Document:

Stock Purchase and Restriction Agreement

 Exhibit 10.35 
  
 STOCK PURCHASE OPTION AND RESTRICTION AGREEMENT 
  
 THIS STOCK PURCHASE OPTION AND RESTRICTION AGREEMENT (the “Option”) is made as of this 27th day of May, 2005, to
be effective as of May 27, 2005, by and among D. Michael Stout, M.D. (the “Shareholder”), UCI Medical Affiliates of South Carolina, Inc., a South Carolina corporation (“UCI of SC”), and Carolina Orthopedic & Sports Medicine
P.A., a South Carolina professional corporation (the “Company”). 
  
 WHEREAS, Shareholder is the owner of 1,000 shares of the issued and outstanding shares (the “Shares”) of the common stock of the Company; 
  
 WHEREAS, UCI of SC requires that the Shareholder grant this Option pursuant to which UCI of SC may require that the
Shareholder offer to sell any and all shares of the common stock of the Company owned by Shareholder, including but not limited to the Shares, to a person or persons selected by UCI of SC in accordance with the terms and conditions set forth herein;
and 
  
 WHEREAS, the Shareholder is the sole shareholder of the
Company, and the Shares represent all the issued and outstanding capital stock of the Company. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Shareholder hereby irrevocably grants unto UCI of SC and its successors and assigns (the
“Optionholder”) an option to the person or persons selected by the Optionholder (the “Purchaser”) to purchase any and all shares of the common stock of the Company now or hereafter owned by Shareholder, including but not limited
to the Shares, at the price and upon the terms and conditions described herein, exercisable upon presentation of this Option and payment of the purchase price as follows: 
  
 1. Option Share: Shareholder represents and warrants that: (a) as of the date hereof, the Shares constitute all the
issued and outstanding shares of stock or other securities held directly or indirectly by Shareholder in the Company; and (b) Shareholder owns, and shall deliver at the closing (as described below), the Shares free and clear of all of pledges,
options, security interests, liens, claims, or other encumbrances whatsoever and has full right, power, and authority to option and transfer the Shares as described herein. 
  
 2. Exercise Price: Exercise of this Option requires the payment of One Hundred and No/100 ($100.00) Dollars in cash
or personal check by the Purchaser to the Shareholder (the “Exercise Price”). 
  
 3. Option Period: This Option shall expire, and the Shareholder’s restrictions hereunder shall terminate, upon the earlier of (i) three years after the effective date of the dissolution of the Company,
unless the Company is earlier reinstated pursuant to the South Carolina Business Corporation Code, as amended, in which event this Option shall not terminate; or (ii) the consummation of the exercise of this Option as set forth herein; or (iii) the
written consent of UCI of SC. 

 4. Option Exercise: The Optionholder may exercise this Option by providing written notice (an
“Exercise Notice”) indicating the name of the Purchaser(s), to the Shareholder at the Shareholder’s notice address set forth below, whereupon closing of the purchase of the Share shall take place at the date set forth in the Exercise
Notice (but not sooner than one (1) day nor later than ten (10) days after the date the Exercise Notice is delivered to the Shareholder), or at such other date as the Purchaser and the Shareholder shall agree. Closing shall take place at the
principal office of UCI of SC in Columbia, South Carolina, or at such other place as the Optionholder and the Shareholder shall agree. Notwithstanding anything contained herein, the purchase of the Shares pursuant to this Option shall be effective
for all purposes at the time the Purchaser tenders payment to the Shareholder of the Exercise Price, whereupon for all purposes Shareholder shall no longer be a shareholder of the Company, and the Purchaser shall be deemed to own all right, title
and interest in and to all the shares of the common stock of the Company owned by the Shareholder, including but not limited to, the Shares. 
  
 5. Transfer Upon Exercise: Upon delivery to the Shareholder of the Exercise Notice by the Optionholder, the Shareholder (or in the event of the
Shareholder’s death, the personal representative of Shareholder) shall timely deliver or cause to be delivered to the Purchaser on the date and at the place of closing set forth in the Exercise Notice such stock certificates and stock powers,
duly endorsed for transfer, as are necessary to complete the transfer of the Shares to Purchaser. Upon delivery to the Purchaser of such instruments, the Purchaser shall immediately pay the Exercise Price to the Shareholder. 
  
 6. Restrictions on Shares: So long as this Option remains outstanding,
(a) the Shareholder shall retain full title to, and reserve for the benefit of the Optionholder, the Shares; (b) certificates representing the Shares shall bear an appropriate legend reflecting the Optionholder’s rights under this Option; and
(c) the Shareholder shall not transfer the Shares except pursuant to this Option without the Optionholder’s prior written consent which may be withheld for any or no reason. Any transfer in violation of this Section shall be null, void,
and without effect. The Shareholder hereby acknowledges that the restrictions set forth in this Section are necessary to maintain the number and identity of the shareholders of the Company and are not manifestly unreasonable. Each certificate
evidencing shares of stock of the Company now or hereafter held by the Shareholder shall bear a conspicuous statement in substantially the following form: 
  
 THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO THAT CERTAIN STOCK PURCHASE OPTION AND RESTRICTION AGREEMENT (THE “OPTION”), A COPY OF
WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. ANY PURPORTED TRANSFER OR DISPOSITION OF SUCH SHARES IN VIOLATION OF THE OPTION SHALL BE COMPLETELY NULL AND VOID. 
  
 7. Voting and Other Shareholder Rights: Optionholder shall have none of the voting or other rights of a shareholder
with respect to the Shares which are the subject of this Option granted hereby until such Shares have been fully paid for upon valid exercise of this Option. 
  

 -2- 

 8. Anti-Dilution Features: In the event that the Company proposes, while this Option remains
outstanding, (a) to make a stock dividend, stock distribution, stock split, reverse stock split, stock reclassification, or (b) to undergo a recapitalization, merger, consolidation, share exchange, or sale of all or substantially all assets in
return for securities of another company, the Exercise Price and/or the number of shares subject to this Option shall be adjusted equitably so that the Optionholder shall be entitled to require that the Shareholder transfer to the Purchaser
appointed by the Optionholder for a proportionate aggregate price an equity and economic position in the Company consistent with the equity and economic position in the Company available under this Option at the date hereof. Notwithstanding anything
contained herein to the contrary, in the event for any reason the Shareholder is the owner of multiple shares of the capital stock of the Company, the term “Shares” as used herein shall be deemed to include any and all such shares of the
capital stock of the Company owned by Shareholder from time to time. 
  
 9. Resignation: The Shareholder shall be deemed to have resigned as an officer and director of the Company at the time the Purchaser tenders payment to the Shareholder of the Exercise Price as set forth in Section 4.

  
 10. License to Practice Physical Therapy: The
Shareholder hereby represents and warrants that as of the date hereof Shareholder is licensed to practice physical therapy in the State of South Carolina. 
  
 11. Notice of Certain Events: So long as this Option has not expired or been terminated pursuant to Section 3 hereof, (i) if the Company
shall desire to amend its bylaws or its Articles of Incorporation; or (ii) if any capital reorganization of the Company, reclassification of the capital stock of the Company, consolidation or merger of the Company with or into another corporation,
sale lease, or transfer of all or substantially all of the property and assets of the Company shall desire to be effected; or (iii) if the Company shall desire to pay any dividend, in shares of stock or cash or otherwise, or make any distribution
upon the shares of its capital stock, then in any such case, the Company shall cause to be delivered to the Optionholder, at least thirty (30) days prior to the record date fixed for the purpose of determining shareholders entitled to vote on such
action, or to receive such dividend, distribution, or offer, or to receive shares or other assets deliverable upon such reorganization, reclassification, consolidation, merger, sale, lease, transfer, dissolution, liquidation, or winding up, as the
case may be, a notice containing a brief description of the proposed action and stating such record date. 
  
 12. Specific Performance: Each party hereto acknowledges and agrees that the other parties hereto would be damaged irreparably in the event any of
the provisions of this Option are not performed in accordance with their specific terms or otherwise breached. Accordingly, each party agrees that the other parties hereto shall be entitled to an injunction or injunctions to prevent breaches of the
provisions of this Option and to specifically enforce this Option and the terms and provisions hereof in any action instituted in any court of the United States of any state thereof having jurisdiction over the parties and the matter, in addition to
any other remedy to which it may be entitled, at law or in equity. 
  
 13. Power of Attorney: Shareholder hereby irrevocably designates, makes, constitutes and appoints the Company (and all persons designated by the Company) as the Shareholder’s true and lawful attorney (and agent-in-fact) and the
Company, or the Company’s designee, may 

  

 -3- 

 
without notice to Shareholder and in either the Shareholder’s or the Company’s name, execute and deliver any and all stock certificates, stock
powers, affidavits, and other documents to be executed and/or delivered by Shareholder pursuant to, or in connection with, this Option. 
  
 14. Miscellaneous: The Optionholder shall be entitled to assign this Option to any person or other entity, including but not limited to any
corporation controlled by or under common control with the Optionholder, or in connection with the acquisition of, or the sale of substantially all of, the assets of the Optionholder. This option may not be assigned by Shareholder without the prior
written consent of the Optionholder. This Option shall inure to the benefit of the Optionholder and its successors and assigns and shall be binding upon the Shareholder and his heirs and permitted assigns. This Option may be modified or amended, and
rights and obligations hereunder may be waived, only in writing, signed by the Optionholder and the Shareholder. This Option shall be governed by and construed in accordance with the laws of the State of South Carolina. The parties consent to
jurisdiction and venue for any dispute arising hereunder in the courts for Richland County, South Carolina. All terms and provisions of this Option shall be severable from all other terms and provisions of this Option. Notices required or permitted
hereunder must be in writing and shall be deemed given when placed in the U.S. certified mail, return receipt requested, with postage prepaid, addressed to the recipient at the notice address set forth below, or when personally delivered to the
recipient. 
  
 [SIGNATURE PAGE ATTACHED] 
  

 -4- 

 IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Option and Restriction Agreement
under seal to be legally binding and effective this 27th day of May, 2005. 
  

					
	Notice Addresses:	  	SHAREHOLDER:
		
	 4416 Forest Drive
 Columbia, SC 29206
	  	  
 /s/ D. Michael Stout, M.D.

	 	  	D. Michael Stout, M.D.
		
	 	  	UCI OF SC:
		
	 	  	UCI MEDICAL AFFILIATES OF SOUTH CAROLINA, INC.
			
	4416 Forest Drive	  	 	  	 
	 Columbia, South Carolina 29206
 Attn: Jerry F. Wells,
Jr.
	  	By:	  	 /s/ Jerry F. Wells, Jr.

	 	  	 	  	Jerry F. Wells, Jr.
	 	  	Its:	  	Executive Vice-President and Chief Financial Officer
		
	 	  	COMPANY:
		
	 	  	CAROLINA ORTHOPEDIC & SPORTS MEDICINE, P.A.
			
	4416 Forest Drive	  	 	  	 
	 Columbia, South Carolina 29206
 Attn: Jerry F. Wells,
Jr.
	  	By:	  	 /s/ Jerry F. Wells, Jr.

	 	  	 	  	Jerry F. Wells, Jr.
	 	  	Its:	  	Secretary

  

 -5-Fifth Amendment to Amended and Restated Revolving and Term Loan Credit Agreement

 Exhibit 10.1 
  
 FIFTH AMENDMENT 
 TO 
 AMENDED AND RESTATED REVOLVING AND TERM LOAN CREDIT AGREEMENT 
  
 This Fifth Amendment to Amended and Restated Revolving and Term Loan
Credit Agreement (this “Amendment”) is executed effective as of May 27, 2005 (the “Effective Date”), by and among AZZ incorporated, a Texas corporation
(“Borrower”), Bank of America, N.A., as Administrative Agent and Collateral Agent for Lenders (in such capacity, “Administrative Agent”) and Lenders party hereto.

  
 A. Borrower, Administrative Agent and Lenders are party to
that certain Amended and Restated Revolving and Term Loan Credit Agreement dated as of November 1, 2001, as amended by the First Amendment to Amended and Restated Revolving and Term Loan Credit Agreement dated as of April 4, 2002, the Second
Amendment to Amended and Restated Revolving and Term Loan Credit Agreement dated as of March 7, 2003, the Third Amendment to Amended and Restated Revolving and Term Loan Credit Agreement dated as of October 15, 2003 and the Fourth Amendment to
Amended and Restated Revolving and Term Loan Credit Agreement dated as of July 2, 2004 (as so amended and as the same may be further amended, modified, supplemented, restated or amended and restated from time to time, the “Credit
Agreement”). 
  
 B. Borrower has requested that
Administrative Agent and Lenders amend certain terms and provisions of the Credit Agreement. 
  
 C. Borrower, Administrative Agent and Lenders have agreed, upon the following terms and conditions, to amend the Credit Agreement subject to and upon the terms and conditions provided herein. 
  
 NOW, THEREFORE, in consideration of the mutual promises herein
contained, and for other valuable consideration, the parties hereto agree as follows: 
  
 Section 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement shall have the meaning assigned to such term in the
Credit Agreement. 
  
 Section 2. Amendments to Credit
Agreement. Effective as of the Effective Date, but subject to satisfaction of the conditions precedent set forth in Section 3 hereof, the Credit Agreement is hereby amended as set forth below. 
  
 (a) The definition of “Applicable Margin” in
Section 1.1 of the Credit Agreement is amended to read in its entirety as follows: 
  
 “‘Applicable Margin’ means, from the Fifth Amendment Closing Date until the third Business Day after the
earlier of the delivery of (i) the Compliance Certificate for the fiscal quarter ending May 31, 2005 and (ii) the Permitted Acquisition Certificate in connection with the first Permitted Acquisition occurring after the Fifth Amendment Closing Date,
the Applicable Margin set forth in Level 2, and thereafter, on any date of determination, the percentage per annum set forth in the table below for the Type of Borrowing or Commitment Fees (as the case may be) that corresponds to the Leverage
Ratio at such date of determination, as calculated based on the quarterly Compliance Certificate of Borrower most recently delivered pursuant to Section 9.3 hereof or the Permitted Acquisition Certificate most recently
delivered in connection with a Permitted Acquisition, as the case may be: 
  

 1 

									
	 	 	 	 	 Applicable Margin (per annum)

	Level

	 	 Leverage Ratio

	 	 Eurodollar Rate
 Borrowing and
 Commission Fee

	 	 Base Rate
 Borrowing

	 	 Commitment
 Fees

	1	 	Less than or equal to 1.50:1.00	 	1.000%	 	0.000%	 	0.200%
	2	 	Greater than 1.50:1.00, but less than or equal to 2.00:1.00	 	1.250%	 	0.000%	 	0.250%
	3	 	Greater than 2.00:1.00, but less than or equal to 2.50:1.00	 	1.500%	 	0.000%	 	0.300%
	4	 	Greater than 2.50:1.00	 	1.750%	 	0.375%	 	0.375%

  
 Upon
delivery of a Compliance Certificate pursuant to Section 9.3, commencing with the Compliance Certificate delivered for the fiscal quarter ending May 31, 2005, or a Permitted Acquisition Compliance Certificate in connection with a
Permitted Acquisition, the Applicable Margin shall automatically be adjusted to the rate corresponding to the Leverage Ratio set forth in the table above, such automatic adjustment to take effect prospectively on the third Business Day after receipt
by Administrative Agent of the Compliance Certificate or the Permitted Acquisition Compliance Certificate, as the case may be. If Borrower fails to deliver such Compliance Certificate or Permitted Acquisition Compliance Certificate, as the case may
be, with respect to any fiscal quarter or any Permitted Acquisition, as the case may be, which sets forth such ratio within the period of time required by Section 9.3 or by the definition of Permitted Acquisition, as the case may be,
the Applicable Margin shall automatically be adjusted to that set forth in Level 4. The automatic adjustment provided for in the preceding sentence shall take effect on the last day that the Compliance Certificate or the Permitted Acquisition
Compliance Certificate, as the case may be, was required to be delivered and shall remain in effect until subsequently adjusted in accordance herewith upon the delivery of such Compliance Certificate or such Permitted Acquisition Compliance
Certificate, as the case may be.” 
  
 (b) A new definition of
“Fifth Amendment Closing Date” is added to Section 1.1 of the Credit Agreement and shall read as follows: 
  
 “‘Fifth Amendment Closing Date’ means May 27, 2005.”

  
 (c) The definition of “Increase Effective
Date” is deleted from Section 1.1 of the Credit Agreement. 
  
 (d) The definition of “Lenders” in Section 1.1 of the Credit Agreement is amended by deleting therefrom the reference to “Section 2.8(a)”. 
  
 (e) The proviso at the end of the definition of
“Obligation” in Section 1.1 of the Credit Agreement is amended to read in its entirety as follows: 
  
 “provided that, all references to the “Obligation” in the Collateral Documents and in Sections 3.12, 3.13 and
3.14, shall, in addition to the foregoing, also include all present and future indebtedness, liabilities, and obligations (and renewals and extensions thereof or any part thereof), now or hereafter owed to Person arising from, by virtue of,
or pursuant to any Financial Hedge entered into by any Company with such Person, so long as such Person or its Affiliate is a 

  

 2 

 
Lender at the time such Financial Hedge is entered into (and such Person or its Affiliate shall be deemed to be a Lender for purposes of any Collateral
Document, Section 12 and Sections 3.12, 3.13 and 3.14 so long as such Financial Hedge is in existence).” 
  
 (f) The definition of “Revolver Termination Date” in Section 1.1 of the Credit Agreement is amended to read in its
entirety as follows: 
  
 “‘Revolver Termination Date’ means the earlier of (a) June 30, 2009 (subject to extension as provided in Section 2.7), and (b) the effective date of any termination, cancellation, or
acceleration of all commitments to lend under the Revolver Facility.” 
  
 (g) Section 2.7 of the Credit Agreement is amended by amending clause (a) and clause (b) thereof by deleting therefrom “Fourth Amendment Closing Date” and
substituting therefor “Fifth Amendment Closing Date.” 
  
 (h) Section 2.8 of the Credit Agreement is deleted. 
  
 (i) Section 3.10(d) of the Credit Agreement is amended to read in its entirety as follows: 
  
 “(d) no more than an aggregate of eight (8) Interest Periods shall be in effect at one time.” 
  
 (j) Section 3.12(b)(v) of the Credit Agreement is amended to
read in its entirety as follows: 
  
 “(v) to
the ratable payment of the Principal Debt and the liquidated amount under Financial Hedges owed by any Company to any Lender or its Affiliate, as the case may be (as used in this Section 3.12(b)(v), “ratable payment” means
for any Lender or its Affiliate, on any date of determination, that proportion which the sum of the Principal Debt and the liquidated amount under Financial Hedges owed by any Company to any Lender or its Affiliate bears to the sum of the Principal
Debt and the liquidated amount under Financial Hedges owed by any Company to all Lenders and their Affiliates;” 
  
 (k) Section 9.29(b) of the Credit Agreement is amended to read in its entirety as follows: 
  
 “(b) Maximum Leverage Ratio. On and after the
Fifth Amendment Closing Date, the Leverage Ratio to be greater than 3.0:1.0 with respect to the immediately preceding Rolling Period. 
  
 (l) Section 9.29(c) of the Credit Agreement is amended to read in its entirety as follows: 
  
 “(c) Minimum Fixed Charge Coverage Ratio. The
Fixed Charge Coverage Ratio to be less than: (i) from May 31, 2005 through and including February 27, 2007, 1.10:1; and (ii) from February 28, 2007 and thereafter, 1.15:1, in each case determined with respect to the immediately preceding Rolling
Period.” 
  
 (m) Schedule 2.1 to the Credit
Agreement is deleted and replaced by Replacement Schedule 2.1 hereto. 
  
 Section 3. Conditions to Effectiveness. This Amendment shall become effective as of the Effective Date when and if Administrative Agent has received the following: 
  

 3 

 (a) this Amendment, duly executed by Borrower, each Guarantor, each Lender and Administrative Agent;

  
 (b) an amended and restated Revolver Note payable to each
Lender in the amount of its respective Committed Sum under the Revolver Facility after giving effect to this Amendment; 
  
 (c) copies of the resolutions of Borrower’s Board of Directors approving and authorizing the execution, delivery and performance by Borrower of this
Amendment and the transactions contemplated hereby, including the increase in the Committed Sums of Lenders under the Revolver Facility, certified by a Responsible Officer; 
  
 (d) a certificate of a Responsible Officer, certifying the names and true signatures of the officers of Borrower authorized
to execute and deliver this Amendment; 
  
 (e) (i) for each
Guarantor that is not a partnership, copies of the resolutions of the Board of Managers or Board of Directors of such Guarantor, approving and authorizing the execution, delivery and performance by such Guarantor of this Amendment and the
transactions contemplated hereby, including the increase in the Committed Sums of Lenders under the Revolver Facility, certified by a Responsible Officer of such Guarantor; and (ii) for each Guarantor that is a partnership, evidence of approval and
authorization of the execution, delivery and performance by such Guarantor of this Amendment and the transactions contemplated hereby, including the increase in the Committed Sums of Lenders under the Revolver Facility, accompanied by a certificate
from the general partner or other appropriate managing partner; 
  
 (f) a certificate of a Responsible Officer (or general partner or other appropriate managing partner, as applicable) of each Guarantor, certifying the names and true signatures of the officers of such Guarantor authorized to execute and
deliver this Amendment; and 
  
 (g) such other assurances,
certificates, Loan Documents, other documents, consents and opinions as Administrative Agent may reasonably require. 
  
 Section 4. Representations and Warranties of Borrower. Borrower represents and warrants to Lenders and Administrative Agent as set forth
below. 
  
 (a) The execution, delivery and performance by Borrower
of this Amendment and the transactions contemplated hereby, including the increase in the Committed Sums of Lenders under the Revolver Facility, and the Credit Agreement, as amended hereby, have been duly authorized by all necessary corporate action
and do not and will not (i) require any consent or approval not heretofore obtained of any director, stockholder, security holder or creditor of Borrower, (ii) violate or conflict with any provision of Borrower’s Articles of Incorporation,
(iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or leased or hereafter acquired by Borrower, (iv) violate any Laws applicable to Borrower or (v) result in a breach of or constitute a
default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or credit agreement or any other material agreement to which Borrower is a party or by which Borrower or any of its Property is bound or affected.

  
 (b) No authorization, consent, approval, order license or
permit from, or filing, registration or qualification with, any Governmental Authority is or will be required to authorize or permit under applicable Law the execution, delivery and performance by Borrower of this Amendment and the transactions
contemplated hereby, including the increase in the Committed Sums of Lenders under the Revolver Facility, and the Credit Agreement, as amended hereby. 
  

 4 

 (c) Each of this Amendment and the Credit Agreement, as amended hereby, has been duly executed and
delivered by Borrower and constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or equitable principles relating to the
granting of specific performance and other equitable remedies as a matter of judicial discretion. 
  
 (d) The representations and warranties of Borrower contained in Section 8 of the Credit Agreement are true and correct in all material
respects as though made on and as of the Effective Date (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct as of such earlier date). 
  
 (e) No Default or Potential Default exists or would result from the
effectiveness of this Amendment. 
  
 (f) Borrower agrees to
perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional documents and certificates as Administrative Agent may reasonably request in order to create, perfect, preserve, and protect the guaranties,
assurances, and Liens granted, conveyed or assigned by the Credit Agreement and the other Loan Documents. 
  
 Section 5. Reference to and Effect on Loan Documents. 
  
 (a) On and after the Effective Date, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein” or any other expression of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement,” “thereunder,”
“thereof,” “therein” or any other expression of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended by this Amendment. 
  
 (b) Except as specifically amended hereby, all provisions of the Credit
Agreement and all Collateral Documents shall remain in full force and effect and are hereby ratified and confirmed. 
  
 (c) Except as otherwise expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of any Lender or Administrative Agent under any of the Loan Documents or constitute a waiver of any provision of any of the Loan Documents. 
  
 (d) Borrower (A) ratifies and confirms all provisions of the Loan Documents applicable to Borrower, and (B) ratifies and confirms that all guaranties,
assurances, and Liens granted, conveyed, or assigned to Administrative Agent under the Loan Documents by Borrower are not released, reduced, or otherwise adversely affected by this Amendment and continue to guarantee, assure, and secure full payment
and performance of the present and future Obligation. 
  
 Section 6. Costs and Expenses. Borrower agrees to pay on demand all reasonable costs and expenses of Administrative Agent in connection with the preparation, 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 Administrative Agent with respect thereto and with respect to advising Administrative Agent as to its rights and responsibilities
hereunder and thereunder. 
  
 Section 7. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall
constitute one and the 

  

 5 

 
same instrument. This agreement, when countersigned by the parties hereto, shall be a “Loan Document” as defined and referred to in the Credit
Agreement and the other Loan Documents. 
  
 Section 8.
Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS. 
  
 Section 9. ENTIRETY. THIS AMENDMENT, THE CREDIT AGREEMENT, THE NOTES AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT
AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
  
 [Remainder of page intentionally left blank.] 
  
  

 6 

			
	AZZ incorporated
		
	By:	 	 /s/ Dana Perry

	 	 	Dana Perry, Vice President

			
	ADMINISTRATIVE AGENT:
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 /s/ Suzanne M. Paul

	 	 	 Suzanne M. Paul, Vice President

			
	LENDERS:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Steven A. Mackenzie

	 	 	Steven A. Mackenzie, Senior Vice President

			
	COMERICA BANK
		
	By:	 	 /s/ Corey R. Bailey

	 	 	Corey R. Bailey, Vice President

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Jennifer L. Norris

					
			
	 	 	 Name:
	 	Jennifer L. Norris
			
	 	 	 Title:
	 	Senior Vice President

 To induce Administrative Agent and Lenders to enter into this Amendment, the undersigned consent and agree (a) to its
execution and delivery and terms and conditions thereof, (b) that this document in no way releases, diminishes, impairs, reduces, or otherwise adversely affects any Liens, charges, guaranties, assurances, or other obligations or undertakings of any
of the undersigned under any Loan Documents, and (c) waive notice of acceptance of this Amendment, which Amendment binds each of the undersigned and their respective successors and permitted assigns and inures to the benefit of Administrative Agent,
Lenders, and their respective successors and permitted assigns. 
  

			
	 GUARANTORS:
  
 AZTEC INDUSTRIES, INC.
  
 THE CALVERT COMPANY, INC.
  
 GULF COAST GALVANIZING, INC.
  
 ARKGALV, INC.
  
 ARBOR-CROWLEY, INC.
  
 ATKINSON INDUSTRIES, INC.
  
 AZTEC INDUSTRIES, INC.—MOSS POINT
  
 AUTOMATIC PROCESSING INCORPORATED

 
 ARIZONA GALVANIZING, INC.
  
 HOBSON GALVANIZING, INC.
  
 CGIT WESTBORO, INC.
  
 WESTSIDE GALVANIZING SERVICES,
INC.
  
 CARTER AND CRAWLEY,
INC.
  
 CENTRAL ELECTRIC
COMPANY
  
 CENTRAL ELECTRIC
MANUFACTURING COMPANY
  
 ELECTRICAL POWER SYSTEMS, INC.
  
 CLARK CONTROL SYSTEMS, INC.
  
 AZTEC MANUFACTURING PARTNERSHIP, LTD.

		
	By:	 	 AZZ GROUP, LP, its General Partner

					
	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

			
	
	 AZTEC MANUFACTURING – WASKOM PARTNERSHIP, LTD.

					
		
	 By:
	 	 AZZ GROUP, LP, its General Partner

	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

  
  

			
	RIG-A-LITE PARTNERSHIP, LTD.
		
	By:	 	 AZZ GROUP, LP, its General Partner

					
	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

			
	
	 INTERNATIONAL GALVANIZERS PARTNERSHIP, LTD.

					
		
	 By:
	 	 AZZ GROUP, LP, its General Partner

	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

  
  

					
	 DRILLING RIG ELECTRICAL SYSTEMS CO. PARTNERSHIP, LTD.

		
	 By:
	 	 AZZ GROUP, LP, its General Partner

	 	 	 By:
	 	 AZZ GP, LLC, its General Partner

  

			
	AZZ GROUP, LP
		
	By:	 	 AZZ GP, LLC, its General Partner

  

			
	 AZZ GP, LLC
  
 AZZ LP, LLC

		
	 By:
	 	 /s/ Dana L. Perry

	 	 	 Dana L. Perry, Secretary of each of the
 foregoing entities

  

			
	AZZ HOLDINGS, INC.
		
	By:	 	 /s/ Mike McLain

	 	 	 Mike McLain, President

 REPLACEMENT SCHEDULE 2.1 
  

							
	 NAME AND ADDRESS
 OF LENDERS

	 	 TERM FACILITY
COMMITMENT SUM

	 	 REVOLVER
 FACILITY
 COMMITTED SUM

	 	 COMMITMENT
 PERCENTAGE

	 Bank of America, N.A.
 901 Main Street, 67th Floor
 Dallas, TX 75202
 Attn: Steven A. Mackenzie
 214-209-3680 phone
 214-209-____ fax
	 	$8,181,607.52	 	$14,875,650.00	 	49.585500000%
	 	 	
	 	
	 	

	 Comerica Bank
 8828 Stemmons Freeway,
 Suite 441
 Dallas, TX 75247
 Attn: Donald P. Hellman
 214-589-4419 phone
 972-263-9837 fax
	 	$5,455,180.48	 	$9,918,510.00	 	33.061700000%
	 	 	
	 	
	 	

	 Wachovia Bank, National
 Association
 5080 Spectrum Drive
 Suite 500
 Addison, TX 75001
 Attn: Jennifer Norris
 972-419-3119
 972-419-3136
	 	$2,863,212.00	 	$5,205,840.00	 	17.352800000%
	 	 	
	 	
	 	

	 Totals
	 	$16,500,000.00	 	$30,000,000.00	 	100.000000000%
	 	 	
	 	
	 	

  

 14

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