of the Company’s insolvency.

g. Successors and Assigns. This Agreement is binding on the Company’s
successors and assigns.

h. Section Headings. The section headings in this Agreement are for
convenience only; they form no part of this Agreement and will not affect its interpretation.

i. Counterparts. This Agreement may be executed in multiple counterparts,
each of which will be deemed to be an original and all of which together will constitute but one
and the same instrument.

j. Indemnification. Employee shall be indemnified for acts performed in
good faith as an officer, director or employee of the Company in the manner provided in the
Company’s charter and by-laws, and shall be covered by director and officer liability insurance
coverage for such acts to the same extent that any such coverage is provided to the Company’s
executive officers.

6. Definitions. Capitalized terms used herein will have the meanings below
defined:

a. “Business” means electronic transcription services and other health
information management solutions services businesses in which the Company or its subsidiaries are
engaged anywhere within the United States.

b. “Cause” means the occurrence of any of the following: (1) Employee’s
refusal, willful failure or inability to perform (other than due to illness or disability) his
employment duties or to follow the lawful directives of his superiors; (2) misconduct or gross
negligence by Employee in the course of employment; (3) conduct of Employee involving any type of
disloyalty to the Company or its subsidiaries, including, without limitation: fraud, embezzlement,
theft or dishonesty in the course of employment; (4) a conviction of or the entry of a plea of
guilty or nolo contendere to a crime involving moral turpitude or that otherwise could reasonably
be expected to have an adverse effect on the operations, condition or reputation of the Company,
(5) a material breach by Employee of any agreement with or fiduciary duty owed to the Company; or
(6) alcohol abuse or use of controlled drugs other than in accordance with a physician’s
prescription.

c.  “Covenants” means the covenants set forth in Section 3 of this
Agreement.

d.  “Good Reason” shall mean (i) any substantial and sustained diminution of
Employee’s duties, including but not limited to the removal of Employee’s assigned division of the
Company’s operations or (ii) Employee not being assigned direct responsibility for the management
and oversight of the international transcription and editing operations of the Company and its
affiliates in the event that the Company, by acquisition, merger or otherwise, directly acquires
ownership of its international transcription and editing operations; provided that any of the
events described in clauses (i) and (ii) shall constitute Good Reason only if the Company fails to
cure such event within 15 days after receipt from Executive of written notice of the event which
constitutes Good Reason; provided, further, that “Good Reason” shall cease to exist for an event on
the 30th day following the later of its occurrence or Employee’s knowledge thereof, unless Employee
has given the Company written notice thereof prior to such date.

To acknowledge your agreement to and acceptance of the terms and conditions of this Agreement,
please sign below in the space provided within two (2) days of the date of this Agreement and
return a signed copy to my attention. If the Agreement is not signed and returned within two (2)
days, the terms and conditions of this Agreement will be deemed withdrawn.

	 
	Sincerely,

MedQuist Inc.

By: /s/ Peter Masanotti

	 

	Peter Masanotti

President & CEO

Accepted and Agreed:

/s/ Anthony D. James

Anthony D. James

Date Accepted: June 24, 2010exhibit_10-1.htm

EXHIBIT 10.1

 

[ ANZ Letterhead ]

29 June 2010

The Directors

Royal Wolf Australia Group

PO Box 834

Level 2, 22-28 Edgeworth David Avenue

Hornsby NSW 2077

Dear Sirs

Royal Wolf Australia Group Letter of Offer –Variation Letter

 

We refer to the Facility Agreement.

 

For the purposes of this letter, the Facility Agreement means the Letter of Offer dated 17 December 2008 between Australia and New Zealand Banking Group Limited (ANZ) and the Royal Wolf Australia Group as amended from time to time and restated by letter dated 27 August 2009.

 

Unless otherwise defined, capitalised terms in this letter have the meanings given to them in the Facility Agreement.

 

For compliance reasons, the Royal Wolf Australia Group has requested a further variation to certain of the financial covenants in the Financial Requirements and Other Conditions Schedule to the Facility Agreement.

 

	
1.  

	
Variation and Amendment

 

With effect from the Effective Date (as defined below) and subject to the terms of this letter, ANZ agrees to the following amendments to the Facility Agreement:

 

	
1.1  

	
the relevant financial covenants in the Financial Requirements and Other Conditions Schedule to the Facility Agreement will be replaced with the following:

 

	
(1)  

	
Consolidated Interest Cover Ratio: The interest cover ratio for each Quarter ending on 30 September 2009, 31 December 2009, 31 March 2010, 30 June 2010, 30 September 2010, 31 December 2010 and 31 March 2011 will not, as at the compliance date, be less than 1.95:1, and for each subsequent Quarter, will not be less than 2.20:1. Tested on a 12 month rolling basis;

 

	
(2)  

	
Consolidated Senior Debt Interest Cover Ratio: The interest cover ratio for each Quarter ending on 30 September 2009, 31 December 2009, 31 March 2010, 30 June 2010, 30 September 2010, 31 December 2010 and 31 March 2011 will not, as at the compliance date, be less than 2.95:1, and for each subsequent Quarter, will not be less than 3.25:1. Tested on a 12 month rolling basis;

 

	
(3)  

	
Consolidated Total Debt Gearing Ratio: Total Debt (excluding loans from General Finance Corporation to the Group) to adjusted trailing EBITDA for each Quarter ending on 30 September 2009, 31 December 2009, 31 March 2010, 30 June 2010, 30 September 2010, 31 December 2010 and 31 March 2011 will not, as at the compliance date, exceed 5.50:1, and for each subsequent Quarter, will not exceed 4.50; and

 

	
(4)  

	
Consolidated Senior Debt Gearing Ratio: Senior Debt to adjusted trailing EBITDA for each Quarter ending on 30 September 2009, 31 December 2009, 31 March 2010, 30 June 2010, 30 September 2010, 31 December 2010 and 31 March 2011 will not, as at the compliance date, exceed 4.25:1, and for each subsequent Quarter, will not exceed 3.50.

  

  

  

- 2 -

 

The calculation requirements for each of the above covenants remains unchanged;

 

	
1.2  

	
the termination date for each of:

 

	
(1)  

	
the “Interchangeable Facility (2) (Tranche B)”; and

 

	
(2)  

	
the “Standby Letter of Credit Facility to ANZ National Bank Ltd”,

 

being amended to terminate on 30 September 2011;

 

	
1.3  

	
the reference to “$1,250,000” in the “Repayment” section for the “Interchangeable Facility (2) (Tranche B)” in the Facilities Schedule to the Facility Agreement being replaced with “$1,500,000” with the first quarter for which the increased amount is to be repaid being the quarter ending on 30 September 2010;

 

	
1.4  

	
the fourth condition under the section headed “3. Other conditions to be met” in the Financial Requirements and Other Conditions Schedule to the Facility Agreement which commences with “Free Cash Flow ...” and concludes with “...less tax paid” being replaced with:

 

	
  

	
(1)

	
Subject to (2) below, Free Cash Flow sweep to occur on an annual basis within 60 days from financial year end, with 80% of Free Cash Flow to be applied towards permanent reduction of the Commercial Bill facilities. Any repayments made under this condition are to be made in addition to all other repayment obligations under this letter. Calculated as follows:

 

Free Cash Flow = Cash Flow less voluntary principal repayments of Senior Debt (without double counting),

 

where Cash Flow = Adjusted Cash Flow Available for Debt Servicing less repayments of Senior Debt and Interest Expense,

 

and Adjusted Cash Flow Available for Debt Servicing = EBITDA less capex plus capex funding plus (or minus) net change in working capital less tax paid

 

	
  

	
(2)

	
With respect to the Free Cash Flow sweep to occur within 60 days of 30 June 2010 pursuant to (1) above only, up to $2,000,000 of the Free Cash Flow may be retained to be used for the purchase of containers provided:

 

(a)           such purchases are capex to support business growth;

 

(b)          such purchases are made prior to 31 December 2010;

 

	
  

	
(c)

	
the amount of such purchases for the year ending 30 June 2011 must not exceed the lesser of:

 

(i) the Free Cash Flow retained pursuant to this clause (2); and

 

(ii) $2,000,000; and

 

	
  

	
(d)

	
all Free Cash Flow in excess of $2,000,000 is applied towards permanent reduction of the Commercial Bill facilities.

 

Any Free Cash Flow retained and applied towards capex in accordance with this clause (2) may not, for the purposes of (1) above, be treated as capex in the calculation of Adjusted Cash Flow Available for Debt Servicing for the year ending 30 June 2011.

 

  

  

  

- 3 -

 

For the avoidance of doubt, it is acknowledged that:

 

	
  

	
(a)

	
money expended in accordance with (2) above is not to be taken into account when determining compliance with the tenth condition under the section headed “3. Other conditions to be met” in the Financial Requirements and Other Conditions Schedule to the Facility Agreement which states: “No additional capex over above $2,000,000 budgeted for property, plant & equipment to be incurred, without our prior consent.”; and

 

	
  

	
(b)

	
other than in respect of capex on purchases of containers contemplated by this clause (2), (2)(c) above does not place any additional restrictions on the amount of capex which can otherwise be incurred in accordance the Facility Agreement.

 

	
2.  

	
Conditions

 

	
2.1  

	
This letter will take effect on the date ANZ confirms the following conditions precedent have been met to its satisfaction (Effective Date):

 

	
(1)  

	
the provision of the following to ANZ in a form and substance satisfactory to ANZ:

 

	
(a)  

	
an original of this letter duly executed by each party to it;

 

	
(b)  

	
duly completed ancillary documents;

 

	
(c)  

	
searches in respect of each member of the Royal Wolf Australia Group the RWNZ Group;

 

	
(d)  

	
payment of a $75,000 fee and all other amounts required by ANZ; and

 

	
(e)  

	
any other document or information reasonably requested by ANZ; and

 

	
(2)  

	
no event of default under the Facility Agreement having occurred.

 

	
2.2  

	
The non-ANZ parties to this letter agree that it is a condition of this letter that a variance to budget covenant on terms acceptable to ANZ is introduced to the Facility Agreement on or prior to 30 July 2010.

 

	
3.  

	
General

 

	
3.1  

	
An event of default for the purposes of the Facility Agreement and the General Conditions 2003 accepted by the Royal Wolf Australia Group will occur if any Royal Wolf Australia Group or RWNZ Group company does not comply with any of the conditions specified in this letter.

 

	
3.2  

	
To the extent there is any inconsistency between the Facility Agreement and this letter, the terms of this letter will prevail.

 

	
3.3  

	
Other than as provided in this letter, the Facility Agreement and all related documents will remain in full force and effect.

 

	
3.4  

	
Other than as expressly stated in this letter, nothing in this letter will be deemed to constitute a waiver of any of the rights and remedies provided to ANZ under or in connection with the Facility Agreement or any related document, all of which are reserved in full.

 

	
3.5  

	
This letter is a “transaction document” for the purposes of the Facility Agreement.

 

	
3.6  

	
This letter is governed by the laws of New South Wales and the parties to this letter submit to the non-exclusive jurisdiction of the courts of that place.

  

  

  

- 4 -

 

	
3.7  

	
This letter may be executed in counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this letter.

 

	
3.8  

	
The Royal Wolf Australia Group agrees to pay or reimburse ANZ for all costs in connection with the registration, stamping, preparation, execution and enforcement of this letter and any other documents contemplated by it.

 

	
4.  

	
Guarantor Acknowledgement

 

On and from the Effective Date, each member of the Royal Wolf Australia Group and each member of the RWNZ Group confirms that:

 

	
(1)  

	
its obligations under the Corporate Guarantee and Indemnity dated 14 September 2007 and the Corporate Guarantee and Indemnity dated about September 2009 to which it is a party continue to apply despite the amendments contemplated or effected by this letter and extends to the obligations created under this letter; and

 

	
(2)  

	
its obligations under each security listed in the Security Schedule to the Facility Agreement to which it is a party continue to apply despite the amendments contemplated or effected by this letter and extends to the obligations created under this letter.

 

Yours faithfully,

 

 

/s/ Zaheed Khan

 

Zaheed Khan

 

Senior Relationship Manager

  

  

  

- 5 -

 

Acceptance

 

Acknowledged and agreed by:

 

	
Executed by GFN Australasia Holdings Pty Ltd ACN 121 226 793 in accordance with section 127 of the Corporations Act 2001:

	  	  
	
/s/ Gregory Brian Baker

	  	
/s/ Robert George Allan

	
Director/company secretary

	  	
Director

	
Gregory Brian Baker

	  	
Robert George Allan

	
Name of director/company secretary

(BLOCK LETTERS)

	  	
Name of director

(BLOCK LETTERS)

Date:  29 June 2010...................................

	
Executed by GFN Australasia Finance Pty Ltd ACN 121 227 790 in accordance with section 127 of the Corporations Act 2001:

	  	  
	
/s/ Gregory Brian Baker

	  	
/s/ Robert George Allan

	
Director/company secretary

	  	
Director

	
Gregory Brian Baker

	  	
Robert George Allan

	
Name of director/company secretary

(BLOCK LETTERS)

	  	
Name of director

(BLOCK LETTERS)

Date:  29 June 2010................................

	
Executed by RWA Holdings Pty Ltd ACN 106 913 964 in accordance with section 127 of the Corporations Act 2001:

	  	  
	
/s/ Gregory Brian Baker

	  	
/s/ Robert George Allan

	
Director/company secretary

	  	
Director

	
Gregory Brian Baker

	  	
Robert George Allan

	
Name of director/company secretary

(BLOCK LETTERS)

	  	
Name of director

(BLOCK LETTERS)

Date:  29 June 2010.........................................

  

  

  

- 6 -

	
Executed by Royal Wolf Trading Australia Pty Ltd ACN 069 244 417 in accordance with section 127 of the Corporations Act 2001:

	  	  
	
/s/ Gregory Brian Baker

	  	
/s/ Robert George Allan

	
Director/company secretary

	  	
Director

	
Gregory Brian Baker

	  	
Robert George Allan

	
Name of director/company secretary

(BLOCK LETTERS)

	  	
Name of director

(BLOCK LETTERS)

Date:  29 June 2010.........................................

	
Executed by Royal Wolf Hi-Tech Pty Ltd ACN 079 735 050 in accordance with section 127 of the Corporations Act 2001:

	  	  
	
/s/ Gregory Brian Baker

	  	
/s/ Robert George Allan

	
Director/company secretary

	  	
Director

	
Gregory Brian Baker

	  	
Robert George Allan

	
Name of director/company secretary

(BLOCK LETTERS)

	  	
Name of director

(BLOCK LETTERS)

Date:  29 June 2010.........................................

	
Executed by Royalwolf Trading New Zealand Ltd (Company No. 1062072) in accordance with its Constitution in the presence of:

	  	  
	
/s/ Gregory Brian Baker

	  	
/s/ Robert George Allan

	
Director

	  	
Director

	
Gregory Brian Baker

	  	
Robert George Allan

	
Name of director

(BLOCK LETTERS)

	  	
Name of director

(BLOCK LETTERS)

Date:  29 June 2010.........................................

	
Executed by Royalwolf NZ Acquisition Co. Limited (Company No. 2115393) in accordance with its Constitution in the presence of:

	  	  
	
/s/ Gregory Brian Baker

	  	
/s/ Robert George Allan

	
Director

	  	
Director

	
Gregory Brian Baker

	  	
Robert George Allan

	
Name of director

(BLOCK LETTERS)

	  	
Name of director

(BLOCK LETTERS)

Date:  29 June 2010.........................................

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