Document:

Ex 10.6 Exec Deferred Comp Plan

Exhibit 10.6

ENDO HEALTH SOLUTIONS INC.

AMENDED AND RESTATED

EXECUTIVE DEFERRED COMPENSATION PLAN 

Effective July 31, 2018

ENDO HEALTH SOLUTIONS INC.
AMENDED AND RESTATED EXECUTIVE DEFERRED COMPENSATION PLAN 

	
				
	ARTICLE I    INTRODUCTION
	1
	

	1.1.
	Purpose
	1
	

	1.2.
	Effective Date
	1
	

	1.3.
	Type of Plan
	1
	

	 
	 
	 

	ARTICLE II    DEFINITIONS
	2
	

	2.1.
	“Account”    
	2
	

	2.2.
	“Administrator”
	2
	

	2.3.
	“Affiliate”
	2
	

	2.4.
	“Base Salary”
	2
	

	2.5.
	“Beneficiary”
	2
	

	2.6.
	“Board”
	2
	

	2.7.
	“Change in Control”
	2
	

	2.8.
	“Code”
	3
	

	2.9.
	“Committee”
	3
	

	2.10.
	“Company”
	3
	

	2.11.
	“Company Stock”
	3
	

	2.12.
	“Deferrable Compensation”
	3
	

	2.13.
	“Election Form”
	4
	

	2.14.
	“Eligible Employee”
	4
	

	2.15.
	“Employer”
	4
	

	2.16.
	“Endo plc”
	4
	

	2.17.
	“Endo plc Board”
	4
	

	2.18.
	“ERISA”
	4
	

	2.19.
	“Fair Market Value”
	4
	

	2.20.
	“Incentive Compensation”
	4
	

	2.21.
	“Installment Payment”
	5
	

	2.22.
	“Leave of Absence”
	5
	

	2.23.
	“Lump Sum Payment”
	5
	

	2.24.
	“Participant”
	5
	

	2.25.
	“Payment Date”
	5
	

	2.26.
	“Performance-Based Compensation”
	5
	

	2.27.
	“Plan”
	5
	

	2.28.
	“Plan Year”
	5
	

	2.29.
	“Restricted Stock Unit”
	5
	

	2.30.
	“Specified Employee”
	5
	

	2.31.
	“Termination of Employment”
	6
	

i

	
				
	2.32.
	“Unforeseeable Emergency”
	6
	

	 
	 
	 

	ARTICLE III    PARTICIPATION BY ELIGIBLE EMPLOYEES
	7
	

	3.1.
	Participation
	7
	

	3.2.
	Cessation of Participation
	7
	

	3.3.
	Ineligible Status
	7
	

	 
	 
	 

	ARTICLE IV    PARTICIPANT DEFERRALS
	8
	

	4.1.
	Deferral Elections - General
	8
	

	4.2.
	First Year of Eligibility
	8
	

	4.3.
	Deferral of Incentive Compensation
	8
	

	4.4.
	Deferral of Restricted Stock Units
	8
	

	4.5.
	Cessation of Deferral Elections
	9
	

	4.6.
	Changes to Deferral Elections
	9
	

	 
	 
	 

	ARTICLE V    DISTRIBUTIONS 
	10
	

	5.1.
	Time and Form of Payment
	10
	

	5.2.
	Permissible Distributions
	10
	

	5.3.
	Permissible Acceleration of Payment
	11
	

	5.4.
	Permissible Delay of Payments
	12
	

	5.5.
	Payment Deemed Timely
	12
	

	5.6.
	Valuation of Distributions
	13
	

	 
	 
	 

	ARTICLE VI    ACCOUNTS
	14
	

	6.1.
	Account
	14
	

	6.2.
	Crediting of Earnings on Non-Stock Compensation
	14
	

	6.3.
	Crediting of Earnings on Restricted Stock Units
	14
	

	6.4.
	Statement of Account
	15
	

	6.5.
	Vesting
	15
	

	 
	 
	 

	ARTICLE VII    FUNDING AND PARTICIPANTS INTEREST
	16
	

	7.1.
	Plan Unfunded
	16
	

	7.2.
	Establishment of Grantor Trust
	16
	

	7.3.
	Participants’ Interest in Plan
	16
	

	 
	 
	 

	ARTICLE VIII    ADMINISTRATION AND INTERPRETATION
	17
	

	8.1.
	Administration
	17
	

	8.2.
	Interpretation
	17
	

	8.3.
	Records and Reports
	17
	

	8.4.
	Payment of Expenses
	17
	

	8.5.
	Indemnification for Liability
	17
	

	8.6.
	Claims Procedure
	17
	

	8.7.
	Review Procedure
	18
	

ii

	
				
	8.8.
	Legal Claims
	18
	

	8.9.
	Participant and Beneficiary Information
	18
	

	 
	 
	 

	ARTICLE IX    AMENDMENT AND TERMINATION
	19
	

	9.1.
	Amendment
	19
	

	9.2.
	Termination of Plan
	19
	

	 
	 
	 

	ARTICLE X    MISCELLANEOUS PROVISIONS
	21
	

	10.1.
	Right of Employer to Take Employment Actions
	21
	

	10.2.
	Alienation or Assignment of Benefits
	21
	

	10.3.
	Company’s Protection
	21
	

	10.4.
	Construction
	21
	

	10.5.
	Headings
	21
	

	10.6.
	Number and Gender
	21
	

	10.7.
	Right to Withhold
	21
	

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ENDO HEALTH SOLUTIONS INC.
AMENDED AND RESTATED EXECUTIVE DEFERRED COMPENSATION PLAN 

ARTICLE I
INTRODUCTION

1.1.     Purpose.  The purpose of the Plan is to promote the interests of the Company and the stockholders of the Company by providing Executives the opportunity to defer incentive compensation and Restricted Stock Units. 

1.2.    Effective Date.  The effective date of the Plan, as amended and restated, is July 31, 2018.

1.3.    Type of Plan.  The Plan is intended to be an unfunded plan of non-qualified deferred compensation established for a select group of management or highly compensated Employees that meets the requirements of Code Section 409A.  In the event that any provision of the Plan is inconsistent with Code Section 409A, the applicable provisions of Code Section 409A shall be deemed to automatically supersede such inconsistent provision and the Plan shall be administered to comply with Code Section 409A.  The Plan was first adopted effective January 1, 2008, as the Endo Pharmaceuticals Holdings Inc. Executive Deferred Compensation Plan.  The Plan was previously amended and restated effective April 30, 2012, and further amended December 9, 2013, February 28, 2014, and January 1, 2016.

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ARTICLE II 
DEFINITIONS

Where used in the Plan, the following initially capitalized words and terms shall have the meanings specified below, unless the context clearly indicates to the contrary: 

2.1.    “Account” means the recordkeeping account established by the Administrator for each Participant to which Deferrable Compensation, and earnings thereon, are credited in accordance with Article VI of the Plan.  An Account may consist of one or more sub-accounts established by the Administrator, as deemed necessary for efficient operation of the Plan.

2.2.    “Administrator” means the Committee or such individuals or entity designated by the Committee to administer the Plan.

2.3.    “Affiliate” means an entity, more than fifty percent (50%) of the total voting power of which is owned, directly or indirectly, by the Company.

2.4.    “Base Salary” means the annual rate of base salary paid by the Employer or an Affiliate to a Participant, determined before reduction for compensation deferred pursuant to this Plan or any other plan of deferred compensation maintained by the Employer or an Affiliate, including but not limited to any such plan maintained in accordance with Code Section 401(k), 125, or 132(f), as determined by the Administrator.

2.5.    “Beneficiary” means such person(s) or legal entity that is designated by a Participant under Section 8.9 to receive benefits hereunder after such Participant’s death. 

2.6.    “Board” means the board of directors of the Company. 

2.7.    “Change in Control” means and shall be deemed to occur upon a Change in Ownership, a Change in Effective Control, or a Change in Ownership of Substantial Assets.  For this purpose:

(i)    A “Change in Ownership” means that a person or group acquires more than fifty percent (50%) of the aggregate fair market value or voting power of the capital stock of Endo plc, including for this purpose capital stock previously acquired by such person or group; provided, however, that a Change in Ownership shall not be deemed to occur hereunder if, at the time of any such acquisition, such person or group owns more than fifty percent (50%) of the aggregate fair market value or voting power of Endo plc’s capital stock.  

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(ii)    A “Change in Effective Control” means that (a) a person or group acquires (or has acquired during the immediately preceding twelve (12)-month period ending on the date of the most recent acquisition by such person or group) ownership of the capital stock of Endo plc possessing thirty percent (30%) or more of the total voting power of Endo plc, or (b) a majority of the members of the Endo plc Board is replaced during any twelve (12)-month period, whether by appointment or election, without endorsement by a majority of the members of the Endo plc Board prior to the date of such appointment or election.

(iii)    A “Change in Ownership of Substantial Assets” means that any person or group acquires (or has acquired during the immediately preceding twelve (12)-month period ending on the date of the most recent acquisition) assets of Endo plc with an aggregate gross fair market value of not less than forty percent (40%) of the aggregate gross fair market value of the assets of Endo plc immediately prior to such acquisition.  For this purpose, gross fair market value shall mean the fair value of the affected assets determined without regard to any liabilities associated with such assets.

The Endo plc Board shall determine whether a Change in Control has occurred hereunder in a manner consistent with the provisions of Code Section 409A and the regulations and applicable guidance promulgated thereunder.

For the avoidance of doubt, any one or more of the above events may be effected pursuant to (A) a compromise or arrangement sanctioned by the court under section 201 of the Companies Act 1963 of the Republic of Ireland or (B) section 204 of the Companies Act 1963 of the Republic of Ireland.

2.8.    “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations and applicable guidance promulgated thereunder.  References in the Plan to specific sections of the Code shall be deemed to include any successor provisions thereto.

2.9.    “Committee” means the committee appointed by the Endo plc Board, which shall consist of two or more persons, each of whom, unless otherwise determined by the Endo plc Board, is an “outside director” within the meaning of Code Section 162(m) and a “non-employee director” within the meaning of Rule 16b-3.

2.10.    “Company” means Endo Health Solutions Inc., a Delaware corporation.

2.11.    “Company Stock” means the ordinary shares of Endo plc, par value $0.0001 per share.
    
2.12.    “Deferrable Compensation” means fifty percent (50%) of a Participant’s Incentive Compensation and 100% of a Participant’s Restricted Stock Units that would be payable to a Participant during a Plan Year but for the Participant’s election to defer such Deferrable Compensation on his or her 

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Election Form in accordance with Article IV of this Plan.  Deferrable Compensation shall not include any compensation payable to the Participant that is designated by the Administrator as Base Salary. Notwithstanding the foregoing, Deferrable Compensation shall not include any compensation, if any, paid or payable in respect of services to any “non-qualified entity” within the meaning of Section 457A of the Code.

2.13.    “Election Form” means such document(s) or form(s), which may be electronic, as prescribed and made available from time to time by the Administrator, whereby an Eligible Employee enrolls in the Plan as a Participant, elects to defer Deferrable Compensation pursuant to Article IV of this Plan, and/or makes investment elections pursuant to Section 6.2 of the Plan.

2.14.    “Eligible Employee” means an employee designated by the Committee as eligible to participate in the Plan.  Initially, Eligible Employees are limited to Employees whose total annual rate of Base Salary and target Incentive Compensation at the time of the deferral election exceed the indexed limit under Code Section 401(a)(17), as determined by the Committee.  Notwithstanding the foregoing, the Committee, in its sole discretion, may establish such other eligibility criteria as it deems desirable from time to time.   

2.15.    “Employer” means the Company, and any Affiliate that has been approved by the Endo plc Board as a participating Employer under the Plan.

2.16.    “Endo plc” means Endo International plc, an Irish public limited company.

2.17.    "Endo plc Board" means the board of directors of Endo plc.

2.18.    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

2.19.    “Fair Market Value” means  (determined as of the applicable distribution or valuation date hereunder) (i) the closing sales price per share of Company Stock on the national securities exchange on which such stock is principally traded on the last preceding date on which there was a sale of such stock on such exchange, or (ii) if the shares of Company Stock are not listed or admitted to trading on any such exchange, the closing price as reported by the NASDAQ Stock Market for the last preceding date on which there was a sale of such stock on such exchange, or (iii) if the shares of Company Stock are not then listed on a national securities exchange or traded in an over-the-counter market or the value of such shares is not otherwise determinable, such value as determined by the Committee in good faith upon the advice of a qualified valuation expert. 

2.20.    “Incentive Compensation” means a bonus or incentive award provided by the Employer for a calendar year that is not part of a Participant’s Base Salary and that qualifies as Performance-Based Compensation.  

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2.21.    “Installment Payment” means a series of substantially equal annual payments of the Participant’s Account paid over a period ranging from two (2) whole years to ten (10) whole years.  For purposes of this Plan, each Installment Payment is treated as a single payment.     

2.22.    “Leave of Absence” means a military, sick, or other bona fide leave of absence provided that such leave does not exceed six (6) months, or if longer, continues so long as the Participant has a right to reemployment with the Employer and there is a reasonable expectation that the Participant will return to such employment.  A Leave of Absence is deemed to terminate on the first date immediately following the end of the six-month period, or the date on with the Participant no longer has any right or expectation to return to employment, whichever is later.

2.23.    “Lump Sum Payment” means a single sum distribution of the entire value of a Participant’s Account.

2.24.    “Participant” means any Eligible Employee who defers Deferrable Compensation to this Plan by filing an Election Form and for whom an Account is maintained under the Plan.

2.25.    “Payment Date” means the date elected by the Participant for payment(s) from the Participant’s Account to commence.

2.26.    “Performance-Based Compensation” means performance-based compensation within the meaning Section 409A of the Code that is paid solely on account of the attainment of one or more objective Employer or Participant performance goals established in writing by the Committee not later than ninety (90) days after the commencement of the twelve (12)-month period of service to which it relates and that is not readily ascertainable within the meaning of Code Section 409A.

2.27.    “Plan” means the Amended and Restated Endo Health Solutions Inc. Executive Deferred Compensation Plan. 

2.28.    “Plan Year” means the calendar year. 

2.29.    “Restricted Stock Unit” means a unit representing a share of Company Stock that has been granted to a Participant pursuant to the terms of a separate agreement or plan maintained by the Company or an Affiliate, and that is subject to a vesting schedule or other substantial risk of forfeiture and that is settled in shares of Company Stock.  

2.30.    “Specified Employee” means a Participant who is determined to be a “specified employee” within the meaning of Code Section 409A with respect to a Termination of Employment occurring in any twelve (12)-month period commencing on April 1 based on the Participant’s compensation with the Employer, as defined in Code Section 416(i)(1)(D), and his or her status at the 

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end of the immediately preceding Plan Year.  For purposes of the determining whether a Participant is classified as a Specified Employee, compensation from a nonresident alien’s gross income under Section 1.415(c)-2(g)(5)(ii) on account of the location of the services or the identity of an Employer that is not effectively connected with the conduct of a trade or business within the United States shall be excluded.

2.31.    “Termination of Employment” means the date the Participant ceases to be an Employee on account of a voluntary or involuntary separation from service with the Company and all Affiliates, within the meaning of Code Section 409A, for any reason other than death.  Notwithstanding the foregoing, a Termination of Employment shall not be deemed to occur so long as the Participant is on a Leave of Absence or the Participant continues to perform services for the Company or an Affiliate at a level in excess of 20% of the level of services performed by the Participant during the 36-month period (or the Employee’s full period of service if the Employee has worked less than 36 months) immediately preceding the date of separation from service.

2.32.    “Unforeseeable Emergency” means with respect to a Participant, his or her spouse, dependents (as defined in Code Section 152, without regard to Sections 152(b)(1), (b)(2), and (d)(1)(B)) or Beneficiary, a non-reimbursable severe financial hardship attributable to (i) a sudden and unexpected illness or accident or (ii) funeral expenses, and also means with respect to the Participant (i) a property loss due to casualty that is not otherwise covered by insurance, (ii) imminent foreclosure or eviction from the Participant’s primary residence, or (iii) a similar extraordinary and unforeseeable circumstance beyond the control of the Participant, as determined by the Administrator.  For purposes of this Plan, the purchase of a home and the payment of college tuition are not Unforeseeable Emergencies.

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ARTICLE III
PARTICIPATION BY ELIGIBLE EMPLOYEES 

3.1.    Participation.  Participation in this Plan is voluntary and is limited to Eligible Employees who file Election Forms in accordance with Article IV.  

3.2.    Cessation of Participation.  Once an Employee is designated by the Committee as an Eligible Employee, such Eligible Employee shall remain eligible to file deferral elections under the Plan until the earlier of (i) the date the Committee informs the Eligible Employee that he or she is no longer eligible to participate in the Plan, i.e., “Ineligible Status,” or (ii) the date such Eligible Employee incurs a Termination of Employment.

3.3.    Ineligible Status.  If the Committee determines that a Participant ceases to qualify as an Eligible Employee, effective as of the date of such determination, said ineligible Participant shall no longer be eligible to file deferral elections under the Plan.  The Account of an ineligible Participant shall be paid in accordance with Sections 5.1 of the Plan, except to the extent all or part of such Account is eligible for distribution of accelerated payment as permitted in Sections 5.2 and 5.3.

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ARTICLE IV 
PARTICIPANT DEFERRALS

4.1.    Deferral Elections – General.  A Participant’s deferral election for a Plan Year is irrevocable for such Plan Year; except to the extent a cessation of deferrals hereunder is required under Section 4.5 or except as permitted by Section 4.6.  Amounts deferred under the Plan shall not be distributed to a Participant except as expressly provided in Article V or as otherwise permitted under Code Section 409A.  A deferral election hereunder shall be made on an Election Form and comply with the applicable requirements of this Article IV.  A Participant’s initial deferral election under the Plan shall designate: (i) the amount of Deferrable Compensation that is being deferred, (ii) the time of the distribution (as permitted in Section 5.1(a)), and (iii) the form of distribution (as permitted in Section 5.1). The Administrator may establish procedures for deferral elections as it deems necessary to comply with the requirements of this Article IV and Code Section 409A.

4.2.    First Year of Eligibility.  Notwithstanding the timing requirements of Sections 4.3 and 4.4, an Eligible Employee may elect to defer Deferrable Compensation by completing and executing an Election Form that specifies the amount or percentage of compensation to be deferred within the thirty (30) day period immediately following the date he or she first becomes an Eligible Employee, provided, that the compensation deferred relates to services performed after the date of such election.

4.3.    Deferral of Incentive Compensation.  An Eligible Employee may elect to defer Deferrable Compensation that is Incentive Compensation by completing and executing an Election Form that specifies the amount or percentage of Incentive Compensation to be deferred and filing it with the Administrator before expiration of the election period established by the Administrator, which period shall end no later than June 30 of the calendar year during which the Incentive Compensation is earned, provided that (i) as of the date of such deferral election the Eligible Employee has performed services continuously from the later of the beginning of said calendar year or the date the performance criteria for said calendar year are established by the Committee and (ii) the Incentive Compensation has not become readily ascertainable.

4.4.    Deferral of Restricted Stock Units.  An Eligible Employee may elect to defer Restricted Stock Units to the Plan by completing and executing an Election Form that specifies the amount or percentage of Restricted Stock Units to be deferred and filing it with the Administrator on or before expiration of the election period established by the Administrator, which period shall (i) for purposes of the Plan Year beginning January 1, 2008, end no later than December 31, 2007, (ii) for purposes of the Plan Year beginning January 1, 2009, end no later than December 31, 2008, and (iii) for all subsequent Plan Years, end no later than December 31 of the calendar year ending before the Plan Year that precedes the Plan Year in which such Restricted Stock Units are granted. 

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4.5.    Cessation of Deferral Elections.  To the extent provided for under Code Section 409A or under the terms of a Code Section 401(k) plan maintained by the Employer, a Participant’s deferral election(s) in effect under the Plan for a Plan Year in which a Participant is granted an Unforeseeable Emergency distribution in accordance with Section 5.2(b) hereof or a hardship distribution under such Code Section 401(k) plan may be terminated by the Administrator, effective as soon as practicable following the grant of such hardship or emergency distribution.  If a Participant’s deferral elections under the Plan are terminated in accordance with the foregoing sentence, such Participant shall be ineligible to make deferrals of compensation to the Plan, and all other plans maintained by the Company or an Affiliate, for the six (6) month period following his or her receipt of the hardship or emergency distribution.  Subject to the foregoing six-month limitation, the Participant may make new deferral elections for Deferrable Compensation payable in subsequent Plan Years in accordance with this Article IV.

4.6.    Changes to Deferral Elections.  A Participant shall be permitted to elect to change the time and form of payment relating to the distribution of his or her Account to the extent permitted by the Administrator and in accordance with the requirements of Code Section 409A(a)(4)(C), including the requirements that such redeferral election (a) may not take effect until at least twelve (12) months after such redeferral election is filed with the Administrator; (b) must result in the first distribution subject to the redeferral election being made at least five (5) years after the Payment Date; and (c) must be filed with the Administrator at least twelve (12) months before the first scheduled Payment Date. 

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ARTICLE V 
DISTRIBUTIONS

5.1.    Time and Form of Payment.

a.    Unless distributed earlier as provided in this Plan, distributions from a Participant’s Account will commence within sixty (60) days of the Participant’s elected Payment Date. If the Participant is classified as a Specified Employee within the meaning of Section 409A at the time of the individual’s termination of his or her employment, then distributions from a Participant’s Account scheduled to be paid on account of the Participant’s Termination of Employment shall not be paid earlier than the date that is at least six months after following the date of such Specified Employee’s Termination of Employment. 

b.    Except as otherwise provided under the Plan, a Participant’s Account shall be paid as a Lump Sum Payment or an Installment Payment, as elected by the Participant on his or her Election Form.  

c.    In the absence of Participant’s election as to the time and form of payment, as permitted under subsections (a) and (b), above, a Participant’s Account shall be distributed in a Lump Sum Payment within sixty (60) days following the date of the Participant’s Termination of Employment.

5.2.    Permissible Distributions.  No distribution under the Plan shall be permitted except as set forth in this Section 5.2 or as otherwise permitted under the Plan and Code Section 409A(a)(2). 

a.    Change in Control.  Notwithstanding any provision of the Plan or Participant Election Form to the contrary, a Participant who incurs a Termination of Employment within the two (2) year period immediately following a Change in Control shall receive a Lump Sum Payment of his or her Account within sixty (60) days following the date of such Termination of Employment.

b.    Unforeseeable Emergency.  If a Participant experiences an Unforeseeable Emergency, such Participant shall be permitted to withdraw all or a portion of his or her Account in the form of an immediate single-sum payment, subject to the limitations set forth below: 

(i)    A request for withdrawal shall be made, in writing, and shall set forth the circumstances surrounding the Unforeseeable Emergency.  As a condition of and part of such request, the Participant shall provide to the Committee his or her written representation that (A) the hardship cannot be relieved by insurance or other reimbursement reasonably available to the Participant, (B) the hardship can only be relieved by liquidation of the Participant’s assets and any such liquidation would itself result in severe damage or injury to the Participant, (C) the Participant has no 

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reasonable borrowing capacity to relieve the hardship, and (D) the hardship cannot be relieved by cessation of the Participant’s deferrals under the Plan. The Committee shall be entitled to request such additional information as may be reasonably required to determine whether an Unforeseeable Emergency exists and the amount of the hardship and to establish additional conditions precedent to the review or granting of a request for a withdrawal on account of an Unforeseeable Emergency. 

(ii)    If the Committee determines that an Unforeseeable Emergency exists, the Committee shall authorize the immediate distribution of the amount required to meet the financial need created by such Unforeseeable Emergency, including any taxes payable on such amount, and, if required, the cessation of the Participant’s deferrals to the Plan as permitted in Section 4.5.

c.    Death Distribution.  Notwithstanding any provision of the Plan or Participant Election Form to the contrary, in the event of a Participant’s death before the complete distribution of his or her Account, the distribution of such Participant’s Account shall be made in a Lump Sum Payment to the Participant’s Beneficiary within sixty (60) days after the date of death. 

5.3.    Permissible Acceleration of Payments.  No acceleration of time or schedule of payments under the Plan shall be permitted except as set forth in this Section 5.3 or as otherwise permitted under the Plan and Code Section 409A(a)(3).

a.    Right of Offset.  If a Participant is indebted to the Employer, then the Administrator, in its discretion, may accelerate a payment hereunder or withhold the amount of such indebtedness from any distribution to be made to the Participant, his or her Beneficiary or both, provided that (i) such debt was incurred in the ordinary course of the employment relationship between the Employer and the Participant, (ii) the entire amount of reduction for a Plan Year does not exceed $5,000, and (iii) the reduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant.

b.    Distribution for Taxes.  The Plan may accelerate payment of all or part of a Participant’s Account to pay or withhold state, local, or foreign tax obligations; taxes imposed under the Federal Insurance Contributions Act or the Railroad Retirement Act; and any related federal income tax thereon, arising from a Participant’s participation in the Plan.  Such payment of withholding must be limited to the amount necessary to fulfill such tax obligation.

c.    Small Payment.  Notwithstanding any provision of the Plan to the contrary, if the total value of a Participant’s Account or death benefit payable hereunder is not greater than the applicable dollar amount under Code Section 402(g)(1)(B), and the Participant is not entitled to a benefit from any other plan that is required to be aggregated with this Plan pursuant to Treasury Regulation Section 1.409A-1(c)(2), the Administrator may distribute such amount to the Participant or Beneficiary in the form of a Lump Sum Payment within sixty (60) days following Termination of Employment.

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d.    Income Inclusion under 409A.  Notwithstanding any provision of the Plan to the contrary, in the event that the Plan fails to meet the requirements of Code Section 409A, the Administrator may distribute to Participants the portion of their Accounts that is required to be included in income as a result of such failure.

5.4.    Permissible Delay of Payment.  The Administrator may delay payment to a date after the designated payment date pursuant to any of the following circumstances, provided that payments to similarly situated Participants are made on a reasonably consistent basis.

a.    Payments subject to Section 162(m).  All scheduled payments to a Participant may be delayed beyond the applicable distribution date under Section 5.1 herein to the extent that the Employer reasonably anticipates that if all or a portion of a payment were made as scheduled, the Company or Employer’s deduction with respect to such payment would not be permitted due to the application of Code Section 162(m).  Any payment that is delayed pursuant to this Section 5.5(a), must be made either during the first calendar year in which the Employer reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, deduction of such payment will not be barred by application of Code Section 162(m), or during the period beginning with the date of the Participant’s Termination of Employment and ending on the later of the last day of the taxable year in which Termination of Employment occurs or the fifteenth (15th) day of the third (3rd) month following the Termination of Employment.

b.    Payments that would violate federal securities laws or other applicable law.  A payment may be delayed where the Administrator reasonably anticipates that the making of the payment will violate federal securities laws or other applicable law, provided that the payment is made at the earliest date at which the Administrator reasonably anticipates that the making of the payment will not cause such violation.  For purposes of this Section 5.4(b), the making of a payment that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not treated as a violation of applicable law.

5.5.     Payment Deemed Timely.  A payment shall be treated as made upon the date specified under the Plan under the following circumstances:

a.    If the payment is made at such date or a later date within the same calendar year or, if later, by the fifteenth (15th) day of the third (3rd) calendar month following the date specified under the Plan. 

b.    If calculation of the amount of the payment is not administratively practicable due to events “beyond the control” of the Participant, or the Participant’s Beneficiary (as such phrase is defined under Code Section 409A), the payment will be treated as made upon the date 

12

specified under the Plan if the payment is made during the first calendar year in which the calculation of the amount of the payment is administratively practicable. 

c.    If the Employer fails to make a payment, in whole or in part, as of the date specified under the Plan, either intentionally or unintentionally, the payment will be treated as made upon the date specified under the Plan if (i) the Participant accepts the portion (if any) of the payment that the Employer is willing to make (unless such acceptance will result in a relinquishment of the claim to all or part of the remaining amount), (ii) if the Participant files claims pursuant to Sections 8.6 and 8.7 herein to collect the unpaid portion of the payment, and (iii) any further payment (including payment of a lesser amount that satisfies the Employer’s obligation to make the entire payment) is made no later than the end of the first calendar year in which the Employer and the Participant enter into a legally binding settlement of such dispute, the Employer concedes that the amount is payable, or the Employer is required to make such payment pursuant to a final and nonappealable judgment or other binding decision. 

5.6.    Valuation of Distributions.  All distributions under this Plan shall be based upon a daily valuation of the Participant’s Account or, where applicable, the Fair Market Value of the shares of Company Stock that relate to the Restricted Stock Units deferred under the Participant’s Account, as determined by the Administrator.

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ARTICLE VI 
ACCOUNTS

6.1.    Account.  The Administrator shall establish and maintain, or cause to be established and maintained, a separate Account for each Participant hereunder who executes an election pursuant to Article IV.  Each such Participant’s Deferrable Compensation deferred pursuant to an Election Form under Article IV shall be separately accounted for and credited with earnings or dividends, as applicable, for recordkeeping purposes only, to his or her Account.  A Participant’s Account shall be solely for the purposes of measuring the amounts to be paid under the Plan.  Except as provided in Article VII, the Company shall not be required to fund or secure a Participant’s Account in any way, the Company’s obligation to Participants hereunder being purely contractual.

6.2.    Crediting of Earnings on Non-Stock Compensation.  Except as provided in Section 6.3, a Participant may hypothetically invest his Account in one or more investment alternatives made available by the Committee, and earnings or losses thereon shall be credited to the Participant’s Account in accordance with the valuation procedures under such investment alternatives.  The Participant shall make his or her investment elections, and changes thereto, on an Election Form in accordance with procedures established by the Administrator.  Unless the Committee determines otherwise, the investment alternatives available under the Plan shall mirror the alternatives that are made available under the Code Section 401(k) plan sponsored by the Company.  

6.3.    Crediting of Earnings on Restricted Stock Units.  The portion of a Participant’s Account attributable to Restricted Stock Units shall be deemed invested solely in stock equivalent units of Company Stock, shall be denominated in numbers of stock units, and shall be valued at any time as the stock equivalent units are credited to such Account multiplied by the then-Fair Market Value of the Company Stock.  Whenever a dividend is declared and payable on Company Stock, the number of such stock equivalent units in the Participant’s Account shall be increased by the following calculations: 

(i)    the number of units in the Participant’s Account multiplied by any cash dividend declared by the Company on a share of Company Stock, divided by the Fair Market Value determined as of the related dividend payment date; and/or 

(ii)    the number of units in the Participant’s Account on the related dividend payment date multiplied by any stock dividend declared by the Company on a share of Company Stock. 

In the event of any change in the number or kind of outstanding shares of Company Stock, including a stock split or splits (other than a stock dividend as provided above), an appropriate adjustment shall be made in the number of units credited to the Participant’s Account.  

14

6.4.    Statement of Account.  As soon as practicable after the end of each Plan Year (and at such additional times as the Administrator may determine), the Administrator shall furnish each Participant with a statement of the balance credited to the Participant’s Account. 

6.5.    Vesting.  A Participant is always one hundred percent (100%) vested in his or her Account.

15

ARTICLE VII
FUNDING AND PARTICIPANTS INTEREST

7.1.    Plan Unfunded.  This Plan shall be unfunded and no trust is created by this Plan.  There will be no funding of any amounts to be paid pursuant to this Plan; provided, however, that nothing herein shall prevent the Company from establishing one or more grantor trusts from which benefits due under this Plan may be paid in certain instances.  All benefits shall be paid from the general assets of the Company and a Participant (or his or her Beneficiary) shall have the rights of a general, unsecured creditor against the Company for any distributions due hereunder.  This Plan constitutes a mere promise by the Company to make benefit payments in the future.

7.2.    Establishment of Grantor Trust.  Within fifteen (15) days following a Change in Control, the Company shall establish under the Plan a grantor trust that meets the requirements of IRS Revenue Procedure 92-64, and shall transfer assets to such trust in amounts sufficient to fully fund the Plan’s aggregate liability with respect to the Accounts under the Plan on and after the date of the Change in Control.

7.3.    Participants’ Interest in Plan.  Notwithstanding Section 7.2 or any other provision of the Plan, a Participant has an interest only in the value of the amount credited to his or her Account and has no rights or interests in the specific investment funds, stock, or securities in which his or her Account is hypothetically invested under the Plan.  All distributions shall be paid by the Employer from its general assets and a Participant (or his or her Beneficiary) shall have the rights of a general, unsecured creditor against the Company or the Employer for any distributions due hereunder.  The Plan constitutes a mere promise by the Company or the Employer to make benefit payments in the future. 

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ARTICLE VIII 
ADMINISTRATION AND INTERPRETATION

8.1.    Administration.  The Administrator shall be in charge of the overall operation and administration of this Plan.  The Administrator has, to the extent appropriate and in addition to the powers described elsewhere in this Plan, full discretionary authority to construe and interpret the terms and provisions of the Plan; to adopt, alter and repeal administrative rules, guidelines and practices governing the Plan; to perform all acts, including the delegation of its administrative responsibilities to advisors or other persons who may or may not be Employees; and to rely upon the information or opinions of legal counselor experts selected to render advice with respect to the Plan, as it shall deem advisable, with respect to the administration of the Plan. 

8.2.    Interpretation.  The Administrator may take any action, correct any defect, supply any omission or reconcile any inconsistency in the Plan, or in any election hereunder, in the manner and to the extent it shall deem necessary to carry the Plan into effect or to carry out the Employer’s purposes in adopting the Plan.  Any decision, interpretation or other action made or taken in good faith by or at the direction of the Employer or the Administrator arising out of or in connection with the Plan, shall be within the absolute discretion of each of them, and shall be final, binding and conclusive on the Employer, and all Participants and Beneficiaries and their respective heirs, executors, administrators, successors and assigns.  The Administrator’s determinations hereunder need not be uniform, and may be made selectively among Eligible Employees, whether or not they are similarly situated. 

8.3.    Records and Reports.  The Administrator shall keep a record of proceedings and actions and shall maintain or cause to be maintained all such books of account, records, and other data as shall be necessary for the proper administration of the Plan.  Such records shall contain all relevant data pertaining to individual Participants and their rights under this Plan.  The Administrator shall have the duty to carry into effect all rights or benefits provided hereunder to the extent assets of the Employer are properly available. 

8.4.    Payment of Expenses.  The Employer shall bear all expenses incurred by the Administrator in administering this Plan. 

8.5.    Indemnification for Liability.  The Employer shall indemnify the Committee, the Administrator and the Employees to whom administrative duties have been delegated under this Plan, against any and all claims, losses, damages, expenses and liabilities arising from their responsibilities in connection with this Plan, unless the same is determined to be due to gross negligence or willful misconduct. 

8.6.    Claims Procedure.  Within ninety (90) days following the date payment was due in accordance with the terms of the Plan, the Participant or the Participant’s duly authorized representative 

17

(hereinafter, the “claimant”) may file a written request for payment with the Administrator.  If a claim for benefits under the Plan is denied in whole or in part, the claimant will receive written notification within forty-five (45) days following the date of such written request.  The notification will include specific reasons for the denial, specific reference to pertinent provisions of this Plan, a description of any additional material or information necessary to process the claim and why such material or information is necessary, and an explanation of the claims review procedure.  To the extent a Participant hereunder is a claimant and serves as an Administrator, he or she shall not participate in any determination relating to his or her claim, and the Committee or the Company may appoint an independent individual to take the place of such Participant for purposes of making such determination.

8.7.    Review Procedure.  No later than one hundred and eighty (180) days following the date payment was due under the Plan, the claimant may file a written request with the Administrator for a review of his denied claim.  The claimant may review pertinent documents that were used in processing his claim, submit pertinent documents, and address issues and comments in writing to the Administrator.  The Administrator will notify the claimant of his or her final decision in writing.  In his or her response, the Administrator will explain the reason for the decision, with specific references to pertinent Plan provisions on which the decision was based.  To the extent a Participant hereunder is a claimant requesting a review and serves as an Administrator, he or she shall not participate in any determination relating to the review, and the Committee or the Company may appoint an independent individual to take the place of such Participant for purposes of making such determination.

8.8.    Legal Claims.  In no event may a claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted all of the remedies and procedures afforded the claimant by this Article VIII.  No such legal action may be commenced more than two (2) years after the date of the Administrator’s final review decision, described in Section 8.7 above. 

8.9.    Participant and Beneficiary Information.  Each Participant shall keep the Administrator informed of his or her current address and the current address of his or her designated beneficiary or beneficiaries.  A Participant may from time to time change his designated Beneficiary without the consent of such Beneficiary by filing a new designation in writing with the Administrator.  If no Beneficiary designation is in effect at the time of the Participant’s death, or if the designated Beneficiary is missing or has predeceased the Participant, distribution shall be made to the Participant’s surviving spouse, or if none, to his surviving children per stirpes, and if none, to his estate.  The Administrator shall not be obligated to search for any person.  If such person is not located within one year after the date on which payment of the Participant’s death benefit is payable under the Plan, payment shall be made to the Participant’s estate. 

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ARTICLE IX 
AMENDMENT AND TERMINATION

9.1.    Amendment.  The Endo plc Board shall have the right, at any time, to amend the Plan or discontinue deferrals under the Plan in whole or in part provided that such amendment or termination complies with Code Section 409A and does not adversely affect the right of any Participant or Beneficiary to a benefit or payment due under the Plan.  The Committee has the authority, without Endo plc Board approval, to amend the Plan to comply with the requirements of Code Section 409A, modify the amount or type of compensation that qualifies as Deferrable Compensation, modify the classes of individuals eligible to participate in the Plan, and to change the investment alternatives offered under the Plan.  In addition, the Committee may make such changes to the Plan’s operation and administration as it deems to be in the best interest of the Plan. 

9.2.    Termination of Plan.  The Endo plc Board may take action to provide for the acceleration of the time and form of a payment, or a payment hereunder, where the acceleration of the payment is made pursuant to a termination and liquidation of the Plan in accordance with one of the following:

a.    The termination and liquidation of the Plan pursuant to an irrevocable action taken within the thirty (30) days preceding or the twelve (12) months following a Change in Control, provided that all agreements, methods, programs, and other arrangements sponsored by the Company or a participating Affiliate immediately after the Change in Control event with respect to which deferrals of compensation that, together with the Plan, are treated as a single plan for purposes of Treasury Regulation Section 1.409A-1(c)(2) (the “Aggregated Plans”) are terminated and liquidated with respect to each Participant that experienced the Change in Control event, so that under the terms of the termination and liquidation all such Participants are required to receive all amounts of compensation deferred under the terminated Aggregated Plans within twelve (12) months of the date of the irrevocable action taken to terminate and liquidate such Aggregated Plans. 

b.    The termination and liquidation of the Plan within twelve (12) months of a corporate dissolution of the Company that is taxed under Code Section 331, or approved by a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participants’ gross incomes in the latest of the following years (or, if earlier, the taxable year in which the amount is actually or constructively received):

(i)The calendar year in which Plan termination and liquidation occurs;

(ii)The first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or 

19

(iii)    The first calendar year in which the payment is administratively practicable. 

c.    The termination and liquidation of the Plan, where:

(i)    Such termination and liquidation does not occur proximate to a downturn in the financial health of the Company or the Affiliate, as applicable; 

(ii)    To the extent the same Participant had deferrals of thereunder, all Aggregated Plans are likewise terminated and liquidated; 

(iii)    No payments in liquidation of the Plan are made within twelve (12) months of the date the irrevocable action is taken to terminate and liquidate the Plan, other than payments that would be payable under the terms of the Plan if the action to terminate and liquidate the Plan had not occurred; 

(iv)    All payments are made within twenty-four (24) months of the date the irrevocable action is taken to terminate and liquidate the Plan; and 

(v)    The Company and Affiliate, as applicable, does not adopt a new plan that would be aggregated with the Plan if the Participant participated in both plans, at any time within three years following the date the irrevocable action is taken to terminate and liquidate the Plan.

d.    Any other termination and liquidation event that is permissible under Code Section 409A. 

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ARTICLE X 
MISCELLANEOUS PROVISIONS

10.1.    Right of Employer to Take Employment Actions.  The adoption and maintenance of this Plan shall not be deemed to constitute a contract between the Employer and any Eligible Employee, or to be a consideration for, nor an inducement or condition of, the employment of any person.  Nothing herein contained, or any action taken hereunder, shall be deemed to give any Eligible Employee the right to be retained in the employ of the Employer or to interfere with the right of the Employer to discharge any Eligible Employee at any time, nor shall it be deemed to give to the Employer the right to require the Eligible Employee to remain in its employ, nor shall it interfere with the Eligible Employee’s right to terminate his or her employment at any time.  Nothing in this Plan shall prevent the Employer from amending, modifying, or terminating any other benefit plan. 

10.2.    Alienation or Assignment of Benefits.  Except as otherwise provided under the Plan, a Participant’s rights and interest under the Plan shall not be assigned or transferred except as otherwise provided herein, and the Participant’s rights to benefit payments under the Plan shall not be subject to alienation, pledge or garnishment by or on behalf of creditors (including heirs, beneficiaries, or dependents) of the Participant or of a Beneficiary.  

10.3.    Company’s Protection.  By execution of an Election Form, each Participant shall be deemed to have agreed to cooperate with the Company by furnishing any and all information reasonably requested by the Administrator in order to facilitate the payment of benefits hereunder.  

10.4.    Construction.  All legal questions pertaining to the Plan shall be determined in accordance with the laws of the Commonwealth of Pennsylvania, to the extent such laws are not superseded by ERISA or any other federal law. 

10.5.     Headings.  The headings of the Articles and Sections of this Plan are for reference only.  In the event of a conflict between a heading and the contents of an Article or Section, the contents of the Article or Section shall control. 

10.6.    Number and Gender.  Whenever any words used herein are in the singular form, they shall be construed as though they were also used in the plural form in all cases where they would so apply, and references to the male gender shall be construed as applicable to the female gender where applicable, and vice versa. 

10.7.    Right to Withhold.  To the extent required by law in effect at the time a distribution is made from the Plan, the Employer or its agents shall have the right to withhold or deduct from any distributions or payments any taxes required to be withheld by federal, state or local governments. 
* * * * *

21Exhibit

Execution Version

FIRST AMENDMENT TO
THE ABL CREDIT AGREEMENT

This First Amendment (this “Amendment”) to the ABL Credit Agreement referred to below is dated as of July 9, 2018 and is entered into by and among Williams Scotsman International, Inc., a Delaware corporation (“WS International” or “Administrative Borrower”), Williams Scotsman, Inc., a Maryland corporation (“WSI”), WillScot Equipment II, LLC, a Delaware limited liability company (“WillScot”), Acton Mobile Holdings, LLC, a Delaware limited liability company (“Acton Mobile”), New Acton Mobile Industries LLC, a Delaware limited liability company (“New Acton”), Onsite Space LLC, an Indiana limited liability company (“Onsite Space” and, together with WS International and WSI, WillScot, Acton Mobile and New Acton, each, a “U.S. Borrower” and, collectively, the “U.S. Borrowers”), Williams Scotsman of Canada, Inc., a corporation incorporated under the Business Corporations Act (Ontario) (the “Canadian Borrower” and, together with the U.S. Borrowers, the “Borrowers” and each, a “Borrower”), William Scotsman Holdings Corp., a Delaware corporation (“Holdings”), as Holdings and a Guarantor, each of the other Guarantors listed on the signature pages hereto, each Lender (including the Swingline Lenders) and Fronting Bank party hereto, and Bank of America, N.A., as administrative agent and collateral agent for itself and the other Secured Parties (collectively, in such capacities, the “Agent”).
RECITALS
WHEREAS, pursuant to the ABL Credit Agreement, dated as of November 29, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing ABL Credit Agreement” and, as amended by this Amendment, the “Amended ABL Credit Agreement”), among the Borrowers, Holdings, the Lenders party thereto from time to time and Bank of America, N.A. as Agent, the Lenders have agreed to extend credit in the form of revolving credit facilities to the Borrowers;
WHEREAS, (i) the Administrative Borrower (or one of its wholly-owned subsidiaries) intends to acquire (the “ModSpace Acquisition”) Modular Space Holdings, Inc., a Delaware corporation (“ModSpace”), pursuant to that certain Agreement and Plan of Merger dated as of June 21, 2018 (together with the exhibits, annexes, schedules and other disclosure letters thereto, the “ModSpace Acquisition Agreement”), by and among ModSpace, WillScot Corporation, a Delaware corporation (“Parent”), Mason Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and Nanoma LLC, solely in its capacity as the representative of the Holders (as defined in the ModSpace Acquisition Agreement), and as a result of which Merger Sub will merge with and into ModSpace, with ModSpace being the surviving corporation of the merger and, upon consummation of the merger, becoming a wholly-owned subsidiary of the Administrative Borrower, (ii) all indebtedness and other amounts owed under ModSpace’s Fourth Amended and Restated Loan and Security Agreement dated as of March 2, 2017 will be repaid or otherwise satisfied and discharged and any related liens and guarantees will be terminated (the “Debt Repayment”) and (iii) fees and expenses incurred in connection with the ModSpace Transactions (as defined below) will be paid; and
WHEREAS, the Administrative Borrower has requested that the Agent, the Required Lenders, the Swingline Lenders and the Fronting Banks party hereto agree to the amendments as described, and on the terms set forth, herein.

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms. Capitalized terms used but not defined herein (including in the introductory paragraph hereof and the recitals hereto) shall have the meanings assigned to such terms in the Amended ABL Credit Agreement (for such purpose, as if the First Amendment Effective Date had occurred).  

Section 2.    Amended ABL Credit Agreement.
Subject to the occurrence of the First Amendment Effective Date, each of the Loan Parties, the Agent, the Fronting Banks and the Lenders party hereto (collectively constituting the Required Lenders) agree that the Existing ABL Credit Agreement is hereby amended as follows:
(a)Section 1.1 of the Existing ABL Credit Agreement is hereby amended to add the following defined terms in appropriate alphabetical order:

2018 Senior Secured Bridge Credit Agreement: the Senior Secured Bridge Credit Agreement which, if executed and delivered, will be dated as of the First Amendment Effective Date among the Administrative Borrower, any guarantors party thereto, the lenders party thereto and Deutsche Bank AG Cayman Islands Branch (or an affiliate thereof), as administrative agent and as collateral agent.
2018 Senior Secured Bridge Documents: the 2018 Senior Secured Bridge Credit Agreement and the “Loan Documents” (or similar term) as defined therein.
2018 Senior Secured Bridge Facility: the second lien senior secured credit facility of the Administrative Borrower in an aggregate principal amount of up to $285,600,000 (or such lesser amount actually incurred thereunder on the First Amendment Effective Date) which, if incurred, will be incurred pursuant to the 2018 Senior Secured Bridge Credit Agreement and the proceeds of which will be used to finance the purchase price of the ModSpace Acquisition, to effect the Debt Repayment and to pay the ModSpace Transaction Costs.
2018 Senior Secured Notes: the up to $300,000,000 (or such lesser amount actually issued on the First Amendment Effective Date (or earlier pursuant to escrow arrangements to be agreed among the parties to the 2018 Senior Secured Notes Indenture)) in aggregate principal amount of second lien senior secured notes due 2023 of the Administrative Borrower which, if issued, will be issued pursuant to the 2018 Senior Secured Notes Indenture and the proceeds of which will be used to finance the purchase price of the ModSpace Acquisition, to effect the Debt Repayment and to pay the ModSpace Transaction Costs.
2018 Senior Secured Notes Collateral Agent: the collateral agent named under the 2018 Senior Secured Notes Indenture and its successors and assigns.
2018 Senior Secured Notes Documents: the 2018 Senior Secured Notes Indenture, the 2018 Senior Secured Notes and the 2018 Senior Secured Notes Security Documents.

2018 Senior Secured Notes Guarantors: the guarantors from time to time party to the 2018 Senior Secured Notes Indenture or any other 2018 Senior Secured Notes Document.
2018 Senior Secured Notes Indenture: the Indenture which, if executed and delivered, will be dated as of the First Amendment Effective Date (or earlier pursuant to escrow arrangements to be agreed among the parties thereto) among the Administrative Borrower, the 2018 Senior Secured Notes Trustee thereunder, the 2018 Senior Secured Notes Collateral Agent thereunder and the 2018 Senior Secured Notes Guarantors.
2018 Senior Secured Notes Security Documents: the “Security Documents” (or similar term) as defined in the 2018 Senior Secured Notes Indenture.
2018 Senior Secured Notes Trustee: the trustee named under the 2018 Senior Secured Note Indenture and its successors and assigns.
2018 Senior Unsecured Bridge Credit Agreement: the Senior Bridge Credit Agreement which, if executed and delivered, will be dated as of the First Amendment Effective Date among the Administrative Borrower, any guarantors party thereto, the lenders party thereto and Deutsche Bank AG Cayman Islands Branch (or an affiliate thereof) as administrative agent.
2018 Senior Unsecured Bridge Documents: the 2018 Senior Unsecured Bridge Credit Agreement and the “Loan Documents” (or similar term) as defined therein.
2018 Senior Unsecured Bridge Facility: the senior unsecured credit facility of the Administrative Borrower in an aggregate principal amount of up to $326,400,000 (or such lesser amount actually incurred thereunder on the First Amendment Effective Date) which, if incurred, will be incurred pursuant to the 2018 Senior Unsecured Bridge Credit Agreement and the proceeds of which will be used to finance the purchase price of the ModSpace Acquisition, to effect the Debt Repayment and to pay the ModSpace Transaction Costs.
2018 Senior Unsecured Notes: the up to $326,400,000 (or such lesser amount actually issued on the First Amendment Effective Date (or earlier pursuant to escrow arrangements to be agreed among the parties to the 2018 Senior Unsecured Notes Indenture)) in aggregate principal amount of senior unsecured notes due 2026 of the Administrative Borrower which, if issued, will be issued pursuant to the 2018 Senior Unsecured Notes Indenture and the proceeds of which will be used to finance the purchase price of the ModSpace Acquisition, to effect the Debt Repayment and to pay the ModSpace Transaction Costs.
2018 Senior Unsecured Notes Documents: the 2018 Senior Unsecured Notes Indenture and the 2018 Senior Unsecured Notes.
2018 Senior Unsecured Notes Guarantors: the guarantors from time to time party to the 2018 Senior Unsecured Notes Indenture or any other 2018 Senior Secured Notes Document.
2018 Senior Unsecured Notes Indenture: the Indenture which, if executed and delivered, will be dated as of the First Amendment Effective Date (or earlier pursuant 

to escrow arrangements to be agreed among the parties thereto) among the Administrative Borrower, the 2018 Senior Unsecured Notes Trustee and the 2018 Senior Unsecured Notes Guarantors.
2018 Senior Unsecured Notes Trustee: the trustee named under the 2018 Senior Unsecured Notes Indenture and its successors and assigns.
Beneficial Ownership Certification: a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.
Beneficial Ownership Regulation: 31 C.F.R. § 1010.230.
Debt Repayment: the repayment or other satisfaction and discharge of all indebtedness and other amounts owed under ModSpace’s Fourth Amended and Restated Loan and Security Agreement dated as of March 2, 2017 and the termination of any related liens and guarantees.
First Amendment Agreement: the First Amendment to this Agreement dated as of July 9, 2018 among the Borrowers, Holdings, the other Loan Parties party thereto, the Lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent.
First Amendment Effective Date: the First Amendment Effective Date (as defined in the First Amendment Agreement).
Interest Coverage Ratio: for any Test Period, and subject to Section 1.7, the ratio of (a) Consolidated EBITDA for such Test Period to (b) to the extent paid in cash during such Test Period, Consolidated Interest Expense for such Test Period.
ModSpace: Modular Space Holdings, Inc., a Delaware corporation.
ModSpace Acquisition: the acquisition of ModSpace by the Administrative Borrower pursuant to the ModSpace Acquisition Agreement, as a result of which Mason Merger Sub, Inc., a Delaware corporation, will merge with and into ModSpace, with ModSpace being the surviving corporation of the merger and, upon consummation of the merger, a wholly-owned subsidiary of the Administrative Borrower.
ModSpace Acquisition Agreement: that certain Agreement and Plan of Merger dated as of June 21, 2018 (together with the exhibits, annexes, schedules and other disclosure letters thereto) by and among ModSpace, the Parent, Mason Merger Sub, Inc., and Nanoma LLC, solely in its capacity as the representative of the Holders (as defined therein).
ModSpace Transaction Costs: as defined in the definition of ModSpace Transactions.
ModSpace Transactions: collectively, (i) the ModSpace Acquisition, (ii) the Debt Repayment, (iii) the execution, delivery and performance of the First Amendment Agreement, (iv) the execution, delivery and performance of the 2018 Senior Secured Note Documents, the issuance of the 2018 Senior Secured Notes thereunder and the use of the proceeds thereof, (v) the execution, delivery and performance of the 2018 Senior Secured Bridge Documents, the issuance of the 2018 Senior Secured Bridge 

Facility thereunder and the use of the proceeds thereof, (vi) the execution, delivery and performance of the 2018 Senior Unsecured Note Documents, the issuance of the 2018 Senior Unsecured Notes thereunder and the use of the proceeds thereof, (vii) the execution, delivery and performance of the 2018 Senior Unsecured Bridge Documents, the issuance of the 2018 Senior Unsecured Bridge Facility thereunder and the use of the proceeds thereof, (viii) the issuance of any Equity Interests (including securities convertible into Equity Interests) of Parent in connection with the foregoing and the use of proceeds thereof, (ix) the establishment of any Canadian Revolver Commitment Increase and any U.S. Revolver Commitment Increase in connection with the foregoing and the use of the proceeds thereof and (x) the payment of fees and expense incurred in connection with the foregoing (“ModSpace Transaction Costs”).
(b)The definition of “Borrowing Base Test Event” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing each reference to the amount “$50,000,000” therein with the amount “$135,000,000”.

(c)Clauses (h) through (n) of the definition of “Canadian LC Conditions” appearing in Section 1.1 of the Existing ABL Credit Agreement are hereby amended and restated as follows:

“(h) Bank of America (Canada) and its Affiliates and branches shall not be required to issue any Canadian Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding Canadian Letters of Credit issued by Bank of America (Canada) and its Affiliates and branches would exceed the amount set forth opposite Bank of America (Canada)’s name on Schedule II to the First Amendment Agreement, unless otherwise agreed by Bank of America (Canada) in its sole discretion; (i) Deutsche Bank AG, Canada Branch and its Affiliates and branches shall not be required to issue any Canadian Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding Canadian Letters of Credit issued by Deutsche Bank AG, Canada Branch and its Affiliates and branches would exceed the amount set forth opposite Deutsche Bank AG, Canada Branch’s name on Schedule II to the First Amendment Agreement, unless otherwise agreed by Deutsche Bank AG, Canada Branch in its sole discretion; (j) Morgan Stanley Bank, N.A. and its Affiliates and branches shall not be required to issue any Canadian Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding Canadian Letters of Credit issued by Morgan Stanley Bank, N.A. and its Affiliates and branches would exceed the amount set forth opposite Morgan Stanley Bank, N.A.’s name on Schedule II to the First Amendment Agreement, unless otherwise agreed by Morgan Stanley Bank, N.A. in its sole discretion; (k) Credit Suisse AG, Cayman Islands Branch and its Affiliates and branches shall not be required to issue any Canadian Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding Canadian Letters of Credit issued by Credit Suisse AG, Cayman Islands Branch and its Affiliates and branches would exceed the amount set forth opposite Credit Suisse AG, Cayman Islands Branch’s name on Schedule II to the First Amendment Agreement, unless otherwise agreed by Credit Suisse AG, Cayman Islands Branch in its sole discretion; (l) ING Capital LLC and its Affiliates and branches shall not be required to issue any Canadian Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding Canadian Letters of Credit issued by ING Capital LLC and its Affiliates and branches would exceed the amount set forth opposite ING Capital LLC’s name on Schedule II to the First Amendment Agreement, unless otherwise agreed by ING Capital LLC in its sole discretion; (m) Barclays Bank PLC and its Affiliates and branches shall not be required to issue any Canadian Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding Canadian Letters of Credit issued by Barclays Bank PLC and its Affiliates and branches would exceed the amount set forth opposite Barclays Bank PLC’s name on Schedule II to the First Amendment 

Agreement, unless otherwise agreed by Barclays Bank PLC in its sole discretion; (n) no Canadian Fronting Bank other than Bank of America (Canada) shall be required to issue any Canadian Letters of Credit that are time (usance) or documentary letters of credit and (o) the aggregate amount of issued and outstanding Canadian Letters of Credit that are time (usance) or documentary letters of credit shall not exceed the amount specified in clause (h) above.”.
(d)The definition of “Canadian Letter of Credit Sublimit” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$30,000,000” therein with the amount “$60,000,000”.

(e)The definition of “Canadian Swingline Commitment” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the amount “$25,000,000” therein with the amount “$50,000,000”.

(f)The definition of “Cash Dominion Event” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing each reference to the amount “$50,000,000” therein with the amount “$135,000,000”.

(g)Clause (d) of the definition of “Change of Control” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended and restated as follows:
“(d) a “change of control”, “change in control” or similar term as defined in any of the Senior Secured Notes Indenture, the 2018 Senior Secured Notes Indenture, the 2018 Senior Secured Bridge Credit Agreement, the 2018 Senior Unsecured Notes Indenture, the 2018 Senior Unsecured Bridge Credit Agreement or any other document, instrument or agreement evidencing or governing Indebtedness of a Loan Party or any Restricted Subsidiary in a principal amount in excess of $40,000,000”.
(h)Clause (h) of the definition of “Consolidated EBITDA” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended and restated as follows:
“(h)    the amount of net cost savings, operating expense reductions, charges attributable to the undertaking and/or implementation of cost savings initiatives and improvements, business optimization and other restructuring and integration charges, and other synergies set forth in the model delivered to the Agent on June 5, 2018 (without duplication of any amounts added back pursuant to Section 1.7(b), clause (e) above, clause (i) below or clause (p) below) projected by WS International in good faith to result from actions taken or expected to be taken within twenty-four (24) months following the First Amendment Effective Date (calculated on a pro forma basis as though such net cost savings, operating expense reductions, charges and other synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions (including, without limitation, business optimization costs, charges and expenses, costs and expenses incurred in connection with new product design, development and introductions, costs and expenses incurred in connection with intellectual property development and new systems design, and costs and expenses incurred in connection with the implementation, replacement, development or upgrade of operational, reporting and information technology systems and technology initiatives); provided that (x) such net cost savings, operating expense reductions, charges or other synergies are reasonably identifiable (in the good faith determination of the Administrative Borrower) and quantifiable and reflected in each Compliance Certificate delivered to Agent for any Test Period in which such net cost savings, operating expense reductions, charges or other synergies are reflected in Consolidated EBITDA, and (y) no net cost savings, operating expense reductions, charges or other synergies shall be added pursuant to this clause (h) to the extent duplicative of any expenses or charges relating to such net cost savings and operating improvements or synergies that are included pursuant to Section 

1.7(b) or added back to Consolidated EBITDA pursuant to clause (e) above, clause (i) below or clause (p) below; plus”.
(i)Clause (i) of the definition of “Consolidated EBITDA” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the words “the Transactions” therein and replacing them with “the Transactions but excluding, to the extent applicable, from the ModSpace Transactions”.

(j)The definition of “Excluded Deposit Accounts” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$1,000,000” in clause (v) thereof with the amount “$2,500,000”.

(k)The final proviso in the definition of “Excluded Subsidiary” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended and restated as follows:
“provided, that no Subsidiary shall be an Excluded Subsidiary to the extent it is required to be or becomes a guarantor of (x) the Senior Secured Notes, the 2018 Senior Secured Notes, the 2018 Senior Secured Bridge Facility, the 2018 Senior Unsecured Notes or the 2018 Senior Unsecured Bridge Facility or (y) any other Indebtedness for borrowed money of a Loan Party in a principal amount in excess of $40,000,000 (provided, however, that if the borrower with respect to Indebtedness for borrowed money described in this clause (y) is a Canadian Loan Party, then notwithstanding the foregoing proviso, such Subsidiary shall constitute an Excluded Subsidiary hereunder to the extent it would otherwise be excluded pursuant to clauses (d) and (i) of this definition)”.
(l)The definition of “Financial Covenant Test Event” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing each reference to the amount “$50,000,000” therein with the amount “$135,000,000”.

(m)The definition of “Loan Documents” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by adding the text “the First Amendment Agreement,” immediately following the text “this Agreement,” therein.

(n)The definition of “Material Real Estate” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$15,000,000” therein with the amount “$25,000,000”.

(o)The definition of “Maximum Canadian Facility Amount” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$70,000,000” therein with the amount “$150,000,000”. 

(p)The definition of “Maximum Revolver Facility Amount” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$600,000,000” therein with the amount “$1,350,000,000”. 

(q)The definition of “Maximum U.S. Facility Amount” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$530,000,000” therein with the amount “$1,200,000,000”. 

(r)The definition of “Payment Condition” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended and restated in its entirety as follows:

“Payment Condition:  
(x) immediately after giving effect to the Specified Transaction at issue, either:
(I)    (a) as of the date such Specified Transaction is effected and for each day during the prior 30 day period (based on daily Excess Availability for such 30 day period), pro forma Excess Availability after giving effect to such Specified Transaction shall be greater than the greater of (i) 15% of the Line Cap and (ii) $150,000,000 and (b) the Borrowers shall be in compliance with each of the financial covenants contained in Section 10.3 (assuming, for the purposes of this determination, that a Financial Covenant Test Event has occurred) determined as of the most recent Test Period for which financial statements have been delivered pursuant to clause (a) or (b)(i) of Section 10.1.1 (on a trailing four quarter basis after giving pro forma effect to such Specified Transaction and each other Specified Transaction requiring pro forma effect under Section 1.7 that has occurred since the beginning of such four quarter period through the date of such Specified Transaction for which pro forma effect shall be given pursuant to Section 1.7); or
(II)    as of the date such Specified Transaction is effected and for each day during the prior 30 day period (based on daily Excess Availability for such 30 day period), pro forma Excess Availability after giving effect to such Specified Transaction shall be greater than the greater of (i) 20% of the Line Cap  and (ii) $200,000,000;
(y)    no Default or Event of Default has occurred and is continuing before or after giving effect to such Specified Transaction; and 
(z)    with respect to each Specified Transaction in an amount in excess of $100,000,000, receipt by the Agent of a certificate, signed by a Senior Officer, certifying as to the matters set forth in clauses (x) and (y) above and setting forth in reasonable detail any pro forma adjustments used in making such calculations that were not previously reflected in prior Compliance Certificates delivered thereunder, together with all relevant financial information in support of such calculations.” 
(s)The definition of “Permitted Lien” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by:

(i)replacing the reference to the amount “$5,000,000” therein with the amount “$10,000,000” and replacing the reference to the amount “$2,500,000” therein with the amount “$5,000,000”, in each case, in clause (f) thereof; and

(ii)replacing the text “the greater of (x) $75,000,000 and (y) 5.6% of Consolidated Total Assets,” contained in clause (t) thereof with “the greater of (x) $150,000,000 and (y) 6.0% of Consolidated Total Assets,” in lieu thereof. 

(t)The proviso at the end of the definition of “Qualified Receivables Transaction” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“provided such Qualified Receivables Transaction is permitted under the Senior Secured Notes Indenture, the 2018 Senior Secured Notes Indenture, the 2018 Senior Secured Bridge Credit 

Agreement, the 2018 Senior Unsecured Notes Indenture and the 2018 Senior Unsecured Bridge Credit Agreement”.
(u)Clause (f) of the definition of “Refinancing Indebtedness” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(f) to the extent such Refinancing Indebtedness refunds, refinances, renews, extends or defeases the Senior Secured Notes, the 2018 Senior Secured Notes, the 2018 Senior Secured Bridge Facility, the 2018 Senior Unsecured Notes or the 2018 Senior Unsecured Bridge Facility, the terms of such Refinancing Indebtedness (other than pricing) are no less favorable in any material respect, when taken as a whole, to the Loan Parties or the Lenders than the debt being refinanced, as certified in writing by a Senior Officer of the Administrative Borrower, which certificate shall be conclusive and binding on the Credit Parties with respect to such matter.”.
(v)The definition of the “Solvent” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the word “Transactions” therein with “ModSpace Transactions”.

(w)The definition of “Specified Defaults” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the parenthetical “(other than Excluded Deposit Accounts)” contained in clause (iii) thereof with the following text in lieu thereof: “(other than Excluded Deposit Accounts and Deposit Accounts of a New Loan Party to the extent such Deposit Accounts are not yet required to be subject to a Deposit Account Control Agreement pursuant to Section 10.1.12(e)(iii))”. 

(x)The definition of “Test Period” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by adding the text “the Interest Coverage Ratio,” immediately prior to the words “the Consolidated Fixed Charge Coverage Ratio” therein.

(y)Clause (ii) of the definition of “Total Secured Debt” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(ii) the Senior Secured Notes, the 2018 Senior Secured Notes and the 2018 Senior Secured Bridge Facility and”.
(z)Clause (i) of the final proviso in the definition of “Unrestricted Subsidiary” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“provided, however, that (i) such Subsidiary shall constitute an “Unrestricted Subsidiary” (under and as defined in the Senior Secured Notes Indenture as in effect on the Closing Date), an “Unrestricted Subsidiary” (under and as defined in the 2018 Senior Secured Notes Indenture as in effect on the First Amendment Effective Date), an “Unrestricted Subsidiary” (under and as defined in the 2018 Senior Secured Bridge Credit Agreement as in effect on the First Amendment Effective Date), an “Unrestricted Subsidiary” (under and as defined in the 2018 Senior Unsecured Notes Indenture as in effect on the First Amendment Effective Date), an “Unrestricted Subsidiary” (under and as defined in the 2018 Senior Unsecured Bridge Credit Agreement as in effect on the First Amendment Effective Date) and an “unrestricted subsidiary” (or similar term) under any other document, instrument or 

agreement evidencing or governing Indebtedness of a Loan Party in a principal amount in excess of $40,000,000 at the time of any determination made hereunder and”.
(aa)Clauses (h) through (o) of the definition of “U.S. LC Conditions” appearing in Section 1.1 of the Existing ABL Credit Agreement are hereby amended and restated as follows:

“(h) Bank of America and its Affiliates and branches shall not be required to issue any U.S. Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding U.S. Letters of Credit issued by Bank of America and its Affiliates and branches would exceed the amount set forth opposite Bank of America’s name on Schedule III to the First Amendment Agreement, unless otherwise agreed by Bank of America in its sole discretion; (i) Deutsche Bank AG New York Branch and its Affiliates and branches shall not be required to issue any U.S. Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding U.S. Letters of Credit issued by Deutsche Bank AG New York Branch and its Affiliates and branches would exceed the amount set forth opposite Deutsche Bank AG New York Branch’s name on Schedule III to the First Amendment Agreement, unless otherwise agreed by Deutsche Bank AG New York Branch in its sole discretion; (j) Morgan Stanley Bank, N.A. and its Affiliates and branches shall not be required to issue any U.S. Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding U.S. Letters of Credit issued by Morgan Stanley Bank, N.A. and its Affiliates and branches would exceed the amount set forth opposite Morgan Stanley Bank, N.A.’s name on Schedule III to the First Amendment Agreement, unless otherwise agreed by Morgan Stanley Bank, N.A. in its sole discretion; (k) Goldman Sachs Lending Partners LLC and its Affiliates and branches shall not be required to issue any U.S. Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding U.S. Letters of Credit issued by Goldman Sachs Lending Partners LLC and its Affiliates and branches would exceed the amount set forth opposite Goldman Sachs Lending Partners LLC’s name on Schedule III to the First Amendment Agreement, unless otherwise agreed by Goldman Sachs Lending Partners LLC in its sole discretion; (l) Credit Suisse AG, Cayman Islands Branch and its Affiliates and branches shall not be required to issue any U.S. Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding U.S. Letters of Credit issued by Credit Suisse AG, Cayman Islands Branch and its Affiliates and branches would exceed the amount set forth opposite Credit Suisse AG, Cayman Islands Branch’s name on Schedule III to the First Amendment Agreement, unless otherwise agreed by Credit Suisse AG, Cayman Islands Branch in its sole discretion; (m) ING Capital LLC and its Affiliates and branches shall not be required to issue any U.S. Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding U.S. Letters of Credit issued by ING Capital LLC and its Affiliates and branches would exceed the amount set forth opposite ING Capital’s name on Schedule III to the First Amendment Agreement, unless otherwise agreed by ING Capital LLC in its sole discretion; (n) Barclays Bank PLC and its Affiliates and branches shall not be required to issue any U.S. Letter of Credit if, after giving effect thereto, the aggregate amount of issued and outstanding U.S. Letters of Credit issued by Barclays Bank PLC and its Affiliates and branches would exceed the amount set forth opposite Barclays Bank PLC’s name on Schedule III to the First Amendment Agreement, unless otherwise agreed by Barclays Bank PLC in its sole discretion; (o) no U.S. Fronting Bank other than Bank of America shall be required to issue any U.S. Letters of Credit that are time (usance) or documentary letters of credit and (p) the aggregate amount of issued and outstanding U.S. Letters of Credit that are time (usance) or documentary letters of credit shall not exceed the amount specified in clause (h) above”
(bb) The definition of “U.S. Letter of Credit Sublimit” appearing in Section 1.1 of the Existing ABL Credit Agreement is hereby amended by replacing the amount “$60,000,000” therein with the amount “$75,000,000”.

(cc) The definition of “U.S. Swingline Commitment” appearing in Section 1.1 of the Existing ABL Credit Agreement shall be hereby amended by replacing the amount “$50,000,000” therein with the amount “$75,000,000”.

(dd) Section 1.7(a) of the Existing ABL Credit Agreement is hereby amended by adding the text “the Interest Coverage Ratio,” immediately prior to each reference to “the Total Net Leverage Ratio” therein.

(ee) Section 1.8(a) of the Existing ABL Credit Agreement is hereby amended by adding the text “the Interest Coverage Ratio,” immediately prior to the reference to “the Total Net Leverage Ratio” therein.

(ff) Clause (x) of the proviso set forth in Section 1.9 of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(x) all Indebtedness outstanding arising under the Senior Secured Notes and any Refinancing Indebtedness with respect thereto will at all times be deemed to be outstanding in reliance on Section 10.2.1(b)(i)(B), all Indebtedness outstanding arising under the 2018 Senior Secured Notes, the 2018 Senior Secured Bridge Facility and any Refinancing Indebtedness with respect thereto will at all times be deemed to be outstanding in reliance on Section 10.2.1(b)(i)(C) and all Indebtedness outstanding arising under the 2018 Senior Unsecured Notes, the 2018 Senior Unsecured Bridge Facility and any Refinancing Indebtedness with respect thereto will at all times be deemed to be outstanding in reliance on Section 10.2.1(b)(i)(D)”.
(gg) The final sentence of Section 1.9 of the Existing ABL Credit Agreement is hereby amended by adding the text “the Interest Coverage Ratio,” immediately prior to each reference to “the Consolidated Fixed Charge Coverage Ratio” therein.

(hh) The final sentence of Section 2.1.11(e) of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“Notwithstanding the foregoing, in no event shall (i) the Dollar Equivalent of the sum of the aggregate principal amount of all Revolver Commitment Increases made under this Section 2.1.11 after the First Amendment Effective Date exceed (A) $1,800,000,000 minus the aggregate principal amount of all Revolver Commitments (whether drawn or not) (including any Revolver Commitments established on the First Amendment Effective Date pursuant to Revolver Commitment Increases) in effect as of the First Amendment Effective, plus (B) the amount of all voluntary permanent reductions of the Revolver Commitments hereunder after the First Amendment Effective Date or (ii) the Dollar Equivalent of the sum of the aggregate principal amount of all Canadian Revolver Commitment Increases made under this Section 2.1.11 after the First Amendment Effective Date exceed $275,000,000 minus the aggregate principal amount of all Canadian Revolver Commitments (whether drawn or not) (including any Canadian Revolver Commitments established on the First Amendment Effective Date pursuant to Canadian Revolver Commitment Increases) in effect as of the First Amendment Effective Date.”
(ii)    Section 9.1.8 of the Existing ABL Credit Agreement is hereby amended by adding a new clause (c) thereto in appropriate alphabetical order as follows:

“(c)    As of the First Amendment Effective Date, the information included in the Beneficial Ownership Certification with respect to such Loan Party, if applicable, is true and correct in all respects.”.
(jj)    Section 9.1.16 of the Existing Credit Agreement is hereby amended by replacing the words “Closing Date” therein with the words “First Amendment Effective Date” and replacing the word “Transactions” therein with the words “ModSpace Transactions”.

(kk)    Section 10.1.1(b) of the Existing ABL Credit Agreement is hereby amended by replacing each reference to the amount “$75,000,000” therein with the amount “$200,000,000”.

(ll)    Section 10.1.1(d) of the Existing ABL Credit Agreement is hereby amended by adding the words “the Interest Coverage Ratio,” immediately prior to the reference to “the Consolidated Fixed Charge Coverage Ratio” therein.

(mm)    Section 10.1.2 of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$50,000,000” therein with the amount “$135,000,000”.

(nn)     Section 10.1.12(e) of the Existing ABL Credit Agreement is hereby amended by (i) replacing the word “and” appearing immediately prior to the reference to “(ii)” therein with a comma and (ii) adding the text “and (iii) to execute and deliver Deposit Account Control Agreements over all Deposit Accounts (other than Excluded Deposit Accounts) of such New Loan Party within 30 days after becoming a Borrower or Guarantor hereunder (or such longer period as may be agreed by the Agent in its discretion)” immediately following the words “reasonably satisfactory to Agent” therein.

(oo)     Section 10.1.14 of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$75,000,000” therein with the amount “$200,000,000”.

(pp)    Clause (ii) of the final sentence of Section 10.1.20 of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(ii) the guaranty by the Unit Subsidiary under the Senior Secured Notes Indenture, the 2018 Senior Secured Notes Indenture, the 2018 Senior Secured Bridge Credit Agreement, the 2018 Senior Unsecured Notes Indenture, the 2018 Senior Unsecured Bridge Credit Agreement and the Indebtedness permitted under Sections 10.2.1(a), 10.2.1(b)(iv) and 10.2.1(b)(xii), in each instance, to the extent permitted under Sections 10.2.1(b)(i)(B), 10.2.1(b)(i)(C), 10.2.1(b)(i)(D), 10.2.1(a), 10.2.1(b)(iv) and 10.2.1(b)(xii), respectively, and”.
(qq)    Section 10.2.1(a) of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(a)    The Loan Parties will not, and not permit their Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”), any Indebtedness and the Loan Parties and their Restricted Subsidiaries will not issue any shares of Disqualified Stock or Preferred Stock; provided, however, that the Loan Parties and their Restricted Subsidiaries may incur Indebtedness and issue shares of Disqualified Stock or Preferred Stock if either (i) the Total Net Leverage Ratio 

on a consolidated basis for the most recently ended Test Period for which financial statements have been or are required to be delivered pursuant to clause (a) or (b)(i) of Section 10.1.1 on or immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have been (x) no greater than 5.50 to 1.00 or (y) if such Indebtedness or Disqualified Stock or Preferred Stock is incurred or issued to finance a Permitted Acquisition or similar Investment, no greater than the Total Net Leverage Ratio immediately prior to such incurrence or issuance or (ii) the Interest Coverage Ratio on a consolidated basis for the most recently ended Test Period for which financial statements have been or are required to be delivered pursuant to clause (a) or (b)(i) of Section 10.1.1 on or immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued is not less than (x) 2.0 to 1.0 or (y) if such Indebtedness or Disqualified Stock or Preferred Stock is incurred or issued to finance a Permitted Acquisition or similar Investment, the Interest Coverage Ratio immediately prior to such incurrence or issuance, in each case, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom, but without otherwise netting the cash proceeds of any such Indebtedness from the calculation of Consolidated Total Debt, it being understood and agreed the foregoing Total Net Leverage Ratio or Interest Coverage Ratio test, as applicable, shall be required to be satisfied for the relevant Test Period described above on the date of each borrowing or other extension of credit under the applicable Indebtedness and on the date of each issuance of the applicable Disqualified Stock or Preferred Stock), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom, had occurred at the beginning of such Test Period, so long as such Indebtedness has a final maturity date no earlier than, and no scheduled amortization payments (other than customary nominal amortization payments) prior to, the date that is ninety-one (91) days following the Revolver Facility Termination Date; provided, further, that (i) Canadian Domiciled Loan Parties and Restricted Subsidiaries that are not Loan Parties may not incur Indebtedness or issue shares of Disqualified Stock or Preferred Stock pursuant to this Section 10.2.1(a) in an aggregate amount at any time outstanding which, when combined with the principal amount then outstanding of all other Indebtedness incurred pursuant to Section 10.2.1(b)(xxii), is in excess of the greater of (x) $200,000,000 and (y) 8.0% of Consolidated Total Assets as of the last day of the most recently ended Test Period, (ii) that such Indebtedness incurred pursuant to this Section 10.2.1(a) shall not be (A) secured Indebtedness unless (x) the Secured Net Leverage Ratio on a consolidated basis for the most recently ended Test Period for which financial statements have been or are required to be delivered pursuant to clause (a) or (b)(i) of Section 10.1.1 on or immediately preceding the date on which such additional Indebtedness is incurred would have been no greater than (1) 4.50 to 1.00 or (2) if such Indebtedness or Disqualified Stock or Preferred Stock is incurred or issued to finance a Permitted Acquisition or similar Investment, no greater than the Secured Net Leverage Ratio immediately prior to such incurrence or issuance, in each case, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom, but without otherwise netting the cash proceeds of any such Indebtedness from the calculation of Consolidated Total Debt, it being understood and agreed the foregoing Secured Net Leverage Ratio test shall be required to be satisfied for the relevant Test Period described above on the date of each borrowing or other extension of credit under the applicable Indebtedness and on the date of each issuance of the applicable Disqualified Stock or Preferred Stock), as if the additional Indebtedness had been incurred and the application of proceeds therefrom had occurred at the beginning of such Test Period and (y) the Liens on the assets of any Loan Party securing such Indebtedness shall apply only to Collateral and shall be subordinated to the Liens securing the Secured Obligations 

pursuant to the terms of the Intercreditor Agreement (and the holders of such Indebtedness (or their duly appointed agent or other representative) shall have become party to the Intercreditor Agreement) or (B) guaranteed by any Person that is not a Loan Party and (iii) the Unit Subsidiary may not incur Indebtedness under this Section 10.2.1(a) other than Guarantee Obligations that are subordinated to the Secured Obligations in a manner at least as favorable to the Credit Parties as the subordination terms applicable to the Unit Subsidiary’s guaranty of the Senior Secured Notes on the Closing Date.”
(rr)    Section 10.2.1(b)(i) of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(i)    (A) Indebtedness arising under the Loan Documents, (B)(x) Indebtedness arising under the Senior Secured Notes and (y) any Refinancing Indebtedness with respect thereto; provided that the incurrence of any such Refinancing Indebtedness shall not be deemed to have refreshed capacity under the foregoing clause (i)(B)(x), so long as, in each case with respect to this clause (B), the guarantee of the Unit Subsidiary thereof is subordinated on the terms as provided in the Senior Secured Notes Indenture as in effect on the Closing Date, (C)(x) Indebtedness arising under the 2018 Senior Secured Bridge Facility and/or the 2018 Senior Secured Notes in an aggregate principal amount with respect to this clause (C)(x) at any time outstanding not to exceed $300,000,000 (or such lesser amount actually incurred on the First Amendment Effective Date) and (y) any Refinancing Indebtedness with respect thereto; provided that the incurrence of any such Refinancing Indebtedness shall not be deemed to have refreshed capacity under the foregoing clause (i)(C)(x), so long as, in each case with respect to this clause (C), the guarantee of the Unit Subsidiary thereof is subordinated on the terms substantially similar to those provided in the 2018 Senior Secured Bridge Credit Agreement or the 2018 Senior Secured Notes Indenture, as applicable, as in effect on the First Amendment Effective Date and (D)(x) Indebtedness arising under the 2018 Senior Unsecured Bridge Facility and/or the 2018 Senior Unsecured Notes in an aggregate principal amount with respect to this clause (D)(x) at any time outstanding not to exceed $326,400,000 (or such lesser amount actually incurred on the First Amendment Effective Date) and (y) any Refinancing Indebtedness with respect thereto; provided that the incurrence of any such Refinancing Indebtedness shall not be deemed to have refreshed capacity under the foregoing clause (i)(D)(x), so long as, in each case with respect to this clause (D), the guarantee of the Unit Subsidiary thereof is subordinated on the terms substantially similar to those provided in the 2018 Senior Unsecured Bridge Credit Agreement and/or the 2018 Senior Unsecured Notes Indenture as in effect on the First Amendment Effective Date;”.
(ss)    Section 10.2.1(b)(iii) of the Existing ABL Credit Agreement is hereby amended by replacing the text “the greater of (x) $20,000,000 and (y) 1.5% of Consolidated Total Assets” contained in the second proviso to such clause (iii) with the following text in lieu thereof: “the greater of (x) “$40,000,000” and (y) 1.6% of Consolidated Total Assets”.

(tt) Section 10.2.1(b)(iv) of the Existing ABL Credit Agreement is hereby amended by replacing the text “the greater of (x) $20,000,000 and (y) 1.5% of Consolidated Total Assets” contained in the proviso to such clause (iv) with the following text in lieu thereof: “the greater of (x) “$40,000,000” and (y) 1.6% of Consolidated Total Assets”.

(uu)    Section 10.2.1(b)(vi) of the Existing ABL Credit Agreement is hereby amended by replacing the text “the greater of (x) $85,000,000 and (y) 6.4% of Consolidated Total Assets” contained in the first proviso to such clause (vi) with the following text in lieu thereof: “the greater of (x) “$170,000,000” and (y) 6.8% of Consolidated Total Assets”.

(vv)    Section 10.2.1(b)(vii) of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(A) Indebtedness (including any unused commitment) outstanding on the Closing Date listed on Schedule 10.2.1, (B) Capital Leases and Capitalized Lease Obligations outstanding on the First Amendment Effective Date and listed on Schedule I to the First Amendment Agreement and (C) any Refinancing Indebtedness with respect to the foregoing; provided that the incurrence of any such Refinancing Indebtedness shall not be deemed to have refreshed capacity under the foregoing clause (A) or (B), as applicable;”.
(ww)    Section 10.2.1(b)(ix) of the Existing ABL Credit Agreement is hereby amended and restated as follows: 

“(ix)    (A) Indebtedness, Disqualified Stock or Preferred Stock of a Person that becomes a Restricted Subsidiary (or is a Restricted Subsidiary that survives a merger or is the continuing entity following an amalgamation with such Person) and that, if secured, is not secured by any Specified Assets, or Indebtedness secured only by assets that are acquired by a Restricted Subsidiary that do not constitute Specified Assets, in each case, after the Closing Date as the result of a Permitted Acquisition, provided, that (1) such Indebtedness, Disqualified Stock or Preferred Stock existed at the time such Person became a Restricted Subsidiary or at the time such assets subject to such Indebtedness were acquired and, in each case, was not created in anticipation thereof, (2) such Indebtedness is not guaranteed in any respect by any Loan Party or any Restricted Subsidiary (other than by any such Person that so becomes a Restricted Subsidiary or is the survivor of a merger or is the continuing entity following an amalgamation with such Person and any of its Subsidiaries or if such guarantees would be permitted by Section 10.2.5), (3) to the extent required under Section 10.1.12, such Person executes a supplement or joinder to this Agreement, substantially in the form of Exhibit I, in order to become a Loan Party and such other agreements, documents and actions required thereunder, (4) to the extent such Indebtedness, Disqualified Stock or Preferred Stock is at any time outstanding in an amount or liquidation preference in excess of $60,000,000, either (i) the Total Net Leverage Ratio on a consolidated basis for the most recently ended Test Period for which financial statements have been or are required to be delivered pursuant to clause (a) or (b)(i) of Section 10.1.1 on or immediately preceding the date of the consummation of the applicable Permitted Acquisition would be (x) no greater than 5.50 to 1.00 or (y) no greater than the Total Net Leverage Ratio immediately prior to the consummation of the applicable Permitted Acquisition or (ii) the Interest Coverage Ratio on a consolidated basis for the most recently ended Test Period for which financial statements have been or are required to be delivered pursuant to clause (a) or (b)(i) of Section 10.1.1 on or immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued is not less than (x) 2.0 to 1.0 or (y) the Interest Coverage Ratio immediately prior to the consummation of the applicable Permitted Acquisition, in each case, determined on a pro forma basis (including the assumption of such Indebtedness, Disqualified Stock or Preferred Stock, it being understood and agreed that the foregoing Total Net Leverage Ratio or Interest Coverage Ratio test, as applicable, shall be required to be satisfied for the relevant Test Period described above on the date of each such assumption of applicable Indebtedness, Disqualified Stock or Preferred Stock), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, at the beginning of such Test Period, (5) to the extent such Indebtedness, Disqualified Stock or Preferred Stock is at any time outstanding in an amount or liquidation preference in 

excess of $60,000,000, if such Indebtedness is secured, the Secured Net Leverage Ratio on a consolidated basis for the most recently ended Test Period for which financial statements have been or are required to be delivered pursuant to clause (a) or (b)(i) of Section 10.1.1 on or immediately preceding the date of the consummation of the applicable Permitted Acquisition would be no greater than 4.50 to 1.00 or no greater than the Secured Net Leverage Ratio immediately prior to the consummation of the applicable Permitted Acquisition, in each case, determined on a pro forma basis (including the assumption of such Indebtedness, it being understood and agreed that the foregoing Secured Net Leverage Ratio test shall be required to be satisfied for the relevant Test Period described above on the date of each such assumption of applicable Indebtedness, Disqualified Stock or Preferred Stock), as if the additional Indebtedness had been incurred at the beginning of such Test Period and (6) to the extent such Indebtedness is at any time outstanding in an amount in excess of $60,000,000, such Indebtedness has a final maturity date no earlier than, and no scheduled amortization payments (other than customary nominal amortization payments) prior to, the date that is ninety-one days following the Revolver Facility Termination Date, and (B) any Refinancing Indebtedness with respect thereto; provided that the incurrence of any such Refinancing Indebtedness shall not be deemed to have refreshed capacity under the foregoing clause (A);”
(xx)    Section 10.2.1(b)(xi) of the Existing ABL Credit Agreement is hereby amended by replacing the text “the greater of (x) $50,000,000 and (y) 3.8% of Consolidated Total Assets” contained in such clause (xi) with the following text in lieu thereof: “the greater of (x) “$100,000,000” and (y) 4.0% of Consolidated Total Assets”.

(yy)    Section 10.2.1(b)(xii) of the Existing ABL Credit Agreement is hereby amended by replacing the text “the greater of (x) $85,000,000 and (y) 6.4% of Consolidated Total Assets” contained in subclause (A) of such clause (xii) with the following text in lieu thereof: “the greater of (x) $170,000,000 and 6.8% of Consolidated Total Assets”.

(zz)    Section 10.2.1(b)(xv) of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$50,000,000” therein with the amount “$100,000,000”.

(aaa)    Section 10.2.1(b)(xxi) of the Existing ABL Credit Agreement is hereby amended by replacing the amount “$5,000,000” therein with the amount “$10,000,000”.

(bbb)    Section 10.2.1(b)(xxii) of the Existing ABL Credit Agreement is hereby amended by replacing the text “the greater of (x) $100,000,000 and (y) 7.5% of Consolidated Total Assets” contained in such clause (xxii) with the following in lieu thereof: “the greater of (x) $200,000,000 and (y) 8.0% of Consolidated Total Assets”.
 
(ccc)    Section 10.2.1(b)(xxiii) of the Existing ABL Credit Agreement is hereby amended by replacing the text “the greater of (x) $40,000,000 and (y) 3.0% of Consolidated Total Assets” contained in such clause (xxiii) with “the greater of (x) $80,000,000 and (y) 3.2% of Consolidated Total Assets”.

(ddd)     The final paragraph of Section 10.2.1(b) of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$50,000,000” therein with the amount “$75,000,000”.

(eee) Section 10.2.2(a) of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(a)    (i) Liens arising under the Credit Documents, (ii) Liens on Collateral of the U.S. Domiciled Loan Parties arising under the Senior Secured Notes Documents and Refinancing Indebtedness with respect thereto to the extent permitted by Section 10.2.1(b)(i)(B) and (iii) Liens on Collateral of the U.S. Domiciled Loan Parties arising under the 2018 Senior Secured Notes Documents and/or the 2018 Senior Secured Bridge Documents and, in either case, Refinancing Indebtedness with respect thereto to the extent permitted by Section 10.2.1(b)(i)(C); provided, that such Liens pursuant to the foregoing clauses (ii) and (iii) shall be subordinated to the Liens securing the Secured Obligations pursuant to the terms of the Intercreditor Agreement (and the holders of such Indebtedness (or their duly appointed agent or other representative) shall have become party to the Intercreditor Agreement); and”.
(fff)    Section 10.2.3(c) of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(c)    in connection with the ModSpace Acquisition as contemplated by the ModSpace Acquisition Agreement;”.
(ggg)     Section 10.2.3(f) of the Existing ABL Credit Agreement is hereby amended by (i) replacing the text “the greater of (x) $25,000,000 and (y) 1.9% of Consolidated Total Assets” contained in subclause (A) thereof with “the greater of (x) $50,000,000 and (y) 2.0% of Consolidated Total Assets” and (ii) replacing the text “the greater of (x) $50,000,000 and (y) 3.8% of Consolidated Total Assets” contained in subclause (B) thereof with “the greater of (x) $100,000,000 and (y) 4.0% of Consolidated Total Assets”. 

(hhh)    Section 10.2.4(b)(i) of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$10,000,000” therein with the amount “$15,000,000”.

(iii)    Section 10.2.4(b)(ii) of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$25,000,000” therein with the amount “$35,000,000”.

(jjj)    Section 10.2.4(n) of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$35,000,000” therein with the amount “$50,000,000”.

(kkk)    Section 10.2.5(c) of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$5,000,000” therein with the amount “$10,000,000”.

(lll)    Section 10.2.5(g) of the Existing ABL Credit Agreement is hereby amended by (i) replacing the text “the greater of (x) $40,000,000 and (y) 3.0% of Consolidated Total Assets” contained in subclause (v)(A) thereof with “the greater of (x) $80,000,000 and (y) 3.2% of Consolidated Total Assets” in lieu thereof and (ii) replacing the text “the greater of (x) $30,000,000 and (y) 2.3% of Consolidated Total Assets” contained in subclause (v)(B) thereof with “the greater of (x) $60,000,000 and (y) 2.4% of Consolidated Total Assets” in lieu thereof. 

(mmm)     Section 10.2.5(h) of the Existing ABL Credit Agreement is hereby amended by: 

(A)inserting the text “ (including the ModSpace Acquisition)” immediately after the words “Permitted Acquisitions” contained in such clause (h);
  
(B)replacing the text “the greater of (x) $25,000,000 and (y) 1.9% of Consolidated Total Assets” contained in subclause (A) thereof with “the greater of (x) $50,000,000 and (y) 2.0% of Consolidated Total Assets” in lieu thereof; and

(C)replacing the text “the greater of (x) $50,000,000 and (y) 3.8% of Consolidated Total Assets” in subclause (B) thereof with “the greater of (x) $100,000,000 and (y) 4.0% of Consolidated Total Assets” in lieu thereof. 

(nnn)    Section 10.2.5(k)(ii) of the Existing ABL Credit Agreement is hereby amended by replacing the text “the greater of (x) $25,000,000 and (y) 1.9% of Consolidated Total Assets” contained therein with “the greater of (x) $50,000,000 and (y) 2.0% of Consolidated Total Assets” in lieu thereof.

(ooo)    Section 10.2.5(v) of the Existing ABL Credit Agreement is hereby amended by (x) replacing the reference to the amount “$10,000,000” therein with the amount “$20,000,000” and (y) deleting the word “and” immediately after the semicolon therein and Section 10.2.5(w) of the Existing ABL Credit Agreement is hereby amended by deleting the period at the end thereof and replacing it with “; and”.

(ppp)    Section 10.2.5 of the Existing Credit Agreement is hereby amended by adding a new clause (x) thereto in appropriate alphabetical order as follows:

“(x)    the ModSpace Acquisition.”.
(qqq)    Section 10.2.6(b) of the Existing ABL Credit Agreement is hereby amended by (i) replacing the reference to the amount “$5,000,000” therein with the amount “$10,000,000” and (ii) replacing the reference to the amount “$15,000,000” therein with the amount “$30,000,000”.

(rrr)     Section 10.2.6(c) of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$20,000,000” therein with the amount “$40,000,000”.

(sss)    Section 10.2.7(a) of the Existing ABL Credit Agreement is hereby amended by replacing the reference to the amount “$20,000,000” therein with the amount “$40,000,000”.

(ttt)     Section 10.2.7(b) of the Existing ABL Credit Agreement is hereby amended and restated as follows:

“(b)    No Loan Party will, or will permit any Restricted Subsidiary to, waive, amend or modify any of the Senior Secured Note Documents, any of the 2018 Senior Secured Notes Documents, any of the 2018 Senior Secured Bridge Documents, any of the 2018 Senior Unsecured Notes Documents, any of the 2018 Senior Unsecured Bridge Documents or any other agreements, indentures and other documents relating to any Junior Debt with an outstanding principal amount in excess of $40,000,000, in each case to the extent that any such waiver, amendment or modification would be materially adverse to the Lenders.”

(uuu)     Section 11.1 of the Existing ABL Credit Agreement is hereby amended by replacing each reference to the amount “$30,000,000” therein with the amount “$40,000,000”.

(vvv)     The final sentence of Section 14.19 of the Existing ABL Credit Agreement is hereby amended by adding the words “and the Beneficial Ownership Regulation” immediately prior to the period at the end thereof.

Section 3.    Amendment to U.S. Security Agreement.

Subject to the occurrence of the First Amendment Effective Date, each of the Loan Parties party to the U.S. Security Agreement, the Agent and the Lenders party hereto (collectively constituting the Required Lenders) agree that the U.S. Security Agreement is hereby amended by replacing the parenthetical “(other than Deposit Account Collateral consisting of Deposit Accounts maintained with the Agent and Excluded Deposit Accounts)” contained in Section 7.9 thereof with the following text in lieu thereof:  “(other than Deposit Account Collateral consisting of (x) Deposit Accounts maintained with the Agent, (y) Excluded Deposit Accounts and (z) Deposit Accounts of an Additional Grantor to the extent, and for so long as, such Deposit Accounts are not yet required to be subject to Deposit Account Control Agreements pursuant to Section 10.1.12(e)(iii) of the Credit Agreement)”.
Section 4.    Waivers and Acknowledgments; Additional Fronting Bank.

(a)     The Lenders party hereto hereby waive (without limiting the conditions set forth in Section 5 of this Amendment): (i) the application of Section 1.8(c) of the Existing ABL Credit Agreement solely with respect to the making of loans under any Revolver Commitment Increases established on the First Amendment Effective Date, (ii) the conditions set forth in Section 2.1.11(e) of the Existing ABL Credit Agreement solely with respect to the providing of Revolver Commitment Increases on the First Amendment Effective Date and the making of loans thereunder on the First Amendment Effective Date and (iii) the conditions set forth in Section 6.2 of the Existing Credit Agreement solely with respect to the making of any Loans (including loans made under the Revolver Commitment Increases) on the First Amendment Effective Date, the proceeds of which are used to finance the purchase price of the ModSpace Acquisition, to effect the Debt Repayment or to pay the ModSpace Transaction Costs.

(b)     The Agent hereby acknowledges and agrees, in accordance with and for purposes of Section 10.1.12 of the Existing ABL Credit Agreement (and, following the occurrence of the First Amendment Effective Date, in accordance with and for purposes of such section of the Amended ABL Credit Agreement) and the computation of the Borrowing Base in accordance therewith, that the equipment appraisal dated March 12, 2018 (subject to the right, as separately agreed with the Administrative Borrower, to request an additional appraisal to the extent the First Amendment Effective Date has not occurred on or prior to August 31, 2018) and the field examination dated April 17, 2018, in each case, with respect to ModSpace and its subsidiaries, are reasonably satisfactory to it.

Section 5.    Conditions to Effectiveness of Amendment.

The effectiveness of this Amendment is subject to satisfaction of the following conditions precedent (the date of such satisfaction being the “First Amendment Effective Date”):
(a)    Executed Counterparts.  The Agent shall have received duly executed counterparts of this Amendment from the Borrowers, Holdings, each other Loan Party, the Required Lenders, the Swingline Lenders and the Fronting Banks party hereto.

(b)    ModSpace Acquisition.  The ModSpace Acquisition shall have been consummated or shall be consummated substantially concurrently with the effectiveness of this Amendment.

Section 6.    Representations and Warranties.  In order to induce the Agent, the Lenders (including the Swingline Lenders) party hereto and the Fronting Banks party hereto to enter into this Amendment, each Loan Party hereby represents and warrants, on and as of the First Amendment Effective Date, that the representations and warranties (giving effect, for the avoidance of doubt, to the inclusion of this Amendment as a Loan Document pursuant to the amendment of the Existing ABL Credit Agreement contemplated by Section 2(m) of this Amendment) of each Loan Party in the Loan Documents are true and correct in all material respects as of the First Amendment Effective Date (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and any representation or warranty qualified by materiality, material adverse effect or similar language shall be true and correct in all respects); provided that, such representations and warranties shall not be a condition precedent to the effectiveness of this Amendment.

Section 7.    Effect on the Loan Documents.

(a)    As of the First Amendment Effective Date, each reference in the Amended ABL Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the “Credit Agreement” (including, without limitation, by means of words like “thereunder”, “thereof” and words of like import), shall mean and be a reference to the Amended ABL Credit Agreement.
  
(b)    Except as specifically amended herein, all Loan Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

(c)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents, except as expressly contemplated hereby.

(d)     The Administrative Borrower and the other parties hereto acknowledge and agree that, on and after the First Amendment Effective Date, this Amendment shall constitute a Loan Document for all purposes of the Amended ABL Credit Agreement.

Section 8.    Non-Reliance on Agent.  Each Lender (including the Swingline Lenders) and Fronting Bank party hereto acknowledges that it has, independently and without reliance upon the Agent or any other Lender, Swingline Lender or Fronting Bank and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Amendment.  Each Lender (including the Swingline Lenders) and Fronting Bank party hereto also acknowledges that it will, without reliance upon the Agent or any other Lender, Swingline Lender or Fronting Bank and based on such documents and information as it shall from time to time deem appropriate, continue to make its own credit decisions in taking or not taking action under or based upon this Amendment, the Amended ABL Credit Agreement, any other Loan Document, any related agreement or any document furnished hereunder or thereunder.

Section 9.    Reaffirmation.  Subject to any limitations on its obligations expressly stated in the Loan Documents to which it is a party, Holdings, each Borrower and each other Loan Party, as of the First Amendment Effective Date, (i) acknowledges and agrees that all of its obligations under its Guarantee as set out in the Amended ABL Credit Agreement are reaffirmed and remain in full force and effect on a continuous 

basis as and to the extent provided in the Loan Documents, (ii) reaffirms each Lien granted by such Loan Party to the Agent for the benefit of the Secured Parties and (iii) acknowledges and agrees that any grants of security interests by such Loan Party pursuant to the Security Documents, and the Guarantee provided by such Loan Party in the Amended ABL Credit Agreement, are, and shall remain, in full force and effect after giving effect to this Amendment as and to the extent provided in the Loan Documents.  Nothing contained in this Amendment shall be construed as substitution or novation of the obligations outstanding under the Existing ABL Credit Agreement or the other Loan Documents, which shall remain in full force and effect, except to any extent modified hereby.

Section 10.    GOVERNING LAW.  THIS AMENDMENT AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AMENDMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  

Section 11.    Miscellaneous.  

(a)    This Amendment is binding and enforceable as of the date hereof against each party hereto and its successors and permitted assigns.

(b)    Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

(c)    Each of the parties hereto hereby agrees that Sections 14.6, 14.8, 14.14, 14.15 and 14.16 of the Existing ABL Credit Agreement are incorporated by reference herein, mutatis mutandis, and shall have the same force and effect with respect to this Amendment as if originally set forth herein.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers or representatives as of the day and year first above written.
	
		
	WILLIAMS SCOTSMAN HOLDINGS CORP., as Holdings and a Guarantor

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

	 
	 

	 
	 

	WILLIAMS SCOTSMAN INTERNATIONAL, INC., as a U.S. Borrower and a Guarantor

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

	 
	 

	 
	 

	WILLIAMS SCOTSMAN, INC., as a U.S. Borrower and a Guarantor

	 
	 

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

	 
	 

	 
	 

	WILLSCOT EQUIPMENT II, LLC, as a U.S. Borrower and a Guarantor

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

	 
	 

	 
	 

	ACTON MOBILE HOLDINGS, LLC, as a U.S. Borrower and a Guarantor

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

[Signature Page to First Amendment to the ABL Credit Agreement]

	
		
	NEW ACTION MOBILE INDUSTRIES LLC, as a U.S. Borrower and a Guarantor

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

	 
	 

	 
	 

	ONSITE SPACE LLC, as a U.S. Borrower and a Guarantor

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

	 
	 

	 
	 

	WILLIAMS SCOTSMAN OF CANADA, INC., as Canadian Borrower and a Guarantor

	 
	 

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

[Signature Page to First Amendment to the ABL Credit Agreement]

	
		
	AGENTS AND LENDERS

	BANK OF AMERICA, N.A., as Agent, U.S. Swingline Lender, a U.S. Fronting Bank and a U.S. Revolver Lender

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

[Signature Page to First Amendment to the ABL Credit Agreement]

	
		
	BANK OF AMERICA, N.A. (acting through its Canada branch), as Canadian Swingline Lender, a Canadian Fronting Bank and a Canadian Revolver Lender

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

[Signature Page to First Amendment to the ABL Credit Agreement]

	
		
	DEUTSCHE BANK AG NEW YORK BRANCH, as a U.S. Fronting Bank and a U.S. Revolver Lender

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

[Signature Page to First Amendment to the ABL Credit Agreement]

	
		
	DEUTSCHE BANK AG, CANADA BRANCH, as a Canadian Fronting Bank and a Canadian Revolver Lender

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

[Signature Page to First Amendment to the ABL Credit Agreement]

	
		
	MORGAN STANLEY BANK, N.A., as a U.S. Fronting Bank and a U.S. Revolver Lender

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

[Signature Page to First Amendment to the ABL Credit Agreement]

	
		
	MORGAN STANLEY BANK, N.A., as a Canadian Fronting Bank and a Canadian Revolver Lender

	 
	 

	By:
	 

	 
	Name:______________________________________

	 
	Title:_______________________________________

[Signature Page to First Amendment to the ABL Credit Agreement]

SCHEDULE I

Capital Leases and Capitalized Lease Obligations outstanding as of the First Amendment Effective Date

None.

SCHEDULE II

Canadian LC Conditions

	
		
	Bank of America (Canada)
	$15,926,100.00

	Deutsche Bank AG, Canada Branch
	$12,879,000.00

	Morgan Stanley Bank, N.A.
	$11,263,200.00

	Credit Suisse AG, Cayman Islands Branch
	$5,631,600.00

	ING Capital LLC
	$8,000,100.00

	Barclays Bank PLC
	$6,300,000.00

SCHEDULE III

U.S. LC Conditions

	
		
	Bank of America
	$11,910,900.00

	Deutsche Bank AG New York Branch
	$16,308,000.00

	Morgan Stanley Bank, N.A.
	$13,526,400.00

	Goldman Sachs Lending Partners LLC
	$11,841,300.00

	Credit Suisse AG, Cayman Islands Branch
	$6,763,200.00

	ING Capital LLC
	$11,500,200.00

	Barclays Bank PLC
	$3,150,000.00

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