Document:

Forbearance Agreement to Amended and Restated Credit Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 FORBEARANCE AGREEMENT TO AMENDED AND
RESTATED 
 CREDIT AGREEMENT 
 This FORBEARANCE AGREEMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) is entered into as of December 18, 2009, by and among Medical Staffing Network, Inc., a
Delaware corporation (“Borrower”), Medical Staffing Holdings, LLC, a Delaware limited liability company (“MSH”), Medical Staffing Network Holdings, Inc., a Delaware corporation (together with MSH,
“Holdings”), each subsidiary of Borrower party hereto (collectively with Holdings, the “Guarantors” and, together with Holdings and Borrower, the “Loan Parties”), the financial institutions party
hereto, as Lenders under the Credit Agreement (as hereinafter defined) (collectively, the “Lenders”), and General Electric Capital Corporation, individually as a Lender (“GECC”) and as administrative agent for the
Lenders (in such capacity, “Agent”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement (as hereinafter defined). 
 RECITALS 
 A. Borrower, Holdings, Agent, Lenders and the other parties party thereto are parties to that certain Amended and Restated Credit Agreement, dated as of March 12, 2009 (as has been or may be further amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), pursuant to which, among other things, Lenders agreed, subject to the terms and conditions set forth in the Credit Agreement, to make certain loans and other financial
accommodations to Borrower. 
 B. As of the date hereof, the Events of Default identified as “Current Defaults” on
Exhibit A hereto have occurred and are continuing (collectively, the “Current Defaults”) and the Events of Default identified as “Anticipated Defaults” on Exhibit A hereto are expected to occur prior to the
expiration of the Forbearance Period (as hereinafter defined) (collectively, the “Anticipated Defaults,” and together with the Current Defaults, the “Specified Defaults”). 
 C. Borrower has requested that during the Forbearance Period (as hereinafter defined), Agent and Lenders (sometimes referred to herein
individually as a “Lender Party,” and collectively as the “Lender Parties”) agree to forbear from exercising certain of their default-related rights and remedies against Borrower and the other Loan Parties with
respect to the Specified Defaults, notwithstanding the existence of the Specified Defaults and subject to the terms and conditions set forth herein. 
 D. Subject to the terms and conditions set forth herein, the Lender Parties have agreed to forbear from exercising certain of their default-related rights and remedies against Borrower and the other Loan
Parties with respect to the Specified Defaults. 

 NOW, THEREFORE, in consideration of the foregoing, the terms, covenants and conditions
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Confirmation by Borrower of Obligations and Specified Defaults. Borrower and each other Loan Party acknowledges and agrees that as of December 18, 2009, the aggregate
principal balance of the outstanding Obligations under the Credit Agreement is at least $87,433,047, and that the respective principal balances of the various Loans as of such date were not less than the following: 
  

				
	 Term Loans (including
	  		
	 Term PIK Loans)
	  	$	80,483,047
		  	 	 
	 Revolving Loans (excluding L/C
	  		
	 Obligations; but including
	  		
	 Revolving PIK Loans)
	  	$	0
		  	 	 
	 L/C Obligations
	  	$	6,950,000
		  	 	 

 The foregoing amounts do not include interest, fees, expenses and other amounts which are chargeable
or otherwise reimbursable under the Credit Agreement and the other Loan Documents. All of the Obligations, including those set forth above, are currently payable, and none of Borrower and the other Loan Parties have any rights of offset, defenses,
claims or counterclaims with respect to any of the Obligations. 
 (a) Borrower and each other Loan Party acknowledges and
agrees that (i) each of the Specified Defaults constitutes a material Event of Default that has occurred and is continuing as of the date hereof, (ii) none of the Current Defaults has been cured as of the date hereof and none of the
Anticipated Defaults will be cured during the Forbearance Period, and (iii) except for the Specified Defaults, no other Events of Default have occurred and are continuing as of the date hereof, or are expected to occur during the Forbearance
Period, as the case may be. Prior to the effectiveness of this Agreement, each of the Current Defaults (and each Anticipated Default upon its occurrence): (i) relieves the Lender Parties from any obligation to extend any Loan or provide other
financial accommodations under the Credit Agreement or other Loan Documents (including consenting to Borrower’s use of cash collateral), and (ii) permits the Lender Parties to, among other things, (A) suspend or terminate any
commitment to provide Loans or make other extensions of credit under any or all of the Credit Agreement and the other Loan Documents, (B) accelerate all or any portion of the Obligations, (C) charge the Default Interest rate set forth in
Section 2.9(c) of the Credit Agreement with respect to any and all of the Obligations and terminate Borrower’s ability to obtain or maintain Eurodollar Rate Loans, (D) commence any legal or other action to collect any or all of the
Obligations from Borrower, any other Loan Party and/or any Collateral or any other property as to which any other Person granted any or all of the Lender Parties a security interest therein as security for the Obligations or any guaranty thereof
(collectively, the “Other Collateral”), (E) foreclose or otherwise realize on any or all of the Collateral and Other Collateral, and/or appropriate, set-off and apply to the payment of any or all of the Obligations, any or all
of the Collateral and Other Collateral, and/or (F) take any other enforcement action or otherwise exercise any or all rights and remedies provided for by any or all of the Credit Agreement, the other Loan Documents or applicable law.

 SECTION 2. Forbearance; Forbearance Default Rights and Remedies. 
 (a) Effective as of the Forbearance Effective Date, each of the Lender Parties agrees that until the expiration or termination of the
Forbearance Period (as hereinafter defined), it will temporarily forbear from exercising its default-related rights and remedies against Borrower or any other Loan Party solely with respect to the Specified Defaults; provided, however, (i) the
Obligations shall

  

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bear interest at the above referenced Default Interest rate, with the additional amounts payable as a result of the occurrence and continuance of the Specified Defaults being, at the option of
Borrower, payable-in-kind, (ii) other than Revolving Loans, which shall be made only with the Agent’s prior consent (in its sole discretion), the Lender Parties shall have no obligation to make any further Loans or other extensions of
credit to Borrower or any other Loan Party, (iii) other than continuing as Eurodollar Rate Loans any Eurodollar Rate Loans outstanding on the date hereof that already have an Interest Period that terminates on or after February 1, 2010,
Borrower shall not be entitled to make any request for Eurodollar Rate Loans or elect to have any Loans converted into or be continued as Eurodollar Rate Loans, in each case to the extent that the Interest Period applicable to such Eurodollar Rate
Loans would terminate on or after February 1, 2010, (iv) Borrower and each other Loan Party shall comply with all limitations, restrictions or prohibitions that would otherwise be effective or applicable under the Credit Agreement or any
of the other Loan Documents during the continuance of any Event of Default, including, without limitation, any limitations, restrictions or prohibitions against payments by (w) Borrower or any other Loan Party, (x) any Affiliate of
Borrower or any other Loan Party, (y) any direct or indirect owner of an equity interest in the Borrower, any other Loan Party or any Affiliate of any of the foregoing, (v) nothing herein shall restrict, impair or otherwise affect any
Lender Party’s rights and remedies under any agreements (including, without limitation, the Intercreditor Agreement) containing subordination provisions in favor of any or all of the Lender Parties (including, without limitation, any rights or
remedies available to the Lender Parties as a result of the occurrence or continuation of any Specified Default) or amend or modify any provision thereof, and (vi) nothing herein shall restrict, impair or otherwise affect Agent’s right
(A) to file, record, publish or deliver a notice of default or document of similar effect under any state foreclosure law or (B) to deliver a reservation of rights letter to Borrower and/or any of its Affiliates. As used herein, the term
“Forbearance Period” shall mean the period beginning on the date on which a Specified Default continuing on the date hereof shall have first occurred (the “Forbearance Effective Date”) and ending on the earlier to
occur of (the occurrence of clause (i) or (ii), a “Termination Event”): (i) the occurrence of any Forbearance Default (as hereinafter defined) and (ii) February 1, 2010. As used herein, the term
“Forbearance Default” shall mean (A) the occurrence of any Event of Default other than the Specified Defaults, (B) the failure of Borrower or any other Loan Party to timely comply with any term, condition, or covenant set
forth in this Agreement, (C) the failure of any representation or warranty made by Borrower or any other Loan Party under or in connection with this Agreement to be true and complete as of the date when made or any other breach of any such
representation or warranty, (D) any occurrence, event or change in facts or circumstances occurring on or after the Forbearance Effective Date that would have a Material Adverse Effect on Borrower or any other Loan Party, or their financial
condition, business, prospects or assets or (E) the occurrence of any “Event of Default” under and as defined in the Second Lien Credit Agreement or the Second Lien Loan Documents. Any Forbearance Default shall constitute an immediate
Event of Default under the Credit Agreement and other Loan Documents. 
 (b) Upon the occurrence of a Termination Event, the
agreement of the Lender Parties hereunder to forbear from exercising their respective default-related rights and remedies shall immediately terminate without the requirement of any demand, presentment, protest, or notice of any kind, all of which
Borrower and the other Loan Parties each waives. Borrower and the other Loan Parties each agrees that any or all of the Lender Parties may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or
all of the Credit Agreement, any other Loan Document and/or applicable law, including, without

  

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limitation, their respective rights and remedies with respect to the Specified Defaults. Without limiting the generality of the foregoing, upon the occurrence of a Termination Event, the Lender
Parties may, in their sole discretion and without the requirement of any demand, presentment, protest, or notice of any kind, (i) suspend or terminate any commitment to provide Loans or other extensions of credit under any or all of the Credit
Agreement and other Loan Documents, (ii) continue to charge interest on any or all of the Obligations at the Default Interest rate, (iii) commence any legal or other action to collect any or all of the Obligations from Borrower, any other
Loan Party, any Collateral and/or Other Collateral, (iv) foreclose or otherwise realize on any or all of the Collateral and Other Collateral, and/or appropriate, setoff or apply to the payment of any or all of the Obligations, any or all of the
Collateral and Other Collateral, and (v) take any other enforcement action or otherwise exercise any or all rights and remedies provided for by any or all of the Credit Agreement, any other Loan Documents and/or applicable law, all of which
rights and remedies are fully reserved by the Lender Parties. 
 (c) Any agreement by the Lender Parties to extend the
Forbearance Period, if any, must be set forth in writing and signed by a duly authorized signatory of each of Agent and the Required Lenders. Borrower and the other Loan Parties each acknowledges that the Lender Parties have not made any assurances
concerning any possibility of an extension of the Forbearance Period. 
 (d) Borrower and the other Loan Parties each
acknowledges and agrees that any Loan or other financial accommodation which any Lender Party makes on or after the Agreement Effective Date has been made by such party in reliance upon, and is consideration for, among other things, the general
releases and indemnities contained in Section 4 hereof and the other covenants, agreements, representations and warranties of Borrower and the other Loan Parties hereunder. 
 SECTION 3. Supplemental Terms, Conditions and Covenants During the Forbearance Period 
 The parties hereto hereby agree to comply with the following terms, conditions and covenants during the Forbearance Period, in each case notwithstanding any provision to the contrary set forth in this
Agreement, the Credit Agreement or any other Loan Document: 
 (a) Agent will (i) engage a professional consulting firm
satisfactory to Agent and Lenders (it being acknowledged and agreed by Agent and each undersigned Lender that, without limitation, the consulting firm set forth on Exhibit B hereto is satisfactory to such party), to advise and assist Agent,
Agent’s counsel, and Lenders with their on-going assessment of Borrower’s financial performance and its ability to repay the Obligations and (ii) advise Borrower on the general scope of the mandate given to such consulting firm. Agent
and Lenders may elect to maintain the confidentiality of any conclusions reached or reports prepared by such consultant and may also provide that the consultant’s conclusions shall be covered by the attorney work-product privilege. Borrower
acknowledges and agrees that (A) it is obligated under Section 11.4 of the Credit Agreement to reimburse Agent for any and all reasonable fees and expenses of such consultant and (B) it shall promptly reimburse Agent for such amounts
in accordance with such provisions. 
  

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 (b) On or prior to December 18, 2009, Borrower shall prepare and deliver to Agent (for
subsequent distribution to the other Lender Parties at Agent’s election) a thirteen-week operating budget (the “Budget”) in the form of Exhibit C hereto. In addition to any and all reporting requirements set forth in the
Credit Agreement, on a weekly basis during the Forbearance Period, Borrower shall provide Agent a report in the form of Exhibit D hereto and containing such other financial and operational data as may be reasonably requested by Agent.

 (c) Each of Borrower and the other Loan Parties shall, and shall cause its officers, directors, employees and advisors to,
cooperate fully with Agent in furnishing information as and when reasonably requested by Agent or any other Lender Party regarding the Collateral, Other Collateral or Borrower’s or any other Loan Party’s financial affairs, finances,
financial condition, business and operations. Borrower and each other Loan Party authorizes Agent to meet and/or have discussions with any of their officers, directors, employees and advisors from time to time as reasonably requested by Agent to
discuss any matters regarding the Collateral, Other Collateral or Borrower’s or any other Loan Party’s financial affairs, finances, financial condition, business and operations, and shall direct and authorize all such persons and entities
to fully disclose to Agent all information reasonably requested by Agent regarding the foregoing. Borrower and the other Loan Parties each waives and releases any such officer, director, employee and advisor from the operation and provisions of any
confidentiality agreement with Borrower or other Loan Party, as the case may be, such that such person or entity is not prohibited from providing any of the foregoing information to Agent or any other Lender Party. Without limiting any of the rights
accruing to Agent and the Lender Parties under this clause (c), each of Agent and each undersigned Lender Party hereby agrees, solely to assist Borrower in managing the logistical processes related to arranging the cooperation, meetings and
discussions contemplated hereby, to make any requests for information, meetings and discussions initially through Robert Adamson, Kevin Little or Jeff Yesner; provided that, to the extent that (i) such information has not been provided
or such meetings or discussions have not been scheduled, in each case within three Business Days of any such request or (ii) such meetings or discussions have not occurred within seven Business Days of any such request, Agent may make any and
all such requests in any manner that it deems advisable, in its sole discretion. 
 (d) Borrower shall not permit the aggregate
amount of unrestricted cash and Cash Equivalents held by Borrower and the other Loan Parties to be, at any time, less than $900,000. 
 SECTION 4. General Release; Covenant Not to Sue. 
 (a) In consideration of, among other things,
Agent’s and the undersigned Lenders’ execution and delivery of this Agreement, each of Borrower and the other Loan Parties, on behalf of itself and its agents, representatives, officers, directors, advisors, employees, subsidiaries,
affiliates, successors and assigns (collectively, “Releasors”), hereby forever agrees and covenants not to sue or prosecute against any Releasee (as hereinafter defined) and hereby forever waives, releases and discharges, to the
fullest extent permitted by law, each Releasee (as hereinafter defined) from any and all claims (including, without limitation, crossclaims, counterclaims, rights of set-off and recoupment), actions, causes of action, suits, debts, accounts,
interests, liens, promises, warranties, damages and consequential damages, demands, agreements, bonds, bills, specialties, covenants, controversies, variances, trespasses, judgments, executions, costs, expenses or claims whatsoever (collectively,
the “Claims”), that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether now existing or hereafter arising, whether arising at

  

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law or in equity, against any or all of the Lender Parties, in any capacity, and their respective affiliates, subsidiaries, shareholders and “controlling persons” (within the meaning of
the federal securities laws), and their respective successors and assigns and each and all of the officers, directors, employees, agents, attorneys and other representatives of each of the foregoing (collectively, the “Releasees”),
based in whole or in part on facts, whether or not now known, existing on or before the Agreement Effective Date, that relate to, arise out of or otherwise are in connection with: (i) any or all of the Loan Documents or transactions
contemplated thereby or any actions or omissions in connection therewith or (ii) any aspect of the dealings or relationships between or among Borrower and the other Loan Parties, on the one hand, and any or all of the Lender Parties, on the
other hand, relating to any or all of the documents, transactions, actions or omissions referenced in clause (i) hereof. The receipt by Borrower or any other Loan Party of any Loans or other financial accommodations made by any Lender Party
after the date hereof shall constitute a ratification, adoption, and confirmation by such party of the foregoing release of all Claims against the Releasees which are based in whole or in part on facts, whether or not now known or unknown, existing
on or prior to the date of receipt of any such Loans or other financial accommodations. In entering into this Agreement, Borrower and each other Loan Party consulted with, and has been represented by, legal counsel and expressly disclaims any
reliance on any representations, acts or omissions by any of the Releasees and hereby agrees and acknowledges that the validity and effectiveness of the releases set forth above do not depend in any way on any such representations, acts and/or
omissions or the accuracy, completeness or validity hereof. The provisions of this Section shall survive the termination of this Agreement, the Credit Agreement, the other Loan Documents and payment in full of the Obligations. 
 (b) Each of Borrower and other Loan Parties, on behalf of itself and its successors, assigns, and other legal representatives, hereby
absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and
discharged by Borrower or any other Loan Party pursuant to Section 4(a) hereof. If Borrower, any other Loan Party or any of its successors, assigns or other legal representatives violates the foregoing covenant, Borrower and other Loan Parties,
each for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by any Releasee as a
result of such violation. 
 SECTION 5. Representations, Warranties And Covenants Of Borrower and Other Loan Parties. To induce
Agent and the undersigned Lenders to execute and deliver this Agreement, each of Borrower and each other Loan Party represents, warrants and covenants that: 
 (a) The execution, delivery and performance by each of Borrower and the other Loan Parties of this Agreement and all documents and instruments delivered in connection herewith and the Credit Agreement and
all other Loan Documents have been duly authorized by such Loan Parties’ respective Boards of Directors, and this Agreement and all documents and instruments delivered in connection herewith and the Credit Agreement and all other Loan Documents
are legal, valid and binding obligations of such Loan Parties enforceable against such parties in accordance with their respective terms, except as the enforcement thereof may be subject to (i) the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law); 
  

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 (b) Except with respect to the Specified Defaults, each of the representations and
warranties contained in the Credit Agreement and the other Loan Documents is true and correct on and as of the date hereof as if made on the date hereof, except to the extent that such representations and warranties expressly relate to an earlier
date, in which case such representations and warranties shall be true and correct as of such earlier date, and each of the agreements and covenants in the Credit Agreement and the other Loan Documents is hereby reaffirmed with the same force and
effect as if each were separately stated herein and made as of the date hereof; 
 (c) Neither the execution, delivery and
performance of this Agreement and all documents and instruments delivered in connection herewith nor the consummation of the transactions contemplated hereby or thereby does or shall contravene, result in a breach of, or violate (i) any
provision of Borrower’s or any other Loan Party’s corporate charter, bylaws, operating agreement, or other governing documents, (ii) any law or regulation, or any order or decree of any court or government instrumentality, or
(iii) any indenture, mortgage, deed of trust, lease, agreement or other instrument to which Borrower or any other Loan Party is a party or by which Borrower or any other Loan Party or any of their respective property is bound; 
 (d) As of the date hereof, except for the Specified Defaults, no Event of Default has occurred or is continuing under this Agreement, the
Credit Agreement or any other Loan Document. 
 (e) The Lender Parties’ security interests in the Collateral and Other
Collateral continue to be valid, binding, and enforceable first-priority security interests which secure the Obligations (subject only to the Permitted Liens) and, to Borrower’s knowledge, no tax or judgment liens are currently of record
against Borrower or any other Loan Party; 
 (f) Except with respect to the Specified Defaults, any misrepresentation of
Borrower or any other Loan Party, or any failure of any such party to comply with the covenants, conditions and agreements contained in this Agreement, the Credit Agreement, any other Loan Document or in any other agreement, document or instrument
at any time executed and/or delivered by Borrower or any other Loan Party with, to or in favor of any Lender Party shall constitute an immediate Event of Default hereunder, under the Credit Agreement and the other Loan Documents. 
 (g) The recitals to this Agreement are true and correct. 
 SECTION 6. Ratification of Liability. Each of Borrower and each Guarantor, as debtors, grantors, pledgors, guarantors, assignors, or in other similar capacities in which such parties grant
liens or security interests in their properties or otherwise act as accommodation parties or guarantors, as the case may be, under the Loan Documents, hereby ratifies and reaffirms all of its payment and performance obligations and obligations to
indemnify, contingent or otherwise, under each of such Loan Documents to which such party is a party, and each such party hereby ratifies and reaffirms its grant of liens on or security interests in its properties pursuant to such Loan Documents to
which it is a party as security for the Obligations under or with respect to the Credit

  

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Agreement, and confirms and agrees that such liens and security interests hereafter secure all of the Obligations, including, without limitation, all additional Obligations hereafter arising or
incurred pursuant to or in connection with this Agreement, the Credit Agreement or any other Loan Document. Borrower and each Guarantor further agrees and reaffirms that the Loan Documents to which it is a party now apply to all Obligations as
defined in the Credit Agreement (including, without limitation, all additional Obligations hereafter arising or incurred pursuant to or in connection with this Agreement, the Credit Agreement or any other Loan Document). Each such party
(i) further acknowledges receipt of a copy of this Agreement and all other agreements, documents, and instruments executed and/or delivered in connection herewith, (ii) consents to the terms and conditions of same, and (iii) agrees
and acknowledges that each of the Loan Documents remains in full force and effect and is hereby ratified and confirmed. Except as expressly provided herein, the execution of this Agreement shall not operate as a waiver of any right, power or remedy
of any Lender Party, nor constitute a waiver of any provision of any of the Loan Documents nor constitute a novation of any of the Obligations under the Credit Agreement or other Loan Documents. 
 SECTION 7. Reference To And Effect Upon The Credit Agreement. 
 (a) Except as expressly modified hereby, all terms, conditions, covenants, representations and warranties contained in the Credit Agreement and other Loan Documents, and all rights of the Lender Parties
and all of the Obligations, shall remain in full force and effect. Each of Borrower and the other Loan Parties hereby confirms that the Credit Agreement and the other Loan Documents are in full force and effect and that neither Borrower nor any
other Loan Party has any right of setoff, recoupment or other offset or any defense, claim or counterclaim with respect to any of the Obligations, the Credit Agreement or any other Loan Document. 
 (b) Except as expressly set forth herein, the execution, delivery and effectiveness of this Agreement shall not directly or indirectly
(i) create any obligation to make any further Loans or to continue to defer any enforcement action after the occurrence of any Default or Event of Default (including, without limitation, any Forbearance Default), (ii) constitute a consent
or waiver of any past, present or future violations of any provisions of the Credit Agreement or any other Loan Documents, (iii) amend, modify or operate as a waiver of any provision of the Credit Agreement or any other Loan Documents or any
right, power or remedy of any Lender Party, (iv) constitute a consent to any merger or other transaction or to any sale, restructuring or refinancing transaction, (v) constitute a course of dealing or other basis for altering any
Obligations or any other contract or instrument. Except as expressly set forth herein, each Lender Party reserves all of its rights, powers, and remedies under the Credit Agreement, the other Loan Documents and applicable law. All of the provisions
of the Credit Agreement and the other Loan Documents, including, without limitation, the time of the essence provisions, are hereby reiterated, and if ever waived, are hereby reinstated. 
 (c) From and after the Agreement Effective Date, (i) the term “Agreement” in the Credit Agreement, and all references to the
Credit Agreement in any Loan Document shall mean the Credit Agreement, and (ii) the term “Loan Documents” in the Credit Agreement and the other Loan Documents shall include, without limitation, this Agreement and any agreements,
instruments and other documents executed and/or delivered in connection herewith. 
  

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 (d) This Agreement shall not be deemed or construed to be a satisfaction, reinstatement,
novation or release of the Credit Agreement or any other Loan Document. 
 SECTION 8. Construction This Agreement and all other
agreements and documents executed and/or delivered in connection herewith have been prepared through the joint efforts of all of the parties hereto. Neither the provisions of this Agreement or any such other agreements and documents nor any alleged
ambiguity therein shall be interpreted or resolved against any party on the ground that such party or its counsel drafted this Agreement or such other agreements and documents, or based on any other rule of strict construction. Each of the parties
hereto represents and declares that such party has carefully read this Agreement and all other agreements and documents executed in connection therewith, and that such party knows the contents thereof and signs the same freely and voluntarily. The
parties hereto acknowledge that they have been represented by legal counsel of their own choosing in negotiations for and preparation of this Agreement and all other agreements and documents executed in connection herewith and that each of them has
read the same and had their contents fully explained by such counsel and is fully aware of their contents and legal effect. 
 SECTION 9.
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed an original, but all such counterparts shall constitute one and the same instrument, and all signatures need not
appear on any one counterpart. Any party hereto may execute and deliver a counterpart of this Agreement by delivering by facsimile or other electronic transmission a signature page of this Agreement signed by such party, and any such facsimile or
other electronic signature shall be treated in all respects as having the same effect as an original signature. Any party delivering by facsimile or other electronic transmission a counterpart executed by it shall promptly thereafter also deliver a
manually signed counterpart of this Agreement. 
 SECTION 10. Severability. The invalidity, illegality, or unenforceability of any
provision in or obligation under this Agreement in any jurisdiction shall not affect or impair the validity, legality, or enforceability of the remaining provisions or obligations under this Agreement or of such provision or obligation in any other
jurisdiction. If feasible, any such offending provision shall be deemed modified to be within the limits of enforceability or validity; however, if the offending provision cannot be so modified, it shall be stricken and all other provisions of this
Agreement in all other respects shall remain valid and enforceable. 
 SECTION 11. Further Assurances. Borrower and each other
Loan Party agrees to, and to cause any other Loan Party to, take all further actions and execute all further documents as Agent may from time to time reasonably request to carry out the transactions contemplated by this Agreement and all other
agreements executed and delivered in connection herewith. 
 SECTION 12. Section Headings. Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute part of this Agreement for any other purpose. 
 SECTION 13.
Notices. All notices, requests, and demands to or upon the respective parties hereto shall be given in accordance with the Credit Agreement. 
  

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 SECTION 14. Effectiveness. This Agreement shall become effective at the time (the
“Agreement Effective Date”) that all of the following conditions precedent have been met (or waived) as determined by Agent in its sole discretion: 
 (a) Agreement. Agent shall have received duly executed signature pages for this Agreement signed by Agent, Documentation Agent, the undersigned Lenders, Borrower and other Loan Parties. 

(b) Representations and Warranties. The representations and warranties contained herein shall be true and correct, and no
Forbearance Default, Default, Event of Default or event which with notice, the passage of time or both would constitute a Forbearance Default and/or an Event of Default, other than the Specified Defaults, shall exist on the date hereof. 

(c) Other Corporate Proceedings. All corporate proceedings taken in connection with the transactions contemplated by this
Agreement and all documents, instruments, and other legal matters incident thereto shall be satisfactory to Agent. 
 (d)
Fees. Agent shall have received all fees and other amounts due and payable on or prior to the Agreement Effective Date, including, without limitation, in immediately available funds, for the account of each undersigned Lender, a
non-refundable cash fee in an amount equal to 0.125% of the aggregate amount of the sum of each such Lender’s (i) outstanding Revolving Commitment plus (ii) outstanding Term Loans (including Term PIK Loans), in each case as calculated
on the Agreement Effective Date. 
 SECTION 15. Assignments; No Third Party Beneficiaries. This Agreement shall be binding upon
and inure to the benefit of Borrower, the other Loan Parties, the Lender Parties and their respective successors and assigns; provided, that neither Borrower nor any other Loan Party shall be entitled to delegate any of its duties hereunder and
shall not assign any of its rights or remedies set forth in this Agreement without the prior written consent of Agent in its sole discretion. No Person other than the parties hereto, and in the case of Section 4 hereof, the Releasees, shall
have any rights hereunder or be entitled to rely on this Agreement and all third-party beneficiary rights (other than the rights of the Releasees under Section 4 hereof) are hereby expressly disclaimed. 
  

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 SECTION 16. Final Agreement. This Agreement, the Credit Agreement, the other Loan Documents,
and the other written agreements, instruments, and documents entered into in connection therewith (collectively, the “Borrower/Lender Documents”) set forth in full the terms of agreement between the parties hereto and thereto and
are intended as the full, complete, and exclusive contracts governing the relationship between such parties, superseding all other discussions, promises, representations, warranties, agreements, and understandings between the parties with respect
thereto. No term of the Borrower/Lender Documents may be modified or amended, nor may any rights thereunder be waived, except in a writing signed by the party against whom enforcement of the modification, amendment, or waiver is sought. Any waiver
of any condition in, or breach of, any of the foregoing in a particular instance shall not operate as a waiver of other or subsequent conditions or breaches of the same or a different kind. Agent’s or any Lender’s exercise or failure to
exercise any rights or remedies under any of the foregoing in a particular instance shall not operate as a waiver of its right to exercise the same or different rights and remedies in any other instances. There are no oral agreements among the
parties hereto. 
 [Signature pages to follow] 
  

 11 

 IN WITNESS WHEREOF, this Forbearance Agreement to Amended and Restated Credit Agreement has
been executed by the parties hereto as of the date first written above. 
  

									
	 MEDICAL STAFFING NETWORK, INC.,
 as Borrower
	 		 	 MEDICAL STAFFING HOLDINGS, LLC,
 as Loan Party
 By: Medical Staffing Network Holdings, Inc.,
 its sole member

					
	By:	 	 /s/ Kevin Little
	 		 	By:	 	 /s/ Kevin Little

	Name:	 	 Kevin Little
	 		 	Name:	 	 Kevin Little

	Its:	 	 President and CFO
	 		 	Its:	 	 President and CFO

			
	 MEDICAL STAFFING NETWORK
 HOLDINGS, INC.,
 as Loan Party
	 		 	 MEDICAL STAFFING NETWORK OF ILLINOIS, LLC,
 as Loan Party

					
	By:	 	 /s/ Kevin Little
	 		 	By:	 	 /s/ Kevin Little

	Name:	 	 Kevin Little
	 		 	Name:	 	 Kevin Little

	Its:	 	 President and CFO
	 		 	Its:	 	 Manager

  

									
	 MSN – ILLINOIS HOLDINGS, INC.,
 as Loan Party
	 		 	 MEDICAL STAFFING NETWORK ASSETS, LLC,
 as Loan Party

					
	By:	 	 /s/ Kevin Little
	 		 	By:	 	 /s/ Kevin Little

	Name:	 	 Kevin Little
	 		 	Name:	 	 Kevin Little

	Its:	 	 Treasurer
	 		 	Its:	 	 Manager

  

									
	 INTELISTAF HOLDINGS, INC.,
 as Loan Party
	 		 	 INTELISTAF GROUP, INC.,
 as Loan Party

					
	By:	 	 /s/ Kevin Little
	 		 	By:	 	 /s/ Kevin Little

	Name:	 	 Kevin Little
	 		 	Name:	 	 Kevin Little

	Its:	 	 Treasurer
	 		 	Its:	 	 President

			
	 INTELISTAF HEALTHCARE, INC.,
 as Loan Party
	 		 	 INTELISTAF PARTNERS NO. 1, LLC,
 as Loan Party

					
	By:	 	 /s/ Kevin Little
	 		 	By:	 	 /s/ Kevin Little

	Name:	 	 Kevin Little
	 		 	Name:	 	 Kevin Little

	Its:	 	 President
	 		 	Its:	 	 President

			
	 INTELISTAF PARTNERS NO. 2, LLC,
 as Loan Party
	 		 	 INTELISTAF HEALTHCARE MANAGEMENT, L.P.,
 as Loan Party

		 		 	 By:
	 	Intelistaf Partners No. 1, LLC, its General Partner
					
	By:	 	 /s/ Kevin Little
	 		 	By:	 	 /s/ Kevin Little

	Name:	 	 Kevin Little
	 		 	Name:	 	 Kevin Little

	Its:	 	 President
	 		 	Its:	 	 President

									
	 GENERAL ELECTRIC CAPITAL
 CORPORATION,
	 		 	 CIFC FUNDING 2006 - I, LTD.
 CIFC FUNDING 2006 - II, LTD.,

	 as Agent and a Lender
	 		 	as a Lender
					
	By:	 	 /s/ Ryan Guenin
	 		 	 By:
	 	 /s/ Steve Vaccaro

	Name:	 	 Ryan Guenin
	 		 	 Name:
	 	 Steve Vaccaro

	Title:	 	 Duly Authorized Signatory
	 		 	Title:	 	 Co-Chief Investment Officer

			
	GE BUSINESS FINANCIAL SERVICES, INC., F/K/A	 		 	HEWLETT PACKARD FINANCIAL SERVICES, INC.,
	 Merrill Lynch Business Financial Services, Inc.,
 as a Lender
	 		 	as a Lender
					
	By:	 	 /s/ Ryan Guenin
	 		 	By:	 	 /s/ Richard Olson

	Name:	 	 Ryan Guenin
	 		 	Name:	 	 Richard Olson

	Title:	 	 Duly Authorized Signatory
	 		 	Title:	 	 CFO

  

									
	BANK OF AMERICA, N.A.,	 		 	 GARRISON CREDIT INVESTMENTS I, LLC,

	as a Lender	 		 	as a Lender
					
	By:	 	 /s/ Sophia Taylor
	 		 	By:	 	 /s/ Joseph Tansey

	Name:	 	 Sophia Taylor
	 		 	Name:	 	 Joseph Tansey

	Title:	 	 Senior Vice President
	 		 	Title:	 	 Co-President

			
	FIRSTLIGHT FUNDING I, LTD.,	 		 	
	as a Lender	 		 	
					
	By:	 	 /s/ Melissa Marano
	 		 		 	
	Name:	 	 Melissa Marano
	 		 		 	
	Title:	 	 Authorized Signatory
	 		 		 	

 SIGNATURE PAGE TO FORBEARANCE AGREEMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 EXHIBIT A (Specified Defaults) 
 I. Current Defaults 
 1. Event of Default
arising under Section 9.1(c) of the Credit Agreement as a result of the failure of Holdings to comply with the Minimum Consolidated Fixed Charge Coverage Ratio financial covenant set forth in Section 5.2 of the Credit Agreement for
the twelve consecutive Fiscal Month period ending October 25, 2009. 
 2. Event of Default arising under Section 9.1(c) of the
Credit Agreement as a result of the failure of Holdings to comply with the Minimum Consolidated EBITDA financial covenant set forth in Section 5.4 of the Credit Agreement for the fiscal period ending October 25, 2009. 
 II. Anticipated Defaults 
 1. Events of
Default arising under Section 9.1(c) of the Credit Agreement as a result of the failure of Holdings to comply with the Maximum Consolidated Leverage Ratio financial covenant set forth in Section 5.1 of the Credit Agreement for each
applicable twelve consecutive Fiscal Month period ending after October 25, 2009 but before the termination of the Forbearance Period. 
 2.
Events of Default arising under Section 9.1(c) of the Credit Agreement as a result of the failure of Holdings to comply with the Minimum Consolidated Fixed Charge Coverage Ratio financial covenant set forth in Section 5.2 of the
Credit Agreement for each applicable twelve consecutive Fiscal Month period ending after October 25, 2009 but before the termination of the Forbearance Period. 
 3. Events of Default arising under Section 9.1(c) of the Credit Agreement as a result of the failure of Holdings to comply with the Minimum Consolidated EBITDA financial covenant set forth in
Section 5.4 of the Credit Agreement for each applicable fiscal period ending after October 25, 2009 but before the termination of the Forbearance Period. 
  

 (i)Exhibit 10.1

 Exhibit 10.1 
 DEHAIER MEDICAL SYSTEMS LIMITED 
 WARRANT AGREEMENT

                          ,          
 Anderson & Strudwick, Incorporated 
 707
East Main Street 
 20th Floor 
 Richmond, Virginia 23219 
 Ladies and Gentlemen: 
 Dehaier Medical Systems Limited, a British Virgin Islands company (the “Company”), agrees to issue and sell to you a warrant (the “Warrant”) to purchase the number of common shares of
the Company set forth herein, subject to the terms and conditions contained herein. 
 1. Issuance of Warrant; Exercise
Price. The Warrant, which shall be in the form attached hereto as Exhibit A, shall be issued to you concurrently with the execution hereof in consideration of the payment by you to the Company of the sum of US $0.001 cash per common
share subject to the Warrant, the receipt and sufficiency of which are hereby acknowledged. The Warrant shall provide that you and such other holder(s) of the Warrant, as such may be assigned in accordance herewith, shall have the right to purchase
an aggregate of up to                      common shares for an exercise price equal to
$            per share (the “Exercise Price”), as described more fully herein. The number, character and Exercise Price of such shares are subject to adjustment as hereinafter
provided, and the term “shares” shall mean, unless the context otherwise requires, the common shares and other securities and property receivable upon exercise of the Warrant. The term “Exercise Price” shall mean, unless the
context otherwise requires, the price per share purchasable under the Warrant as set forth in this Section 1, as adjusted from time to time pursuant to Section 5. 
 2. Notices of Record Date. In the event of (i) any taking by the Company of a record date with respect to the holder(s)
of any class of securities of the Company for purposes of determining which of such holder(s) are entitled to dividends or other distributions, or any right to subscribe for, purchase or otherwise acquire shares of any class or any other securities
or property, or to receive any other right, (ii) any capital reorganization of the Company, or reclassification or recapitalization of common shares of the Company or any transfer in one or more related transactions of all or a majority of the
assets or revenue or income generating capacity of the Company to, or consolidation or merger of the Company with or into, any other entity or person, or (iii) any voluntary or involuntary dissolution or winding up of the Company, then and in
each such event the Company will mail or cause to be mailed to each holder of a Warrant at the time outstanding a notice specifying, as the case may be, (a) the date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend, distribution or right; or (b) the date on which any such reorganization, reclassification, recapitalization, transfer, consolidation, merger, conveyance, dissolution,
liquidation or winding-up is to take place and the time, if any is to be fixed, as of which the holders of record of shares (or any other class of shares or securities of the Company, or another issuer pursuant to Section 5, receivable upon the
exercise of the Warrant) shall be entitled to exchange their shares (or such other shares or securities) for securities or other property deliverable upon such event. Any such notice shall be deposited in the United States mail, postage prepaid, at
least ten (10) days prior to the date therein specified, and the holder(s) of the Warrant(s) may exercise the Warrant(s) and participate in such event as a registered holder of shares, upon exercise of the Warrant(s) so held, within the ten
(10) day period from the date of mailing such notice. 
 3. No Impairment. The Company shall not, by
amendment of its organizational documents or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other action, avoid or seek to avoid the observance or performance of any other
action, avoid or seek to avoid the observance or performance of any of the terms of this Agreement or of the Warrant, but will at all times in good faith take any and all action as may be necessary in order to protect the rights of the holder(s) of
the Warrant against impairment. Without limiting the generality of the foregoing, the Company (a) will at all times reserve and keep available, solely for issuance and delivery upon exercise of the Warrant, shares issuable from time to time
upon exercise of the Warrant, (b) will not increase the par value of any common shares receivable upon exercise of the Warrant above the amount payable in respect thereof upon such exercise, and (c) will take all such action as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares upon the exercise of the Warrant, or any portion of it. 

 4. Exercise of Warrant. 
 (a) Exercise for Cash. At any time and from time to time on and after one hundred eighty (180) days after
the date of effectiveness or commencement of sales of the Company’s initial public offering (the “IPO”) and expiring on
                         ,          at 11:59 p.m., Richmond, Virginia time (the
“Exercise Period”), the Warrant may be exercised as to all or any portion of the whole number of shares covered by the Warrant by the holder thereof by surrender of the Warrant, accompanied by a subscription for shares to be purchased in
the form attached hereto as Exhibit B and by a check payable to the order of the Company in the amount required for purchase of the shares as to which the Warrant is being exercised, delivered to the Company at its principal office at 1223
Epoch Center, No. 31 Zi Zhu Yuan Road, Haidian District, Beijing 100089, People’s Republic of China, Attention: Ping Chen, Chief Executive Officer. 
 (b) Cashless Exercise. In addition, during the Exercise Period and to the extent that the Company has failed to
register the shares issuable hereunder in accordance with Section 7 hereof within 90 days of the notification of the Company of the exercise of such demand registration right, the Warrant may be exercised as to all or any portion of the whole
number of shares covered by the Warrant by the holder thereof by surrender of Warrant together with irrevocable instructions to the Company to issue in exchange for the Warrant the number of shares equal to the product of (i) the number of
shares as to which the Warrant is being exercised multiplied by (ii) a fraction the numerator of which is the Current Value of any share less the Exercise Price therefor and the denominator of which is such Current Value. In the case of the
purchase of less than all the shares purchasable under the Warrant, the Company shall cancel such Warrant and shall execute and deliver a new Warrant of like tenor for the unexercised balance. For the purposes hereof, “Exercise Date” shall
mean the date on which all deliveries required to be made to the Company upon exercise of the Warrant pursuant to this Section 4 shall have been made. 
 (c) Issuance of Certificates. Upon the exercise of a Warrant in whole or in part, the Company will within five (5) days thereafter, at its expense (including the payment by the Company
of any applicable issue or transfer taxes), cause to be issued in the name of and delivered to the Warrant holder a certificate or certificates for the number of fully paid and non-assessable shares to which such holder is entitled upon exercise of
the Warrant. In the event such holder is entitled to a fractional share, in lieu thereof such holder shall be paid a cash amount equal to such fraction, multiplied by the Current Value of one full share on the date of exercise. Certificates for
shares issuable by reason of the exercise of the Warrant shall be dated and shall be effective as of the date of the surrendering of the Warrant for exercise, notwithstanding any delays in the actual execution, issuance or delivery of the
certificates for the shares so purchased. In the event the Warrant is exercised as to less than the aggregate amount of all shares issuable upon exercise of the Warrant held by such person, the Company shall issue a new Warrant to the holder of the
Warrant so exercised covering the aggregate number of shares as to which the Warrant remains unexercised. In addition to the foregoing, should the Company fail to issue the share certificate or certificates within the time limits referenced in the
first sentence of this Section 4(c), if and to the extent not already utilized as to the Warrant or the shares underlying the Warrant, the holder may utilize the cashless exercise contained in Section 4(b) hereof. 
 (d) Current Value. For purposes of this section, “Current Value” is defined (i) in the case for
which a public market exists for the shares at the time of such exercise, at a price per share equal to (A) the average of the means between the closing bid and asked prices of the shares in the over-the-counter market for 20 consecutive
business days commencing 30 business days before the date of such notice, (B) if the shares are quoted on the NASDAQ Capital Market, at the average of the means of the daily closing bid and asked prices of the shares for 20 consecutive business
days commencing 30 business days before the date of such notice, or (C) if the shares are listed on any national securities exchange or The NASDAQ National Market, at the average of the daily closing prices of the shares for 20 consecutive
business days commencing 30 business days before the date of such notice, and (ii) in the case no public market exists at the time of such exercise, at the Appraised Value. For the purposes of this Agreement, “Appraised Value” is the
value determined in accordance with the following procedures. For a period of five (5) days after the date of an event (a “Valuation Event”) requiring determination of Current Value at a time when no public market exists for the
shares (the “Negotiation Period”), each party to this Agreement agrees to negotiate in good faith to reach agreement upon the Appraised Value of the securities or property at issue, as of the date of the Valuation

  

 2 

 
Event, which will be the fair market value of such securities or property, without premium for control or discount for minority interests, illiquidity or restrictions on transfer. In the event
that the parties are unable to agree upon the Appraised Value of such securities or other property by the end of the Negotiation Period, then the Appraised Value of such securities or property will be determined for purposes of this Agreement by a
recognized appraisal or investment banking firm mutually agreeable to the holder(s) of the Warrant and the Company (the “Appraiser”). If the holder(s) of the Warrant and the Company cannot agree on an Appraiser within two (2) business
days after the end of the Negotiation Period, the Company, on the one hand, and the holder(s) of the Warrant, on the other hand, will each select an Appraiser within ten (10) business days after the end of the Negotiation Period and those
Appraisers will determine the fair market value of such securities or property, without premium for control or discount for minority interests. Such independent Appraiser(s) will be directed to determine fair market value of such securities or
property as soon as practicable, but in no event later than thirty (30) days after the date of its selection. The determination by Appraiser(s) of the fair market value will be conclusive and binding on all parties to this Agreement. If there
are two Appraisers, and they do not agree as to fair market value, then fair market value shall be determined to be the average of the fair market values as determined by each Appraiser. Appraised Value of each share at a time when (i) the
Company is not a reporting company under the Securities Exchange Act of 1934 and (ii) the shares are not traded in the organized securities markets, will, in all cases, be calculated by determining the Appraised Value of the entire Company
taken as a whole and dividing that value by the number of shares then outstanding, without premium for control or discount for minority interests, illiquidity or restrictions on transfer. The costs of the Appraiser(s) will be borne by the Company.
In no event will the Appraised Value of the shares be less than the per share consideration received or receivable with respect to the shares or securities or property of the same class in connection with a pending transaction involving a sale,
merger, recapitalization, reorganization, consolidation, or share exchange, dissolution of the Company, sale or transfer of all or a majority of its assets or revenue or income generating capacity, or similar transaction. 
 5. Protection Against Dilution. The Exercise Price for the shares and number of shares issuable upon exercise of the Warrant,
in whole or in part, is subject to adjustment from time to time as described in this Section 5. Notwithstanding the foregoing, nothing in this Warrant Agreement is intended or may be construed to violate any NASD Conduct Rule. In particular,
the anti-dilution provisions of this Warrant Agreement shall be interpreted in compliance with Rule 2710(f)(2)(H)(vi) and (vii) of the NASD Conduct Rules. 
 (a) Dividends, Subdivisions, Reclassifications, Etc. In case at any time or from time to time after the date of
execution of this Agreement, the Company shall (i) take a record of the holders of shares for the purpose of entitling them to receive a dividend or a distribution on shares payable in shares or another class of securities, (ii) subdivide
or reclassify its outstanding share of shares into a greater number shares, or (iii) combine or reclassify its outstanding shares into a smaller number of shares, then, and in each such case, the Exercise Price in effect at the time of the
record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted in such a manner that the Exercise Price for the shares issuable upon exercise of the Warrant immediately
after such event shall bear the same ratio to the Exercise Price in effect immediately prior to any such event as the total number of shares outstanding immediately prior to such event shall bear to the total number of shares outstanding immediately
after such event. 
 (b) Adjustment of Number of Shares Purchasable. When any adjustment is
required to be made in the Exercise Price under this Section 5, (i) the number of shares issuable upon exercise of the Warrant, in whole or in part, shall be changed (upward to the nearest full share) to the number of shares determined by
dividing (x) an amount equal to the number of shares issuable pursuant to the exercise of the Warrant immediately prior to the adjustment, multiplied by the Exercise Price in effect immediately prior to the adjustment, by (y) the Exercise
Price in effect immediately after such adjustment, and (ii) upon exercise of the Warrant, the holder will be entitled to receive the number of shares of other securities referred to in Section 5(a) that such holder would have received had
the Warrant been exercised prior to the events referred to in Section 5(a). 
 (c) Adjustment for
Reorganization, Consolidation, Merger, Etc. In the case of any reorganization or consolidation of the Company with, or any merger of the Company with or into, another entity (other than a consolidation or merger in which the Company is the
surviving corporation) or in case of any sale or transfer to another entity of the majority of assets of the Company, the entity resulting from such reorganization or consolidation or surviving such merger or to which such sale or transfer shall be
made, as the case may be,

  

 3 

 
shall make suitable provision (which shall be fair and equitable to each holder of a Warrant) and shall assume the obligations of the Company hereunder (by written instrument executed and mailed
to each holder of a Warrant then outstanding) pursuant to which, upon exercise of the Warrant, at any time after the consummation of such reorganization, consolidation, merger or conveyance, the holder shall be entitled to receive the common shares
or other securities or property that such holder would have been entitled to upon consummation if such holder had exercised the Warrant immediately prior thereto, all subject to further adjustment as provided in this Section 5. 
 (d) Certificate as to Adjustments. In the event of adjustment as herein provided in the paragraphs of this
Section 5, the Company shall promptly mail to each Warrant holder a certificate setting forth the Exercise Price and number of shares issuable upon exercise after such adjustment and setting forth a brief statement of facts requiring such
adjustment. Such certificate shall also set forth the kind and amount of shares or other securities or property into which the Warrant shall be exercisable after any adjustment of the Exercise Price as provided in this Agreement. 
 (e) Minimum Adjustment. Notwithstanding the foregoing, no certificate as to adjustment of the Exercise Price
hereunder shall be made if such adjustment results in a change in the Exercise Price then in effect of less than five cents ($0.05) and any adjustment of less than five cents ($0.05) of any Exercise Price shall be carried forward and shall be made
at the time of and together with any subsequent adjustment that, together with the adjustment or adjustments so carried forward, amounts to five cents ($0.05) or more; provided however, that upon the exercise of a Warrant, the Company shall have
made all necessary adjustments (to the nearest cent) not theretofore made to the Exercise Price up to and including the date upon which such Warrant is exercised. 
 7. Registration Rights. 
 (a) Demand
Registration Under the Securities Act of 1933. To the extent that sufficient shares have not been registered to permit exercise of the Warrant, then at any time commencing after the closing of the IPO, through and including
                         ,          parties who collectively hold a majority of the
shares issued or issuable upon the exercise of the Warrant shall have the right, exercisable by written notice to the Company, to have the Company prepare and file with the Securities and Exchange Commission (the “Commission”), on one
occasion, a registration statement and such other documents, including a prospectus, as may be necessary in the opinion of both counsel for the Company and counsel for you and any other holder of a Warrant, in order to comply with the provisions of
the Act, so as to permit a public offering and sale of their respective Warrant, the shares underlying the Warrant or other securities held as a result of any adjustment made pursuant to Section 5 hereof (collectively, the “Registrable
Securities”). The Company shall notify each holder of a Warrant and the shares underlying the Warrant of any such demand registration request within ten (10) days of receipt of such request. The notified holder(s) may participate in such
demand registration by notifying the Company within ten (10) days after receiving the Company’s notification. 
 (b) Notice to Be Delivered. The Company covenants and agrees to give written notice of any registration request under Section 7(a) by you or any holder(s) to you and to all other holder(s) of a Warrant or the shares
underlying a Warrant within ten (10) days from the date of the receipt of any such registration request. 
 (c) Covenants of the Company With Respect to Registration. In connection with any registration under Section 7(a) hereof, the Company covenants and agrees as follows: 
 (i) The Company shall use its best efforts to file a registration statement within ninety (90) days of receipt of any
demand therefore in accordance with Section 7(a), shall use its best efforts to have any registration statement declared effective at the earliest practicable time, and shall furnish you and each holder desiring to sell the Registrable
Securities held by you or the other holder(s) as a result of any adjustment made pursuant to the provisions of Section 5 hereof, such number of prospectuses as shall reasonably be requested. 
 (ii) The Company shall pay all costs (excluding fees and expenses of counsel for you and any other holder(s) and any
underwriting or selling commissions), fees and expenses in connection with all registration statements filed pursuant to Section 7(a) hereof including, without limitation, the Company’s legal and accounting fees, printing expenses, and
blue sky fees and expenses. If the Company shall fail to comply with the provisions of Section 7(d), the Company shall, in addition to any other equitable or other relief available to you and any other holder(s), be liable for any or all actual
damages (which may include damages due to a loss of profit). 
  

 4 

 (iii) The Company will take all necessary action which may be required in
qualifying or registering the Registrable Securities included in a registration statement for offering and sale under the securities or blue sky laws of such states as are reasonably requested by you and any other holder(s), provided that the
Company shall not be obligated to execute or file any general consent to service of process or to qualify as a foreign corporation to do business under the laws of any such jurisdiction. 
 (iv) The Company shall indemnify you and any other holder(s) of the Registrable Securities to be sold pursuant to any
registration statement and each person, if any, who controls you or any other holder(s) within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), against all
loss, claim, damage, expense or liability (including all expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Act, the 1934 Act or otherwise, arising
from such registration statement to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify you in the Placement Agreement to be entered into by and between you and the Company (the
“Placement Agreement”) and to provide for just and equitable contribution as set forth in the Placement Agreement. 
 (v) You and any other holder(s) of the Registrable Securities to be sold pursuant to a registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company,
its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the 1934 Act, against all loss, claim, damage or expense or liability (including all expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the 1934 Act or otherwise, arising from information furnished by or on behalf of such holder(s), or their
successors or assigns, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in the Placement Agreement pursuant to which you have agreed to indemnify the Company and to provide
for just and equitable contribution as set forth in the Placement Agreement. 
 (vi) Nothing contained in this
Agreement shall be construed as requiring you or any other holder(s) to exercise any portion of their Warrant prior to the initial filing of any registration statement or the effectiveness thereof. 
 (vii) The Company shall deliver promptly to you and any other holder(s) of the Registrable Securities participating in the
offering copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit you and the other
holder(s) of the Registrable Securities to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable
securities laws or rules of the Financial Industry Regulatory Authority (“FINRA”); provided that you and each such holder of the Registrable Securities agree not to disclose such information without the prior consent of the Company. Such
investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often as you
and any other holder(s) of the Registrable Securities shall reasonably request. 
 (viii) If required by the
underwriters in connection with an underwritten offering which includes Registrable Securities pursuant to this Section 7, the Company shall enter into an underwriting agreement with one or more underwriters selected for such underwriting. Such
underwriting agreement shall be satisfactory in form and substance to the Company, you and each other holder of the Registrable Securities, and shall contain such representations, warranties and covenants by the Company and such other terms as are
customarily contained in agreements of that type used by the underwriters. If required by the underwriters, you and the other holder(s) of the Registrable Securities shall be parties to any underwriting agreement relating to an underwritten sale of
their Registrable Securities and may, at their option, require that any or all representations and warranties of the Company to or for the benefit of such underwriters shall, to the extent that they may be applicable, also be made to and for the
benefit of you and the other holder(s) of the Registrable Securities. You and the other holder(s) of the Registrable

  

 5 

 
Securities shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to you and the other holder(s) of the
Registrable Securities and their intended methods of distribution. 
 (ix) In connection with any registration
statement filed pursuant to Section 7 hereof, the Company shall furnish, or cause to be furnished, to you and each holder participating in any underwritten offering and to each underwriter, a signed counterpart, addressed to you, such holder(s)
or underwriter, of (i) an opinion of counsel to the Company, dated as of the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under the
underwriting agreement), and (ii) a “cold comfort” letter, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the
underwriting agreement), signed by the independent public accountants who have issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially the same matters with respect to
such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. 
 (x) The Company shall promptly notify you and each holder of the Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Act, upon the
Company’s discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and upon receipt of such notice you and each holder shall not effect any sale of securities and
shall immediately cease utilizing or distributing such prospectus. At the request of you or any such holder(s), the Company shall promptly prepare and furnish to you or such holder(s) and each underwriter, if any, a reasonable number of copies of a
supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made. 
 (xi) For purposes of this Agreement, the term “majority” in reference to you and the other holder(s) of a Warrant or the shares underlying an unexercised Warrant, shall mean in excess of fifty
percent (50%) of the shares underlying the then outstanding Warrant(s) that have not been resold to the public pursuant to Rule 144 under the Act or a registration statement filed with the Commission under the Act. 
 8. Stock Exchange Listing. In the event the Company lists its shares on any national securities exchange or market, the
Company will, at its expense, also list on such exchange, upon exercise of a Warrant, all shares issuable pursuant to such Warrant. 
 9. Restrictive Legend. Executed copies of this Agreement shall be filed in the principal office of the Company. Instruments evidencing all or part of the Warrant shall contain the legend shown on Exhibit A until one
hundred eighty (180) days after the date of effectiveness or commencement of sales of the Company’s IPO, after which time such legend may be removed at the request of the holder thereof. 
 10. Successors and Assigns; Binding Effect. This Agreement shall be binding upon and inure to the benefit of you and the
Company and their respective successors and permitted assigns. 
 11. Notices. Any notice hereunder shall be given
by registered or certified mail, if to the Company, at its principal office referred to in Section 5 and, if to a holder, to the holder’s address shown in the Warrant ledger of the Company, provided that any holder may at any time on three
(3) days’ written notice to the Company designate or substitute another address where notice is to be given. Notice shall be deemed given and received after a certified or registered letter, properly addressed with postage prepaid, is
deposited in the U.S. mail. 
 12. Severability. Every provision of this Agreement is intended to be severable. If
any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the remainder of this Agreement. 
  

 6 

 13. Assignment; Replacement of Warrant. The Warrant and the shares underlying
the Warrant may be sold, transferred, assigned, pledged or hypothecated by you prior to one hundred eighty (180) days after the date of effectiveness or commencement of sales of the Company’s IPO only to bona fide officers of
Anderson & Strudwick, Incorporated, who in turn shall be subject to the same restriction. Any assignment shall be effected in accordance with the Form of Assignment attached hereto as Exhibit C. If the Warrant is assigned, in whole
or in part, the Warrant shall be surrendered at the principal office of the Company, and thereupon, in the case of a partial assignment, a new Warrant shall be issued to the holder thereof covering the number of shares not assigned, and the assignee
shall be entitled to receive a new Warrant covering the number of shares so assigned. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Warrant and appropriate bond or
indemnification protection, the Company shall issue a new Warrant of like tenor. 
 14. Rights of Shareholders.
Until exercised, the Warrant shall not entitle the holder thereof to any of the rights of a shareholder of the Company. 
 15.
Governing Law. This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Virginia without giving effect to the principles of choice of laws thereof. 
 16. Definition. All references to the word “you” in this Agreement shall be deemed to apply with equal effect to any
persons or entities to whom a Warrant has been transferred in accordance with the terms hereof, and, where appropriate, to any persons or entities holding shares issuable upon exercise of a Warrant. 
 17. Headings. The headings herein are for purposes of reference only and shall not limit or otherwise affect the meaning of
any of the provisions hereof. 
 [Execution Page Follows – Dehaier Medical Systems Limited – Warrant Agreement]

  

 7 

 [Execution Page – Dehaier Medical Systems Limited – Warrant Agreement]

  

			
	Very truly yours,
	
	DEHAIER MEDICAL SYSTEMS LIMITED
		
	By:	 	  

	Name:	 	Ping Chen
	Title:	 	Chief Executive Officer

 Accepted as of the          day of
                    ,         . 
  

			
	ANDERSON & STRUDWICK, INCORPORATED
		
	By:	 	  

	Name:	 	L. McCarthy Downs, III
	Title:	 	Senior Vice President

  

 8 

 EXHIBIT A 
  

			
		 	 No.         
                      Common Shares
 (as may be adjusted pursuant to the
 terms of the Warrant Agreement)

 DEHAIER MEDICAL SYSTEMS LIMITED 
 COMMON SHARES PURCHASE WARRANT 
 THIS IS TO CERTIFY that ANDERSON & STRUDWICK, INCORPORATED or its assigns as permitted in that certain Warrant Agreement (the “Warrant Agreement”) dated
                         ,          between the Company (as hereafter defined) and
Anderson & Strudwick, Incorporated is entitled to purchase at any time or from time to time on or after the closing of the initial public offering of the Company’s common shares and before
                         ,         ,
                     common shares of Dehaier Medical Systems Limited, a British Virgin Islands company (the “Company”), for an exercise
price of $            per share. This Warrant is issued pursuant to the Agreement, and all rights of the holder of this Warrant are further governed by, and subject to the terms and
provisions of such Warrant Agreement, copies of which are available upon request to the Company. The holder of this Warrant and the shares issuable upon the exercise hereof shall be entitled to the benefits, rights and privileges and subject to the
obligations, duties and liabilities provided in the Warrant Agreement. 
 UNTIL ONE HUNDRED EIGHTY (180) DAYS AFTER THE
DATE OF EFFECTIVENESS OR COMMENCEMENT OF SALES OF THE INITIAL PUBLIC OFFERING OF DEHAIER MEDICAL SYSTEMS LIMITED, NEITHER ANDERSON & STRUDWICK, INCORPORATED NOR ANY ASSIGNEE OF ALL OR A PORTION OF THE RIGHTS PURSUANT TO THIS WARRANT MAY
SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE ANY OF ITS RIGHTS PURSUANT TO THIS WARRANT OTHER THAN TO BONA FIDE OFFICERS OF ANDERSON & STRUDWICK, INCORPORATED. 
 Subject to the provisions of the Securities Act of 1933, of the Warrant Agreement and of this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, only to the extent
expressly permitted in such documents and then only at the office of the Company at Dehaier Medical Systems Limited, 1223 Epoch Center, No. 31 Zi Zhu Yuan Road, Haidian District, Beijing 100089, People’s Republic of China, Attention: Ping
Chen, Chief Executive Officer, by the holder hereof or by a duly authorized attorney-in-fact, upon surrender of this Warrant duly endorsed, together with the Assignment hereof duly endorsed. Until transfer hereof on the books of the Company, the
Company may treat the registered holder hereof as the owner hereof for all purposes. 
 IN WITNESS WHEREOF, the Company has
caused this Warrant to be executed by its proper corporate officers thereunto duly authorized. 
  

			
	DEHAIER MEDICAL SYSTEMS LIMITED
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	 ATTEST:

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 EXHIBIT B 
 FORM OF SUBSCRIPTION 
 To Dehaier Medical Systems Limited: 
 The undersigned, the holder of Warrant Number             , hereby irrevocably
elects to exercise the purchase right represented by such Warrant, and to purchase thereunder             * common shares of Dehaier Medical Systems Limited. 
 As payment therefor, the undersigned (mark one): 
              herewith makes a payment in cash or by check of U.S.
$            , or 
              requests to utilize the cashless exercise provision in Section 4(b) of the Warrant Agreement. 
 Further, the undersigned requests that the certificate or certificates for such shares be issued in the name of and delivered to the
undersigned. The undersigned acknowledges and agrees that shares to be received by the undersigned are subject to the restrictions on transfer set forth in the Warrant. 
  

	
	  

	(Signature)
	
	  

	
	  

	(Address)

 Dated:
                                        

  

	*	Insert here the number of common shares set forth on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is
being exercised), in either case without making any adjustment (which adjustment will be made in the issuance of such shares, other stock, securities, property, or cash) for additional common shares or any other stock or other securities or property
or cash that, pursuant to the adjustment provisions of the Warrant, is deliverable upon exercise. 

 EXHIBIT C 
 FORM OF ASSIGNMENT 
 (To be signed only upon transfer of Warrant)

 For value received, Anderson & Strudwick, Incorporated, the registered holder of the Warrant issued by Dehaier
Medical Systems Limited to purchase                      shares of common stock represented by Warrant
        , hereby sells, assigns and transfers                      of such Warrants to officers of
Anderson & Strudwick, Incorporated as set forth below, with the remaining balance (            ) to be reissued to Anderson & Strudwick, Incorporated: 

 

							
		 	Assignee/Transferee	 		  	Amount Assigned/Transferred
				
		 	  
	 		  	  

 Anderson & Strudwick, Incorporated does hereby irrevocably constitute and
appoint the undersigned’s attorney to make such transfer on the books of the Warrant Agent maintained for that purpose, with full power of substitution in the premises. 
 The undersigned represents and warrants that the transfer of the attached Warrant is permitted by the terms of the Warrant Agreement
pursuant to which the attached Warrant has been issued, and the transferees hereof, by acceptance of this Agreement, agrees to be bound by the terms of the Warrant Agreement with the same force and effect as if a signatory thereto. 
  

			
	ANDERSON & STRUDWICK, INCORPORATED
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Date:
                                        

 Signature Guaranteed by: 
 THE
SIGNATURE SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM) PURSUANT TO S.E.C RULE 17 Ad-15.

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