Exhibit 10.3


 


SECOND AMENDMENT AND WAIVER TO AMENDED AND RESTATED
CREDIT AGREEMENT


 


This SECOND AMENDMENT AND
WAIVER TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of September 28, 2022 (the “Effective
Date”), is by and among LIMBACH FACILITY SERVICES LLC, a Delaware limited liability company (“Borrower”),
LIMBACH HOLDINGS LLC, a Delaware limited liability company (“Intermediate Holdco”), the other persons designated
as “Loan Parties” in the Credit Agreement (as defined below), the Lenders (as defined below) party hereto, and WHEATON
BANK & TRUST COMPANY, N.A., a Subsidiary of Wintrust Financial Corporation, as Agent.


 


RECITALS


 


A.            Borrower,
the other persons designated as “Loan Parties” from time to time party thereto, the lenders from time to time party thereto
(collectively, the “Lenders” and each individually a “Lender”) and Agent are party to that certain
Amended and Restated Credit Agreement, dated as of December 2, 2021 (as amended hereby and as it may be further amended, restated,
amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);


 


B.            Pursuant
to the Credit Agreement, Lenders made and committed to make certain loans to Borrower as follows: (i) a term loan in an aggregate
principal amount equal to Thirty Five Million Five Hundred Thousand and 00/100 Dollars ($35,500,000.00) (“the “Term Loan”)
and (ii) a revolving credit facility with an aggregate commitment equal to Twenty Five Million and 00/100 Dollars ($25,000,000.00)
the “Revolving Loan” and collectively with the Term Loan, the “Loans”);


 


D.            Borrower
has requested that the Lenders agree to amend the Credit Agreement in certain respects, as more specifically set forth herein; and


 


E.            The
Lenders are willing to agree to amend and modify the Credit Agreement as herein provided, in each case, subject to the and on the terms
and conditions set forth herein.


 


NOW, THEREFORE, in
consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties, intending to be legally bound, agree as follows:


 


AGREEMENTS:


 


1.            Definitions.
All capitalized undefined terms used in this Amendment (including without limitation, in the Recitals hereto) shall have the meanings
assigned thereto in the Credit Agreement, as amended hereby.


 


2.            Amendments.
In reliance on the representations and warranties set forth in Section 4 of this Amendment and subject to the satisfaction of the
conditions precedent set forth in Section 3 of this Amendment, the Credit Agreement is hereby amended as follows:


 


		(a)	Section 6.15, “Restricted Payments” of the Credit Agreement is amended
to delete “and” after clause (c), insert “and” after clause (d) and insert new clause (e) to read as
follows:



 


(e)            so
long as no Default or Event of Default has occurred and is continuing or would result therefrom, cash distributions to the Intermediate
Holdco and the Intermediate Holdco may in turn make cash distributions to Parent for the redemption, retirement or otherwise acquisition
of shares of Parent’s Ownership Interests from its stockholders, including present or former officers, employees, directors or consultants
(or their family members or trusts or other entities for the benefit of any of the foregoing) in an aggregate amount not to exceed $3,000,000
during the term of this Agreement.


 






     


     


    

 


3.            Conditions
to Effectiveness. The agreement by the Administrative Agent and the Lenders to amend the Credit Agreement in the manner set forth
herein is subject to satisfaction of, and expressly conditioned upon, all of the following conditions precedent (the “Second
Amendment Effective Date”):


 


		(a)	This Amendment. The Administrative Agent shall have received counterparts of this Amendment,
duly executed by the Borrower and each Lender, and acknowledged by each of the Guarantors.



 


		(b)	Corporate Documents. The Administrative Agent shall have received all information and copies
of all documents, including records of requisite corporate or limited liability company action and proceedings of the Borrower which the
Administrative Agent may have requested in connection therewith, such documents to be certified by appropriate corporate officers or Governmental
Authority.



 


		(c)	Other Documents. The Administrative Agent shall have received any other documents or instruments
reasonably requested by the Administrative Agent in connection with the execution of this Amendment.



 


		(d)	Fees and Expenses. Borrower shall have paid all fees and expenses required to be paid in
connection herewith, and all fees and expenses invoiced on or before the date hereof, shall have been paid in full in cash or will be
paid on the date hereof.



 


4.            Representations
and Warranties. The Borrower represents and warrants that (a) it has the corporate power
and authority to make, deliver and perform this Amendment, (b) it has taken all necessary corporate or other action to authorize
the execution, delivery and performance of this Amendment, (c) this Amendment has been duly executed
and delivered on behalf of the Borrower, (d) this Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles, (e) each
of the representations and warranties made by the Borrower in or pursuant to the Loan Documents is true and correct in all material respects
on and as of the date hereof as if made on and as of the date hereof, except for any representation and warranty made as of an earlier
date, which representation and warranty shall remain true and correct as of such earlier date; provided that any representation or warranty
that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct
(after giving effect to any qualification therein) in all respects on such respective dates, (f) it has no defenses, setoffs, rights
of recoupment, counterclaims or claims of any nature whatsoever with respect to the Loan Documents or the Obligations due thereunder,
and to the extent any such defenses, setoffs, rights of recoupment, counterclaims or claims may exist, the same are hereby expressly waived,
released and discharged, and (g) no Default or Event of Default has occurred and is continuing after giving effect hereto.


 


5.            Reaffirmation
of Covenants. By its execution hereof, Borrower hereby expressly (a) acknowledges and agrees to
the terms and conditions of this Amendment, (b) reaffirms all of its respective covenants, representations, warranties and other
obligations set forth in the Credit Agreement and the other Loan Documents to which it is a party, (c) ratifies and confirms
all security interests granted to the Administrative Agent and the Lenders under the Loan Documents, and
(d) acknowledges that its respective covenants, representations, warranties and other obligations set forth in the Credit Agreement
and the other Loan Documents to which it is a party remain in full force and effect.


 






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6.            Costs
and Expenses. The Borrower agrees to pay in accordance with Section 10.12 of the Credit Agreement all reasonable costs
and expenses of the Administrative Agent and the Lenders in connection with the preparation, execution and delivery of this Amendment
and the other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel for the Administrative Agent with respect thereto and with respect to advising Lenders as to their rights and responsibilities
hereunder and thereunder.


 


7.            Execution
in Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature
page of this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.


 


8.            Entire
Agreement. This Amendment is the entire agreement, and supersedes any prior agreements and contemporaneous oral agreements, of the
parties concerning its subject matter.


 


9.            Full
Force and Effect; Inconsistency. Except as herein modified, the terms, conditions and covenants of the Loan Documents shall remain
unchanged and otherwise in full force and effect. In the event of an inconsistency between this Amendment and the Loan Documents, the
terms herein shall control.


 


10.            Laws
of Illinois. The validity, interpretation and enforcement of this Amendment shall be governed by the internal laws of the State of
Illinois but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any
juris diction other than the laws of the State of Illinois.


 


11.            Successors
and Assigns. This Amendment shall be binding on and inure to the benefit of the parties and their respective heirs, beneficiaries,
successors and permitted assigns.


 


12.            Waiver
of Jury Trial; Arbitration. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND CONSENT AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.


 


[SIGNATURE PAGE FOLLOWS]


 






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IN WITNESS WHEREOF, this Amendment has been executed
on the date first written above, to be effective as of the Effective Date.


 


	 	BORROWER:
	 	 
	 	LIMBACH FACILITY SERVICES LLC,
	 	 
	 	By:	/s/ Jayme Brooks
	 	Name:	 Jayme Brooks
	 	Title:	EVP, Chief Financial Officer
	 	 
	 	GUARANTORS:
	 	 
	 	LIMBACH HOLDINGS LLC,
	 	 
	 	By:	/s/ Jayme Brooks
	 	Name:	Jayme Brooks
	 	Title:	EVP, Chief Financial Officer
	 	 	 
	 	 	 
	 	LIMBACH COMPANY LLC,
	 	 
	 	By:	/s/ Jayme Brooks
	 	Name:	Jayme Brooks
	 	Title:	EVP, Chief Financial Officer
	 	 	 
	 	 	 
	 	HARPER LIMBACH LLC,
	 	 
	 	By:	/s/ Jayme Brooks
	 	Name:	Jayme Brooks
	 	Title:	EVP, Chief Financial Officer
	 	 	 
	 	 	 
	 	LIMBACH COMPANY LP,
	 	 
	 	By:	/s/ Jayme Brooks
	 	Name:	Jayme Brooks
	 	Title:	EVP, Chief Financial Officer
	 	 	 
	 	 	 
	 	HARPER LIMBACH CONSTRUCTION LLC,
	 	 
	 	By:	/s/ Jayme Brooks
	 	Name:	Jayme Brooks
	 	Title:	EVP, Chief Financial Officer



 


[Signature Page to Second Amendment]


 






    


     


    

 


	 	JAKE MARSHALL, LLC,
	 	 
	 	By:	/s/ Jayme Brooks
	 	Name:	Jayme Brooks
	 	Title:	EVP, Chief Financial Officer
	 	 	 
	 	 	 
	 	COATING SOLUTIONS, LLC,
	 	 
	 	By:	/s/ Jayme Brooks
	 	Name:	Jayme Brooks
	 	Title:	EVP, Chief Financial Officer
	 	 	 
	 	 	 
	 	LIMBACH HOLDINGS LLC,
	 	 
	 	By:	/s/ Jayme Brooks
	 	Name:	Jayme Brooks
	 	Title:	EVP, Chief Financial Officer


 


[Signature Page to Second Amendment]


 






    


     


    

 


	 	WHEATON BANK & TRUST COMPANY, N.A., as a Lender, as L/C Issuer and as Administrative Agent,
	 	 
	 	By:	/s/ David Nelson
	 	Name:	 David Nelson
	 	Title:	VP


 


[Signature Page to Second Amendment]


 






    


     


    

 


	 	M&T BANK,

as a Lender
	 	 
	 	By:	/s/ Robert J. Tiskus
	 	Name:	 Robert J. Tiskus
	 	Title:	Senior Vice President 


 


[Signature Page to Second Amendment]


 






    


     


    

 


	 	BANK OF THE WEST,

as a Lender
	 	 
	 	By:	/s/ Philip R. Medsger
	 	Name:	 Philip R. Medsger
	 	Title:	Director


 


[Signature Page to Second Amendment]


 






    


     


    

 


	 	OLD SECOND NATIONAL BANK AS SUCCESSOR BY MERGER TO WEST SUBURBAN BANK,

as a Lender
	 	 
	 	By:	/s/ Jason G. Fels
	 	Name:	Jason G. Fels
	 	Title:	Vice President


 


[Signature Page to Second Amendment]