Document:

EX-10.29

 Exhibit 10.29 
 THIRD AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT 
 AND SECOND AMENDMENT TO
SECURITY AGREEMENT 
 THIS THIRD AMENDMENT AND LIMITED WAIVER TO CREDIT AGREEMENT AND SECOND AMENDMENT TO SECURITY AGREEMENT
(this “Third Amendment”), dated as of March 4, 2013, but effective as of December 7, 2012, is among GLOBAL POWER EQUIPMENT GROUP INC., a Delaware corporation (the “Borrower”), each of the GRANTORS (as
defined in the Security Agreement), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders, Swingline Lender and Issuing Lender (the “Administrative Agent”) and as Secured Creditor (as defined in the
Security Agreement), and the LENDERS (as defined in the Credit Agreement defined below), signing this Third Amendment. 

BACKGROUND 
 A. The Borrower, the Lenders and the Administrative Agent 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 and that certain Second Amendment to Credit Agreement dated as of July 19, 2012 (as amended, the “Credit Agreement”) The terms defined in the Credit
Agreement and not otherwise defined herein shall be used herein as defined in the Credit Agreement. 
 B. The Borrower has
informed the Administrative Agent that it has consummated an internal re-structuring for treasury purposes (the “Restructuring”) that resulted in the creation of two new subsidiaries: GPEG C.V., a Netherlands limited partnership
(“GPEG C.V.”) and GPEG, LLC, a Delaware limited liability company (“GPEG, LLC”). Pursuant to the Restructuring, the Borrower contributed 100% of its Capital Stock in Global Power Netherlands BV to GPEG C.V. As a
result of the consummation of the Restructuring, the Borrower holds a 99% limited partnership interest in GPEG C.V. and a 100% membership interest in GPEG, LLC. GPEG, LLC holds a 1% general partner interest in GPEG C.V. 

C. The Investment of the Borrower in GPEG C.V. is not permitted pursuant to Section 8.3 of the Credit Agreement and, once
GPEG, LLC becomes a Credit Party, its investment in GPEG C.V. similarly will not be permitted pursuant to Section 8.3 of the Credit Agreement. The contribution by the Borrower of the Capital Stock of Global Power Netherlands BV to GPEG
C.V. was not permitted by Section 8.5 of the Credit Agreement. 
 D. To effectuate the Restructuring, the Borrower
has requested certain amendments to (i) the Credit Agreement and (ii) a schedule to the Security Agreement. 
 E. The
Lenders and the Administrative Agent hereby agree to amend the Credit Agreement, subject to the terms and conditions set forth herein. 
 F. The Secured Creditor and the Grantors hereby agree to amend the Security Agreement, subject to the terms and conditions set forth herein. 

 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 Grantors (as defined in the Security Agreement), the Required Lenders and the Administrative Agent covenant and
agree as follows: 
 1. AMENDMENTS TO CREDIT AGREEMENT. 

(a) Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions thereto in proper alphabetical
order: 
 “GPEG C.V.” means GPEG, C.V., a Netherlands limited partnership. 

“GPEG, LLC” means GPEG, LLC, a Delaware limited liability company. 

“Third Amendment” means that certain Third Amendment and Limited Waiver to Credit Agreement and Second
Amendment to Security Agreement, dated as of February     , 2013, but effective as of December 7, 2012, among the Borrower, each of the Grantors, the Lenders party thereto and the Administrative Agent. 

“Third Amendment Effective Date” means December 7, 2012. 

(b) Section 6.2 of the Credit Agreement is hereby amended to read as follows: 

6.2 Ownership. Each Subsidiary of each Credit Party as of the Third Amendment Effective Date is listed on
Schedule 6.2. As of the Third Amendment Effective Date, the capitalization of each Credit Party and its Subsidiaries consists of the number of shares, authorized, issued and outstanding, of such classes and series, with or without par value,
described on Schedule 6.2. All outstanding shares have been duly authorized and validly issued and are fully paid and non-assessable and not subject to any preemptive or similar rights, except as described in Schedule 6.2. The
shareholders or other owners, as applicable, of each Credit Party (other than the Borrower) and its Subsidiaries and the number of shares owned by each as of the Third Amendment Effective Date are described on Schedule 6.2. As of the
Third Amendment Effective Date, there are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for
or require the issuance of Capital Stock of any Credit Party or any Subsidiary thereof, except as described on Schedule 6.2. 
 (c) The term “Servicing Joint Venture Package” in the second sentence of Section 7.18(a) of the Credit Agreement is hereby amended to read “Servicing Joint Venture Proposal
Package”. 
 (d) Section 7.19 of the Credit Agreement is hereby amended to read as follows: 

7.19 Foreign Counsel Opinions. 

(a) If, at any time, any First Tier Foreign Subsidiary (other than GPEG C.V.) shall (a) generate 10% or more of
Consolidated EBITDA or (b) own 10% or more of the 

  
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consolidated total assets of the Borrower and its Subsidiaries, in each case, for at least two (2) consecutive fiscal quarters, the Borrower shall provide favorable opinions of local foreign
counsel, addressed to the Administrative Agent and each Lender, as to the perfection of the security interest in sixty-six percent (66%) of the total outstanding voting Capital Stock (and one hundred percent (100%) of the non-voting
Capital Stock) of such First Tier Foreign Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent. 
 (b) If, at any time, GPEG C.V. and its Subsidiaries shall (a) generate 25% or more of Consolidated EBITDA or (b) own 25% or more of the consolidated total assets of the Borrower and its
Subsidiaries, in each case, for at least two (2) consecutive fiscal quarters, the Borrower shall provide favorable opinions of local Dutch counsel, addressed to the Administrative Agent and each Lender, as to the perfection of the security
interest in sixty-six percent (66%) of the total outstanding voting Capital Stock (and one hundred percent (100%) of the non-voting Capital Stock) of GPEG C.V. in form and substance reasonably satisfactory to the Administrative Agent.

 (e) Section 8.3(a) of the Credit Agreement is hereby amended to read as follows: 

(a) (i) Investments existing on the Closing Date in Subsidiaries existing on the Closing Date, (ii) Investments
existing on the Closing Date (other than Investments in Subsidiaries existing on the Closing Date) and described on Schedule 8.3, (iii) Investments made after the Closing Date by any Credit Party in (A) any other Credit Party
or (B) in any Non-Guarantor Subsidiary, provided that such Investment in a Non-Guarantor Subsidiary is either (i) a loan, in which the debt in respect thereof by such Non-Guarantor Subsidiary conforms with the requirements of
clause (ii) of Section 8.1(g), or (ii) a Permitted Acquisition, (iv) Investments made after the Closing Date by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary and (v) an Investment (A) by the
Borrower consisting of a 99% limited partnership interest in the Capital Stock of GPEG C.V. and (B) by GPEG, LLC consisting of a 1% general partnership interest in the Capital Stock of GPEG C.V.; 

(f) Section 8.5 of the Credit Agreement is hereby amended by (i) deleting the “and” at the end of clause
(k) thereof, (ii) deleting the “.” at the end of clause (l) thereof and substituting “; and” in lieu thereof and (iii) adding the following clause (m) thereto to read as follows: 

(m) the contribution by the Borrower of 100% of the Capital Stock of Global Power Netherlands BV to GPEG C.V.. 

(g) Schedule 6.2 of the Credit Agreement is hereby amended to be in the form of Schedule 6.2 to this Third Amendment.

 2. WAIVER. Subject to the conditions of effectiveness set forth in Section 5 hereof, the Administrative Agent and
the Required Lenders hereby agree, on a one-time only basis, to (a) waive any Default or Event of Default that has occurred as a result of the failure of the Borrower to make the deliveries required by Section 7.14 of the Credit
Agreement within 30 

  
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days after the creation of GPEG, LLC, (b) waive any Default or Event of Default that has occurred during the third fiscal quarter of 2012 as a result of the Borrower’s failure to comply
with the provisions of Section 7.19(b) of the Credit Agreement in existence immediately prior to the effectiveness of this Third Amendment and (c) waive the delivery of the legal opinion with respect to Global Power Netherlands BV
required by Section 7.19(b) of the Credit Agreement in existence immediately prior to the effectiveness of this Third Amendment. The foregoing waivers are limited and shall not, by implication or otherwise, constitute a waiver of or
consent to not comply with any other provision of the Credit Agreement or any other Loan Document. 
 3. AMENDMENT TO SECURITY
AGREEMENT. 
 (a) Schedule 13 of the Security Agreement is hereby amended to be in the form of Schedule 13
attached to this Third Amendment. 
 4. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its execution and
delivery hereof, the Borrower represents and warrants that, as of the date hereof and after giving effect to the amendments set forth in Section 1 hereof and the Waiver set forth in Section 2 hereof: 

(a) the representations and warranties contained in the Credit Agreement and the other Loan 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, which 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, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which 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; 
 (c) (i) the Borrower has full power and authority to execute and deliver this Third Amendment,
(ii) this Third Amendment has been duly executed and delivered by the Borrower, and (iii) each of this Third Amendment and the Credit Agreement and the Security Agreement, each as amended hereby, constitutes the legal, valid and
binding obligations of the Borrower, enforceable 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 Third Amendment or the Credit Agreement, as amended hereby,
nor the consummation of any transactions contemplated herein or therein, will conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument to which the Borrower is a party or by which any of its

  
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properties may be bound or any Governmental Approval relating to Borrower, 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) is required for the execution, delivery or performance by the Borrower of this Third
Amendment. 
 5. CONDITIONS TO EFFECTIVENESS. This Third Amendment shall be effective as of the Third Amendment Effective
Date subject to satisfaction or completion of the following: 
 (a) the Administrative Agent shall have received counterparts of
this Third Amendment executed by the Required Lenders; 
 (b) the Administrative Agent shall have received counterparts of this
Third Amendment executed by the Borrower and acknowledged by each Subsidiary Guarantor and each Grantor; 
 (c) the
Administrative Agent shall have received counterparts of the Guaranty Supplement No.4 executed by GPEG, LLC and the Administrative Agent; 
 (d) the Administrative Agent shall have received counterparts of the Security Agreement Joinder No.4 executed by GPEG, LLC and the Administrative Agent; 

(e) the Administrative Agent shall have received a certificate of a Responsible Officer of GPEG, LLC, certifying as to the incumbency and
genuineness of the signature of each manager of GPEG, LLC executing Loan Documents to which it is a party and certifying that attached thereto is a true, correct and complete copy of (i) the certificate of organization or formation of GPEG, LLC
and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of organization or formation, (ii) the operating agreement or other governing document of GPEG, LLC as in effect on the date
hereof, (iii) resolutions duly adopted by the managers of GPEG, LLC authorizing and approving the transactions contemplated by the Loan Documents and the execution, delivery and performance of the Loan Documents to which it is a party, and
(iv) certificates as of a recent date of the good standing of GPEG, LLC under the laws of its jurisdiction of organization and each other jurisdiction where GPEG, LLC is qualified to do business and, to the extent available, a certificate of
the relevant taxing authorities of such jurisdictions certifying that GPEG, LLC has filed required tax returns and owes no delinquent taxes; and 
 (f) 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 require. 

  
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 6. REFERENCE TO THE CREDIT AGREEMENT AND SECURITY AGREEMENT. 

(a) Upon the effectiveness of this Third Amendment, (i) each reference in the Credit Agreement to “this Agreement”,
“hereunder”, or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended hereby and (ii) each reference in the Security Agreement to “this Agreement”, “hereunder”, or
words of like import shall mean and be a reference to the Security Agreement, as affected and amended hereby. 
 (b) The Credit
Agreement, as amended by the amendments referred to above, shall remain in full force and effect and is hereby ratified and confirmed. 
 (c) The Security Agreement, as amended by the amendments referred to above, shall remain in full force and effect and is hereby ratified and confirmed. 

7. 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 Third 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). 
 8. SUBSIDIARY GUARANTOR’S ACKNOWLEDGMENT. By signing below, each
Subsidiary Guarantor (a) acknowledges, consents and agrees to the execution, delivery and performance by the Borrower of this Third Amendment, (b) acknowledges and agrees that its obligations in respect of its Subsidiary Guaranty Agreement
are not released, diminished, waived, modified, impaired or affected in any manner by this Third Amendment or any of the provisions contemplated herein, (c) ratifies and confirms its obligations under the Subsidiary Guaranty Agreement, and
(d) acknowledges and agrees that it has no claims or offsets against, or defenses or counterclaims to, the Subsidiary Guaranty Agreement. 
 9. EXECUTION IN COUNTERPARTS. This Third 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 Third 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. 
 10. GOVERNING LAW. This Third 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 Third 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. 

  
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 11. 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 THIRD 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 THIRD AMENDMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 12. HEADINGS. Section headings in this Third Amendment are included herein for
convenience of reference only and shall not constitute a part of this Third Amendment for any other purpose. 
 13. ENTIRE
AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS THIRD AMENDMENT, AND THE OTHER LOAN DOCUMENTS 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

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

  

			
	BORROWER:
	
	GLOBAL POWER EQUIPMENT GROUP INC.
		
	By:	 	 /s/ David L. Willis

	Name:	 	David L. Willis
	Title:	 	Senior Vice President and Chief Financial Officer

  
  
  

 
  
  

 
  
  

  
 THIRD AMENDMENT AND LIMITED
WAIVER TO CREDIT AGREEMENT 
 AND SECOND AMENDMENT TO SECURITY AGREEMENT – Signature Page 

  

			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Secured Creditor, Swingline Lender, the Issuing Lender and Lender
		
	By:	 	 /s/ Andrew M. Widmer

	Name:	 	Andrew M. Widmer
	Title:	 	Vice President

  
  
  

 
  
  

 
  
  

 

  
 THIRD AMENDMENT AND LIMITED
WAIVER TO CREDIT AGREEMENT 
 AND SECOND AMENDMENT TO SECURITY AGREEMENT – Signature Page 

 
			
	 U.S. BANK, NATIONAL ASSOCIATION, as
 Syndication Agent and Lender

		
	 By:
	 	 /s/ Chris Dolence

	 Name:
	 	 Chris Dolence

	 Title:
	 	 Vice President

  
  
  

 
  
  

 
  
  

 
  

  
 THIRD AMENDMENT AND LIMITED
WAIVER TO CREDIT AGREEMENT 
 AND SECOND AMENDMENT TO SECURITY AGREEMENT – Signature Page 

 
			
	 BRANCH BANKING AND TRUST COMPANY,
 as a Lender

		
	By:	 	 /s/ Allen K. King

	Name:	 	Allen K. King
	Title:	 	SVP

  
  
  

 
  
  

 
  
  

 

  
 THIRD AMENDMENT AND LIMITED
WAIVER TO CREDIT AGREEMENT 
 AND SECOND AMENDMENT TO SECURITY AGREEMENT – Signature Page 

 
			
	ACKNOWLEDGED AND AGREED TO:
	
	AS SUBSIDIARY GUARANTORS AND AS GRANTORS:
	
	WILLIAMS INDUSTRIAL SERVICES GROUP, L.L.C.
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  

			
	BRADEN MANUFACTURING, L.L.C.
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  

			
	WILLIAMS INDUSTRIAL SERVICES, LLC
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  

			
	WILLIAMS SPECIALTY SERVICES, LLC
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  
  
  

 
  
  

  
 THIRD AMENDMENT AND LIMITED
WAIVER TO CREDIT AGREEMENT 
 AND SECOND AMENDMENT TO SECURITY AGREEMENT – Signature Page 

 
			
	WILLIAMS PLANT SERVICES, LLC
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  

			
	CONSTRUCTION & MAINTENANCE PROFESSIONALS, LLC
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  

			
	WILLIAMS GLOBAL SERVICES, INC.
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  

			
	KOONTZ-WAGNER CUSTOM CONTROLS
	HOLDING LLC
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  
  
  

 
  
  

  
 THIRD AMENDMENT AND LIMITED
WAIVER TO CREDIT AGREEMENT 
 AND SECOND AMENDMENT TO SECURITY AGREEMENT – Signature Page 

 
			
	TOG HOLDINGS, INC.
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  

			
	TOG MANUFACTURING COMPANY, INC.
		
	By:	 	 /s/ David L. Willis

	Print Name:  David L. Willis
	Print Title:    Chief Financial Officer

  
  
  

 
  
  

 
  
  

 

  
 THIRD AMENDMENT AND LIMITED
WAIVER TO CREDIT AGREEMENT 
 AND SECOND AMENDMENT TO SECURITY AGREEMENT – Signature PageEX-10.30

 Exhibit 10.30 
 GLOBAL POWER EQUIPMENT GROUP INC. 
 RESTRICTED SHARE UNIT AGREEMENT

 Notice of Restricted Share Unit Award 
 Global Power Equipment Group Inc. (the “Company”) grants to the Grantee named below, in accordance with the terms of the Global Power Equipment Group Inc. 2011 Equity Incentive Plan (the
“Plan”) and this Restricted Share Unit Agreement (the “Agreement”), the number of Time-Based RSUs set forth below and the Target Number of Performance-Based RSUs set forth below (collectively, the “Restricted Share
Units”), as of the Date of Grant set forth below. Capitalized terms used in this Agreement without definition shall have the meanings assigned to them in the Plan. 
 Name of Grantee: 
 Date of Grant: 

Number of Time-Based RSUs: 
 Target Number of Performance-Based RSUs: 
 Vesting Schedule: 

 

			
	 Vesting Dates for Time-Based RSUs:
	  	March 31, 20    , March 31, 20     and March 31, 20    
		
	 Vesting Date for Performance-Based RSUs:
	  	March 31, 20    
		
	 Performance Period:
	  	January 1, 20     through December 31, 20    
		
	 Performance-Based Vesting Targets:
	  	Achievement of the performance objectives established by the Committee, as set forth in Attachment A.

 Terms of Agreement 
 1. Grant of Restricted Share Units. Subject to and upon the terms, conditions, and restrictions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee as of the Date
of Grant, the Restricted Share Units set forth above. Each Restricted Share Unit shall represent the contingent right to receive one Share and shall at all times be equal in value to one Share. The Restricted Share Units shall be credited in a book
entry account established for the Grantee until payment in accordance with Section 2 hereof. 
 2. Vesting and Payment
of Restricted Share Units. 
 (a) In General. 

(i) Time-Based RSUs. The number of Time-Based RSUs set forth above shall vest in three installments (each consisting of one-third
of the Time-Based RSUs) on each of the applicable Vesting Dates set forth above in the Vesting Schedule, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the applicable Vesting Date. The
Company shall deliver to the Grantee the Shares underlying the vested Time-Based RSUs within ten (10) days following each applicable Vesting Date. 

 (ii) Performance-Based RSUs. All, a portion, or a multiple of the Target Number of
Performance-Based RSUs set forth above shall vest on the applicable Vesting Date as set forth above in the Vesting Schedule, provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the applicable
Vesting Date, and based on the extent to which the Company achieves the Performance-Based Vesting Targets described above for the Performance Period. Not later than March 15 following the end of the Performance Period, the Committee shall
certify in writing the extent to which the Company has achieved the Performance-Based Vesting Targets for the Performance Period and the number of Performance-Based RSUs, if any, earned by the Grantee. The Company shall deliver to the Grantee the
Shares underlying the vested Performance-Based RSUs following the Committee’s certification of the Performance-Based Vesting Targets and within ten (10) days following the applicable Vesting Date. It is intended that any Performance-Based
RSUs (and related Dividend Equivalents) payable under this Agreement to the Grantee will qualify as “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code (or that the Company’s federal income tax
deduction for payment of any such Performance-Based RSUs (and related dividend equivalents) will otherwise be exempt from the limitations of Section 162(m) of the Code), and this Agreement shall be interpreted and administered in accordance
with such intent. 
 (iii) Continuous Employment. For purposes of this Section 2, the continuous employment of the
Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his employment among
the Company and its Subsidiaries. 
 (b) Involuntary Termination or Termination for Good Reason. If, prior to a Vesting
Date, the Grantee’s employment with the Company or a Subsidiary is terminated (x) by the Company or a Subsidiary without Cause (as defined in Section 21 of this Agreement) or by reason of the Grantee’s Disability (as defined in
Section 21 of this Agreement), (y) by the Grantee for Good Reason (as defined in Section 21 of this Agreement), or (z) as a result of the Grantee’s death, then, except as otherwise provided in Section 12, and
notwithstanding any provision of the Grantee’s employment agreement with the Company, if any, to the contrary: 
 (i) The
Grantee shall become vested in a number of Time-Based RSUs equal to: (x) the number of Time-Based RSUs that would have become vested had the Grantee remained employed with the Company or a Subsidiary through March 31 of the calendar year
immediately following the calendar year in which the Grantee’s employment terminated, multiplied by (y) the Pro-Ration Factor (as defined in Section 21 of this Agreement). In addition (but not in duplication of the foregoing), if the
Grantee’s termination of employment occurs between January 1 and March 30 of a calendar year, the Grantee shall become vested in the unvested Time-Based RSUs, if any, that would have become vested had the Grantee remained employed
with the Company or a Subsidiary through March 31 of that calendar year. The Company shall deliver to the Grantee (or the Grantee’s estate in the event of death) the Shares underlying the vested Time-Based RSUs within thirty (30) days
following the date of the Grantee’s termination of employment. 
 (ii) The Grantee shall become vested in a number of
Performance-Based RSUs equal to: (x) the number of Performance-Based RSUs that would have become vested had the Grantee remained employed with the Company or a Subsidiary through the end of the Performance Period, based on the extent to which
the Company achieves the Performance-Based Vesting Targets for the Performance Period, multiplied by (y) the Pro-Ration Factor. The Company shall deliver to the Grantee (or the Grantee’s estate in the event of death) the Shares underlying
the vested Performance-Based RSUs, if any, within seventy (70) days after the end of the Performance Period. 

  
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 (c) Change of Control. If a Change of Control occurs while the Grantee is employed by
the Company or any Subsidiary and prior to an applicable Vesting Date, then, effective as of the date of such Change of Control, (i) all of the Time-Based RSUs that have not yet vested under this Section 2 shall become fully vested, and
(ii) the Target Number of Performance-Based RSUs shall become fully vested. Except as otherwise provided in Section 12, the Company shall deliver to the Grantee the Shares underlying such vested Restricted Share Units within thirty
(30) days following the date of the Change in Control. 
 3. Forfeiture of Restricted Share Units. 

(a) Forfeiture of Unvested Awards. The Restricted Share Units that have not yet vested pursuant to Section 2 (and any right to
unpaid Dividend Equivalents under Section 6 with respect to the Restricted Share Units), shall be forfeited automatically without further action or notice if (i) the Grantee ceases to be employed by the Company or a Subsidiary prior to a
Vesting Date, except as otherwise provided in Section 2(b) or 2(c), or (ii) with respect to Performance-Based RSUs, the Company fails to achieve the Threshold Level for the Performance-Based Vesting Targets in accordance with Attachment A,
except as otherwise provided in Section 2(c). 
 (b) Repayment of Awards. The Restricted Share Units shall be subject
to the provisions of Section 19 of the Plan regarding forfeiture and repayment of awards in the event of termination of the Grantee’s employment for Cause or as provided pursuant to the Company’s Compensation Recovery Policy. This
Section 3(b) shall survive and continue in full force in accordance with its terms and the terms of the Plan notwithstanding any termination of the Grantee’s employment or the payment of the Restricted Share Units as provided herein.

 4. Transferability. The Restricted Share Units may not be transferred, assigned, pledged or hypothecated in any
manner, or be subject to execution, attachment or similar process, by operation of law or otherwise, unless otherwise provided under the Plan. Any purported transfer or encumbrance in violation of the provisions of this Section 4 shall be void,
and the other party to any such purported transaction shall not obtain any rights to or interest in such Restricted Share Units. 
 5. Dividend, Voting and Other Rights. The Grantee shall not possess any incidents of ownership (including, without limitation, dividend and voting rights) in the Shares underlying the Restricted
Share Units until such Shares have been delivered to the Grantee in accordance with Section 2 hereof. The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver Shares
in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this Agreement. 

6. Payment of Dividend Equivalents. Upon payment of a vested Restricted Share Unit, the Grantee shall be entitled to a cash
payment (without interest) equal to the aggregate cash dividends declared and payable with respect to one (1) Share for each record date that occurs during the period beginning on the Date of Grant and ending on the date the vested Restricted
Share Unit is paid (the “Dividend Equivalent”). The Dividend Equivalents shall be forfeited to the extent that the underlying Restricted Share Unit is forfeited and shall be paid to the Grantee, if at all, at the same time that the related
vested Restricted Share Unit is paid to the Grantee in accordance with Section 2. 

  
 3 

 7. No Employment Contract. Nothing contained in this Agreement shall confer upon the
Grantee any right with respect to continuance of employment by the Company and its Subsidiaries, nor limit or affect in any manner the right of the Company and its Subsidiaries to terminate the employment or adjust the compensation of the Grantee,
in each case with or without Cause. 
 8. Relation to Other Benefits. Any economic or other benefit to the Grantee under
this Agreement or the Plan shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or a Subsidiary and
shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or a Subsidiary. 
 9. Taxes and Withholding. The Grantee is responsible for any federal, state, local or other taxes with respect to the Restricted Share Units and the Dividend Equivalents. The Company does not
guarantee any particular tax treatment or results in connection with the grant or vesting of the Restricted Share Units, the delivery of Shares or the payment of Dividend Equivalents. To the extent the Company or any Subsidiary is required to
withhold any federal, state, local, foreign or other taxes in connection with the delivery of Shares under this Agreement, then, except as otherwise provided below, the Company or Subsidiary (as applicable) shall retain a number of Shares otherwise
deliverable hereunder with a value equal to the required withholding (based on the Fair Market Value of the Shares on the date of delivery); provided that in no event shall the value of the Shares retained exceed the minimum amount of taxes required
to be withheld or such other amount that will not result in a negative accounting impact. Notwithstanding the preceding sentence, the Grantee may elect, on a form provided by the Company and subject to any terms and conditions imposed by the
Company, to pay or provide for payment of the required tax withholding. If the Company or any Subsidiary is required to withhold any federal, state, local or other taxes at any time other than upon delivery of the Shares under this Agreement, then
the Company or Subsidiary (as applicable) shall have the right in its sole discretion to (a) require the Grantee to pay or provide for payment of the required tax withholding, or (b) deduct the required tax withholding from any amount of
salary, bonus, incentive compensation or other amounts otherwise payable in cash to the Grantee (other than deferred compensation subject to Section 409A of the Code). If the Company or any Subsidiary is required to withhold any federal, state,
local or other taxes with respect to Dividend Equivalents, then the Company or Subsidiary (as applicable) shall have the right in its sole discretion to reduce the cash payment related to the Dividend Equivalent by the applicable tax withholding.

 10. Adjustments. The number and kind of shares of stock deliverable pursuant to the Restricted Share Units are subject
to adjustment as provided in Section 15 of the Plan. 
 11. Compliance with Law. The Company shall make reasonable
efforts to comply with all applicable federal and state securities laws and listing requirements with respect to the Restricted Share Units; provided that, notwithstanding any other provision of this Agreement, and only to the extent permitted under
Section 409A of the Code, the Company shall not be obligated to deliver any Shares pursuant to this Agreement if the delivery thereof would result in a violation of any such law or listing requirement. 

12. Section 409A of the Code. It is intended that the Restricted Share Units and any Dividend Equivalents provided pursuant
to this Agreement shall be exempt from, or comply with, the requirements of Section 409A of the Code, and this Agreement shall be interpreted, administered and governed in accordance with such intent. To the extent necessary to give effect to
such intent, the Grantee’s termination of employment shall mean, for purposes of this Agreement, the Grantee’s “separation from service” within the meaning of Section 409A of the Code. In particular, it is intended that the
Restricted Share Units and any Dividend Equivalents shall be exempt from Section 409A of the Code, to the maximum extent possible, pursuant to the “short-term deferral” exception thereto. However,

  
 4 

 
to the extent that the Restricted Share Units or any Dividend Equivalents constitute a deferral of compensation subject to the requirements of Section 409A of the Code (for example, because
the Grantee’s governing employment agreement defines “Good Reason” in a manner such that the Grantee’s termination of employment for Good Reason would not be treated as an involuntary separation from service for purposes of
Section 409A of the Code), then the following rules shall apply, notwithstanding any other provision of this Agreement to the contrary: 
 (a) The Company will deliver the Shares underlying any Restricted Share Units that become vested in accordance with Section 2(b) or 2(c) of this Award Agreement and pay any Dividend Equivalents with
respect to those vested Restricted Share Units within thirty (30) days after the first to occur of (i) the applicable Vesting Date for the Restricted Share Units; (ii) the occurrence of a Change of Control that is also a “change
in the ownership,” a “change in the effective control,” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code; or (iii) the
Grantee’s “separation from service” within the meaning of Section 409A of the Code; and 
 (b) If the
Restricted Share Units (and any related Dividend Equivalents) become payable as a result of the Grantee’s separation from service (other than as a result of the Grantee’s death) and the Grantee is a “specified employee” at that
time within the meaning of Section 409A of the Code (as determined pursuant to the Company’s policy for identifying specified employees), the Company will deliver the Shares underlying the vested Restricted Share Units and pay any related
Dividend Equivalents to the Grantee on the first business day that is at least six months after the date of the Grantee’s separation from service (or upon the Grantee’s death if the Grantee dies before the end of that six-month period).

 13. Amendments. Subject to the terms of the Plan, the Committee may modify this Agreement upon written notice to the
Grantee. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto. Notwithstanding the foregoing, no amendment of the Plan or this Agreement shall adversely affect in a
material way the rights of the Grantee under this Agreement without the Grantee’s consent unless the Committee determines, in good faith, that such amendment is required for the Agreement to either be exempt from the application of, or comply
with, the requirements of Section 409A of the Code, or as otherwise may be provided in the Plan. 
 14.
Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions
hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable. 
 15. Relation to Plan.
This Agreement is subject to the terms and conditions of the Plan. This Agreement and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this Agreement, and supersede all prior
written or oral communications, representations and negotiations in respect thereto. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. The Committee acting pursuant to the Plan, as
constituted from time to time, shall, except as expressly provided otherwise herein, have the right to determine any questions that arise in connection with the grant of the Restricted Share Units. Notwithstanding any provision to the contrary in
the Grantee’s employment agreement with the Company, if any, the provisions of this Agreement, and in particular, Section 2(b) hereof, shall control any determination of the number of Restricted Share Units that may become vested in
connection with the Grantee’s termination of employment. 

  
 5 

 16. Successors and Assigns. Without limiting Section 4, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company. 

17. Governing Law. The interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State
of Delaware, without giving effect to the principles of conflict of laws thereof. 
 18. Use of Grantee’s
Information. Information about the Grantee and the Grantee’s participation in the Plan may be collected, recorded and held, used and disclosed for any purpose related to the administration of the Plan. The Grantee understands that such
processing of this information may need to be carried out by the Company and its Subsidiaries and by third-party administrators whether such persons are located within the Grantee’s country or elsewhere, including the United States of America.
The Grantee consents to the processing of information relating to the Grantee and the Grantee’s participation in the Plan in any one or more of the ways referred to above. 

19. Electronic Delivery. The Grantee hereby consents and agrees to electronic delivery of any documents that the Company may elect
to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any
other award made or offered under the Plan. The Grantee understands that, unless earlier revoked by the Grantee by giving written notice to the VP of Human Resources of the Company, this consent shall be effective for the duration of the Agreement.
The Grantee also understands that he or she shall have the right at any time to request that the Company deliver written copies of any and all materials referred to above at no charge. The Grantee hereby consents to any and all procedures the
Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agrees that his or her electronic signature is the same as, and shall have the
same force and effect as, his or her manual signature. The Grantee consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan. 

20. No Fractional Shares. Fractional Shares or units will be subject to rounding conventions adopted by the Company from time to
time; provided that in no event will the total shares issued exceed the total units granted under this award. 
 21.
Definitions. As used in this Agreement, the following definitions shall apply. 
 (a) Cause has the meaning
given such term in the Plan. 
 (b) Disability has the meaning set forth in the long-term disability plan of the Company
or a Subsidiary applicable to the Grantee. 
 (c) Good Reason has the meaning given to it in the Grantee’s governing
employment agreement, if any. If the Grantee’s governing employment agreement does not include such a definition, or if the Grantee is not subject to an employment agreement, then Good Reason shall mean (i) material diminution in
Grantee’s base salary; (ii) material diminution in Grantee’s authority, duties or responsibilities (or the authority, duties or responsibilities of the person to whom the Grantee reports); (iii) requirement that the Grantee
report to a corporate officer or employee instead of reporting to the Company’s Board of Directors, if applicable; (iv) material diminution in the budget over which the Grantee retains authority; (v) material change in the geographic
location at which Grantee must perform services; or (vi) action or inaction by the Company that constitutes a material breach of the Grantee’s employment agreement, if any; provided, in any case, that the Grantee provides notice to the
Company of the existence of the condition constituting Good Reason within 90 days after the initial existence of such condition and the Company fails to remedy such condition within 30 days after the receipt of such notice from the Grantee.

  
 6 

 (d) Pro-Ration Factor means (i) with respect to Time-Based RSUs, a fraction, the
numerator of which is the number of days of continuous employment completed by the Grantee during the calendar year in which the Grantee’s employment terminates, and the denominator of which is 365; and (ii) with respect to
Performance-Based RSUs, a fraction, the numerator of which is the number of days of continuous employment completed by the Grantee during the Performance Period, and the denominator of which is 1095. 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Date of Grant. 

 

			
	GLOBAL POWER EQUIPMENT GROUP INC.
		
	By:	 	  

	Name: Luis Manuel Ramirez
	Title: President and CEO

 By executing this Agreement, (1) you acknowledge and agree that, in consideration of this
award of Restricted Share Units, the provisions of this Agreement, and in particular, Section 2(b) hereof, shall control any determination of the number of Restricted Share Units that may become vested in connection with your termination of
employment, notwithstanding any provision to the contrary in your employment agreement with the Company; and (2) you acknowledge that a copy of the Plan, Plan Summary and Prospectus, and the Company’s most recent Annual Report and Proxy
Statement (the “Prospectus Information”) either have been received by you or are available for viewing on the Company’s internet site at www.globalpower.com, and you consent to receiving this Prospectus Information electronically, or,
in the alternative, agree to contact              at             , to request a paper copy of the Prospectus Information at no
charge. 
  

			
	GRANTEE
	  

	Name:	 	  

  
 7

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