Document:

Execution
Version

 

	June
    5, 2018	$50,000,000.00

 

LOAN
AGREEMENT

 

This
Loan Agreement (this “Agreement”) is dated effective as of June 5, 2018 (the “Effective
Date”) and is between HANA INVESTMENTS CO. WLL, a company existing under the laws of Bahrain (“Lender”)
and NATIONAL ENERGY SERVICES REUNITED CORP., a corporation existing under the laws of the British Virgin Islands (“Borrower,”
and together with Lender, the “Parties” and each, a “Party”).

 

1.
The Loan. Subject to the terms and conditions of this Agreement, Lender agrees to loan to Borrower the amount of $50,000,000.00
in a single advance and in immediately available funds (including all renewals, extensions or modifications, the “Loan”)
by 11 a.m. (Houston CST time) on [●], 2018 (the “Drawdown Date”), and Borrower unconditionally
agrees to repay to Lender the principal amount of the Loan together with all unpaid interest thereon and all other amounts payable
hereunder on or before December 17, 2018 (the “Maturity Date”). The period from the date that Lender
funds the Loan through and including the Maturity Date is referred to herein as the “Loan Term.”

 

a.
Prepayment.

 

(i)
Borrower may prepay all or any portion of the principal outstanding together with all interest accrued thereon and unpaid at any
time and from time to time, upon irrevocable notice delivered to Lender no later than 11 a.m. (Houston CST time), five Business
Day prior thereto, which notice shall specify the date and amount of prepayment; provided that, in addition to the amounts
so prepaid, Borrower shall pay the Transaction Fee (as defined below) on such prepayment date. Any such prepayment(s) shall be
made in cash or Conversion Shares (subject to the terms set forth in Section 2(b)), at the election of Lender, on
such prepayment date(s) and shall be applied to the principal amount outstanding hereunder until paid in full, and then to interest.

 

(ii)
In the event that Borrower shall make a public offering of its securities, Lender may elect in its sole discretion to require
Borrower to prepay the Loan, and upon the giving of written notice thereof to Borrower, Borrower shall within one day, prepay
in cash the full principal amount of the Loan then outstanding, together with any other amounts payable under this Agreement,
together with accrued interest to the date of such prepayment on the principal amount prepaid; provided that such prepayment
shall not prohibit the right of Lender to participate in the purchase of Borrower’s securities made pursuant to such public
offering.

 

b.
Interest.

 

(i)
Interest shall accrue on the unpaid principal amount of the Loan from the Drawdown Date until the Loan is paid in full in cash
or upon Conversion pursuant to Section 2 hereof, at the higher of (A) an amount equal to $4,000,000 prorated based
on the number of days outstanding between the Effective Date and the Maturity Date, and (B) at a rate per annum equal to One Month
ICE LIBOR (as defined below), adjusted monthly on the first day of each calendar month, plus a margin of 2.25%. Interest shall
be due and payable, at the election of Lender, in cash or Conversion Shares (subject to the terms set forth in Section 2(b))
on the Maturity Date or the Conversion Date, as applicable, or if the Loan is prepaid earlier, on such prepayment date. The term
“One Month ICE LIBOR” shall mean the One Month London InterBank Offered Rate in U.S. Dollars as calculated
and published by the Intercontinental Exchange Benchmark Administration Ltd. (“ICE,” or the successor
thereto if ICE is no longer making a London Interbank Offered Rate available) and in effect on the first day of each calendar
month. The One Month ICE LIBOR shall be obtained by Lender from an intermediary rate reporting source such as Bloomberg, L.P.
Interest at the One Month ICE LIBOR shall be computed on the basis of a calendar month (28, 29, 30 or 31 days, as the case may
be), and shall accrue on the actual number of days any principal balance hereof is outstanding.

 

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(ii)
The Loan may be extended beyond the Maturity Date at the election of Lender and on terms to be agreed by the Parties. If the Maturity
Date is not extended and the Loan is not repaid on the Maturity Date, any amounts required to be paid by Borrower hereunder (including
principal, interest payable on the Loan pursuant to Section 1(b)(i), the Transaction Fee (to the extent the Transaction
Fee has not been paid) and other amounts otherwise payable to Lender) remaining unpaid after such amounts are due (the “Overdue
Amount”), shall accrue interest at a rate per annum equal to One Month ICE LIBOR, adjusted monthly on the first
day of each calendar month, plus a margin of 2.25% and an additional 1% per annum from the Maturity Date until such Overdue Amount
shall be paid in full. Such interest shall be payable in arrears on the date such Overdue Amount shall be paid in full and on
demand and, at the election of Lender, shall be paid in cash or Conversion Shares.

 

2.
Conversion of Debt to Equity.

 

a.
Notwithstanding anything to the contrary contained in this Agreement, Lender shall have the right and option at any time prior
to the payment in full of the principal amount outstanding hereunder and the interest thereon, to exchange Borrower’s payment
obligation as to the then-outstanding principal balance for the Conversion Shares (the “Conversion Option”)
by delivering to Borrower (the “Conversion Deliverables”) (A) written notice of Lender’s election
to exercise the Conversion Option, (B) a counterpart of this Agreement bearing the signatures of Lender and Borrower, marked “PAID”
and initialed by Lender on the first page, (C) a counterpart of Lender’s acceptance of the Conversion Shares, bearing Lender’s
signature and (D) evidence of compliance with applicable U.S. securities law and regulations, including any legend on the certificates
evidencing the Conversion Shares as required. The date of delivery of the Conversion Deliverables for conversion of Borrower’s
payment obligation of the outstanding principal balance of the Loan to the Conversion Shares in strict compliance with the terms
of this Section 2 is referred to herein for all purposes as the “Conversion.” “Conversion
Shares” means the number of shares of common stock of Borrower that, at $11.244 per share, constitutes a value equivalent
to the principal amount outstanding hereunder plus all interest accrued thereon, as of the date of the Conversion (the “Conversion
Date”). Borrower’s right to prepay the Loan shall terminate upon receipt of the Conversion Deliverables.

 

b.
If at any time, and after giving effect to, Lender’s exercise of the Conversion Option, the ownership by Lender of the total
outstanding shares of Borrower would constitute 20% or more of the total outstanding shares of Borrower (the “Conversion
Limitation”), then at the election of Lender (i) Borrower shall, to the extent such vote is required by applicable
regulations or stock exchange rules, submit the proposed Conversion for shareholder approval in accordance with applicable regulations
within 30 days of such election, or (ii) the Conversion shall be limited to the number of shares of common stock of Borrower that,
together with all other shares of Borrower’s common stock owned by Lender at the time of Conversion, comprise 19.99% of
the then-outstanding shares of common stock of Borrower, and any outstanding principal balance not converted to stock shall continue
to accrue interest under Section 1(b) above and be paid in cash.

 

c.
Notwithstanding anything in this Agreement to the contrary, if, at any time prior to the payment in full of the principal amount
outstanding hereunder and the interest thereon, the number of outstanding shares of Borrower shall have changed into a different
number of shares or a different class by reason of any reclassification, stock split (including a reverse stock split), recapitalization,
tender or exchange offer, readjustment or other similar transaction, or a stock dividend or stock distribution thereon shall be
declared with a record date within said period, the value of the Conversion Shares shall be appropriately adjusted to provide
Lender the same economic effect as contemplated by this Agreement prior to such event; provided, however, that (i)
in no event shall the value of the Conversion Shares exceed $11.244 per share after giving effect to such adjustment in accordance
with this Section 2(c), (ii) Borrower shall be prohibited from issuing any shares unless such shares are issued
at or above fair market value and in a transaction duly approved by the Board of Directors of Borrower and, to the extent that
any fairness opinion has been obtained, Lender shall by its terms be allowed to rely thereon and (iii) nothing in this Section
2(c) shall permit Borrower to take any action with respect to its securities that is expressly prohibited by the terms
of this Agreement.

 

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3.
Transaction Fee. In addition to principal and interest on the Loan, Borrower shall tender to Lender within 7 days after the
Effective Date, Borrower’s common stock at $11.244 per share with a total value of $600,000.00 (the “Transaction
Fee”), which shall be 53,362 ordinary shares.

 

4.
Condition Precedent. Lenders obligation to make the Loan hereunder shall be subject to satisfaction of the following conditions
precedent:

 

a.
Lender shall have received on or before the Effective Date the following, each dated such day, in form and substance satisfactory
to Lender:

 

(i)
This Agreement, duly executed by Borrower and Lender.

 

(ii)
The Relationship Agreement dated on or about the date hereof, among Borrower, NESR Holdings Limited and Lender (the “Relationship
Agreement”), duly executed by the parties thereto.

 

(iii)
A certificate of the Secretary of Borrower certifying (i) that attached thereto is a true and complete copy of (A) resolutions
of the Board of Directors and (B) resolutions of the Independent Director of Borrower, each authorizing the execution, delivery
and performance of this Agreement and the Relationship Agreement and each of the transactions contemplated herein and therein,
(ii) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to execution,
delivery and performance of this Agreement and the Relationship Agreement and (iii) that attached thereto are the names and true
signatures of the officers of Borrower authorized to sign this Agreement and the Relationship Agreement and all other documents
delivered in connection herewith and therewith (the “Documents”).

 

(iv)
A letter from the Process Agent indicating its acceptance of the appointment by Borrower pursuant to Section 14(b).

 

(v)
An opinion of Looper Goodwine P.C., New York counsel for Borrower, satisfactory in form and substance to Lender.

 

b.
The following statements shall be true and Lender shall have received a certificate signed by a duly authorized officer of Borrower,
dated the Effective Date, stating that:

 

(i)
the representations and warranties contained in Section 5 are true and correct on and as of the Effective Date;
and

 

(ii)
no event has occurred and is continuing that constitutes an Event of Default (as defined below) or any event that would constitute
an Event of Default but for the requirement that notice be given or time elapse or both (“Default”).

 

c.
The completion of due diligence in respect of the authorizations and compliance by Borrower of the applicable provisions under
its governing documents and applicable law or regulations in entering into this Agreement and with results satisfactory to Lender
in its sole discretion.

 

5.
Representations and Warranties of Borrower. Borrower represents and warrants as follows:

 

a.
Each of Borrower and its subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization and has all requisite corporate power and authority (including, without limitation, all governmental licenses,
permits and other approvals) to own, lease and operate its properties and to carry on its business as now conducted and as proposed
to be conducted.

 

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b.
The execution, delivery and performance by Borrower of this Agreement and each other Document, and the consummation of the transactions
contemplated hereby, are within Borrower’s organizational powers, have been duly authorized by all necessary organizational
action, and do not (i) contravene Borrower’s governing documents, material contracts or any applicable law or regulations,
(ii) violate any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award, (iii) conflict with
or result in the breach of any contractual restriction binding on or affecting Borrower or any of its subsidiaries or any of their
properties, (iv) result in an act that would be prohibited by or materially different from Borrower’s definitive Proxy Statement
filed on Schedule 14A filed with the SEC on May 8, 2018 (the “Proxy Statement”) or (v) result in the
creation or imposition of any lien on any assets of Borrower or any of its subsidiaries.

 

c.
No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body
or any other third party is required for (i) the due execution, delivery and performance by Borrower of any Document or (ii) the
exercise by Lender of its rights under any Document.

 

d.
This Agreement has been, and each Document when delivered hereunder has been or will have been, duly executed and delivered by
Borrower. This Agreement is, and each other Document when delivered hereunder will be, the legal, valid and binding obligation
of Borrower enforceable against Borrower in accordance with their respective terms.

 

e.
The consolidated balance sheet of Borrower and its subsidiaries as at December 31, 2017, and the related consolidated statements
of income and cash flows of Borrower and its subsidiaries for the fiscal year then ended, accompanied by an opinion of Marcum
LLP, independent public accountants, fairly present the consolidated financial condition of Borrower and its subsidiaries as at
such date and the consolidated results of the operations of Borrower and its subsidiaries for the period ended on such date, all
in accordance with applicable accounting rules consistently applied.

 

f.
Since December 31, 2017, there has been no material adverse change to the business, condition (financial or otherwise), operations,
performance, properties or prospects of Borrower or Borrower and its subsidiaries taken as a whole.

 

g.
There is no pending or threatened action, suit, investigation, litigation or proceeding, affecting Borrower or any of its subsidiaries
before any governmental or regulatory authority or arbitrator.

 

h.
Borrower and each of its subsidiaries has filed, has caused to be filed or has been included in all tax returns (national, departmental,
local, municipal and foreign) required to be filed and has paid all taxes due with respect to the years covered by such returns.

 

i.
Borrower and each of its subsidiaries is in compliance with all applicable laws and requirements of all governmental and regulatory
authorities.

 

j.
The transaction contemplated under this Agreement and the transactions involving MEA Energy Investment Company 2, Ltd (“MEA”),
including the Forward Purchase Agreement dated as of April 27, 2018 between Borrower and MEA in the terms described in the Proxy
Statement, are on terms that are fair and reasonable and no less favorable to Borrower or such subsidiary than it would obtain
in a comparable arm’s-length transaction with a Person not an Affiliate (as defined below).

 

k.
Each Document is in proper legal form under the law of the British Virgin Islands for the enforcement thereof against Borrower
under the law of the British Virgin Islands.

 

l.
Borrower’s obligations under this Agreement constitute direct, unconditional, unsubordinated and unsecured obligations of
Borrower and do rank and will rank pari passu in priority of payment and in all other respects with all other unsecured
and unsubordinated debt of Borrower.

 

m.
Borrower is not required to register as an “investment company”, as such term is defined in the Investment
Company Act of 1940, as amended.

 

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n.
No information, exhibit or report furnished by or on behalf of Borrower to Lender in connection with the negotiation of this Agreement
or any other Documents or pursuant to the terms of any Document contained any untrue statement of a material fact or omitted to
state a material fact necessary to make the statements made therein not misleading.

 

o.
Borrower is, before and after giving effect to the Loan and all other borrowings, individually and together with its subsidiaries,
solvent.

 

p.
Borrower and its subsidiaries are conducting their business in compliance with laws, rules, regulations and requirements of any
jurisdiction applicable to Borrower or any of its subsidiaries, in each case, as amended from time to time, concerning or relating
to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977, the U.K. Bribery
Act of 2010 and all other applicable anti-bribery and corruption laws (“Anti-Corruption Laws”). Borrower
and its subsidiaries, directors, officers and employees and, to the knowledge of Borrower after due inquiry, its Affiliates, agents
and other persons acting for the benefit of Borrower, are in compliance with all Anti-Corruption Laws and are not under investigation
for or being charged with any violation of Anti-Corruption Laws. Borrower and its subsidiaries, and their respective directors,
officers and employees and, to the knowledge of Borrower after due inquiry, its Affiliates and agents are in compliance with all
applicable economic or trade sanctions or restrictive measures enacted, administered, imposed or enforced by the U.S. Department
of the Treasury’s Office of Foreign Assets Control (OFAC), the U.S. Department of State, the United Nations Security Council,
and/or the European Union and/or the French Republic, and/or Her Majesty’s Treasury (“Sanctions”).
Borrower has implemented and maintains in effect policies and procedures to ensure compliance by Borrower and its subsidiaries,
and its and their respective directors, officers, employees, Affiliates and agents with Anti-Corruption Laws, Anti-Money Laundering
Laws and Sanctions.

 

q.
None of Borrower or its subsidiaries or any of their respective directors, officers, or employees or, to the knowledge of Borrower
after due inquiry, its agents or Affiliates or those of its subsidiaries is a person that is, or is 50% or more owned or controlled
by Persons that are, (i) the subject of Sanctions (a “Sanctioned Person”) or (ii) located in, or organized
under the laws of, a country or territory that is the subject of Sanctions broadly prohibiting dealings with such government,
country or territory (a “Sanctioned Jurisdiction”).

 

r.
The operations of Borrower and its subsidiaries are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements, as amended, the applicable money laundering statutes of all jurisdictions where Borrower
or any of its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental or regulatory agency (collectively, the “Anti-Money
Laundering Laws”), and, no action, suit or proceeding by or before any court or governmental authority or body or
any arbitrator involving Borrower or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to
the knowledge of Borrower after due inquiry, threatened.

 

s.
No Default or Event of Default has occurred and is continuing.

 

6.
Covenants. So long as the Loan shall remain unpaid or any obligation of Borrower under any Document shall remain outstanding:

 

a.
Borrower will (i) comply, and cause each of its subsidiaries to comply (A) with all Anti-Corruption Laws, (B) with all Sanctions
and (C) with all other applicable laws and regulations; and (ii) implement, maintain and continue to maintain in effect, and enforce,
policies and procedures to ensure compliance by Borrower, its subsidiaries and their respective directors, officers, employees,
Affiliates and agents with Anti-Corruption Laws, Anti-Money Laundering Laws and all applicable Sanctions.

 

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b.
Borrower will pay and discharge, and cause each of its subsidiaries to pay and discharge, before the same shall become delinquent,
(i) all taxes and (ii) all lawful claims that, if unpaid, might by law become a lien upon its property; provided, however,
that neither Borrower nor any of its subsidiaries shall be required to pay or discharge any such tax or claim that is being contested
in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any lien resulting
therefrom attaches to its property and becomes enforceable against its other creditors.

 

c.
Borrower will preserve and maintain, and cause each of its subsidiaries to preserve and maintain, its organizational existence,
rights (charter and statutory), permits, approvals, licenses, privileges and franchises.

 

d.
Borrower will conduct, and cause each of its subsidiaries to conduct, all transactions otherwise permitted under this Agreement
with any of their Affiliates on terms that are fair and reasonable and no less favorable to Borrower or such subsidiary than it
would obtain in a comparable arm’s-length transaction with a Person not an Affiliate. For purposes of this Agreement, an
“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled
by or is under common control with such Person or is a director or officer of such Person. The term “control”
(including the terms “controlling”, “controlled by” and “under
common control with”) of a Person means the possession, direct or indirect, of the power to vote 5% or more of the
voting stock of such Person or to direct or cause the direction of the management and policies of such Person, whether through
the ownership of voting stock, by contract or otherwise.

 

e.
Borrower will not create or suffer to exist, or permit any of its subsidiaries to create or suffer to exist, any lien on or with
respect to any of its properties, whether now owned or hereafter acquired, or assign, or permit any of its subsidiaries to assign,
any right to receive income, except for liens existing as of the Effective Date.

 

f.
Borrower will not create, incur, assume or suffer to exist, or permit any of its subsidiaries to create, incur, assume or suffer
to exist, any indebtedness, except:

 

(i)
in the case of Borrower, (x) indebtedness under this Agreement and any other indebtedness outstanding as of the Effective Date
and (y) any such indebtedness created, incurred, assumed or suffer to exist after the Effective Date so long as such indebtedness
is subordinated to the obligations of Borrower under this Agreement on terms and conditions satisfactory to Lender; and

 

(ii)
in the case of any subsidiary of Borrower, any indebtedness so long as after giving effect to incurrence of such indebtedness,
the ratio of consolidated total liabilities to consolidated shareholders’ equity (“Debt to Equity Ratio”)
of Borrower shall not exceed the Debt to Equity Ratio of 0.51:1.00 as calculated by reference to Borrower’s proforma consolidated
financial statements for the period ended December 31, 2017. For purposes of determining Borrower’s shareholders’
equity pursuant to this Section 6(f)(ii), the example of line items set forth in EXHIBIT A hereto
shall be used for reference purposes.

 

g.
Borrower will not merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction
or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person,
or permit any of its subsidiaries to do so, except that any subsidiary of Borrower may merge or consolidate with or into, or dispose
of assets to, any other subsidiary of Borrower; provided that no Default shall have occurred and be continuing at the time
of such proposed transaction or would result therefrom.

 

h.
Borrower will not consummate, or permit any of its subsidiaries to consummate, any sale of material assets.

 

i.
Borrower will not make, or permit any of its subsidiaries to make, any material change in the nature of its business as carried
on at the date hereof.

 

j.
Borrower will not amend its governing documents in any material respect without Lender’s consent.

 

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k.
Borrower will not (i) adjust, split, combine, redeem, repurchase or otherwise acquire any shares of its capital stock or other
equity interests or (ii) reclassify, combine, split, subdivide or otherwise amend the terms of its capital stock or other equity
interests or (iii) enter into any agreement with respect to the voting of any of Borrower’s capital stock or other securities
or the capital stock or other securities of a subsidiary of Borrower;

 

l.
Borrower will not issue, grant, deliver, sell, pledge, dispose of or encumber (i) shares of capital stock, other voting securities
of, or equity interests in any subsidiary of Borrower, (ii) securities convertible into or exercisable or exchangeable for any
shares of capital stock or voting securities of, or equity interests in any of its subsidiaries or (iii) right to acquire any
shares of capital stock or voting securities of, or other equity interests in any of its subsidiaries;

 

m.
Borrower will not:

 

(i)
use the proceeds of the Loan except to pay for any funding gap arising from the redemptions by the shareholders of Borrower in
connection with the consummation of the acquisition by Borrower of NPS Holdings Ltd and Gulf Energy SAOC as described in the Proxy
Statement and any fees and expenses in connection with the transaction contemplated under this Agreement and with respect to the
aforesaid redemptions.

 

(ii)
directly or indirectly, use any part of any proceeds of the Loan or lend, contribute, or otherwise make available such proceeds,
or shall permit any of its subsidiaries, or any of its or their respective directors, officers, or employees, or to the knowledge
of Borrower after due inquiry, the Affiliates or agents of Borrower or any of its or their respective subsidiaries, directly or
indirectly, to use any part of any proceeds of the Loan or lend, contribute, or otherwise make available such proceeds, in each
case, (A) to fund or facilitate any activities or business of or with any Person that, at the time of such funding or facilitation,
is a Sanctioned Person, (B) to fund or facilitate any activities or business of or in any Sanctioned Jurisdiction, (C) in any
manner that would result in a violation by any Person of Sanctions, or (D) in violation of applicable law, including, without
limitation, Anti-Corruption Laws.

 

n.
Borrower will furnish to Lender:

 

(i)
as soon as available and in any event within 45 days after the end of each of the first three quarters of each fiscal year of
Borrower, consolidated and consolidating balance sheets of Borrower and its subsidiaries as of the end of such quarter and consolidated
and consolidating statements of income and cash flows of Borrower and its subsidiaries for the period commencing at the end of
the previous fiscal year and ending with the end of such quarter, duly certified (subject to year-end audit adjustments) by the
chief financial officer of Borrower as having been prepared in accordance with applicable accounting rules; provided that
such financial statements shall be deemed to have been delivered if they are published on Borrower’s website or filed with
the U.S. Securities and Exchange Commission for public availability;

 

(ii)
as soon as available and in any event within 90 days after the end of each fiscal year of Borrower, a copy of the annual audit
report for such year for Borrower and its subsidiaries, containing consolidated and consolidating balance sheets of Borrower and
its subsidiaries as of the end of such fiscal year and consolidated and consolidating statements of income and cash flows of Borrower
and its subsidiaries for such fiscal year, in each case accompanied by an opinion acceptable to Lender by Marcum LLP or other
independent public accountants acceptable to Lender (without a “going concern” or like qualification or exception
and without any qualification or exception as to the scope of such audit); provided that such financial statements shall
be deemed to have been delivered if they are published on Borrower’s website or filed with the U.S. Securities and Exchange
Commission for public availability; and

 

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(iii)
concurrently with the delivery of the financial statements referred to in Section 6(n)(i) and Section 6(n)(ii),
a certificate of the chief financial officer of Borrower as to compliance with the terms of this Agreement and setting forth in
reasonable detail the calculations necessary to determine the Debt to Equity Ratio at such time; provided that in the event
of any change in applicable accounting rules used in the preparation of such financial statements, Borrower shall also provide,
if necessary for the determination of the Debt to Equity Ratio, a statement of reconciliation conforming such financial statements
to applicable accounting rules.

 

7.
Events of Default. If any of the following events (“Events of Default”) shall occur and be continuing:

 

a.
Borrower shall fail to pay (i) when and as required to be paid hereunder, any principal, interest, the Transaction Fee or other
amounts when due hereunder when the same becomes due and payable; or

 

b.
any representation or warranty made by Borrower (or any of its officers) herein or under or in connection with any Document shall
prove to have been incorrect in any material respect when made; or

 

c.
(i) Borrower shall fail to perform or observe any term, covenant or agreement contained in Sections 6(a)(i), (c),
(d) through (m), or (ii) Borrower shall fail to perform or observe any other term, covenant or agreement
contained in any Document on its part to be performed or observed if such failure shall remain unremedied for 10 or more days
after the earlier of the date on which (A) any officer of Borrower becomes aware of such failure or (B) written notice thereof
shall have been given to Borrower by Lender; or

 

d.
Borrower or any of its subsidiaries shall fail to pay any principal of, premium of, interest on, or any other amount payable in
respect of, any debt that is outstanding in a principal or notional amount of at least U.S. $1,000,000 (or its equivalent in other
currencies) in the aggregate of Borrower or such subsidiary (as the case may be), when the same becomes due and payable (whether
by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable
grace period, if any, specified in the agreement or instrument relating to such debt; or any other event shall occur or condition
shall exist under any agreement or instrument relating to any such debt and shall continue after the applicable grace period,
if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the
acceleration of, the maturity of such debt or otherwise to cause, or to permit the holder thereof to cause such debt to mature;
or any such debt shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled
required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such debt shall
be required to be made, in each case prior to the stated maturity thereof; or

 

e.
Borrower or any of its subsidiaries shall generally not pay its debts as such debts become due, or shall admit in writing its
inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall
be instituted by or against Borrower or any of its subsidiaries seeking to adjudicate it bankrupt or insolvent, or seeking liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under the debtor relief
laws, including, without limitation, the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar
debtor relief laws of the United States or other applicable jurisdictions from time to time in effect, or seeking the entry of
an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial
part of its property and, in the case of any such proceeding instituted against it (but not instituted by it) that is being diligently
contested by it in good faith, either such proceeding shall remain undismissed or unstayed for a period of 30 or more days, or
any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the
appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall
occur; or Borrower or any of its subsidiaries shall take any corporate action to authorize any of the actions set forth above
in this Section 7(e); or

 

    	 	Page 8	NESR Loan Agreement

    	Execution Version

    

 

f.
judgments or orders for the payment of money in excess of U.S. $1,000,000 (or its equivalent in other currencies) in the aggregate
shall be rendered against Borrower or any of its subsidiaries and either (i) enforcement proceedings shall have been commenced
by any creditor upon such judgment or order or (ii) there shall be any period of 10 or more consecutive days during which a stay
of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or

 

g.
any non-monetary judgment or order shall be rendered against Borrower or any of its subsidiaries, and there shall be any period
of 10 or more consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or
otherwise, shall not be in effect; or

 

h.
the obligations of Borrower under this Agreement or any other Document shall fail to rank at least pari passu with all
other unsecured and unsubordinated debt of Borrower; or

 

i.
any provision of this Agreement or any other Document shall cease to be valid and binding on or enforceable against Borrower,
or Borrower shall so assert or state in writing, or the obligations of Borrower under this Agreement or any other Document shall
in any way become illegal; or

 

j.
a material adverse change shall have occurred and be continuing;

 

then,
and in any such event, Lender may, by notice to Borrower, declare the Loan, all interest thereon and all other amounts payable
under this Agreement and the other Documents to be immediately due and payable, whereupon the Loan, all such interest and all
such amounts shall become and be immediately due and payable in cash or in Conversion Shares, without presentment, demand, protest
or further notice of any kind, all of which are hereby expressly waived by Borrower; provided, however, that in the event
of an actual or deemed entry of an order for relief with respect to Borrower under Section 7(e) above, the Loan,
all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest
or any notice of any kind, all of which are hereby expressly waived by Borrower.

 

8.
Indemnification. Borrower agrees to indemnify and hold harmless Lender and each of its Affiliates and the partners, directors,
officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s
Affiliates (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities
and expenses (including, without limitation, fees, charges, disbursements and expenses of counsel (including all fees and time
charges and disbursements for attorneys who may be employees of an Indemnified Party)) incurred by or asserted or awarded against
any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection
with any actual or potential investigation, litigation or proceeding or preparation of a defense in connection therewith, whether
based on contract, tort or any other theory) any Document, any of the transactions contemplated herein or therein or the actual
or proposed use of the proceeds of the Loan, except to the extent such claim, damage, loss, liability or expense is found in a
final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross
negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this
Section 8 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding
is brought by Borrower, its directors, equityholders or creditors or an Indemnified Party or any other Person, whether or not
any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. Borrower
also agrees not to assert any claim for special, indirect, consequential or punitive damages against Lender or any of its Affiliates
and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives, on
any theory of liability arising out of or otherwise relating to any Document, any of the transactions contemplated herein or therein
or the actual or proposed use of the proceeds of the Loan. No Indemnified Party referred to in this paragraph shall be liable
for any damages arising from the use by unintended recipients of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Documents
or the transactions contemplated hereby or thereby.

 

    	 	Page 9	NESR Loan Agreement

    	Execution Version

    

 

9.
Relationship of the Parties. With respect to the Loan, the relationship between Borrower and Lender is solely that of debtor
and creditor, and Lender has no fiduciary or other special relationship with Borrower, and no term or condition of any of this
Agreement shall be construed so as to deem the relationship between Borrower and Lender to be other than that of debtor and creditor;
provided, however, in the event of a Conversion, the relationship of the Parties with respect to the Conversion
Shares shall be governed by and in accordance with the terms of Borrower’s Bylaws.

 

10.
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, and no course of dealing with respect to,
any right, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise
of any right, power, or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other
right, power, or privilege. The rights and remedies provided for in this Agreement are cumulative and not exclusive of any rights
and remedies provided by law.

 

11.
Entire Agreement; Amendment; Waivers. This Agreement constitutes the final and entire agreement between the Parties and supersedes
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. The provisions of this Agreement may be amended
or waived only by an instrument in writing signed by the parties hereto. This Agreement is not assignable, and no party is entitled
to rely on this Agreement other than the Parties.

 

12.
Notices. All notices and other communications provided for in this Agreement shall be given in writing and made by email or
delivered by reputable overnight courier (recipient’s signature required) to the intended recipient at the “Address
for Notices” specified for the recipient below its name on the signature page(s) hereof. Except as otherwise provided in
this Agreement, all such communications shall be deemed to have been duly given when transmitted by email, subject to confirmation
of receipt, or when delivered by overnight courier, on the date delivered in accordance with the requirements of this Section
1212.

 

13.
Further Assurances. Each of Lender and Borrower agrees to execute and deliver any documents or instruments and perform any
acts that may be necessary or appropriate to effect and perform the provisions of this Agreement ant the transactions contemplated
herein.

 

14.
Governing Law; Venue.

 

a.
This Agreement shall be governed by and construed in accordance with the laws of New York.
Each of Lender and Borrower hereby irrevocably submits and consents to the exclusive jurisdiction and venue of any proper court
of competent jurisdiction located in the state of New York, sitting in New York County, and of the United States District
Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably
and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation
or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by Applicable Law,
in such federal.

 

    	 	Page 10	NESR Loan Agreement

    	Execution Version

    

 

b.
Borrower hereby irrevocably and unconditionally agrees that service of all writs, process and summonses in any such suit, action
or proceeding brought in the State of New York may be made upon National Energy Services Reunited Corporation located at 777 Post
Oak Blvd., Suite 800, Houston, Texas 77056, United States of America, with copy to Donald R. Looper, Looper Goodwine PC, 1300
Post Oak Boulevard, Suite 2400, Houston, Texas 77056 (the “Process Agent”) and Borrower hereby confirms
and agrees that the Process Agent has been duly and irrevocably appointed as its agent and true and lawful attorney-in-fact in
its name, place and stead to accept such service of any all such writs, process and summonses, and agrees that the failure by
the Process Agent to give any notice of any such service of process to Borrower shall not impair or affect the validity of such
service or of any judgement based thereon. Such service may be made by mailing or delivering a copy of such process to Borrower
in care of the Process Agent at the Process Agent’s above address.

 

15.
Waiver of Jury Trial. EACH OF BORROWER AND LENDER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER DOCUMENT
OR THE ACTIONS OF LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. EACH OF BORROWER AND LENDER (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 AGREEMENT AND THE OTHER DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

 

16.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

 

17.
Severability. Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable shall
not impair or invalidate the remainder of this Agreement and the effect thereof shall be confined to the provision held to be
invalid or illegal.

 

18.
Construction. Each of Borrower and Lender acknowledges that it has had the benefit of legal counsel of its own choice and
has been afforded an opportunity to review this Agreement with its legal counsel and that this Agreement shall be construed as
if jointly drafted by Borrower and Lender.

 

    	 	Page 11	NESR Loan Agreement

    	Execution Version

    

 

	LENDER:	 	BORROWER:
	 	 	 	 	 
	HANA
    INVESTMENTS CO. WLL	 	NATIONAL
    ENERGY SERVICES REUNITED CORP.
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	                     	 	Name:	Sherif
    Foda
	Title	 	 	Title:	Chief
    Executive Officer
	Date:	 	 	Date:	June
    5, 2018

 

	 	 	 
	Notice
    Address:	 	Notice
    Address:
	 	 	 
	For
    delivery by courier:	 	For
    delivery by courier:
	 	 	National
    Energy Services Reunited
	 	 	777
    Post Oak Blvd, Suite 730
	 	 	Houston,
    TX 77056
	For
    delivery by email:	 	For
    delivery by email:
	 	 	sfoda@nesrco.com

 

Signature
Page to

$50,000,000.00
Loan Agreement

Between
HANA INVESTMENTS CO. WLL and
national energy services reunited corp.

 

    	 	 	 

    	Execution Version

    

 

EXHIBIT
A

 

Shareholders’
Equity

 

	 	 	NESR
    Consolidated(1)	 
	Short term debt	 	$	34,737	 
	Undrawn revolver	 	 	23,340	 
	Long term debt	 	 	176,320	 
	Unamortized borrowing cost	 	 	2,796	 
	 	 	 	 	 
	Total debt 12/31/2017	 	$	237,193	 
	 	 	 	 	 
	Proforma total equity	 	$	834,029	 
	 	 	 	 	 
	Transaction related loans including Olayan loan	 	$	100,000	 
	Operating loans	 	 	50,000	 
	 	 	 	 	 
	Adjusted total debt post-closing	 	$	387,193	 
	 	 	 	 	 
	Adjusted debt to equity ratio	 	 	46	%

 

(1) NESR equity reflects estimated US GAAP purchase accounting by NESR, $19,379,613.60 of shareholder redemptions
and $1,907,090 of additional equity to underwriters at closing.

 

    	EX A-1EXECUTION
VERSION

 

June
5, 2018

 

NATIONAL
ENERGY SERVICES REUNITED CORP.

 

NESR HOLDINGS LIMITED

 

HANA
INVESTMENTS CO. WLL

 

 

 

RELATIONSHIP
AGREEMENT

 

 

 

    	 	 	 

     

    

 

CONTENTS

 

	Section 	Page
	 	 	 	 
	1.	 	COMMENCEMENT
    AND DURATION	1
	 	 	 	 
	2.	 	GOVERNANCE	2
	 	 	 	 
	3.	 	LOCK-UP	4
	 	 	 	 
	4.	 	CONFIDENTIALITY	4
	 	 	 	 
	5.	 	ANNOUNCEMENTS	5
	 	 	 	 
	6.	 	NOTICES	6
	 	 	 	 
	7.	 	COSTS
    AND INTEREST	6
	 	 	 	 
	8.	 	WHOLE
    AGREEMENT	6
	 	 	 	 
	9.	 	ASSIGNMENT	7
	 	 	 	 
	10.	 	VARIATIONS	7
	 	 	 	 
	11.	 	INVALID
    TERMS	7
	 	 	 	 
	12.	 	TERMINATION	8
	 	 	 	 
	13.	 	ENFORCEABILITY,
    RIGHTS AND REMEDIES	8
	 	 	 	 
	14.	 	COUNTERPARTS	8
	 	 	 	 
	15.	 	GOVERNING
    LAW	9
	 	 	 	 
	16.	 	JURISDICTION;
    WAIVER OF TRIAL BY JURY	9
	 	 	 	 
	SCHEDULE 1 DEFINITIONS AND INTERPRETATION	10

 

    	 	i	 

     

    

 

RELATIONSHIP
AGREEMENT

 

dated
June 5, 2018

 

PARTIES:

 

	 	(1)	NATIONAL
    ENERGY SERVICES REUNITED CORP., a company existing under the laws of the British Virgin Islands with its registered address
    at 171 Main Street, Road Town, Tortola, VB 1110, British Virgin Islands (the “Company”);
	 	 	 
	 	(2)	NESR
    HOLDINGS LIMITED, a company existing under the laws of the British Virgin Islands with its registered address at 171 Main
    Street, Road Town, Tortola, VB 1110, British Virgin Islands (“NESR Holdings”); and
	 	 	 
	 	(3)	HANA
    INVESTMENTS CO. WLL, a company existing under the laws of Bahrain with its registered address at Office 205, Building
    111, Manama Center, Road 383, Block 304, Bahrain (“Olayan”).

 

Words
and expressions used in this Relationship Agreement (the “Agreement”) shall be interpreted in accordance with
Schedule 1 (Definitions and Interpretation).

 

WHEREAS:

 

	(A)	The
    Company, Olayan, NPS Holdings Limited (“NPS”), and the Selling Stockholders (as defined in the SPA) have
    entered into that certain Stock Purchase Agreement, dated as of November 12, 2017 (as may be amended, restated or supplemented
    from time to time, the “SPA”), pursuant to which Olayan acquired 83,660,878 shares, par value $1.00 per
    share, of NPS (the “NPS Shares”);
	 	 
	(B)	The
    Company and Olayan have entered into that certain Shares Purchase Exchange Agreement, dated as of June , 2018 (as may be amended,
    restated or supplemented from time to time, the “SPEA”), pursuant to which, on the NESR Closing Date, Olayan
    agreed to contribute the legal and beneficial ownership of the NPS Shares to the Company in exchange for the issuance by the
    Company of the Shares, on the terms and subject to the conditions set forth in the SPEA;
	 	 
	(C)	The
    Company, NESR Holdings and Olayan are entering into this Agreement in order to set out (i) certain rights to which Olayan
    will be entitled as a shareholder of the Company and (ii) certain obligations of NESR Holdings as a significant shareholder
    of the Company; and
	 	 
	(D)	In
    consideration of the mutual covenants and agreements contained in this Agreement, and for other good and valuable consideration,
    the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

IT
IS AGREED:

 

	1.	COMMENCEMENT
                                         AND DURATION

 

All
clauses and schedules in this Agreement shall take effect immediately upon the NESR Closing. Once in force, the provisions of
this Agreement shall continue in force and shall bind the Parties from time to time until this Agreement is terminated.

 

    	 	1	 

     

    

 

	2.	GOVERNANCE

 

	2.1	As
    of the NESR Closing, the Company and NESR Holdings shall take all Necessary Action to cause the Board to include, so long
    as Olayan and its Affiliates collectively hold, in the aggregate, at least 6,879,225 Common Shares (subject to appropriate
    adjustment for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the
    date hereof) one Director nominated by Olayan (the “Olayan Nominee”). Olayan shall have the right to propose
    to remove any such Olayan Nominee and nominate another person in his/her place for so long as Olayan and its Affiliates hold
    the applicable number of Common Shares specified in this Section 2.1. The first Olayan Nominee shall be Hala Zeibak.
	 	 
	2.2	As
    of the NESR Closing, Olayan shall have the right to nominate, and the Company and NESR Holdings shall take all Necessary Action
    to cause the Company senior management to include, one Executive Vice President designated by Olayan who shall oversee all
    of the Company’s operations (the “Olayan EVP”). If the Olayan EVP is removed, resigns or otherwise
    ceases employment for any reason, Olayan shall have the right to propose to the Board a replacement so long as Olayan and
    its Affiliates collectively hold, in the aggregate, the number of Common Shares specified in Section 2.1 hereof; provided,
    however, that the appointment of each replacement shall be subject to the approval of the Board. The Olayan
    EVP shall report directly to the Company Chief Executive Officer.
	 	 
	2.3	The
    Company and NESR Holdings shall take all Necessary Action to procure that the appointment of the Olayan Nominee, Hala Zeibak,
    is proposed to and recommended for approval by the Company’s shareholders at the 2018 annual general meeting of the
    Company (the “2018 AGM”) or at any other general meeting of the Company held before the 2018 AGM. The Company
    and NESR Holdings shall procure that the appointment of the Olayan Nominee to the Board is proposed to and recommended for
    approval by the Company’s shareholders at each subsequent annual general meeting of the Company so as to ensure the
    appointment or re-appointment of the Olayan Nominee pursuant to the terms hereof.
	 	 
	2.4	If
    any Olayan Nominee is not elected at the applicable annual general meeting of the Company referred to in Section 2.3
    above, Olayan shall have the right to propose a replacement Olayan Nominee for appointment to the Board. The Company and NESR
    Holdings shall take all Necessary Action to ensure that such replacement Olayan Nominee is proposed to and recommended at
    the next shareholders meeting of the Company. The process set out in this Section 2.4 shall be repeated until the replacement
    Olayan Nominee is appointed to the Board.
	 	 
	2.5	In
    addition, if Olayan wishes to remove any Olayan Nominee and nominate another person in his/her place pursuant to Section
    2, the Company and NESR Holdings shall take all Necessary Action to appoint such replacement Olayan Nominee to the Board
    as soon as possible and in any event shall take all Necessary Action to propose and recommend the appointment of such replacement
    at the next annual general meeting of the Company following any such nomination.
	 	 
	2.6	During
    any period between the NESR Closing and the appointment of the Olayan Nominee to the Board, the Olayan Nominee shall, for
    so long as Olayan shall have the right to an Olayan Nominee, be entitled to attend meetings of the Board in the capacity of
    an observer with the right to speak and participate in discussions of the Board, but without any voting rights, and the Company
    shall provide the Olayan Nominee with written notice of all Board Meetings and all Board papers on the same basis as notices
    and Board papers are provided to the Directors.

 

    	 	2	 

     

    

 

	2.7	Olayan
                                         acknowledges that the Company will require:

 

	 	(a)	the
    Olayan Nominee appointed to the Board and any committee of the Board to accept in writing, on substantially the same terms
    as accepted in writing by the other non-executive Directors, to be bound by and duly comply with applicable Law and the Articles;
	 	 	 
	 	(b)	the
    Olayan Nominee appointed to the Board to accept in writing, on substantially the same terms as accepted in writing by the
    other non-executive members of the Board or such committees, to keep confidential all information regarding the Company Group
    of which they become aware in their respective capacities; and
	 	 	 
	 	(c)	any
    Olayan Nominee that acts as an observer, to accept in writing, to keep confidential all information regarding the Company
    Group of which he/she become aware in his/her capacity.

 

	2.8	If
                                         any Olayan Nominee dies, resigns, retires or is incapacitated and is removed as a Director,
                                         Olayan shall have the right to appoint another Director in accordance with this Section
                                         2.

 

	2.9	The
                                         Olayan Nominee may be appointed to committees of the Company as such Olayan Nominee may
                                         qualify, subject to Board approval.

 

	2.10	The
                                         Company shall purchase and maintain with a reputable insurer insurance effective from
                                         and including the NESR Closing Date, for or for the benefit of any person who is or was
                                         at any time a Director or director or officer of any member of the Company Group, including
                                         insurance against, subject to Law, any liability incurred by or attaching to him/her
                                         in respect of any act or omission in the actual or purported exercise of his/her powers,
                                         in each case from and including the NESR Closing Date (or, if later, the date of appointment
                                         of such Director or director or officer of any member of the Company Group), and otherwise
                                         in relation to his/her duties, powers or offices in relation to any member of the Company
                                         Group (and all costs, charges, losses, expenses and liabilities incurred by him/her in
                                         relation thereto).

 

	2.11	NESR
                                         Holdings shall not, directly or indirectly, grant any proxy or enter into or agree to
                                         be bound by any voting trust, agreement or arrangement of any kind with respect to the
                                         Common Shares if and to the extent the terms thereof conflict with the provisions of
                                         this Agreement (whether or not such proxy, voting trust, agreement or agreements are
                                         with holders of Common Shares that are not Parties to this Agreement or otherwise).

 

	2.12	In
                                         addition to the rights of Olayan with respect to the Olayan Nominee set forth in this
                                         Section 2, Olayan shall have the right to request that Company management nominate
                                         a second person selected by Olayan (“Second Director”) for election
                                         to the Board. The person nominated shall be submitted by management for consideration
                                         by the Board, in the case of a replacement Director or Board expansion to accommodate
                                         the Second Director, or by the Company shareholders, in the case of an annual general
                                         meeting election; provided that management consents to the person selected,
                                         which consent shall not be unreasonably withheld. The actual election of a requested
                                         Second Director, or
expansion of the size of the Board, shall be subject to the discretion of the Board or the Company shareholders, as the case may
be.

 

    	 	3	 

     

    

 

	3.	LOCK-UP

 

	3.1	Olayan
                                         agrees with the Company that for a period of six (6) months from the NESR Closing Date
                                         (the “Lock-Up Period”), Olayan shall not, and will cause its Affiliates
                                         to which Olayan transfers any Lock-Up Shares not to, directly or indirectly (i) offer,
                                         sell, issue, contract to sell, pledge or otherwise dispose of, directly or indirectly,
                                         any Lock- Up Shares; (ii) offer, sell, issue, contract to sell or grant any option, right
                                         or warrant to purchase the Lock-Up Shares or securities convertible into or exchangeable
                                         for the Lock-Up Shares; or (iii) enter into a transaction which would have the same effect,
                                         or enter into any swap, hedge or other arrangement that transfers, in whole or in part,
                                         any of the economic consequences of ownership of the Lock-Up Shares or securities convertible
                                         into or exchangeable for any Lock-Up Shares, whether any such aforementioned transaction
                                         is to be settled by delivery of Lock-Up Shares or such other securities, in cash or otherwise.
                                         The provisions of this Section 2.12 shall not prevent Olayan from granting security
                                         in respect of any Lock-Up Shares to any provider of finance to Olayan or any Affiliate
                                         of Olayan; provided Olayan shall remain entitled to vote in respect of
                                         the Lock-Up Shares upon the grant of such security.

 

	3.2	Each
                                         of NESR Holdings and the Company represents, warrants and agrees that (i) they have not
                                         entered into any agreement with any of the Selling Stockholders prohibiting any form
                                         of disposition of any interest in the Common Shares (“lock-up agreement”)
                                         that has a shorter duration than the Lock-Up Period; (ii) each such lock-up agreement
                                         is in full force and effect and shall not be waived by any party thereto; and (iii) all
                                         officers, directors, affiliates and shareholders holding five percent (5%) or more of
                                         the Common Shares acquired in private sale transactions that have any contractual restrictions
                                         as a legally valid and binding lock-up agreement have terms with the same duration or
                                         a longer duration than the Lock-Up Period, except as otherwise disclosed in the Proxy
                                         Statement.

 

	4.	CONFIDENTIALITY

 

	4.1	The
                                         Parties shall keep confidential any information which relates to the contents of, and
                                         negotiations leading to, this Agreement (or any agreement, disclosures or arrangement
                                         entered into pursuant to this Agreement) (all such information being “Confidential
                                         Information”).

 

	4.2	The
                                         obligations under Section 4.1 do not apply to:

 

	 	(a)	any
    disclosure of information which is expressly consented to in writing by each of the Parties prior to such disclosure being
    made (or, if the information only relates to one Party, which is expressly consented to in writing by such Party);
	 	 	 
	 	(b)	disclosure
    (subject to Section 4.3) in confidence by any Party to its Affiliates or to such Party’s and its Affiliates’
    directors, officers, employees, agents and advisers (together the “Representatives” and each a “Representative”);
	 	 	 
	 	(c)	disclosure
    of information to the extent required by Law or by any stock exchange or Governmental Authority, or to the extent reasonably
    required for the purpose of managing the tax affairs of Olayan (or any of its Affiliates), NESR Holdings (or any of its Affiliates)
    or any member of the Company Group;

 

    	 	4	 

     

    

 

	 	(d)	disclosure
    of information on a confidential basis to a bank or financial adviser of Olayan or one or more bona fide potential
    purchasers of Shareholder Instruments or any securities in Olayan or in any of its Affiliates;
	 	 	 
	 	(e)	disclosure
    of information which was lawfully in the possession of each of the Parties or any of their Representatives without any obligation
    of secrecy prior to it being received or held;
	 	 	 
	 	(f)	disclosure
    of any information which has previously become publicly available other than through any Party’s fault (or that of its
    Representatives) (as applicable);
	 	 	 
	 	(g)	disclosure
    required for the purposes of any arbitral or judicial proceedings arising out of this Agreement;
	 	 	 
	 	(h)	disclosure
    required pursuant to the terms of this Agreement; or
	 	 	 
	 	(i)	any
    announcement made in accordance with Section 5.

 

	4.3	Each
                                         of the Parties shall inform any Representatives to whom it provides Confidential Information
                                         that such information is confidential and shall instruct each such Representative:

 

	 	(a)	to
    keep it confidential;
	 	 	 
	 	(b)	not
    to use it for its own business purposes; and
	 	 	 
	 	(c)	not
    to disclose it to any third party (other than those persons to whom it has already been disclosed in accordance with this
    Agreement).

 

	4.4	The
                                         disclosing party shall be responsible for any breach of this Section 4.4 by a
                                         Representative to whom it provides any Confidential Information as if the disclosing
                                         party were the party that had breached this Section 4.4.

 

	5.	ANNOUNCEMENTS

 

	5.1	Subject
                                         to Section 5.2, unless otherwise agreed in writing, no Party (nor any of its Connected
                                         Persons) shall make any announcement or issue any communication in connection with the
                                         existence or subject matter of this Agreement.

 

	5.2	The
                                         restriction in Section 5.1 shall not apply to the extent that the announcement
                                         or communication is required by Law, by any stock exchange or by any Governmental Authority.
                                         In this case, the Party making the announcement or issuing the communication shall, as
                                         far as reasonably practicable:

 

		(a)	use
                                         reasonable endeavors to consult with the other Parties in advance as to what form it
                                         takes, what it contains and when it is issued;

 

		(b)	take
                                         into account the relevant Party’s reasonable requirements; and

 

	 	(c)	announce
and/or disclose (as applicable) only the minimum amount of Confidential Information that is required to be announced and/or disclosed
(as applicable) and use reasonable endeavors to assist the relevant Party in respect of any reasonable action that they may take
to resist or limit such announcement and/or the issuance of such circular (as applicable).

 

    	 	5	 

     

    

 

	6.	NOTICES

 

	6.1	All
                                         notices, demands, requests, consents, approvals or other communications required or permitted
                                         to be given hereunder or which are given with respect to this Agreement shall be in writing
                                         and shall be personally served, delivered by reputable air courier service with charges
                                         prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed as
                                         set forth below, or to such other address as such Party shall have specified most recently
                                         by written notice. Notice shall be deemed given on the date of service or transmission
                                         if personally served or transmitted by telegram, telex or facsimile; provided,
                                         that if such service or transmission is not on a Business Day or is after normal business
                                         hours, then such notice shall be deemed given on the next Business Day. Notice otherwise
                                         sent as provided herein shall be deemed given on the next Business Day following timely
                                         delivery of such notice to a reputable air courier service with an order for next-day
                                         delivery.

 

	6.2	The
                                         addresses and e-mail addresses of the Parties for the purpose of Section 6.1 are:

 

	 	Company

        For
        the attention of:

        Sherif Foda
	 	Address:
                                         777 Post Oak

                                                                     Blvd Suite 730

        Houston,
        Texas 77056

        United States
	 	E-mail:
    sfoda@nesrco.com
	 	 	 	 	 	 
	 	NESR Holdings

                                                         For the attention of:

                                                         Sherif Foda
	 	Address:
                                         777 Post Oak

                                                         Blvd., Suite 730

        Houston,
        Texas 77056

        United States
	 	E-mail:
    sfoda@nesrco.com
	 	 	 	 	 	 
	 	Olayan

        For
        the attention of:

        Fadi Otaqui

         
	 	Address:
                                         Hana

                                                         Investments Co. WLL

        P.O.
        Box 8772

        Riyadh, 11492,

        Saudi
Arabia
	 	E-mail:

        F.Otaqui@olayangroup.com

 

	7.	COSTS
                                         AND INTEREST

 

	7.1	Each
                                         of the Parties shall be responsible for its own costs, charges and expenses (including
                                         taxation) incurred in connection with negotiating, preparing and implementing this Agreement
                                         and the transactions contemplated by it.

 

	7.2	The
                                         Company shall reimburse additional expenses of Olayan in the amount equal to $2,400,000,
either by wire transfer of immediately available funds or through the issuance to Olayan or its designated Affiliate of an equivalent
amount in Common Shares valued at $11.244 per share, in the sole discretion of the Company.

 

	8.	WHOLE
                                         AGREEMENT

 

	8.1	This
                                         Agreement sets out the whole agreement between the Parties in respect of the subject
                                         matter of this Agreement and supersedes any previous draft, agreement, arrangement or
                                         understanding between them, whether in writing or not, relating to it. In particular
                                         it is agreed that:

 

    	 	6	 

     

    

 

	 	(a)	no
    Party has relied on or shall have any claim or remedy arising under or in connection with any statement, representation, warranty
    or undertaking, made by or on behalf of any other Party (or any of its Connected Persons) in relation to the subject matter
    of this Agreement that is not expressly set out in this Agreement;
	 	 	 
	 	(b)	any
    terms or conditions implied by Law in any jurisdiction in relation to the subject matter of this Agreement are excluded to
    the fullest extent permitted by Law or, if incapable of exclusion, any rights or remedies in relation to them are irrevocably
    waived;
	 	 	 
	 	(c)	the
    only right or remedy of a Party in relation to any provision of this Agreement shall be for breach of this Agreement; and
	 	 	 
	 	(d)	except
    for any liability in respect of a breach of this Agreement, no Party (nor any of its Connected Persons) shall owe any duty
    of care or have any liability in tort or otherwise to any other Party (or its respective Connected Persons) in relation to
    the subject matter of this Agreement.

 

	8.2	Nothing
                                         in Section 8.1 shall limit any liability for (or remedy in respect of) fraud or
                                         fraudulent misrepresentation.

 

	8.3	Each
                                         Party agrees to the terms of this Section 7.1 on its own behalf and as agent for
                                         each of its Connected Persons.

 

	9.	ASSIGNMENT

 

None
of the Parties may assign, transfer, charge or otherwise deal with any of its rights or obligations under this Agreement nor grant,
declare, create or dispose of any right or interest in it, in whole or in part; provided, however,
that Olayan may assign its rights and obligations under this Agreement to its Affiliates. Any purported assignment in contravention
of this Section 9 shall be void.

 

	10.	VARIATIONS

 

	10.1	No
                                         variation of this Agreement shall be valid unless it is in writing and duly executed
                                         by or on behalf of the Parties.

 

	10.2	If
                                         this Agreement is varied:

 

	 	(a)	the
    variation shall not constitute a general waiver of any provisions of this Agreement;
	 	 	 
	 	(b)	the
    variation shall not affect any rights, obligations or liabilities under this Agreement that have already accrued up to the
    date of variation; and
	 	 	 
	 	(c)	the
    rights and obligations of the Parties under this Agreement shall remain in full force and effect, except as, and only to the
    extent that, they are so varied.

 

	11.	INVALID
                                         TERMS

 

	11.1	Each
                                         of the provisions of this Agreement is severable.

 

	11.2	If
                                         and to the extent that any provision of this Agreement:

 

    	 	7	 

     

    

 

	 	(a)	is
    held to be, or becomes, invalid or unenforceable under the Law of any jurisdiction; but
	 	 	 
	 	(b)	would
    be valid, binding and enforceable if some part of the provision were deleted or amended,

 

then
the provision shall apply with the minimum modifications necessary to make it valid, binding and enforceable. All other provisions
of this Agreement shall remain in force.

 

	11.3	The
                                         Parties shall negotiate in good faith to amend or replace any invalid, void or unenforceable
                                         provision with a valid, binding and enforceable substitute provision or provisions, so
                                         that, after the amendment or replacement, the commercial effect of the Agreement is as
                                         close as possible to the effect it would have had if the relevant provision had not been
                                         invalid, void or unenforceable.

 

	12.	TERMINATION

 

This
Agreement is conditional upon the occurrence of the NESR Closing according to the terms set forth in the SPA, without which occurrence
this Agreement is null and void. Otherwise, this Agreement may be terminated only by a mutual written agreement signed by each
of the Parties. Except for the provisions specifically provided for in this Agreement that shall survive termination, this Agreement
shall forthwith become void and there shall be no further liability on the part of any Party for such termination.

 

	13.	ENFORCEABILITY,
                                         RIGHTS AND REMEDIES

 

	13.1	Any
                                         waiver of, or election whether or not to enforce, any right or remedy provided under
                                         or pursuant to this Agreement or by Law must be in writing, and no waiver or election
                                         shall be inferred from a Party’s conduct. Any such waiver shall not be, or be deemed
                                         to be, a waiver of any subsequent breach or default.

 

	13.2	Except
                                         as expressly provided in this Agreement, no failure or delay by any Party in exercising
                                         any right or remedy relating to this Agreement or by Law shall impair such right or remedy
                                         or operate or be construed as a waiver or variation of it or be treated as an election
                                         not to exercise such right or remedy or preclude its exercise at any subsequent time.
                                         No single or partial exercise of any such right or remedy shall preclude any other or
                                         further exercise of it or the exercise of any other right or remedy.

 

	13.3	A
                                         Party that waives a right or remedy provided under this Agreement or by Law in relation
                                         to one Party, or takes or fails to take any action against that Party, does not affect
                                         its rights in relation to any other Party.

 

	13.4	The
                                         rights and remedies of each of the Parties under or pursuant to this Agreement are cumulative,
                                         may be exercised as often as such Party considers appropriate and are in addition to
                                         its rights and remedies under Law.

 

	14.	COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, and by each Party on separate counterparts. Each counterpart is an original,
but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail
attachment shall be an effective mode of delivery.

 

    	 	8	 

     

    

 

	15.	GOVERNING
                                         LAW

 

This
Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New York
applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law provisions
thereof that would compel the application of the substantive laws of any other jurisdiction.

 

	16.	JURISDICTION;
                                         WAIVER OF TRIAL BY JURY

 

	16.1	In
                                         the event of any dispute or failure to perform by any Party, the Parties agree to submit
                                         any dispute to the federal courts of the State of New York for resolution, and each Party
                                         hereby agrees to and submits to any court with proper jurisdiction in the State of New
                                         York. Because damages may not be an adequate remedy for failure to perform, the Parties
                                         agree that they may seek injunctive relief for enforcement of the provision or this Agreement
                                         in the federal courts of the State of New York or any court of competent jurisdiction.
                                         The Parties agree that no bond shall be required by the Party seeking injunctive relief.

 

	16.2	Each
                                         Party hereby irrevocably and unconditionally waives the right to a trial by jury in any
                                         action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise)
                                         arising out of, connected with or relating to this Agreement, the transactions contemplated
                                         hereby, or the actions of the Parties in the negotiation, administration, performance
                                         or enforcement hereof.

 

    	 	9	 

     

    

 

SCHEDULE
1

DEFINITIONS
AND INTERPRETATION

 

	1.	Definitions.
                                         In this Agreement, the following words and expressions shall have the following meaning:

 

“2018
AGM” has the meaning given to it in Section 2.3;

 

“Affiliate”
with respect to any person, means any other person that directly, or indirectly through one or more intermediaries, controls or
is controlled by or is under common control with, such person;

 

“Articles”
means the Company articles of association, as amended from time to time;

 

“Board” means the board of directors
of the Company;

 

“Board
Meeting” means a meeting of the Board duly convened in accordance with the Articles;

 

“Business
Day” means any day of the year except Friday, Saturday and Sunday on which national banking institutions in the UAE
and New York, United States of America are open to the public for conducting general commercial business and are not required
or authorized to close;

 

“Common
Shares” means the ordinary shares with no par value of the Company;

 

“Company
Group” means the Company and all entities controlled by the Company from time to time;

 

“Confidential
Information” has the meaning given to it in Section 4.1;

 

“Connected
Persons” means, in relation to a Party, any Affiliate of that Party and any officer, employee, agent, adviser or representative
of that Party or any of its Affiliates, in each case, from time to time;

 

“control”
means, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
a person, whether through the ownership of voting securities, by contract, or otherwise, and “controlled,”
and “controlling” shall be construed accordingly;

 

“Directors”
means the directors of the Company from time to time;

 

“Governmental
Authority” means any government or governmental or regulatory body thereof, or political subdivision thereof, whether
federal, state, local or foreign, or any agency, instrumentality or authority thereof, or any court or arbitrator (public or private);

 

“Law”
means any applicable statute, law, rule, regulation, guideline, ordinance, code, policy or rule of common law issued, administered
or enforced by any Governmental Authority, or any judicial or administrative interpretation thereof including the rules of any
stock exchange;

 

“Lock-Up
Period” has the meaning given to it in Section 3.1;

 

“Lock-Up Shares” has the meaning given
to such term in the SPEA;

 

    	 	10	 

     

    

 

“Necessary
Action” means with respect to a specified result, all actions (to the extent such actions are permitted by Law and,
in the case of any action by the Company that requires a vote or other action on the part of the Board, to the extent such action
is consistent with the fiduciary duties that the Directors may have in such capacity) necessary to cause such result, including
(i) voting or providing a written consent or proxy with respect to Common Shares, (ii) causing the adoption of shareholders’
resolutions and amendments to the Articles of the Company, (iii) executing agreements and instruments, and (iv) making or causing
to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are
required to achieve such result;

 

“NESR
Closing” has the meaning given to such term in the SPA;

 

“NESR
Closing Date” has the meaning given to such term in the SPA;

 

“NESR
Holdings” has the meaning given to it in the Preamble of this Agreement;

 

“NPS” has the meaning given
to it in the Recitals of this Agreement;

 

“NPS
Shares” has the meaning given to it in the Recitals of this Agreement;

 

“Olayan”
has the meaning given to it in the Preamble of this Agreement;

 

“Olayan
EVP” has the meaning given to it in Section 2.2 of this Agreement;

 

“Olayan
Nominee” has the meaning given to it in Section 2.1;

 

“Parties”
means the parties to this Agreement from time to time (including any person who at the relevant time is a party to, or has agreed
to be bound by, this Agreement);

 

“Person”
or “person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof;

 

“Proxy
Statement” means the submission by the Company to the U.S. Securities and Exchange Commission to request approval by
the shareholders of the Company to approve the transaction contemplated by the SPA;

 

“Representative”
has the meaning given to it in Section 4.2(b);

 

“Shareholder Instrument” means:

 

	 	(a)	any
    Common Shares;
	 	 	 
	 	(b)	any
    shares in the capital of any of the subsidiaries of the Company;
	 	 	 
	 	(c)	any
    instrument, document or security granting a right of subscription for, or conversion into Common Shares or shares in the capital
    of any of the subsidiaries of the Company; and
	 	 	 
	 	(d)	loan
    stock or any other instrument or security evidencing indebtedness issued by any member of the Company Group (excluding any
    third-party debt financings);

 

“Shares”
has the meaning given to it in the SPEA;

 

    	 	11	 

     

    

 

“SPA”
has the meaning given to it in the Recitals of this Agreement; and

 

“SPEA”
has the meaning given to it in the Recitals of this Agreement.

 

	2.	Interpretation.
                                         In this Agreement, unless the context otherwise requires:

 

	 	(a)	headings
    do not affect the interpretation of this Agreement; the singular shall include the plural and vice versa; and references
    to one gender include all genders;
	 	 	 
	 	(b)	references
    to $ are references to the lawful currency from time to time of the United States;
	 	 	 
	 	(c)	any
    phrase introduced by the terms including, include, in particular or any similar expression
    shall be construed as illustrative and shall not limit the sense of the words preceding those terms;
	 	 	 
	 	(d)	“herein”,
    “hereof” and other words of similar import refer to this Agreement as a whole and not to any particular Article,
    Section or other subdivision; and
	 	 	 
	 	(e)	if
    there is any inconsistency between any definition set out in this Schedule and a definition set out in any section or any
    other Schedule, then, for the purposes of construing that section or Schedule, the definition set out in that section or Schedule
    shall prevail.

 

	3.	Where
                                         any obligation in this Agreement is expressed to be undertaken or assumed by any Party,
                                         that obligation is to be construed as requiring the Party concerned to exercise all rights
                                         and powers of control over the affairs of any other person which it is able to exercise
                                         (whether directly or indirectly) in order to secure performance of the obligation.

 

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

 

	 	COMPANY:
	 	 
	 	NATIONAL
ENERGY SERVICES REUNITED CORP.

	 	 
	 	By:	 
	 	 Name:	Sherif
Foda
	 	Title:	Chief
    Executive Officer

 

	 	NESR
    HOLDINGS:
	 	 	
	 	NESR
    HOLDINGS LIMITED
	 	 	 
	 	By: 	
	 	Name:	Tom Wood
	 	Title:	Director
	 	 	 
	 	OLAYAN:
	 	 	 
	 	HANA
    INVESTMENTS CO. WLL LTD.
	 	 
	 	By:	 
	 	Name:	
	 	Title:	

 

[Signature
Page to the Relationship Agreement]

 

    	 	13

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