Document:

Amendment No 1 to Note Purchase Agreement

 Exhibit 10.2 
 Execution Copy 
 AMENDMENT NO. 1 TO 

NOTE PURCHASE AGREEMENT 
 THIS AMENDMENT NO. 1 TO NOTE PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of August 9 , 2012 by and among INTEGRATED ELECTRICAL SERVICES,
INC., a Delaware corporation (the “Company”), the Subsidiaries of the Company party hereto (together with the Company, hereinafter individually referred to as a “Borrower” and collectively referred to
as the “Borrowers”), and Tontine Capital Overseas Master Fund II, L.P., a Cayman Islands limited partnership (“Lender”). 
 RECITALS: 
 WHEREAS, the Borrowers issued and sold to Tontine
Capital Partners, L.P. on December 12, 2007, a senior subordinated promissory note (the “Note”) in the original principal amount of $25,000,000 pursuant to that certain Note Purchase Agreement dated as of the same date
by and among the Borrowers (and/or certain predecessor parties thereto) and the Lender (the “Note Purchase Agreement”) (all capitalized terms used but not defined herein having the meanings ascribed thereto in the Note
Purchase Agreement); and 
 WHEREAS, effective May 1, 2010, Tontine Capital Partners, L.P. assigned the Note and its
rights under the Note Purchase Agreement to Lender; and 
 WHEREAS, the Borrowers and Lender acknowledge and agree that
as of the date hereof, the total principal amount of the Note outstanding is $10,000,000; and 
 WHEREAS, the Note was
subordinate to certain Indebtedness, defined as the Senior Indebtedness, of the Borrowers issued under that certain Loan and Security Agreement among the Company, the Subsidiaries party thereto, the financial institutions named therein, and Bank of
America, N.A.; and 
 WHEREAS, the Borrowers are, effective as of the date hereof, refinancing the Senior Indebtedness
and entering into a new Credit and Security Agreement by and among the Borrowers, the other Loan Parties named therein, and Wells Fargo Bank, National Association as lender (as in effect on the date hereof and as hereafter amended, supplemented or
otherwise modified from time to time, the “Senior Indebtedness Credit Agreement”); and 

WHEREAS, the parties hereto wish to amend certain provisions of the Note Purchase Agreement to reflect the refinancing of the
existing Senior Indebtedness and the entry into the Senior Indebtedness Credit Agreement as provided herein. 
 NOW,
THEREFORE, in consideration of the premises and the covenants hereinafter contained, it is agreed as follows: 
 1.
AMENDMENT. 
 1.1 Amendment of Article I. Article I of the Note Purchase Agreement is hereby amended by
amending the following defined terms to read in their entirety as follows: 

 “Borrowers” means, jointly and severally, each of
Integrated Electrical Services, Inc., IES Residential, Inc., IES Commercial, Inc., IES Management ROO, LP, IES Management, LP, Integrated Electrical Finance, Inc., Key Electrical Supply, Inc., IES Purchasing and Materials, Inc. and IES
Commercial & Industrial, LLC, and each of their permitted successors and assigns hereunder, and “Borrower” shall mean any one of the foregoing. 

“Lender” means Tontine Overseas Capital Master Fund, II and its permitted successors and assigns
hereunder. 
 “Senior Indebtedness” means the Indebtedness of the Company and its
Subsidiaries under the Credit and Security Agreement by and among the Borrowers as borrowers thereunder, IES Operations Group, Inc. and IES Holdings LLC as guarantors thereunder, and Wells Fargo Bank, National Association as lender, as in effect on
August 9, 2012, and as hereafter amended, supplemented or otherwise modified from time to time (the “Senior Indebtedness Credit Agreement”), provided that the availability under, and principal and accrued but unpaid
interest outstanding at any time under, the Senior Indebtedness Loan Documents may not exceed $80,000,000 without the prior written consent of the Lenders. 
 “Senior Indebtedness Loan Documents” means the Senior Indebtedness Credit Agreement (as defined in the definition of Senior Indebtedness) together with all other documents and
instruments defined as Loan Documents under the Senior Indebtedness Credit Agreement. 
 “Senior
Lender” means Wells Fargo Bank, National Association, or any successor thereto under the Senior Indebtedness Loan Documents. 
 1.2 Amendment of Article V. Article V of the Note Purchase Agreement is hereby amended by amending Section 5.8 to read in its entirety as follows: 

“5.8 Sale of Assets. Neither the Company nor any Subsidiary shall sell, lease, assign, convey, transfer or otherwise dispose
of any material property or assets, whether now owned or hereafter acquired, except for (a) the disposition of obsolete or worn-out property in the ordinary course of business; (b) the sale of inventory in the ordinary course of business;
(c) sales and other dispositions the net cash proceeds of which are used to repay all outstanding principal and interest accrued under the Notes; (d) sales, transfers and other dispositions permitted by the Senior Indebtedness Loan
Documents, provided that any sales, transfers and other dispositions permitted by this Section 5.8(d) shall, in the aggregate, have a value of no more than $4,000,000, and provided, further, that any sales, transfers and other
dispositions that are permitted by the Senior Indebtedness Loan Documents only with the prior consent of the Senior Lender shall require the prior written consent of the Lenders, which consent shall not be unreasonably withheld.” 

1.3 Deletion of Schedule 5.7. The Note Purchase Agreement is hereby further amended by deleting Schedule 5.7 in its
entirety 
 1.4 Definition of Notes. All references in the Note Purchase Agreement to a Note or Notes shall be
deemed to refer to the Amended and Restated Senior Subordinated Note dated as of the date hereof in the principal amount of $10,000,000, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms
thereof. 

 2. CONDITIONS TO EFFECTIVENESS. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions: 
 2.1 The Lender shall have received a copy of this Agreement and the Amended and
Restated Senior Subordinated Note dated as of the date hereof (the “Amended Note”), duly executed by each Borrower. 
 2.2 All fees and expenses required to be paid by the Borrowers to Lender shall have been paid. 
 2.3 The Lender shall have received a copy of the Senior Indebtedness Credit Agreement duly executed by each Borrower. 
 2.4 The Lender shall have received, in form and substance reasonably satisfactory to Lender, a certificate of the secretary or other authorized officer of each Borrower certifying (a) as to the names
and signatures of each officer of such Borrower authorized to execute and deliver this Amendment and the Amended Note; (b) that there have been no amendments to the certificate or articles of incorporation or other organizational documents of
such Borrower to the copies of such documents attached to such certificate delivered on the date hereof; and (c) as to the resolutions of such Borrower’s appropriate governing body approving and authorizing the execution, delivery and
performance of this Amendment and the Amended Note. 
 3. REPRESENTATIONS AND WARRANTIES. The Borrowers hereby represent and
warrant to the Lender, which representations and warranties shall survive the execution and delivery of this Amendment, that: 

3.1 all of the representations and warranties contained in the Note Purchase Agreement are true and correct in all material respects
(without duplication of any materiality qualifier contained therein) as of the date hereof after giving effect to this Amendment and the Amended Note, except to the extent that any such representations and warranties expressly relate to an earlier
date; 
 3.2 the execution, delivery and performance by the Borrowers of this Amendment and the Amended Note has been duly
authorized by all necessary corporate, limited liability company or partnership action required on its part and this Amendment and the Amended Note are the legal, valid and binding obligation of the Borrowers enforceable against the Borrowers in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability; 

3.3 neither the execution, delivery and performance of this Amendment or the Amended Note by any Borrower Party, the performance by the
Borrowers of the Note Purchase Agreement as amended hereby and the Amended Note nor the consummation of the transactions contemplated hereby does or shall (i) contravene, result in a breach of, or violate any provision of any Borrower’s
organization documents, (ii) violate any Legal Requirement in any material respect, or (iii) conflict with or result in any material breach or contravention of, or result in the creation of any Lien (other than Permitted Liens securing the
Senior Indebtedness) under, any document evidencing any material Contractual Obligation to which any Borrower is a party or any order, injunction, writ or decree of any governmental body, agency or authority to which any Borrower or its property is
subject; and 
 3.4 after giving effect to this Amendment no Event of Default has occurred and is continuing as of the date
hereof. 

 4. CONTINUED EFFECT OF THE NOTE PURCHASE AGREEMENT. All provisions of the Note Purchase
Agreement, except as modified by this Amendment, shall remain in full force and effect and are reaffirmed. This Amendment shall not operate as a waiver of any condition or obligation imposed on the parties under the Note Purchase Agreement.

 5. EXPENSES. The Borrowers shall pay the reasonable fees and expenses, including without limitation reasonable attorneys’
fees and expenses and out-of-pocket travel costs and expenses, incurred by the Lenders in connection with their due diligence review of the Borrowers and the negotiation, preparation, execution, delivery and performance of this Amendment and the
Amended Note and the transactions contemplated hereunder and thereunder. 
 6. INTERPRETATION OF AMENDMENT. In the event of
any conflict, inconsistency, or incongruity between any provision of this Amendment and any provision of the Note Purchase Agreement, the provisions of this Amendment shall govern and control. 

7. MISCELLANEOUS. 

7.1 Further Assurances. Each party agrees that, from time to time upon the written request of any other party, it will
execute and deliver such further documents and do such other acts and things as the other party may reasonably request to effect the purposes of this Amendment. 
 7.2 Severability. Whenever possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Amendment shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Amendment. 
 7.3 Counterparts. This Amendment may be executed in any number of counterparts, each of which
shall be deemed an original, and all of which together shall constitute one and the same agreement. A facsimile or e-mailed “.pdf” data file copy of an original written signature shall be deemed to have the same effect as an original
written signature. 
 7.4 Governing Law. This Agreement shall be enforced, governed by and construed in accordance
with the laws of the State of New York applicable to agreements made and to be performed entirely within such state, without regard to the principles of conflict of laws. The parties hereto hereby submit to the exclusive jurisdiction of the United
States Federal Courts located in the State of New York with respect to any dispute arising under this Agreement, the agreements entered into in connection herewith or the transactions contemplated hereby or thereby. All parties irrevocably waive the
defense of an inconvenient forum to the maintenance of such suit or proceeding. All parties further agree that service of process upon a party mailed by first class mail shall be deemed in every respect effective service of process upon the party in
any such suit or proceeding. Nothing herein shall affect any party’s right to serve process in any other manner permitted by law. All parties agree that a final non-appealable judgment in any such suit or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on such judgment or in any other lawful manner. The party which does not prevail in any dispute arising under this Agreement shall be responsible for all reasonable fees and expenses, including reasonable
attorneys’ fees, incurred by the prevailing party in connection with such dispute. 
 7.5 Captions. The
captions, headings and arrangements used in this Amendment are for convenience only and do not in any way limit or amplify the terms and provisions hereof. 

 7.6 No Prejudice. The terms of this Amendment shall not be construed in favor
of or against any party on account of its participation in the preparation hereof. 
 [Remainder of Page Intentionally Blank]

 IN WITNESS WHEREOF, the Company, the Borrowers and the Lender have executed this Amendment as of the day and
year first above written. 
  

			
	 COMPANY:

	
	INTEGRATED ELECTRICAL SERVICES, INC.
		
	By:	 	/s/ ROBERT W. LEWEY
	Name:	 	Robert W. Lewey
	Title:	 	Senior Vice President
	
	BORROWING SUBSIDIARIES:
	
	IES COMMERCIAL & INDUSTRIAL, LLC
		
	By:	 	/s/ ROBERT W. LEWEY
	Name:	 	Robert W. Lewey
	Title:	 	Vice President
	
	IES COMMERCIAL, INC.
		
	By:	 	/s/ ROBERT W. LEWEY
	Name:	 	Robert W. Lewey
	Title:	 	Vice President
	
	IES MANAGEMENT, LP
		
	By:	 	/s/ ROBERT W. LEWEY
	Name:	 	Robert W. Lewey
	Title:	 	Vice President
	
	IES MANAGEMENT ROO, LP
		
	By:	 	/s/ ROBERT W. LEWEY
	Name:	 	Robert W. Lewey
	Title:	 	Vice President

			
	IES PURCHASING & MATERIALS, INC.
		
	By:	 	/s/ ROBERT W. LEWEY
	Name:	 	Robert W. Lewey
	Title:	 	Vice President

  

			
	IES RESIDENTIAL, INC.
		
	By:	 	/s/ ROBERT W. LEWEY
	Name:	 	Robert W. Lewey
	Title:	 	Vice President

  

			
	INTEGRATED ELECTRICAL FINANCE, INC.
		
	By:	 	/s/ ROBERT W. LEWEY
	Name:	 	Robert W. Lewey
	Title:	 	Vice President

  

			
	KEY ELECTRICAL SUPPLY, INC.
		
	By:	 	/S/ ROBERT W. LEWEY
	Name:	 	Robert W. Lewey
	Title:	 	Vice President

 [Lender’s signature on next page] 

 
					
	LENDER:
	
	TONTINE CAPITAL OVERSEAS MASTER FUND II, L.P.
		
	By:	 	Tontine Assets Associates, LLC, its general partner
			
		 	By:	 	/s/ JEFFREY GENDELL
		 		 	Jeffrey L. Gendell, as managing member

 [Lender’s signature page to Amendment No. 1 to Note Purchase Agreement]Amended and Restated Senior Subordinated Note, dated as of August 9, 2012

 Exhibit 10.3 
 EXECUTION COPY 
 THE SECURITY REPRESENTED HEREBY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND SUCH STATE SECURITIES LAWS, OR
AN EXEMPTION FROM REGISTRATION THEREUNDER. 
 THE INDEBTEDNESS REPRESENTED BY THIS INSTRUMENT IS SUBORDINATED TO THE PAYMENT OF SENIOR
INDEBTEDNESS IN ACCORDANCE WITH AND TO THE EXTENT PROVIDED HEREIN. 
 AMENDED AND RESTATED 

SENIOR SUBORDINATED NOTE 
  

			
	$10,000,000	 	Houston, Texas

 FOR VALUE RECEIVED, INTEGRATED ELECTRICAL SERVICES, INC., a Delaware corporation (the “Company”),
and each other borrowers signatory hereto (together with the Company, hereinafter individually referred to as the “Borrower” and collectively referred to as the “Borrowers”), hereby promises to pay to
the order of Tontine Capital Overseas Master Fund II, L.P., a Cayman Islands limited partnership, and its successors and assigns (hereinafter referred to as “Holder”), in the manner hereinafter provided, the principal sum of
TEN MILLION DOLLARS ($10,000,000), as it may be increased herein, in immediately available funds and in lawful money of the United States of America, together with interest thereon, all in accordance with the provisions hereinafter specified. This
Note (the “Note”) is issued pursuant to the Note Purchase Agreement dated December 12, 2007, among the Borrowers and the original purchasers of the Note, as amended by that certain Amendment No. 1 to Note Purchase
Agreement dated August 9, 2012 (the “Purchase Agreement”), and is subject to the provisions set forth therein. 

1. Accrual of Interest. Interest shall accrue on the outstanding principal amount hereof (including any PIK Interest, as hereafter defined) at a
rate equal to eleven percent (11%) per annum. Interest shall be calculated hereunder on the basis of the actual number of days elapsed. 

2. Payment of Interest. From and after June 30, 2012, the Borrowers shall pay interest on this Note quarterly in arrears on each
March 31, June 30, September 30 and December 31 of each calendar year and on the Maturity Date (as hereafter defined), or if any such day is not a business day, on the next succeeding business day (each an
“Interest Payment Date”), to Holder. Interest payable on this Note shall be paid on each Interest Payment Date, at the election of the Borrowers, (i) in cash or (ii) in kind, in which event the amount of the
principal outstanding under this Note shall be increased by the amount of such interest payment (“PIK Interest”) on such Interest Payment Date and interest shall thereafter accrue on the increased principal amount. During the
continuance of an Event of Default, notwithstanding anything else to the contrary contained in this Note, interest payable on the outstanding principal hereunder, including any PIK Interest, shall bear interest at the then applicable interest rate
set forth in Section 1 plus two percent (2%) per annum and such interest shall be payable upon demand. 
 3. Scheduled Principal
Payments. On May 15, 2013 (the “Maturity Date”) the Borrowers shall pay to Holder the sum of the outstanding principal balance of this Note, including the amount of any PIK Interest, together with accrued and unpaid
interest thereon, and all other obligations and indebtedness owing hereunder, if not sooner paid. 

 4. Prepayment. This Note may be prepaid in whole or in part at any time without premium or penalty.
Any prepayment of principal shall be accompanied by payment of any interest, if any, accrued and unpaid through the date of such prepayment. 

5. Manner and Application of Payments. All amounts payable in cash hereunder shall be payable to Holder by wire transfer of immediately available
funds. Payments hereunder shall be applied first to interest and then to principal outstanding hereunder, except that if Holder has incurred any cost or expense in connection with the enforcement or collection of the obligations of the Borrowers
hereunder, Holder shall have the option of applying any monies received from the Borrowers to payment of such costs or expenses plus interest thereon before applying any of such monies to any interest or principal then due. 

6. No Security. This Note is an unsecured obligation of the Borrowers and no collateral accompanies the obligations hereunder. 

7. Subordination. 
 (a)
Except to the extent and in the manner hereinafter set forth, the payment of the indebtedness of the Borrowers evidenced by this Note, including the principal and interest, and all other indebtedness, obligations and liabilities owing by Borrowers
or their affiliates to the Holder under or in connection with the Purchase Agreement, is hereby expressly made subordinate and junior in right of payment to the prior payment in full, in cash, of all Senior Obligations, whether such obligations are
outstanding at this date or are hereafter incurred, but excluding such Senior Obligations as (x) survive the repayment in full of all loans, advances, extensions of credit, fees, expenses and other outstanding indebtedness included in the
Senior Obligations and the termination of each commitment to lend and of each commitment to issue or otherwise provide credit support for any letters of credit pursuant to the Loan Documents (as defined in the hereinafter described Loan Agreement),
and (y) the payment or performance of which is not due at the time of such payment in full and, if required by Senior Lender in accordance with the terms of the Loan Documents, which have been fully cash collateralized to the satisfaction of
Senior Lender (“Surviving Senior Obligations”). “Senior Obligations” means (i) any and all loans, advances, extensions of credit and other indebtedness, obligations and liabilities (including, in
the event of a proceeding under the Bankruptcy Code, any and all post-petition interest and costs from and after the date of filing of a petition by or against any Borrower or its bankruptcy estate, regardless of whether or not such interest is an
allowed claim in such proceeding under the Bankruptcy Code) of the Borrowers to Wells Fargo Bank, National Association, as the Lender (together with its successors and assigns as parties to such agreement, “Senior Lender”)
party to that certain Credit and Security Agreement, dated as of August 9, 2012 (the “Loan Agreement”), among Borrowers, the other Loan Parties named therein, and Senior Lender, now existing or hereafter arising, direct
or indirect, absolute or contingent, arising out of or in connection with any of the Loan Documents, any and all interest payable pursuant to the Loan Documents and/or any promissory notes that may be issued by the Borrowers or the other obligors
thereunder to Senior Lender pursuant to the Loan Documents at the interest rates provided therein, all premium and termination fees, if any, payable in accordance with the terms of the Loan Documents and all other fees, expenses and other amounts
due from time to time under the Loan Documents or constituting Obligations (as defined in the Loan Agreement) and (ii) any and all renewals, extensions, modifications, replacements, restatements and refundings of, or any indebtedness or
obligation issued in exchange for, any such indebtedness or obligation described in clause (i) above. The Senior Obligations shall be considered outstanding whenever any loan commitment or any commitment to issue letters of credit under the
Loan Documents exists or a letter of credit issued pursuant to the Loan Documents has not expired, been terminated, been fully cash-collateralized or backstopped in an amount and in a manner satisfactory to Senior Lender. 

  
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 (b) Notwithstanding the foregoing, but subject to Section 8 below, Borrowers shall be
permitted to make Permitted Payments (as defined below). 
 (c) In the event of any proceeding under the Bankruptcy Code (as
hereinafter defined) involving any Borrower (or any other insolvency, receivership, custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with
similar powers or any other proceeding for the liquidation, dissolution or other winding up of any Borrower): 

(1) until the Senior Obligations (other than Surviving Senior Obligations) shall have been paid in full in cash, all
commitments of Senior Lender to make loans or extensions of credit have terminated, and all letters of credit issued by Senior Lender have expired, terminated or been fully collateralized in cash in an amount and in a manner satisfactory to Senior
Lender, Holder shall not be entitled to receive any Distribution (as hereinafter defined) on account of this Note, and Senior Lender shall be entitled to receive for application in payment thereof any Distribution, which may be payable or
deliverable in any such proceeding in respect of this Note until all Senior Obligations (other than Surviving Senior Obligations) shall have been paid in full in cash, all commitments of Senior Lender under the Loan Documents to make loans or
extensions of credit have terminated, and all letters of credit issued by Senior Lender pursuant to the Loan Documents have expired, terminated or been fully collateralized in cash in an amount and in a manner satisfactory to Senior Lender. The
Holder authorizes, empowers and directs any debtor, debtor in possession, receiver, trustee, liquidator, custodian, conservator or other person having authority, to pay or otherwise deliver all such Distributions to Senior Lender (and the Holder
agrees to execute and deliver to Senior Lender or its representatives all such further instruments confirming such authorization as Senior Lender shall reasonably request). The provisions of this Section 7 shall inure to the benefit of and be
enforceable directly by Senior Lender; 
 (2) any Distribution on this Note to which the Holder would be entitled
except for the provisions of this Section 7 shall be paid or delivered directly to Senior Lender for application of payment according to the Loan Agreement until all Senior Obligations (other than Surviving Senior Obligations) shall have been
paid in full in cash, all commitments of Senior Lender under the Loan Documents to make loans or extensions of credit shall have been terminated, and all letters of credit issued by Senior Lender pursuant to the Loan Documents have expired,
terminated or fully collateralized in cash in an amount and in a manner satisfactory to Senior Lender; 
 (3) if
the Holder has not filed a proof of claim in respect of this Note by the tenth day prior to the bar date therefor, Senior Lender may, after giving written notice to the Holder, file such proof of claim on behalf of the Holder, and the Holder hereby
appoints Senior Lender as its agent and attorney-in-fact for such limited purpose; provided, that the foregoing shall not confer to the Senior Lender the right to vote such proof of claim on behalf of the Holder; 

(4) if any payment by or for the account of the Borrowers, or by any other person liable for payment of any portion or all
of the Senior Obligations, or distribution of cash, securities or other property of the Borrowers or of such other persons, by set-off, offset or otherwise, on account of the Senior Obligations made with respect to the Senior Obligations is
recovered from the Senior Lender in a proceeding under the Bankruptcy Code or otherwise, any 

  
 3 

 
Distribution received by the Holder with respect to this Note at any time after the date of such payment or distribution that is so recovered shall be deemed to have been received by the Holder
in trust as property of Senior Lender, and the Holder shall promptly deliver such Distribution to Senior Lender for application to the Senior Obligations until all Senior Obligations (other than Surviving Senior Obligations) shall have been paid in
full in cash, all commitments of Senior Lender under the Loan Documents to make loans or extensions of credit shall have been terminated, and all letters of credit issued by Senior Lender pursuant to the Loan Documents have expired, terminated or
fully collateralized in cash in an amount and in a manner satisfactory to Senior Lender; 
 (5) the Senior
Obligations shall continue to be treated as Senior Obligations, and the provisions of this Note shall continue to cover the relative rights and priorities of the holders of the Senior Obligations and the Holder, even if all or part of the Senior
Obligations or the security interests securing the Senior Obligations are subordinated, set aside, avoided or disallowed in connection with any proceeding under the Bankruptcy Code or otherwise, and this Note shall be reinstated if at any time any
payment of any of the Senior Obligations is rescinded or must otherwise be returned by the holders of the Senior Obligations, in each case pursuant to any requirement of any applicable law. This provision shall survive the satisfaction or
cancellation of this Note; and 
 (6) the Holder agrees to vote against (to the extent such vote is required to
satisfy Section 1129(a)(10) of the Bankruptcy Code) any chapter 11 plan that seeks confirmation under Section 1129(b)(2)(A) of the Bankruptcy Code with respect to Senior Obligations. 

(d) The Holder agrees not to initiate or prosecute or direct any other person to initiate or prosecute any claim, action or other
proceeding, whether under the Bankruptcy Code or otherwise, challenging the enforceability, validity, perfection or priority of the Senior Obligations or any liens and security interests securing the Senior Obligations. 

(e) If any Distribution shall be made by the Borrowers, or received, collected or accepted by the Holder, in contravention of this
Section 7, then such Distribution shall be held in trust for the benefit of, and promptly shall be paid over to, Senior Lender for application against the Senior Obligations remaining unpaid until such Senior Obligations (other than Surviving
Senior Obligations) are paid in full in cash, all commitments of Senior Lender under the Loan Documents to make loans or extensions of credit have terminated, and all letters of credit issued by Senior Lender pursuant to the Loan Documents have
expired, terminated or been fully collateralized in cash in an amount and in a manner satisfactory to Senior Lender. Any such payments and any other payments and Distributions received by the Holder and delivered to Senior Lender pursuant to this
Section 7 shall be deemed not to be a payment on this Note for any reason whatsoever and the indebtedness under this Note shall remain as if such erroneous payment had never been paid by the Borrowers or received by the Holder. In the event of
the failure of the Holder to endorse or assign any such Distribution, Senior Lender is hereby irrevocably authorized to endorse or assign the same. 
 (f) The provisions of this Section 7 are solely for the purpose of defining the relative rights of the Senior Lender, on the one hand, and the Holder on the other, and nothing herein is intended to
or shall impair, as between the Borrowers and the Holder, the obligations of the Borrowers which are absolute and unconditional, to pay to the Holder the principal and interest on this Note as and when they become due and payable in accordance with
their terms, or is intended to or will affect the relative rights of the Holder and creditors of the Borrowers other than the Senior Lender, nor, except as provided in this Section 7, will anything herein or therein prevent the Holder from
exercising all remedies otherwise permitted by applicable law upon default under this Note subject to the rights, if any, under this Section 7 of Senior Lender in respect of cash, property or securities of the Borrowers received upon the
exercise of any such remedy and subject to this Section 7. 

  
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 (g) Senior Lender has made or will make loans and extend credit to the Loan Parties in
reliance on this Section 7, Section 8 and the other terms of this Note and is entitled to the benefits of the provisions thereof. Accordingly, Senior Lender shall be entitled to enforce any such provisions of this Section 7 and
Section 8 against the Holder or the Borrowers. No right of the Senior Lender to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Borrowers or by any
act or failure to act on the part of the Holder, or by any noncompliance by Borrowers or their affiliates with the terms, provisions and conditions of the documents relating to Senior Obligations regardless of any knowledge thereof which the Senior
Lender and the holders of the Senior Obligations or any of them, may have or be otherwise charged with. 
 (h) The Holder hereby
waives any rights it may have under applicable law to assert the doctrine of marshaling or to otherwise require Senior Lender to marshal any property of the Borrowers. The Holder hereby waives, to the extent not prohibited by applicable law, any
rights which it may have to enjoin or otherwise obtain a judicial or administrative order preventing Senior Lender from taking, or refraining from taking, any action with respect to all or any part of the collateral securing the Senior Obligations.
Without limitation of the foregoing, the Holder hereby agrees (x) that it has no right to direct or object to the manner in which Senior Lender applies the proceeds of such collateral resulting from the exercise by Senior Lender of rights and
remedies in respect to the Senior Obligations and (y) that Senior Lender has not assumed any obligation to act as the agent for the Holder with respect to such collateral. Except as otherwise permitted by this Section 7, Holder further
agrees that until the Senior Obligations (other than Surviving Senior Obligations) shall have been paid in full in cash, all commitments of Senior Lender to make loans or extensions of credit have terminated and all letters of credit issued by
Senior Lender have expired, terminated or been fully collateralized in cash in an amount and manner satisfactory to Senior Lender, Holder will not (i) take or receive, sue for, ask or demand from the Borrowers or any of their affiliates, by
setoff or in any other manner, payment of all or any of the indebtedness under this Note or exercise or attempt to enforce (judicially or otherwise) any rights or remedies in respect thereof, except in proceeding under the Bankruptcy Code as
permitted pursuant to this Section 7, (ii) accelerate any indebtedness under this Note, except after acceleration of the Senior Obligations; provided that, in the event the acceleration of the Senior Obligations is rescinded, Holder will
likewise rescind the acceleration of indebtedness under this Note, or (iii) take any action under the provisions of any state or federal law, including, without limitation, the Uniform Commercial Code, or under any contract or agreement, to
enforce, foreclose upon, take possession of or sell any property or assets of any Borrower or any of affiliate of any Borrower. 

(i) No right of Senior Lender to enforce any provision of this Section 7 or Section 8 shall at any time in any way be prejudiced
or impaired by any act or failure to act on the part of the Borrowers or any of their affiliates, or by any act or failure to act by any holder of the Senior Obligations, or by any noncompliance by any person with the terms of this Section 7 or
Section 8, or any of the loan documents evidencing the Senior Obligations, regardless of any knowledge thereof which any holder of the Senior Obligations may have or be otherwise charged with. 

(j) All rights of each holder of the Senior Obligations hereunder shall remain in full force and effect irrespective of any lack of
validity or enforceability of the Senior Obligations or this Note, any change in the time, manner or place of payment of, or in any other terms of the Senior Obligations or any amendment, modification, waiver, extension or renewal thereof, the
commencement of any proceeding under the Bankruptcy Code involving the Company, or any other circumstance whatsoever (except 

  
 5 

 
payment in full of the Senior Obligations, other than Surviving Senior Obligations, termination of all commitments of Senior Lender under the Loan Documents to make loans or extensions of credit,
and expiration, termination and/or cash-collateralization of all letters of credit issued by Senior Lender pursuant to the Loan Documents) which might constitute a defense available to, or a discharge of the Borrowers or any of their affiliates in
respect of the Senior Obligations. 
 (k) No payment or distribution to any holder of Senior Obligations pursuant to the
provisions of this Note shall entitle Holder to exercise any rights of subrogation in respect thereof until the Senior Obligations (other than Surviving Senior Obligations) are paid in full in cash. 

(l) Holder agrees that no liens have been or shall hereafter be granted to it by the Borrowers or any of their affiliates to secure the
indebtedness under this Note. Notwithstanding the foregoing, if Holder obtains any such liens in contravention of this Section 7, such liens shall be subordinated to the liens securing the Senior Obligations, irrespective of the dates, manner
or order of grant, attachment or perfection of any liens granted to secure the Senior Obligations and notwithstanding any provision of any applicable law, any provision of this Note or contained in the Loan Documents or any other circumstance
whatsoever. 
 (m) Holder waives notice from the Senior Lender of all amendments, restatements, modifications, waivers,
extensions or renewals of the Senior Obligations and/or the release of any security or liens therefore and/or any arrangements that may be made in respect of the Senior Obligations as permitted by the Purchase Agreement as in effect on the date
hereof. Holder will not amend, supplement or modify this Note, the Purchase Agreement or any other document governing the indebtedness subordinated hereby in a manner that increases the obligations of Borrowers thereunder (other than increases in
the interest rate not to exceed 2%), advances the date of payment of such obligations, is more restrictive, burdensome, onerous or costly for the Borrowers or is otherwise adverse to the interests of Senior Lender, without Senior Lender’s
consent, provided that, with respect to an amendment extending the Maturity Date, such consent shall not be unreasonably withheld or delayed. 
 (n) Until this Section 7 terminates, the Holder will cause to be clearly, conspicuously and prominently inserted on the face of each replacement note, the legend set forth on the front of this Note.

 (o) If a conflict arises between this Section 7 and any other term, covenant or condition of this Note, the provisions of
this Section 7 shall control and govern. 
 (p) As used herein, “Distribution” means, with respect
to any indebtedness, debt, liability or obligation, (a) any payment or distribution by any person of cash, securities or other property, by set-off, off set or otherwise, on account of such indebtedness, debt, liability or obligation or
(b) any redemption, purchase or other acquisition of such Indebtedness or obligation by any person. 
 8. Payments while Senior
Obligations are Outstanding. 
 (a) Until the Senior Obligations (other than Surviving Senior Obligations) shall have been
paid in full in cash, all commitments of Senior Lender to make loans or extensions of credit have terminated and all letters of credit issued by Senior Lender have expired, terminated or been fully collateralized in cash in an amount and manner
satisfactory to Senior Lender, Borrowers may not make and Holder may not receive any payments in respect of the indebtedness subordinated pursuant to Section 7, provided that, notwithstanding the provisions of Section 7, except as
otherwise provided in this Section 8, Borrowers may pay, and the Holder may retain, (i) Permitted Interest Payments (as defined below), (ii) Permitted Principal Payments (as defined below), (iii) a Permitted Payment Upon

  
 6 

 
Maturity (as defined below), and (iv) fees and expenses owing pursuant to Section 5.2 of the Purchase Agreement or Section 5 of Amendment No. 1 to the Purchase Agreement (such
payments identified in clauses (i) through (iv), the “Permitted Payments”), in any case unless prior to such payment a Senior Event of Default (as defined below) has occurred and the Senior Lender has given to Borrowers
and the Holder, and the Holder has received, written notice thereof identifying the Senior Event of Default in reasonable detail and invoking a payment blockage under this Agreement (such notice, a “Payment Blockage Notice”),
in which case no direct or indirect payment or distribution of any kind or character shall be made by Borrowers or any other person (or received by the Holder) on account of this Note or any judgment related thereto, other than payments of PIK
Interest, or on account of the purchase or redemption or other acquisition of this Note, unless and until: 
 (1)
If such Senior Event of Default is a Senior Payment Default, the payment in full in cash of all amounts due with respect to such Senior Payment Default; or 
 (2) If such Senior Event of Default is a Senior Non-Payment Default, the earliest to occur of (i) the date such Senior Non-Payment Default shall have been cured or waived in writing in accordance
with the terms of the Loan Documents, or (ii) the date that is 180 days after the date on which the Senior Lender shall have given the related Payment Blockage Notice. 
 (b) As used herein, “Permitted Interest Payments” means regularly scheduled cash and PIK Interest payments (i.e., not accelerated and not prepayments) on the dates and at
the non-default interest rate set forth in this Note. 
 (c) As used herein, “Permitted Principal
Payment” means the payment of up to $2,500,000 of the principal outstanding under this Note in respect of each fiscal quarter of the Company ending on or after September 30, 2012 (an “Applicable
Quarter”) (or, in the case of an Applicable Quarter immediately following an Applicable Quarter with respect to which the conditions to a Permitted Principal Payment were not satisfied, the payment of up to $5,000,000 of such
principal), made on or within one (1) Business Day after the applicable Requested Payment Date (as defined below), provided that the following conditions have been met: (i) the Fixed Charge Coverage Ratio (as defined below) as of the last
day of the Applicable Quarter shall have been no less than 1.0 to 1.0, (ii) at all times during the Measurement Period (as defined below), Liquidity (as defined in the Loan Agreement) shall have been greater than or equal to $20,000,000 and
Excess Availability (as defined in the Loan Agreement) shall have been greater than or equal to $7,500,000, (iii) no Senior Event of Default shall be existing as of the Requested Payment Date or shall result therefrom, (iv) the Loan
Parties shall have delivered to Lender a Permitted Principal Payment Request (as defined below) at least five (5) but not more than seven (7) Business Days prior to the Requested Payment Date, and Senior Lender shall not have objected
thereto on or before the Requested Payment Date on the basis that the conditions to the Permitted Principal Payment have not been met, and (v) on the Requested Payment Date, the Loan Parties shall have delivered to Lender evidence satisfactory
to it that, (x) at all times from the period beginning on the date the Permitted Principal Payment Request was delivered to Lender through (and including) the Requested Payment Date, Liquidity has been greater than or equal to $20,000,000 and
Excess Availability has been greater than or equal to $7,500,000, and (y) after giving effect to such payment, Liquidity will be greater than $20,000,000, Excess Availability will be greater than $7,500,000 and no Senior Event of Default will
exist. 
 As used herein, “Permitted Principal Payment Request” means a written request from the Loan
Parties identifying the Applicable Quarter subject thereto and the requested amount and date of such payment, certifying to Senior Lender that each of the conditions identified in clauses (i) through (iii) above has been satisfied and
including calculations and supporting materials demonstrating such satisfaction, all in form and substance reasonably acceptable to Senior Lender. 

  
 7 

 As used herein, “Requested Payment Date” means the date identified
as such in the Permitted Principal Payment Request in respect of an Applicable Quarter, which date shall be within the thirty (30) day period immediately following the filing of the Company’s Form 10-Q for any Applicable 

Quarter other than the fourth quarter of the Company’s fiscal year, in which case such date shall be within the thirty (30) day
period immediately following the filing of the Company’s Form 10-K for such fiscal year. There shall be no more than one (1) Requested Payment Date for any Applicable Quarter. 

As used herein, “Fixed Charge Coverage Ratio” has the meaning assigned to such term in the Loan Agreement but
shall be calculated, for purposes of this Agreement only, for the three-month (rather than twelve-month) period ending on the last day of the Applicable Quarter. 
 As used herein, “Measurement Period” means the ninety (90) consecutive days immediately preceding the date of the Permitted Principal Payment Request. 

(d) As used herein, “Permitted Payment Upon Maturity” means the repayment of the outstanding principal
amount this Note on the Maturity Date (as defined as of the date hereof or pursuant to an amendment of this Note permitted pursuant to Section 7(m) above), provided that (i) all of such repayment is made with the proceeds of a refinancing
of the Note permitted under the Loan Agreement or otherwise consented to by Senior Lender in its Permitted Discretion (as defined in the Loan Agreement), or (ii) the following conditions have been met: (w) at the time of such payment and
immediately after giving effect thereto Liquidity shall be greater than or equal to $20,000,000, (x) at the time of such payment and immediately after giving effect thereto Excess Availability shall be greater than or equal to $7,500,000,
(y) no Senior Event of Default shall be existing at the time of such payment or shall result therefrom, and (z) the Loan Parties shall have certified to Senior Lender that each of preceding conditions has been satisfied, including
calculations and supporting materials demonstrating such satisfaction, in form and substance acceptable to Senior Lender, and Senior Lender shall not have objected thereto within five (5) Business Days after receipt thereof. 

(e) As used herein, “Senior Event of Default” means an Event of Default, as defined in the Loan Agreement. As used
herein, “Senior Payment Default” means a Senior Event of Default consisting of any default in payment of any principal of, premium, if any, or interest on any Senior Obligations (including, without limitation, fees, expenses
and indemnification payments) owing under or in respect of any Senior Obligations when due, whether at maturity, upon acceleration or otherwise. As used herein, “Senior Non-Payment Default” means a Senior Event of Default
other than a Senior Payment Default. 
 (f) Notwithstanding the foregoing, no direct or indirect payment or distribution of any
kind or character shall be made by Borrowers or any other obligor or any other person on account of this Note or any judgment related thereto, or on account of the purchase or redemption or other acquisition of this Note, if Senior Lender shall have
accelerated payment of the Senior Obligations and given to Borrowers and the Holder (and the Holder shall have received) written notice of such acceleration, unless Senior Lender has rescinded such acceleration in writing. 

9. Treatment of Note. The Note and any additional note or notes subsequently issued in replacement thereof shall rank pari passu with each
other as to the payment of principal and interest. Further, the Note and any notes subsequently issued in replacement thereof shall rank senior as to the payment of principal and interest with all present and future indebtedness for money borrowed
of the Borrowers, other than (a) the Senior Obligations, and (b) any indebtedness secured by a lien that is expressly permitted by Section 5.5 of the Purchase Agreement. 

  
 8 

 10. Events of Default. Each of the following acts, events or circumstances shall constitute an Event
of Default (each an “Event of Default”) hereunder: 
 (i) the Borrowers shall default in the payment when
due (in accordance with the terms of the Note) of any principal, including PIK Interest, interest or other amounts owing hereunder, and such default is not cured within three (3) business days of the due date; 

(ii) any representation or warranty made by the Borrowers in the Purchase Agreement shall have been false or misleading in any material
respect on the date as of which such representation or warranty was made (provided, however, that such materiality qualification shall only apply to representations or warranties not otherwise qualified by materiality or Material Adverse Effect);

 (iii) any Borrower shall fail to perform or observe any material agreement, covenant or obligation arising under any provision
hereof, under any other Note or the Purchase Agreement for more than thirty (30) days following receipt by such Borrower of a notice from Holder indicating any such failure; 

(iv) the default by any Borrower under the terms of the Senior Obligations, or any other indebtedness of such Borrower having a principal
amount outstanding in excess of $1,000,000 which results in the acceleration of the Senior Obligations or such other indebtedness; 
 (v) (a) any Borrower shall commence a voluntary case concerning itself under any bankruptcy, insolvency or similar laws or statutes (including Title 11 of the United States Code, as amended,
supplemented or replaced) (collectively, the “Bankruptcy Code”); or (b) an involuntary case is commenced against any Borrower and is not dismissed within ninety (90) days; or (c) a custodian (as defined in the
Bankruptcy Code) is appointed for, or takes charge of, all or substantially all of the property of any Borrower or any Borrower commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution,
insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Borrower or there is commenced against the Borrower any such proceedings; or (d) any order of relief or other order approving any
such case or proceeding is entered; or (e) any Borrower is adjudicated insolvent or bankrupt; or (f) any Borrower makes a general assignment for the benefit of creditors; or (g) any Borrower shall by any act or failure to act consent
to, approve of or acquiesce in any of the foregoing; and 
 (vi) this Note or any other Note shall cease to be in full force and
effect, or any Borrower shall challenge or contest in any action, suit or proceeding the validity or enforceability of this Note or the Purchase Agreement or the Borrowers’ obligations hereunder or thereunder; 

(vii) the entering of a judgment or judgments against any or all of the Borrowers in any courts or administrative forums, with such
judgments (a) having an aggregate judgment amount in any calendar year in excess of $25,000,000; (b) remaining unsatisfied or unstayed for more than thirty (30) days; and (c) not covered by any insurance policy held by such
Borrower(s); or 
 (viii) the occurrence of a Change of Control (as hereafter defined) of the Company. “Change of
Control” is defined as: 

  
 9 

	 	a.	The consummation of the acquisition by any person (as such term is defined in Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the
“1934 Act”)), other than the Holder and/or its affiliates (whether acting together or as a group) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of more than fifty percent
(50%) of the combined voting power of the then outstanding voting securities of the Company; or 

  

	 	b.	The individuals who, as of the date hereof, are members of the Board of Directors of the Company (the “Board”), other than any members
designated by the Company and/or its affiliates, cease for any reason to constitute a majority of the Board, unless the election, or nomination for election by the shareholders, of any new director was approved by a vote of a majority of the Board,
and such new director shall, for purposes of this Note, be considered as a member of the Board. 

 Subject to Section 7 of
this Note, if an Event of Default, other than an Event of Default described in Section 10(v), occurs, the Holder by written notice to the Borrowers may declare the principal of and accrued interest on this Note to be immediately due and
payable. Upon a declaration of acceleration, such principal and interest will become immediately due and payable. If an Event of Default described in Section 10(v) occurs, the principal of and accrued interest on this Note then outstanding will
become immediately due and payable without any declaration or other act on the part of the Holder. 
 11. Remedies; Cumulative Rights. In
addition to the rights provided under Section 10, Holder shall also have any other rights that Holder may have been afforded under any contract or agreement at any time, including the Purchase Agreement, and any other rights that Holder may
have pursuant to applicable law. No delay on the part of Holder in the exercise of any power or right under this Note or under any other instrument executed pursuant hereto shall operate as a waiver thereof, nor shall a single or partial exercise of
any power or right preclude other or further exercise thereof or the exercise of any other power or right. 
 No extensions of time of the
payment of this Note or any other modification, amendment or forbearance made by agreement with any person now or hereafter liable for the payment of this Note shall operate to release, discharge, modify, change or affect the liability of any
co-borrower, endorser, guarantor or any other person with regard to this Note, either in part or in whole. No failure on the part of Holder or any holder hereof to exercise any right or remedy hereunder, whether before or after the occurrence of a
default, shall constitute a waiver thereof, and no waiver of any past default shall constitute a waiver of any future default or of any other default. No failure to accelerate the debt evidenced hereby by reason of an Event of Default hereunder or
acceptance of a past due installment, or indulgence granted from time to time shall be construed to be a waiver of the right to insist upon prompt payment thereafter, or to impose late payment charges, or shall be deemed to be a novation of this
Note or any reinstatement of the debt evidenced hereby, or a waiver of such right of acceleration or any other right, or be construed so as to preclude the exercise of any right which Holder or any holder hereof may have, whether by the laws of the
State of New York, by agreement or otherwise, and none of the foregoing shall operate to release, change or affect the liability of the Borrowers under this Note, and the Borrowers hereby expressly waive (to the extent allowed by law) the benefit of
any statute or rule of law or equity which would produce a result contrary to or in conflict with the foregoing. 
 12. Waivers. Except
for the notices expressly required by the terms of this Note (which rights to notice are not waived by the Borrowers), the Borrowers, for themselves and their successors and assigns, hereby forever waive presentment, protest and demand, notice of
protest, demand, dishonor and non-payment of this Note, and all other notices in connection with the delivery, acceptance, performance, 

  
 10 

 
default or enforcement of the payment of this Note, and waive and renounce (to the extent allowed by law), all rights to the benefits of any statute of limitations and any moratorium,
appraisement, and exemption now allowed or which may hereby be provided by any federal or state statute or decisions against the enforcement and collection of the obligations evidenced by this Note and any and all amendments, substitutions,
extensions, renewals, increases, and modifications hereof. 
 13. Attorneys’ Fees. The Borrowers agree to pay all reasonable costs
and expenses of collection and enforcement of this Note when incurred, including Holder’s reasonable attorneys’ fees and legal and court costs, including any incurred on appeal or in connection with bankruptcy or insolvency, whether or not
any lawsuit or proceeding is ever filed with respect hereto. 
 14. Severability; Invalidity. The Borrowers and Holder intend and believe
that each provision in this Note comports with all applicable local, state and federal laws and judicial decisions. However, if any provisions, provision, or portion of any provision in this Note is found by a court of competent jurisdiction to be
in violation of any applicable local, state or federal ordinance, statute, law, or administrative or judicial decision, or public policy, and if such court would declare such portion, provision or provisions of this Note to be illegal, invalid,
unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such portion, provision or provisions shall be given force and effect to the fullest possible extent they are legal, valid and enforceable, and the
remainder of this Note shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or provisions were severable and not contained herein, and the rights, obligations and interest of the Borrowers and Holder
hereof under the remainder of this Note shall continue in full force and effect. 
 15. Usury. All terms, conditions and agreements
herein are expressly limited so that in no contingency or event whatsoever, whether by acceleration of maturity of the unpaid principal balance hereof, or otherwise, shall the amount paid or agreed to be paid to the holders hereof for the use,
forbearance or detention of the money advanced hereunder exceed the highest lawful rate permissible under applicable laws. If, from any circumstances whatsoever, fulfillment of any provision hereof shall involve transcending the limit of validity
prescribed by law which a court of competent jurisdiction may deem applicable hereto, then ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if under any circumstances the holder hereof shall ever
receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to reduction of the unpaid principal balance due hereunder and not to the payment of interest. 

16. Assignment. The Borrowers may not transfer, assign or delegate any of their rights or obligations hereunder. This Note shall accrue to the
benefit of Holder and its successors and shall be binding upon the undersigned and its successors. Sections 7, 8 and 18 and this Section 16 of this Note shall accrue to the benefit of Senior Lender and its successor and assigns. Holder shall
have the right, with the consent of Senior Lender but without the consent of the Borrowers, to transfer or assign, in whole or in part, its rights and interests in and to this Note, and, as used herein, the term “Holder”
shall mean and include such successors and assigns. 
 17. Notices. Any notices required or permitted to be given under the terms of this
Note shall be sent or delivered personally or by courier (including a recognized, receipted overnight delivery service) or by facsimile (with a copy sent by a recognized, receipted overnight delivery service) and shall be effective upon receipt, if
delivered personally or by courier (including a recognized, receipted overnight delivery service) or by facsimile, in each case addressed to a party. The addresses for such communications shall be: 

  
 11 

 If to any or all of the Borrowers: 

Integrated Electrical Services, Inc. 
 1800 West Loop South 
 Houston, Texas 77027-3233 

Telephone: (713) 860-1542 
 Facsimile: 713-860-1578 
 Attention: Randolph Guba 

If to Holder: 

Tontine Capital Partners, L.P. 
 55 Railroad Avenue, 1st Floor 
 Greenwich, Connecticut 06830 

Attention: Mr. Jeffrey L. Gendell 
 Telephone: (203) 769-2000 
 Facsimile: (203) 769-2010 

Each party shall provide notice to the other party of any change in address. 
 18. Amendment. The provisions of this Note may be amended only by a written instrument signed by the Borrowers and Holder. Further, Sections 7, 8 and 16 and this Section 18 of this Note may be
amended only with the written consent of Senior Lender. 
 19. Governing Law. THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF ALL PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK. 
 20. Jurisdiction; Waiver of Jury Trial. ALL
ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS NOTE SHALL BE FILED, TRIED AND LITIGATED IN THE STATE AND FEDERAL COURTS LOCATED IN NEW YORK. THE BORROWERS WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS NOTE, INCLUDING CONTRACT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. THE BORROWERS HAVE REVIEWED THIS WAIVER AND KNOWINGLY AND VOLUNTARILY WAIVE THE AFORESAID TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 21. This Note
represents a continuation of the indebtedness represented by that certain Senior Subordinated Note dated December 12, 2007 made by Borrower (and/or certain predecessors thereto) to Holder in the original principal amount of $25,000,000 (the
“Original Note”). The Original Note is amended, restated and replaced by this Note. 
 [Signature page
follows] 

  
 12 

 EXECUTED AND DELIVERED at Houston, Texas as of the date written below. 

Dated as of August 9, 2012 
  

			
	INTEGRATED ELECTRICAL SERVICES, INC.
		
	By:	 	 /s/ ROBERT W. LEWEY

	Name:	 	Robert W. Lewey
	Title:	 	Senior Vice President
	
	IES COMMERCIAL & INDUSTRIAL, LLC
		
	By:	 	 /s/ ROBERT W. LEWEY

	Name:	 	Robert W. Lewey
	Title:	 	Vice President
	
	IES COMMERCIAL, INC.
		
	By:	 	 /s/ ROBERT W. LEWEY

	Name:	 	Robert W. Lewey
	Title:	 	Vice President
	
	IES MANAGEMENT, LP
		
	By:	 	 /s/ ROBERT W. LEWEY

	Name:	 	Robert W. Lewey
	Title:	 	Vice President
	
	IES MANAGEMENT ROO, LP
		
	By:	 	 /s/ ROBERT W. LEWEY

	Name:	 	Robert W. Lewey
	Title:	 	Vice President

  
 13 

 
			
	IES PURCHASING & MATERIALS, INC.
		
	By:	 	 /s/ ROBERT W. LEWEY

	Name:	 	Robert W. Lewey
	Title:	 	Vice President
	
	IES RESIDENTIAL, INC.
		
	By:	 	 /s/ ROBERT W. LEWEY

	Name:	 	Robert W. Lewey
	Title:	 	Vice President
	
	INTEGRATED ELECTRICAL FINANCE, INC.
		
	By:	 	 /s/ ROBERT W. LEWEY

	Name:	 	Robert W. Lewey
	Title:	 	Vice President
	
	KEY ELECTRICAL SUPPLY, INC.
		
	By:	 	 /s/ ROBERT W. LEWEY

	Name:	 	Robert W. Lewey
	Title:	 	Vice President

  
 14

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