Document:

CYPRESS
ENERGY PARTNERS, L.P.

2013
LONG-TERM INCENTIVE PLAN

 

SECTION
1.          Purpose of the Plan.

 

This Cypress
Energy Partners, L.P. 2013 Long-Term Incentive Plan (the “Plan”) has been adopted by Cypress Energy Partners
GP, LLC, a Delaware limited liability company (the “Company”), the general partner of Cypress Energy Partners,
L.P., a Delaware limited partnership (the “Partnership”). The Plan is intended to promote the interests of
the Partnership and the Company by providing incentive compensation awards denominated in or based on Units to Employees, Consultants
and Directors to encourage superior performance. The Plan is also intended to enhance the ability of the Partnership, the Company
and their Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of the
Partnership, the Company and their Affiliates and to encourage them to devote their best efforts to advancing the business of
the Partnership, the Company and their Affiliates.

 

SECTION
2.          Definitions.

 

As used in the
Plan, the following terms shall have the meanings set forth below:

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

 

“ASC
Topic 718” means Accounting Standards Codification Topic 718, Compensation – Stock Compensation, or any
successor accounting standard.

 

“Award”
means an Option, Restricted Unit, Phantom Unit, DER, Substitute Award, Unit Appreciation Right, Unit Award or Profits Interest
Unit granted under the Plan.

 

“Award
Agreement” means the written or electronic agreement by which an Award shall be evidenced and which agreement may include
a separate plan, policy, agreement or other written document.

 

“Board”
means the board of directors or board of managers, as the case may be, of the Company.

 

“Cause”
means, unless otherwise set forth in an Award Agreement or other written agreement between the Company and the applicable Participant,
a finding by the Committee, before or after the Participant’s termination of Service, of: (i) any material failure by the
Participant to perform the Participant’s duties and responsibilities under any written agreement between the Participant
and the Company or its Affiliate(s); (ii) any act of fraud, embezzlement, theft or misappropriation by the Participant relating
to the Company, the Partnership or any of their Affiliates; (iii) the Participant’s commission of a felony or a crime involving
moral turpitude; (iv) any gross negligence or intentional misconduct on the part of the Participant in the conduct of the Participant’s
duties and responsibilities with the Company or any Affiliate(s) of the Company or which adversely affects the image, reputation
or business of the Company, the Partnership or their Affiliates; or (v) any material breach by the Participant of any agreement
between the Company or any of its Affiliates, on the one hand, and the Participant on the other. The findings and decision of
the Committee with respect to such matter, including those regarding the acts of the Participant and the impact thereof, will
be final for all purposes. 

 

    	 

    	 

    

 

“Change
in Control” means, and shall be deemed to have occurred upon one or more of the following events:

 

(i)          any
“person” or “group” within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act, other than
the Company or an Affiliate of the Company (as determined immediately prior to such event), shall become the beneficial owner,
by way of merger, acquisition, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the combined voting
power of the equity interests in the Company or the Partnership;

 

(ii)         the
limited partners of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership;

 

(iii)        the
sale or other disposition by either the Company or the Partnership of all or substantially all of the Company’s or the Partnership’s
assets, respectively, in one or more transactions to any Person other than the Company, the Partnership or an Affiliate of the
Company or of the Partnership; or

 

(iv)        a
transaction resulting in a Person other than the Company or an Affiliate of the Company (as determined immediately prior to such
event) being the sole general partner of the Partnership.

 

Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any Award
which provides for the deferral of compensation subject to Section 409A or such compensation would otherwise would be subject
to Section 409A, the transaction or event described in subsection (i), (ii), (iii) or (iv) above with respect to such Award must
also constitute a “change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5), and as relates
to the holder of such Award, to the extent required to comply with Section 409A.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Committee”
means the Board, except that it shall mean such committee of the Board as may be appointed by the Board to administer the Plan,
or as necessary to comply with applicable legal requirements or listing standards.

 

“Consultant”
means an individual who renders consulting services to the Company, the Partnership or any of their Affiliates.

 

“DER”
means a distribution equivalent right, representing a contingent right to receive an amount in cash, Units, Restricted Units and/or
Phantom Units equal in value to the distributions made by the Partnership with respect to a Unit during the period such Award
is outstanding.

 

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“Director”
means a member of the board of directors or board of managers, as the case may be, of the Company, the Partnership or any of their
Affiliates who is not an Employee or a Consultant (other than in that individual’s capacity as a Director).

 

“Disability”
means, unless otherwise set forth in an Award Agreement or other written agreement between the Company, the Partnership or one
of their Affiliates and the applicable Participant, as determined by the Committee in its discretion exercised in good faith,
a physical or mental condition of a Participant that would entitle him or her to payment of disability income payments under the
Company’s, the Partnership’s or one of their Affiliates’ long-term disability insurance policy or plan, as applicable,
for employees as then in effect; or in the event that a Participant is not covered, for whatever reason, under any such long-term
disability insurance policy or plan for employees of the Company, the Partnership or one of their Affiliates or the Company, the
Partnership or one of their Affiliates does not maintain such a long-term disability insurance policy, “Disability”
means a total and permanent disability within the meaning of Section 22(e)(3) of the Code; provided, however, that if a
Disability constitutes a payment event with respect to any Award which provides for the deferral of compensation subject to Section
409A or such compensation would otherwise would be subject to Section 409A, then, to the extent required to comply with Section
409A, the Participant must also be considered “disabled” within the meaning of Section 409A(a)(2)(C) of the Code.
A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect, Participants
shall submit to an examination by such physician upon request by the Committee.

 

“Employee”
means an employee of the Company, the Partnership or any of their Affiliates.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” means, as of any given date, the closing sales price on such date during normal trading hours (or, if
there are no reported sales on such date, on the last date prior to such date on which there were sales) of the Units on
the New York Stock Exchange or, if not listed on such exchange, on any other national securities exchange on which the Units are
listed or on an inter-dealer quotation system, in any case, as reported in such source as the Committee shall select. If there
is no regular public trading market for the Units, the Fair Market Value of the Units shall be determined by the Committee in
good faith and, to the extent applicable, in compliance with the requirements of Section 409A.

 

“Option”
means an option to purchase Units granted pursuant to Section 6(a) of the Plan.

 

“Other
Unit-Based Award” means an award granted pursuant to Section 6(f) of the Plan.

 

“Participant”
means an Employee, Consultant or Director granted an Award under the Plan and any authorized transferee of such individual.

 

“Partnership
Agreement” means the Agreement of Limited Partnership of the Partnership,
as it may be amended or amended and restated from time to time.

 

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“Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and
14(d) thereof, including a “group” as defined in Section 13(d) thereof.

 

“Phantom
Unit” means a notional interest granted under the Plan that, to the extent vested, entitles the Participant to receive
a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its discretion.

 

“Profits
Interest Unit” means to the extent authorized by the Partnership Agreement, an interest in the Partnership that is intended
to constitute a “profits interest” within the meaning of the Code, Treasury Regulations promulgated thereunder, and
any published guidance by the Internal Revenue Service with respect thereto.

 

“Restricted
Period” means the period established by the Committee with respect to an Award during which the Award remains subject
to forfeiture and is either not exercisable by or payable to the Participant, as the case may be.

 

“Restricted
Unit” means a Unit granted pursuant to Section 6(b) of the Plan that is subject to a Restricted Period.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“SEC”
means the Securities and Exchange Commission, or any successor thereto.

 

“Section
409A” means Section 409A of the Code and the Treasury Regulations and other interpretive guidance issued thereunder,
including without limitation any such regulations or other guidance that may be amended or issued after the Effective Date (as
defined in Section 9 below).

 

“Service”
means service as an Employee, Consultant or Director. The Committee, in its sole discretion, shall determine the effect of all
matters and questions relating to terminations of Service, including, without limitation, the questions of whether and when a
termination of Service occurred and/or resulted from a discharge for Cause, and all questions of whether particular changes in
status or leaves of absence constitute a termination of Service. The Committee, in its sole discretion, subject to the terms of
any applicable Award Agreement, may determine that a termination of Service has not occurred in the event of (a) a termination
where there is simultaneous commencement by the Participant of a relationship with the Partnership, the Company or any of their
Affiliates as an Employee, Director or Consultant or (b) a termination which results in a temporary severance of the service relationship.

 

“Substitute
Award” means an award granted pursuant to Section 6(g) of the Plan.

 

“Unit”
means a Common Unit of the Partnership.

 

“Unit
Appreciation Right” or “UAR” means a contingent right that entitles the holder to receive the excess
of the Fair Market Value of a Unit on the exercise date of the UAR over the exercise price of the UAR.

 

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“Unit
Award” means an award granted pursuant to Section 6(d) of the Plan.

 

SECTION
3.          Administration. 

 

(a)          The
Plan shall be administered by the Committee, subject to subsection (b) below; provided, however, that in the event that
the Board is not also serving as the Committee, the Board, in its sole discretion, may at any time and from time to time exercise
any and all rights and duties of the Committee under the Plan. The governance of the Committee shall be subject to the charter,
if any, of the Committee as approved by the Board. Subject to the terms of the Plan and applicable law, and in addition to other
express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to:
(i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number
of Units to be covered by Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent,
and under what circumstances Awards may be settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan
and any instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend, or waive such rules
and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make
any other determination and take any other action that the Committee deems necessary or desirable for the administration of the
Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or an Award Agreement
in such manner and to such extent as the Committee deems necessary or appropriate. Unless otherwise expressly provided in the
Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall
be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons,
including the Company, the Partnership, any of their Affiliates, any Participant and any beneficiary of any Participant.

 

(b)          To
the extent permitted by applicable law and the rules of any securities exchange on which the Units are listed, quoted or traded,
the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more officers
of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to Section 3(a); provided,
however, that in no event shall an officer of the Company be delegated the authority to grant awards to, or amend awards held
by, the following individuals: (i) individuals who are subject to Section 16 of the Exchange Act, or (ii) officers of the
Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder; provided, further, that
any delegation of administrative authority shall only be permitted to the extent that it is permissible under applicable provisions
of the Code and applicable securities laws and the rules of any securities exchange on which the Units are listed, quoted or traded.
Any delegation hereunder shall be subject to such restrictions and limitations as the Board or Committee, as applicable, specifies
at the time of such delegation, and the Board or Committee, as applicable, may at any time rescind the authority so delegated
or appoint a new delegatee. At all times, the delegatee appointed under this Section 3(b) shall serve in such capacity at the
pleasure of the Board and the Committee.

 

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SECTION
4.          Units.

 

(a)          Limits
on Units Deliverable. Subject to adjustment as provided in Section 4(c), the number of Units that may be delivered with respect
to Awards under the Plan is [________ (___)]. If any Award is forfeited, cancelled, exercised, paid, or otherwise terminates or
expires without the actual delivery of Units pursuant to such Award (for the avoidance of doubt, the grant of Restricted Units
is not a delivery of Units for this purpose unless and until such Restricted Units vest and any restrictions placed upon them
under the Plan lapse), the Units subject to such Award that are not actually delivered pursuant to such Award shall again be available
for Awards under the Plan. To the extent permitted by applicable law and securities exchange rules, Substitute Awards and Units
issued in assumption of, or in substitution for, any outstanding awards of any entity (including an existing Affiliate of the
Partnership) that is (or whose securities are) acquired in any form by the Partnership or any Affiliate thereof shall not be counted
against the Units available for issuance pursuant to the Plan. There shall not be any limitation on the number of Awards that
may be paid in cash.

 

(b)          Sources
of Units Deliverable Under Awards. Any Units delivered pursuant to an Award shall consist, in whole or in part, of Units acquired
in the open market, from the Partnership, any Affiliate thereof or any other Person, or Units otherwise issuable by the Partnership,
or any combination of the foregoing, as determined by the Committee in its discretion.

 

(c)          Anti-dilution
Adjustments.

 

(i)          Equity
Restructuring. With respect to any “equity restructuring” event (within the meaning of ASC Topic 718) that could
result in an additional compensation expense to the Company or the Partnership pursuant to the provisions of ASC Topic 718 if
adjustments to Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type
of Units covered by each outstanding Award and the terms and conditions, including the exercise price and performance criteria
(if any), of such Award to equitably reflect such event and shall adjust the number and type of Units (or other securities or
property) with respect to which Awards may be granted under the Plan after such event. With respect to any other similar event
that would not result in an ASC Topic 718 accounting charge if the adjustment to Awards with respect to such event were subject
to discretionary action, the Committee shall have complete discretion to adjust Awards and the number and type of Units (or other
securities or property) with respect to which Awards may be granted under the Plan in such manner as it deems appropriate with
respect to such other event.

 

(ii)         Other
Changes in Capitalization. In the event of any non-cash distribution, Unit split, combination or exchange of Units, merger,
consolidation or distribution (other than normal cash distributions) of Partnership assets to unitholders, or any other change
affecting the Units of the Partnership, other than an “equity restructuring,” the Committee may make equitable adjustments,
if any, to reflect such change with respect to (A) the aggregate number and kind of Units that may be issued under the Plan; (B)
the number and kind of Units (or other securities or property) subject to outstanding Awards; (C) the terms and conditions of
any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and
(D) the grant or exercise price per Unit for any outstanding Awards under the Plan.

 

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SECTION
5.          Eligibility.

 

Any Employee,
Consultant or Director shall be eligible to be designated a Participant and receive an Award under the Plan.

 

SECTION
6.          Awards.

 

(a)          Options
and UARs. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Options and/or
UARs shall be granted, the number of Units to be covered by each Option or UAR, the exercise price therefor, the Restricted Period
and other conditions and limitations applicable to the exercise of the Option or UAR, including the following terms and conditions
and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the
Plan. Options which are intended to comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(A) and UARs which are intended to
comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(B) or, in each case, any successor regulation, may be granted only if
the requirements of Treasury Regulation Section 1.409A-1(b)(5)(iii), or any successor regulation, are satisfied. Options and UARs
that are otherwise exempt from or compliant with Section 409A may be granted to any eligible Employee, Consultant or Director.

 

(i)          Exercise
Price. The exercise price per Unit purchasable under an Option or subject to a UAR shall be determined by the Committee at
the time the Option or UAR is granted but, except with respect to a Substitute Award, may not be less than the Fair Market Value
of a Unit as of the date of grant of the Option or UAR.

 

(ii)         Time
and Method of Exercise. The Committee shall determine the exercise terms and any applicable Restricted Period with respect
to an Option or UAR, which may include, without limitation, provisions for accelerated vesting upon the achievement of specified
performance goals and/or other events, and the method or methods by which payment of the exercise price with respect to an Option
or UAR may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the Company,
withholding Units having a Fair Market Value on the exercise date equal to the relevant exercise price from the Award, a “cashless”
exercise through procedures approved by the Company, or any combination of the foregoing methods.

 

(iii)        Exercise
of Options and UARs on Termination of Service. Each Option and UAR Award Agreement shall set forth the extent to which the
Participant shall have the right to exercise the Option or UAR following a termination of the Participant’s Service. Unless
otherwise determined by the Committee, if the Participant’s Service is terminated for Cause, the Participant’s right
to exercise the Option or UAR shall terminate as of the start of business on the effective date of the Participant’s termination.
Unless otherwise determined by the Committee, to the extent the Option or UAR is not vested and exercisable as of the termination
of Service, the Option or UAR shall terminate when the Participant’s Service terminates.

 

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(iv)        Term
of Options and UARs. The term of each Option and UAR shall be stated in the Award Agreement, provided, that the term
shall be no more than ten (10) years from the date of grant thereof.

 

(b)          Restricted
Units and Phantom Units. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom
Restricted Units and/or Phantom Units shall be granted, the number of Restricted Units or Phantom Units to be granted to each
such Participant, the applicable Restricted Period, the conditions under which the Restricted Units or Phantom Units may become
vested or forfeited and such other terms and conditions, including, without limitation, restrictions on transferability, as the
Committee may establish with respect to such Awards.

 

(i)          Payment
of Phantom Units. The Committee shall specify, or permit the Participant to elect in accordance with the requirements of Section
409A, the conditions and dates or events upon which the cash or Units underlying an award of Phantom Units shall be issued, which
dates or events shall not be earlier than the date on which the Phantom Units vest and become nonforfeitable and which conditions
and dates or events shall be subject to compliance with Section 409A (unless the Phantom Units are exempt therefrom).

 

(ii)         Vesting
of Restricted Units. Upon or as soon as reasonably practicable following the vesting of each Restricted Unit, subject to satisfying
the tax withholding obligations of Section 8(b), the Participant shall be entitled to have the restrictions removed from his or
her Unit certificate (or book-entry account, as applicable) so that the Participant then holds an unrestricted Unit.

 

(c)          DERs.
The Committee shall have the authority to determine the Employees, Consultants and/or Directors to whom DERs are granted, whether
such DERs are tandem or separate Awards, whether the DERs shall be paid directly to the Participant, be credited to a bookkeeping
account (with or without interest in the discretion of the Committee), any vesting restrictions and payment provisions applicable
to the DERs, and such other provisions or restrictions as determined by the Committee in its discretion, all of which shall be
specified in the applicable Award Agreements. Distributions in respect of DERs shall be credited as of the distribution dates
during the period between the date an Award is granted to a Participant and the date such Award vests, is exercised, is distributed
or expires, as determined by the Committee. Such DERs shall be converted to cash, Units, Restricted Units and/or Phantom Units
by such formula and at such time and subject to such limitations as may be determined by the Committee. Tandem DERs may be subject
to the same or different vesting restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined
by the Committee in its discretion. Notwithstanding the foregoing, DERs shall only be paid in a manner that is either exempt from
or in compliance with Section 409A. 

 

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(d)          Unit
Awards. Awards of Units may be granted under the Plan (i) to such Employees, Consultants and/or Directors and in such amounts
as the Committee, in its discretion, may select, and (ii) subject to such other terms and conditions, including, without limitation,
restrictions on transferability, as the Committee may establish with respect to such Awards.

 

(e)          Profits
Interest Units. Any Award consisting of Profits Interest Units may be granted to an Employee, Consultant or Director for the
performance of services to or for the benefit of the Partnership (i) in the Participant’s capacity as a partner of
the Partnership, (ii) in anticipation of the Participant becoming a partner of the Partnership, or (iii) as otherwise determined
by the Committee. At the time of grant, the Committee shall specify the date or dates on which the Profits Interest Units shall
vest and become nonforfeitable, and may specify such conditions to vesting as it deems appropriate. Profits Interest Units shall
be subject to such restrictions on transferability and other restrictions as the Committee may impose.

 

(f)          Other
Unit-Based Awards. Other Unit-Based Awards may be granted under the Plan to such Employees, Consultants and/or Directors as
the Committee, in its discretion, may select. An Other Unit-Based Award shall be an award denominated or payable in, valued in
or otherwise based on or related to Units, in whole or in part. The Committee shall determine the terms and conditions of any
Other Unit-Based Award. Upon vesting, an Other Unit-Based Award may be paid in cash, Units (including Restricted Units) or any
combination thereof as provided in the Award Agreement.

 

(g)          Substitute
Awards. Awards may be granted under the Plan in substitution of similar awards held by individuals who are or who become Employees,
Consultants or Directors in connection with a merger, consolidation or acquisition by the Partnership or an Affiliate of another
entity or the securities or assets of another entity (including in connection with the acquisition by the Partnership or one of
its Affiliates of additional securities of an entity that is an existing Affiliate of the Partnership). Such Substitute Awards
that are Options or UARs may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution if
such substitution complies with Section 409A and other applicable laws and securities exchange rules.

 

(h)          General.

 

(i)          Award
Agreements. Each Award shall be evidenced in writing in an Award Agreement that shall reflect any vesting conditions or restrictions
imposed by the Committee covering a period of time specified by the Committee and shall also contain such other terms, conditions
and limitations as shall be determined by the Committee in its sole discretion. Where signature or electronic acceptance of the
Award Agreement by the Participant is required, any such Awards for which the Award Agreement is not signed or electronically
accepted shall be forfeited.

 

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(ii)         Forfeitures.
Except as otherwise provided in the terms of an Award Agreement, upon termination of a Participant’s Service for any reason
during an applicable Restricted Period, all outstanding, unvested Awards held by such Participant shall be automatically forfeited
by the Participant. Notwithstanding the immediately preceding sentence, the Committee may, in its discretion, waive in whole or
in part such forfeiture with respect to any such Award; provided, that any such waiver shall be effective only to the extent
that such waiver will not cause (i) any Award intended to satisfy the requirements of Section 409A to fail to satisfy such requirements
or (ii) any Award intended to be exempt from Section 409A to become subject to and to fail to satisfy such requirements.

 

(iii)
Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone
or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any
other plan of the Company or any Affiliate. Awards granted in addition to or in tandem with other Awards or awards granted under
any other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant
of such other Awards or awards.

 

(iv)        Limits
on Transfer of Awards.

 

(A)         Except
as provided in paragraph (C) below, each Option and UAR shall be exercisable only by the Participant (or the Participant’s
legal representative in the case of Participant’s Disability or incapacitation) during the Participant’s lifetime,
or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution.

 

(B)         Except
as provided in paragraph (C) below, no Award and no right under any such Award may be assigned, alienated, pledged, attached,
sold or otherwise transferred or encumbered by a Participant other than by will or the laws of descent and distribution and any
such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against
the Company, the Partnership or any Affiliate.

 

(C)         The
Committee may provide in an Award Agreement or in its discretion that an Award may, on such terms and conditions as the Committee
may from time to time establish, be transferred by a Participant without consideration to any “family member” of the
Participant, as defined in the instructions to use of the Form S-8 Registration Statement under the Securities Act, as applicable,
or any other transferee specifically approved by the Committee after taking into account any state, federal, local or foreign
tax and securities laws applicable to transferable Awards. In addition, vested Units may be transferred to the extent permitted
by the Partnership Agreement and not otherwise prohibited by the Award Agreement or any other agreement or policy restricting
the transfer of such Units.

 

(v)         Term
of Awards. Subject to Section 6(a)(iv) above, the term of each Award, if any, shall be for such period as may be determined
by the Committee.

 

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(vi)        Unit
Certificates. Unless otherwise determined by the Committee or required by any applicable law, rule or regulation, neither
the Company nor the Partnership shall deliver to any Participant certificates evidencing Units issued in connection with any Award
and instead such Units shall be recorded in the books of the Partnership (or, as applicable, its transfer agent or equity plan
administrator). All certificates for Units or other securities of the Partnership delivered under the Plan and all Units issued
pursuant to book entry procedures pursuant to any Award or the exercise thereof shall be subject to such stop-transfer orders
and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and/or other requirements
of the SEC, any securities exchange upon which such Units or other securities are then listed, and any applicable federal or state
laws, and the Committee may cause a legend or legends to be inscribed on any such certificates or book entry to make appropriate
reference to such restrictions.

 

(vii)       Consideration
for Grants. To the extent permitted by applicable law, Awards may be granted for such consideration, including services, as
the Committee shall determine.

 

(viii)      Delivery
of Units or other Securities and Payment by Participant of Consideration. Notwithstanding anything in the Plan or any Award
Agreement to the contrary, subject to compliance with Section 409A, the Company shall not be required to issue or deliver any
certificates or make any book entries evidencing Units pursuant to the exercise or vesting of any Award, unless and until the
Board or the Committee has determined, with advice of counsel, that the issuance of such Units is in compliance with all applicable
laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange on which the Units
are listed or traded, and the Units are covered by an effective registration statement or applicable exemption from registration.
In addition to the terms and conditions provided herein, the Board or the Committee may require that a Participant make such reasonable
covenants, agreements, and representations as the Board or the Committee, in its discretion, deems advisable in order to comply
with any such laws, regulations, or requirements. Without limiting the generality of the foregoing, the delivery of Units pursuant
to the exercise or vesting of an Award may be deferred for any period during which, in the good faith determination of the Committee,
the Company is not reasonably able to obtain or deliver Units pursuant to such Award without violating applicable law or the applicable
rules or regulations of any governmental agency or authority or securities exchange. No Units or other securities shall be delivered
pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement
(including, without limitation, any exercise price or tax withholding) is received by the Company.

 

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SECTION 7.          Amendment
and Termination; Certain Transactions.

 

Except to the
extent prohibited by applicable law:

 

(a)          Amendments
to the Plan. Except as required by applicable law or the rules of the principal securities exchange, if any, on which the
Units are traded and subject to Section 7(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate
the Plan in any manner at any time for any reason or for no reason without the consent of any partner, Participant, other holder
or beneficiary of an Award, or any other Person. The Board shall obtain securityholder approval of any Plan amendment to the extent
necessary to comply with applicable law or securities exchange listing standards or rules.

 

(b)          Amendments
to Awards. Subject to Section 7(a) above, the Committee may waive any conditions or rights under, amend any terms of, or alter
any Award theretofore granted, provided that no change, other than pursuant to Section 7(c) below, in any Award shall materially
reduce the rights or benefits of a Participant with respect to an Award without the consent of such Participant.

 

(c)          Actions
Upon the Occurrence of Certain Events. Upon the occurrence of a Change in Control, any transaction or event described in Section
4(c) above, any change in applicable laws or regulations affecting the Plan or Awards hereunder, or any change in accounting principles
affecting the financial statements of the Company or the Partnership, the Committee, in its sole discretion, without the consent
of any Participant or holder of an Award, and on such terms and conditions as it deems appropriate, which need not be uniform
with respect to all Participants or all Awards, may take any one or more of the following actions:

 

(i)          provide
for either (A) the termination of any Award in exchange for a payment in an amount, if any, equal to the amount that would have
been attained upon the exercise of such Award or realization of the Participant’s rights under such Award (and, for the
avoidance of doubt, if as of the date of the occurrence of such transaction or event, the Committee determines in good faith that
no amount would have been payable upon the exercise of such Award or realization of the Participant’s rights, then such
Award may be terminated by the Company without payment) or (B) the replacement of such Award with other rights or property selected
by the Committee in its sole discretion having an aggregate value not exceeding the amount that could have been attained upon
the exercise of such Award or realization of the Participant’s rights had such Award been currently exercisable or payable
or fully vested; 

 

(ii)         provide
that such Award be assumed by the successor or survivor entity, or a parent or subsidiary thereof, or be exchanged for similar
options, rights or awards covering the equity of the successor or survivor, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of equity interests and prices;

 

(iii)        make
adjustments in the number and type of Units (or other securities or property) subject to outstanding Awards, the number and kind
of outstanding Awards, the terms and conditions of (including the exercise price), and/or the vesting and performance criteria
included in, outstanding Awards; 

 

(iv)        provide
that such Award shall vest or become exercisable or payable, notwithstanding anything to the contrary in the Plan or the applicable
Award Agreement; and

 

    	-12-

    	 

    

 

(v)         provide
that the Award cannot be exercised or become payable after such event and shall terminate upon such event.

 

Notwithstanding
the foregoing, (i) with respect to an above event that constitutes an “equity restructuring” that would be subject
to a compensation expense pursuant to ASC Topic 718, the provisions in Section 4(c) above shall control to the extent they are
in conflict with the discretionary provisions of this Section 7, provided, however, that nothing in this Section 7(c)
or Section 4(c) above shall be construed as providing any Participant or any beneficiary of an Award any rights with respect
to the “time value,” “economic opportunity” or “intrinsic value” of an Award or limiting in
any manner the Committee’s actions that may be taken with respect to an Award as set forth in this Section 7 or in Section 4(c)
above; and (ii) no action shall be taken under this Section 7 which shall cause an Award to result in taxation under Section 409A,
to the extent applicable to such Award.

 

SECTION
8.          General Provisions.

 

(a)          No
Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity
of treatment of Participants, including the treatment upon termination of Service or pursuant to Section 7(c). The terms and conditions
of Awards need not be the same with respect to each recipient.

 

(b)          Tax
Withholding. Unless other arrangements have been made that are acceptable to the Company, the Company or any Affiliate thereof
is authorized to deduct or withhold, or cause to be deducted or withheld, from any Award, from any payment due or transfer made
under any Award, or from any compensation or other amount owing to a Participant the amount (in cash or Units, including Units
that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of an Award,
including its grant, its exercise, the lapse of restrictions thereon, or any payment or transfer thereunder or under the Plan,
and to take such other action as may be necessary in the opinion of the Company to satisfy its withholding obligations for the
payment of such taxes. In the event that Units that would otherwise be issued pursuant to an Award are used to satisfy such withholding
obligations, the number of Units which may be so withheld or surrendered shall be limited to the number of Units which have a
Fair Market Value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory
withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental
taxable income.

 

(c)          No
Right to Employment or Services. The grant of an Award shall not be construed as giving a Participant the right to be retained
in the employ of the Company, the Partnership or any of their Affiliates, or to continue to serve as a Consultant or a Director,
as applicable. Furthermore, the Company, the Partnership and/or an Affiliate thereof may at any time dismiss a Participant from
employment or consulting free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan,
any Award Agreement or other written agreement between any such entity and the Participant.

 

    	-13-

    	 

    

 

(d)          No
Rights as Unitholder. Except as otherwise provided herein, a Participant shall have none of the rights of a unitholder with
respect to Units covered by any Award unless and until the Participant becomes the record owner of such Units.

 

(e)          Section
409A. To the extent that the Committee determines that any Award granted under the Plan is subject to Section 409A, the Award
Agreement evidencing such Award shall be drafted with the intention to include the terms and conditions required by Section 409A.
To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A. Notwithstanding
any provision of the Plan to the contrary, in the event that following the Effective Date (as defined in Section 9 below), the
Committee determines that any Award may be subject to Section 409A, the Committee may adopt such amendments to the Plan and the
applicable Award Agreement, adopt other policies and procedures (including amendments, policies and procedures with retroactive
effect), and/or take any other actions that the Committee determines are necessary or appropriate to preserve the intended tax
treatment of the Award, including without limitation, actions intended to (i) exempt the Award from Section 409A, or (ii) comply
with the requirements of Section 409A; provided, however, that nothing herein shall create any obligation on the part of
the Committee, the Partnership, the Company or any of their Affiliates to adopt any such amendment, policy or procedure or take
any such other action, nor shall the Committee, the Partnership, the Company or any of their Affiliates have any liability for
failing to do so. If any termination of Service constitutes a payment event with respect to any Award which provides for the deferral
of compensation and is subject to Section 409A, such termination of Service must also constitute a “separation from service”
within the meaning of Section 409A. Notwithstanding any provision in the Plan to the contrary, the time of payment with respect
to any Award that is subject to Section 409A shall not be accelerated, except as permitted under Treasury Regulation Section 1.409A-3(j)(4).
Notwithstanding any provision of this Plan to the contrary, if a Participant is a “specified employee” within the
meaning of Section 409A as of the date of such Participant’s termination of Service and the Company determines that immediate
payment of any amounts or benefits under this Plan would cause a violation of Section 409A, then any amounts or benefits which
are payable under this Plan upon the Participant’s “separation from service” within the meaning of Section 409A
that: (i) are subject to the provisions of Section 409A; (ii) are not otherwise exempt under Section 409A; and (iii) would otherwise
be payable during the first six-month period following such separation from service, shall be paid, without interest, on the first
business day next following the earlier of: (1) the date that is six months and one day following the date of termination; or
(2) the date of the Participant’s death. Each payment or amount due to a Participant under this Plan shall be considered
a separate payment, and a Participant’s entitlement to a series of payments under this Plan is to be treated as an entitlement
to a series of separate payments.

 

(f)          Lock-Up
Agreement. Each Participant shall agree, if so requested by the Company or the Partnership and any underwriter in connection
with any public offering of securities of the Partnership or any Affiliate, not to directly or indirectly offer, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant
for the sale of or otherwise dispose of or transfer any Units held by it for such period, not to exceed one hundred eighty (180)
days following the effective date of the relevant registration statement filed under the Securities Act in connection with such
public offering, as such underwriter shall specify reasonably and in good faith. The Company or the Partnership may impose stop-transfer
instructions with respect to securities subject to the foregoing restrictions until the end of such 180-day period. Notwithstanding
the foregoing, the 180-day period may be extended for up to such number of additional days as is deemed necessary by such underwriter
or the Company or Partnership to continue coverage by research analysts in accordance with FINRA Rule 2711 or any successor rule.

 

    	-14-

    	 

    

 

(g)          Compliance
with Laws. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Units and the payment
of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all applicable federal, state,
local and foreign laws, rules and regulations (including but not limited to state, federal and foreign securities law and margin
requirements), the rules of any securities exchange or automated quotation system on which the Units are listed, quoted or traded,
and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company or
the Partnership, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to
such restrictions, and the Person acquiring such securities shall, if requested by the Company or the Partnership, provide such
assurances and representations to the Company or the Partnership as the Company or the Partnership may deem necessary or desirable
to assure compliance with all applicable legal requirements. To the extent permitted by applicable law, the Plan and Awards granted
or awarded hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. In the event
an Award is granted to or held by a Participant who is employed or providing services outside the United States, the Committee
may, in its sole discretion, modify the provisions of the Plan or of such Award as they pertain to such Participant to comply
with applicable foreign law or to recognize differences in local law, currency or tax policy. The Committee may also impose conditions
on the grant, issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to
minimize the Company’s or the Partnership’s obligations with respect to tax equalization for Participants employed
outside their home country.

 

(h)          Governing
Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined
in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles.

 

(i)          Severability.
If any provision of the Plan or any Award is or becomes, or is deemed to be, invalid, illegal, or unenforceable in any jurisdiction
or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended
without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall
be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force
and effect.

 

(j)          Other
Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole discretion,
it determines that the issuance or transfer of such Units or such other consideration might violate any applicable law or regulation,
the rules of the principal securities exchange on which the Units are then traded, or entitle the Partnership or an Affiliate
to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder
or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or
beneficiary.

 

    	-15-

    	 

    

 

(k)          No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Company, the Partnership or any of their Affiliates, on the one hand, and a Participant
or any other Person, on the other hand. To the extent that any Person acquires a right to receive payments pursuant to an Award,
such right shall be no greater than the right of any general unsecured creditor of the Partnership or any participating Affiliate
of the Partnership.

 

(l)          No
Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall
determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether
such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated.

 

(m)          Headings.
Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings
shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision hereof.

 

(n)          No
Guarantee of Tax Consequences. None of the Board, the Committee, the Company or the Partnership provides or has provided any
tax advice to any Participant or any other Person or makes or has made any assurance, commitment or guarantee that any federal,
state, local or other tax treatment will (or will not) apply or be available to any Participant or other Person and assumes no
liability with respect to any tax or associated liabilities to which any Participant or other Person may be subject.

 

(o)          Clawback.
To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise determined by
the Committee, Awards and amounts paid or payable pursuant to or with respect to Awards shall be subject to the provisions of
any clawback policy implemented by the Company or the Partnership, which clawback policy may provide for forfeiture, repurchase
and/or recoupment of Awards and amounts paid or payable pursuant to or with respect to Awards. Notwithstanding any provision of
this Plan or any Award Agreement to the contrary, the Company and the Partnership reserve the right, without the consent of any
Participant, to adopt any such clawback policies and procedures, including such policies and procedures applicable to this Plan
or any Award Agreement with retroactive effect.

 

(p)        Unit
Retention Policy. The Committee may provide in its sole and absolute discretion, subject to applicable law, that any Units
received by a Participant in connection with an Award granted hereunder shall be subject to a unit ownership, unit retention or
other policy restricting the sale or transfer of units, as the Committee may determine to adopt, amend or terminate in its sole
discretion from time to time.

 

(q)          Limitation
of Liability. No member of the Board or the Committee or Employee to whom the Board or the Committee has delegated authority
in accordance with the provisions of Section 3 of this Plan shall be liable for anything done or omitted to be done by him or
her by any member of the Board or the Committee or by any Employee in connection with the performance of any duties under this
Plan, except for his or her own willful misconduct or as expressly provided by statute.

 

    	-16-

    	 

    

 

(r)          Facility
Payment. Any amounts payable hereunder to any Person under legal disability or who, in the judgment of the Committee, is unable
to manage properly his or her financial affairs, may be paid to the legal representative of such Person, or may be applied for
the benefit of such Person in any manner that the Committee may select, and the Partnership, the Company and all of their Affiliates
shall be relieved of any further liability for payment of such amounts.

 

SECTION 9.          Term
of the Plan.

 

The Plan shall
be effective on the date on which the Plan is adopted by the Board (the “Effective Date”) and shall continue
until the date terminated by the Board. However, any Award granted prior to such termination, and the authority of the Board or
the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights
under such Award, shall extend beyond such termination date. The Plan shall, within twelve (12) months after the date of the Board’s
initial adoption of the Plan, be submitted for approval by a majority of the outstanding Units of the Partnership entitled to
vote.

 

    	-17-Exhibit 10.11

 

FIFTH AMENDMENT TO LOAN AGREEMENTS

 

THIS FIFTH
AMENDMENT TO LOAN AGREEMENTS (this “Amendment”), dated as of April 11, 2013, is made among TULSA
INSPECTION RESOURCES, INC., an Oklahoma corporation (the “Borrower”), Tulsa
Inspection Resources-Nondestructive Examination, Inc., an Oklahoma corporation (“TIR-NE”), REGENT
PRIVATE CAPITAL, LLC, an Oklahoma limited liability company (the “Sponsor”), TRIANGLE
MEZZANINE FUND, LLLP, a North Carolina limited liability limited partnership (“Triangle”), FIDUS
MEZZANINE CAPITAL, L.P., a Delaware limited partnership (“Fidus”), SPP MEZZANINE FUNDING II
HOLDINGS, LLC, a Delaware limited liability company (“SPP II”), SPP MEZZANINE FUNDING II-A,
L.P., a Delaware limited partnership (“SPP II-A”), and SALEM HALIFAX CAPITAL PARTNERS,
LIMITED PARTNERSHIP, a North Carolina limited partnership (“Salem” and, together with Triangle, Fidus,
SPP II, SPP II-A, the “Lenders”). Capitalized terms used herein without definition shall have the meaning
given to them in the 2010 Loan Agreement referred to below.

 

RECITALS

 

A.           The
Borrower, the Sponsor, Triangle, as the Agent and a Lender, and the Lenders, are parties to a Loan Agreement, dated as of March
12, 2009 (as amended, modified or supplemented, the “2009 Loan Agreement”), pursuant to which the Lenders provided
a $17,000,000 term loan to the Borrower upon the terms and conditions set forth therein.

 

B.           The
Borrower, the Sponsor, Triangle, as the Agent and a Lender, and the Lenders, are parties to a Loan Agreement, dated as of July
8, 2010 (as amended, modified or supplemented, the “2010 Loan Agreement” and, together with the 2009 Loan Agreement,
the “Loan Agreements”), pursuant to which the Lenders provided a $2,756,001 term loan to the Borrower upon the
terms and conditions set forth therein.

 

C.           Pursuant
to Guaranty Agreements, Pledgor Accessions and certain other documents executed in connection therewith, each dated as of November
9, 2012, TIR-NE became a Credit Party, and guaranteed the obligations of the Borrower, under each of the 2009 Loan Agreement and
the 2010 Loan Agreement and granted a security interest in all of its assets to Triangle for the benefit of the Lenders.

 

D.           The
Borrower and its Subsidiaries have entered into receivables-based financing facilities with Wells Fargo Bank and its Affiliates,
the Borrower desires to increase the maximum indebtedness permitted thereunder and the Lenders are willing to amend the Loan Agreements
to accommodate such increase in permitted indebtedness.

 

E.           The
parties hereto have agreed to the amendments to the Loan Agreements and the limited waivers as set forth below.

 

STATEMENT OF AGREEMENT

 

NOW, THEREFORE,
in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

    	 

    	 

    

 

ARTICLE
I

 

amendments
to THE LOAN AGREEMENTS

 

1.1           New
Defined Terms. The following defined terms are hereby added to Section 1.1 of each Loan Agreement in proper alphabetical order:

 

“NE Business”
means the business of providing nondestructive testing services to existing and potential customers, with these services being
performed by certified technicians who use various examination techniques, including ultrasonic testing, to identify and communicate
information related to anomalies in the customer’s pipeline or related facilities.

 

“TIR-NE” Tulsa
Inspection Resources–Nondestructive Examination, Inc., an Oklahoma corporation.

 

1.2           Existing
Defined Terms. Section 1.1 of each Loan Agreement is hereby amended by amending the following defined terms:

 

(a)          Clause
(b) of the definition of “Funded Indebtedness” is hereby amended and restated in its entirety as follows:

 

“(b) all accounts receivable
assigned by the Borrower or any of its Subsidiaries to the Senior Lender or any other Person (or reassigned to the Borrower or
any of its Subsidiaries by the Senior Lender or any other Person) from time to time pursuant to the Senior Loan Documents or any
similar factoring arrangement;”

 

(b)          Clause
(a) of the definition of “Interest Expenses” is hereby amended and restated in its entirety as follows:

 

“(a) all interest paid,
accrued or scheduled to be paid in respect of any Funded Indebtedness (for clarity, including any discounts to the face amount
of any applicable accounts receivable paid, payable or otherwise incurred by the Borrower or any of its Subsidiaries pursuant to
or in connection with all accounts receivable assigned by the Borrower or any of its Subsidiaries to the Senior Lender or any other
Person (or reassigned to the Borrower or any of its Subsidiaries by the Senior Lender or any other Person) from time to time pursuant
to the Senior Loan Documents or any similar factoring arrangement;”

 

(c)          The
definition of “Senior Loan Documents” is hereby amended and restated in its entirety as follows:

 

“Senior Loan Documents”
means the Account Purchase Agreement, dated as of February 29, 2012, between the Borrower and Wells Fargo Bank, National Association,
the Account Purchase Agreement, dated as of April 10, 2013, between TIR-NE and Wells Fargo Bank, National Association and the Subsidiary
Account Purchase Agreement, dated as of February 29, 2012, between Foley, Tulsa Inspection Resources – Canada Inc., Tulsa
Inspection Resources – Acquisition Corp. and Wells Fargo Capital Finance Corporation Canada, and any and all agreements,
documents and instruments executed and delivered with respect to each of the foregoing or in connection therewith, each as amended,
modified, supplemented, replaced, refinanced or restated in accordance with the terms of the Intercreditor Agreement.

 

    	2

    	 

    

 

1.3           Maximum
Capital Expenditures. Section 5.11(c) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

“(c)           Maximum
Capital Expenditures. Capital Expenditures made primarily for the benefit of, or to be primarily used in, the NE Business (“NE
Business CapEx”) shall not exceed the sum of the following during any fiscal year: (i) $350,000 and (ii) the amount expended
by TIR-NE from insurance proceeds for replacement or repair of its Property used primarily in the NE Business (“NE Business
Property”) that has been damaged or destroyed in casualty. Capital Expenditures other than NE Business CapEx shall not
exceed the sum of the following during any fiscal year: (i) $400,000 and (ii) the amount expended by the Borrower from insurance
proceeds for replacement or repair of its Property (other than NE Business Property) that has been damaged or destroyed in casualty.”

 

1.4           Indebtedness.
Section (6.1)(a)(xii) of each Loan Agreement is hereby amended and restated in its entirety as follows:

 

“(xii) (A) Indebtedness
of the Subsidiaries of the Borrower (other than TIR-NE) owed to the Senior Lender under the Senior Loan Documents in an aggregate
amount outstanding at any time not to exceed $9,000,000 and (B) Indebtedness of the Borrower and TIR-NE owed to the Senior Lender
under the Senior Loan Documents in an aggregate amount outstanding at any time not to exceed an amount equal to $44,000,000 less
the aggregate amount of Indebtedness described in the preceding clause (A).”

 

1.5           Liens.
Section (6.2)(l) of each Loan Agreement is hereby amended and restated in its entirety as follows:

 

“(l)          Liens
granted by the Subsidiaries of the Borrower (other than TIR-NE) securing the Indebtedness to the Senior Lender described Section
(6.1)(a)(xii)(A) and Liens granted by the Borrower and TIR-NE securing the Indebtedness to the Senior Lender described Section
(6.1)(a)(xii)(B); provided such Liens are junior in priority to the Liens granted to the Agent under the Security Documents except
as provided for in the Intercreditor Agreement.”

 

ARTICLE
II

 

REPRESENTATIONS
AND WARRANTIES

 

The Borrower, each
other Credit Party and the Sponsor hereby represents and warrants to the Lenders and the Agent as follows:

 

    	3

    	 

    

 

2.1           Representations
and Warranties. After giving effect to this Amendment, each of the representations and warranties of the Borrower, each other
Credit Party and the Sponsor contained in each Loan Agreement and the other Loan Documents (both as defined in the 2009 Loan Agreement
and as defined in the 2010 Loan Agreement) is true and correct in all material respects on and as of the date hereof with the same
effect as if made on and as of the date hereof (except to the extent any such representation or warranty is expressly stated to
have been made as of a specific date, in which case such representation or warranty is true and correct as of such date).

 

2.2           No
Default. After giving effect to this Amendment, no Default or Event of Default under the 2009 Loan Agreement has occurred and
is continuing. After giving effect to this Amendment, no Default or Event of Default under the 2010 Loan Agreement has occurred
and is continuing.

 

2.3           Authorization.
The execution, delivery and performance of this Amendment and the transactions contemplated hereby (i) are within the corporate
authority of the Borrower, each other Credit Party and the Sponsor, (ii) have been duly authorized by all necessary corporate
action of the Borrower, each other Credit Party and the Sponsor, (iii) do not and will not violate any provision of law, statute,
rule or regulation to which the Borrower, any other Credit Party or the Sponsor is subject or any judgment, order, writ, injunction,
license or permit applicable to the Borrower, any other Credit Party or the Sponsor and (iv) do not violate or breach any
provision of the governing documents of the Borrower, any other Credit Party or the Sponsor, or any agreement or other instrument
binding upon the Borrower, any other Credit Party or the Sponsor.

 

2.1           Enforceability.
This Amendment has been duly executed and delivered by the Borrower, each other Credit Party and the Sponsor and constitutes the
Borrower’s, each other Credit Party’s and the Sponsor’s legal, valid and binding obligation, enforceable in accordance
with its terms, except as such enforceability may be limited by general principles of equity and conflicts of laws or by bankruptcy,
reorganization, insolvency, moratorium or other laws of general application relating to or affecting the enforcement of creditors’
rights.

 

ARTICLE
III

 

effectiveness

 

3.1           This
Amendment shall become effective as of the date hereof upon the delivery to the Lenders of the following:

 

(a)          an
executed counterpart of this Amendment from the Borrower, each other Credit Party and the Sponsor;

 

(b)          all
fees and expenses due in accordance with Section 5.3 hereof and under the Loan Agreements required to have been paid
on or prior to the effectiveness of this Amendment; and

 

(c)          such
other documents, agreements, instruments, certificates, opinions or other confirmations as the Lenders may reasonably request.

 

    	4

    	 

    

 

ARTICLE
IV

 

AFFIRMATION
OF OBLIGATIONS

 

4.1           Affirmation
of Borrower, each Credit Party and Sponsor. Each of the Borrower, each other Credit Party and the Sponsor hereby approves and
consents to the transactions contemplated by this Amendment and agrees that its obligations under the Loan Agreements and the other
Loan Documents (both as defined in the 2009 Loan Agreement and as defined in the 2010 Loan Agreement) to which it is a party shall
not be diminished as a result of the execution of this Amendment. This acknowledgement by the Borrower, each other Credit Party
and the Sponsor is made and delivered to induce the Lenders to enter into this Amendment, and the Borrower, each other Credit Party
and the Sponsor acknowledges that the Lenders would not enter into this Amendment in the absence of the acknowledgements contained
herein.

 

4.2           Liens.
The Borrower and each other Credit Party hereby ratifies and confirms the grant of a security interest in and Lien on the Collateral
(both as defined in the 2009 Loan Agreement and as defined in the 2010 Loan Agreement) contained in the Security Documents (both
as defined in the 2009 Loan Agreement and as defined in the 2010 Loan Agreement) that were executed in connection with each Loan
Agreement, which security interest and Lien shall continue in full force and effect without interruption, and shall constitute
the single grant of a security interest and Lien.

 

ARTICLE
V

 

MISCELLANEOUS

 

5.1           Effect
of Amendment. From and after the effectiveness of this Amendment, all references to the Loan Agreements set forth in any Loan
Document (both as defined in the 2009 Loan Agreement and as defined in the 2010 Loan Agreement) or other agreement or instrument
shall, unless otherwise specifically provided, be references to the Loan Agreements, as applicable, as amended by this Amendment
and as it may be further amended, modified, restated or supplemented from time to time. The parties hereto acknowledge and agree
that this Amendment is a Loan Document (both as defined in the 2009 Loan Agreement and as defined in the 2010 Loan Agreement) for
all purposes under the Loan Agreement and the other Loan Documents (both as defined in the 2009 Loan Agreement and as defined in
the 2010 Loan Agreement).

 

5.2           Governing
Law. This Amendment shall be governed by, and construed in accordance with, the law of the State of Delaware (excluding conflicts
of laws provisions).

 

5.3           Expenses.
The Borrower agrees to pay upon demand all reasonable out-of-pocket costs and expenses of the Lenders (including, without limitation,
the reasonable fees and expenses of counsel to the Lenders) in connection with the preparation, negotiation, execution and delivery
of this Amendment.

 

5.4           Severability.
To the extent any provision of this Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision
shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting
or invalidating such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction.

 

    	5

    	 

    

 

5.5           Successors
and Assigns. This Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors
and assigns of the parties hereto.

 

5.6           Construction.
The headings of the various sections and subsections of this Amendment have been inserted for convenience only and shall not in
any way affect the meaning or construction of any of the provisions hereof.

 

5.7           Counterparts;
Effectiveness. This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same
instrument. This Amendment shall become effective upon the execution and delivery of a counterpart hereof by each of the parties
hereto.

 

5.8           Authorization
and Consent Regarding Subordination Agreement. Each Lender hereby authorizes Triangle, as Agent, to execute the Intercreditor
Agreement. This Section 5.8 is solely for the benefit of the Agent and the Lenders and no other party shall have
any rights with respect hereto.

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the date first above written.

 

	 	TULSA INSPECTION RESOURCES, INC.
	 	 	 
	 	By:	/s/
    Randall Lorett     
	 	Name:	Randall Lorett
	 	Title:	President and CEO
	 	 	 
	 	TULSA INSPECTION RESOURCES-NONDESTRUCTIVE EXAMINATION, INC.
	 	 	 
	 	By:	/s/
    Randall Lorett     
	 	Name:	Randall Lorett
	 	Title:	President and CEO
	 	 	 
	 	REGENT PRIVATE CAPITAL, LLC
	 	 	 
	 	By:	/s/ Lawrence Field
	 	Name:	Lawrence Field
	 	Title:	Managing Director

 

(Signatures continue on following page)

 

Signature Page to Fifth Amendment to

Loan Agreements

 

    	S-1

    	 

    

 

	 	TRIANGLE MEZZANINE FUND, LLLP
	 	 	 
	 	By:	New Triangle GP, LLC,
	 	 	its General Partner
	 	 	 
	 	By:	Triangle Capital Corporation,
	 	 	its Manager
	 	 	 
	 	By:	/s/ Brent Burgess
	 	Name:	Brent Burgess
	 	Title:	CIO
	 	 	 
	 	FIDUS MEZZANINE CAPITAL, L.P.
	 	 	 
	 	By:	Fidus Investment GP, LLC,
	 	 	its General Partner
	 	 	 
	 	By:	Fidus Investment Advisors, LLC,
	 	 	its Manager
	 	 	 
	 	By:	/s/ W. Andrew Worth
	 	Name:	W. Andrew Worth
	 	Title:	Manager
	 	 	 
	 	SALEM HALIFAX CAPITAL PARTNERS, LIMITED PARTNERSHIP
	 	 	 
	 	By:	SCP Management, LLC, its General Partner
	 	 	 
	 	By:	/s/ W. Spalding White Jr.
	 	Name:	W. Spalding White Jr.
	 	Title:	Manager

 

(Signatures continue on following page)

 

Signature Page to Fifth Amendment to

Loan Agreements

 

    	S-2

    	 

    

 

	 	SPP MEZZANINE FUNDING II HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Charles T. Kumble
	 	Name:	Charles T. Kumble
	 	Title:	Managing Partner
	 	 	 
	 	SPP MEZZANINE FUNDING II-A, L.P.
	 	 	 
	 	By:	SPP Partners II, L.P., its General Partner
	 	 	 
	 	By:	SPP Partners II GP, LLC, its General Partner
	 	 	 
	 	By:	/s/ Charles T. Kumble
	 	Name:	Charles T. Kumble
	 	Title:	Managing Partner

 

Signature Page to Fifth Amendment to

Loan Agreements

 

    	S-3

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