Document:

Exhibit 10.6

 

SUBSCRIPTION AGREEMENT

 

This
SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into on September 7, 2018, by and among
Concrete Pumping Holdings Acquisition Corp., a Delaware corporation (“Newco”), Industrea Acquisition
Corp., a Delaware corporation (“Industrea”), and the undersigned subscriber
(“Subscriber”) on behalf of one or more funds and accounts of Subscriber.

 

WHEREAS,
concurrently with the execution of this Subscription Agreement, Industrea is entering into (i) an Agreement and Plan of Merger
with Newco, Concrete Pumping Intermediate Acquisition Corp. (“Concrete Parent”), Concrete Pumping Merger Sub
Inc. (“Concrete Merger Sub”), Industrea Acquisition Merger Sub Inc. (“Industrea Merger Sub”),
Concrete Pumping Holdings, Inc. (“CPH”) and PGP Investors, LLC, solely in its capacity as the Holder Representative
(as defined therein) (the “Merger Agreement” and the transactions contemplated by the Merger Agreement, the
 “Transaction”);

 

WHEREAS,
in connection with the Transaction, Subscriber desires to subscribe for and purchase from Newco immediately prior to the closing
of the Transaction that number of shares of Newco’s Series A Zero-Dividend Convertible Perpetual Preferred Stock, par value
$0.0001 per share, set forth on the signature page hereto (the “Shares”) for a purchase price of $10.20 per
share (the “Per Share Price” and the aggregate of such Per Share Price for all Shares being referred to herein
as the “Purchase Price”), and Newco desires to issue and sell to Subscriber the Shares in consideration of the
payment of the Purchase Price by or on behalf of Subscriber to Newco;

 

WHEREAS,
concurrently with the execution of this Agreement, Industrea is entering into subscription agreements with certain other investors
(the “Other Subscription Agreements”), pursuant to which (i) such investors have agreed to purchase on the closing
date of the Transaction (the “Closing Date”), (x) an aggregate amount of 7,049,019 shares of Industrea’s Class
A common stock, par value $0.0001 per share (“Class A Common Stock”), at a purchase price of $10.20 per share,
and (y) up to 2,450,980 additional shares of Class A Common Stock to offset potential redemptions of Class A Common Stock in connection
with the Transaction and (ii) on the Closing Date, Industrea will issue 190,632 additional shares of Class A Common Stock as consideration
for such investors’ obligations to purchase Class A Common Stock under the Other Subscription Agreements; and

 

WHEREAS,
upon the consummation of the Transaction, each outstanding share of capital stock of Industrea will be exchanged for shares of
common stock, par value $0.0001 per share, of Newco (“Newco Common Stock”), pursuant to a registration statement
on Form S-4 (the “Registration Statement”) to be filed with the U.S. Securities and Exchange Commission (the
 “Commission”) in connection with the Transaction.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.    Subscription.
Subject to the terms and conditions hereof, immediately prior to the closing of the Transaction, Subscriber hereby agrees to
subscribe for and purchase, and Newco hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the
Shares (such subscription and issuance, the “Subscription”).

 

2.    Terms
of the Shares. The Shares shall be issued pursuant to a certificate of designations, rights and preferences (the “Certificate”)
on the terms described in the term sheet (the “Term Sheet”) set forth in Annex A hereto. The parties
shall negotiate in good faith and reach agreement on the final form of the Certificate (on terms consistent with the Term Sheet)
no later than September 21, 2018, which final form shall be subject to CPH’s reasonable approval with respect to any terms
not set forth in, or otherwise inconsistent with, the Term Sheet.

 

3.    Closing.

 

a.       The
consummation of the Subscription contemplated hereby (the “Closing”) is contingent on and shall occur immediately
prior to the closing of the Transaction on the Closing Date.

 

b.       At
least five (5) Business Days before the anticipated Closing Date, Newco shall deliver written notice to Subscriber (the “Closing
Notice”) specifying (i) the anticipated Closing Date and (ii) wire instructions for delivery of the Purchase Price to
Continental Stock Transfer & Trust Company as escrow agent (the “Escrow Agent”) pursuant to an escrow agreement
between Industrea and the Escrow Agent (the “Escrow Agreement”) with appropriate provisions for third-party
beneficiary status inuring to Subscriber and its accounts and with such agreement in form and substance reasonably satisfactory
to Subscriber. Within three (3) Business Days after receiving the Closing Notice, Subscriber shall deliver to Newco such information
as is reasonably requested in the Closing Notice in order for Newco to issue the Shares to Subscriber, and at least one (1) Business
Day before the Closing Date set forth in the Closing Notice, Subscriber shall deliver the Purchase Price in cash via wire transfer
to the account of the Escrow Agent specified in the Closing Notice, to be held in escrow pending the Closing. If this Subscription
Agreement is terminated in accordance with Section 7 hereof, the Escrow Agreement will provide that the Escrow Agent shall automatically
return to Subscriber the Purchase Price, without interest. For the purposes of this Subscription Agreement, “Business
Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions
are generally authorized or required by law or regulation to close in the City of New York, New York.

 

c.       At
the Closing, Newco will (i) file the Certificate with the Secretary of State of the State of Delaware, (ii) issue and deliver to
Subscriber the Shares in book entry or certificated form (at Industrea’s discretion), free and clear of any liens or other
restrictions (other than those arising under this Subscription Agreement, the Certificate or state or federal securities laws),
in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber,
as applicable, against (and concurrently with) release of the Purchase Price by the Escrow Agent to Newco and (iii) deliver written
notice to Subscriber evidencing the issuance of the Shares.

 

    	 	2	 

     

    

 

d.       The
Closing shall be subject to the satisfaction or valid waiver by each party of the conditions that, on the Closing Date:

 

(i) no suspension
of the qualification of the Shares for offering or sale or trading in any jurisdiction, or initiation or threatening of any proceedings
for any of such purposes, shall have occurred;

 

(ii) all conditions
precedent to the closing of the Transaction set forth in the Merger Agreement, including the approval of Industrea’s stockholders,
shall have been satisfied or waived (by the party entitled to grant such waiver), and the closing of the Transaction shall be scheduled
to occur immediately following the Closing;

 

(iii) no governmental
authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary,
preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby
illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby, and no governmental authority
shall have instituted or threatened in writing a proceeding seeking to impose any such restraint or prohibition; and

 

(iv) the Registration
Statement shall have been declared effective by the Commission and no stop order suspending the effectiveness of the Registration
Statement shall have been issued by the Commission and no proceedings for that purpose shall have been initiated or threatened
by the Commission.

 

e.       The
obligation of Newco to consummate the Closing shall be subject to the satisfaction or valid waiver by Newco of the additional conditions
that, on the Closing Date:

 

(i) all representations
and warranties of Subscriber contained in this Subscription Agreement shall be true and correct in all material respects (other
than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined below),
which representations and warranties shall be true in all respects) at and as of the Closing Date; and

 

(ii) Subscriber
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by
this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing and shall have delivered
the full amount of the Purchase Price to the Escrow Agent in accordance with Section 3(b) above.

 

    	 	3	 

     

    

 

f.       The
obligation of Subscriber to consummate the Closing shall be subject to the satisfaction or valid waiver by Subscriber of the additional
conditions that, on the Closing Date:

 

(i) all representations
and warranties of Industrea and Newco contained in this Subscription Agreement shall be true and correct in all material respects
(other than representations and warranties that are qualified as to materiality or Industrea Material Adverse Effect (as defined
below), which representations and warranties shall be true in all respects) at and as of the Closing Date; and

 

(ii) Industrea
and Newco shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by this Subscription Agreement to be performed, satisfied or complied with by them at or prior to the Closing.

 

g.       Prior
to or at the Closing, Subscriber shall deliver to Industrea and Newco a duly completed and executed Internal Revenue Service Form
W-9.

 

h.       At
the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties
reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription
Agreement, including the Term Sheet set forth in Annex A hereto.

 

4.    Industrea
Representations and Warranties.    Each of Industrea and Newco represents and warrants to Subscriber
that:

 

a.       Each
of Industrea and Newco (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation,
(ii) has the requisite power and authority to own, lease and operate its properties, to carry on its business as it is now being
conducted and to enter into and perform its obligations under this Subscription Agreement and the Merger Agreement, and (iii) is
duly licensed or qualified to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction
(other than its jurisdiction of incorporation) in which the conduct of its business or the ownership of its properties or assets
requires such license or qualification, except, with respect to the foregoing clause (iii), where the failure to be in good standing
would not reasonably be expected to have an Industrea Material Adverse Effect. For purposes of this Subscription Agreement, an
 “Industrea Material Adverse Effect” means an event, change, development, occurrence, condition or effect with
respect to Industrea that, individually or in the aggregate, has a material adverse effect on the business, financial condition
or results of operations of Industrea or Newco, taken as a whole.

 

b.       The
Shares and the Conversion Shares (as defined below), when issued and delivered to Subscriber against full payment therefor in accordance
with the terms of this Subscription Agreement, will be validly issued, fully paid and non-assessable and will not have been issued
in violation of any preemptive or similar rights created under Newco’s certificate of incorporation or the Delaware General
Corporation Law.

 

c.       This
Subscription Agreement has been duly executed and delivered by Industrea and Newco, and assuming the due authorization, execution
and delivery of the same by Subscriber, this Agreement shall constitute the valid and legally binding obligation of Industrea and
Newco, enforceable against Industrea and Newco in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

    	 	4	 

     

    

 

d.       The
execution and delivery of this Subscription Agreement, the issuance and sale of the Shares and the compliance by Industrea and
Newco with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will
be done in accordance with the rules and regulations of Nasdaq (as defined below) and will not conflict with or result in a breach
or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any
lien, charge or encumbrance upon any of the property or assets of Industrea or Newco pursuant to the terms of: (i) any indenture,
mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Industrea or Newco is a party
or by which Industrea or Newco is bound or to which any of the property or assets of Industrea or Newco is subject; (ii) the
organizational documents of Industrea or Newco; or (iii) any statute or any judgment, order, rule or regulation of any court
or governmental agency or body, domestic or foreign, having jurisdiction over Industrea or Newco or any of their properties that,
in the case of clauses (i) and (iii), would reasonably be expected to have an Industrea Material Adverse Effect or have a
material adverse effect on Industrea’s or Newco’s ability to consummate the transactions contemplated hereby, including
the valid issuance and sale of the Shares.

 

e.       Industrea
and Newco are not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including
The Nasdaq Stock Market (“Nasdaq”)) or other person in connection with the execution, delivery and performance
of this Subscription Agreement (including, without limitation, the issuance of the Shares), other than: (i) filing the Certificate
with the Secretary of State of the State of Delaware; (ii) filings required by applicable state securities laws; (iii) the
filing of a Notice of Exempt Offering of Securities on Form D with the Commission pursuant to Regulation D under the
Securities Act (“Regulation D”); (iv) the filings required in accordance with Section 9(b) of this
Subscription Agreement; (v) those required by Nasdaq, including with respect to obtaining shareholder approval; (vi) those
required to consummate the Transaction as provided under the Merger Agreement; and (vii) the failure of which to obtain would
not be reasonably likely to have an Industrea Material Adverse Effect or have a material adverse effect on Industrea’s or
Newco’s ability to consummate the transactions contemplated hereby, including the valid issuance and sale of the Shares.

 

    	 	5	 

     

    

 

f.       As
of the date hereof, the authorized share capital of Industrea consists of 200,000,000 shares of Class A Common Stock,
20,000,000 shares of Class B common stock, par value $0.0001 per share (“Class B Common Stock” and
together with the Class A Common Stock, “Common Stock”), and 1,000,000 shares of preferred stock, par
value $0.0001 per share (“Preferred Stock”). As of the date hereof: (i) 23,000,000 shares of
Class A Common Stock, 5,750,000 shares of Class B Common Stock and no shares of Preferred Stock are issued and
outstanding; (ii) 34,100,000 warrants, each exercisable to purchase one share of Class A Common Stock at $11.50 per
share (“Warrants”), are issued and outstanding, including 11,100,000 private placement warrants; and
(iii) no shares of Common Stock are subject to issuance upon exercise of outstanding options. No Warrants are
exercisable on or prior to the Closing. All (i) issued and outstanding shares of Common Stock have been duly authorized
and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights and (ii) outstanding
Warrants have been duly authorized and validly issued, are fully paid and are not subject to preemptive rights. Except as set
forth above and pursuant to the Other Subscription Agreements and the Merger Agreement and the agreements attached as
exhibits thereto, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from Industrea or
Newco any shares of Common Stock or other equity interests in Industrea or Newco (collectively, “Equity
Interests”) or securities convertible into or exchangeable or exercisable for Equity Interests. As of the date
hereof, other than with respect to Newco, Concrete Parent, Concrete Merger Sub and Industrea Merger Sub, Industrea has no
subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person,
whether incorporated or unincorporated. There are not any stockholder agreements, voting trusts or other agreements or
understandings to which Industrea or Newco is a party or by which either is bound relating to the voting of any Equity
Interests, other than (A) the letter agreements entered into by Industrea in connection with Industrea’s initial public
offering on August 1, 2017 pursuant to which Industrea Alexandria LLC and Industrea’s executive officers
and independent directors agreed to vote in favor of any proposed Business Combination (as defined therein), which includes
the Transaction, and (B) as contemplated by the Merger Agreement.

 

g.       Except
for such matters as have not had and would not be reasonably likely to have an Industrea Material Adverse Effect or have a material
adverse effect on Industrea’s or Newco’s ability to consummate the transactions contemplated hereby, including the
issuance and sale of the Shares, as of the date hereof, there is no (i) suit, action, proceeding or arbitration before a governmental
authority or arbitrator pending, or, to the knowledge of Industrea or Newco, threatened against Industrea or Newco or (ii) judgment,
decree, injunction, ruling or order of any governmental authority or arbitrator outstanding against Industrea or Newco.

 

h.       The
issued and outstanding shares of Class A Common Stock are registered pursuant to Section 12(b) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and are listed for trading on Nasdaq under the symbol “INDU.”
There is no suit, action, proceeding or investigation pending or, to the knowledge of Industrea, threatened against Industrea by
Nasdaq or the Commission with respect to any intention by such entity to deregister the shares of Class A Common Stock or prohibit
or terminate the listing of the shares of Class A Common Stock on Nasdaq. Industrea has taken no action that is designed to terminate
the registration of the shares of Class A Common Stock under the Exchange Act.

 

i.       Upon
consummation of the Transaction, the issued and outstanding shares of Newco Common Stock will be registered pursuant
to Section 12(b) of the Exchange Act, and will be approved for listing, subject only to official notice of the issuance,
on Nasdaq under the symbol “BBCP”.

 

    	 	6	 

     

    

 

j.       Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 5 of this Subscription Agreement, no
registration under the Securities Act is required for the offer and sale of the Shares by Newco to Subscriber.

 

k.       Neither
Industrea nor Newco nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general
advertising (within the meaning of Regulation D) in connection with any offer or sale of the Shares.

 

l.       Neither
Industrea nor Newco has paid, nor is obligated to pay, any brokerage, finder’s or other fee or commission in connection with
Newco’s issuance and sale of the Shares, other than fees to the Placement Agent.

 

5.    Subscriber
Representations and Warranties.     Subscriber represents and warrants to Industrea and Newco
that:

 

a.       Subscriber
(i) is duly organized, validly existing and in good standing under the Laws of its jurisdiction of incorporation and (ii) has the
requisite power and authority to enter into and perform its obligations under this Subscription Agreement.

 

b.       This
Subscription Agreement has been duly executed and delivered by Subscriber, and assuming the due authorization, execution and delivery
of the same by Industrea and Newco, this Agreement shall constitute the valid and legally binding obligation of Subscriber, enforceable
against Subscriber in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

c.       The
execution and delivery of this Subscription Agreement, the purchase of the Shares and the compliance by Subscriber with all of
the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with
or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber or the funds and/or accounts
represented by Subscriber that will purchase the Shares (collectively, the “Purchasing Funds”) pursuant to the
terms of: (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject; (ii) the
organizational documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental
agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its properties that, in the case of clauses (i)
and (iii), would reasonably be expected to have a Subscriber Material Adverse Effect. For purposes of this Subscription Agreement,
a “Subscriber Material Adverse Effect” means an event, change, development, occurrence, condition or effect
with respect to Subscriber that would reasonably be expected to have a material adverse effect on Subscriber’s ability to
consummate the transactions contemplated hereby, including the purchase of the Shares.

 

    	 	7	 

     

    

 

d.       Each
of the Purchasing Funds (i) is an institutional “accredited investor” (within the meaning of Rule 501(a)
under the Securities Act) satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring
the Shares only for its own account and not for the account of others, and (iii) is not acquiring the Shares with a view to,
or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested
information on Annex B following the signature page hereto). Subscriber is not an entity formed for the specific
purpose of acquiring the Shares.

 

e.       Subscriber
understands that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities
Act and that the Shares and any shares of Class A Common Stock into which the Shares may be converted (the “Conversion
Shares”) have not been registered under the Securities Act. Subscriber understands that the Shares and the Conversion
Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement
under the Securities Act, except (i) to Newco, or (ii) pursuant to an applicable exemption from the registration requirements
of the Securities Act, and, in each of cases (i) and (ii), in accordance with any applicable securities laws of the states
and other jurisdictions of the United States, and that any certificates or book-entry position representing the Shares and the
Conversion Shares shall contain a legend to such effect. Subscriber understands and agrees that the Shares and the Conversion Shares
will be subject to transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily
resell the Shares or the Conversion Shares and may be required to bear the financial risk of an investment in the Shares and the
Conversion Shares for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior
to making any offer, resale, pledge or transfer of any of the Shares or the Conversion Shares.

 

f.       Subscriber
understands and agrees that each of the Purchasing Funds is purchasing the Shares directly from Newco. Subscriber further acknowledges
that there have not been, and Subscriber is not relying on, any representations, warranties, covenants and agreements made to Subscriber
by Newco, any other party to the Transaction or any other person or entity, expressly or by implication, other than those representations,
warranties, covenants and agreements of Newco included in this Subscription Agreement.

 

g.       Each
of the Purchasing Funds’ acquisition and holding of the Shares or the Conversion Shares will not constitute or result in
a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended,
Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.

 

    	 	8	 

     

    

 

h.       In
making its decision to enter into this Subscription Agreement, Subscriber has relied solely upon independent investigation made
by Subscriber. Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in
order to make an investment decision with respect to the Shares, including with respect to Newco and the Transaction (including
the company to be acquired in the Transaction and its respective subsidiaries). Subscriber represents and agrees that Subscriber
and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers
and obtain such information as Subscriber and such undersigned’s professional advisor(s), if any, have deemed necessary to
make an investment decision with respect to the Shares. Subscriber acknowledges and agrees that neither B. Riley FBR, Inc., acting
as placement agent to Industrea and Newco (the “Placement Agent”), nor any affiliate of the Placement Agent
has provided Subscriber with any information or advice with respect to the Shares nor is such information or advice necessary or
desired. Neither the Placement Agent nor any of its affiliates has made or makes any representation as to Newco or the quality
of the Shares and the Placement Agent and any affiliate may have acquired non-public information with respect to Newco which Subscriber
agrees need not be provided to it. In connection with the issuance of the Shares to Subscriber, neither the Placement Agent nor
any of its affiliates has acted as a financial advisor or fiduciary to Subscriber.

 

i.       Subscriber
became aware of this offering of the Shares solely by means of direct contact between Subscriber and Industrea and Newco or by
means of contact from the Placement Agent, and the Shares were offered to Subscriber solely by direct contact between Subscriber
and Industrea and Newco or by contact between Subscriber and the Placement Agent. Subscriber did not become aware of this offering
of the Shares, nor were the Shares offered to Subscriber, by any other means. Subscriber acknowledges that Newco represents and
warrants that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are
not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any
state securities laws.

 

j.       Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares. Subscriber
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment
in the Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an
informed investment decision.

 

k.       Subscriber
has adequately analyzed and fully considered the risks of an investment in the Shares and determined that the Shares are a suitable
investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a
total loss of Subscriber’s investment in Newco. Subscriber acknowledges specifically that a possibility of total loss exists.

 

l.       Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares or
made any findings or determination as to the fairness of this investment.

 

    	 	9	 

     

    

 

m.       Neither
Subscriber nor any of the Purchasing Funds is (i) a person or entity named on the List of Specially Designated Nationals and
Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),
or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets
Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a
non-U.S. shell bank. Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable
law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a financial institution
subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001 and its implementing
regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains policies and procedures reasonably
designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required,
it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs,
including the OFAC List. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures
reasonably designed to ensure that the funds held by the Purchasing Funds and used to purchase the Shares were legally derived.

 

n.       Subscriber
and its affiliates do not have, and during the 30-day period immediately prior hereto such Subscriber and its affiliates have not
entered into, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act or short sale
positions with respect to the securities of Newco. In addition, the Subscriber shall comply with all applicable provisions of Regulation
M promulgated under the Securities Act.

 

o.       Subscriber
acknowledges and agrees that the certificate or book-entry position representing the Shares will bear or reflect, as applicable,
a legend substantially similar to the following:

 

“THIS SECURITY
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM.  THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF CONCRETE PUMPING HOLDINGS ACQUISITION
CORP. THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO ANY
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT, OR (III) TO CONCRETE PUMPING HOLDINGS ACQUISITION CORP., IN EACH OF CASES (I) THROUGH (III) IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL NOTIFY ANY SUBSEQUENT
PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. CONCRETE PUMPING HOLDINGS ACQUISITION
CORP. MAY REQUIRE THE DELIVERY OF A WRITTEN OPINION OF COUNSEL, CERTIFICATIONS AND/OR ANY OTHER INFORMATION IT REASONABLY
REQUIRES TO CONFIRM THE SECURITIES ACT EXEMPTION FOR SUCH TRANSACTION.”

 

    	 	10	 

     

    

 

6.    Registration
Rights.  

 

a.       Newco
agrees that, within ninety (90) calendar days after the Closing (the “Filing Deadline”), Newco will, at
its sole cost and expense, file with the Commission a registration statement (the “Post-Closing Registration Statement”)
registering the resale of the Conversion Shares, and Newco shall use its commercially reasonable efforts to have the Post-Closing
Registration Statement declared effective within sixty (60) days after the Filing Deadline (the “Effectiveness Deadline”);
provided, that the Effectiveness Deadline shall be extended to one hundred twenty (120) days after the Filing Deadline if
the Post-Closing Registration Statement is “reviewed” by, and Newco receives comments from, the Commission; provided,
however, that Newco’s obligations to include the Conversion Shares in the Post-Closing Registration Statement
are contingent upon Subscriber furnishing in writing to Newco such information regarding Subscriber, the securities of Newco held
by Subscriber and the intended method of disposition of the Conversion Shares as shall be reasonably requested by Newco to effect
the registration of the Conversion Shares, and shall execute such documents in connection with such registration as Newco may reasonably
request that are customary of a selling stockholder in similar situations. Newco will use its commercially reasonable efforts to
maintain the continuous effectiveness of the Post-Closing Registration Statement until the earlier of (a) the date on which such
securities may be resold without volume or manner of sale limitations pursuant to Rule 144 promulgated under the Securities Act
and (b) the date on which Subscriber has notified Newco that all such registrable securities have actually been sold.

 

b.       
If at any time Newco proposes to file with the Commission a registration statement or prospectus supplement relating to
an underwritten public offering for the account of selling stockholders who have registration rights under the
Stockholders Agreement (as defined below), then Newco shall provide Subscriber with at least twenty (20) days advance written
notice of such registration or filing and offer to include in such underwritten offering such number of Conversion Shares as
may be requested to be included therein by Subscriber in writing within five (5) days of Subscriber’s receipt of such
notice. If the underwriter(s) for any such offering advise Newco that marketing factors require a limitation on the number
of securities that may be included in such offering, the number of Conversion Shares to be so included may be reduced on
the terms set forth in the Stockholders Agreement. Newco shall not be required to include Conversion Shares in more than
three (3) underwritten public offerings pursuant to this Section 6(b); provided that any offering in which Conversion
Shares were not included (due to the previous sentence or otherwise) or in which Subscriber elected not to participate shall
not count towards this limitation. For purposes of this Section 6(b), “Stockholders Agreement” means the
Stockholders Agreement to be entered into at the Closing among Newco, Industrea and the parties signatory thereto.
Notwithstanding the foregoing, Subscriber shall not have any rights to include its Conversion Shares in the underwritten
offering that PGP Investors, LLC and its affiliates (“Peninsula”) are entitled to cause the Company to
effect with respect to the shares of Common Stock, if any, to be issued to Peninsula in excess of 882,353 shares, in connection with the transactions contemplated by the Merger Agreement.

 

    	 	11	 

     

    

 

c.       Newco
shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless Subscriber (to the extent
a seller under the Post-Closing Registration Statement), the officers, directors, agents, partners, members, managers, stockholders,
affiliates, employees and investment advisers of each of them, each person who controls Subscriber (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, stockholders,
agents, affiliates, employees and investment advisers of each such controlling person, to the fullest extent permitted by applicable
law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’
fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue
or alleged untrue statement of a material fact contained in the Post-Closing Registration Statement, any prospectus included in
the Post-Closing Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light
of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by Newco of the
Securities Act, the Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance
of its obligations under this Section 6, except to the extent, but only to the extent, that such untrue statements, alleged
untrue statements, omissions or alleged omissions are based upon information regarding Subscriber furnished in writing to Newco
by Subscriber expressly for use therein. Newco shall notify Subscriber promptly of the institution, threat or assertion of any
proceeding arising from or in connection with the transactions contemplated by this Section 6 of which Newco is aware. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and
shall survive the transfer of the Shares by Subscriber.

 

d.       Subscriber
shall, severally and not jointly with any other subscriber, indemnify and hold harmless Newco, its directors, officers, agents
and employees, each person who controls Newco (within the meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act), and the directors, officers, agents or employees of such controlling persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement
of a material fact contained in any Post-Closing Registration Statement, any prospectus included in the Post-Closing Registration
Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out
of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading to the extent, but only to the extent, that such untrue statements or omissions are based upon information
regarding Subscriber furnished in writing to Newco by Subscriber expressly for use therein. In no event shall the liability of
Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Shares or
Conversion Shares giving rise to such indemnification obligation.

 

    	 	12	 

     

    

 

e.       Subscriber
shall not execute any short sales or engage in other hedging transactions of any kind with respect to securities of Newco during
the period from the date of the Closing through the date that is 45 consecutive days thereafter.

 

7.    Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations
of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier
to occur of (a) such date and time as the Merger Agreement is terminated in accordance with its terms, (b)  the mutual
written agreement of Industrea, Newco and Subscriber to terminate this Subscription Agreement; provided, that this Subscription
Agreement may not be terminated pursuant to this clause (b) without CPH’s prior written consent, or (c) if, on the Closing
Date of the Transaction, any of the conditions to Closing set forth in Section 3 of this Subscription Agreement have not been
satisfied as of the time required hereunder to be so satisfied or waived by the party entitled to grant such waiver and, as a result
thereof, the transactions contemplated by this Subscription Agreement are not consummated; provided, that nothing herein
will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled
to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach. Newco shall notify Subscriber
of the termination of the Merger Agreement promptly after the termination thereof.

 

8.    Trust
Account Waiver. Subscriber acknowledges that Industrea is a blank check company with the powers and privileges to effect a
merger, asset acquisition, reorganization or similar business combination involving Industrea and one or more businesses or assets.
Subscriber further acknowledges that, as described in Industrea’s prospectus relating to its initial public offering dated
July 26, 2017 (the “Prospectus”) available at www.sec.gov, substantially all of Industrea’s assets consist
of the cash proceeds of Industrea’s initial public offering and private placements of its securities, and substantially all
of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of Industrea,
its public stockholders and the underwriters of Industrea’s initial public offering. Except with respect to interest earned
on the funds held in the Trust Account that may be released to Industrea to pay its tax obligations, if any, the cash in the Trust
Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of Industrea entering into
this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and
its officers, directors and affiliates, hereby irrevocably waives any and all right, title and interest, or any claim of any kind
it has or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust
Account as a result of, or arising out of, this Subscription Agreement. Notwithstanding anything to the contrary, the foregoing
waiver shall not preclude Subscriber (or any of its affiliates) from redeeming any shares of Class A Common Stock included in the
units sold in Industrea’s initial public offering held by Subscriber (or any of its affiliates) for a pro rata portion of
the Trust Account in connection with the Transaction or enforcing its rights in respect thereof.

 

    	 	13	 

     

    

 

9.    Miscellaneous.

 

a.       All
notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim,
or other communication hereunder shall be deemed duly given (a) when delivered personally to the recipient, (b) when sent by electronic
mail, on the date of transmission to such recipient; provided, that such notice, request, demand, claim or other communication
is also sent to the recipient pursuant to clause (a), (c) or (d) of this Section 9(a), (c) one Business Day after being sent to
the recipient by reputable overnight courier service (charges prepaid), or (d) four (4) Business Days after being mailed to the
recipient by certified or registered mail, return receipt requested and postage prepaid, and, in each case, addressed to the intended
recipient at its address specified on the signature page hereof.

 

b.       Industrea
shall, on or prior to the date on which Industrea files the Registration Statement, disclose publicly all material terms of the
transactions contemplated hereby (and by the Other Subscription Agreements), the Transaction, and any other material, nonpublic
information that Industrea has provided to Subscriber at any time prior to the filing of the Registration Statement. 

 

c.       Subscriber
acknowledges that Industrea and others (including CPH) will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify Industrea if
it becomes aware that any of the acknowledgments, understandings, agreements, representations and warranties of Subscriber set
forth herein are no longer accurate in all material respects. Industrea and Newco acknowledge that Subscriber and others will rely
on the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior
to the Closing, Industrea agrees to promptly notify Subscriber if it becomes aware that any of the acknowledgments, understandings,
agreements, representations and warranties of Industrea and Newco set forth herein are no longer accurate in all material respects.

 

d.       Each
of Industrea, Newco and Subscriber is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

e.       Neither
this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Shares and Conversion Shares
acquired hereunder, if any) may be transferred or assigned other than to its affiliates, provided that no such assignment to any
affiliate shall relieve Subscriber from liability for the failure to perform any of its obligations hereunder.
Neither this Subscription Agreement nor any rights that may accrue to Industrea hereunder may be transferred or assigned.

 

f.       All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

g.       Newco
may request from Subscriber such additional information as Newco may deem necessary to evaluate the eligibility of Subscriber to
acquire the Shares, and Subscriber shall provide such information as may be reasonably requested, to the extent readily available
and to the extent consistent with its internal policies and procedures.

 

    	 	14	 

     

    

 

h.       This
Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against
which enforcement of such modification, waiver, or termination is sought.

 

i.       No
provision of this Subscription Agreement may be amended, modified or waived without the prior written consent of CPH if such amendment,
modification or waiver (i) reduces the number of Shares, the Per Share Price or the Purchase Price, (ii) imposes new or additional
conditions or otherwise expands, amends or modifies any of the conditions to the Closing in a manner that would reasonably be expected
to (x) materially impair or delay the Closing (or satisfaction of the conditions to the Closing) or (y) adversely affect the ability
of Newco or Industrea to enforce its rights under this Subscription Agreement or any of the other definitive agreements with respect
to the Transaction or (iii) adds or changes in any material respect any economic or other rights or benefits granted to Subscriber
hereunder in respect of the Shares.

 

j.       This
Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. This Subscription Agreement
shall not confer any rights or remedies upon any person other than (i) the parties hereto and their respective successors and assigns
and (ii) the persons entitled to indemnification under Section 6 hereof.

 

k.       Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of, the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

l.       If
any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

m.       This
Subscription Agreement may be executed and delivered in one or more counterparts (including by facsimile or electronic mail or
in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document.
All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

n.       The
Placement Agent shall be a third party beneficiary of the representations and warranties of Industrea and Newco set forth in Section
4 hereof and with respect to the representations and warranties of Subscriber set forth in Section 5 hereof. The parties hereto
acknowledge and agree that CPH has relied on this Subscription Agreement and, accordingly, CPH is an express third party beneficiary
hereof and shall have the enforcement rights described in Section 9(o) below. This Subscription Agreement is intended for the benefit
of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision
hereof be enforced by, any other person, except as otherwise set forth in this Section 9(n).

 

    	 	15	 

     

    

 

 

o.       The
parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically
the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled
at law, in equity, in contract, in tort or otherwise. This Subscription Agreement may be enforced by CPH to cause the consummation
of the Subscription and the funding of the Purchase Price in accordance with the terms hereof and, accordingly, CPH shall be entitled
to an injunction or injunctions to prevent breaches or threatened breaches of this Subscription Agreement by the parties hereto.

 

p.       Notwithstanding
anything contained herein to the contrary, each of Industrea and Newco and their respective subsidiaries, affiliates and representatives
agrees that it will not, without (a) providing Subscriber with at least three (3) Business Days’ prior notice and (b) obtaining
the prior written consent of Subscriber, (i) use in advertising, publicity, press releases or other general public disclosure Subscriber’s
name, or the name of any affiliate of Subscriber, or the name of any partner, member or employee of Subscriber, nor any trade name,
trademark, logo, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by Subscriber
or its affiliates, or (ii) represent, directly or indirectly, that any product or any service provided by Industrea or Newco or
their respective subsidiaries or affiliates has been approved or endorsed by Subscriber or any affiliate of Subscriber; provided,
however, that Subscriber acknowledges and agrees that Industrea and Newco may (x) disclose to the other parties to the Transaction,
or their respective advisors or representatives, or as otherwise necessary in connection with a financing of the Transaction that
Subscriber has entered into the Subscription Agreement and the number of Shares, the Per Share Price and the Purchase Price and
(y) disclose, after consultation with Subscriber, to any governmental body as required by law, including in filings with the Securities
and Exchange Commission or any reference to those filings, if necessary based on applicable law, legal process or regulation (excluding
with respect to clause (x) above, any advertising, publicity, press release or other general public disclosures).

 

q.       THIS
SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE. 

 

    	 	16	 

     

    

 

r.       EACH
PARTY HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED
TO THIS SUBSCRIPTION AGREEMENT IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST ANY OTHER
PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES
AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE
PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM
OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT
OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION
AGREEMENT.

 

s.       THE
PARTIES AGREE THAT ALL DISPUTES, LEGAL ACTIONS, SUITS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT
MUST BE BROUGHT EXCLUSIVELY IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE AND ANY STATE APPELLATE COURT THEREFROM WITHIN THE
STATE OF DELAWARE (OR, IF THE COURT OF CHANCERY OF THE STATE OF DELAWARE DECLINES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER,
ANY FEDERAL COURT WITHIN THE STATE OF DELAWARE OR, IN THE EVENT EACH FEDERAL COURT WITHIN THE STATE OF DELAWARE DECLINES TO ACCEPT
JURISDICTION OVER A PARTICULAR MATTER, ANY STATE COURT WITHIN THE STATE OF DELAWARE) (COLLECTIVELY THE “DESIGNATED COURTS”).
EACH PARTY HEREBY CONSENTS AND SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE DESIGNATED COURTS. NO LEGAL ACTION, SUIT OR PROCEEDING
WITH RESPECT TO THIS SUBSCRIPTION AGREEMENT MAY BE BROUGHT IN ANY OTHER FORUM. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL CLAIMS
OF IMMUNITY FROM JURISDICTION AND ANY OBJECTION WHICH SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT,
ACTION OR PROCEEDING IN ANY DESIGNATED COURT, INCLUDING ANY RIGHT TO OBJECT ON THE BASIS THAT ANY DISPUTE, ACTION, SUIT OR PROCEEDING
BROUGHT IN THE DESIGNATED COURTS HAS BEEN BROUGHT IN AN IMPROPER OR INCONVENIENT FORUM OR VENUE. EACH OF THE PARTIES ALSO AGREES
THAT DELIVERY OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT TO A PARTY HEREOF IN COMPLIANCE WITH SECTION 9(a) OF THIS SUBSCRIPTION
AGREEMENT SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN A DESIGNATED COURT WITH RESPECT TO ANY MATTERS
TO WHICH THE PARTIES HAVE SUBMITTED TO JURISDICTION AS SET FORTH ABOVE.

 

[Signature pages follow.]

 

    	 	17	 

     

    

 

IN
WITNESS WHEREOF, each of Newco, Industrea and Subscriber has executed or caused this Subscription Agreement to be executed
by its duly authorized representative as of the date first set forth above. 

 

	 	CONCRETE PUMPING HOLDINGS 

ACQUISITION CORP.
	 	 	 
	 	By: 	/s/ Tariq Osman
	 	 	Name: Tariq Osman
	 	 	Title:   President

 

	 	Address for Notices:
	 	 
	 	28 West 44th Street, Suite 501
	 	New York, New York 10036

 

	 	INDUSTREA ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Tariq Osman
	 	 	Name: Tariq Osman
	 	 	Title:   Executive Vice President

 

	 	Address for Notices:
	 	 
	 	28 West 44th Street, Suite 501
	 	New York, New York 10036

 

    	 	18	 

     

    

  

	 	SUBSCRIBER:
	 	 	 
	 	NUVEEN ALTERNATIVES ADVISORS, LLC, on behalf of one or more funds and accounts
	 	 	 
	 	By:	/s/ Derek Fricke
	 	 	Name: Derek Fricke
	 	 	Title:   Sr. Director

 

		Address for Notices:
	 	 
	 	Nuveen Alternatives Advisors, LLC
	 	Managing Director and General Counsel
	 	730 Third Avenue
	 	New York, New York 10017
	 	 
	 	Name in which shares are to be registered:
	 	 
	 	[To be supplied in writing
on or prior to the Closing Date]

 

	Number of Shares subscribed for:	 	 	2,450,980	 
	Price Per Share:	 	$	10.20	 
	Aggregate Purchase Price:	 	$	25,000,000.00	 

 

        You
must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account specified by
Industrea in the Closing Notice.

 

    	 	19	 

     

    

 

ANNEX A

 

Term Sheet

 

INDUSTREA ACQUISITION CORP.

 

SUMMARY OF PROPOSED TERMS FOR

ZERO-DIVIDEND CONVERTIBLE PERPETUAL PREFERRED
STOCK

 

This Term Sheet outlines
the principal terms with respect to a proposed private sale by Concrete Pumping Holdings Acquisition Corp., a Delaware corporation
(the “Company”), of Series A Zero-Dividend Convertible Perpetual Preferred Stock of the Company to [ ] (“Investor”)
to occur concurrently with the Company’s proposed business combination with Concrete Pumping Holdings, Inc. (“CPH”).
This Term Sheet is intended solely as a basis for further discussion and is not intended to be and does not constitute a legally
binding obligation.

 

	Issuer	
        Concrete Pumping Holdings Acquisition Corp.,
        a Delaware corporation

         

	Aggregate Offering Amount	
        $25,000,000 (the “Investment Amount”).

         

	Security Offered	
        The Company’s Series A Zero-Dividend
        Convertible Perpetual Preferred Stock, par value $0.0001 per share (the “Preferred Stock”).

         

	Number of Shares Offered	
        2,450,980 shares

         

	Issue Date	
        Concurrent with the closing of the Business
        Combination (described below).

         

	Dividends	
        None.

         

	Liquidation Preference	
        The
        liquidation preference of the Preferred Stock will be (a) the Investment Amount plus (b) an additional cumulative amount
        that will accrue at an annual rate of 7.0% (as may be adjusted as described in “Covenants” below, the “Additional
        Liquidation Preference Rate”) beginning on the Issue Date through
        the date of calculation, expressed as a per-share amount (the “Liquidation Preference”). In the event of any
        liquidation, dissolution or winding up of the Company or any consolidation, merger or sale of all or substantially all of the assets
        of the Company, each holder of the Preferred Stock will be entitled to receive an amount equal to the Liquidation Preference per
        share with respect to each share of Preferred Stock held by such holder.

         

        The Preferred Stock will rank
senior in priority and will have a senior liquidation preference to the Common Stock and any other existing class of equity securities
of the Company, and no new class of preferred stock bearing a liquidation preference and/or rights to dividends pari passu
with, or senior to, the Preferred Stock may be created without the consent of the holders of the Preferred Stock.

 

    

     

    

 

	Conversion Ratio; Anti-Dilution 	
        The Preferred Stock shall be convertible
        into shares of the Company’s Common Stock at a 1:1 conversion ratio (as may be adjusted as described below, the “Conversion
        Ratio”).

         

        The Conversion Ratio (and the number of
        shares of Common Stock into which the Preferred Stock may be converted (the “Conversion Shares”)) will be equitably
        adjusted upon the occurrence of standard anti-dilution events, including:

         

        ·        
        any stock split or subdivision of the Common Stock (in which case
        the number of Conversion Shares will be increased proportionately and the Conversion Ratio decreased proportionately); and

        ·        
        any reverse stock split or consolidation of the Common Stock (in
        which case the number of Conversion Shares will be decreased proportionately and the Conversion Ratio increased proportionately).
        

         

	Conversion at the Option of the Holder	
        Each holder of Preferred Stock will have
        the right to convert, at its option, all of the shares of Preferred Stock that it holds into shares of Common Stock at the Conversion
        Ratio at any time on or following the date that is six calendar months following the Issue Date. The total number of shares of
        Common Stock into which the Preferred Stock may be converted will be determined by multiplying (a) the number of shares of Preferred
        Stock being converted by (b) the Conversion Ratio (as adjusted).

         

	Conversion at the Option of the Company	
        The Company shall, at its option, have
        the right to cause the conversion of all outstanding shares of Preferred Stock into shares of Common Stock at any time following
        such time as the VWAP per share of the Common Stock is equal or greater than $13.00 (the “Mandatory Conversion Threshold”)
        for 30 consecutive days. The total number of shares of Common Stock into which the Preferred Stock may be converted will be determined
        by multiplying (x) the number of shares of Preferred Stock being converted by (y) the Conversion Ratio (as adjusted). The Mandatory
        Conversion Threshold will be equitably adjusted in the event of a stock split, subdivision or similar event affecting the Common
        Stock.

         

 

    

     

    

 

	Redemption 	At any time on or following the date that is four years following the Issue Date, the Company may, at its option, redeem all or part of any outstanding shares of Preferred Stock at a redemption price equal to the then-applicable Liquidation Preference. For the avoidance of doubt, such redemption shall be effectuated via written notice at least 15 business days prior to the redemption date, and in the interim the holders of the Preferred Stock shall have the option, but not the obligation, to convert some or all of their shares of Preferred Stock into Common Stock prior to the redemption date. 
	 	 
	
        Covenants

         
	
        No financial covenants. In the event that
        the Company incurs any new debt (other than borrowings under the term loan and revolving credit facilities) that ranks junior to
        the term loan and revolving credit facilities (“Junior Debt”), then to the extent that, after giving effect
        to the incurrence of such additional Junior Debt, the pro forma Total Leverage Ratio (as defined in the term loan credit agreement)
        shall exceed 5x EBITDA, the Additional Liquidation Preference Rate (a) shall be increased by 2.0% beginning on the first day of
        the first calendar quarter following the incurrence of such additional Junior Debt and (b) thereafter, shall be decreased by 2.0%
        beginning on the first day of the first calendar quarter following such time as the pro forma Total Leverage Ratio no longer exceeds
        5x EBITDA. Notwithstanding the foregoing, the Company will be permitted to draw on the revolving credit facility and any incremental
        facilities permitted under the term loan credit agreement to the fullest extent permitted by those documents regardless of the
        impact that such additional borrowings may have on the Total Leverage Ratio.

         

	Voting Rights	
        Except as otherwise required by law, the
        affirmative vote of holders of a majority of the outstanding shares of Preferred Stock, voting as a class, shall be required to
        approve any change or alteration in the rights, preferences or privileges of the Preferred Stock. In addition, holders of Preferred
        Stock shall vote together with the holders of Common Stock, as a single class, upon any matter submitted to the common stockholders
        for a vote and shall have that number of votes per share as is equal to the number of whole shares of Common Stock into which each
        share of Preferred Stock held by such holder could be converted on the record date established for such purpose. Notwithstanding
        the foregoing, holders of Preferred Stock shall not have the right to vote for the election of any members of the Board of Directors
        of the Company.

         

 

    

     

    

 

	Subscription Rights	
        Holders of Preferred Stock shall have the
        right to purchase equity securities that are issued by the Company in any future capital raising transaction that occurs after
        the Issue Date to the extent necessary in order to maintain their then-existing pro rata ownership percentage in the Company on
        a fully diluted, as-converted basis.

         

	
        Transfers

         
	
        Holders of Preferred Stock may not sell,
        transfer or otherwise dispose of any shares of Preferred Stock (including any transfer of all or a portion of the beneficial ownership
        of, or economic interest in, the Preferred Stock through derivative instruments or other similar arrangements) for a period of
        six months following the Issue Date, subject to customary exceptions (e.g. transfers to affiliate transfers, pledges, etc.) and
        with prior written notice to the Company; provided that, if the Preferred Stock is converted into Common Stock during such six-month
        period pursuant to “Conversion at the Option of the Company” above, the Conversion Shares issued upon such conversion
        shall not be subject to such transfer restriction. Thereafter, transfers may be permitted with prior written notice to the Company
        subject to compliance with all U.S. federal and other securities laws.

         

	Board of Directors	
        For so long as the holders of Preferred
        Stock collectively beneficially own an aggregate of 5% or more of the aggregate number of shares of Common Stock outstanding on
        a fully diluted, as-converted basis, they collectively shall be entitled to designate one individual to serve as a non-voting observer
        of the Board of Directors of the Company (the “Board Observer”). The holders shall be responsible for all costs,
        expenses and risks related to the designation and service of the Board Observer.

         

 

    

     

    

 

	Subscription Agreement	
        The purchase of shares of Preferred Stock
        (the “Investment”) shall be made pursuant to a Subscription Agreement which shall contain, among other things,
        representations and warranties of the Company and the Investor, and appropriate conditions to closing (including as outlined below).

         

	Signing 	
        The Investor and the Company will enter
        into the Subscription Agreement with respect to the Investment concurrently with the execution of the Merger Agreement by and among
        the Company, CPH, Merger Sub and a representative of the current owners of CPH (the “Merger Agreement”), with
        respect to the Company’s potential business combination with CPH pursuant to which a wholly owned subsidiary of the Company
        (“Merger Sub”) will merge with and into CPH with CPH being the surviving corporation (the “Business
        Combination”).

         

	Closing 	
        The closing of the Investment (“Closing”)
        will occur on the closing date of the Business Combination. The Company shall provide Investor at least five (5) days advance written
        notice of the proposed closing date (the “Closing Notice”). Within two (2) business days after receiving the
        Closing Notice, the Investor shall (a) deliver to the Company such information as is reasonably requested in the Closing Notice
        in order for the Company to issue shares of Preferred Stock to the Investor (or its designees) and (b) wire the purchase price
        for the Investment to an escrow account established at the Company’s transfer agent, as specified in the Closing Notice,
        to be released to the Company upon the closing of the Business Combination.

         

	Closing Conditions	
        The Closing will be subject to the following
        conditions: (i) customary bring down of the representations and warranties of the Investor; (ii) all conditions precedent to the
        closing of the Business Combination set forth in the Merger Agreement, including the approval of the Company’s stockholders,
        shall have been satisfied or waived; (iii) the Business Combination shall have been, or substantially concurrently with the Investment,
        shall be, consummated in accordance with the terms of the Merger Agreement; and (iv) no governmental authority shall have enacted,
        issued, promulgated, enforced or entered any judgment, order, rule or regulation (whether temporary, preliminary or permanent)
        which is then in effect and has the effect of making consummation of the Investment illegal or otherwise preventing or prohibiting
        consummation of the Investment.

         

 

    

     

    

 

	Use Of Proceeds 	
        Proceeds from the Investment will be used
        to fund the purchase price under the Merger Agreement and for general working capital purposes as determined by the Company in
        its sole discretion.

         

	Registration Rights	
        The Company will be obligated to file a
        resale “shelf” registration statement on Form S-3 (or, if Form S-3 is not available for use by the Company, another
        applicable registration form) (the “Registration Statement”) within 90 days of the Closing (the “Filing
        Deadline”) covering the shares of Common Stock issuable upon conversion of the Preferred Stock. The Company will use
        commercially reasonable efforts to have the Registration Statement declared effective by the SEC within 60 days of the Filing Deadline
        (the “Effectiveness Deadline”); provided that the Effectiveness Deadline will be extended to 120 days after
        the Filing Deadline if the Registration Statement is reviewed by, and the Company receives comments from, the SEC. The Company
        will use its commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement until all Conversion
        Shares cease to be registrable securities or such shorter period upon which the holders have notified the Company that such Conversion
        Shares have actually been sold. In addition, the holders will be entitled to “piggyback” registration rights with respect
        to the Conversion Shares on all registration statements of the Company that are filed on Form S-1, Form S-3 or similar forms with
        respect to any underwritten secondary offering of Common Stock as well as the ability to participate in such underwritten offering,
        subject to the right of the Company and the underwriters in their discretion to reduce the number of shares proposed to be registered
        by the holders on a pro rata basis. Notwithstanding the foregoing, the holders shall not have any rights to participate in the
        registration statement that Peninsula Pacific is entitled to cause the Company to file with respect to the shares of Common Stock
        to be issued to Peninsula Pacific in connection with the transactions contemplated by the Merger Agreement.

         

	Termination Date	
        The Subscription Agreement will terminate
        upon the earlier to occur of: (i) such date and time as the Merger Agreement is terminated in accordance with its terms; (ii) upon
        the mutual written agreement of the Company and the Investor; or (iii) if any of the closing conditions in the Subscription Agreement
        are not satisfied prior to Closing and, as a result thereof, the Investment is not consummated. The Company will notify the Investor
        of the termination of the Merger Agreement promptly after its termination.

         

 

     

     

    

 

ANNEX B

 

ELIGIBILITY REPRESENTATIONS
OF SUBSCRIBER 

 

This Annex B
should be completed and signed by Subscriber on behalf of the Purchasing Funds and constitutes a part of the Subscription Agreement.

 

A.       INSTITUTIONAL ACCREDITED
INVESTOR STATUS

(Please check the applicable subparagraphs):

 

		1.	 ̈	Subscriber is an “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders are accredited investors
within the meaning of Rule 501(a) under the Securities Act, and has marked and initialed the appropriate box on the following
page indicating the provision under which it qualifies as an “accredited investor.”

 

		2.	 ̈	Subscriber is not a natural person.

 

		C.	AFFILIATE STATUS

                                                                                (Please check the applicable box)

  

SUBSCRIBER:

 ̈  is:

 ̈  is
not:

 

an “affiliate” (as defined in Rule 144 under the
Securities Act) of Industrea or acting on behalf of an affiliate of Industrea.

 

     

     

    

 

Rule 501(a),
in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed
categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the
securities to that person. Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below
which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.”

 

		 ̈	Any bank, registered broker or dealer, insurance company, registered investment company, business
development company, or small business investment company;

 

		 ̈	Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

		 ̈	Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of
1974, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets
in excess of $5,000,000;

 

		 ̈	a corporation, similar business trust, partnership or any organization described in Section 501(c)(3)
of the Internal Revenue Code, not formed for the specific purpose of acquiring the securities offered, with total assets in excess
of $5,000,000;

 

		 ̈	Any director, executive officer, or general partner of the issuer of the securities being offered
or sold, or any director, executive officer, or general partner of a general partner of that issuer;

 

		 ̈	Any natural person whose individual net worth, or joint net worth with that person’s spouse,
at the time of his purchase exceeds $1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s
primary residence must not be included as an asset; (b) indebtedness secured by the person’s primary residence up to
the estimated fair market value of the primary residence must not be included as a liability (except that if the amount of such
indebtedness outstanding at the time of calculation exceeds the amount outstanding 60 days before such time, other than as
a result of the acquisition of the primary residence, the amount of such excess must be included as a liability); and (c) indebtedness
that is secured by the person’s primary residence in excess of the estimated fair market value of the residence must be included
as a liability;

 

		 ̈	Any natural person who had an individual income in excess of $200,000 in each of the two most recent
years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation
of reaching the same income level in the current year;

 

     
 

     

    

 

		 ̈	Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose
purchase is directed by a sophisticated person; or

 

		 ̈	Any entity in which all of the equity owners are accredited investors meeting one or more of the
above tests. [Specify which tests:____________________]

 

	 	SUBSCRIBER:	 
	 	 	 	 	 
	 	Print Name: 

	 	 
	 	 	 	 	 
	 	
        By: 
			 
	 	 	Name:	 	 
	 	 	Title:Exhibit 10.7

 

EXECUTION
COPY

 

CREDIT SUISSE LOAN FUNDING LLC

CREDIT SUISSE AG

Eleven Madison Avenue

New York, NY 10010

 

CONFIDENTIAL

 

September 7, 2018

 

Project Boom

Senior Secured Term Facility

Commitment Letter

 

Concrete Pumping Merger Sub Inc.

28 W. 44th Street, Suite 501

New York, New York 10036

 

Attention: Tariq Osman

 

Ladies and Gentlemen:

 

You have advised Credit Suisse Loan Funding
LLC (“CSLF”) and Credit Suisse AG (acting through such of its affiliates as it deems appropriate) (“CS
AG”, together with CSLF, the “Initial Commitment Party”, and together with any other Commitment Party
appointed as described below, collectively, the “Commitment Parties”, “us” or “we”)
that you intend to acquire, directly or indirectly, the Target (as defined on Exhibit A hereto) and consummate the other
transactions described on Exhibit A hereto. Capitalized terms used but not otherwise defined herein are used with the
meanings assigned to such terms in the Exhibits hereto.

 

		1.	Commitments.

 

In connection with the Transactions contemplated
hereby, CS AG (together with any other Initial Lender appointed as described below, collectively, the “Initial Lenders”)
hereby commits on a several, but not joint, basis to provide the percentage of the entire principal amount of the Term Facility
set forth opposite such Initial Lender’s name on Schedule 1 hereto (as such schedule may be amended or supplemented
in accordance with the terms of this Commitment Letter), in each case, (i) upon the terms set forth or referred to in this
letter, the Transaction Summary attached as Exhibit A hereto and the Summary of Terms attached as Exhibit B
hereto (including Exhibit D referenced therein) (the “Term Sheet”) and (ii) the initial funding
of which is subject only to the conditions set forth on Exhibit C hereto (such Exhibits A through D,
including the annexes thereto, together with this letter, collectively, this “Commitment Letter”).

 

		2.	Titles and Roles.

 

It is agreed that:

 

		(a)	CSLF, together with any other Term Lead Arranger appointed as described below, will act as joint
lead arrangers and joint bookrunners for the Term Facility (acting in such capacities, the “Lead Arrangers”);
and

 

     

     

    

 

		(b)	CS AG will act as sole administrative agent and as sole collateral agent for the Term Facility
(the “Term Agent”).

 

Except as set forth below, you agree that
no other agents, co-agents, lead arrangers, bookrunners, managers or arrangers will be appointed, no other titles will be awarded
and no compensation (other than that expressly contemplated in the Fee Letter dated the date hereof and delivered in connection
herewith (the “Fee Letter”)) will be paid to obtain the commitments of the Lenders under the Term Facility unless
you and we shall so reasonably agree; provided that CSLF will have “left” placement (the “Left Lead
Arranger”) in any marketing materials or other documentation used in connection with the Term Facility and the other
agents (or their affiliates, as applicable) for the Term Facility will be listed to the right of CSLF in an order determined by
you in consultation with the Commitment Parties in any marketing materials or other documentation used in connection with the Term
Facility.

 

Notwithstanding the foregoing,
you may, on or prior to the date which is 15 business days after the Acceptance Date, appoint up to two additional agents, co-agents,
lead arrangers, bookrunners, managers or arrangers or confer other titles in respect of the Term Facility (any such agent, co-agent,
lead arranger, bookrunner, manager, arranger or other titled institution, an “Additional Agent”) in a manner
and with economics determined by you in consultation with the Left Lead Arranger (it being understood that (a) no Additional Agent
shall be entitled to a greater percentage of the economics than the Initial Commitment Party, (b) you may not allocate more than
66.66% of the total economics in respect of the Term Facility to Additional Agents (or their affiliates), (c) each Additional Agent
(or its affiliate) shall assume a proportion of the commitments with respect to the Term Facility that is equal to the proportion
of the economics allocated to such Additional Agent (or its affiliates) in respect thereof, and Schedule 1 hereto shall
be automatically amended accordingly as it pertains to the Term Facility and (d) to the extent you appoint (or confer titles on)
any Additional Agent, the economics allocated to, and the commitment amounts of, each relevant Commitment Party in respect of the
Term Facility will be proportionately reduced (or otherwise reduced in a manner agreed by you and us) by the amount of the economics
allocated to, and the commitment amount of, such Additional Agent (or its affiliate), in each case upon the execution and delivery
by such Additional Agent of customary joinder documentation reasonably acceptable to you and us, and thereafter, such Additional
Agent shall constitute a “Commitment Party,” “Initial Lender” and/or “Term Lead Arranger”,
as applicable, under this Commitment Letter and under the Fee Letter).

 

		3.	Syndication.

 

We intend to syndicate the Term Facility
to a group of lenders identified by us in consultation with you and acceptable to you (it being understood and agreed that your
consent may not be unreasonably withheld or delayed) (such lenders, the “Lenders”); it being understood and
agreed that we will not syndicate to any Disqualified Institution (as defined below).

 

“Disqualified Institution” means:

 

(a)         (i)
any person identified by you or the Sponsor to us in writing prior to the date hereof, (ii) any affiliate of any person described
in clause (i) above that is reasonably identifiable based solely on the name of such affiliate and (iii) any other affiliate
of any person described in clause (i) above that is identified in a written notice to the Left Lead Arranger (or, after
the Closing Date, the Term Agent, as applicable) after the date hereof (each such person, a “Disqualified Lending Institution”);
and/or

 

    	 	2	 

     

    

 

(b)         (i)
any person that is a competitor of the Target and/or any of its subsidiaries (each such person, a “Competitor”)
and/or any affiliate of any competitor, in each case that is identified by you or the Sponsor to us in writing prior to the date
hereof, (ii) any Competitor that is identified in writing to the Left Lead Arranger (if after the date hereof and prior to the
Closing Date) or the Term Agent, as applicable (if after the Closing Date), (iii) any affiliate of any person described in clauses
(i) and/or (ii) above (other than any bona fide debt fund affiliate) that is reasonably identifiable based solely on
the name of such affiliate) and (iv) any other affiliate of any person described in clauses (i), (ii) and/or (iii)
above that is identified by a written notice to the Left Lead Arranger (or, after the Closing Date, the Term Agent, as applicable)
after the date hereof (it being understood and agreed that no bona fide debt fund affiliate of any Competitor may be designated
as Disqualified Institution pursuant to this clause (iv));

 

provided that
no written notice delivered pursuant to clauses (a)(iii), (b)(ii) and/or (b)(iv) above shall apply retroactively
to disqualify any person that has previously acquired an assignment or participation interest in the Loans.

 

Notwithstanding any other provision of
this Commitment Letter to the contrary and notwithstanding any syndication, assignment or other transfer by any Initial Lender,
other than in connection with any assignment to an Additional Agent upon designation of such Additional Agent as an Initial Lender
and the execution and delivery by such Additional Agent of customary joinder documentation, in each case pursuant to Section
2 hereof of the amount allocated to such Additional Agent, (a) no Initial Lender shall be relieved, released or novated from
its obligations hereunder (including its obligation to fund its applicable percentage of the Term Facility on the Closing Date
if the conditions set forth on Exhibit D hereto are satisfied or waived) in connection with any syndication, assignment
or other transfer until after the initial funding of the Term Facility on the Closing Date, (b) no such syndication, assignment
or other transfer shall become effective with respect to any portion of any Initial Lender’s commitments in respect of the
Term Facility until the initial funding of the Term Facility on the Closing Date and (c) unless you agree in writing in your
sole discretion, each Initial Lender, each Commitment Party and each Lead Arranger shall retain exclusive control over all rights
and obligations with respect to its commitments in respect of the Term Facility, including all rights with respect to consents,
waivers, modifications, supplements and amendments, until the Closing Date has occurred.

 

The Lead Arrangers intend to commence syndication
efforts with respect to the Term Facility promptly and from the Acceptance Date (as defined below) until the earlier to occur of
(x) a Successful Syndication (as defined in the Fee Letter) and (y) the date that is 45 days after the Closing Date (the “Syndication
Period”), and you agree to assist (and to use your commercially reasonable efforts to cause the Target to assist) the
Lead Arrangers in completing a syndication of the Term Facility that is reasonably satisfactory to the Lead Arrangers and you.
Such assistance shall include (a) using your commercially reasonable efforts to ensure that the syndication efforts benefit
from your existing banking relationships and those of the Sponsor and, to the extent practical and appropriate and in all instances
not in contravention of the terms of the Merger Agreement, the Target, (b) facilitating direct contact between appropriate
members of senior management of you, on the one hand, and the proposed Lenders, on the other hand (and using your commercially
reasonable efforts to ensure such contact between non-legal advisors of you and appropriate members of senior management and non-legal
advisors of the Target, on the one hand, and the proposed Lenders, on the other hand, to the extent practical and appropriate and
in all instances not in contravention of the terms of the Merger Agreement), in all cases at times and locations to be mutually
agreed upon, (c) your and the Sponsor’s assistance and provision of information for use (and using your commercially
reasonable efforts to cause the Target to assist and provide information for use, to the extent practical and appropriate and in
all instances not in contravention of the terms of the Merger Agreement) in the preparation of a customary confidential information
memorandum (the “CIM”) and other customary marketing materials to be used in connection with the syndication
of the Term Facility, (d) the hosting, with the Lead Arrangers, of meetings (or, if you and we shall agree, conference calls
in lieu of any such meetings) of prospective Lenders (limited to one “bank meeting”, unless otherwise deemed reasonably
necessary by the Lead Arrangers) at times and locations to be mutually agreed (and, to the extent practical and appropriate and
in all instances not in contravention of the terms of the Merger Agreement, using your commercially reasonable efforts to cause
the senior management of the Target to be available for such meetings), (e) during the Syndication Period, your ensuring that
there is no competing issuance or incurrence of debt securities or bank financing by or on behalf of Holdings, the Borrower or
their respective subsidiaries and your using commercially reasonable efforts to ensure that there are no competing issuances or
incurrences of debt securities or bank financing by and on behalf of the Target or its subsidiaries announced, offered, placed
or arranged (other than, for the avoidance of doubt, (A) the Term Facility, (B) the ABL Facility and (C) the Permitted Surviving
Debt), in each case that could reasonably be expected to materially impair the primary syndication of the Term Facility (it being
understood and agreed that the Target and its subsidiaries’ deferred purchase price obligations, ordinary course working
capital facilities and ordinary course capital leases, purchase money and equipment financings, together with any replacement,
renewal and extension thereof, in each case, will not be deemed to materially impair the primary syndication of the Term Facility)
and (f) using your commercially reasonable efforts to obtain public corporate credit or public corporate family ratings, as
applicable, of the Borrower and public ratings (but not specific ratings) for the Term Facility from each of Moody’s Investors
Service, Inc. (“Moody’s”) and Standard & Poor’s Financial Services LLC (“S&P”),
a subsidiary of S&P Global Inc., prior to the commencement of the Marketing Period (it being understood that obtaining such
ratings is in no event a condition to the commitments hereunder). Notwithstanding anything to the contrary contained in this Commitment
Letter or the Fee Letter, neither the commencement nor the completion of the syndication of any of the Term Facility, nor obtaining
ratings for the Term Facility, shall constitute a condition precedent to the availability and initial funding of the Term Facility
on the Closing Date.

 

    	 	3	 

     

    

 

The Lead Arrangers, in their capacity as
such, will manage, in consultation with you (and subject to your consent rights set forth in the first paragraph of this Section
3 and your rights of appointment set forth in Section 2), all aspects of the syndication, including decisions as to
the selection of prospective Lenders to be approached (which may not be Disqualified Institutions) and when they will be approached,
when the Lenders’ commitments will be accepted, which Lenders will participate, the allocation of the commitments among the
Lenders and the amount and distribution of fees among the Lenders.

 

You acknowledge that (a) the Lead
Arrangers will make available customary marketing materials (the “Information Materials”), including a CIM (containing
customary language exculpating Holdings, you, the Sponsor, the Target, your and their respective affiliates, and the Commitment
Parties and their respective affiliates with respect to any liability related to the use of the contents of the Public Package
(as defined below)) and a customary lenders’ presentation to the proposed syndicate of Lenders by posting the Information
Materials on IntraLinks, SyndTrak or another similar secure electronic system (the “Platform”) and (b) certain
of the prospective Lenders may be “public side” Lenders (i.e., Lenders that have personnel that do not
wish to receive material non-public information within the meaning of the United States federal or state securities laws with respect
to Holdings, the Borrower, the Target, their respective subsidiaries, or the respective securities of any of the foregoing (“MNPI”)
(each, a “Public Lender” and, collectively, the “Public Lenders”)). At the request of the
Lead Arrangers, you agree to assist and, to the extent practical and appropriate and in all instances not in contravention of the
terms of the Merger Agreement, to use commercially reasonable efforts to cause the Target to assist us in preparing an additional
version of the information package and presentation consisting exclusively of information and documentation with respect to Holdings,
the Borrower, the Target, their respective subsidiaries, the respective securities of any of the foregoing that is either information
of a type that would be made publicly available if Holdings, the Borrower or the Target were to become public reporting companies
or not material with respect to Holdings, the Borrower, the Target, your and their respective subsidiaries, any of their respective
securities for purposes of United States federal or state securities laws (and is not otherwise MNPI) (the “Public Package”).
It is understood that in connection with your assistance described above, customary authorization letters will be included in the
CIM that (i) authorize the distribution of the CIM to prospective Lenders, (ii) confirm that the Public Package does not include
MNPI or any information of a type that would not be publicly available if Holdings, the Borrower, or the Target were public reporting
companies and (iii) contain a customary “10b-5 representation”. You acknowledge and agree that, in addition to
the Public Package, the following documents may be distributed to all prospective Lenders (other than Disqualified Institutions),
including prospective Public Lenders (except to the extent you notify us in writing to the contrary prior to distribution and provided
that you have been given a reasonable opportunity to review such documents and comply with applicable disclosure obligations),
subject to confidentiality and other provisions of this Commitment Letter: (i) the Term Sheet, (ii) drafts and final
definitive documentation with respect to the Term Facility, (iii) administrative materials prepared by the Lead Arrangers
for prospective Lenders (such as lender meeting invitations, allocations and funding and closing memoranda) and (iv) notifications
of changes in the terms of the Term Facility. You also agree, at our request, to identify (or, in the case of information relating
to the Target and its subsidiaries, use commercially reasonable efforts to identify) information to be distributed to the Public
Lenders by clearly and conspicuously marking the same as “PUBLIC”, it being understood that you shall not otherwise
be under any obligation to mark Information as “PUBLIC”. We shall be entitled to treat any Information and Projections
that are not specifically identified as “PUBLIC” as being suitable only for posting on a portion of the Platform not
designated for Public Lenders.

 

    	 	4	 

     

    

 

		4.	Information.

 

You hereby represent that to your knowledge
with respect to the Target and its subsidiaries, (a) all written information concerning Holdings, the Borrower and their respective
subsidiaries and the Target and its subsidiaries (other than the projections, budgets, estimates, other forward-looking and/or
projected information (collectively, the “Projections”) and information of a general economic or industry-specific
nature) that has been or will be made available to any of us by Holdings, the Borrower or any of their respective representatives
on your behalf in connection with the transactions contemplated hereby (the “Information”), when taken as a
whole, does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements
are made (after giving effect to all supplements and updates thereto from time to time) and (b) the Projections have been
or will be prepared in good faith based upon assumptions believed by you to be reasonable at the time furnished (it being recognized
by the Commitment Parties that such Projections are not to be viewed as facts and are subject to significant uncertainties and
contingencies many of which are beyond your control, that no assurance can be given that any particular financial projections will
be realized, that actual results may differ from projected results and that such differences may be material). You agree that if,
at any time prior to the later of the expiration of the Syndication Period and the Closing Date, you become aware that any of the
representations in the preceding sentence would be incorrect if the Information or the Projections were being furnished and such
representations were being made at such time, you will (or prior to the Closing Date with respect to Information and Projections
concerning the Target and its subsidiaries, you will use commercially reasonable efforts to) promptly supplement the Information
and the Projections so that (to your knowledge with respect to the Target and its subsidiaries) the representations in the preceding
sentence remain true in all material respects; provided, that any such supplementation shall cure any breach of such representations.
You understand that in arranging and syndicating the Term Facility, we may use and rely on the Information and Projections without
independent verification thereof and we do not assume responsibility for the accuracy and completeness of the Information or the
Projections. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, the accuracy of any
such representation or supplement shall not constitute a condition precedent to the availability and/or initial funding of the
Term Facility on the Closing Date.

 

    	 	5	 

     

    

 

		5.	Fee Letter.

 

As consideration for the commitments and
agreements of the Commitment Parties hereunder, you agree to pay or cause to be paid the fees described in the Fee Letter on the
terms and subject to the conditions (including as to timing and amount) set forth therein.

 

		6.	Limited Conditionality Provision.

 

Notwithstanding anything in this Commitment
Letter, the Fee Letter, the Credit Documentation or any other letter agreement or other undertaking concerning the financing of
the transactions contemplated hereby to the contrary, (a) the only representations relating to Holdings, the Borrower, the
Target and their respective subsidiaries and their respective businesses, the accuracy of which shall be a condition to the availability
and initial funding of the Term Facility on the Closing Date, shall be (i) such of the representations made by or on behalf
of the Target, their subsidiaries or their respective businesses in the Merger Agreement as are material to the interests of the
Lenders, but only to the extent that you or your applicable affiliate have the right (giving effect to applicable cure provisions)
to terminate your (or its) obligations under the Merger Agreement or to decline to consummate the Acquisition as a result of a
breach of such representations in the Merger Agreement (to such extent, the “Specified Merger Agreement Representations”)
and (ii) the Specified Representations (as defined below), (b) the terms of the Credit Documentation shall be in a form
such that they do not impair the availability of the Term Facility on the Closing Date if the conditions set forth on Exhibit C
hereto are satisfied (or waived by us) (it being understood and agreed that to the extent any Collateral (including the creation
or perfection of any security interest) is not or cannot be provided on the Closing Date (other than, to the extent required under
the Term Sheet, (i) the perfection of a lien on Collateral that is of the type where a lien on such Collateral may be perfected
solely by the filing of a financing statement under the Uniform Commercial Code (“UCC”) and (ii) a pledge
of the equity interests of the Borrower and the Subsidiary Guarantors with respect to which a lien may be perfected on the Closing
Date by the delivery of a stock or equivalent certificate (together with a stock power or similar instrument of transfer endorsed
in blank for the relevant certificate) to the extent (other than in the case of stock or equivalent certificates of Industrea Merger
Sub (as defined in Exhibit B hereto)) such certificates are delivered to you under the Merger Agreement prior to the Closing
Date (after your use of commercially reasonable efforts to obtain such certificates)), after your use of commercially reasonable
efforts to do so or without undue burden or expense, then the provision and/or perfection of such Collateral shall not constitute
a condition precedent to the availability or initial funding of the Term Facility on the Closing Date but may instead be delivered
and/or perfected within 90 days (or such longer period as the Term Agent may reasonably agree) after the Closing Date pursuant
to arrangements to be mutually agreed by the parties hereto acting reasonably) and (c) the only conditions (express or implied)
to the availability of the Term Facility on the Closing Date are those expressly set forth on Exhibit C hereto, and
such conditions shall be subject in all respects to the provisions of this paragraph.

 

For the avoidance of doubt, your compliance
with your obligations under this Commitment Letter and/or the Fee Letter, other than your satisfaction (or procurement of a waiver)
solely of the conditions described on Exhibit C hereto, is not a condition to the availability of the Term Facility on the
Closing Date. The Lead Arrangers will cooperate with you as reasonably requested in coordinating the timing and procedures for
the funding of the Term Facility in a manner consistent with the Merger Agreement.

 

    	 	6	 

     

    

 

For purposes hereof, “Specified
Representations” means the representations and warranties made by the Borrower and the Guarantors set forth in the applicable
Credit Documentation relating to: organizational existence of the Loan Parties; organizational power and authority (as they relate
to due authorization, execution, delivery and performance of the applicable Credit Documentation) of the Loan Parties; due authorization,
execution and delivery of the relevant Credit Documentation by the Loan Parties, and enforceability of the relevant Credit Documentation
against the Loan Parties; solvency as of the Closing Date (after giving effect to the Transactions) of Holdings and its subsidiaries
on a consolidated basis (in form and scope consistent with the solvency certificate to be delivered pursuant to paragraph 1(b)
of Exhibit C hereto); no conflicts of the Credit Documentation (limited to the execution, delivery and performance
by the Borrower and Guarantors of the Credit Documentation, incurrence of the indebtedness thereunder and the granting of the guarantees
and the security interests in respect thereof) with the organizational documents of the Loan Parties; Federal Reserve margin regulations;
the Investment Company Act; the PATRIOT Act; use of proceeds of the Term Facility not in violation of OFAC, FCPA and other anti-terrorism,
anti-bribery and anti-money laundering laws; and the creation, validity and perfection of security interests (subject in all respects
to security interests and liens permitted under the Credit Documentation and to the foregoing provisions of this paragraph and
the provisions of the immediately preceding paragraph). This Section 6 and the provisions contained herein shall be referred
to as the “Limited Conditionality Provision”.

 

		7.	Indemnification; Expenses.

 

You agree (a) to indemnify and hold
harmless each of the Commitment Parties, their respective affiliates and controlling persons and their respective directors, officers,
employees, partners, agents, advisors and other representatives (each, together with their successors and assigns, an “indemnified
person”) from and against any and all losses, claims, damages and liabilities to which any such indemnified person may
become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Term Facility, the use of the proceeds
thereof and the Acquisition and the Transactions or any claim, litigation, investigation or proceeding relating to any of the foregoing
(a “Proceeding”), regardless of whether any indemnified person is a party thereto or whether such Proceeding
is brought by you, any of your affiliates or any third party, and to reimburse each indemnified person within 30 days following
written demand therefor for any reasonable and documented legal or other out-of-pocket expenses incurred in connection with investigating
or defending any Proceeding (but limited, in the case of legal fees and expenses, to one counsel to such indemnified persons taken
as a whole and, solely in the case of an actual or reasonably perceived conflict of interest, one additional counsel to all affected
indemnified persons, taken as a whole (and, if reasonably necessary, of one local counsel in any relevant jurisdiction to all such
persons, taken as a whole and, solely in the case of any such conflict of interest, one additional local counsel to all affected
indemnified persons taken as a whole, in each such relevant jurisdiction)); provided, that the foregoing indemnity will
not, as to any indemnified person, apply to losses, claims, damages, liabilities or related expenses (i) to the extent they are
determined by a final non-appealable judgment of a court of competent jurisdiction to have arisen from the willful misconduct,
bad faith or gross negligence of, or material breach of this Commitment Letter by, such indemnified person (or any of its Related
Parties (as defined below)), or (ii) which have arisen from any dispute solely among indemnified persons which does not arise
out of any act or omission of Holdings or the Borrower or any of their respective subsidiaries (other than any Proceeding against
any Commitment Party solely in its capacity or in fulfilling its role as an Agent or Lead Arranger or similar role under the Term
Facility), and (b) if the Closing Date occurs, to reimburse each Commitment Party on the Closing Date (to the extent an invoice
therefor is received by the third business day prior to the Closing Date (the “Invoice Date”) or, if invoiced
after the Invoice Date, within 30 days following receipt of the relevant invoice, for all reasonable and documented out-of-pocket
expenses (including due diligence expenses, collateral appraisal expenses, applicable syndication expenses and travel expenses,
but limited, in the case of legal fees and expenses, to the reasonable fees, charges and disbursements of one legal counsel to
the Commitment Parties, taken as a whole (which fees, charges and disbursements, for the avoidance of doubt, shall be limited to
those of the legal counsel identified in the Term Sheet that have been acting for the Lead Arrangers prior to the date hereof,
and, if reasonably necessary, of one local counsel in any relevant material local jurisdiction to all such persons, taken as a
whole), incurred in connection with the Term Facility and any related documentation (including this Commitment Letter, the Fee
Letter and the Credit Documentation).

 

    	 	7	 

     

    

 

No indemnified person or any other party
hereto shall be liable for any damages arising from the use by any person (other than such indemnified person (or its Related Parties)
or any other party hereto) of Information or other materials obtained through electronic, telecommunications or other information
transmission systems, except to the extent of damages arising from the gross negligence, bad faith or willful misconduct of, or
material breach of this Commitment Letter, the Fee Letter or the Credit Documentation by, such indemnified person (or any of its
Related Parties), or such other party hereto, as applicable, in each case as determined by a final non-appealable judgment of a
court of competent jurisdiction. None of the indemnified persons, the Sponsor, Holdings, the Borrower, the Investors, the Target
or any of their respective affiliates or the respective directors, officers, employees, agents, advisors or other representatives
of any of the foregoing shall be liable for any special, indirect, consequential or punitive damages in connection with this Commitment
Letter, the Fee Letter or the Term Facility (including the use or intended use of the proceeds of the Term Facility) or the transactions
contemplated hereby; provided, that nothing contained in this sentence shall limit your indemnification obligations hereinabove
to the extent such special, indirect, consequential or punitive damages are included in any third party claim in connection with
which such indemnified person is otherwise entitled to indemnification hereunder. You shall not be liable for any settlement of
any Proceeding effected by any indemnified person without your consent (which consent shall not be unreasonably withheld or delayed),
but if any such Proceeding is settled with your written consent, or if there is a judgment of a court of competent jurisdiction
in any such Proceeding, you agree to indemnify and hold harmless such indemnified person in the manner set forth above. You shall
not, without the prior written consent of the affected indemnified person (which consent shall not be unreasonably withheld or
delayed), effect any settlement of any pending or threatened Proceeding against any indemnified person in respect of which indemnity
could have been sought hereunder by such indemnified person unless such settlement (a) includes an unconditional release of
such indemnified person from all liability or claims that are the subject matter of such Proceeding and (b) does not include
any statement as to any admission of fault or culpability. For purposes hereof, “Related Party” means, with
respect to any indemnified person, any (or all, as the context may require) of such indemnified person’s affiliates and controlling
persons and its or their respective directors, officers, employees, partners, agents, advisors and other representatives.

 

		8.	Sharing of Information, Absence of Fiduciary Relationship.

 

You acknowledge that
the Commitment Parties may be providing debt financing, equity capital or other services (including financial advisory services)
to other companies in respect of which you may have conflicting interests regarding the transactions described herein or otherwise.
You also acknowledge that we do not have any obligation to use in connection with the transactions contemplated by this Commitment
Letter, or to furnish to you, confidential information obtained by us from other companies.

 

You further acknowledge
and agree that (a) no fiduciary, advisory or agency relationship between you and the Commitment Parties is intended to be or has
been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether the Commitment
Parties have advised or is advising you on other matters, (b) the Commitment Parties, on the one hand, and you, on the other hand,
have an arm’s-length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary
duty on the part of the Commitment Parties, (c) you are capable of evaluating and understanding, and you understand and accept,
the terms, risks and conditions of the transactions contemplated by this Commitment Letter, (d) you have been advised that the
Commitment Parties are engaged in a broad range of transactions that may involve interests that differ from your interests and
that the Commitment Parties have no obligation to disclose such interests and transactions to you by virtue of any fiduciary, advisory
or agency relationship and (e) you waive, to the fullest extent permitted by law, any claims you may have against the Commitment
Parties for breach of fiduciary duty or alleged breach of fiduciary duty and agree that the Commitment Parties shall have no liability
(whether direct or indirect) to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim
on behalf of or in right of you, including your equity holders, employees or creditors. Additionally, you acknowledge and agree
that the Commitment Parties are not advising you as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction
(including, without limitation, with respect to any consents needed in connection with the transactions contemplated hereby). You
shall consult with your own advisors concerning such matters and shall be responsible for making your own independent investigation
and appraisal of the transactions contemplated hereby (including, without limitation, with respect to any consents needed in connection
therewith), and the Commitment Parties shall have no responsibility or liability to you with respect thereto. Any review by the
Commitment Parties of the Borrower, the Target, the Transactions, the other transactions contemplated hereby or other matters relating
to such transactions will be performed solely for the benefit of the Commitment Parties and shall not be on behalf of you or any
of your affiliates.

 

    	 	8	 

     

    

 

You further acknowledge
that the Commitment Parties are full-service securities firms engaged in securities trading and brokerage activities as well as
providing investment banking and other financial services. In the ordinary course of business, the Commitment Parties may provide
investment banking and other financial services to, and/or acquire, hold or sell, for their respective own accounts and the accounts
of their respective customers, equity, debt and other securities and financial instruments (including bank loans and other obligations)
of you, Holdings, the Borrower, the Target and other companies with which you, Holdings, the Borrower or the Target may have commercial
or other relationships. With respect to any securities and/or financial instruments so held by the Commitment Parties or any of
their respective customers, all rights in respect of such securities and financial instruments, including any voting rights, will
be exercised by the holder of the rights, in its sole discretion.

 

		9.	Confidentiality.

 

This Commitment Letter is entered into
on the understanding that neither this Commitment Letter nor the Fee Letter nor any of their terms or substance shall be disclosed
by you, directly or indirectly, to any other person except (a) you and your subsidiaries, the Sponsor, any co-investor and
to your and their respective directors, officers, employees, affiliates, members, partners, stockholders, attorneys, accountants,
independent auditors, agents and other advisors and those of the Target and its subsidiaries, the Target itself and the seller
under the Merger Agreement, in each case, on a confidential basis (provided, that until after the Closing Date, with respect
to the Target or their subsidiaries or their respective directors, officers, employees, affiliates, members, partners, stockholders,
attorneys, accountants, independent auditors, agents or other advisors, and at any time, with respect to the seller under the Merger
Agreement, any disclosure of the Fee Letter or its contents shall be redacted in a manner to be mutually agreed), (b) in any
legal, judicial or administrative proceeding or as otherwise required by applicable law, rule or regulation or as requested by
a governmental authority (in which case you agree, (i) to the extent permitted by law, to inform us promptly in advance thereof
and (ii) to use commercially reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment),
(c) to the extent reasonably necessary or advisable in connection with the exercise of any remedy or enforcement of any right
under this Commitment Letter and/or the Fee Letter, (d) this Commitment Letter and the existence and contents of this Commitment
Letter (but not the Fee Letter or the contents thereof, other than the existence thereof and the aggregate amount of the fees payable
thereunder and the results of the exercise of any Flex Provision therein as part of projections, pro forma information and
a generic disclosure of aggregate sources and uses in marketing materials and other disclosures) may be disclosed (i) in any
syndication or other marketing materials in connection with the Term Facility or the ABL Facility, (ii) in any proxy statement
or similar public filing related to the Acquisition and (iii) in connection with any public filing requirement, (e) the
Term Sheet, including the existence and contents thereof, may be disclosed to any rating agency in connection with the Transactions
(together with the results of the exercise of any Flex Provision in the Fee Letter and the aggregate amount of fees payable under
the Fee Letter as part of projections, pro forma information and a generic disclosure of aggregate sources and uses), (f) to the
extent the Commitment Parties have consented to such proposed disclosure, and (g) after your acceptance hereof, (i) this Commitment
Letter and the Fee Letter, including the existence and contents hereof and thereof, may be shared in consultation with the Lead
Arrangers with potential Additional Agents on a confidential basis and (ii) the Term Sheet, including the existence and contents
thereof (but not the Fee Letter), may be disclosed in consultation with the Lead Arrangers to any Lender or participant or prospective
Lender or prospective participant and, in each case, their respective directors (or equivalent managers), officers, employees,
affiliates, independent auditors, or other experts and advisors on a confidential basis. The foregoing restrictions shall cease
to apply in respect of the existence and contents of this Commitment Letter (but not in respect of the Fee Letter and its contents)
on the earlier of the Closing Date and one year following the date on which this Commitment Letter has been accepted by you.

 

    	 	9	 

     

    

 

The Commitment Parties shall use all information
received by them in connection with the Transaction and the related transactions (including any information obtained by them based
on a review of any books and records relating to Holdings, the Borrower or the Target or any of their respective subsidiaries or
affiliates) solely for the purposes of providing the services that are the subject of this Commitment Letter and shall treat confidentially
all such information and the terms and contents of this Commitment Letter, the Fee Letter and the Credit Documentation and shall
not publish, disclose or otherwise divulge such information; provided, however, that nothing herein shall prevent
any Commitment Party from disclosing any such information (a) subject to the final proviso of this sentence, to any Lender
or participant or prospective Lender or participant (in each case, other than any Disqualified Institution), (b) to the extent
compelled by legal process in, or reasonably necessary to, the defense of such legal, judicial or administrative proceeding, in
any legal, judicial or administrative proceeding or otherwise as required by applicable law, rule or regulation (in which case
such Commitment Party shall (i) to the extent permitted by law, inform you promptly in advance thereof and (ii) use commercially
reasonable efforts to ensure that any such information so disclosed is accorded confidential treatment), (c) upon the request
or demand of any governmental, regulatory or self-regulatory authority having jurisdiction over such Commitment Party or its affiliates
(in which case such Commitment Party shall except with respect to any audit or examination conducted by bank accountants or any
governmental, regulatory or self-regulatory authority exercising examination or regulatory authority, (i) to the extent permitted
by law, notify you promptly in advance thereof and (ii) use commercially reasonable efforts to ensure that any such information
so disclosed is accorded confidential treatment), (d) to such Commitment Party’s affiliates and to the directors (or
equivalent managers), officers, employees, independent auditors or other experts and advisors of such Commitment Party and such
Commitment Party’s affiliates (collectively, the “Representatives”) on a “need to know” basis
solely in connection with the transactions contemplated hereby and who are informed of the confidential nature of such information
and are or have been advised of their obligation to keep information of this type confidential; provided that such Commitment
Party shall be responsible for its affiliates’ and its and its affiliates’ Representatives’ compliance with this
paragraph; (e) to the extent any such information becomes publicly available other than by reason of disclosure by such Commitment
Party, its affiliates or its or their respective Representatives in breach of this Commitment Letter or to the extent that such
information (I) is received by a Commitment Party from a third party that is not to such Commitment Party’s knowledge subject
to confidentiality obligations owing to you, the Sponsor, the Target or any of your or their respective subsidiaries, or any of
your or their respective affiliates or (II) was already in such Commitment Party’s possession (except to the extent received
in a manner that would be restricted by the immediately preceding clause (I)) or is independently developed by such Commitment
Party based exclusively on information that disclosure of which would not otherwise be restricted by this paragraph, (f) subject
to the final proviso of this sentence, to any direct or indirect contractual counterparty to any credit default swap, total return
swap, total rate of return swap or similar derivative transaction relating to the Borrower or any of its subsidiaries or any of
their respective obligations, in each case who agree to be bound by the terms of this paragraph (or language substantially similar
to this paragraph) (in each case, other than to a Disqualified Institution), and (g) subject to your prior approval of the information
to be disclosed, to Moody’s or S&P in connection with obtaining a rating contemplated pursuant to this Commitment Letter
and/or the Credit Documentation, as applicable, on a confidential basis; provided, further, that the disclosure of
any such information pursuant to clauses (a) and (f) above shall be made subject to the acknowledgment and acceptance
by the relevant recipient that such information is being disseminated on a confidential basis (on substantially the terms set forth
in this paragraph or as is otherwise reasonably acceptable to you and each Lead Arranger, including, without limitation, as set
forth in the CIM or other marketing materials) in accordance with the standard syndication processes of the Lead Arrangers or market
standards for dissemination of such type of information, which shall in any event require “click through” or other
affirmative action on the part of the recipient to access such confidential information and acknowledge its confidentiality obligations
in respect thereof. The provisions of this paragraph (other than with respect to the confidentiality of the Fee Letter) shall automatically
terminate on the date that is one year following the date of this Commitment Letter unless earlier superseded by the relevant Credit
Documentation. Notwithstanding anything in Section 9 to the contrary, following the closing of the Transactions, and in
each case at the Commitment Parties’ expense, the Commitment Parties may (i) subject to your prior approval (not to be unreasonably
withheld or delayed), place advertisements in financial and other newspapers and periodicals or on a home page or similar place
for dissemination of information on the Internet or World Wide Web as it may choose and (ii) on a confidential basis, circulate
promotional materials in the form of a “tombstone” or “case study” (and, in each case, otherwise describing
only the names of you, the Borrower and your and its affiliates (or any of them), and the amount, type and closing date of such
Transactions). This Commitment Letter and the Fee Letter supersede all prior understandings, whether written or oral, between us
with respect to the Term Facility.

 

    	 	10	 

     

    

 

		10.	Miscellaneous.

 

This Commitment Letter shall not be assignable
by any party hereto (except (x) by you to one or more of your affiliates that is a “shell” company organized under
the laws of the United States controlled, directly or indirectly, by the Sponsor to effect the consummation of the Acquisition
prior to or substantially concurrently with (and to the Target substantially concurrently with) the consummation of the closing
of the Acquisition and (y) by us as expressly contemplated under Section 2 and Section 3 above), without the prior
written consent of each other party hereto (and any purported assignment without such consent shall be null and void), is intended
to be solely for the benefit of the parties hereto and, to the extent expressly provided in Section 7 above, the indemnified
persons, and is not intended to and does not confer any benefits upon, or create any rights in favor of, any person other than
the parties hereto and, to the extent expressly provided in Section 7 above, the indemnified persons. Subject to Section
3 above, each Commitment Party reserves the right to assign its obligations to any affiliate thereof (other than Disqualified
Institutions) or to employ the services of its affiliates in fulfilling its obligations contemplated hereby; it being understood
that any such affiliate shall be entitled to the benefits afforded to, and subject to the obligations of, such Commitment Party
hereunder; provided that (a) no Commitment Party shall be relieved of any obligation hereunder in the event that any affiliate
to which it has assigned its obligations or through which it performs its obligations hereunder fails to perform the same in accordance
with the terms hereof and (b) the assigning Commitment Party shall be responsible for any breach by any such affiliate of the obligations
hereunder that are applicable to it. This Commitment Letter may not be amended or waived except by an instrument in writing signed
by you and each Commitment Party. Any provision of this Commitment Letter that provides for, requires or otherwise contemplates
any consent, approval, agreement or determination by the Borrower on or prior to the Closing Date shall be construed as providing
for, requiring or otherwise contemplating your consent, approval, agreement or determination (unless you otherwise notify the other
parties hereto). This Commitment Letter may be executed in any number of counterparts, each of which shall be deemed to be an original,
and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment
Letter by facsimile or other electronic transmission (including “.pdf”, “.tif” or similar format) shall
be effective as delivery of a manually executed counterpart hereof. This Commitment Letter and the Fee Letter are the only agreements
that have been entered into among us and you with respect to the Term Facility and set forth the entire understanding of the parties
with respect hereto and thereto, and supersede all prior agreements and understandings related to the subject matter hereof.

 

    	 	11	 

     

    

 

This Commitment Letter, and any claim,
controversy or dispute arising under or related to this Commitment Letter, (whether in tort, contract (at law or in equity) or
otherwise), shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York; provided,
that, notwithstanding the preceding sentence and the governing law provisions of this Commitment Letter and the Fee Letter, it
is understood and agreed that (a) the interpretation of the definition of “Material Adverse Effect” (and whether or
not a Material Adverse Effect has occurred), (b) the determination of the accuracy of any Specified Merger Agreement Representation
and whether as a result of any inaccuracy thereof you or your applicable affiliate has the right to terminate your or its obligations
under the Merger Agreement or to decline to consummate the Acquisition and (c) the determination of whether the Acquisition has
been consummated in accordance with the terms of the Merger Agreement and, in any case, claims or disputes arising out of any such
interpretation or determination or any aspect thereof, in each case, shall be governed by, and construed and interpreted in accordance
with, the laws of the state of Delaware regardless of the laws that might otherwise govern under applicable principles of conflicts
of laws thereof. Each of the parties hereto irrevocably agrees to waive, to the fullest extent permitted by applicable law, all
right to trial by jury in any suit, action, proceeding or counterclaim (whether based upon contract, tort or otherwise) related
to or arising out of the Acquisition, this Commitment Letter, the Fee Letter or the performance by us or any of our affiliates
of the services contemplated hereby.

 

Each of the parties hereto agrees that
each of this Commitment Letter and the Fee Letter is a binding and enforceable agreement with respect to the subject matter contained
herein or therein (including an obligation to negotiate in good faith); it being acknowledged and agreed that, notwithstanding
anything to the contrary contained in this Commitment Letter or the Fee Letter, the commitments to fund the Term Facility are subject
only to the applicable conditions set forth on Exhibit C hereto; provided that nothing contained in this Commitment
Letter obligates you or any of your affiliates to consummate the Acquisition or to draw down any portion of any of the Term Facility.

 

Each of the parties hereto irrevocably
and unconditionally (a) submits to the exclusive jurisdiction of any state or federal court sitting in the Borough of Manhattan
in the City of New York (or any appellate court therefrom) over any suit, action or proceeding arising out of or relating to this
Commitment Letter or the Fee Letter, (b) agrees that all claims in respect of any such action or proceeding shall be heard
and determined in such New York state or, to the extent permitted by law, federal court and (c) agrees that a final, non-appealable
judgment in any such action may be enforced in other jurisdictions in any manner provided by law. You and we agree that service
of any process, summons, notice or document by registered mail addressed to such person shall be effective service of process against
such person for any suit, action or proceeding brought in any such court. Each of the parties hereto hereby irrevocably and unconditionally
waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that
any such suit, action or proceeding has been brought in an inconvenient forum.

 

Each of the Commitment Parties hereby notifies
you that, pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law on October 26,
2001) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies each
Loan Party, which information includes names, addresses, tax identification numbers and other information that will allow each
Lender to identify each Loan Party in accordance with the PATRIOT Act. This notice is given in accordance with the requirements
of the PATRIOT Act and is effective for the Commitment Parties and each Lender.

 

    	 	12	 

     

    

 

The Fee Letter and the compensation, indemnification,
confidentiality, jurisdiction, governing law, sharing of information, no agency or fiduciary duty, waiver of jury trial, service
of process, venue and syndication provisions (including the Flex Provisions) contained herein and in the Fee Letter shall remain
in full force and effect regardless of whether the Credit Documentation is executed and delivered and notwithstanding the termination
or expiration of this Commitment Letter or the commitments hereunder; provided, that your obligations under this Commitment
Letter (other than your obligations with respect to (a) information and the syndication of the Term Facility, which shall survive
only until the later of the expiration of the Syndication Period and the Closing Date, at which time such obligations shall terminate
and be of no further force and effect, and (b) confidentiality of the Fee Letter and the contents thereof) shall automatically
terminate and be of no further force and effect (and be superseded by the applicable Credit Documentation to the extent covered
therein) on the Closing Date and you shall automatically be released from all liability hereunder in connection therewith at such
time; provided further, (i) the relevant provisions of the Credit Documentation (to the extent corresponding provisions
are included in such documentation) shall supersede the indemnification and expenses provisions of Section 7 and (ii) at the time
of execution of the Credit Documentation you shall be released from the indemnification and expenses provisions of Section 7 and
shall have no further liability or obligation pursuant to this Commitment Letter to reimburse an indemnified person for losses,
claims, damages, liabilities, expenses, fees or any such indemnified obligations or any other expense reimbursement.

 

Subject to the preceding sentence, you
may terminate this Commitment Letter (in whole but not in part as to the Term Facility) upon written notice to the Initial Lenders
at any time.

 

If the foregoing correctly sets forth
our agreement, please indicate your acceptance of our offer (such date of acceptance, the “Acceptance Date”)
as set forth in this Commitment Letter and the Fee Letter by returning to us executed counterparts of this Commitment Letter and
of the Fee Letter not later than 11:59 p.m., New York City time, on September 7, 2018. Such offer will remain available for
acceptance until such time, but will automatically expire at such time if we have not received such executed counterparts in accordance
with the preceding sentence. In the event that the Closing Date does not occur on or before 11:59 p.m., New York City time, on
the earliest of (a) the date of the termination of the Merger Agreement by you or with your written consent in each case prior
to the closing of the Acquisition, (b) the date of the closing of the Acquisition without the use of the applicable Term Facility
and (c) March 13, 2019, 20191, then this Commitment Letter and the commitments hereunder shall automatically terminate unless
we shall, in our sole discretion, agree to an extension.

 

[Remainder of page intentionally left blank]

 

    	 	13	 

     

    

 

We are pleased to have been given the opportunity to assist
you in connection with this important financing.

 

	 	Very truly yours,
	 	 
	 	CREDIT SUISSE LOAN FUNDING LLC

 

	 	By:	/s/ Hayes Smith
	 	Name:  Hayes Smith
	 	Title: Managing Director

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

 

	 	By:	/s/ Vipul Dhadda
	 	Name: Vipul Dhadda
	 	Title: Authorized Signatory

 

	 	By:	/s/ Andrew Griffin
	 	Name: Andrew Griffin
	 	Title: Authorized Signatory

 

[Signature
Page to Commitment Letter (Project Boom)]

 

     

     

    

 

	Concrete pumping merger sub inc.

 

	By:	/s/ Tariq Osman	 
	Name: Tariq Osman	 
	Title: President	 

 

[Signature
Page to Commitment Letter (Project Boom)]

 

     

     

    

 

SCHEDULE 1

 

TERM
FacilitY Commitments

 

	Lender	 	Term Facility	 
	CS AG	 	 	100	%
	Total:	 	 	100	%

 

     

     

    

 

 

EXHIBIT A

 

PROJECT BOOM

Transaction Summary

 

 

 

Concrete Pumping Holdings
Acquisition Corp., a Delaware corporation (“Holdings”) intends, directly or indirectly, to acquire (the “Acquisition”)
Concrete Pumping Holdings, Inc., a Delaware corporation (the “Target”), all as set forth in the Merger Agreement
(as defined on Exhibit C hereto).

 

Holdings, Industrea Acquisition
Corp., a Delaware corporation (the “Buyer”), Concrete Pumping Intermediate Acquisition Corp., a Delaware corporation
(“Intermediate Holdings”), Concrete Pumping Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary
of Intermediate Holdings (“Merger Sub”), Industrea Acquisition Merger Sub Inc., a Delaware corporation and a
wholly owned subsidiary of Holdings (“Industrea Merger Sub”), will enter into the Merger Agreement with the
Target, pursuant to which (i) Merger Sub will merge with and into the Target; and (ii) Industrea Merger Sub will merge with and
into the Buyer, in each case in the manner set forth therein.

 

The Buyer was formed
for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar
business combination with one or more operating businesses, and in connection therewith, the Buyer now seeks to consummate the
Acquisition. In accordance with its certificate of incorporation, the Buyer will seek shareholder approval of the Acquisition at
a meeting called for such purpose in connection with which shareholders will have the right to redeem their shares of Class A common
stock of the Buyer, regardless of whether they vote for or against the Acquisition, for cash equal to their pro rata share of the
aggregate amount then on deposit in the Buyer’s trust account calculated as of two business days prior to the consummation
of the Acquisition.

 

In connection therewith,
it is intended that:

 

1.          Holdings
will enter into one or more subscription agreements with certain institutional and accredited investors and other investors identified
to the Lead Arrangers prior to the Closing Date (the “Closing Date Investors”) and consummate transactions on
the Closing Date (including “private investment in public equity” transactions and transactions that “backstop”
redemptions by the Buyer’s shareholders), pursuant to which the Closing Date Investors will purchase shares of common stock
or convertible preferred or other equity (which such convertible preferred or other equity shall be reasonably satisfactory to
the Lead Arrangers; provided, it is agreed that the preferred equity contemplated to be issued by Holdings to one or more
funds and accounts of Nuveen Alternatives Advisors, LLC pursuant to the Subscription Agreement, dated as of the date hereof and
as in effect on the date hereof, between Holdings and Nuveen Alternatives Advisors, LLC (on behalf of one or more of its funds
and accounts) and the related term sheet as in effect on the date hereof, is reasonably satisfactory to the Lead Arrangers) of
Holdings for an aggregate purchase price of not less than $25,000,000 (the “Closing Date Investor Equity Contribution”).

 

2.          Argand
Partners LP, and its affiliates and its funds, partnerships or other co-investment vehicles managed, advised or controlled by the
foregoing (collectively, the “Sponsor” and together with the Closing Date Investors, the rollover investors
and all other co-investors at the closing, collectively, the “Investors”) will purchase a number of shares of
Holdings’ common stock or convertible preferred or other equity (which such convertible preferred or other equity shall be
reasonably satisfactory to the Lead Arrangers) for an aggregate purchase price not less than $27,400,000.00 (the foregoing, together
with the Closing Date Investor Equity Contribution, the “Equity Contributions”).

 

Transaction Summary 

    	 	Exhibit A – Page 1	 

     

    

 

3.          The
Equity Contributions will be made in cash in an aggregate amount that, when taken together with the cash held in trust by the Buyer
in the aggregate amount of approximately $234,600,000 (less any redemptions by the Buyer’s shareholders) (the “Buyer
Trust Funds”) (it being understood and agreed that redemptions by the Buyer’s shareholders will first reduce the
amount of cash transferred to the consolidated balance sheet of Holdings on the Closing Date) and the fair market value (with fair
market value deemed to be the actual redemption price of such equity as of the Closing Date (but not less than $10.20 per share))
of the equity of the Target’s existing direct or indirect equity holders and/or members of management that will be retained,
rolled over, converted or re-invested as shares of Holdings’ common stock or convertible preferred or other equity (which
such convertible preferred or other equity shall be reasonably satisfactory to the Lead Arrangers), if any, on the Closing Date
(the “Rollover Equity”) will constitute an aggregate amount not less than 37.5% (the “Minimum Equity
Contribution Percentage”) of the sum of (A) the gross proceeds of the Term Loans made on the Closing Date, (B) the proceeds
of loans incurred under the ABL Facility incurred on the Closing Date used to finance a portion of the Transactions (excluding,
in the case of clause (A) and (B), the proceeds of any Term Loans or loans under the ABL Facility to fund original issue discount
(“OID”) or upfront fees as a result of the application of the Flex Provisions (as defined in the Fee Letter),
(C) the Equity Contributions, (D) the Buyer Trust Funds and (E) the Rollover Equity.

 

4.          The
Borrower will obtain (i) a $350,000,000 senior secured term loan B facility (subject to increase pursuant to the Flex Provisions)
on the terms set forth in Exhibit B to the Commitment Letter and (ii) a 5-year asset based revolving credit facility in an aggregate
committed amount of up to $60,000,000 on the terms set forth in the Commitment Letter, dated as of the date hereof, between Wells
Fargo Bank, National Association and the Borrower (the “ABL Commitment Letter”) (the “ABL Facility”);

 

5.          Prior
to, or substantially contemporaneously with the consummation of, the Acquisition, all existing third party indebtedness for borrowed
money of the Target and its subsidiaries, including the Existing Target Indebtedness (as defined below), will be repaid, redeemed,
defeased, discharged or terminated and, as applicable, all commitments, guarantees, liens and security interests thereunder will
be terminated (the “Refinancing”), other than (i) indebtedness permitted to remain outstanding after the Closing
Date under the Merger Agreement, and (ii) certain other indebtedness that the Borrower and the Lead Arrangers reasonably agree
may remain outstanding after the Closing Date (in each case, together with any replacements, extensions and renewals of such indebtedness
that matures or will be terminated on or prior to the Closing Date, collectively, the “Permitted Surviving Debt”).

 

6.          The
proceeds of the Equity Contributions, the Buyer Trust Funds, the Rollover Equity, the Term Facility, and the ABL Facility incurred
on the Closing Date will be applied to fund the consideration for the Acquisition and the Refinancing and to pay the fees, premiums,
expenses and other transaction costs incurred in connection with the Transactions, including to fund any OID and/or upfront fees
(the “Transaction Costs”).

 

The transactions described
above are collectively referred to as the “Transactions”. For purposes of the Commitment Letter and the Fee
Letter, “Closing Date” shall mean the date of the consummation of the Acquisition and the satisfaction or waiver
by the Lead Arrangers of the conditions set forth on Exhibit C.

 

    	 	Exhibit A – Page 2	 

     

    

 

In addition, for purposes
hereof, “Existing Target Indebtedness” means outstanding loans, commitments and notes under (i) that certain
Amended and Restated Credit Agreement, dated August 18, 2014, by and among Wells Fargo Bank, National Association, the Lenders
(as defined therein), Concrete Pumping Intermediate Holdings, LLC (“Inter HoldCo”), as Parent, Brundage-Bone
Concrete Pumping, Inc. (“BBCP”) (as-successor-in-interest to BB Merger Sub Inc. (“BB Merger Sub”)),
as borrower, and Eco-Pan, Inc. (“Eco-Pan”) (as successor-in-interest to EP Merger Sub, Inc. (“EP Merger
Sub”)), as borrower, (ii) that certain Indenture for 10.375% Senior Secured Notes Due 2021, dated as of August 18, 2014,
by and among BBCP (as-successor-in-interest to BB Merger Sub), Inter HoldCo, as guarantor, Eco-Pan (as successor-in-interest to
EP Merger Sub), as guarantor, and Wilmington Trust, National Association, as trustee and collateral agent, (iii) that certain Indenture
for 10.375% Senior Secured Notes Due 2023, dated as of September 8, 2017, by and among BBCP, Inter HoldCo, as guarantor, Eco-Pan,
as guarantor, and Wilmington Trust, National Association, as trustee and collateral agent, (iv) that certain revolving multicurrency
credit facility with Wells Fargo Capital Finance (U.K.) Limited, dated as of November 17, 2016, entered into by Camfaud Group Limited
(“U.K. Holdco”), Camfaud Concrete Pumps Limited, South Coast Concrete Pumping Limited, Premier Concrete Pumping
Limited and Reilly Concrete Pumping Limited and (v) that certain Loan Note Instrument, dated as of July 3, 2017, with U.K. Holdco
as the issuer.

 

    	 	Exhibit A – Page 3	 

     

    

 

EXHIBIT B

 

PROJECT BOOM

TERM FACILITY

SUMMARY OF TERMS

 

Set forth below is a
summary of the principal terms for the Term Facility. Capitalized terms used but not otherwise defined herein shall have the meanings
assigned to such terms in the Commitment Letter to which this Exhibit B is attached or on Exhibits A, or C
(including the Annexes hereto and thereto) attached thereto.

 

	PARTIES	 
	 	 
	Borrower:	Initially, Merger Sub, and following consummation of the Transactions, the Target.
	 	 
	Guarantors:	All obligations of the Borrower under the Term Facility, the “Borrower Obligations”) will be unconditionally guaranteed on a senior basis (the “Term Guaranty”) by (x) Holdings, (y) Intermediate Holdings and (z) each of the Borrower’s wholly-owned domestic Restricted Subsidiaries (the entities described in this clause (z), the “Subsidiary Guarantors”; and the Subsidiary Guarantors, together with Holdings and Intermediate Holdings, collectively, the “Guarantors”; and the Guarantors, together with the Borrower, collectively, the “Loan Parties”), other than (collectively, the “Excluded Subsidiaries”):

 

	 	(a)	any subsidiary that, as of the last day of the fiscal quarter of Borrower most recently ended for which financial statements are internally available, did not have assets with a value in excess of 2.5% of consolidated total assets (to be defined in a manner consistent with the Documentation Considerations) or revenues representing in excess of 2.5% of total revenues of Borrower and its Restricted Subsidiaries on a consolidated basis as of such date; provided that all such subsidiaries, taken as a whole, shall not have assets with a value in excess of 5.0% of consolidated total assets or revenues representing in excess of 5.0% of total revenues of Holdings and its Restricted Subsidiaries on a consolidated basis as of such date (“Immaterial Subsidiaries”),
	 	 	 
	 	(b)	any subsidiary (i) that is prohibited from providing a Guaranty by (A) any law or regulation or (B) any contractual obligation that, in the case of this clause (B), exists on the Closing Date or at the time such subsidiary becomes a subsidiary (and was not entered into in contemplation thereof), (ii) that would require a governmental (including regulatory) consent, approval, license or authorization in order to provide a Guaranty (unless such consent, approval, license or authorization has been obtained) or (iii) where the provision of a Guaranty would result in material adverse tax consequences as reasonably determined by the Borrower (in consultation with the Agent (as defined below),

  

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 1	 

     

    

 

	 	(c)	any direct or indirect domestic subsidiary that has no material assets other than the capital stock and, if applicable, indebtedness of one or more CFCs (as defined below) (a “CFC Holdco”),
	 	 	 
	 	(d)	any domestic subsidiary that is a direct or indirect subsidiary of (i) a Foreign Subsidiary that is a CFC or (ii) a CFC Holdco,
	 	 	 
	 	(e)	not-for-profit subsidiaries or captive insurance subsidiaries,
	 	 	 
	 	(f)	solely in the case of any obligation under any secured hedging agreement that constitutes a “swap” within the meaning of section 1(a)(47) of the Commodity Exchange Act (after giving effect to a customary “keepwell” provision applicable under the Guaranty), any subsidiary of the Borrower that is not an “Eligible Contract Participant” as defined under the Commodity Exchange Act,
	 	 	 
	 	(g)	any subsidiary to the extent that the burden or cost of providing a Guaranty outweighs the benefit afforded thereby as reasonably agreed by the Borrower and the Agent.

 

	 	Notwithstanding the foregoing, except with respect to any Restricted Subsidiary of the Borrower that is organized in the U.K. and is a borrower or provides a guaranty under the ABL Facility, (i) no borrower or guarantor under the ABL Facility shall constitute an Excluded Subsidiary and (ii) each borrower or guarantor under the ABL Facility (other than the Borrower) shall be a Guarantor under the Term Facility.
	 	 
	 	For purposes of the Credit Documentation, (a) “Foreign Subsidiary” means any existing or future direct or indirect subsidiary of the Borrower organized under the laws of any jurisdiction other than the United States, any state thereof or the District of Columbia, (b) “CFC” means a “controlled foreign corporations” within the meaning of Section 957 of the Internal Revenue Code of 1986, as amended, and (c) “Restricted Subsidiary” means any existing or future direct or indirect subsidiary of the Borrower other than any Unrestricted Subsidiary (as defined below).
	 	 
	Joint Lead Arrangers and Joint Bookrunners:	Credit Suisse Loan Funding LLC and any other Lead Arranger appointed pursuant to the Commitment Letter will act as joint lead arrangers and joint bookrunners for the Term Facility (in such capacity, the “Lead Arrangers”).  

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 2	 

     

    

 

	Administrative Agent and Collateral Agent:	Credit Suisse AG (acting through such affiliates or branches as it deems appropriate) will act as the sole and exclusive administrative agent and collateral agent for the Lenders (in such capacities, the “Agent”).
	 	 
	Lenders:	A syndicate of banks, financial institutions and other entities, including the Initial Lenders, but excluding Disqualified Institutions, arranged by the Lead Arrangers and reasonably acceptable to the Borrower (collectively, and together with any party that becomes a lender by assignment as set forth under the heading “Assignments and Participations” below, the “Lenders”).
	 	 
	Type and Amount:	A term loan facility (the “Term Facility”) in an aggregate principal amount of $350.0 million (subject to increase pursuant to the Flex Provisions) (the loans thereunder, the “Term Loans”).
	 	 
	Amortization:	Commencing on the last day of the first full fiscal quarter ended after the Closing Date, the Term Loans shall be repayable in equal quarterly installments in aggregate annual amounts equal to 1.00% per annum of the original principal amount of the Term Loans, with the balance payable on the Maturity Date.
	 	 
	Availability:	The Term Loans shall be made in a single drawing on the Closing Date.  Repayments and prepayments of the Term Loans may not be reborrowed.
	 	 
	Maturity:	The date which is 7 years following the Closing Date (the “Maturity Date”).
	 	 
	Use of Proceeds:	The proceeds of the Term Loans will be used to finance a portion of the Transactions (including the Refinancing, and payment of the Transaction Costs).
	 	 
	Incremental Term Facility:	The Borrower will have the right, from time to time, on one or more occasions, to add one or more incremental term facilities and/or increase the Term Facility (each, an “Incremental Term Facility”) on terms and conditions agreed by the Borrower and the relevant Incremental Term Facility lenders in an aggregate outstanding principal amount not to exceed (without duplication):

 

	 	(a)	the greater of $82 million and 100% of Consolidated EBITDA (as defined below) (the “Fixed Incremental Amount”) less the aggregate outstanding principal amount of all Incremental Equivalent Debt (as defined below) issued and/or incurred in reliance on this clause (a), plus
	 	 	 
	 	(b)	all voluntary prepayments, repurchases, redemptions and other retirements (including those pursuant to debt buybacks in an amount equal to the discounted amount actually paid in respect thereof) of the Term Loans, payments of the Term Loans utilizing the yank-a-bank provision, and voluntary prepayments of any other indebtedness secured on a pari passu basis with the initial Term Loans prior to such time (in the case of any revolving credit facilities, including the ABL Facility, to the extent accompanied by a permanent reduction of the corresponding commitment) (excluding prepayments with the proceeds of long-term indebtedness (other than proceeds of revolving indebtedness)), plus

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 3	 

     

    

 

	 	(c)	an unlimited amount (the “Incremental Incurrence-Based Component”) so long as, in the case of this clause (c), after giving effect to the relevant Incremental Term Facility, (1) if such Incremental Term Facility is secured by a lien on the Term Priority Collateral that is pari passu with the lien securing the Term Facility, the First Lien Leverage Ratio (as defined below) does not exceed the First Lien Leverage Ratio on the Closing Date (or, in the case of any such Incremental Term Facility that is incurred to finance a Permitted Acquisition or other permitted investment, the First Lien Leverage Ratio then in effect as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered to the Agent prior to such date of determination), (2) if such Incremental Term Facility is secured by a lien on the Term Priority Collateral that is junior to the lien securing the Term Facility, the Secured Leverage Ratio (as defined below) does not exceed the Secured Leverage Ratio on the Closing Date plus 0.25:1.00 (or, in the case of any such Incremental Term Facility that is incurred to finance a Permitted Acquisition or other permitted investment, the Secured Leverage Ratio then in effect as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered to the Agent prior to such date of determination) or (3) if such Incremental Term Facility is unsecured, either (A) the Total Leverage Ratio (as defined below) does not exceed the Total Leverage Ratio on the Closing Date plus 0.50:1.0 (or, in the case of any such Incremental Term Facility that is incurred to finance a Permitted Acquisition or other permitted investment, the Total Leverage Ratio then in effect as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered to the Agent prior to such date of determination) or (B) the Interest Coverage Ratio (as defined below) does not exceed 2.00:1.00 (or, in the case of any such Incremental Term Facility that is incurred to finance a Permitted Acquisition or any other permitted investment, the Interest Coverage Ratio then in effect as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered to the Agent prior to such date of determination), in each case described in this clause (c), calculated on a pro forma basis, including the application of the proceeds thereof (without “netting” the cash proceeds of the applicable Incremental Term Facility);

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 4	 

     

    

 

	 	provided, that, in each case, at the time of the addition thereof:

 

	 	(i)	no event of default exists or would exist after giving effect thereto (provided that to the extent the proceeds of an Incremental Term Facility will be used to finance a Limited Condition Transaction, the lenders providing such Incremental Term Facility may agree to a “funds certain” provision that does not impose as a condition to funding thereof that no event of default exist at the time the transaction is consummated, in which case such condition shall be required to be satisfied on the date the applicable Limited Condition Transaction agreement is executed and effective or prepayment or restricted payment is declared, as applicable);
	 	 	 
	 	(ii)	any Incremental Term Facility will have a final maturity date no earlier than the then-existing Term Loan Maturity Date;
	 	 	 
	 	(iii)	the weighted average life to maturity applicable to each Incremental Term Facility shall not be shorter than the weighted average life to maturity of the then-existing Term Facility;
	 	 	 
	 	(iv)	the interest rate applicable to any Incremental Term Facility will be determined by the Borrower and the lenders providing such Incremental Term Facility and, in the case of any Incremental Term Facility incurred within 12 months of the Closing Date (other than any Incremental Term Facility maturing more than twelve (12) months after the maturity date of the initial Term Loans) that is pari passu with the initial Term Facility in right of payment and with respect to security, such interest rate will not be more than 0.50% higher than the corresponding interest rate applicable to the initial Term Facility unless the interest rate margin with respect to the initial Term Facility is adjusted to be equal to the interest rate with respect to the relevant Incremental Term Facility, minus, 0.50%; provided that in determining the applicable interest rate: (w) OID or upfront fees paid by the Borrower in connection with such Incremental Term Facility or the initial Term Facility (based on a 4-year average life to maturity or lesser remaining average life to maturity) shall be included, (x) any amendments to the Applicable Margin on the initial Term Facility that became effective subsequent to the Closing Date but prior to the time of the addition of such Incremental Term Facility shall be included, (y) arrangement, commitment, structuring, underwriting fees and amendment fees paid or payable to the Lead Arrangers (or their affiliates) in their respective capacities as such in connection with the initial Term Facility or to one or more arrangers (or their affiliates) in their capacities as such (regardless of whether such fees are paid to or shared in whole in part with any lender) applicable to such Incremental Term Facility and any other fees not paid generally to all lenders ratably shall be excluded and (z) if such Incremental Term Facility includes any “LIBOR” interest rate floor greater than that applicable to the initial Term Facility and such floor is applicable to the initial Term Facility on the date of determination, such excess amount shall be equated to interest margin for determining the increase (but only to the extent an increase in the floor applicable to such initial Term Facility would cause an increase in the interest rate then in effect thereunder);

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 5	 

     

    

 

	 	(v)	any Incremental Term Facility may rank pari passu or junior in right of payment and pari passu or junior with respect to security with the Term Facility and, if secured, may not be secured by any assets other than the Collateral or may be unsecured (and to the extent subordinated in right of payment or security, subject to intercreditor arrangements reasonably satisfactory to the Agent) and, if guaranteed, may not be guaranteed by any Restricted Subsidiary which is not a Loan Party; and
	 	 	 
	 	(vi)	 (A) no Incremental Term Facility shall share more favorably than ratably in any mandatory prepayments of the Term Facility,  and (B) except as otherwise provided above (including with respect to margin, pricing, maturity and/or fees), the terms of any Incremental Term Facility shall be substantially similar to, or (taken as a whole) no more favorable (as reasonably determined by the Borrower) to the lenders or holders providing such Incremental Term Facility than, those applicable to the initial Term Loans (except to the extent (A) such terms are conformed (or added) in the Credit Documentation for the benefit of the initial Term Loans pursuant to an amendment thereto subject solely to the reasonable satisfaction of the Agent, (B) applicable solely to periods after the latest final maturity date of the initial Term Loans existing at the time of such incurrence or issuance or (C) otherwise reasonably acceptable to the Agent).

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 6	 

     

    

 

	 	Any Incremental Term Facility may be provided by existing Lenders or, subject to the reasonable consent of the Agent, other persons who become Lenders in connection therewith if such consent would be required under the heading “Assignments and Participations” below for assignments or participations of Term Loans or commitments, as applicable, to such person; provided, that no existing Lender will be obligated to provide any such Incremental Term Facility.
	 	 
	 	At the option of the Borrower, any loans or commitments incurred under any Incremental Term Facility may be deemed to have been incurred under the Incremental Incurrence-Based Component prior to the Fixed Incremental Amount.
	 	 
	 	Any portion of any Incremental Term Facility incurred in reliance on the Fixed Incremental Amount may be reclassified, as the Borrower may elect from time to time by notice in writing to the Agent, as incurred under the Incremental Incurrence-Based Component if the Borrower meets the applicable ratio for the Incremental Incurrence-Based Component at such time on a pro forma basis.
	 	 
	 	The proceeds of any Incremental Term Facility may be used by the Borrower and its subsidiaries for working capital and other general corporate purposes, including the financing of permitted acquisitions and other investments and any other use not prohibited by the Credit Documentation.
	 	 
	 	To the extent the proceeds of any Incremental Term Facility are intended to be applied to finance a Limited Condition Transaction or an acquisition or other investment that is otherwise permitted under the Credit Documentation, the availability thereof shall, if agreed by the lenders providing such Incremental Term Facility, be subject to customary “SunGard” or other applicable “certain funds” conditionality provisions, it being understood that the availability of such Incremental Term Facility shall nevertheless be subject to the absence of any payment or bankruptcy (with respect to the Borrower) event of default on the date such Incremental Term Facility is funded.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 7	 

     

    

 

	 	The Credit Documentation will permit the Borrower to issue notes or borrow loans (or obtain commitments in respect thereof) in lieu of loans (or commitments) under the Incremental Term Facility (so long as the applicable conditions to borrowing loans under the Incremental Term Facility would have been satisfied) that are (at the option of the Borrower) unsecured or secured by the Collateral on a pari passu or junior basis (“Incremental Equivalent Debt”); it being understood and agreed that, other than with respect to Incremental Equivalent Debt incurred in the form of term loans that are pari passu in right of payment and secured on a pari passu basis with the Term Loans, the Term Facility shall not be subject to a “most favored nation” pricing adjustment as a result of the issuance or incurrence of such Incremental Equivalent Debt.
	 	 
	 	As used herein,

 

	 	(a)	“Consolidated Total Debt”, on any date of determination, will be defined as:

 

	 	(i)	the amount of third party consolidated indebtedness for borrowed money, purchase money indebtedness and/or capital lease obligations of the Borrower and its Restricted Subsidiaries on the applicable date of determination, minus
	 	 	 
	 	(ii)	after the Closing Date, the unrestricted cash and cash equivalents of the Borrower and its Restricted Subsidiaries in an amount not to exceed $50 million (“Unrestricted Cash”),

 

	 	(b)	“First Lien Leverage Ratio” will be defined as the ratio of (i) Consolidated Total Debt that is secured by a first-priority lien on any property or assets of Borrower and its Restricted Subsidiaries (including, for the avoidance of doubt, indebtedness under the ABL Facility) to (ii) trailing 4-quarter Consolidated EBITDA (as described below),
	 	 	 
	 	(c)	“Secured Leverage Ratio” will be defined as the ratio of (i) Consolidated Total Debt that is secured by a lien on any property or assets of Borrower and its Restricted Subsidiaries to (ii) trailing 4-quarter Consolidated EBITDA, and
	 	 	 
	 	(d)	“Total Leverage Ratio” will be defined as the ratio of (i) Consolidated Total Debt to (ii) trailing 4-quarter Consolidated EBITDA.
	 	 	 
	 	(e)	“Interest Coverage Ratio” will be defined as the ratio of (i) trailing 4-quarter Consolidated EBITDA to (ii) scheduled cash interest payments payable for such period (or annualized for the first three full fiscal quarters after the Closing Date).

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 8	 

     

    

 

	 	For purposes of the Credit Documentation, “Consolidated EBITDA” (and, without duplication, component definitions, including, without limitation, net income) will (x) be based upon the consolidated net income (determined in accordance with GAAP) of the Borrower and its Restricted Subsidiaries, (y) include the Identified Add-backs defined below and (z) otherwise be defined in a manner to be mutually agreed consistent with the Documentation Considerations.
	 	 
	 	For purposes of the foregoing, the “Identified Add-backs” shall mean:
	 	 
	 	(i) pro forma “run rate” cost savings, operating expense reductions and synergies related to the Transactions and other acquisitions, investments, dispositions, divestitures, restructurings, operating improvements, cost savings initiatives and other similar initiatives and other “specified transactions” that are reasonably identifiable and factually supportable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within 18 months after the Closing Date (in the case of the Transactions) or such transaction (in the case of any other transaction, initiative or event) (pro forma “run rate” being the full benefit associated with any action taken or with respect to which substantial steps have been taken or are expected to be taken calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies had been fully realized on the first day of the applicable period for the entirety of such period);
	 	 
	 	(ii) an add-back for restructuring and related charges;
	 	 
	 	(iii) an add-back for costs and expenses incurred in connection with the Transactions, acquisitions, investments, dispositions, debt and equity issuances permitted under the Credit Documentation and amendments or waivers to the Credit Documentation and other debt agreements, and management fees;
	 	 
	 	(iv) an add-back for extraordinary, unusual or non-recurring losses, charges or expenses; and
	 	 
	 	(v) adjustments, exclusions and add-backs reflected in the Projections.
	 	 
	 	As used herein:  
	 	 
	 	“Limited Condition Transaction” means any acquisition or similar investment by the Borrower or one or more of its subsidiaries permitted pursuant to the Credit Documentation whose consummation is not conditioned on the availability of, or on obtaining, third party financing, in each case which is designated as a Limited Condition Transaction by the Borrower or such subsidiary in writing to the applicable Agent.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 9	 

     

    

 

	 	For purposes of (i) determining compliance with any provision of the Credit Documentation which requires the calculation of a financial ratio, (ii) determining compliance with representations, warranties, defaults or events of default or (iii) testing availability under baskets set forth in the Credit Documentation (including baskets measured as a percentage of Consolidated EBITDA or consolidated total assets), in each case, in connection with a Limited Condition Transaction, at the Borrower’s option, the relevant ratios, compliance requirements and basket availability shall be determined as of the date the definitive Limited Condition Transaction agreement for such Limited Condition Transaction is entered into (such date, the “LCT Test Date”), and if, after giving pro forma effect to the Limited Condition Transactions and the other transactions to be entered into in connection therewith as if they had occurred at the beginning of the most recent test period ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratio, requirement or basket, such ratio, requirement or basket shall be deemed to have been complied with.
	 	 
	 	Without limiting the foregoing, in the case of the incurrence of any indebtedness (other than any Incremental Term Facility or any Incremental Equivalent Debt, which shall remain subject to the terms thereof with respect to the impact, if any, of a Limited Condition Transaction) or liens or the making of any investments, restricted payments, asset sales or fundamental changes or the designation of a restricted subsidiary or unrestricted subsidiary in connection with a Limited Condition Transaction (each, a “Specified Transaction”), at the Borrower’s option, the relevant ratios and baskets shall be determined as of the LCT Test Date as if the acquisition or other transaction and other pro forma events in connection therewith were consummated on such date; provided that if the Borrower has made such an election, in connection with the subsequent calculation of any ratio or basket with respect to any Specified Transaction on or following such date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the Limited Condition Transaction agreement for such acquisition is terminated, any such ratio or basket shall be calculated on a pro forma basis assuming such acquisition, prepayment, restricted payment and other pro forma events in connection therewith (including any incurrence of indebtedness) have been consummated, except that Consolidated EBITDA, assets and consolidated net income of any target of such acquisition can only be used in the determination of the relevant ratios and baskets if and when such acquisition is closed.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 10	 

     

    

 

	Refinancing Term Facility:	The Borrower shall have the right to refinance and/or replace the Term Loans (and loans and commitments under any Incremental Term Facility) in whole or in part with (x) one or more new term facilities (each, a “Refinancing Term Facility”) under the Credit Documentation with the consent of the Borrower and the institutions providing such Refinancing Term Facility and/or (y) one or more series of notes or loans, in the case of each of clause (x) and (y), that will be pari passu or junior in right of payment and be secured by the Collateral on a pari passu or junior basis with the remaining portion of the Term Facility or be unsecured (such notes or loans, the “Refinancing Notes”); provided, that
	 	 
	 	(a) any Refinancing Term Facility or issue of Refinancing Notes that is pari passu or junior with respect to security shall be subject to a customary intercreditor agreement, the material terms of which shall be reasonably acceptable to the Agent and the Borrower,
	 	 
	 	(b) no Refinancing Term Facility or Refinancing Notes shall mature prior to the latest maturity date of the Term Facility being refinanced or replaced and no Refinancing Term Facility or Refinancing Notes shall have a shorter weighted average life than the Term Loans being refinanced or replaced,
	 	 
	 	(c) any Refinancing Term Facility or issuance of Refinancing Notes shall have pricing (including interest, fees and premiums), optional prepayment and redemption terms as may be agreed to by the Borrower and the lenders party thereto,
	 	 
	 	(d) if any such Refinancing Term Facility or issuance of Refinancing Notes is secured, it shall not be secured by any assets other than the Collateral,
	 	 
	 	(e) if any such Refinancing Term Facility or issuance of Refinancing Notes is guaranteed, it shall not be guaranteed by any subsidiaries of the Borrower other than the Guarantors,
	 	 
	 	(f) the other terms and conditions (excluding those referenced in clauses (b) through (f) above) of such Refinancing Term Facility or issuance of Refinancing Notes shall be substantially identical to, or (taken as a whole) not materially more favorable (as reasonably determined by the Borrower) to the lenders providing such Refinancing Term Facility or the holders of such Refinancing Notes than those applicable to the loans or commitments being refinancing or replaced (except for covenants or other provisions applicable only to periods after the latest final maturity date of the relevant loans or commitments existing at the time of such refinancing or replacement) or such terms shall be current market terms and conditions (taken as a whole) at the time of incurrence or issuance for such type of indebtedness (as reasonably determined by the Borrower),

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 11	 

     

    

 

	 	(g) except to the extent otherwise permitted under the Credit Documentation, the aggregate principal amount of any Refinancing Term Facility or issuance of Refinancing Notes shall not exceed the aggregate principal amount of indebtedness and commitments being refinanced or replaced therewith, plus interest, premiums, fees and expenses, and
	 	 
	 	(h) no Refinancing Term Facility shall share more favorably than ratably in any mandatory prepayment of the Term Loans.
	 	 
	CERTAIN PAYMENT PROVISIONS
	 
	Fees and Interest Rates:	As set forth on Annex I hereto.  
	 	 
	Closing Fees:	As set forth in the Fee Letter.
	 	 
	Optional Prepayments:	Term Loans may be prepaid, in whole or in part, without premium or penalty (except as described under the heading “Term Loan Prepayment Fee” below), in minimum amounts to be agreed, at the option of the Borrower at any time upon 1 business day’s (or, in the case of a prepayment of Eurodollar Loans (as defined in Annex I hereto), 3 business days’) prior notice, subject to reimbursement of the Lenders’ actual redeployment costs in the case of a prepayment of Eurodollar Loans prior to the last day of the relevant interest period.  Optional prepayments of the Term Loans shall be applied to the Term Loans and the installments thereof as directed by the Borrower (or, in the absence of direction from the Borrower, in the direct order of maturity).
	 	 
	Term Loan Prepayment Fee:	Any Repricing Transaction (as defined below) consummated prior to the date that is 6 months after the Closing Date will be subject to a prepayment premium of 1.00% on the principal amount of the initial Term Loans prepaid or, in the case of any amendment, the principal amount of the relevant initial Term Loans outstanding immediately prior to (and subject to) such amendment (including the principal amount of any initial Term Loans of any Lender which are required to be assigned in accordance with the “yank-a-bank” provisions set forth in the Credit Documentation as a result of such Lender’s failure to consent to such amendment).

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 12	 

     

    

 

	 	For purposes of the Credit Documentation, “Repricing Transaction” means the refinancing or repricing by the Borrower of all or any portion of the initial Term Loans the primary purpose of which is to reduce the all-in-yield applicable to such Term Loans (x) with the proceeds of any secured term loans incurred or guaranteed by the Borrower or any Guarantor or (y) in connection with any amendment to the Credit Documentation, in either case, (i) having or resulting in an effective interest rate (to be calculated in a manner consistent with that set forth above in clause (iv) of the proviso to the first sentence under the heading “Incremental Term Facility” above) as of the date of such refinancing or repricing that is (and not by virtue of any fluctuation in any “base” rate) less than the effective interest rate applicable to the initial Term Loans as of the date of such refinancing or repricing and (ii) in the case of a refinancing of such Term Loans, the proceeds of which are used to repay, in whole or in part, the principal of outstanding Term Loans, but excluding, in any such case, any refinancing or repricing of Term Loans in connection with any Transformative Acquisition or “change of control” transaction.
	 	 
	 	“Transformative Acquisition” shall mean any acquisition or investment by the Borrower or any Restricted Subsidiary that either (a) is not permitted by the terms of the Credit Documentation immediately prior to the consummation of such acquisition or investment or (b) if permitted by the terms of the Credit Documentation immediately prior to the consummation of such acquisition or investment, would not provide the Borrower and its subsidiaries with adequate flexibility under the Credit Documentation for the continuation and/or expansion of their combined operations following such consummation, as determined by the Borrower acting in good faith.
	 	 
	Mandatory Prepayments:	The following amounts shall be applied to prepay the Term Loans, in each case with carveouts and exceptions consistent with the Documentation Considerations:

 

	 	(a)	100% of the net cash proceeds of any incurrence of debt by the Borrower or any of its Restricted Subsidiaries (other than debt otherwise permitted under the Credit Documentation (other than indebtedness incurred pursuant to a Refinancing Term Facility or an issuance of Refinancing Notes to refinance or replace the Term Loans or loans under an Incremental Term Facility));
	 	 	 
	 	(b)	100% of the net cash proceeds in excess of, with respect to any single disposition or series or related dispositions, the greater of $4.0 million and 5% of Consolidated EBITDA (and only to the extent of such excess), and $8.0 million and 10% of Consolidated EBITDA per fiscal year (and only to the extent of such excess) (the “Asset Sale Thresholds”), of any non-ordinary course sale or other disposition of assets to be agreed and excluding in any event dispositions of ABL Priority Collateral (as defined below) to the extent that the net cash proceeds thereof are required to be applied to repay loans outstanding under the ABL Facility in order to be in compliance with the “Borrowing Base” (as defined in the ABL Facility documentation) (subject to reinvestment of such proceeds in assets useful in the operations of the Borrower or its subsidiaries within 12 months following receipt (or, if the Borrower or its subsidiaries have committed to reinvest such proceeds within such 12-month period, reinvestment within 6 months following such 12-month period));

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 13	 

     

    

 

	 	(c)	50% of Excess Cash Flow (to be defined in a manner consistent with the Documentation Considerations, but in any event to take into account the provisions described below) for each fiscal year of the Borrower (commencing with the fiscal year ending October 31, 2019); provided, that:

 

	 	(i)	any such Excess Cash Flow prepayment shall be required only if the amount of the prepayment exceeds $7.5 million and only to the extent in excess thereof,
	 	 	 
	 	(ii)	the foregoing percentage shall be reduced to 25% and 0% for any fiscal year with respect to which the First Lien Leverage Ratio (at the time of the respective payment and recalculated to give pro forma effect to any such paydown or reduction) does not exceed 0.50:1.00 and 1.00:1.00, respectively, less than the First Lien Leverage Ratio on the Closing Date,
	 	 	 
	 	(iii)	at the option of the Borrower, the amount of such Excess Cash Flow prepayment shall be reduced on a dollar-for-dollar basis by the amount of (x) (A) voluntary prepayments of any Term Loan, any Incremental Term Facility, any Incremental Equivalent Debt, any Refinancing Facility, any Refinancing Notes, any indebtedness incurred under the Ratio Debt Basket, and/or any other indebtedness, in each case, that is secured on a pari passu basis with the Term Loans and (B) voluntary prepayments of the ABL Facility (to the extent accompanied by a permanent reduction of the corresponding commitment) and (y) any reduction in the outstanding principal amount of any Term Loan, any Incremental Term Facility, any Incremental Equivalent Debt, any Refinancing Facility, any Refinancing Notes, any indebtedness incurred under the Ratio Debt Basket, and/or any other indebtedness, in each case, that is secured on a pari passu basis with the Term Loans resulting from assignments to (and purchases by) the Borrower or any Restricted Subsidiary (including loan buy-backs pursuant to Dutch auctions offered to all Lenders of the applicable class on a pro rata basis or open-market purchases permitted under the paragraph below entitled “Assignments and Participations”), in each case to the extent of the amount of cash paid by the Borrower or any such Restricted Subsidiary in connection with the relevant assignments and purchases in each case of clauses (x) and (y), (i) except to the extent financed with long-term indebtedness and (ii) without duplication in any other Excess Cash Flow period, made during such fiscal year or after  year-end and prior to any Excess Cash Flow prepayment date, and

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 14	 

     

    

 

	 	(iv)	Excess Cash Flow shall be reduced by amounts used for capital expenditures, acquisitions and certain other investments (including investments in joint ventures), certain repayments and prepayments of long-term indebtedness (without duplication of amounts referenced in clause (iii) above), and certain restricted payments made during such fiscal year, and, at the option of the Borrower, made prior to the date of such Excess Cash Flow prepayment or (except with respect to restricted payments) contractually committed to be made during such fiscal year or prior to the date of such Excess Cash Flow prepayment (without duplication in any other Excess Cash Flow period and except to the extent financed with long-term indebtedness); provided that if the amount of cash (not financed with indebtedness) actually utilized during the four fiscal quarters following such fiscal year is less than the committed amount, the difference shall be deducted from Excess Cash Flow for the succeeding fiscal year.

 

	 	Mandatory prepayments of the Term Loans shall be applied to the installments thereof as directed by the Borrower (or, in the absence of direction from the Borrower, in the direct order of maturity); provided, that the Credit Documentation will provide that, in the case of any mandatory prepayment in respect of any asset sale or casualty or condemnation event, the Borrower may apply the net cash proceeds thereof ratably to the payment of the Term Loans and any other indebtedness that is secured on a pari passu basis with the Term Loans.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 15	 

     

    

 

	 	All mandatory prepayments described under clauses (b) and (c) above, to the extent attributable to Foreign Subsidiaries, will be subject to permissibility under local law (e.g., financial assistance, corporate benefit, thin capitalization, capital maintenance and similar legal principles, restrictions on upstreaming of cash intra group and the fiduciary and statutory duties of the directors of the relevant subsidiaries); provided that the Borrower shall use commercially reasonable efforts to take all actions required by applicable law to permit the repatriation of the relevant amounts.  Further, if the Borrower determines in good faith that the Borrower or any Restricted Subsidiary would incur an adverse tax liability that is not de minimis (including any withholding tax) if all or a portion of the funds required to make a mandatory prepayment were upstreamed or transferred as a distribution or dividend (a “Restricted Amount”), the amount the Borrower will be required to mandatorily prepay shall be reduced by the Restricted Amount until such time as it may upstream or transfer such Restricted Amount, to the extent available, without incurring such tax liability. Notwithstanding anything to the contrary in the foregoing, in each case, any such prepayment shall no longer be required to be made with respect to any such amounts that, after the use of such commercially reasonable efforts, have not been repatriated prior to the date that is one year after the date the original prepayment was required to be made.
	 	 
	 	Any Lender (each a “Declining Lender”) may elect not to accept any mandatory prepayment, but in the case of clause (a) above, solely to the extent not representing a refinancing of the Term Loans.  Any prepayment amount declined by a Declining Lender (such declined payment, the “Declined Proceeds”) shall be an addition to the Available Basket (as defined below).
	 	 
	Collateral:	Subject to the Limited Conditionality Provision and the provisions of the immediately following paragraphs, the Borrower Obligations with respect to the Term Facility and the obligations of each other Loan Party under the Term Guaranty shall be secured by (a) a perfected, first-priority security interest in (i) all of the stock (or other ownership interests) in, and held by, each Loan Party (which, in the case of equity interests held by a Loan Party in any CFC or any CFC Holdco, shall be limited to 65% of the voting stock of such CFC or CFC Holdco (and none of the equity interests of any subsidiary thereof)), (ii) intellectual property of the Loan Parties, (iii) owned real property, leased real property, any plants, equipment, machinery, related fixtures and rolling stock and (iv) all other tangible and intangible assets of the Loan Parties to the extent not constituting ABL Priority Collateral (as defined below) and all proceeds of the foregoing (the collateral described in this clause (a), the “Term Priority Collateral”); and (b) a perfected second-priority security interest (subject to permitted liens and other exceptions set forth in the ABL Facility documentation) in each Loan Party’s now owned or hereafter acquired personal property consisting of cash, accounts receivable, books and records, chattel paper, deposit, securities and operating accounts (and all cash, checks and other negotiable instruments, funds and other evidences of payment held therein, but other than the accounts in which net cash proceeds from the sale of Term Priority Collateral are deposited pending reinvestment, which accounts are subject to a first-priority lien in favor of the Agent), inventory and all documents, instruments, and general intangibles related to any of the foregoing of the Loan Parties now owned and hereafter acquired, and all proceeds and products thereof (the collateral described in this clause (b), the “ABL Priority Collateral” and, together with the Term Priority Collateral, the “Collateral”), in each case, subject to permitted liens and to certain customary exceptions and excluding Excluded Assets (as defined below).

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 16	 

     

    

 

	 	Notwithstanding the foregoing, the Collateral will exclude (collectively, the “Excluded Assets”):

 

	 	(a)	all leasehold real property,
	 	 	 
	 	(b)	all fee-owned real property with a fair market value (as reasonably estimated by the Borrower) of less than $5.0 million,
	 	 	 
	 	(c)	interests in joint ventures and non-wholly-owned subsidiaries,
	 	 	 
	 	(d)	the capital stock of (i) captive insurance subsidiaries, (ii) not-for-profit subsidiaries and/or (ii) Unrestricted Subsidiaries,, in each case to the except to the extent that such person is a Guarantor or a security interest therein can be perfected by the filing of Uniform Commercial Code financing statements without violating or conflicting with any agreement or instrument to which such entity or the capital stock thereof are subject,
	 	 	 
	 	(e)	margin stock,
	 	 	 
	 	(f)	assets the grant or perfection of a security interest in which would result in material adverse tax consequences as reasonably determined by the Borrower (in consultation with the Agent),
	 	 	 
	 	(g)	any property or asset the grant or perfection of a security interest in which would require governmental consent, approval, license or authorization (unless such consent, approval, license or authorization has been obtained), after giving effect to any applicable anti-assignment provision of the UCC or other applicable law and other than proceeds thereof to the extent that the assignment of the same is effective under the UCC or other applicable law notwithstanding such consent or restriction,
	 	 	 
	 	(h)	any “intent-to-use” trademark application prior to the filing of a “Statement of Use”, “Declaration of Use”, “Amendment to Allege Use” or similar notice with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark application under applicable law,

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 17	 

     

    

 

	 	(i)	commercial tort claims below a threshold to be agreed,
	 	 	 
	 	(j)	any lease, license or agreement or any property subject to a purchase money security interest, capital lease or a similar arrangement permitted by the credit agreement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or trigger a right of termination in favor of any other party thereto after giving effect to the applicable anti-assignment provisions of the UCC or other applicable law,
	 	 	 
	 	(k)	letter of credit rights with a value less than an amount to be mutually agreed (other than those constituting supporting obligations of other Collateral as to which perfection of the security interest in such other Collateral may be accomplished by the filing of a UCC-1 financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights, other than the filing of a Uniform Commercial Code financing statement)),
	 	 	 
	 	(l)	except to the extent perfected by filing of a UCC-1 financing statement, any assets located outside the United States or assets that require action under the law of any non-U.S. jurisdiction to create or perfect a security interest in such assets under such non-U.S. jurisdiction, including any intellectual property registered in any non-U.S. jurisdiction,
	 	 	 
	 	(m)	payroll and other employee wage and benefit accounts, tax accounts, including, without limitation, sales tax accounts, escrow accounts and fiduciary or trust accounts,
	 	 	 
	 	(n)	governmental licenses and state or local franchises, charters and authorizations, and any other property and assets to the extent that the Agent may not validly possess a security interest therein under, or such security interest is restricted by, applicable laws (including, without limitation, rules and regulations) or the pledge or creation of a security interest in which would require governmental consent, approval, license or authorization that has not been obtained (unless such consent, approval, license or authorization has been obtained) (it being understood that there shall be no requirement to obtain such governmental consent, approval, license or authorization), other than to the extent such prohibition or limitation is rendered ineffective under the UCC or other applicable law notwithstanding such prohibition,

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 18	 

     

    

 

	 	(o)	other exceptions to be agreed consistent with the Documentation Considerations or otherwise reasonably satisfactory to the Agent and the Borrower.

 

	 	Notwithstanding anything to the contrary contained herein:

 

	 	(a)	no Loan Party shall be required to grant a security interest in or a pledge of any asset or perfect a security interest in any Collateral to the extent (A) the cost, burden, difficulty or consequence of obtaining or perfecting a security interest therein outweighs the benefit of the security afforded thereby as reasonably determined by the Borrower and the Agent or (B) the grant or perfection of a security interest in such asset or Collateral, as applicable, would be prohibited by applicable law,
	 	 	 
	 	(b)	no action outside of the United States shall be required in order to create or perfect any security interest in any asset located outside of the United States, and no non-US law security or pledge agreement or foreign intellectual property filing, search or schedule shall be required,
	 	 	 
	 	(c)	any required mortgage will be permitted to be delivered after the Closing Date in accordance with the Limited Conditionality Provision,
	 	 	 
	 	(d)	the Loan Parties shall not be required to seek any landlord lien waiver, estoppel, warehouseman waiver or other collateral access or similar letter or agreement, 
	 	 	 
	 	(e)	no action shall be required to obtain perfection through control agreements or other control arrangements (other than control of pledged capital stock and promissory notes having a value above a threshold to be agreed, in each case, to the extent constituting Collateral and otherwise required above),
	 	 	 
	 	(f)	the following Collateral shall not be required to be perfected (other than to the extent perfected by the filing of a UCC financing statement):

 

	 	(i)	the capital stock of (A) any Immaterial Subsidiary and/or (B) any person that is not a subsidiary which, if a subsidiary, would constitute an Immaterial Subsidiary, and
	 	 	 
	 	(ii)	letter of credit rights with a value less than an amount to be mutually agreed, and

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 19	 

     

    

 

	 	(g)	the guaranty and security documents will contain such other exceptions and qualifications as the Borrower and the Agent may reasonably agree.

 

	Ranking:	The lien priority, relative rights and other creditors’ rights matters in respect of the Term Facility and the ABL Facility will be set forth in a customary intercreditor agreement (the  “Intercreditor Agreement”), which shall be consistent with the Documentation Considerations (as defined below) and/or otherwise reasonably satisfactory to the Borrower, the Agent and the agent under the ABL Facility.  For the avoidance of doubt, the Intercreditor Agreement will permit, among other things, (a) additional indebtedness permitted to be incurred pursuant to Incremental Term Facilities and any Incremental Equivalent Debt, (b) additional indebtedness under the ABL Facility permitted to be incurred pursuant to the any incremental facility provisions thereunder and (c) refinancing indebtedness permitted thereunder in respect of any of the foregoing.
	 	 
	 	In addition, and subject, to the Intercreditor Agreement, the Credit Documentation will authorize and require the Agent to enter into additional intercreditor agreements (each, an “Additional Intercreditor Agreement”) which allow (at the Borrower’s option) additional debt that is permitted to be incurred and secured under the Credit Documentation to be secured by a lien on the Collateral that is pari passu with or junior to the lien on the Collateral securing the Term Facility.
	 	 
	CONDITIONS	The only conditions precedent to the availability of the Term Facility on the Closing Date shall be those set forth in Exhibit C hereto (subject to the Limited Conditionality Provision).
	 	 
	DOCUMENTATION	 
	 	 
	Credit Documentation:	The definitive financing documentation for the Term Facility (including the Intercreditor Agreement, the “Credit Documentation”) will contain the terms and conditions set forth in the Commitment Letter (as such terms may be modified by the “Market Flex” provisions of the Fee Letter) and such other terms as the Borrower and the Lead Arrangers may agree; it being understood and agreed that the Credit Documentation shall:

 

	 	(a)	give due regard to that certain Term Loan Agreement, dated as of February 27, 2017, among Hennessy Capital Acquisition Corp. II, as Holdings, Daseke Companies, Inc., as the Borrower, the lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as Administrative Agent (the “Precedent Agreement”);
	 	 	 
	 	(b)	not contain any conditions to the availability and initial funding of the Term Facility on the Closing Date other than as set forth on Exhibit C;

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 20	 

     

    

 

	 	(c)	subject to the right to exercise the Flex Provisions, contain only those mandatory prepayments, representations and warranties, affirmative, financial and negative covenants and events of default expressly set forth in this Exhibit B, in each case, applicable to the Borrower and its Restricted Subsidiaries (and Holdings and Intermediate Holdings in certain limited circumstances), which shall be subject to standards, qualifications, thresholds, exceptions for materiality and/or otherwise and “baskets,” grace and cure periods, in each case, consistent (where applicable) with the Documentation Considerations; it being understood and agreed that (i) certain customary exceptions that are subject to a monetary cap shall include a “grower” component based on a percentage of, at the Borrower’s election prior to launch of syndication of the Term Facility, either consolidated total assets or Consolidated EBITDA of the Borrower that is equivalent to the initial monetary cap on the Closing Date; and (ii) to the extent that the Credit Documentation requires (x) compliance with any financial ratio or test, (y) the absence of any default or event of default (or any type of default or event of default) or (z) compliance with any cap expressed as a percentage of Consolidated EBITDA or Consolidated Total Assets as a condition to the consummation of any acquisition or similar investment or the incurrence of any indebtedness in connection therewith, the determination of whether the relevant condition is satisfied shall be made at the time of the execution of the definitive documentation with respect to the relevant acquisition or other investment, after giving effect to such acquisition or other investment and any related indebtedness on a pro forma basis (it being understood that in connection with any subsequent calculation of any ratio or basket availability with respect to any acquisition or similar investment or incurrence of any indebtedness in connection therewith on or following such date of execution of such definitive documentation and prior to the earlier of the date on which such acquisition or investment is consummated or such definitive documentation is terminated or expires without consummation of such acquisition or investment, any such ratio or basket shall be calculated on a pro forma basis assuming such acquisition or investment (and other transactions in connection therewith, including any incurrence of indebtedness and the use of proceeds thereof) have been consummated);

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 21	 

     

    

 

	 	(d)	in the event the Fixed Incremental Amount is intended to be utilized together with the Incremental Incurrence-Based Component in a single transaction or series of related transactions, provide that (i) compliance with or satisfaction of any applicable financial ratios or tests for the portion of such indebtedness or other applicable transaction or action to be incurred under the Incremental Incurrence-Based Component shall first be calculated without giving effect to amounts being utilized pursuant to the Fixed Incremental Amount, but giving full pro forma effect to all applicable and related transactions (including, subject to the foregoing with respect to fixed baskets, any incurrence and repayments of indebtedness) and all other permitted pro forma adjustments (except that the incurrence or repayment of any debt under the ABL Facility and/or any incremental facilities under the ABL Facility immediately prior to or in connection therewith shall be disregarded), and (ii) thereafter, incurrence of the portion of such indebtedness or other applicable transaction or action to be incurred under the Fixed Incremental Amount shall be calculated;
	 	 	 
	 	(e)	give due regard to:

 

	 	(i)	the operational and strategic requirements of the Borrower, the Target, and their respective subsidiaries in light of their consolidated capital structure, size, industry and practices (including, without limitation, the leverage profile and projected free cash flow generation of the Borrower, the Target and their respective subsidiaries), in each case, after giving effect to the Transactions,
	 	 	 
	 	(ii)	the model delivered by the Sponsor on May 27, 2018 (the “Projections”),
	 	 	 
	 	(iii)	customary EU bail-in provisions; and
	 	 	 
	 	(iv)	operational requirements of the Agent to the extent not in conflict with the term hereof;

 

	 	(the items described in clauses (a) through (e), collectively, the “Documentation Considerations”); and

 

	 	(f)	be negotiated in good faith by the Borrower and the Commitment Parties giving effect to the Limited Conditionality Provision so that the Credit Documentation is finalized as promptly as practicable after the acceptance of the Commitment Letter giving due regard to the expected Closing Date.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 22	 

     

    

 

	Representations and Warranties:	
        Limited to the following (to be applicable
        to the Borrower and its Restricted Subsidiaries, and for certain representations, Holdings, and subject to exceptions, qualifications
        and limitations for materiality and Material Adverse Effect as defined below): organizational existence; organizational power and
        authority; due authorization, execution and delivery of the Credit Documentation; enforceability of the Credit Documentation; no
        conflicts of the Credit Documentation with applicable law, organizational documents or contractual obligations; financial statements;
        no Material Adverse Effect (after the Closing Date); capitalization of subsidiaries as of the Closing Date; compliance with law;
        accuracy in all material respects of the certification (the “Beneficial Ownership Certification”) regarding
        beneficial ownership as required by 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”); FCPA,
        OFAC and the PATRIOT Act and other anti-terrorism, anti-bribery, anti-terrorism and anti-money laundering laws; governmental approvals
        and consents (as such approvals and consents pertain to the Credit Documentation); ERISA and labor matters; environmental matters;
        litigation; ownership of property (including intellectual property); taxes; Federal Reserve margin regulations; Investment Company
        Act; accuracy of disclosure as of the Closing Date (to be consistent with the “10b-5” representation in the Commitment
        Letter but without a knowledge qualifier); solvency (to be defined in a manner consistent with Annex I to Exhibit C)
        of Holdings and its Subsidiaries, on a consolidated basis, on the Closing Date; and the creation, validity, perfection and priority
        of security interests.

         

        “Material Adverse Effect”
        means (a) on the Closing Date, “Material Adverse Effect” (as defined in the Merger Agreement) and (b) at any time thereafter,
        a material adverse effect on (i) the business, financial condition or results of operations, in each case, of the Borrower and
        its Restricted Subsidiaries (taken as a whole), (ii) the ability of the Borrower and the Guarantors (taken as a whole) to perform
        their payment obligations under the Credit Documentation, or (iii) the rights and remedies, taken as a whole, of the Agent
        and the Lenders under the Credit Documentation.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 23	 

     

    

 

	Affirmative Covenants:	Limited to the following (to be applicable to the Borrower and its Restricted Subsidiaries and, in certain limited circumstances, Holdings): delivery of (a) annual audited financial statements of Holdings within 90 days of the end of each fiscal year accompanied by an opinion of a nationally-recognized independent accounting firm that is not subject to (i) a “going concern” qualification (other than a “going concern” qualification resulting from the impending maturity of any indebtedness, including the Term Facility or the ABL Facility, within the 4 fiscal quarter period following the relevant audit opinion, or any actual or prospective breach of any financial covenant) or (ii) a qualification as to the scope of the relevant audit, (b) quarterly unaudited financial statements of Holdings (for each of the first 3 fiscal quarters of each fiscal year) within 45 days of the end of each fiscal quarter, in the case of each of clause (a) and (b) with customary MD&A disclosure; (c) an annual budget within 60 days of the end of each fiscal year, (d) other information reasonably requested by the Agent, (e) concurrently with the delivery of annual and quarterly financial statements, a compliance certificate, and (f) notices of default and certain other events that would reasonably be expected to have a Material Adverse Effect; maintenance of books and records; maintenance of existence; compliance with laws (including, without limitation, ERISA and environmental laws); FCPA, OFAC and the PATRIOT Act (including delivery of information for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act or other applicable anti-money laundering laws); maintenance of property and insurance; payment of taxes; right of the Agent to inspect property and books and records (subject, absent a continuing event of default, to frequency and cost reimbursement limitations); commercially reasonable efforts to maintain public corporate and public corporate family ratings and public facility ratings by each of S&P and Moody’s (but not to maintain a specific rating); use of proceeds; designation of Unrestricted Subsidiaries; and further assurances on guaranty and Collateral matters (including, without limitation, with respect to additional guarantees and security interests in after-acquired property), subject to the parameters set forth under “Collateral” above.
	 	 
	Financial Covenant:	None.
	 	 
	Negative Covenants:	Limited to the following (applicable to the Borrower and its Restricted Subsidiaries and, in the case of the passive holding company covenant set forth below, Holdings and Intermediate Holdings):

 

	 	(a)	indebtedness (including guarantee obligations in respect of indebtedness), with baskets and exceptions for, among other things,

 

	 	(i)	purchase money indebtedness and capital leases in an aggregate outstanding principal amount not to exceed the greater of $41.0 million and 50% of Consolidated EBITDA,
	 	 	 
	 	(ii)	Permitted Surviving Debt,
	 	 	 
	 	(iii)	other senior, senior subordinated or subordinated debt so long as so long as (i) no event of default is then continuing or would be caused thereby (provided in the case of a Limited Condition Transaction there shall be no event of default then continuing on the LCT Test Date and no payment or bankruptcy (with respect to the Borrower) event of default upon consummation of such transaction) and (ii), after giving pro forma effect thereto, including the application of the proceeds thereof:

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 24	 

     

    

 

	 	(A)	if such debt is secured by a lien on the Term Priority Collateral that is pari passu with the lien securing the Term Facility, the First Lien Leverage Ratio does not exceed the First Lien Leverage Ratio on the Closing Date (or, in the case of any such indebtedness that is incurred to finance a Permitted Acquisition or other permitted investment, the First Lien Leverage Ratio then in effect as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered to the Agent prior to such date of determination),
	 	 	 
	 	(B)	if such debt is secured by a lien on the Term Priority Collateral that is junior to the lien securing the Term Facility, the Secured Leverage Ratio does not exceed the Secured Leverage Ratio on the Closing Date, plus 0.25:1.00 (or, in the case of any such indebtedness that is incurred to finance a Permitted Acquisition or other permitted investment, the Secured Leverage Ratio then in effect as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered to the Agent prior to such date of determination), or
	 	 	 
	 	(C)	if such debt is secured by a lien on any asset that does not constitute Collateral or is unsecured, the following condition is satisfied: (x) the Total Leverage Ratio does not exceed the Total Leverage Ratio on the Closing Date plus 0.50:1.00 (or, in the case of any such indebtedness that is incurred to finance a Permitted Acquisition or other permitted investment, the Total Leverage Ratio then in effect as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered to the Agent prior to such date of determination) or (y) the Interest Coverage Ratio does not exceed 2.00:1.00 (or, in the case of any such indebtedness that is incurred to finance a Permitted Acquisition or any other permitted investment, the Interest Coverage Ratio then in effect as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered to the Agent prior to such date of determination) (this clause (iii), the “Ratio Debt Basket”);

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 25	 

     

    

 

	 	provided, that (x) the aggregate outstanding principal amount of indebtedness incurred by Restricted Subsidiaries that are not Loan Parties in reliance on the Ratio Debt Basket shall not exceed an amount to be agreed, (y) any debt incurred under the Ratio Debt Basket in the form of loans that are pari passu in right of payment and secured on a pari passu basis with the Term Loans will be subject to a “most favored nation” pricing adjustment subject to the exceptions, thresholds and provisions set forth with respect to Incremental Term Facilities and (z) any debt incurred pursuant to the Ratio Debt Basket shall not mature prior to the maturity date of the Term Facility and shall not have a shorter weighted average life than the Term Loans;

 

	 	(iv)	indebtedness incurred in connection with any Incremental Term Facility, Refinancing Term Facility and/or in connection with any Refinancing Notes,
	 	 	 
	 	(v)	intercompany debt, subject only to any applicable restrictions in the investment covenant and subordination in the case of debt owed by Loan Parties to non-loan Parties,
	 	 	 
	 	(vi)	debt incurred by non-Loan Parties in an aggregate outstanding principal amount not to exceed an amount to be agreed,
	 	 	 
	 	(vii)	indebtedness assumed and/or incurred in connection with any Permitted Acquisition or other permitted Investment so long as (A) no event of default exists; provided, that in the case of a Limited Condition Transaction, at the election of the Borrower, such condition shall only be required to be satisfied on the LCT Test Date, (B) the relevant indebtedness was not incurred in contemplation of the relevant Permitted Acquisition, and (C) with respect to the type of indebtedness being incurred, the Borrower shall be in compliance with the Ratio Debt Basket (this clause (vii), the “Acquisition Debt Basket”),
	 	 	 
	 	(viii)	any Incremental Equivalent Debt; it being understood and agreed that Incremental Equivalent Debt incurred in the form of loans that are pari passu in right of payment and secured on a pari passu basis with the Term Loans will be subject to a “most favored nation” pricing adjustment subject to the exceptions, thresholds and provisions set forth with respect to Incremental Term Facilities,

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 26	 

     

    

 

	 	(ix)	a general debt basket in an aggregate outstanding principal amount not to exceed an amount to be agreed,
	 	 	 
	 	(x)	indebtedness arising under any derivative transaction not entered into for speculative purposes,
	 	 	 
	 	(xi)	indebtedness under the ABL Facility not to exceed the sum of (A) $60.0 million plus (B) permitted incremental loans under the ABL Facility plus other obligations under the ABL Facility not constituting principal and, in each case, together with any permitted refinancing thereof,
	 	 	 
	 	(xii)	permitted refinancing indebtedness in respect of permitted indebtedness (other than indebtedness incurred under replenishable Dollar baskets);

 

	 	(b)	liens, with baskets and exceptions for, among other things,

 

	 	(i)	liens securing any Incremental Term Facility, Refinancing Term Facility and/or issuance of Refinancing Notes,
	 	 	 
	 	(ii)	liens securing Permitted Surviving Debt,
	 	 	 
	 	(iii)	liens securing purchase money indebtedness and capital leases permitted to be incurred under clause (a)(i) above,
	 	 	 
	 	(iv)	liens on acquired assets, and the stock of acquired entities, securing debt assumed in connection with any acquisition (so long as such liens were not created in contemplation of such acquisition),
	 	 	 
	 	(v)	liens securing the ABL Facility (including any ABL incremental term facility), subject to the Intercreditor Agreement,
	 	 	 
	 	(vi)	liens securing debt incurred in reliance on the Ratio Debt Basket, having the priorities described therein and subject to an Additional Intercreditor Agreement,
	 	 	 
	 	(vii)	liens in respect of secured permitted refinancing indebtedness,
	 	 	 
	 	(viii)	a general lien basket in an aggregate outstanding principal amount not to exceed an amount to be agreed,

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 27	 

     

    

 

	 	(ix)	liens on Collateral securing Incremental Equivalent Debt, subject to an Additional Intercreditor Agreement;

 

	 	(c)	mergers, consolidations, liquidations and dissolutions;
	 	 	 
	 	(d)	sales, dispositions or transfers (“Dispositions”) of assets with a fair market value in excess of an amount to be mutually agreed, with baskets and exceptions for, among other things,

 

	 	(i)	Dispositions in the ordinary course of business of inventory, obsolete, surplus or worn out property and property no longer useful in the business,
	 	 	 
	 	(ii)	Dispositions of any assets on an unlimited basis for fair market value as determined in good faith by the Borrower, so long as (A) with respect to Dispositions in excess of an amount to be agreed, at least 75% of the consideration consists of cash or cash equivalents and Designated Non-Cash Consideration (to be defined giving effect to the Documentation Considerations) not to exceed an amount to be agreed, (B) the relevant Disposition is subject to the terms set forth in the mandatory prepayment requirements in the Credit Documentation and (C) no event of default exists on the date on which the agreement governing the relevant Disposition is executed,
	 	 	 
	 	(iii)	Dispositions of any asset in connection with casualty or condemnation events,
	 	 	 
	 	(iv)	Dispositions of investments in joint ventures to the extent required by, or made pursuant to, buy/sell arrangements between joint venture or similar parties set forth in the relevant joint venture arrangements and/or similar binding arrangements,
	 	 	 
	 	(v)	sale leaseback transactions in an aggregate amount not to exceed an amount to be agreed,
	 	 	 
	 	(vi)	Dispositions of non-core assets acquired in connection with an acquisition and designated as such within 90 days of such acquisition, subject to no event of default, application of the proceeds in accordance with the mandatory prepayment provisions of the Credit Documentation and a cap to be agreed, and
	 	 	 
	 	(vii)	other Dispositions in an aggregate amount not to exceed an amount to be agreed;

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 28	 

     

    

 

	 	it being understood that the lien on any Collateral that is the subject of a Disposition permitted under the Credit Documentation will be automatically released upon the consummation of such Disposition;

 

	 	(e)	dividends or distributions on, or redemptions or repurchases of, the capital stock of the Borrower (“Restricted Payments”), with exceptions for, among other things,

 

	 	(i)	distributions to Holdings to pay (or to make distributions to any direct or indirect parent of Holdings to pay) taxes due and payable by Holdings (or any direct or indirect parent of Holdings) to any taxing authority and that are attributable to the income or operation of the Borrower or its subsidiaries, including any consolidated, combined or similar income tax liabilities attributable to taxable income of Borrower and its Restricted Subsidiaries, operating expenses in the ordinary course and other corporate overhead, franchise and similar taxes required to maintain its corporate existence and fees and expenses of debt or equity offerings (whether or not successful),
	 	 	 
	 	(ii)	distributions to Holdings to fund (or to make distributions to any direct or indirect parent of Holdings to fund) the repurchase or redemption of the capital stock of Holdings, or its direct or indirect parents, in each case, held by future, current or former directors, officers, employees, members of management and consultants and/or their respective estates, heirs, family members, spouses, domestic partners, former spouses or former domestic partners in an amount not to exceed an amount to be agreed per fiscal year, with unused amounts permitted to be carried forward to the two subsequent fiscal years, 
	 	 	 
	 	(iii)	Restricted Payments using the Available Basket, subject only to no event of default,
	 	 	 
	 	(iv)	additional Restricted Payments, subject only to (A) compliance, on a pro forma basis, with a Total Leverage Ratio of 1.25x inside the Total Leverage Ratio on the Closing Date and (B) no event of default,
	 	 	 
	 	(v)	general basket for Restricted Payments in an amount to be agreed consistent with the Documentation Considerations, subject only to no event of default, and

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 29	 

     

    

 

	 	(vi)	to the extent constituting a Restricted Payment, Restricted Payments made in connection with or in order to consummate the Transactions.

 

	 	(f)	acquisitions of equity interests, investments, loans and advances (“Investments”), with exceptions for, among other things,

 

	 	(i)	Investments in any Restricted Subsidiary; provided, that the aggregate outstanding amount of Investments made by Loan Parties in any Restricted Subsidiary that is not a Loan Party will be limited to an amount to be agreed,
	 	 	 
	 	(ii)	Investments using the Available Basket,
	 	 	 
	 	(iii)	Investments in joint ventures and Unrestricted Subsidiaries in an aggregate outstanding amount not to exceed an amount to be agreed,
	 	 	 
	 	(iv)	Permitted Acquisitions (as defined below),
	 	 	 
	 	(v)	additional Investments, subject only to (A) compliance, on a pro forma basis, with a Total Leverage Ratio of 0.75x inside the Total Leverage Ratio on the Closing Date and (B) no event of default, and
	 	 	 
	 	(vi)	a general basket for investments in an amount to be agreed consistent with the Document Considerations.

 

	 	(g)	(i) prepayments, redemptions and repurchases (any such prepayment, redemption or repurchase, a “Restricted Debt Payment”) of any material subordinated debt and junior lien debt (“Restricted Debt”) (and excluding, for the avoidance of doubt, regularly scheduled interest payments and payment of fees, expenses and indemnification obligations), other than:

 

	 	(A)	refinancings or exchanges of Restricted Debt for like or junior debt subject to conditions to be agreed,
	 	 	 
	 	(B)	customary AHYDO catch-up payments,
	 	 	 
	 	(C)	payments with, or conversions to, Permitted Equity,
	 	 	 
	 	(D)	Restricted Debt Payments using the Available Basket, subject only to no event of default,

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 30	 

     

    

 

	 	(E)	additional Restricted Debt Payments, subject only to (A) compliance, on a pro forma basis, with a Total Leverage Ratio of 1.00x inside the Total Leverage Ratio on the Closing Date and (B) no event of default, and
	 	 	 
	 	(F)	other Restricted Debt Payments to be mutually agreed,

 

	 	(ii)	modifications of the terms of Restricted Debt (A) in violation of the Intercreditor Agreement or any other applicable intercreditor or subordination agreement or (B) that are materially adverse to the Lenders; and

 

	 	(h)	burdensome agreements (i.e., negative pledge clauses and limitations on dividends and other distributions by Restricted Subsidiaries);
	 	 	 
	 	(i)	passive holding company covenant applicable to each of Holdings and Intermediate Holdings;
	 	 	 
	 	(j)	changes in business;
	 	 	 
	 	(k)	transactions with affiliates with respect to transactions with a fair market value in excess of $5.0 million, with exceptions to permit, among others, (i) transactions among the Borrower and its Restricted Subsidiaries, (ii) the transactions and payments required under the Merger Agreement, (iii) payments under the Sponsor management agreement (provided that during a payment or bankruptcy (with respect to the Borrower) event of default, the management fee shall accrue but the Borrower shall not pay such fee in cash until the cure or waiver of such event of default), (iv) the transactions that are for fair market value and on other terms that, taken as a whole, are no less favorable to the Borrower and its Restricted Subsidiaries than an arm’s length transaction and (v) other exceptions to be mutually agreed;
	 	 	 
	 	(l)	changes in fiscal year; and
	 	 	 
	 	(m)	amendments of organizational documents of the Loan Parties that are materially adverse to the Lenders.

 

	 	The limitations on Investments (including Permitted Acquisitions), Restricted Payments and Restricted Debt Payments referenced above shall be subject to a carve-out for a “building” basket (the “Available Basket”) in a cumulative amount equal to:

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 31	 

     

    

 

	 	(a)	the greater of $33.0 million and 40% of Consolidated EBITDA, plus
	 	 	 
	 	(b)	without duplication:

 

	 	(i)	a growth amount (the “Growth Amount”) based on an amount (which shall not be less than zero) equal to the retained portion of Excess Cash Flow (i.e. Excess Cash Flow not otherwise required to be applied to prepay the Term Loans), which will accumulate on an annual basis (commencing with the first full fiscal year for which financial statements are available after the Closing Date), plus
	 	 	 
	 	(ii)	the cash proceeds of Permitted Equity of the Borrower and/or its Restricted Subsidiaries after the Closing Date, plus
	 	 	 
	 	(iii)	the cash proceeds of debt and disqualified stock issued after the Closing Date that have been exchanged or converted into Permitted Equity, plus
	 	 	 
	 	(iv)	net cash proceeds of any non-ordinary course sale or other disposition of assets to be agreed which (A) are not required to be used to prepay the Term Facility because such net cash proceeds are below the Asset Sale Thresholds and (B) are not required to be used to repay loans outstanding under the ABL Facility, plus
	 	 	 
	 	(v)	the net cash proceeds of sales of investments made after the Closing Date using the Available Basket (up to the amount of the original investment), plus
	 	 	 
	 	(vi)	cash returns, profits, distributions and similar amounts received on investments made after the Closing Date using the Available Basket (up to the amount of the original investment), plus
	 	 	 
	 	(vii)	the amount of any investment made by the Borrower and/or any of its Restricted Subsidiaries in any Unrestricted Subsidiary after the Closing Date using the Available Basket (up to the amount of the original investment), that has been redesignated as a Restricted Subsidiary or that has been merged or consolidated into the Borrower or any of its Restricted Subsidiaries or the fair market value of the assets of any Unrestricted Subsidiary that have been transferred to the Borrower or any of its Restricted Subsidiaries, plus

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 32	 

     

    

 

	 	(viii)	any Declined Proceeds;

 

	 	provided that use of the Available Basket shall not be subject to any financial performance covenant or any other condition except as noted above.
	 	 
	 	The Credit Documentation will permit the Borrower and its Restricted Subsidiaries to acquire all or substantially all of the assets of any person or any line of business or division thereof or the equity interests of any person (including any Investment which serves to increase the Borrower’s or its  Restricted Subsidiary’s respective equity ownership in any Restricted Subsidiary or in any joint venture) that is engaged in a similar business and becomes a Restricted Subsidiary (each, a “Permitted Acquisition”), in each case so long as, after giving effect thereto and any indebtedness to be incurred or assumed in connection therewith, (a) there is no event of default and (b) Permitted Acquisitions of (x) entities that do not become Guarantors or (y) assets that are not acquired by a Loan party shall not exceed an aggregate amount to be agreed; provided, that in the case of a Limited Condition Transaction, at the election of the Borrower, such condition shall only be required to be satisfied on the LCT Test Date.
	 	 
	Unrestricted Subsidiaries:	The Credit Documentation will contain provisions pursuant to which, subject to customary limitations on Investments in Unrestricted Subsidiaries, the Borrower will be permitted to designate (or re-designate) any existing or subsequently acquired or organized Restricted Subsidiary as an “unrestricted subsidiary” (each, an “Unrestricted Subsidiary”) and designate (or re-designate) any such Unrestricted Subsidiary as a Restricted Subsidiary; provided, that after giving effect to any such designation or re-designation, (i) no event of default shall exist (including after giving effect to the reclassification of any investments in, indebtedness of, and/or liens on the assets of, the relevant subsidiary) and (ii) the Borrower shall be in compliance with a Total Leverage Ratio that does not exceed the Total Leverage Ratio as at the Closing Date. Unrestricted Subsidiaries (and the sale of any equity interests therein or assets thereof) will not be subject to the mandatory prepayment, representations and warranties, affirmative or negative covenants or event of default provisions of the Credit Documentation, and the results of operations and indebtedness of Unrestricted Subsidiaries will not be taken into account for purposes of determining compliance with any financial ratio set forth in the Credit Documentation.  No Restricted Subsidiary may be designated as an Unrestricted Subsidiary under the Term Facility if it is a Restricted Subsidiary under the ABL Facility.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 33	 

     

    

 

	Events of Default:	Limited to the following:  nonpayment of principal when due; nonpayment of interest, fees or other amounts after 5 business days; material inaccuracy of a representation or warranty when made or deemed made (subject to a thirty day grace period in the case of any breached representation (other than the Specified Representations) that is reasonably capable of being cured); violation of a covenant (subject, in the case of affirmative covenants (other than notices of default and the covenant to maintain the organizational existence of the Borrower), to a grace period of 30 days following written notice from the Agent); cross default and cross acceleration to material indebtedness in excess of a threshold amount to be agreed, other than any event of default related to a breach of the ABL Facility (or any refinancing or replacement thereof) unless an acceleration (and termination of commitments) thereunder has occurred); provided that there will be cross default and cross acceleration to any payment event of default under the ABL Facility; bankruptcy events with respect to Holdings, Intermediate Holdings, the Borrower or a Restricted Subsidiary (other than Immaterial Subsidiaries) with a 60-day grace period for involuntary actions; ERISA events subject to Material Adverse Effect; material unpaid, final judgments for money in excess of a threshold amount to be agreed (to the extent not covered by insurance) that have not been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof; actual (or assertion by a Loan Party in writing of the) invalidity of the definitive credit agreement in respect of the Term Facility, any material Guaranty or material portion of the Collateral or subordination provisions in respect of material indebtedness in excess of a threshold amount to be agreed (including the ABL Facility); and a Change of Control.  
	 	 
	 	“Change of Control” means the earliest to occur of:
	 	 
	 	(i) the acquisition by any person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), including any group acting for the purpose of acquiring, holding or disposing of Securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act, but excluding any employee benefit plan and/or person acting as the trustee, agent or other fiduciary or administrator therefor), other than one or more Permitted Holders, of capital stock representing more than the greater of (x) 35% of the total voting power of all of the outstanding voting stock of Holdings and (y) the percentage of the total voting power of all the outstanding voting stock of Holdings owned, directly or indirectly, by the Permitted Holders;
	 	 
	 	(ii) occupation of a majority of the seats (other than vacant seats) on the board of directors of Holdings by Persons who were not directors of Holdings on the date of this Agreement, or nominated or appointed by the board of directors of Holdings;
	 	 
	 	(iii) the Borrower ceasing to be a direct or indirect wholly-owned subsidiary of Holdings or Intermediate Holdings;

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 34	 

     

    

 

	 	(iii) the occurrence of a change of control or similar event under the ABL Facilities Documentation.
	 	 
	 	“Permitted Holders” means, collectively, the Sponsor and the other Investors.

 

	Voting:	Amendments and waivers of the Credit Documentation will require the approval of Lenders holding more than 50% of the aggregate amount of the Term Loans (the “Required Lenders”), except that

 

	 	(a)	the consent of each Lender directly and adversely affected thereby shall be required with respect to:

 

	 	(i)	any reduction in the principal amount of any Term Loan owed to such Lender,
	 	 	 
	 	(ii)	any extension of the final maturity of any Term Loan owed to such Lender or the due date of any interest or fee payment or any scheduled amortization payment in respect of any Term Loan owed to such Lender,
	 	 	 
	 	(iii)	any reduction in the rate of interest (other than a waiver of default interest) or the amount of any fee owed to such Lender (it being understood that any change in any definition applicable to any ratio used in the calculation of such rate of interest or fees (or any component definition thereof) shall not constitute a reduction in any rate of interest or any fee),
	 	 	 
	 	(iv)	any increase in the amount (other than with respect to any Incremental Term Facility to which such Lender has agreed) of such Lender’s commitment (it being understood that no waiver of any condition precedent or the waiver of any default, event of default or mandatory prepayment shall constitute an increase of any commitment of any Lender),
	 	 	 
	 	(v)	any extension of the expiry date of such Lender’s commitment (it being understood that a waiver of any condition precedent or the waiver of any default, event of default or mandatory prepayment shall not constitute an extension of any commitment of any Lender), and reductions of principal or interest without consideration, and

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 35	 

     

    

 

	 	(vi)	any modification to the pro rata sharing and pro rata sharing of payment provisions, except as otherwise provided in the Credit Documentation, and

 

	 	(b)	the consent of 100% of the Lenders will be required with respect to:

 

	 	(i)   reductions of any of the voting percentages set forth in the definition of “Required Lenders”,
	 	 
	 	(ii)  releases of all or substantially all of the Collateral (other than in accordance with the Credit Documentation), and
	 	 
	 	(iii)  releases of all or substantially all of the value of the Guaranty under the Term Facility (other than in accordance with the Credit Documentation),

 

	 	Modifications to provisions regarding pro rata payments or sharing of payments, in each case, in connection with loan buy-back or similar programs, “amend and extend” transactions or the addition of one or more tranches of debt (which may, but are not required to be new money tranches) and the like not otherwise contemplated hereby shall only require approval of the Required Lenders, and non-pro rata distributions and commitment reductions will be permitted in connection with any such loan buy-back or similar programs, amend and extend transactions or new tranches of debt and as contemplated hereby.
	 	 
	 	The Credit Documentation will contain provisions to permit the amendment and extension and/or replacement of the Term Facility (including any Incremental Term Facility), which may be provided by existing Lenders or, subject to the reasonable consent of the Agent if required under the heading “Assignments and Participations” below, other persons who become Lenders in connection therewith, in each case without the consent of any other Lender; provided that any offer to extend and/or replace the Term Facility will be offered to all existing Lenders of the class being extended and/or replaced.
	 	 
	 	The Credit Documentation will permit the Agent and the Borrower to enter into one or more amendments thereto to incorporate the provisions of any Incremental Term Facility made available without any Lender’s consent, so long as the purpose of such amendment is solely to incorporate the appropriate provisions for such Incremental Term Facility in the Credit Documentation.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 36	 

     

    

 

	 	The Credit Documentation shall contain provisions allowing the Borrower to replace and/or terminate the commitments of a Lender in connection with, but not limited to, (i) amendments and waivers requiring the consent of all Lenders or of all Lenders directly affected thereby (so long as the Required Lenders or a majority of the relevant group of affected Lenders, as the case may be, consent), (ii) increased costs and loss of yield, (iii) taxes and (iv) insolvent Lenders.
	 	 
	Defaulting Lenders:	The Credit Documentation will contain customary limitations on and protections with respect to “defaulting” Lenders, including, but not limited to, exclusion for purposes of voting.
	 	 
	Assignments and Participations:	The Lenders shall be permitted to assign all or a portion of their Term Loans and commitments to any person (other than to (a) any Disqualified Institution, (b) any natural person and (c) except as otherwise provided herein, the Borrower or any affiliate thereof) with the consent of (i) the Borrower (not to be unreasonably withheld), unless a payment or bankruptcy (with respect to the Borrower) event of default has occurred and is continuing or such assignment is to a Lender, an affiliate of a Lender or an Approved Fund (as defined below) of a Lender; provided that the Borrower shall be deemed to have consented to any assignment unless it has objected thereto by delivering written notice to the Agent within 10 business days after receipt of a written request for consent thereto and (ii) the Agent (not to be unreasonably withheld or delayed), unless such assignment is to a Lender, an affiliate of a Lender or an Approved Fund of a Lender.  Non-pro rata assignments shall be permitted.  In the case of partial assignments (other than to another Lender, an affiliate of a Lender or an Approved Fund), the minimum assignment amount shall be $1 million, unless otherwise agreed by the Borrower and the Agent.  The Agent shall receive a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Agent) in connection with all assignments.
	 	 
	 	The Lenders shall also have the right to sell participations in their Term Loans to other persons (other than any Disqualified Institutions (provided that the list of Disqualified Institutions (other than affiliates identifiable by name referred to in the definition of “Disqualified Institution”) is made available to all Lenders).  Participants shall have the same benefits as the Lenders with respect to yield protection and increased cost provisions subject to customary limitations and restrictions.  Voting rights of participants shall be limited to those matters set forth in clauses (a) and (b) of the first paragraph under “Voting” with respect to which the affirmative vote of the Lender from which it purchased its participation would be required.
	 	 
	 	The list of Disqualified Institutions (other than affiliates identifiable by name referred to in the definition of “Disqualified Institution”) shall be made available by the Agent on a confidential basis to any Lender who specifically requests a copy thereof.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 37	 

     

    

 

	 	“Approved Fund” means, with respect to any Lender, any person (other than a natural person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities and is administered, advised or managed by (i) such Lender, (ii) an affiliate of such Lender or (iii) an entity or an affiliate of an entity that administers, advises or manages such Lender.
	 	 
	 	The Credit Documentation shall provide that Term Loans may be purchased by and assigned to (x) any Non-Debt Fund Affiliate (as defined below) and/or (y) Holdings, the Borrower and/or any subsidiary of the Borrower (the persons in clauses (x) and (y) above collectively, “Affiliated Lenders”) on a non-pro rata basis through Dutch auctions open to all Lenders holding Term Loans on a pro rata basis in accordance with customary procedures to be agreed and/or open market purchases, notwithstanding any consent requirements set forth above; provided, that:

 

	 	(a)        no Affiliated Lender shall be required to make a representation that, as of the date of any such purchase and assignment, it is not in possession of MNPI with respect to Holdings, the Borrower and/or any subsidiary thereof and/or any of their respective securities,
	 	 
	 	(b)        Term Loans owned or held by Affiliated Lenders shall be (i) disregarded in the determination of any Required Lender vote (and such Term Loans shall be deemed to be voted pro rata to the non-Affiliated Lenders) and (ii) voted by the Agent in its discretion in connection with any plan of reorganization in an insolvency proceeding unless such plan effects the holder thereof, in its capacity as such, in a disproportionately adverse manner relative to the treatment of other Lenders,
	 	 
	 	(c)        Term Loans owned or held by Affiliated Lenders shall not, in the aggregate, exceed 25% of the aggregate outstanding Term Facility at any time (after giving effect to any substantially simultaneous cancellations thereof),
	 	 
	 	(d)        no Affiliated Lender, solely in its capacity as such, shall be permitted to attend any “lender-only” conference calls or meetings or receive any related “lender-only” information,
	 	 
	 	(e)        in the case of any Dutch auction or open market purchase conducted by Holdings, the Borrower or any of their subsidiaries, no event of default shall be continuing at the time of acceptance of bids for the relevant Dutch auction or the confirmation of such open market purchase,

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 38	 

     

    

 

	 	(f)        any Term Loans acquired by Holdings, the Borrower or any of their subsidiaries shall be promptly cancelled, and
	 	 
	 	(g)        the relevant Affiliated Lender shall identify itself as such prior to such assignment.
	 	 
	 	
        Notwithstanding the foregoing, (a) the
        Credit Documentation shall permit (but not require) any Non-Debt Fund Affiliate to contribute any assigned Term Loans to Holdings,
        the Borrower or any their subsidiaries for purposes of cancelling such Term Loans, (b) each Affiliated Lender shall have the right
        to vote on any amendment, modification, waiver or consent that would require the vote of all Lenders or the vote of all Lenders
        directly and adversely affected thereby and (c) no amendment, modification, waiver or consent shall affect any Affiliated Lender
        (in its capacity as a Lender) in a manner that is disproportionate to the effect on any Lender of the same class or that would
        deprive such Affiliated Lender of its pro rata share of any payments to which it is entitled.

         

        In addition, the Credit Documentation shall
        provide that the Term Loans may be purchased by and assigned to any Debt Fund Affiliate (as defined below) on a non-pro rata basis
        through Dutch auctions open to all Lenders on a pro rata basis in accordance with customary procedures and/or open-market purchases;
        provided, that for any Required Lender vote, Debt Fund Affiliates may not, in the aggregate, account for more than 49.9%
        of the amounts included in determining whether the Required Lenders have consented to any amendment or waiver.

	 	 
	 	“Non-Debt Fund Affiliate” means the Sponsor and any affiliate of the Sponsor or the Borrower (other than Holdings, the Borrower or any subsidiary of the Borrower).
	 	 
	 	“Debt Fund Affiliate” means (i) any fund managed by, or under common management with the Sponsor and (ii) any other affiliate of the Sponsor, another investor in Holdings or Holdings that is a bona fide debt fund or an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 39	 

     

    

 

	Yield Protection and Taxes:	The Credit Documentation shall contain customary provisions (a) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, capital adequacy and other requirements of law (provided that (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in the case of each of clauses (i) and (ii), be deemed to constitute a change in requirements of law, regardless of the date enacted, adopted, issued, or implemented but solely to the extent the relevant increased costs or loss of yield would have been included if they had been imposed under applicable increased cost provisions), in each case, subject to customary limitations and exceptions (it being understood that requests for payments on account of increased costs resulting from market disruption shall be limited to circumstances generally affecting the banking market and when the Required Lenders have made a request therefor) and (b) indemnifying the Term Lenders for actual “breakage costs” incurred in connection with, among other things, any prepayment of a Eurodollar Loan on a day other than the last day of an interest period with respect thereto.
	 	 
	 	The Credit Documentation shall contain a customary tax gross-up with exceptions to be agreed; it being understood that the gross up obligations shall not apply to U.S. federal withholding taxes imposed as a result of the failure to comply with the requirements of current Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions that are substantively comparable and not materially more onerous to comply with), and any current or future regulations promulgated thereunder or other official guidance or interpretations issued pursuant thereto and any intergovernmental agreements implementing the foregoing.
	 	 
	 	The Credit Documentation shall (a) contain provisions regarding the timing for asserting a claim in respect of yield protection and/or taxes and (b) solely with respect to increased costs, require that each Lender asserting any such claim certify to the Borrower that it is generally requiring reimbursement for the relevant amounts from similarly situated borrowers under comparable syndicated credit facilities.  
	 	 
	Expenses and Indemnification:	The Borrower shall pay:

 

	 	(a)	if the Closing Date occurs, all reasonable and documented out-of-pocket expenses of the Agent and the Lead Arrangers incurred on or after the Closing Date within 30 days of a written demand therefor, together with backup documentation supporting such reimbursement request, associated with the syndication of the Term Facility and the preparation, execution, delivery and administration of the Credit Documentation and any amendment or waiver with respect thereto (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Agent, in each case as counsel to the Agent and the Lead Arrangers, taken as a whole (it being understood and agreed that such counsel shall be the law firm representing the Left Lead Arranger), and, if reasonably necessary, of one local counsel in any material relevant local jurisdiction to such persons, taken as a whole), and

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 40	 

     

    

 

	 	(b)	all reasonable and documented out-of-pocket expenses of the Agent and the Lenders within 30 days of a written demand therefor (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to the Agent and the Lenders, taken as a whole, and, if necessary, of one local counsel in any material relevant jurisdiction to such persons, taken as a whole) in connection with the enforcement of the Credit Documentation.

 

	 	The Agent, the Lead Arrangers and the Lenders (and their respective affiliates and controlling persons (and their respective officers, directors, employees, partners, agents, advisors and other representatives) (each, together with their successors and assigns, an “indemnified person”) will be indemnified for and held harmless against, any losses, claims, damages, liabilities or expenses (but limited, in the case of legal fees and expenses, to the actual reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to all indemnified persons taken as a whole and, solely in the case of an actual or reasonably perceived conflict of interest, one additional counsel to all affected indemnified persons taken as a whole, and, if reasonably necessary, one local counsel in any relevant jurisdiction to all indemnified persons, taken as a whole, and solely in the case of any such actual or reasonably perceived conflict of interest, one additional local counsel to all affected indemnified persons, taken as a whole, in each relevant jurisdiction) incurred in respect of the Term Facility or the use or the proposed use of proceeds thereof, except to the extent (a) they are determined by a final, non-appealable judgment of a court of competent jurisdiction to have arisen from the gross negligence, bad faith or willful misconduct of, or material breach of the Credit Documentation by, such indemnified person or any of such indemnified person’s affiliates, controlling persons or its or their respective directors, officers, employees, partners, agents, advisors or other representatives, or (b) they have arisen from any dispute solely among the indemnified persons (other than any claims against an indemnified person in its capacity as the Agent or Lead Arranger) that does not arise out of any act or omission of Holdings, the Borrower, or any of their respective subsidiaries.  

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 41	 

     

    

 

	 	None of the indemnified persons, Holdings or any of its affiliates or the respective directors, officers, employees, agents, advisors or other representatives of any of the foregoing shall be liable for any special, indirect, consequential or punitive damages in connection with the Term Facility (including the use or intended use of the proceeds of the Term Facility) or the transactions contemplated hereby; provided, that nothing contained in this sentence shall limit the indemnification obligations to the extent set forth hereinabove to the extent such special, indirect, consequential or punitive damages are included in any third party claim in connection with which such indemnified person is entitled to indemnification hereunder.
	 	 
	Governing Law and Forum:	New York; provided, that, (a) any Credit Documentation that governs security interests and lien in the Collateral shall be governed by the laws of the jurisdiction in which such security interest and/or lien is intended to be created or perfected (subject to the terms hereof) and (b) notwithstanding the governing law provisions of the Credit Documentation, it is understood and agreed that (i) the interpretation of the definition of “Material Adverse Effect” (and whether or not a Material Adverse Effect has occurred), (ii) the determination of the accuracy of any Specified Merger Agreement Representation and whether as a result of any inaccuracy thereof either the Borrower or its applicable affiliate has the right to terminate its obligations under the Merger Agreement or to decline to consummate the Acquisition and (iii) the determination of whether the Acquisition has been consummated in accordance with the terms of the Merger Agreement and, in any case, claims or disputes arising out of any such interpretation or determination or any aspect thereof shall, in each case, be governed by, and construed in accordance with, the laws of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.
	 	 
	Counsel to the Agent and the Lead Arrangers:	Davis Polk & Wardwell LLP

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Exhibit B – Page 42	 

     

    

 

Annex I to Exhibit B

 

INTEREST RATES

 

	Interest Rate Options:	The Borrower may elect that the Term Loans bear interest at a rate per annum equal to (a) ABR, which shall not be less than 1.00%, plus the Applicable Margin (as defined below) or (b) the Eurodollar Rate, which shall not be less than 0.00% per annum, plus the Applicable Margin.
	 	 
	 	As used herein:
	 	 
	 	“Applicable Margin” means (a) 3.50% in the case of ABR Loans and (b) 4.50% in the case of Eurodollar Loans.
	 	 
	 	Upon the occurrence and during the continuance of any payment or bankruptcy (with respect to the Borrower) event of default, overdue amounts shall bear interest, to the fullest extent permitted by law, at (a) in the case of principal and interest, 2.00% per annum above the rate then borne by (in the case of such principal) such borrowings or (in the case of interest) the borrowings to which such overdue amount relates or (b) in the case of fees, 2.00% per annum in excess of the rate otherwise applicable to Term Loans maintained as ABR Loans from time to time. 
	 	 
	Interest Payment Dates:	In the case of ABR Loans, quarterly in arrears.
	 	 
	 	In the case of Eurodollar Loans, on the last day of each relevant interest period and, in the case of any interest period longer than 3 months, on each successive date 3 months after the first day of such interest period.
	 	 
	Rate Basis:	All per annum rates shall be calculated on the basis of a year of 360 days for actual days elapsed (or 365 or 366 days, as the case may be, in the case of ABR Loans based on the “prime rate”).
	 	 
	LIBOR Replacement:	If the Agent determines that adequate and reasonable means do not exist for determining the interest rate applicable to Eurodollar Loans (including because the London interbank offered rate component of the Eurodollar Rate (“LIBOR”) is not published on a current basis or is otherwise not available), and that such circumstances are unlikely to be temporary, or if the supervisor for the administrator of LIBOR (or a governmental authority having jurisdiction over the Agent) has made a public statement identifying a specific date after which LIBOR shall no longer be used for determining interest rates for loans, then the Agent and the Borrower shall agree on an alternate rate of interest to LIBOR subject to LIBOR replacement provisions to be agreed and to be set forth in the Credit Documentation.

 

    	 	Term Sheet – Term Facility	 
	 	 	 
	 	Annex I to Exhibit B – Page 1	 

     

    

 

EXHIBIT C

 

PROJECT BOOM

CONDITIONS

 

The availability and
initial funding of the Term Facility on the Closing Date shall be subject to the satisfaction (or waiver by the Initial Lenders)
of solely the following conditions (subject in each case to the Limited Conditionality Provision). Capitalized terms used but not
otherwise defined herein have the meanings assigned to such terms in the Commitment Letter to which this Exhibit C
is attached or on Exhibits A or B (including the Annexes thereto) attached thereto.

 

		1.	The Credit Documentation shall have been executed and delivered by each of the Loan Parties party
thereto, and the Commitment Parties shall have received:

 

		(a)	customary closing certificates, borrowing notices and legal opinions, corporate documents and resolutions/evidence
of authority for the Loan Parties; and

 

		(b)	a certificate of the chief financial officer (or other officer with reasonably equivalent responsibilities)
of Holdings in the form attached as Annex I hereto, certifying that Holdings and its Subsidiaries, on a consolidated
basis, after giving effect to the Transactions, are solvent.

 

		2.	The Specified Merger Agreement Representations and the Specified Representations shall be true
and correct in all material respects on the Closing Date (unless such Specified Representations and Specified Merger Agreement
Representations relate to an earlier date, in which case, such Specified Representations and Specified Merger Agreement Representations
shall have been true and correct in all material respects as of such earlier date); provided that the foregoing materiality
qualifier shall not be applicable to any representations qualified or modified by materiality; provided, further,
that to the extent any Specified Representation is qualified by or subject to a “material adverse effect”, “material
adverse change” or similar term or qualification, the definition thereof shall be the definition of “Material Adverse
Effect” (as defined in the Merger Agreement) for purposes of the making or deemed making of such Specified Representation
on or as of the Closing Date (or any date prior thereto).

 

		3.	Prior to or substantially concurrently with the funding of the initial borrowings under the Term
Facility contemplated by the Commitment Letter, Merger Sub shall have received the Equity Contributions in accordance with their
terms.

 

		4.	Substantially concurrently with the funding of the initial borrowings under the Term Facility,
the Acquisition shall be consummated in accordance with the terms of the Agreement and Plan of Merger with respect to the Acquisition
(together with the exhibits and disclosure schedules thereto, the “Merger Agreement”), dated as of September
7, 2018, among Holdings, Buyer, Intermediate Holdings, Merger Sub, Industrea Merger Sub, the Target, and PGP Investors, LLC,
a Delaware limited liability company, solely in its capacity as the initial Holder Representative thereunder, but without giving
effect to any amendments, waivers or consents by Holdings or the Borrower that are materially adverse to the interests of the Initial
Lenders or the Lead Arrangers in their respective capacities as such without the consent of the Lead Arrangers, such consent not
to be unreasonably withheld, delayed or conditioned (it being understood that (a) any decrease in the purchase price shall not
be materially adverse to the interests of the Initial Lenders or the Lead Arrangers so long as such decrease is allocated (i) first,
to reduce the Equity Contributions and/or the Buyer Trust Funds (as determined by the Buyer) such that the Equity Contributions,
together with the Buyer Trust Funds and Rollover Equity, represents the Minimum Equity Contribution Percentage, and (ii) thereafter,
to reduce the Equity Contributions and Buyer’s Trust Funds (as determined by the Buyer) and the Term Facility on a pro rata,
dollar-for-dollar basis, (b) any increase in the purchase price shall not be materially adverse to the Initial Lenders or the Lead
Arrangers so long as such increase is funded by amounts permitted to be drawn under the Term Facility or the Equity Contributions
(without reducing the percentage otherwise required to be contributed pursuant to the definition thereof) and (c) any amendment
or modification of the definition of “Material Adverse Effect” (as defined in the Merger Agreement as in effect on
the date hereof) shall be deemed to be materially adverse to the interests of the Initial Lenders or the Lead Arrangers).

 

    	 	Conditions	 
	 	 	 
	 	Exhibit C – Page 1	 

     

    

 

		5.	The Refinancing shall have been consummated substantially concurrently with the initial borrowings
under the Term Facility.

 

		6.	The execution and delivery by the parties thereto of the definitive credit documentation in connection
with the ABL Facility consistent in all material respects with the terms set forth in the ABL Commitment Letter (as in effect on
the date hereof) shall have occurred, and the ABL Facility shall be effective.

 

		7.	Since the date of the Merger Agreement, there shall not have occurred a Material Adverse Effect
on the Target.

 

		8.	The Lead Arrangers shall have received (a) an audited consolidated balance sheet and audited consolidated
statements of income, stockholders’ equity and cash flows of the Target as of the end of and for the fiscal years ended on
or about October 31, 2015, October 31, 2016 and October 31, 2017 and each subsequent fiscal year ended at least 90 days prior to
the Closing Date, (b) unaudited consolidated balance sheets and related statements of income and cash flows of the Target for the
fiscal quarters ended on or about April 30, 2018 and each subsequent fiscal quarter ended at least 45 days prior to the Closing
Date (or, if such fiscal quarter is the last fiscal quarter of a fiscal year, 90 days prior to the Closing Date) and (c) a pro
forma consolidated balance sheet and related pro forma statement of income of Holdings as of the last day of and for the four fiscal
quarters ended on the last date for which financial statements pursuant to clause (b) were most recently required (the “Pro
Forma Financial Statements”), prepared after giving effect to the Transactions as if the Transactions had occurred as
of such date (in the case of such balance sheet) or at the beginning of such period (in the case of the statement of income). The
information described under clauses (a), (b) and (c) of this paragraph 8 shall be defined as the “Required
Financial Statements.”

 

		9.	Subject to the provisions of the Intercreditor Agreement, all documents and instruments necessary
to establish that the Agent will have perfected security interests (subject to liens permitted under the relevant Credit Documentation)
in the Collateral under the Term Facility shall have been executed (to the extent applicable) and delivered to the applicable Agent
and, if applicable, be in proper form for filing.

 

		10.	All (a) fees required to be paid on the Closing Date pursuant to the Fee Letter and (b) expenses
required to be paid on the Closing Date pursuant to the Commitment Letter (in the case of this clause (b), to the extent
invoiced at least 3 business days prior to the Closing Date or such later date to which the Borrower may agree), shall, in each
case, have been paid (which amounts may be offset against the proceeds of the Term Facility).

 

		11.	The Agents shall have received, at least 3 business days prior to the Closing Date, all documentation
and other information required by regulatory authorities with respect to the Loan Parties under applicable “know your customer”
and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act (including, without limitation,
the Beneficial Ownership Certification), that has been reasonably requested by any Initial Lender at least 10 business days in
advance of the Closing Date.

 

    	 	Conditions	 
	 	 	 
	 	Exhibit C – Page 2	 

     

    

 

		12.	The Lead Arrangers shall have been afforded a period (the “Marketing Period”)
of at least 15 consecutive Business Days (as defined in the Merger Agreement) (ending no later than the business day immediately
prior to the Closing Date) commencing upon delivery of the Required Bank Information (as defined below) to syndicate the Term Facility;
provided, that (a) (1) the Marketing Period shall not be deemed to have commenced if, prior to the completion of such fifteen
(15) consecutive Business Day period, (i) the Target’s independent accountants shall have withdrawn their audit opinion with
respect to any of the Required Financial Information, in which case, the Marketing Period shall not be eligible to commence (and,
for the avoidance of doubt, shall be deemed not to have commenced) unless and until a new audit opinion (without material qualifications),
prepared in accordance with the PCAOB, is issued with respect thereto by the Target’s independent accountants, or (ii) the
Target shall have announced any intention to restate any financial statements or financial information included in the Required
Financial Information, in which case the Marketing Period shall not be eligible to commence unless and until such restatement has
been completed and the relevant Required Financial Information has been amended or the Target has reasonably determined that no
restatement shall be required and (2) the delivery of additional financial statements (whether or not such additional financial
statements constitute Required Financial Statements) shall not cause the Marketing Period to restart once it has begun and once
the Marketing Period has commenced upon the delivery of the Required Bank information (as determined on the date of such delivery),
no such additional financial information shall be required to be delivered to satisfy completion of the Marketing Period, and (b)
(1) such Marketing Period shall not include November 21, 2018 or November 23, 2018 and (2) if the Marketing Period shall not have
been completed on or prior to December 21, 2018, then such Marketing Period shall not commence until January 7, 2019.

 

If the Borrower
shall in good faith reasonably believe that it has delivered the Required Bank Information, the Borrower may deliver to the Lead
Arrangers written notice to that effect (stating when the Borrower believes it completed any such delivery), in which case the
Borrower shall be deemed to have delivered such Required Bank Information on the date specified in such notice and the Marketing
Period shall be deemed to have commenced on the date specified in such notice, unless the Lead Arrangers in good faith reasonably
believe that the Borrower has not completed delivery of such Required Bank Information and, within two Business Days (as defined
in the Merger Agreement) after their receipt of such notice from the Borrower, the Lead Arrangers deliver a written notice to the
Borrower to that effect (stating with specificity what Required Bank Information the Borrower has not delivered) (provided
that, it is understood that the delivery of such written notice from the Lead Arrangers or the Borrower’s failure to deliver
a notice that the Borrower delivered the Required Bank Information, in each case, will not prejudice the Borrower’s right
to assert that the Required Bank Information has been delivered); provided further that in the event that it is determined that
the delivery of the Required Bank Information was complete on the date stated in the initial notice from the Borrower, the Marketing
Period shall continue to be deemed to have commenced on such date.

 

For purposes
of this paragraph 12, the term “Required Bank Information” shall mean (a) the Required Financial Statements
and (b) all other financial and business information regarding the Target and its subsidiaries and customarily delivered by a borrower
and necessary for the preparation of a customary confidential information memorandum for senior secured term loan financings of
this nature (it being understood and agreed that such information shall not include any information customarily provided by an
investment bank in the preparation of such a confidential information memorandum).

 

    	 	Conditions	 
	 	 	 
	 	Exhibit C – Page 3	 

     

    

 

Annex I to Exhibit C

 

FORM OF SOLVENCY CERTIFICATE

 

[●][●], 2018

 

This Solvency Certificate
is being executed and delivered pursuant to Section [●] of that certain [●]1, (the “Credit
Agreement”; the terms defined therein being used herein as therein defined).

 

I, [●],
the [Chief Financial Officer/equivalent officer] of Holdings, in such capacity and not in an individual capacity, hereby
certify as follows:

 

		1.	I am generally familiar with the businesses and assets of Holdings and its Subsidiaries, taken
as a whole, and am duly authorized to execute this Solvency Certificate on behalf of the [Borrower Representative] pursuant to
the Credit Agreement; and

 

		2.	As of the date hereof and after giving effect to the Transactions and the incurrence of the indebtedness
and obligations being incurred in connection with the Credit Agreement and the Transactions, that, (i) the sum of the debt
(including contingent liabilities) of Holdings and its Subsidiaries, taken as a whole, does not exceed the fair value of the assets
(on a going concern basis) of Holdings and its Subsidiaries, taken as a whole, (ii) the present fair saleable value of the
assets of Holdings and its Subsidiaries, taken as a whole, is not less than the amount that will be required the probable liabilities
(including contingent liabilities) of Holdings and its Subsidiaries, taken as a whole, on their debts as they become absolute and
matured, (iii) the capital of Holdings and its Subsidiaries, taken as a whole, is not unreasonably small in relation to the business
of Holdings and its Subsidiaries, taken as a whole, contemplated as of the date hereof; and (iv) Holdings and its Subsidiaries,
taken as a whole, do not intend to incur, or believe that they will incur, debts (including current obligations and contingent
liabilities) beyond their ability to pay such debt as they mature in the ordinary course of business. For the purposes hereof,
the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

[Remainder of page intentionally left
blank] 

 

 

1 Describe Credit Agreement. 

 

    	 	Conditions	 
	 	 	 
	 	Annex I to Exhibit C – Page 1	 

     

    

 

IN WITNESS WHEREOF, I
have executed this Solvency Certificate on the date first written above.

 

	 	By:	 

	 	Name:  [●]
	 	Title:  [Chief Financial Officer/equivalent officer]

 

    	 	Conditions	 
	 	 	 
	 	Annex I to Exhibit C – Page 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]