Document:

Form of Heat Biologics, Inc. Restricted Stock Agreement

 

EXHIBIT 10.4

HEAT BIOLOGICS, INC.

RESTRICTED STOCK AGREEMENT

2018 STOCK INCENTIVE PLAN

THIS RESTRICTED STOCK AGREEMENT (the “Agreement”) is made and entered into as of             (the “Grant Date”), by and between Heat Biologics, Inc., a Delaware corporation (the “Company”), and _________ (the “Participant”). 

Subject to the Additional Terms and Conditions attached hereto and incorporated herein by reference as part of this Agreement, the Company hereby awards as of the Grant Date to the Participant the shares of the Company’s restricted Common Stock (the “Restricted Stock”) described below (the “Restricted Stock Award”) pursuant to the Heat Biologics, Inc. 2018 Stock Incentive Plan (the “Plan”).  Capitalized terms that are not otherwise defined in this Agreement shall have the meanings given to such terms in the Plan.

		
	Participant:

 

	 

	Grant Date:

	 

	 

	 

	Total Number of Shares of 

Restricted Stock Awarded:

 

	

	Vesting Schedule:

 

	The Restricted Stock shall vest according to the Vesting Schedule attached hereto as Schedule 1. The Restricted Stock that become vested on each Vesting Date pursuant to the Vesting Schedule are herein referred to as the “Vested Restricted Stock.”

The Restricted Stock is awarded under and governed by the terms and conditions of this Restricted Stock Agreement and the Plan, which is incorporated herein by reference.  By signing below, the Participant accepts the Restricted Stock Award, acknowledges receipt of a copy of the Plan and this Restricted Stock Agreement, and agrees to the terms thereof.

					
	 
	 

	HEAT BIOLOGICS, INC.:

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	By:  

	 

	(Signature)

	 

	 

	 

	 

	 

	Name:

	 

	 

	 

	 

	 

	Address: 

	 

	 

	Title: 

	 

 

 

ADDITIONAL TERMS AND CONDITIONS OF

HEAT BIOLOGICS, INC.

RESTRICTED STOCK AGREEMENT

1.  Restricted Stock Held in Plan Name. The 2018 STOCK INCENTIVE PLAN (the “Plan”)

Restricted Stock shall be issued in the name of the Plan and held for the account and benefit of the Participant.  The Committee (as defined in the Plan) shall cause periodic statements of account to be delivered to the Participant, at such time or times as the Committee may determine in its sole discretion, showing the number of Restricted Stock held by the Plan on behalf of the Participant. Subject to other Additional Terms and Conditions, the Committee shall cause one or more certificates to be delivered to the Participant as soon as administratively practicable following the date that all or any portion of the Restricted Stock become Vested Restricted Stock. 

2.  Condition to Delivery of Vested Restricted Stock. 

(a)  If Participant makes a timely election pursuant to Section 83(b) of the Code, it is a condition to receiving the Vested Restricted Stock that Participant must deliver to the Company, within thirty (30) days of making the election pursuant to said Section 83(b) as to all or any portion of the Restricted Stock, either cash or a certified check payable to the Company in the amount of all of the tax withholding obligations (whether federal, state or local), imposed on the Company by reason of the making of an election pursuant to said Section 83(b). 

(b)   If the Participant does not make a timely election pursuant to Section 83(b) of the Code as to all of the Restricted Stock, the Participant may notify the Company in writing, which notice must be received by the Company at least thirty (30) days prior to the date Restricted Stock become Vested Restricted Stock (or such later date as the Committee may permit), that the Participant wishes to pay in cash all of the tax withholding obligations (whether federal, state or local) imposed on the Company by reason of the vesting of some or all of the Restricted Stock. As a condition to receiving the Vested Restricted Stock, Participant must deliver to the Company no later than three (3) business days of the vesting either cash or a certified check payable to the Company in the amount of all of the tax withholding obligations (whether federal, state or local) imposed on the Company by reason of the vesting of the Vested Restricted Stock to which the election applies. 

(c)  If the Participant does not make a timely election pursuant to Section 83(b) of the Code as provided in Section 2(a), or deliver a timely election to make a supplemental payment with cash or by certified check for tax withholding obligations as provided in Section 2(b) as to all or a portion of the Vested Restricted Stock, Participant will be deemed to have elected to have the actual number of Vested Restricted Stock reduced by the smallest number of whole shares of underlying Common Stock which, when multiplied by the fair market value of the underlying Common Stock, as determined by the Committee, on the date of the vesting event is sufficient to satisfy the amount of the tax withholding obligations imposed on the Company by reason of the vesting of such Vested Restricted Stock (the “Withholding Election”). Participant understands and agrees that Participant’s acceptance of this Restricted Stock Award will be deemed to be Participant’s election to make a Withholding Election pursuant to this Section 2(c) and such other consistent terms and conditions prescribed by the Committee. 

(d)  In addition to the provisions of Sections 2(a)-(c), if Participant is terminated by the Company other than for Cause and has not made a timely election pursuant to Section 83(b) of the Code, Participant will be deemed to have elected to have the actual number of Restricted Stock that will vest pursuant to the terms of the Plan reduced by the smallest number of whole shares of the underlying Common Stock which, when multiplied by the fair market value of the underlying Common Stock, as determined by the Committee, is sufficient to satisfy the amount of the tax withholding obligations imposed on the Company by reason of the vesting of such Restricted Stock. The date for the withholding will be the date the tax withholding obligation is imposed on the Company, as determined by the Company. A stock certificate for such Restricted Stock (net of any tax withholdings) will be issued and held by the Company and delivered to Participant after the Vesting Date or as otherwise provided herein. Participant understands and agrees that Participant’s acceptance of this Restricted Stock Award will be deemed to be Participant’s election to make a tax withholding election pursuant to this Section 2(d) and such other consistent terms and conditions prescribed by the Committee.

 

(e)  The Committee reserves the right to give no effect to a withholding election under Sections 2(b), (c) or (d) in which case the Participant will remain obligated as a condition to receiving the Vested Restricted Stock to satisfy applicable tax withholding obligations with cash or by a certified check in the manner provided by the Committee. If the Committee elects not to give effect to a withholding election under Sections 2(b), (c) or (d), it shall provide the Participant with written notice reasonably in advance of the applicable vesting event. 

3.  Rights as Stockholder.  The Restricted Stock will be held for the Participant by the Company until a disposition of the Restricted Stock occurs in accordance with Section 4(d). Participant shall have all the rights of a stockholder on shares of Restricted Stock that vest. With respect to unvested Restricted Stock: (a) Participant shall have the right to vote such shares at any meeting of stockholders of the Company; (b) Participant shall have and the right to receive, free of vesting restrictions (but subject to applicable withholding taxes) all cash dividends paid with respect to such shares; and (c) any non-cash dividends and other non-cash proceeds of such shares, including stock dividends and any other securities issued or distributed in respect of such shares shall be subject to the same vesting and forfeiture conditions, and the terms of Section 4(d), as the shares of Restricted Stock to which they relate, and the term “Restricted Stock” when used in this Agreement shall also include any related stock dividends and other securities issued or distributed in respect of such shares.

4.  Vesting, Forfeiture and Restrictions on Transfer of Restricted Stock. 

(a)  Generally.  The shares of Restricted Stock which have become Vested Restricted Stock pursuant to the Vesting Schedule shall be considered as fully earned by the Participant, subject to the further provisions of this Section 4 and any applicable provisions of any employment agreement between the Participant and the Company (“Employment Agreement”), provided that the Company shall continue to hold the shares of Vested Restricted Stock on behalf of the Participant or instruct the transfer agent to hold the shares of Vested Restricted Stock on behalf of the Participant or pending disposition pursuant to Section 4(d). Any Restricted Stock that do not become Vested Restricted Stock in accordance with the Vesting Schedule or the provisions of this Section 4 as of the Participant’s termination of employment (“Termination of Employment”) (as described in Section 7 of the Plan) with the Company and/or its affiliates will be forfeited and transferred back to the Company.

(b)  Vesting and Forfeitures upon Termination of Employment or Service and/or Change in Control. 

(i) Termination by Participant. Except as provided in Section 4(b)(ii), upon a Termination of Employment prior to the Vesting Date effected by the Participant for any reason other than “Good Reason” (as defined in the Employment Agreement) all unvested Restricted Stock shall be forfeited as of the effective date of such Termination of Employment.

(ii) Termination of Employment or Service; Change in Control. Subject to the provisions of Section 7 (Termination of Employment) of the Plan, the Restricted Stock shall become vested to the extent and at the time or times set forth in the Vesting Schedule.  In the event that Participant resigns from employment with the Company for “Good Reason” pursuant to the Employment Agreement, or Participant’s employment is terminated without cause or for disability or death, then all Restricted Stock shall thereupon become fully vested.  In addition, in the event of a Change in Control, all Restricted Stock shall become fully vested immediately prior to the effective date of a Change in Control provided Participant is still employed by, or providing services to, the Company or any of its subsidiaries immediately prior to the effective date of the Change in Control.

(c)  Certain Breaches of Employment Agreement. Notwithstanding anything to the contrary herein, if, at any time, an arbitrator or court of competent jurisdiction makes a final determination that the Participant has breached any of the terms, provisions and restrictions imposed upon Participant under the Employment Agreement (if any), all of the Restricted Stock, other than any shares of Restricted Stock that have become Vested Restricted Stock, shall be forfeited.  Such forfeiture shall occur without limiting the Company’s other rights and remedies available under the Employment Agreement. 

(d)  Restrictions on Transfer of Restricted Stock. Participant shall effect no disposition of Restricted Stock prior to the two year anniversary of the grant date; provided, however, that this provision shall not preclude a transfer by will or the laws of descent and distribution in the event of the death of the Participant. If at any time after the two year anniversary of the Restricted Stock grant date, the Participant (or the Participant’s transferee by will or 

 

the laws of descent and distribution) desires to sell or otherwise dispose of any shares of Vested Restricted Stock, Participant (or such transferee) shall send to the Company’s principal place of business a written notice offering (email notice to be acceptable) to sell to the Company the shares of Vested Restricted Stock the Participant (or such transferee) desires to sell (the “Offered Shares”) at a price per share equal to the lower of (i) closing price per share of the Company’s common stock on the date of such notice or on the next business day following the date of such notice (as reported by NASDAQ or such other exchange on which shares of the Company’s common stock are traded) and (ii) thirty two (32) times the closing price per share of the Company’s common stock on the date of the Restricted Stock grant, as reported by NASDAQ (the “Initial Price Per Share”).  The Company shall have five business days in which to exercise such option to acquire Participant’s (or such transferee’s) Offered Shares and must consummate such transaction by remitting the purchase price for the Offered Shares to the Participant (or such transferee) within five business days thereafter.  If (i) the Company does not provide Participant (or such transferee) with funds to acquire all of the Offered Shares prior to the expiration of such period, or (ii) the Company notifies the Participant (or such transferee) that it will not exercise its option (the earlier of (i) and (ii) being referred to as the “Option Termination Date”),  then the Participant (or such transferee) shall be free to sell or otherwise dispose of such Offered Shares , so long as Participant (or such transferee) complies with all applicable laws and the Company’s insider trading policy if applicable, and the acquirer of such shares will acquire such shares without any restrictions other than those required by law; provided, however, that if the Offered Shares are sold by the Participant (or such transferee) at a price per share in excess of thirty to (32) times the Initial Price Per Share (such excess being referred to as the “Excess,” Participant (or such transferee) shall remit to the Company the Excess received by Participant (or such transferee) within three business days following such sale or disposition. The Initial Price Per Share shall be subject to adjustment to reflect any merger, consolidation, reorganization, recapitalization, reincorporation, stock split, stock dividend or other similar change in capitalization.

(e)   Legends.  Subject to Section 5 below, Participant agrees that the Company may endorse any certificates for Restricted Stock or Vested Restricted Stock with such legends to reflect the restrictions provided for herein or otherwise required by applicable federal or state securities laws. The Company need not register a transfer of the Restricted Stock and may also instruct its transfer agent not to register the transfer of the Restricted Stock unless the conditions specified in any legends are satisfied. 

5. Removal of Legend and Transfer Restrictions. Any restrictions, restrictive legends and any related stop transfer instructions may be removed at the direction of the Committee and the Company shall issue necessary replacement certificates or instruct the transfer agent to remove such restrictions or legends without that portion of the legend to the Participant as of the date that the Committee determines that such legend(s) and/or instructions are no longer applicable. In the event that the Company does not exercise an option set forth in Section 4(d), the legend shall be removed on the Option Termination Date and the Company shall instruct the transfer agent to take all action necessary to remove all legends other than those required by law within five days of the Option Termination Date. Unless otherwise determined at the time of the Grant of the Restricted Stock and as set forth in this Restricted Stock Agreement, the vesting schedule for the Restricted Stock will be subject to the provisions of the Plan.

6.  Change in Capitalization. 

(a) The number and kind of Restricted Stock shall be proportionately adjusted to reflect a merger, consolidation, reorganization, recapitalization, reincorporation, stock split, stock dividend or other change in the capital structure of the Company in accordance with the terms of the Plan.  All adjustments made by the Committee under this Section shall be final, binding, and conclusive upon all parties. 

(b) The existence of the Plan and the Restricted Stock Award shall not affect the right or power of the Company to make or authorize any adjustment, reclassification, reorganization or other change in its capital or business structure, any merger or consolidation of the Company, any issue of debt or equity securities having preferences or priorities as to the Common Stock or the rights thereof, the dissolution or liquidation of the Company, any sale or transfer of all or part of its business or assets, or any other corporate act or proceeding. 

7. Governing Law.  Except to the extent preempted by any applicable federal law, this Agreement shall be construed and administered in accordance with the laws of the State of Delaware, without reference to its principles of conflicts of law. The parties shall resolve all disputes, controversies and differences which may arise between the parties, out of or in relation to or in connection with this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this Agreement to arbitrate, after discussion in good faith attempting to reach an amicable solution.  Such discussion will begin 

 

immediately after one party has delivered to the other party a request for discussion. If the dispute, controversy, or claim cannot be resolved within 14 days following the date on which the request for discussion is delivered, then it will be finally settled by arbitration held in Durham, North Carolina in accordance with the latest Rules of the American Arbitration Association. Such arbitration shall be conducted by one arbitrator appointed as follows: each party will appoint one arbitrator and the appointed arbitrators shall appoint the deciding arbitrator.  The arbitration proceeding must take place within 30 days of such arbitration request, with a final adjudication granted within 7 days of the arbitration proceeding. The decision of the tribunal shall be final and may not be appealed.  The arbitral tribunal may, in its discretion award fees and costs as part of its award. Judgment on the arbitral award may be entered by any court of competent jurisdiction, including any court that has jurisdiction over either of the party or any of their assets.

8. Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, legal representatives, successors, and permitted assigns of the parties. 

9. Notice. Except as otherwise specified herein, all notices and other communications under this Agreement shall be in writing and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the proposed recipient at the last known address of the recipient. Any party may designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein. 

10. Severability.  In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein. 

11. Entire Agreement.  Subject to the terms and conditions of the Plan, and the applicable provisions of the Employment Agreement (if any), this Agreement expresses the entire understanding and agreement of the parties with respect to the subject matter. In the event of any conflict between the provisions of the Plan and the terms of this Agreement, the provisions of the Plan will control. The Restricted Stock Award has been made pursuant to the Plan and an administrative record is maintained by the Committee indicating under which plan the Restricted Stock Award is authorized. 

12. Violation.  Any disposition of the Restricted Stock or any portion thereof shall be a violation of the terms of this Agreement and shall be void and without effect. 

13. Headings.  Paragraph headings used herein are for convenience of reference only and shall not be considered in construing this Agreement. 

14. Specific Performance.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. 

15. No Right to Continued Retention.  Neither the establishment of the Plan nor the award of Restricted Stock hereunder shall be construed as giving Participant the right to a continued service relationship with the Company or an affiliate. 

16. Definitions.  Any terms which are capitalized herein but not defined herein shall have the meaning set forth in the Plan. 

 

*****

 

SCHEDULE 1

TO HEAT BIOLOGICS, INC. 

RESTRICTED STOCK AWARD

(Under the 2018 Stock Incentive Plan) 

Vesting Schedule 

 

		
	A.

	Provided that the Participant continues to be employed by the Company or any affiliate on the applicable Vesting Date described in this Schedule 1, the Restricted Stock shall become Vested Restricted Stock as follows:

 

				
	Percentage of Restricted Stock Vesting

	  

	Vesting Date

	50%

	 
	Grant Date

	 

	30%

	 
	One year anniversary of Grant Date

	 

	10%

	 
	Two year anniversary of Grant Date

	 

	10%

	 
	Three year anniversary of Grant Date

	 

Notwithstanding the foregoing vesting schedule, the events described in Section 4(b)(ii) of the Additional Terms and Conditions to the Agreement, the Plan, and any change in control provisions of any Employment Agreement, provide for accelerated vesting of all or a portion of the Restricted Stock to the extent and in the manner described by such provisions. Except as otherwise provided in Section 4(b)(ii) of the Additional Terms and Conditions to the Agreement, the Plan, and any change in control provisions of any Employment Agreement, all Restricted Stock shall be forfeited if the Participant experiences a Termination of Employment prior to the Vesting Date.

 

		
	B.

	The provisions of this Vesting Schedule are subject to, and limited by, all applicable provisions of the Agreement. 

 

Schedule 1 – Page 1 of 1Cypress Energy Partners, L.P. 8-K

 

Exhibit 10.1

 

SECOND
AMENDED AND RESTATED OMNIBUS AGREEMENT

among

CYPRESS
ENERGY HOLDINGS, LLC,

CYPRESS
ENERGY MANAGEMENT, LLC,

CYPRESS
ENERGY PARTNERS, LLC

CYPRESS
ENERGY PARTNERS, L.P.,

CYPRESS
ENERGY PARTNERS GP, LLC

TULSA
INSPECTION RESOURCES, LLC

and

TULSA
INSPECTION RESOURCES – CANADA ULC

January
1, 2020

    	 		 

    	 

    

SECOND
AMENDED AND RESTATED OMNIBUS AGREEMENT

This
SECOND AMENDED AND RESTATED OMNIBUS AGREEMENT is entered into on, and effective as of, the Effective Date (as defined herein)
among Cypress Energy Holdings, LLC, a Delaware limited liability company (“Cypress Holdings”), Cypress Energy
Management, LLC, a Delaware limited liability company (“Cypress Management”), Cypress Energy Partners, LLC,
a Delaware limited liability company (“OLLC”), Cypress Energy Partners, L.P., a Delaware limited partnership
(the “Partnership”), Cypress Energy Partners GP, LLC, a Delaware limited liability company (the “General
Partner”), Tulsa Inspection Resources, LLC, a Delaware limited liability company (“TIR”), Tulsa Inspection
Resources – Canada ULC, an Alberta, Canada unlimited liability corporation (“TIR Canada”), and Cypress
Energy Investments, LLC, a Delaware limited liability company (“Cypress Investments”). The above-named entities are
sometimes referred to in this Agreement (as defined herein) each as a “Party” and collectively as the “Parties.”

RECITAL:

1.       

Cypress
Holdings, Cypress Management, OLLC, the Partnership, the General Partner, TIR, TIR Canada, Foley Inspection Services ULC, an Alberta,
Canada unlimited liability corporation (“Foley”), Tulsa Inspection Resources Holdings, LLC, a Delaware limited
liability company (“TIR Holdings”), Cypress Energy Partners – TIR, LLC, a Delaware limited liability company
(“CEP TIR”), and Tulsa Inspection Resources Holdings, LLC, a Delaware limited liability company (“TIR
NDE” and, together with Cypress Holdings, Cypress Management, OLLC, the Partnership, the General Partner, TIR, TIR Canada,
Foley, TIR Holdings and CEP TIR, the “Original Parties”) previously entered into that certain Amended and Restated
Omnibus Agreement (the “Omnibus Agreement”), dated February 20, 2015.

2.       

Pursuant
to Section 6.6 of the Omnibus Agreement, the Omnibus Agreement may be amended or modified from time to time only by the written
agreement of all of the Original Parties.

3.       

Effective
as of January 1, 2016, Foley amalgamated with TIR Canada, with TIR Canada surviving such amalgamation.

4.       

On
May 24, 2017, a Certificate of Cancellation with respect to TIR Holdings was filed with the Secretary of State of the State of
Delaware pursuant to Section 18-203 of the Delaware Limited Liability Company Act (the “DLLCA”), at which time
the legal existence of TIR Holdings was terminated.

5.       

On
the date hereof, (i) TIR NDE merged with and into TIR, with TIR surviving such merger, and (ii) CEP TIR merged with and into Cypress
Investments, with Cypress Investments surviving such merger.

6.       

The
Parties and Cypress Investments, as successor to CEP TIR, now desire to amend and restate the Omnibus Agreement as provided herein.

7.       

The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article II,
with respect to certain indemnification obligations of the Parties to each other.

8.       

The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article III,
with respect to the amount to be paid by the Partnership for the centralized overhead services to be performed by the General Partner
and its Affiliates (as defined herein) for and on behalf of the Partnership Group (as defined herein).

9.       

The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article IV,
with respect to the granting of certain licenses between the Parties.

10.       

The
Conflicts Committee (as defined herein) of the Board of Directors of the General Partner (as defined herein) has approved the form,
terms and substance of this Agreement in accordance with the requirements set forth in Section 6.6 of the Omnibus Agreement.

    	 	1	 

    	 

    

In
consideration of the premises and the covenants, conditions, and agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree to amend and restate the Omnibus
Agreement in its entirety as follows:

ARTICLE
I

Definitions

1.1       

Definitions.
As used in this Agreement, the following terms shall have the respective meanings set forth below:

“Affiliate”
is defined in the Partnership Agreement.

“Agreement”
means this Agreement, as it may be amended, modified or supplemented from time to time in accordance with the terms hereof.

“CEP
TIR” is defined in the recitals to this Agreement.

“Common
Unit” is defined in the Partnership Agreement.

“Conflicts
Committee” is defined in the Partnership Agreement.

“control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract, or otherwise.

“Covered
Environmental Losses” is defined in Section 2.1(a).

“Cypress
Entities” means Cypress Holdings and any Person controlled, directly or indirectly, by Cypress Holdings other than the
General Partner or a member of the Partnership Group; and “Cypress Entity” means any of the Cypress Entities in their
individual capacity.

“Cypress
Holdings” is defined in the introduction to this Agreement.

“Cypress
Investments” is defined in the introduction to this Agreement.

“Cypress
Management” is defined in the introduction to this Agreement.

“DLLCA”
is defined in the recitals to this Agreement.

“Effective
Date” means January 1, 2020.

“Environmental
Deductible” is defined in Section 2.1(a)(iii).

“Environmental
Laws” means all federal, state, and local laws, statutes, rules, regulations, orders, judgments, ordinances, codes, injunctions,
decrees, Environmental Permits and other legally enforceable requirements and rules of common law now or hereafter in effect, relating
to (a) pollution or protection of human health, natural resources, wildlife and the environment including, without limitation,
the federal Comprehensive Environmental Response, Compensation, and Liability Act, the Superfund Amendments Reauthorization Act,
the Resource Conservation and Recovery Act, the Clean Air Act, the Federal Water Pollution Control Act, the Toxic Substances Control
Act, the Oil Pollution Act, the Safe Drinking Water Act, the Hazardous Materials Transportation Act, and other environmental conservation
and protection laws and the regulations promulgated pursuant thereto, and any state or local counterparts, each as amended from
time to time, and (b) the generation, manufacture, processing, distribution, use, treatment, storage, transport, or handling of
any Hazardous Substances.

    	 	2	 

    	 

    

“Environmental
Permit” means any permit, approval, identification number, license, registration, certification, consent, exemption,
variance or other authorization required under or issued pursuant to any applicable Environmental Law, including applications for
renewal of such permits in which the application allows for continued operation under the terms of an expired permit.

“Foley”
is defined in the recitals to this Agreement.

“General
Partner” is defined in the introduction to this Agreement.

“Hazardous
Substance” means (a) any substance, whether solid, liquid, gaseous, semi-solid or any combination thereof, that is designated,
defined or classified as a hazardous waste, solid waste, hazardous material, pollutant, contaminant or toxic or hazardous substance,
or terms of similar meaning, or that is otherwise regulated under any Environmental Law, including, without limitation, any hazardous
substance as defined under the Comprehensive Environmental Response, Compensation, and Liability Act, as amended, and including
asbestos and lead-containing paints or coatings, radioactive materials, and polychlorinated biphenyls, and (b) petroleum, oil,
gasoline, natural gas, fuel oil, motor oil, waste oil, diesel fuel, jet fuel, and other refined petroleum hydrocarbons, solely
to the extent regulated under applicable Environmental Laws.

“Indemnified
Party” means either the Partnership Group or the Cypress Entities, as the case may be, in its capacity as the party entitled
to indemnification in accordance with Article II.

“Indemnifying
Party” means either the Partnership Group or Cypress Holdings, as the case may be, in its capacity as the party from
whom indemnification may be sought in accordance with Article II.

“IPO
Assets” means all disposal wells and related facilities and equipment, inspection equipment, storage tanks, offices and
related equipment, real estate and other assets, or portions thereof, conveyed, contributed or otherwise Transferred or intended
to be conveyed, contributed or otherwise Transferred pursuant to the IPO Contribution Agreement to any member of the Partnership
Group, or owned by, leased by or necessary for the operation of the business, properties or assets of any member of the Partnership
Group, prior to or as of the IPO Closing Date.

“IPO
Closing Date” means January 21, 2014, the date of the closing of the initial public offering of Common Units representing
limited partner interests in the Partnership.

“IPO
Contribution Agreement” means that certain Contribution, Conveyance and Assumption Agreement, dated as of the IPO Closing
Date, among the General Partner, the Partnership, Cypress Holdings, Cypress Energy Holdings II, LLC, a Delaware limited liability
company, OLLC, Cypress Energy Partners – SBG, LLC, a Delaware limited liability company, CEP TIR, TIR, Mr. Charles C. Stephenson,
Jr., Ms. Cynthia Field, Mr. G. Les Austin and Mr. Richard Carson.

“License”
is defined in Section 4.1.

“Limited
Partner” is defined in the Partnership Agreement.

“Losses”
means any losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs and
expenses (including, without limitation, court costs and reasonable attorney’s and expert’s fees) of any and every
kind or character, known or unknown, fixed or contingent.

“Marks”
is defined in Section 4.1.

“Mediation
Notice” is defined in Section 5.2.

“NDE”
is defined in the introduction to this Agreement.

“OLLC”
is defined in the introduction to this Agreement.

“Omnibus
Agreement” is defined in the recitals to this Agreement.

    	 	3	 

    	 

    

“Original
Parties” is defined in the recitals to this Agreement.

“Partnership”
is defined in the introduction to this Agreement.

“Partnership
Agreement” means the First Amended and Restated Agreement of Limited Partnership of Cypress Energy Partners, L.P., dated
as of January 21, 2014, as amended by the First Amendment to First Amended and Restated Agreement of Limited Partnership of Cypress
Energy Partners, L.P., dated as of May 29, 2018.

“Partnership
Change of Control” means Cypress Holdings ceases to directly or indirectly control the general partner of the Partnership.

“Partnership
Group” means the Partnership and any of its Subsidiaries, treated as a single consolidated entity.

“Partnership
Group Member” means any member of the Partnership Group.

“Party”
and “Parties” are defined in the introduction to this Agreement.

“Person”
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, government agency or political subdivision thereof or other entity.

“Retained
Assets” means all disposal wells and related facilities and equipment, inspection equipment, storage tanks, offices and
related equipment, real estate and other assets, or portions thereof, owned by any of the Cypress Entities that were not directly
or indirectly conveyed, contributed or otherwise Transferred to the Partnership Group pursuant to the IPO Contribution Agreement
or the other documents referred to in the IPO Contribution Agreement.

“Subsidiary”
is defined in the Partnership Agreement.

“TIR”
is defined in the introduction to this Agreement.

“TIR
Canada” is defined in the introduction to this Agreement.

“TIR
Holdings” is defined in the recitals to this Agreement.

“TIR
NDE” is defined in the recitals to this Agreement.

“TIR
Parent” means Tulsa Inspection Resources, Inc., an Oklahoma corporation.

“TIR
Reorganization” means the purchase of shares of common stock of TIR Parent by CEP TIR, LLC, a Delaware limited liability
company, and through a series of acquisitions, the merger of TIR Parent with and into TIR, the distribution by TIR of its interest
in NDE, TIR Canada and Tulsa Inspection Resources-Acquisition Corp., which directly owned Foley prior to its amalgamation with
Foley, to its members, and all other transactions, disputes, claims and expenses related thereto.

“Transfer”
means to, directly or indirectly, sell, assign, lease, convey, transfer or otherwise dispose of, whether in one or a series of
transactions.

    	 	4	 

    	 

    

ARTICLE
II

Indemnification

2.1       

Environmental
Indemnification.

(a)       

Subject
to Section 2.4, Cypress Holdings shall indemnify, defend and hold harmless the Partnership Group from and against any of
the following Losses suffered or incurred by the Partnership Group, directly or indirectly, or as a result of any claim by a third
party, by reason of or arising out of the operation or ownership of the IPO Assets prior to the IPO Closing Date:

(i)       

any
violation or correction of violation of Environmental Laws occurring or arising, in whole or in part, prior to the IPO Closing
Date;

(ii)       

any
currently existing environmental event, action, omission, condition or matter or currently pending legal action against the Partnership
Group, a true and correct summary of which is described on Schedule I attached hereto; and

(iii)       

any
event, condition, action, omission or matter that has an adverse impact on the environment and is associated with or arising, in
whole or in part, from the ownership or operation of the IPO Assets prior to the IPO Closing Date (including, without limitation,
the presence of Hazardous Substances on, under, about or migrating to or from the IPO Assets or the disposal or release of Hazardous
Substances generated by operation of the IPO Assets at non-IPO Asset locations) including, without limitation, (A) the cost and
expense of any required investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation
or other corrective action under Environmental Laws, (B) the cost and expense of the preparation and implementation of any closure,
remedial, corrective action, or other plans required or necessary under Environmental Laws, and (C) the cost and expense of any
environmental or toxic tort pre-trial, trial, or appellate legal or litigation support work; provided, however, Cypress
Holdings shall not be obligated to indemnify, defend and hold harmless the Partnership Group for a Loss under this Section 2.1(a)(iii)
until such time as the aggregate amount of all Losses under this Section 2.1(a)(iii) exceeds $350,000 (the “Environmental
Deductible”), at which time Cypress Holdings shall be obligated to indemnify the Partnership Group for the total amount
of such Losses in excess of the Environmental Deductible;

provided,
however, that with respect to any event, condition or matter under this Section 2.1(a), Cypress Holdings will be obligated
to indemnify the Partnership Group only to the extent that Cypress Holdings was notified in writing of such violation, event, condition
or environmental matter on or before the third anniversary of the IPO Closing Date (clauses (i) through (iii) collectively,
“Covered Environmental Losses”).

(b)       

The
Partnership Group, jointly and severally, shall indemnify, defend and hold harmless the Cypress Entities from and against any Losses
suffered or incurred by the Cypress Entities, directly or indirectly, or as a result of any claim by a third party, by reason of
or arising out of:

(i)       

any
violation or correction of violation of Environmental Laws associated with or arising, in whole or in part, from the ownership
or operation of the IPO Assets occurring on or after the IPO Closing Date; and

(ii)       

any
event, condition or matter associated with or arising, in whole or in part, from the ownership or operation of the IPO Assets on
or after the IPO Closing Date (including, but not limited to, the presence of Hazardous Substances on, under, about or migrating
to or from the IPO Assets or the disposal or release of Hazardous Substances generated by operation of the IPO Assets at non-IPO
Asset locations) that requires investigation, assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation
or other corrective action under Environmental Laws, including, without limitation, (A) the cost and expense of any such activity,
(B) the cost or expense of the preparation and implementation of any closure, remedial, corrective action, or other plans required
or necessary under Environmental Laws, and (C) the cost and expense for any environmental or toxic tort pre-trial, trial, or appellate
legal or litigation support work, to the extent that any of the foregoing matters under (i) and (ii) are not Covered Environmental
Losses for which the Partnership Group is entitled to indemnification from Cypress Holdings under this Article II without
giving effect to the Environmental Deductible.

    	 	5	 

    	 

    

2.2       

Additional
Indemnification.

(a)       

In
addition to and not in limitation of the indemnification provided under Section 2.1(a), Cypress Holdings shall indemnify,
defend, and hold harmless the Partnership Group from and against any Losses suffered or incurred by the Partnership Group and relating
to or arising out of:

(i)       

any
litigation matters attributable to the ownership or operation of the IPO Assets prior to the IPO Closing Date, including the currently
pending legal actions against Cypress Holdings set forth on Schedule II attached hereto; provided, however that no
indemnification claims may be made against Cypress Holdings for legal matters not identified on Schedule II or otherwise
known to Cypress Holdings as of the IPO Closing Date unless the aggregate dollar amount of such Losses suffered or incurred by
the Partnership Group exceeds $250,000, after which time Cypress Holdings shall be liable for the full amount of such Losses in
excess of $250,000;

(ii)       

any
claims associated with or arising from the Retained Assets following the closing, regardless of whether the events or conditions
underlying such claims occurred prior to or following the IPO Closing Date;

(iii)       

all
federal, state and local income tax liabilities attributable to the ownership or operation of the IPO Assets prior to the IPO Closing
Date, including under Treasury Regulation Section 1.1502-6 (or any similar provision of state or local law), and any such income
tax liabilities of Cypress Holdings that may result from the consummation of the formation transactions for the Partnership Group
and the General Partner occurring on or prior to the IPO Closing Date; provided, however, that such obligation to indemnify
will terminate 60 days after the expiration of any applicable statute of limitations; and

(iv)       

any
losses suffered or incurred by the Partnership Group and related to, associated with or arising, in whole or part, from the TIR
Reorganization.

(b)       

In
addition to and not in limitation of the indemnification provided under Section 2.1(b) or the Partnership Agreement, the
Partnership Group, jointly and severally, shall indemnify, defend, and hold harmless the Cypress Entities from and against any
Losses suffered or incurred by the Cypress Entities by reason of or arising out of events, actions, omissions and conditions associated
with the ownership or operation of the IPO Assets and occurring after the IPO Closing Date (other than Covered Environmental Losses
which are provided for under Section 2.1), unless such indemnification would not be permitted under the Partnership Agreement
by reason of one of the provisos contained in Section 7.7(a) of the Partnership Agreement.

2.3       

Indemnification
Procedures.

(a)       

The
Indemnified Party agrees that within a reasonable period of time after it becomes aware of facts giving rise to a claim for indemnification
under this Article II, it will provide notice thereof in writing to the Indemnifying Party, specifying the nature of and
specific basis for such claim.

(b)       

The
Indemnifying Party shall have the right to control all aspects of the defense of (and any counterclaims with respect to) any claims
brought against the Indemnified Party that are covered by the indemnification under this Article II, including, without
limitation, the selection of counsel, determination of whether to appeal any decision of any court and the settling of any such
claim or any matter or any issues relating thereto; provided, however, that no such settlement shall be entered into without
the consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed) unless it includes
a full release of the Indemnified Party from such claim or any matter or any issues relating thereto, as the case may be.

    	 	6	 

    	 

    

(c)       

The
Indemnified Party agrees to cooperate in good faith with the Indemnifying Party, with respect to all aspects of the defense of
and pursuit of any counterclaims with respect to any claims covered by the indemnification under this Article II, including,
without limitation, the prompt furnishing to the Indemnifying Party of any correspondence or other notice relating thereto that
the Indemnified Party may receive, permitting the name of the Indemnified Party to be utilized in connection with such defense
and counterclaims, the making available to the Indemnifying Party of any files, records or other information of the Indemnified
Party that the Indemnifying Party considers relevant to such defense and counterclaims, the making available to the Indemnifying
Party of any employees of the Indemnified Party and the granting to the Indemnifying Party of reasonable access rights to the properties
and facilities of the Indemnified Party; provided, however, that in connection therewith the Indemnifying Party agrees to
use reasonable efforts to minimize the impact thereof on the operations of the Indemnified Party and further agrees to maintain
the confidentiality of all files, records, and other information furnished by the Indemnified Party pursuant to this Section
2.3. In no event shall the obligation of the Indemnified Party to cooperate with the Indemnifying Party as set forth in the
immediately preceding sentence be construed as imposing upon the Indemnified Party an obligation to hire and pay for counsel in
connection with the defense of any claims or pursuit of any counterclaims covered by the indemnification set forth in this Article
II; provided, however, that the Indemnified Party may, at its own option, cost and expense, hire and pay for counsel
in connection with any such defense and counterclaims. The Indemnifying Party agrees to keep any such counsel hired by the Indemnified
Party reasonably informed as to the status of any such defense or counterclaim, but the Indemnifying Party shall have the right
to retain sole control over such defense and counterclaim so long as the Indemnified Party is still seeking indemnification hereunder.

(d)       

In
determining the amount of any loss, cost, damage or expense for which the Indemnified Party is entitled to indemnification under
this Agreement, the gross amount of the indemnification will be reduced by (i) any insurance proceeds realized by the Indemnified
Party, and such correlative insurance benefit shall be net of any incremental insurance premium that becomes due and payable by
the Indemnified Party as a result of such claim and (ii) all amounts recovered by the Indemnified Party under contractual indemnities
from third Persons.

2.4       

Limitations
Regarding Indemnification. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IN NO EVENT SHALL ANY PARTY’S INDEMNIFICATION
OBLIGATION HEREUNDER COVER OR INCLUDE CONSEQUENTIAL, INDIRECT, INCIDENTAL, PUNITIVE, EXEMPLARY, SPECIAL OR SIMILAR DAMAGES OR LOST
PROFITS (INCLUDING ANY DIMINUTION IN VALUE OF ANY PARTY’S RESPECTIVE INVESTMENT IN THE PARTNERSHIP) SUFFERED, DIRECTLY OR
INDIRECTLY, BY ANY OTHER PARTY ENTITLED TO INDEMNIFICATION UNDER THIS AGREEMENT.

ARTICLE
III

Services; Indebtedness

3.1       

Provision
of General and Administrative Services. Cypress Holdings agrees to provide, and agrees to cause its Affiliates to provide,
on behalf of the General Partner for the Partnership Group’s benefit, all required centralized overhead services, including,
without limitation, the general and administrative services listed on Schedule III to this Agreement, and shall pay on behalf
of the Partnership:

(a)       

salaries
of employees of the General Partner and its Affiliates (other than the Partnership or its Subsidiaries), to the extent such employees
perform the foregoing services for the Partnership Group;

(b)       

the
cost of employee benefits relating to employees of the General Partner and its Affiliates (other than the Partnership or its Subsidiaries),
including 401(k), pension, bonuses and health insurance benefits (whether through insurance policies provided by third parties
or self-insurance), to the extent such employees perform the foregoing services for the Partnership Group;

(c)       

all
expenses incurred or payments made by the General Partner or its Affiliates for insurance coverage or deductibles with respect
to the Partnership’s assets or the business of the Partnership Group as well as any claims received with respect to the Partnership’s
assets or the business of the Partnership Group; and

(d)       

all
expenses incurred as a result of the Partnership becoming and continuing as a publicly traded entity, including costs associated
with filings under the Securities Exchange Act of 1934, independent auditor fees, partnership governance and compliance, registrar
and transfer agent fees, tax return and Schedule K-1 preparation and distribution, legal fees and director compensation.

    	 	7	 

    	 

    

3.2       

Reimbursement
and Allocation.

(a)       

The
Partnership Group shall reimburse Cypress Holdings for all tax costs and expenses incurred or payments made by Cypress Holdings
and its Affiliates (other than Partnership Group Members) on behalf of the Partnership Group including all sales, use, excise,
value added, margin, franchise or similar taxes, if any, that may be applicable from time to time associated with the ownership
and operation of the Partnership’s assets or with respect to the services provided by the Partnership Group.

(b)       

Such
reimbursements shall be made by the Partnership Group on or before the tenth business day of each quarter following the quarter
in which such costs and expenses are incurred. As long as the General Partner is an Affiliate of Cypress Holdings, the Partnership
and Cypress Holdings may settle the Partnership Group’s financial obligations to Cypress Holdings through Cypress Holdings’
normal inter-affiliate settlement processes.

ARTICLE
IV

Licenses of Marks

4.1       

Grant
of License. On the IPO Closing Date, upon the terms and conditions set forth in this Article IV, Cypress Holdings granted
and conveyed to the Partnership and each of the entities currently or hereafter comprising a part of the Partnership Group a nontransferable,
nonexclusive, royalty-free right and license (the “License”) to use the name “Cypress” and “Tulsa
Inspection Resources” and any other associated or related service marks, trademarks, graphics and tradenames owned by Cypress
Holdings (collectively, the “Marks”).

4.2       

Ownership
and Quality of Marks. The Partnership, on behalf of itself and the other Partnership Group Members, agrees that ownership of
the Marks and the goodwill relating thereto shall remain vested in Cypress Holdings during the term of the License and thereafter.
To the fullest extent permitted by law, the Partnership agrees, and agrees to cause the other Partnership Group Members, never
to challenge, contest or question the validity of Cypress Holdings’ ownership of the Marks or any registration thereof by
Cypress Holdings. In connection with the use of the Marks, the Partnership and any other Partnership Group Member shall not in
any manner represent that they have any ownership in the Marks or registration thereof. The Partnership, on behalf of itself and
the other Partnership Group Members, acknowledges that the use of the Marks shall not create any right, title or interest in or
to the Marks, and all use of the Marks by the Partnership or any other Partnership Group Member shall inure to the benefit of Cypress
Holdings. The Partnership agrees, and agrees to cause the other Partnership Group Members, to use the Marks in accordance with
such quality standards established by Cypress Holdings and communicated to the Partnership Group from time to time, it being understood
that the products and services offered by the Partnership Group Members as of the IPO Closing Date are of a quality that is acceptable
to Cypress Holdings.

4.3       

Termination.
The License shall terminate upon the termination of this Agreement pursuant to Section 5.5.

ARTICLE
V

Miscellaneous

5.1       

Choice
of Law; Submission to Jurisdiction. This Agreement shall be subject to and governed by the laws of the State of Delaware, excluding
any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another
state. EACH OF THE PARTIES HERETO AGREES THAT THIS AGREEMENT INVOLVES AT LEAST U.S. $100,000 AND THAT THIS AGREEMENT HAS BEEN ENTERED
INTO IN EXPRESS RELIANCE UPON 6 Del. C. § 2708. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES (i) TO BE
SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE,
AND (ii) TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO APPOINT AND MAINTAIN
AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY’S AGENT FOR ACCEPTANCE OF LEGAL PROCESS AND TO NOTIFY THE OTHER PARTIES OF
THE NAME AND ADDRESS OF SUCH AGENT.

    	 	8	 

    	 

    

5.2       

Non-Binding
Mediation. If the Parties cannot resolve any dispute or claim arising under this Agreement, then no earlier than 10 days nor
more than 60 days following written notice to the other Parties, any Party may initiate mandatory, non-binding mediation hereunder
by giving a notice of mediation (a “Mediation Notice”) to the other Parties to the dispute or claim. In connection
with any mediation pursuant to this Section 5.2, the mediator shall be jointly appointed by the Parties to the dispute or
claim and the mediation shall be conducted in Tulsa, Oklahoma unless otherwise agreed by the Parties to the dispute or claim. All
costs and expenses of the mediator appointed pursuant to this Section 5.2 shall be shared equally by the Parties to the
dispute or claim. The then-current Model ADR Procedures for Mediation of Business Disputes of the Center for Public Resources,
Inc., either as written or as modified by mutual agreement of the Parties to the dispute or claim, shall govern any mediation pursuant
to this Section 5.2. In the mediation, each Party to the dispute or claim shall be represented by one or more senior representatives
who shall have authority to resolve any disputes. If a dispute or claim has not been resolved within 30 days after the receipt
of the Mediation Notice by a Party, then any Party to the dispute or claim may refer the resolution of the dispute or claim to
litigation.

5.3       

Notice.
All notices or requests or consents provided for by, or permitted to be given pursuant to, this Agreement must be in writing and
must be given by depositing same in the United States mail, addressed to the Person to be notified, postpaid, and registered or
certified with return receipt requested or by delivering such notice in person or by facsimile to such Party. Notice given by personal
delivery or mail shall be effective upon actual receipt. Notice given by facsimile shall be effective upon actual receipt if received
during the recipient’s normal business hours or at the beginning of the recipient’s next business day after receipt
if not received during the recipient’s normal business hours. All notices to be sent to a Party pursuant to this Agreement
shall be sent to or made at the address set forth below such Party’s signature to this Agreement or at such other address
as such Party may stipulate to the other Parties in the manner provided in this Section 5.3.

If
to the Cypress Entities:

Cypress Energy Holdings,
LLC

5727 S. Lewis Avenue, Suite 300

Tulsa, Oklahoma 74105

Attn: Senior Vice President
and General Counsel

Facsimile: (918) 748-3900

 

If to the Partnership
Group:

Cypress Energy Partners,
L.P.

c/o Cypress Energy Partners GP, LLC, its General Partner

5727 S. Lewis Avenue, Suite 300

Tulsa, Oklahoma 74105

Attn: Senior Vice President
and General Counsel

Facsimile: (918) 748-3900

 

5.4       

Entire
Agreement. This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding
all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

5.5       

Termination
of Agreement. This Agreement, other than the provisions set forth in Article II hereof, may be terminated by (a) the
written agreement of all of the Parties or (b) Cypress Holdings or the Partnership upon a Partnership Change of Control by written
notice given to the other Parties to this Agreement. For the avoidance of doubt, the Parties’ indemnification obligations
under Article II shall, to the fullest extent permitted by law, survive the termination of this Agreement in accordance
with their respective terms.

5.6       

Amendment
or Modification. This Agreement may be amended or modified from time to time only by the written agreement of all the Parties
hereto. Any amendment hereto that the General Partner determines would materially adversely affect the holders of Common Units
must be approved by the Conflicts Committee. Each such instrument shall be reduced to writing and shall be designated on its face
an “Amendment” or an “Addendum” to this Agreement.

    	 	9	 

    	 

    

5.7       

Assignment.
No Party shall have the right to assign its rights or obligations under this Agreement without the consent of the other Parties
hereto.

5.8       

Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signatory parties had signed the same
document. All counterparts shall be construed together and shall constitute one and the same instrument. Delivery of an executed
signature page of this Agreement by facsimile transmission or in portable document format (.pdf) shall be effective as delivery
of a manually executed counterpart hereof.

5.9       

Severability.
If any provision of this Agreement shall be held invalid or unenforceable by a court or regulatory body of competent jurisdiction,
the remainder of this Agreement shall remain in full force and effect.

5.10       

Further
Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each signatory party hereto
agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary
or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such
transactions.

5.11       

Rights
of Limited Partners. The provisions of this Agreement are enforceable solely by the Parties to this Agreement, and no Limited
Partner of the Partnership shall have the right, separate and apart from the Partnership, to enforce any provision of this Agreement
or to compel any Party to this Agreement to comply with the terms of this Agreement.

[Signature
pages follow]

    	 	10	 

    	 

    

IN
WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Effective Date.

	 	CYPRESS ENERGY HOLDINGS, LLC
	 	 
	 	 
	 	By:	/s/ Richard M. Carson
	 	Name:  	Richard M. Carson
	 	Title: 	Senior Vice President and General Counsel
	 	 	 
	 	 	 
	 	CYPRESS ENERGY MANAGEMENT, LLC
	 	 
	 	 
	 	By:	/s/ Richard M. Carson
	 	Name:	Richard M. Carson  
	 	Title:  	Senior Vice President and General Counsel
	 	 	 
	 	 	 
	 	CYPRESS ENERGY PARTNERS, LLC
	 	 
	 	 
	 	By:	/s/ Richard M. Carson
	 	Name: 	Richard M. Carson
	 	Title:  	Senior Vice President and General Counsel
	 	 	 
	 	 	 
	 	CYPRESS ENERGY PARTNERS, L.P.
	 	 
	 	 
	 	By:	Cypress Energy Partners GP, LLC, 
	 	 	its general partner

 

 

	 	 	By: 	/s/ Richard M. Carson
	 	 	Name:	Richard M. Carson
	 	 	Title:	Senior Vice President and General Counsel

 

 

 

[Signature
page to Second Amended and Restated Omnibus Agreement]

 

    	 

    	 

    

	 	CYPRESS ENERGY PARTNERS GP, LLC
	 	 
	 	 
	 	By:	/s/ Richard M. Carson
	 	Name:  	Richard M. Carson
	 	Title:  	Vice President and General Counsel
	 	 
	 	 
	 	TULSA INSPECTION RESOURCES, LLC
	 	 
	 	 
	 	By:	/s/ Richard M. Carson
	 	Name:  	Richard M. Carson
	 	Title:  	Senior Vice President and General Counsel
	 	 
	 	 
	 	TULSA INSPECTION RESOURCES – CANADA ULC
	 	 
	 	 
	 	By:	/s/ Richard M. Carson
	 	Name:  	Richard M. Carson
	 	Title:  	Senior Vice President
	 	 
	 	 
	 	CYPRESS ENERGY INVESTMENTS, LLC
	 	 
	 	 
	 	By:	/s/ Richard M. Carson
	 	Name:  	Richard M. Carson
	 	Title:  	Senior Vice President and General Counsel

 

 

 

[Signature
page to Second Amended and Restated Omnibus Agreement]

 

    	 

    	 

    

Schedule
I

Pending Environmental Issues

None.

    	 

    	 

    

Schedule
II

Pending Litigation

None.

    	 

    	 

    

Schedule
III

General and Administrative Services

	(1)	Executive services
	(2)	Financial and administrative services (including, but not limited to, treasury and accounting)
	(3)	Information technology services
	(4)	Legal services
	(5)	Corporate Health, safety and environmental services
	(6)	Human resources services
	(7)	Procurement services
	(8)	Corporate engineering services
	(9)	Business development services
	(10)	Investor relations
	(11)	Tax matters
	(12)	Insurance coverage

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