Document:

Exhibit

Exhibit 10.25
AMENDMENT TO LETTER AGREEMENT

This Amendment to Letter Agreement (the “Amendment”) is entered into by Mirati Therapeutics, Inc., a Delaware corporation (the “Company”), and Christopher LeMasters (“Employee”) and shall be effective as of December 19, 2016. 
The purpose of this Amendment is to provide Employee with certain severance benefits as described herein.  The severance benefits set forth in this Amendment replace and supersede the severance benefits set forth in that certain Letter Agreement entered into as of September 13, 2016 (the “Employment Agreement”) as further described in Section 7 below.
In consideration of the mutual covenants and promises contained herein, the continuing employment of Employee by the Company and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the Company and Employee, the Company and Employee agree as follows:
Section 1.    SEVERANCE BENEFITS.
(a)    Involuntary Termination.  If Employee’s Involuntary Termination occurs other than within the Change in Control Period, the Company shall pay to Employee the Accrued Amounts and in addition, Employee will be entitled to the benefits set forth in this Section 1(a), subject to Employee’s compliance with the conditions described in Section 2 below.
(i)    Cash Severance.  Employee will receive a lump sum cash payment equal to Employee’s Annual Base Salary for twelve (12) months (the “Severance Period”), which shall be paid to Employee on the first regular payroll date of the Company following the effective date of the Release, and in any event no later than March 15 of the year following the year in which the Involuntary Termination occurs.
(ii)    Accelerated Vesting.  The vesting and exercisability of all outstanding stock options and other stock awards covering the Company’s common stock that are held by Employee as of immediately prior to the Involuntary Termination, to the extent such awards are subject to time-based vesting requirements, shall be accelerated (and lapse, in the case of reacquisition or repurchase rights) as if Employee had completed additional months of service with the Company equal to the Severance Period as of the date of Involuntary Termination.
(iii)    Payment of Continued Group Health Plan Benefits.  If Employee is eligible for and timely elects continued group health plan coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) following Employee’s Involuntary Termination, the Company will pay Employee’s COBRA group health insurance premiums for Employee and Employee’s eligible dependents directly to the insurer until the earliest of (A) the close of the Severance Period following Involuntary Termination (the “COBRA Payment Period”), (B) the expiration of Employee’s eligibility for the continuation coverage under COBRA, or (C) the date when Employee becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment.  For purposes of this Section, references to 

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COBRA premiums shall not include any amounts payable by Employee under a Section 125 health care reimbursement plan under the Code.  Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then regardless of whether Employee elects continued health coverage under COBRA, and in lieu of providing the COBRA premiums, the Company will instead pay Employee on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), which payments shall continue until the earlier of expiration of the COBRA Payment Period or the date when Employee becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment.  On the first payroll date following the effectiveness of the Release, the Company will make the first payment under this clause (and, in the case of the Special Severance Payment, such payment will be to Employee, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments commenced on the date of Employee’s termination through the Release Deadline, with the balance of the payments paid thereafter on the schedule described above.  If Employee becomes eligible for coverage under another employer’s group health plan, Employee must immediately notify the Company of such event, and all payments and obligations under this Subsection shall cease.
(b)    Involuntary Termination in Connection with a Change in Control.  If Employee’s Involuntary Termination occurs during the Change in Control Period, then in lieu of any other benefits provided under this Amendment, Employee shall be entitled to the Accrued Amounts and to the benefits set forth in this Section 1(b), subject to Employee’s compliance with the conditions described in Section 2 below.
(i)    Cash Severance.  Employee will receive the cash severance set forth in Section 1(a)(i) above, plus Employee will also receive a lump sum cash amount equivalent to Employee’s target annual bonus for the year in which the Involuntary Termination occurs (calculated by reference to Employee’s Annual Base Salary), if any, which shall be paid to Employee on the first regular payroll date of the Company following the effective date of the Release, and in any event no later than March 15 of the year following the year in which the Involuntary Termination occurs.
(ii)    Full Accelerated Vesting.  Effective as of the later of Employee’s Involuntary Termination or the effective date of the Change in Control, the vesting and exercisability of all outstanding stock options and other stock awards covering the Company’s common stock that are held by Employee as of immediately prior to the Involuntary Termination shall be accelerated (and lapse, in the case of reacquisition or repurchase rights) in full.  For purposes of determining the number of shares that will vest pursuant to this Section 1(b)(ii) with respect to any stock option or equity award subject to performance-based vesting for which the performance period has not ended and that has multiple vesting levels depending upon the level of performance, the unvested portion of such award shall be calculated assuming that the applicable performance criteria would be attained at the greater of (1) a 100% level or (2) the actual level of achievement of the applicable performance criteria as of the later of the Change in Control or Involuntary Termination, as 

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applicable. Employee’s stock options and stock awards shall remain outstanding following Employee’s Involuntary Termination if and to the extent necessary to give effect to this Section 1(b)(ii).  For the avoidance of doubt, this vesting acceleration is conditioned upon the actual consummation of a Change in Control and in the event such Change in Control is not consummated, Employee shall receive the vesting acceleration benefits set forth in Section 1(a)(ii) above instead of the vesting acceleration benefits set forth in this Section 1(b)(ii).
(iii)    Payment of Continued Group Health Plan Benefits. Employee will receive the continued benefit payments described in Section 1(a)(iii) above.
For the avoidance of doubt, in no event shall Employee be entitled to benefits under both Section 1(a) and this Section 1(b).  If Employee is eligible for benefits under both Section 1(a) and this Section 1(b), Employee shall receive the benefits set forth in this Section 1(b) and such benefits shall be reduced by any benefits previously provided to Employee under Section 1(a).
Section 2.    CONDITIONS TO RECEIVING SEVERANCE.
Employee’s receipt of benefits described in this Amendment will be subject in all cases to:
(a)    Employee providing an executed waiver and release of claims in a form provided by the Company, which may be included by the Company in a separate separation agreement (the “Release”), within the applicable deadline set forth therein following Employee’s Involuntary Termination, and permitting the Release to become effective in accordance with its terms, which date may not be later than sixty (60) days following the date of Employee’s Involuntary Termination (such sixty (60) day deadline, the “Release Deadline”);  
(b)    Employee’s compliance with Employee’s continuing obligations to the Company under this Amendment, the Employment Agreement and the Company’s Proprietary Information and Invention Assignment Agreement (the “PIIA”); and
(c)    Employee’s resignation from all offices, directorships and trusteeships then held by Employee at the Company or any affiliate of the Company, with such resignation to be effective upon Employee’s date of Involuntary Termination, unless otherwise requested by the Company. 
Section 3.    DEFINITIONS.
The terms used in this Amendment shall have the following meanings:
(a)    “Accrued Amounts” means the base salary earned but unpaid, any unreimbursed business expenses payable to Employee and any accrued but unused personal time off or vacation benefits and any other payments or benefits otherwise earned and payable to Employee or otherwise as required by law to be paid or provided through the date of Employee’s Involuntary Termination.

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(b)    “Annual Base Salary” means Employee’s annual base salary in effect immediately prior to Employee’s Involuntary Termination, ignoring any decrease that forms the basis for Employee’s resignation for Good Reason, if applicable.  
(c)    “Cause” has the following meaning with respect to Employee:
(i)    any material breach by Employee of Employee’s obligations under this Amendment, the Employment Agreement, your PIIA, or any code of ethics or business conduct policy adopted by the Company from time to time, or of any other material contract with the Company or statutory duty owed to the Company; 
(ii)    Employee’s neglect or failure to conscientiously and diligently carry out Employee’s functions and/or duties after Employee has received a written demand of performance from the Company which specifically set forth the factual basis for the Company’s belief that Employee has not substantially performed Employee’s functions and has failed to cure such non-performance to the Company’s satisfaction within ten (10) business days after receiving such notice; 
(iii)    Employee’s commission of any act that is reasonably likely to lead to a conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude under the laws of the United States or of any jurisdiction applicable to Employee; or 
(iv)    Employee’s attempted commission of, or participation (whether by affirmative act or omission) in, a fraud or act of dishonesty against the Company.
(d)    “Change in Control” has the meaning ascribed to such term in the Plan.
(e)    “Change in Control Period” means the three (3) months prior to and the twenty four (24) months following a Change in Control.
(f)    “Code” means the U.S. Internal Revenue Code of 1986 (as it has been and may be amended from time to time) and any regulations and guidance that has been promulgated or may be promulgated from time to time thereunder and any state law of similar effect.
(g)    “Good Reason” for Employee to terminate Employee’s employment with the Company means the occurrence of any of the following events without Employee’s express written consent; provided, however, that any resignation by Employee due to any of the following conditions shall only be deemed for Good Reason if: (1) Employee gives the Company written notice of the intent to terminate for Good Reason within sixty (60) days following the first occurrence of the particular condition or conditions that Employee believes constitutes Good Reason, which notice shall describe such condition(s); provided, however, that failure to provide such notice shall not operate as a waiver of Employee’s right to resign employment for Good Reason based on the occurrence of a different condition or subsequent occurrence of the same condition; (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”) of such condition(s) from Employee; and (3) Employee actually resigns employment 

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from all positions Employee then holds with the Company within the first thirty (30) days after expiration of the Cure Period: 
(i)    any change in the duties, responsibilities, authority or status of Employee that constitutes a material reduction in Employee’s duties, responsibilities, or authority immediately prior to such change; for the avoidance of doubt, a change in reporting relationships shall not be deemed a “material reduction” in and of itself unless it also results in a material reduction of Employee’s duties, responsibilities or authority; 
(ii)    a material reduction of Employee’s base salary as in effect immediately prior to such reduction, which the parties agree is a reduction of at least five percent (5%) of Employee’s base salary;  notwithstanding the foregoing, such a material reduction of Employee’s base salary shall not constitute “Good Reason” if such material reduction was made under a salary reduction program occurring at least three (3) months prior to a Change in Control that is applicable generally to the Company’s similarly situated leadership team members; 
(iii)    any relocation of Employee’s principal place of employment to a place that increases Employee’s one-way commute by more than thirty-five (35) miles as compared to Employee’s then-current principal place of employment immediately prior to such relocation, provided Employee has not acquiesced or agreed to such relocation and excluding required travel for Company business; or 
(iv)    any action or inaction that constitutes a material breach by the Company of this Amendment or of a material term of the Employment Agreement. 
(h)    “Involuntary Termination” means a termination of Employee’s employment with the Company by either (i) the Company without Cause (and other than as a result of Employee’s death or disability) or (ii)  Employee’s resignation for Good Reason, and provided in either case such termination constitutes a Separation from Service.
(i)    “Plan” shall mean the Company’s 2013 Equity Incentive Plan as amended from time to time and any successor plan thereto.
(j)    “Separation from Service” means a “separation from service”, as defined under Treasury Regulation Section 1.409A-1(h).
Section 4.    WITHHOLDING.  
All payments under this Amendment will be subject to applicable withholding for federal, state and local taxes.  If Employee is indebted to the Company as of Employee’s Involuntary Termination, the Company reserves the right to offset any severance benefits by the amount of such indebtedness, to the extent permissible under applicable law. 
Section 5.    SECTION 409A. 
It is intended that all of the benefits and other payments payable under this Amendment satisfy, to the greatest extent possible, an exemption from the application of Section 409A of the 

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Code and any state law of similar effect (“Section 409A”), and this Amendment will be construed to the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this Amendment (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and any ambiguities herein shall be interpreted accordingly.  Specifically, the benefits under this Amendment are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9) and each installment of severance benefits, if any, is a separate “payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i).  However, if such exemptions are not available and Employee is, upon Separation from Service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the severance benefits shall be delayed until the earlier of (i) six (6) months and one day after Employee’s Separation from Service, or (ii) Employee’s death. Severance benefits shall not commence until Employee has a Separation from Service.  If the severance benefits are not covered by one or more exemptions from the application of Section 409A and the Release could become effective in the calendar year following the calendar year in which Employee’s Separation from Service occurs, the Release will not be deemed effective, for purposes of payment of severance, until the Release Deadline.  Except to the minimum extent that payments must be delayed because Employee is a “specified employee” or until the effectiveness of the Release, all severance amounts will be paid as soon as practicable in accordance with this Amendment and the Company’s normal payroll practices. 
Section 6.    SECTION 280G.  
If any payment or benefit Employee will or may receive from the Company or otherwise (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment pursuant to this Amendment or otherwise (a “Payment”) shall be equal to the Reduced Amount.  The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Employee’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.  If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for Employee.  If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).
Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows:  (A) as a first priority, the modification shall preserve 

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to the greatest extent possible, the greatest  economic benefit for Employee as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A.
Unless Employee and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the change in control transaction triggering the Payment shall perform the foregoing calculations.  If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the change in control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.  The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting documentation, to Employee and the Company within fifteen (15) calendar days after the date on which Employee’s right to a 280G Payment becomes reasonably likely to occur (if requested at that time by Employee or the Company) or such other reasonable time as requested by Employee or the Company.
If Employee receives a Payment for which the Reduced Amount was determined pursuant to clause (x) of the first paragraph of this Section 6 and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Employee shall promptly return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph of this Section 6 so that no portion of the remaining Payment is subject to the Excise Tax.  For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) in the first paragraph of this Section 6, Employee shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.
Section 7.    ENTIRE AGREEMENT.  
This Amendment constitutes the entire agreement between Employee and the Company (and its affiliates) with respect to the subject matter herein and supersedes any severance or change in control benefits provided under any employment agreement, offer letter and understanding between Employee and the Company (and its affiliates), whether written or oral, relating to the subject matter of this Amendment, including but not limited to the Employment Agreement and any severance or change in control benefit plan, policy or practice maintained by the Company (or an affiliate thereof) that may be applicable to Employee.  By entering into this Amendment, the Company and Employee agree that the terms and conditions set forth in this Amendment will not be construed as constituting an event or circumstance that will trigger Employee’s right to severance or change in control benefits under the Employment Agreement or any other individual agreement with the Company (or an affiliate thereof) or constitute justifiable grounds for Employee to terminate employment for Good Reason pursuant to this Amendment.  By entering into this Amendment and agreeing to the terms and conditions set forth herein, Employee hereby waives any and all rights 

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(if any) Employee may have under the Employment Agreement or otherwise to severance benefits or change in control benefits and acknowledges that this Amendment replaces and supersedes any severance benefits or change in control benefits contained in the Employment Agreement or other agreement or understanding with the Company (or an affiliate thereof).
Section 8.    AMENDMENTS.  
This Amendment may be amended or modified only by a written instrument executed by both the Company and Employee.
Section 9.    CHOICE OF LAW.  
The validity, interpretation, construction and performance of this Amendment shall be governed by the laws of the State of California without reference to conflict of laws provisions, and the parties hereto submit to the exclusive jurisdiction of the state and federal courts of the State of California.
Section 10.    SUCCESSORS AND ASSIGNS.  
Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Amendment and agree expressly to perform the obligations under this Amendment in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.  For all purposes under this Amendment, the term “Company” shall include any successor to the Company described in the foregoing sentence or any other successor who becomes bound by this Amendment by operation of law.  Employee may not assign the benefits under this Amendment without the written consent of the Company.  The terms of this Amendment and all of Employee’s rights hereunder and thereunder shall inure to the benefit of, and be enforceable by, Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.  
Section 11.    AT-WILL EMPLOYMENT; NO EMPLOYMENT RIGHTS.  
Employee acknowledges, affirms and agrees that Employee’s employment with the Company is “at-will,” and may be terminated at any time and for any reason whatsoever by Employee or the Company, with or without Cause and with or without advance notice.  This “at-will” employment relationship cannot be changed except in a writing signed by Employee and by an authorized officer of the Company (other than Employee) or member of the Company’s Board of Directors (or authorized committee thereof).
Section 12.    WAIVER.  
No provision of this Amendment shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Employee and by an authorized officer of the Company (other than Employee) or member of the Company’s Board of Directors (or authorized committee thereof).   No waiver by either party of any breach of, or of compliance with, any condition or provision of this Amendment by the other party shall be 

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considered a waiver of any other condition or provision or of the same condition or provision at another time.
Section 13.    SEVERABILITY.  
If any term or provision of this Amendment or the application thereof to any circumstance shall, in any jurisdiction and to any extent, be invalid or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining terms and provisions of this Amendment or the application of such terms and provisions to circumstances other than those as to which it is held invalid or unenforceable, and a suitable and equitable term or provision shall be substituted therefor to carry out, insofar as may be valid and enforceable, the intent and purpose of the invalid or unenforceable term or provision.
Section 14.    CAPTIONS.  
The captions of the sections of this Amendment are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Amendment.
Section 15.    COUNTERPARTS.  
This Amendment may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, Employee and the Company have executed this Amendment as of the day and year set forth above.
	
		
	MIRATI THERAPEUTICS, INC.

	 
	 

	By:
	/s/ Charles M. Baum

	Name: 
	Charles M. Baum 

	Title: 
	President and Chief Executive Officer

	 
	 

	 
	 

	/s/ Christopher LeMasters

	CHRISTOPHER LEMASTERS

	 
	 

	 
	 

9Exhibit 10.1

 

FIFTEENTH AMENDMENT TO CREDIT AGREEMENT AND NINTH AMENDMENT TO LIMITED WAIVER AGREEMENT

 

THIS FIFTEENTH AMENDMENT TO CREDIT AGREEMENT AND NINTH AMENDMENT TO LIMITED WAIVER AGREEMENT (this “Amendment”), dated as of March 3, 2017, is among GLOBAL POWER EQUIPMENT GROUP INC., a Delaware corporation (the “Borrower”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders (the “Administrative Agent”), the LENDERS (as defined in the Credit Agreement defined below) signing this Amendment, and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Swingline Lender and in its capacity as Issuing Lender.

 

RECITALS

 

A.                                    The Borrower, the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender are parties to that certain Credit Agreement, dated as of February 21, 2012, as amended by that certain First Amendment to Credit Agreement and First Amendment to Security Agreement, dated as of April 25, 2012, that certain Second Amendment to Credit Agreement, dated as of July 19, 2012, that certain Third Amendment and Limited Waiver to Credit Agreement and Second Amendment to Security Agreement, dated as of March 4, 2013, but effective as of December 7, 2012, that certain Lender Joinder Agreement, effective as of December 17, 2013, that certain Fourth Amendment and Limited Waiver to Credit Agreement, dated as of December 22, 2014, that certain Fifth Amendment and Limited Waiver to Credit Agreement, dated as of May 28, 2015, that certain Limited Waiver and Sixth Amendment to Credit Agreement, dated as of June 30, 2015, that certain Limited Waiver and Seventh Amendment to Credit Agreement and Amendment to Other Loan Documents, dated as of August 31, 2015 (the “Original Limited Waiver Agreement”), that certain First Amendment to Limited Waiver and Seventh Amendment to Credit Agreement and Amendment to Other Loan Documents, dated as of December 11, 2015 (the “First Limited Waiver Amendment”), that certain Second Amendment to Limited Waiver and Seventh Amendment to Credit Agreement and Amendment to Other Loan Documents, dated as of March 25, 2016 (the “Second Limited Waiver Amendment”), that certain Third Amendment to Limited Waiver and Seventh Amendment to Credit Agreement and Amendment to Other Loan Documents, dated as of July 22, 2016 (the “Third Limited Waiver Amendment”), that certain Eighth Amendment to Credit Agreement dated as of August 5, 2016 (the “Eighth Amendment”), that certain Ninth Amendment to Credit Agreement and Fourth Amendment to Limited Waiver Agreement dated as of October 4, 2016 (the “Ninth Amendment”), that certain Tenth Amendment to Credit Agreement and Fifth Amendment to Limited Waiver Agreement dated as of October 28, 2016 (the “Tenth Amendment”), that certain Eleventh Amendment to Credit Agreement and Sixth Amendment to Limited Waiver Agreement dated as of November 30, 2016 (the “Eleventh Amendment”), that certain Twelfth Amendment to Credit Agreement dated as of December 23, 2016 (the “Twelfth Amendment”), that certain Thirteenth Amendment to Credit Agreement and Seventh Amendment to Limited Waiver Agreement dated as of January 30, 2017 (the “Thirteenth Amendment”), and that certain Fourteenth Amendment to Credit Agreement and Seventh Amendment to Limited Waiver Agreement dated as of February 21, 2017 (the “Fourteenth Amendment”) (such Credit Agreement, as so amended, the “Credit Agreement”; and the Original Limited Waiver Agreement, as amended by the First Limited Waiver Amendment, the Second Limited Waiver Amendment, the Third Limited Waiver Amendment, the Eighth Amendment, the Ninth Amendment, the Tenth Amendment, the Eleventh Amendment, the Thirteenth Amendment and the Fourteenth Amendment, the “Limited Waiver Agreement”).

 

B.                                    The Borrower has requested that the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender agree to amend certain of the provisions of the Credit Agreement and Limited Waiver Agreement pursuant to the terms and conditions of this Amendment.

 

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C.                                    The Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender are willing to agree to such request of the Borrower subject to the terms and conditions of this Amendment.

 

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

 

1.                                      DEFINITIONS.  All capitalized terms used in this Amendment (including in the Recitals to this Amendment) which are not expressly defined in this Amendment shall have the meanings given to them in the Credit Agreement.

 

2.                                      AMENDMENTS TO SECTION 1.1 OF THE CREDIT AGREEMENT. Section 1.1 of the Credit Agreement is hereby amended by adding or amending, as applicable, the following definitions, in each case to read as follows:

 

“Designated Letter of Credit” means the Letter of Credit #IS0423488U issued by the Issuing Lender on May 16, 2016 for the account of Williams Industrial Services, LLC in the face amount of $3,033,330.40, as amended and extended from time to time.

 

“Revolving Credit Maturity Date” means the earliest to occur of (a) May 15, 2017 (b) the date of termination of the entire Revolving Credit Commitment by the Borrower pursuant to Section 2.5, or (c) the date of termination of the Revolving Credit Commitment pursuant to Section 9.2(a).

 

3.                                      AMENDMENT TO SECTION 3.1(a) OF THE CREDIT AGREEMENT.  Section 3.1(a) of the Credit Agreement is hereby amended by adding the following new sentence at the end thereof, to read as follows:

 

The issuance of any Letter of Credit with a face amount of $250,000 or more shall be subject to the prior approval of the Lenders (subject to Section 3.1(b) below), and the Issuing Lender shall have no obligation to issue a Letter of Credit with a face amount of $250,000 or more unless the Issuing Lender has received satisfactory evidence of such prior approval in form and substance acceptable to the Issuing Lender in its sole discretion.

 

4.                                      AMENDMENT TO SECTION 7.1(f) OF THE CREDIT AGREEMENT.  Section 7.1(f) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

(f)                                   Cash Flow Forecast.  On or before 11:00 pm (Central daylight or standard time, as applicable) on Thursday of each week, a rolling 13-week U.S. cash flow forecast, in the format attached hereto as Exhibit I or otherwise in form and detail acceptable to the Administrative Agent (each such forecast submitted to and approved by the Administrative Agent, an “Accepted Cash Flow Forecast”), containing the Borrower’s best estimate of all foreseeable, reasonable and necessary costs and expenses which may be incurred or otherwise are required to be paid by Borrower or any Subsidiary during the period covered by the Accepted Cash Flow Budget, and which shall include, without limitation, actual weekly collections and proceeds of Collateral received by the Borrower or any other Credit Party, weekly and cumulative net cash flow, forecasted U.S. cash receipts and disbursements for the next succeeding 13-week period, a forecast-to-actual comparison for the week just ended, a detailed schedule of disbursements and a reconciliation of variances from the Accepted Cash Flow Forecast provided in the prior week,

 

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together with a line item stating the amount of cash and Cash Equivalents of the Foreign Subsidiaries as at the end of such previous week.

 

5.                                      AMENDMENT TO SECTION 7.1(g) OF THE CREDIT AGREEMENT.  Section 7.1(g) of the Credit Agreement is hereby amended by replacing the date “March 3, 2017” contained therein with the date “March 20, 2017”.

 

6.                                      AMENDMENT TO SECTION 7.15 OF THE CREDIT AGREEMENT.  Section 7.15 of the Credit Agreement is hereby amended by adding the following new sentence at the end thereof, to read as follows:

 

The Borrower will not use the proceeds of any Extension of Credit to make any disbursement if the aggregate amount of all actual disbursements for the week in which such disbursement is scheduled to be made will exceed the aggregate amount of all disbursements identified for such week in the most recent Accepted Cash Flow Forecast by more than 15%. Notwithstanding any other provision of this Agreement, an Event of Default will occur if actual disbursements by the Borrower in any week exceed the aggregate amount of all disbursements identified for such week in the most recent Accepted Cash Flow Forecast by more than 15%.

 

7.                                      AMENDMENT TO SECTION 7.20 OF THE CREDIT AGREEMENT.  Section 7.20 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

Section 7.20                             Cash Collateralization of Extended Letters of Credit.  The Borrower shall provide Cash Collateral (in an amount equal to 105% of the maximum Dollar Amount of each Extended Letter of Credit, calculated in accordance with Section 1.10 (the “Minimum Collateral Amount”)) to the Issuing Lender (a) with respect to each Extended Letter of Credit (other than the Designated Letter of Credit) no later than thirty (30) days prior to the Revolving Credit Maturity Date and (b) with respect to the Designated Letter of Credit, no later than the Revolving Credit Maturity Date; provided that if the Borrower fails to provide Cash Collateral with respect to any such Extended Letter of Credit by the applicable time, such event shall be treated as a drawing under each such Extended Letter of Credit (in an amount equal to 105% of the maximum Dollar Amount of each such Extended Letter of Credit, calculated in accordance with Section 1.10), which shall be reimbursed (or participations funded therein) in accordance with Sections 3.4 and 3.5, with the proceeds being used to provide Cash Collateral for such Extended Letter of Credit.  If at any time the Issuing Lender determines that the Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Issuing Lender, pay or provide to the Issuing Lender additional Cash Collateral in an amount sufficient to eliminate such deficiency.  All Cash Collateral shall be maintained in blocked accounts with the Issuing Lender. The Borrower shall pay on demand therefor all customary account opening, activity and other administrative fees and charges in connection with the maintenance of the Cash Collateral.

 

8.                                      AMENDMENTS TO LIMITED WAIVER AGREEMENT. Effective as of the Effective Date, the Limited Waiver Agreement is hereby amended as set forth in the marked terms on Exhibit A-1 attached hereto (the “Amended Limited Waiver Agreement”); provided, however, that the parties agree that Section 6 of the Limited Waiver Agreement (Amendments to Credit Agreement) is not amended in any manner, but such Section 6 is omitted from such Exhibit A-1 and replaced with an explanatory note solely for the purpose of avoiding confusion regarding those amendments to the Credit Agreement which are presently effective. To the extent that any amendments to the Credit Agreement were duly agreed after August 31, 2015, such amendments to the Credit Agreement remain in full force and effect. In Exhibit A-1 hereto, deletions of text in the Amended Limited Waiver Agreement are indicated by struck-through text, and insertions of text are indicated by bold, double-underlined text. Exhibit A-2 attached 

 

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hereto sets forth a clean copy of the Amended Limited Waiver Agreement, after giving effect to such amendments.

 

9.                                      CASH COLLATERAL RELATED TO DESIGNATED LETTER OF CREDIT. The Borrower and the Lenders hereby acknowledge and agree that, so long as no Waiver Termination Event (as defined in the Limited Waiver Agreement) has occurred and so long as the Borrower has timely delivered each of the items required pursuant to paragraph 7 of Schedule A to the Limited Waiver Agreement, the Cash Collateral previously provided by the Borrower with respect to the Designated Letter of Credit (the “Designated L/C Cash Collateral”) will be released from time to time by the Administrative Agent to the Borrower’s operating account for use by the Borrower as permitted by the Credit Agreement and the other Loan Documents (including, without limitation, Section 7.15 of the Credit Agreement) as follows:

 

(a)                                 $1,700,000 of the Designated L/C Cash Collateral will be released on March 13, 2017;

 

(b)                                 $1,000,000 of the Designated L/C Cash Collateral will be released on March 20, 2017; and

 

(c)                                  the remaining balance of the Designated L/C Cash Collateral will be released on April 10, 2017.

 

10.                               ACKNOWLEDGMENTS OF THE BORROWER.  The Borrower hereby acknowledges and agrees as follows:

 

(a)                                 Recitals.  The Recitals to this Amendment are true and correct.

 

(b)                                 Loan Documents.  The Credit Agreement, as amended by this Amendment, the Limited Waiver Agreement, as amended by this Amendment, and each of the other Loan Documents are the legal, valid and binding agreements of each Credit Party which is a party thereto, enforceable against such Credit Party in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditor’s rights in general and the availability of equitable remedies, regardless of whether considered in a proceeding in equity or at law.

 

(c)                                  Obligations.  As of the date hereof, the Obligations of the Credit Parties under the Loan Documents are not subject to any restriction, setoff, deduction, claim, counterclaim or defense of any kind or character whatsoever.

 

(d)                                 Outstanding Principal in respect of the Revolving Credit Loans and the L/C Obligations.  The outstanding principal balance of the Revolving Credit Loans and the L/C Obligations as of March 2, 2017 are as set forth on Schedule 4(d) attached to this Amendment and made a part of this Amendment.

 

11.                               REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT.  By its execution and delivery of this Amendment, the Borrower represents and warrants that, as of the date hereof:

 

(a)                                 other than the representations and warranties with respect to the previously delivered financial statements for Fiscal Year 2012, Fiscal Year 2013, Fiscal Year 2014 and Fiscal Year 2015, the representations and warranties contained in the Credit Agreement and the other Loan 

 

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

 

(b)                                 no event has occurred and is continuing which constitutes a Default or an Event of Default except for the Known Existing Events of Default (as defined in the Limited Waiver Agreement) and the Anticipated Events of Default (as defined in the Limited Waiver Agreement) and no event has occurred and is continuing which constitutes a Waiver Termination Event (as defined in the Limited Waiver Agreement) except for the Known Existing Waiver Termination Events (as defined in the Limited Waiver Agreement);

 

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

 

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

 

(e)                                  no authorization, approval, consent, or other action by, notice to, or filing with, any governmental authority or other Person not already obtained (including the Board of Directors (or other similar governing body) of the Borrower and of each other Credit Party) is required for the execution, delivery or performance of this Amendment by the Borrower and the other Credit Parties.

 

12.                               AMENDMENT FEE.  The Borrower shall pay to the Administrative Agent, for the ratable benefit of each Lender, an amendment fee equal to $1,000,000 (the “March 2017 Amendment Fee”), which March 2017 Amendment Fee shall be fully earned as of the date hereof and non-refundable and which will be payable upon the earlier of (i) the Revolving Credit Maturity Date and (ii) the date on which all Obligations are indefeasibly and irrevocably paid and satisfied in full and the Revolving Credit Facility and the Revolving Credit Commitments have terminated. The Borrower hereby agrees that the Amendment Fee (as defined in the Fourteenth Amendment), which was fully earned as of the date of the Fourteenth Amendment, will be paid in full to the Administrative Agent, for the ratable benefit of each Lender, on or before the date of this Amendment.

 

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13.                               CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT.  This Amendment shall be effective upon satisfaction of each of the following conditions precedent to the satisfaction of the Administrative Agent (such date, the “Effective Date”):

 

(a)                                 the Administrative Agent shall have received counterparts of this Amendment, duly executed by the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender;

 

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

 

(c)                                  the Administrative Agent shall have received from the Borrower, in immediately available funds, the Amendment Fee (as defined in the Fourteenth Amendment);

 

(d)                                 the Administrative Agent shall have received from the Borrower the payment of all costs and fees of the Administrative Agent which are unpaid and invoiced prior to the date of this Amendment, including those costs and fees related to travel costs and expenses, appraisals of real estate, appraisals of machinery and equipment, environmental reports, title insurance, legal fees and expenses and other out-of-pocket expenses; and

 

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

 

14.                               REFERENCES.

 

(a)                                 Each reference in the Credit Agreement to “this Agreement” or words of like import and each reference in any other Loan Document to the “Credit Agreement” or words of like import shall mean and be a reference to the Credit Agreement, as amended by this Amendment.  Each reference in the Limited Waiver Agreement to “this Agreement” or words of like import and each reference in any other Loan Document to the “Limited Waiver Agreement” or words of like import shall mean and be a reference to the Limited Waiver Agreement, as amended by this Amendment.

 

(b)                                 The Credit Agreement, as amended by this Amendment, the Limited Waiver Agreement, as amended by this Amendment, and the other Loan Documents remain in full force and effect and are hereby ratified and confirmed.

 

15.                               RELEASE.  As a material part of the consideration for the Administrative Agent, the Required Lenders, the Swingline Lender and the Issuing Lender entering into this Amendment, the Borrower and each Subsidiary Guarantor (collectively, the “Releasors”) agree as follows (the “Release Provision”):

 

(a)                                 The Releasors, jointly and severally, hereby release and forever discharge the Administrative Agent, the Swingline Lender, the Issuing Lender, each Lender and the Administrative Agent’s, the Swingline Lender’s, Issuing Lender’s and each Lender’s predecessors, successors, assigns, officers, managers, directors, shareholders, employees, agents, attorneys and other professionals, representatives, parent corporations, subsidiaries, and affiliates (hereinafter all of the above collectively referred to as the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions, and causes of action of any nature whatsoever and whether arising at law or in equity, presently possessed, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, presently accrued, whether absolute or 

 

6

 

contingent, foreseen or unforeseen, and whether or not heretofore asserted arising out of, arising under or related to the Loan Documents (collectively, the “Claims”), that Releasors may have or allege to have against any or all of the Lender Group and that arise from events occurring before the date hereof.

 

(b)                                 The Releasors agree not to sue any of the Lender Group nor in any way assist any other person or entity in suing the Lender Group with respect to any of the Claims released herein.  The Release Provision may be pleaded as a full and complete defense to, and may be used as the basis for an injunction against, any action, suit, or other proceeding which may be instituted, prosecuted, or attempted in breach of the release contained herein.

 

(c)                                  The Releasors acknowledge, warrant, and represent to Lender Group that:

 

(i)                                    The Releasors have read and understand the effect of the Release Provision.  The Releasors have had the assistance of independent counsel of their own choice, or have had the opportunity to retain such independent counsel, in reviewing, discussing, and considering all the terms of the Release Provision; and if counsel was retained, counsel for Releasors has read and considered the Release Provision and advised Releasors with respect to the same.  Before execution of this Amendment, the Releasors have had adequate opportunity to make whatever investigation or inquiry they may deem necessary or desirable in connection with the subject matter of the Release Provision.

 

(ii)                                The Releasors are not acting in reliance on any representation, understanding, or agreement not expressly set forth herein.  The Releasors acknowledge that Lender Group has not made any representation with respect to the Release Provision except as expressly set forth herein.

 

(iii)                            The Releasors have executed this Amendment and the Release Provision thereof as a free and voluntary act, without any duress, coercion, or undue influence exerted by or on behalf of any person or entity.

 

(iv)                             The Releasors are the sole owners of the Claims released by the Release Provision, and the Releasors have not heretofore conveyed or assigned any interest in any such Claims to any other person or entity.

 

(d)                                 The Releasors understand that the Release Provision was a material consideration in the agreement of the Administrative Agent, Swingline Lender, Issuing Lender and each Lender to enter into this Amendment.

 

(e)                                  It is the express intent of the Releasors that the release and discharge set forth in the Release Provision be construed as broadly as possible in favor of Lender Group so as to foreclose forever the assertion by the Releasors of any Claims released hereby against Lender Group.

 

(f)                                   If any term, provision, covenant, or condition of the Release Provision is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable, the remainder of the provisions shall remain in full force and effect.

 

(g)                                 The Releasors acknowledge that they may hereafter discover facts in addition to or different from those that they now know or believe with respect to the Claims released herein, but the Releasors expressly shall have and intend to fully, finally and forever have 

 

7

 

released and discharged any and all such Claims.  The Releasors expressly waive any provision of statutory or decisional law to the effect that a general release does not extend to Claims that the releasing party does not know or suspect to exist in such party’s favor at the time of executing the release.

 

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

 

17.                               SUBSIDIARY GUARANTORS’ ACKNOWLEDGMENT AND AGREEMENT.  By signing below, each Subsidiary Guarantor (a) acknowledges, consents and agrees to this Amendment, (b) acknowledges and agrees to any amendment to its obligations in respect of the Subsidiary Guaranty Agreement made pursuant to this Amendment, (c) acknowledges and agrees that its obligations in respect of the Subsidiary Guaranty Agreement and the Security Agreement are not released, diminished, waived, modified, impaired or affected in any manner by this Amendment or any of the provisions contemplated herein, (d) ratifies and confirms its obligations under the Subsidiary Guaranty Agreement and the Security Agreement, and (e) acknowledges and agrees that it has no claims or offsets against, or defenses or counterclaims to, the Subsidiary Guaranty Agreement, the Security Agreement or any other Loan Documents or Obligations.

 

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

 

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

 

20.                               WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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

 

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

 

REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

 

9

 

 

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

 

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GLOBAL POWER EQUIPMENT   GROUP INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Holmes
    
	
 
    	
Name:
    	
Craig   Holmes
    
	
 
    	
Title:
    	
SVP   Finance
    

 

Signature Page to Fifteenth Amendment to Credit Agreement and Ninth Amendment to Limited Waiver Agreement

 

 

	
 
    	
ADMINISTRATIVE AGENT AND   LENDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION, as Administrative Agent, Swingline Lender, the Issuing   Lender and Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kristine B. Netjes
    
	
 
    	
Name:
    	
Kristine   B. Netjes
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Fifteenth Amendment to Credit Agreement and Ninth Amendment to Limited Waiver Agreement

 

 

	
 
    	
U.S. BANK NATIONAL   ASSOCIATION,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David C. Heyson
    
	
 
    	
Name:
    	
David   C. Heyson
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Fifteenth Amendment to Credit Agreement and Ninth Amendment to Limited Waiver Agreement

 

 

	
 
    	
BRANCH BANKING AND   TRUST COMPANY,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mitch Turknett
    
	
 
    	
Name:
    	
Mitch   Turknett
    
	
 
    	
Title:
    	
SVP
    

 

Signature Page to Fifteenth Amendment to Credit Agreement and Ninth Amendment to Limited Waiver Agreement

 

 

	
 
    	
JPMORGAN CHASE BANK,   N.A.,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph T. Nash
    
	
 
    	
Name:
    	
Joseph   T. Nash
    
	
 
    	
Title:
    	
Senior   Underwriter
    

 

Signature Page to Fifteenth Amendment to Credit Agreement and Ninth Amendment to Limited Waiver Agreement

 

 

	
 
    	
ACKNOWLEDGED AND AGREED TO:
    
	
 
    	
 
    
	
 
    	
AS SUBSIDIARY GUARANTORS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WILLIAMS INDUSTRIAL   SERVICES GROUP,
    
	
 
    	
L.L.C.
    
	
 
    	
BRADEN MANUFACTURING,   L.L.C.
    
	
 
    	
WILLIAMS INDUSTRIAL   SERVICES, LLC
    
	
 
    	
WILLIAMS SPECIALTY   SERVICES, LLC
    
	
 
    	
WILLIAMS PLANT   SERVICES, LLC
    
	
 
    	
CONSTRUCTION &   MAINTENANCE
    
	
 
    	
PROFESSIONALS,   LLC
    
	
 
    	
WILLIAMS GLOBAL   SERVICES, INC.
    
	
 
    	
KOONTZ-WAGNER CUSTOM   CONTROLS
    
	
 
    	
HOLDINGS   LLC
    
	
 
    	
GPEG, LLC
    
	
 
    	
GLOBAL POWER TECHNICAL   SERVICES, INC.
    
	
 
    	
BRADEN HOLDINGS, LLC
    
	
 
    	
GLOBAL POWER PROFESSIONAL   SERVICES INC.
    
	
 
    	
BRADEN CONSTRUCTION   SERVICES, INC.
    
	
 
    	
STEAM ENTERPRISES LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Erin Gonzalez
    
	
 
    	
Name:
    	
Erin   Gonzalez
    
	
 
    	
Title:
    	
VP   and Treasurer
    

 

Signature Page to Fifteenth Amendment to Credit Agreement and Ninth Amendment to Limited Waiver Agreement

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