Document:

glpw_EX_1034

		

			 

		

		
			EXHIBIT 10.34
		

		
			 
		

		
			FOURTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT
		

		
			 
		

		
			THIS FOURTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT (this "Fourth Amendment"), dated as of December 22, 2014, is among GLOBAL POWER EQUIPMENT GROUP INC., a Delaware corporation (the "Borrower"), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders, Swingline Lender and Issuing Lender (the "Administrative Agent"), and the LENDERS (as defined in the Credit Agreement defined below), signing this Fourth Amendment.
		

		
			BACKGROUND
		

		
			A.The Borrower, the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated as of February 21, 2012, as amended by that certain First Amendment to Credit Agreement and First Amendment to Security Agreement, dated as of April 25, 2012, that certain Second Amendment to Credit Agreement dated as of July 19, 2012, that certain Third Amendment and Limited Waiver to Credit Agreement and Second Amendment to Security Agreement, dated as of March 4, 2013, but effective as of December 7, 2012 and that certain Lender Joinder Agreement, effective as of December 17, 2013 (as amended, the "Credit Agreement").   The terms defined in the Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit Agreement.
		

		
			B.The Borrower has requested a waiver of any Default or Event of Default for the failure to comply with Section 8.14 of the Credit Agreement for the 2014 Fiscal Year.
		

		
			C.The Borrower and Williams Industrial Services Group, L.L.C. ("Williams") intend to dissolve Williams Burns and Roe, LLC, a Delaware limited liability company ("WB&R"), by disposing of all the Capital Stock Williams holds in WB&R (the "WB&R Dissolution).  WB&R is a Permitted Servicing Joint Venture that has no assets and no liabilities.  The Borrower has requested a waiver of Section 8.5 of the Credit Agreement to permit the WB&R Dissolution.
		

		
			D.The Borrower has informed the Lenders that GPEG C.V., a Dutch commanditaire vennootschap, organized under the laws of The Netherlands ("CV"), will issue a promissory note payable to GPEG, LLC, a Delaware limited liability company, in an original aggregate principal amount of $24,900,000 (the "CV Note").  The Borrower has requested a waiver of the limitation set forth in Section 8.1(g)(ii) of the Credit Agreement to permit the issuance of the CV Note.
		

		
			E.NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, the Borrower, the Required Lenders and the Administrative Agent covenant and agree as follows:
		

		 

		

			FOURTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT – Page 1

		

 

		

			 

		

		
			1.AMENDMENTS TO CREDIT AGREEMENT.  
		

		
			(a)Section 1.1 of the Credit Agreement is hereby amended by adding the defined term "Total Contract Value" thereto in alphabetical order to read as follows:
		

		
			"Total Contract Value" means the revenue actually, or projected to be, generated over the life of a contract of the Borrower or its Subsidiaries. 
		

		
			(b)Section 7.1 of the Credit Agreement is hereby amended by adding a new subsection (d) thereof to read as follows:
		

		
			(d)As soon as practicable and in any event within (i) seventy‐five (75) days after the end of each Fiscal Year (commencing with the Fiscal Year ended December 31, 2014) and (ii) forty-five (45) days after the end of each of the first three fiscal quarters of each Fiscal Year, a consolidated report of the status of each contract of the Borrower and its Subsidiaries with a Total Contract Value in excess of $7,500,000 as of the end of such Fiscal Year, or such fiscal quarter, as applicable (the "Contract Work-in-Process Report").  Such Contract Work-in-Process Report shall be in form and substance reasonably satisfactory to the Administrative Agent.
		

		
			2.LIMITED WAIVER.  Subject to the satisfaction of the conditions of effectiveness set forth in Section 4 hereof and the provisos immediately following in this Section 2, the Administrative Agent and the Required Lenders hereby (a) waive any Default or Event of Default that will occur as a result of the failure of the Borrower to comply with Section 8.14 of the Credit Agreement for the 2014 Fiscal Year; provided, that this waiver shall automatically be revoked and of no further force or effect if the Credit Parties and their Subsidiaries permit the aggregate amount of all Capital Expenditures in the 2014 Fiscal Year to exceed $12,500,000; (b) waive the restrictions set forth in Section 8.5 of the Credit Agreement to permit the WB&R Dissolution; and (c) waive the restriction set forth in Section 8.1(g)(ii) of the Credit Agreement to permit the Indebtedness evidenced by the CV Note, provided that (i) such Indebtedness shall be unsecured, (ii) such CV Note is a promissory note in form and substance reasonably satisfactory to the Administrative Agent and (iii) such CV Note shall be pledged and delivered to the Administrative Agent pursuant to the Security Documents.  The waivers contained in this Section 2 are limited and do not affect any other covenants or provisions of the Credit Agreement or any other Loan Document .
		

		
			3.REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT.  By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof and after giving effect to the amendments set forth in Section 1 hereof and the limited waiver set forth in Section 2 hereof:
		

		
			(a)the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects, on and as of the date hereof as made on and as of such date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, in which case such representation and 
		

		 

		

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		warranty shall be true and correct in all respects on and as of the date hereof as if made on and as of such date, (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects as of such earlier date);
		

		
			(b)no event has occurred and is continuing which constitutes a Default or an Event of Default;
		

		
			(c)(i) the Borrower has full power and authority to execute and deliver this Fourth Amendment, (ii) this Fourth Amendment has been duly executed and delivered by the Borrower, and (iii) each of this Fourth Amendment and the Credit Agreement, as amended hereby, constitutes the legal, valid and binding obligations of the Borrower, enforceable in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors' rights in general and the availability of equitable remedies, regardless of whether considered in a proceeding in equity or at law;
		

		
			(d)neither the execution, delivery and performance of this Fourth Amendment, nor the consummation of any transactions contemplated herein, will conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument to which the Borrower is a party or by which any of its properties may be bound or any Governmental Approval relating to Borrower, except to the extent such conflict, breach or default, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; and
		

		
			(e)no authorization, approval, consent, or other action by, notice to, or filing with, any Governmental Authority or other Person not already obtained (including the Board of Directors (or other similar governing body) of the Borrower) is required for the execution, delivery or performance by the Borrower of this Fourth Amendment.
		

		
			4.CONDITIONS TO EFFECTIVENESS.  This Fourth Amendment shall be effective as of December 22, 2014 subject to satisfaction or completion of the following:
		

		
			(a)the Administrative Agent shall have received counterparts of this Fourth Amendment executed by the Required Lenders;
		

		
			(b)the Administrative Agent shall have received counterparts of this Fourth Amendment executed by the Borrower and acknowledged by each Subsidiary Guarantor; 
		

		
			(c)the Administrative Agent shall have received the original CV Note, together with an allonge, executed in blank; and
		

		
			(d)the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the Administrative Agent shall require.
		

		 

		

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			5.REFERENCE TO THE CREDIT AGREEMENT.
		

		
			(a)Upon the effectiveness of this Fourth Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", or words of like import shall mean and be a reference to the Credit Agreement, as amended and affected hereby.
		

		
			(b)The Credit Agreement, as amended by this Fourth Amendment, shall remain in full force and effect and is hereby ratified and confirmed.
		

		
			6.COSTS, EXPENSES AND TAXES.  The Borrower agrees to pay on demand all costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Fourth Amendment and the other instruments and documents to be delivered hereunder (including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto).
		

		
			7.SUBSIDIARY GUARANTOR'S ACKNOWLEDGMENT.  By signing below, each Subsidiary Guarantor (a) acknowledges, consents and agrees to the execution, delivery and performance by the Borrower of this Fourth Amendment, (b) acknowledges and agrees that its obligations in respect of its Subsidiary Guaranty Agreement are not released, diminished, waived, modified, impaired or affected in any manner by this Fourth Amendment or any of the provisions contemplated herein, (c) ratifies and confirms its obligations under the Subsidiary Guaranty Agreement, and (d) acknowledges and agrees that it has no claims or offsets against, or defenses or counterclaims to, the Subsidiary Guaranty Agreement.
		

		
			8.EXECUTION IN COUNTERPARTS.  This Fourth Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  For purposes of this Fourth Amendment, a counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be treated as an original.  The signature of such Person thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding effect as an original signature on an original document.
		

		
			9.GOVERNING LAW.  This Limited Waiver and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Limited Waiver or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.
		

		
			10.WAIVER OF JURY TRIAL.  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 FOURTH AMENDMENT OR ANY OTHER LOAN DOCUMENT OR THE 
		

		 

		

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		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 (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS FOURTH AMENDMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
		

		
			11.HEADINGS.  Section headings in this Fourth Amendment are included herein for convenience of reference only and shall not constitute a part of this Fourth Amendment for any other purpose.
		

		
			12.ENTIRE AGREEMENT.  THE CREDIT AGREEMENT, AS AMENDED BY THIS FOURTH AMENDMENT AND THE OTHER LOAN DOCUMENTS, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL  AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN ORAL  AGREEMENTS BETWEEN THE PARTIES.
		

			
					
						REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

				

		
			 
		

		

		

		 

		

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		IN WITNESS WHEREOF, this Fourth Amendment is executed as of the date first set forth above.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						BORROWER:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						GLOBAL POWER EQUIPMENT GROUP INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Tracy D. Pagliara

				
	
					
						Name:

					
					
						Tracy D. Pagliara

				
	
					
						Title:

					
					
						General Counsel/Secretary

				

		
			 
		

		
			 
		

		

		

		 

		

			FOURTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT – Signature Page

		

 

		

			 

		

		
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						ADMINISTRATIVE AGENT AND LENDERS:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent,

				
	
					
						Swingline Lender, the Issuing Lender and Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Andrew M. Widmer

				
	
					
						Name:

					
					
						Andrew M. Widmer

				
	
					
						Title:

					
					
						Vice President

				

		
			 
		

		

		

		 

		

			FOURTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT – Signature Page

		

 

		

			 

		

		
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						U.S. BANK, NATIONAL ASSOCIATION,

				
	
					
						as Syndication Agent and Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Chris Dolence

				
	
					
						Name:

					
					
						Chris Dolence

				
	
					
						Title:

					
					
						Vice President

				

		
			 
		

		

		

		 

		

			FOURTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT – Signature Page

		

 

		

			 

		

		
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						BRANCH BANKING AND TRUST COMPANY,

				
	
					
						as a Lender

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Janet L. Wheeler

				
	
					
						Name:

					
					
						Janet L. Wheeler

				
	
					
						Title:

					
					
						Vice President

				

		
			 
		

		

		

		 

		

			FOURTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT – Signature Page

		

 

		

			 

		

		
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						JPMORGAN CHASE BANK, N.A.,

				
	
					
						as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Joseph T. Nash

				
	
					
						Name:

					
					
						/s/ Joseph T. Nash

				
	
					
						Title:

					
					
						Underwriter II

				

		
			 
		

		

		

		 

		

			FOURTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT – Signature Page

		

 

		

			 

		

		
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						ACKNOWLEDGED AND AGREED TO:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						AS SUBSIDIARY GUARANTORS:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						WILLIAMS INDUSTRIAL SERVICES GROUP, L.L.C.

				
	
					
						BRADEN MANUFACTURING, L.L.C.

				
	
					
						WILLIAMS INDUSTRIAL SERVICES, LLC

				
	
					
						WILLIAMS SPECIALTY SERVICES, LLC

				
	
					
						WILLIAMS PLANT SERVICES, LLC

				
	
					
						CONSTRUCTION & MAINTENANCE PROFESSIONALS, LLC

				
	
					
						WILLIAMS GLOBAL SERVICES, INC.

				
	
					
						Koontz-Wagner Custom Controls

				
	
					
						HoldingS LLC

				
	
					
						TOG Holdings, Inc.

				
	
					
						TOG Manufacturing Company, Inc.

				
	
					
						GPEG, LLC

				
	
					
						HETSCO HOLDINGS, INC.

				
	
					
						HETSCO, INC.

				
	
					
						GLOBAL POWER TECHNICAL SERVICES, INC.

				
	
					
						BRADEN HOLDINGS, LLC 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Erin Gonzalez

					
					
						 

				
	
					
						Name:

					
					
						Erin Gonzalez

					
					
						 

				
	
					
						Title:

					
					
						Vice President & Treasurer

					
					
						 

				

		
			 
		

		
			6425021v.6 4839-728
		

		 

		

			FOURTH AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT – Signature Pageglpw_EX_1036

		
			EXHIBIT 10.36
		

		
			 
		

		
			
		

		
			 
		

		
			August 4, 2014
		

		
			 
		

		
			Ms. Keri Jolly
		

		
			 
		

		
			Dear Keri:
		

		
			 
		

		
			On behalf of Global Power Equipment Group Inc. (the “Company”), I am pleased to offer you the position of Chief Human Resources Officer within our organization.  We look forward to you working with us to achieve continued success for our Company.  In this position, you will report directly to me as President and Chief Executive Officer of the Company.   
		

		
			 
		

		
			The details of our employment offer are outlined below:
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Start Date:

					
					
						August 25, 2014

				
	
					
						 

					
					
						 

				
	
					
						Location:

					
					
						Irving, TX

				
	
					
						 

					
					
						 

				
	
					
						Annual Base Salary:

					
					
						$310,000, less applicable withholdings

				
	
					
						 

					
					
						 

				
	
					
						Short-Term Incentive:

					
					
						You shall be eligible to participate in the Company’s short-term incentive (“STI”) program starting with the 2014 fiscal year.  Your “target” STI opportunity shall be 55% of your Annual Base Salary, with a maximum of 110% of your Annual Base Salary (in each case pro-rated for 2014).  Your payment under the STI program shall be based on the extent to which certain predetermined performance objectives established by the Company have been achieved for that year.  The performance objectives generally include a mix of Company-wide or division-wide financial goals and individual goals.  You must be actively employed by the Company at the time of the payout to be eligible for a STI payment for any fiscal year. 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						You will be also eligible for a one-time signing bonus of $50,000, less applicable withholdings, payable in a single lump sum at the same time payments are made under the 2014 STI program.  You must be actively employed by the Company at the time of the payout to be eligible for the bonus.  

				
	
					
						 

					
					
						 

				

		 

 

			
					
						Long-Term Incentive:

					
					
						The Compensation Committee has approved a 2014 long-term incentive (“LTI”) award of 10,000 Restricted Stock Units (“RSUs”), allocated as follows:  (1) 1/3 to time-based RSUs, which vest in three equal annual installments, and (2) 2/3 to performance-based RSUs which pay out (between 50% to 200% of target) based on the extent to which the Company achieves certain performance objectives during a three-year performance period ending December 31, 2016.  The grant will become effective on your Start Date and will be forfeited if you voluntarily resign prior to the first anniversary of the Start Date.  

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						We will recommend that the Compensation Committee approve a 2015 LTI award of 10,000 RSUs.  We anticipate that this award will be granted in March 2015 and will be allocated as follows: (1) 1/3 to time-based RSUs, which vest in three equal annual installments, and (2) 2/3 to performance-based RSUs which pay out (between 50% to 200% of target) based on the extent to which the Company achieves certain performance objectives during a three-year performance period ending December 31, 2017.  Future LTI grants, if any, will be subject to the discretion of the Compensation Committee.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						The RSUs will be granted under the terms, and subject to the conditions, of the Company’s 2011 Equity Incentive Plan.  For the avoidance of doubt, the terms “cause” and “change in control” for the RSU awards shall be defined in the 2011 Equity Incentive Plan and the definition of “good reason” shall be defined in your RSU award agreement.

				
	
					
						 

					
					
						 

				
	
					
						Vacation:

					
					
						In 2014 you will be eligible to begin accruing 4 weeks of vacation per year.    

				
	
					
						 

					
					
						 

				

		 

		

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						Benefits:

					
					
						As a full-time employee, you shall be eligible to participate in all welfare, perquisites, fringe benefit, insurance, retirement and other benefit plans, practices, policies and programs, maintained by the Company and its affiliates applicable to senior executives of the Company generally, in each case as amended from time to time. In this regard, the Company has contracted with BlueCross BlueShield of OK for medical/dental, Eyemed for vision and Lincoln Life for guaranteed group and employee voluntary life coverage as well as Short Term and Long Term Disability, Conexis for our Health and Dependent Care flexible account administration, and Bank of Oklahoma for our 401(k) plan.

				
	
					
						 

					
					
						 

				
	
					
						Severance:

					
					
						You will participate in the Executive Severance Plan (“ESP”), effective as of the Start Date; provided, however, that notwithstanding anything contained in the ESP to the contrary: (i) the severance benefit set forth in Section 4(a)(ii) of the ESP shall equal continued Annual Base Salary for a six month period (rather than a one year period) unless and until you complete six months of service with a satisfactory performance review, at which time it shall increase to continued Annual Base Salary for a one year period; (ii) the term “cause” as used in the ESP shall be defined by reference to the definition of that term in the 2011 Equity Incentive Plan and the definition of “good reason” in the ESP shall be defined by reference to the definition of that term in your RSU award agreement for the 2014 grant; and (iii) the Company may not amend or terminate the ESP, as it applies to you, in a manner that materially impairs your rights thereunder without your prior written consent.  

				

		
			 
		

		
			Your employment with the Company is contingent on receipt of a favorable background check, which includes a criminal check and confirmation of references.  
		

		
			 
		

		
			As a condition of your employment and continued employment at the Company, you are and will be required at all times to comply with the Company’s policies and rules, including, but not limited to the policies and rules regarding trade secrets, intellectual property, confidential information, the non-solicitation of employees, non-competition restrictions and the Company’s Code of Business Conduct and Ethics.  In this regard, this offer of employment is contingent upon you signing a confidentiality, non-compete, and non-solicit agreement in a form to be provided by the Company, on or prior to your Start Date.
		

		
			 
		

		

		

		 

		

			3

		

 

		You have represented to us that you do not have a non-compete or a non-solicitation agreement (customers, employees or both) with a current or former employer.  The Company is relying on that representation in making this offer of employment to you.  In the event that this representation is untrue, or in the event that you have mistakenly advised the Company regarding your obligations to your prior employer, the Company reserves the right to revoke or rescind this offer, and to terminate your employment if you have already become employed at the Company, without penalty.  As a condition of your employment at the Company, you are required, at all times, to not use or disclose the confidential and/or proprietary information of your prior employer.  
		

		
			 
		

		
			The Company is excited about you joining us and looks forward to a beneficial and productive relationship.  Nevertheless, please note that this offer letter is not a contract of employment for any specific or minimum term and that the employment the Company offers you is terminable at will.  This means that our employment relationship is voluntary and based on mutual consent.  You may resign your employment and the Company likewise may terminate your employment, at any time, for any reason, with or without cause or notice.  Any prior oral or written representations to the contrary are void.
		

		
			 
		

		
			Once again, I am pleased to extend this offer of employment.  Should you have any questions regarding your employment with the Company, please do not hesitate to contact me.
		

		
			 
		

		
			Best, 
		

		
			 
		

			
					
						GLOBAL POWER EQUIPMENT GROUP INC.

				
	
					
						 

				
	
					
						/s/ Luis Ramírez

				
	
					
						Luis Ramírez

				
	
					
						President and Chief Executive Officer

				

		
			 
		

		
			 
		

		
			By signing below, I accept the employment offer as set forth above and represent and warrant to the Company as follows:
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			I am not a party to any non-compete or a non-solicitation agreement (customers, employees or both) with a current or former employer and I understand and acknowledge that the Company is relying on that representation in making this offer of employment to me.  

		
			 
		

			
	
			
				 ·
			

			
	
			
			I have disclosed to the Company in writing all material threatened, pending, or actual claims against me that are unresolved and still outstanding as of the Start Date, in each case of which I am aware, resulting or arising from my service with my current employer (or any other previous employer) or my membership on any boards of directors.  

		
			 
		

			
	
			
				 ·
			

			
	
			
			I  understand and acknowledge that this offer is for a full-time regular position and that no other outside employment will pose a conflict or interfere with my ability to fulfill the job responsibilities as required.   

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Keri Jolly

					
					
						 

					
					
						8/4/14

				
	
					
						Keri Jolly

					
					
						 

					
					
						Date

				

		
			 
		

		 

		

			4

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