Document:

First Amendment dated as of November 23, 2004, to Credit Agreement

 Exhibit 10.3 
  
 FIRST AMENDMENT TO CREDIT AGREEMENT 
  
 This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of November 23, 2004, is by and among
GLOBAL POWER EQUIPMENT GROUP INC., a Delaware corporation (the “Company”), certain borrowing subsidiaries of the Company party hereto (each a “Designated Borrower” and, together with the Company, the
“Borrowers”), each subsidiary of the Company party to the Subsidiary Guaranty (as defined below), each Lender (as defined below) party hereto, and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (the
“Administrative Agent”). Capitalized terms used herein and not otherwise defined shall have the meaning assigned such term in the Credit Agreement (as defined below). 
  
 RECITALS: 
  
 A. The Borrowers, the lenders from time to time party thereto (the “Lenders”), the Administrative Agent, US Bank National Association, as
Syndication Agent, and Bank of Oklahoma, N.A., as Managing Agent, are parties to that certain Credit Agreement, dated as of October 1, 2004, as amended by and together with this Amendment and as otherwise amended or modified to the date hereof (the
“Credit Agreement”). 
  
 B. The Subsidiary
Guarantors and the Administrative Agent are parties to that certain Subsidiary Guaranty Agreement, dated as of October 1, 2004 (as amended to the date hereof, the “Subsidiary Guaranty”), and the Company and the Administrative Agent
are parties to that certain Company Guaranty Agreement, dated as of October 1, 2004 (as amended to the date hereof, the “Company Guaranty”). 
  
 C. The parties hereto have agreed to amend the Credit Agreement as set forth below. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, the parties hereto
agree as follows: 
  
 SECTION 1.01 Amendments to Credit
Agreement. 
  
 (a) Amendments to Section 1.01.

  
 (i) Section 1.01 of the Credit Agreement is
hereby amended by inserting the following new defined terms in alphabetical position therein: 
  
 “Acquisition Agreement” means, as the context requires, either (a) the draft copy of the agreement with respect to the
Williams Acquisition attached as Exhibit A hereto, or (b) the final agreement with respect to the Williams Acquisition, dated as of the date of the Williams Acquisition, by and between the Company and Williams Group International, LLC
(provided that such final Acquisition Agreement shall not have been amended in any material respect from the draft Acquisition Agreement attached as Exhibit A hereto without the prior consent of the Administrative Agent and the Required
Lenders) . 
  

 “Consolidated Senior Leverage Ratio” means, as of any date of
determination, the ratio of (a) Consolidated Funded Indebtedness as of such date less the outstanding principal amount of Convertible Subordinated Debt as of such date and less Available Cash as of such date (provided that for so long as any
amounts are held in escrow or reserve in accordance with the Convertible Subordinated Debt Documents, calculation of Available Cash for purposes of determining the Consolidated Senior Leverage Ratio shall exclude such amounts) to (b) Consolidated
EBITDA for the Four-Quarter Period most recently ended. 
  
 “Convertible Subordinated Debt” means that certain indebtedness in an aggregate original principal amount of up to $69,000,000 incurred by the Company through the issuance of the Convertible
Subordinated Notes. 
  
 “Convertible
Subordinated Debt Documents” means Convertible Subordinated Notes, the Securities Purchase Agreement, the Subordinated Subsidiary Guaranty Agreement and the Registration Rights Agreement. 
  
 “Convertible Subordinated Debt Proceeds”
means the cash proceeds (net of underwriting discounts and commissions and other reasonable costs (including without limitation reasonable fees and expenses of attorneys and accountants) arising in connection therewith) received by the Borrower from
the issuance of Convertible Subordinated Notes prior to the application of such proceeds as consideration paid in connection with the Williams Acquisition. 
  
 “Convertible Subordinated Notes” means those certain 4.25% Convertible Senior Subordinated Notes in an aggregate original
principal amount of up to $69,000,000 issued under Securities Purchase Agreement on or about November 23, 2004. 
  
 “Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of November 23, 2004, among
the Company and certain buyers party thereto. 
  
 “Securities Purchase Agreement” means that certain Securities Purchase Agreement, dated as of November 23, 2004, among the Company and certain investors party thereto, as amended, supplemented or restated from time to time
in accordance with the terms of this Agreement. 
  
 “Subordinated Subsidiary Guaranty Agreement” means that certain Subsidiary Guaranty Agreement, dated as of November 23, 2004, by the Subsidiary Guarantors in favor of the holders of the Convertible Subordinated Notes.

  

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 “Williams Acquisition” means the acquisition of the membership interests
in each of Williams Specialty Services, LLC, Williams Plant Services, LLC and Williams Industrial Services, LLC for aggregate consideration not in excess of $65,900,000 pursuant to the Acquisition Agreement. 
  
 (ii) Each of the definitions of “Available
Cash” and “Permitted Acquisition” in Section 1.01 of the Credit Agreement is hereby deleted in its entirety and the following new definition is inserted in replacement thereof: 
  
 “Available Cash” means (a) for the period
from the Closing Date until the first to occur of (x) the closing of the Williams Acquisition and (y) June 30, 2005, without duplication, the sum of (i) the lesser of (A) the sum of (1) cash and Cash Equivalents of the Domestic Loan Parties and (2)
Available Foreign Subsidiary Cash, all to the extent such cash and Cash Equivalents are not subject to any Lien (other than Liens in favor of the Administrative Agent granted pursuant to the Loan Documents) or any restriction as to its use or
disposition and are included in “cash and cash equivalents” and not “restricted cash” on the consolidated balance sheet of the Company and its Consolidated Subsidiaries, and (B) $25,000,000, and (ii) the Convertible Subordinated
Debt Proceeds (including, without limitation, the reserve and/or escrow account for up to $9,000,000 established under the Convertible Subordinated Debt Documents), and (b) thereafter, the lesser of (i) the amount, if any, of the reserve and/or
escrow account established for the redemption of up to $9,000,000 in securities established in accordance with the Convertible Subordinated Debt Documents plus the sum of (x) cash and Cash Equivalents of the Domestic Loan Parties and (y)
Available Foreign Subsidiary Cash, all to the extent such cash and Cash Equivalents are not subject to any Lien (other than Liens in favor of the Administrative Agent granted pursuant to the Loan Documents) or any restriction as to its use or
disposition and are included in “cash and cash equivalents” and not “restricted cash” on the consolidated balance sheet of the Company and its Consolidated Subsidiaries, and (ii) the amount, if any, of the reserve and/or escrow
account established for the redemption of up to $9,000,000 in securities established in accordance with the Convertible Subordinated Debt Documents plus $25,000,000. 
  
 “Permitted Acquisitions” means (a) the Williams Acquisition and (b) any other Acquisition
by any Loan Party; provided that with respect to any Acquisition described in clause (b) of this definition, (i) the Property acquired (or the Property of the Person acquired) in such Acquisition shall be used or useful in the same or similar
line of business as the Loan Parties on the Closing Date, (ii) in the case of an Acquisition of the Equity Interests of another Person, the board of directors (or other comparable governing body) of such other Person shall have duly approved such

  

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Acquisition, (iii) no Default shall exist immediately after giving effect to such Acquisition on a Pro Forma Basis, (iv) the Acquisition shall not involve an
interest in a partnership or have a requirement that any Loan Party be a general partner, (v) (A) for each Acquisition (or a series of related Acquisitions) the aggregate consideration (including cash and non-cash consideration and including,
without limitation, earnouts, purchase price adjustments and similar payments) is less than or equal to $5,000,000, (B) for all Acquisitions, the aggregate consideration (including cash and non-cash consideration) in a fiscal year is less than or
equal to $5,000,000, and (vi) the Company shall have delivered to the Administrative Agent (A) a Compliance Certificate signed by Responsible Officers of the Company demonstrating compliance with the financial covenants hereunder after giving effect
to the subject Acquisition on a Pro Forma Basis, and reaffirming that the representations are true and correct in all material respects as of such date, except those representations and warranties made as of a date certain, which shall remain true
and correct in all material respects as of such date and providing supplements to the Schedules as required by the Compliance Certificate and (B) a certificate of a Responsible Officer of the Company describing the Person to be acquired, including,
without limitation, the location and type of operations and key management. 
  
 (iii) The Definition of “Restricted Payment” is hereby amended by inserting the following at the end thereof: 
  
 ; provided, however, the term “Restricted Payment” shall not include any distribution of common stock or cash payment in lieu of
fractional shares made in connection with the conversion of the Convertible Subordinated Notes in accordance with the Convertible Subordinated Debt Documents. 
  

(b) Amendment to Section 2.06(b). Clause (iii) of Section 2.06(b) of the Credit Agreement is hereby deleted in its entirety and the following
clauses (iii) and (iv) are inserted in Section 2.06(b): 
  
 (iii) Convertible Subordinated Debt Proceeds. If the Williams Acquisition is not consummated upon the terms set forth in the Acquisition Agreement on or before June 30, 2005, the Borrowers shall immediately
prepay the Loans in an amount equal to the lesser of (A) Total Outstandings (other than Alternative Currency Loans and L/C Obligations) and (B) Convertible Subordinated Debt Proceeds, which prepayments shall be governed by this Section and the
applicable requirements of Section 2.06(c)(iii); provided, that any prepayment of Revolving Loans pursuant to this clause (iii) shall not result in any reduction in the Revolving Commitments. 
  
 (iv) Other Mandatory Prepayments. In addition to the
voluntary prepayment described in Section 2.06(a) and the mandatory prepayments 

  

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described in clauses (i), (ii) and (iii) immediately above, the Borrowers may otherwise be required to prepay the Loans pursuant to the terms of this
Agreement from time to time which prepayments shall be governed by this Section and the application requirements of Section 2.06(c)(iv). 
  
 (c) Amendment of Section 2.06(c). The “and” at the end of clause (i) is hereby deleted, the period at the end of clause (ii) is hereby
deleted and replaced with a semicolon, clause (iii) of Section 2.06(c) of the Credit Agreement is hereby converted to clause (iv) of Section 2.06(c) and the following new clause (iii) is hereby inserted in Section 2.06(c): 
  
 (iii) with respect to all amounts paid pursuant to Section
2.06(b)(iii), first to the Term Loans ratably to the remaining scheduled principal amortized payments thereof, as such amortization is set forth in Section 2.08, second to Swing Line Loans, and third to Revolving Loans; and

  
 (d) Amendment to Section 6.03. Section 6.03 of the
Credit Agreement is hereby amended by inserting after the words “accompanied by” in the first line of the last paragraph thereof the words “(i) a copy of any notice delivered by any third-party creditor, trustee, governmental agency
or other Person of any event giving rise to any notice under clause (a) above and (ii)”. 
  
 (e) Amendment to Section 7.01. Section 7.01(k) of the Credit Agreement is hereby amended by inserting the following at the end of the clause: 
  
 and amounts deposited in escrow accounts for application to (i) up to $7,650,000 in future interest or (ii)
possible redemption of up to $9,000,000 of securities, in each case, in accordance with the Convertible Subordinated Debt Documents; 
  
 (f) Amendment to Section 7.03. Section 7.03 of the Credit Agreement is hereby amended by inserting at the end of clause (a) thereof the words
“and the Convertible Subordinated Debt;”. 
  
 (g)
Amendment to Section 7.10. Section 7.10 of the Credit Agreement is hereby amended by inserting after the words “other than the Loan Documents” and before the words “that (a) limits” the words “or the Convertible
Subordinated Note Documents”. 
  

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 (h) Amendment to Section 7.17. Section 7.17 of the Credit Agreement is hereby deleted in its
entirety and the following new Section 7.17 in inserted in replacement thereof: 
  
 SECTION 7.17 Financial Covenants. 
  
 (a) Maximum Consolidated Senior Leverage Ratio. Permit the Consolidated Senior Leverage Ratio of the Company and its Consolidated Subsidiaries at any time during (but measured on the last day of) any
Four-Quarter Period ending during the periods set forth below to be greater than the ratios for such periods set forth below. 
  

			
	 From the Closing Date through September 30, 2005
	  	2.00 to 1.00
	 From October 1, 2005 through December 31, 2005
	  	1.75 to 1.00
	 From January 1, 2006 and thereafter
	  	1.50 to 1.00

  
 (b)
Maximum Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio of the Company and its Consolidated Subsidiaries at any time during (but measured on the last day of) any Four-Quarter Period ending during the periods set forth
below to be greater than the ratios for such periods set forth below; provided, however, that for the period from the Closing Date through December 31, 2005, the Consolidated Leverage Ratio of the Company and its Consolidated
Subsidiaries may be up to 4.00 to 1.00 for no more than two consecutive fiscal quarters during such period. 
  

			
	 From the Closing Date through December 31, 2005
	  	3.50 to 1.00
	 From January 1, 2006 through June 30 2006
	  	3.25 to 1.00
	 From July 1, 2006 through December 31, 2006
	  	3.00 to 1.00
	 From January 1, 2007 and thereafter
	  	2.75 to 1.00

  
 (c)
Minimum Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio of the Company and its Consolidated Subsidiaries at any time during (but measured on the last day of) any Four-Quarter Period to be less
than 1.00 to 1.00 for the period from the Closing Date through March 31, 2005, and 1.35 to 1.00 thereafter. 
  
 (d) Minimum Consolidated Asset Coverage Ratio. Permit the Consolidated Asset Coverage Ratio of the Company and its Consolidated
Subsidiaries as of the last day of any fiscal quarter occurring during the periods indicated below, beginning with the fiscal quarter ended December 31, 2005, to be less than the ratio indicated below. 
  

			
	 December 31, 2005 through March 31, 2007
	  	1.00 to 1.00
	 June 30, 2007 and thereafter
	  	1.25 to 1.00

  

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 (i) New Section 7.18. There is hereby inserted after Section 7.17 of the Credit Agreement a new
Section 7.18 which shall read as follows: 
  
 7.18 Convertible Subordinated Debt. (a) Redeem, repay, purchase, acquire or defease the Convertible Subordinated Debt for cash consideration (other than (x) mandatory redemptions, prepayments or puts pursuant to and in accordance
with the Convertible Subordinated Debt Documents and (y) application of escrowed funds under the Convertible Subordinated Debt Documents to the repurchase of up to $9,000,000 of Convertible Subordinated Notes in accordance with the Convertible
Subordinated Debt Documents), unless immediately before and immediately after the consummation of such redemption, repayment, purchase, acquisition or defeasance (i) no Event of Default shall have occurred and be continuing and (ii) availability
under the Revolving Credit Facility shall be at least $10,000,000 or (b) amend, supplement or replace the Convertible Subordinated Debt Documents or any term or provision thereof (including terms of subordination) in any manner materially adverse to
the Lenders or (c) permit the Convertible Subordinated Debt Proceeds (except for the portion of such proceeds to be deposited in escrow accounts in accordance with the Convertible Subordinated Debt Documents) to be held other than in a deposit
account with the Administrative Agent subject to an effective Account Control Agreement; provided, however that such Account Control Agreement shall cease to be effective upon the earlier of (i) the date in which the Williams Acquisition is
consummated and (ii) June 30, 2005, and in each case, the proceeds held in such Account Control Agreement shall be permitted to be used in any manner permitted under the Credit Agreement. 
  
 (j) Amendment to Section 8.01. Section 8.01(e) of the Credit Agreement is hereby amended by inserting after the words
“Material Adverse Effect” in the last line thereof the following: 
  
 ; or (iii) any party to the Convertible Subordinated Debt Documents defaults in the observance or performance of any term or provision relating to subordination or rights of repayment under the Convertible
Subordinated Debt Documents and such default has or could reasonably be expected to have a material and adverse effect on the rights, remedies or interests of the Administrative Agent or the Lenders. 
  

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 Section 1.02 Representations and Warranties. Each Borrower hereby represents and warrants
to each Lender and the Administrative Agent, on the Amendment Effective Date (as hereinafter defined), as follows: 
  
 (a) After giving effect to this Amendment, the representations and warranties set forth in Article V of the Credit Agreement and in each other Loan
Document, are true and correct in all material respects on and as of the date hereof and on and as of the Amendment Effective Date with the same effect as if made on and as of the date hereof or the Amendment Effective Date, as the case may be,
except to the extent such representations and warranties expressly relate solely to an early date. 
  
 (b) No Default or Event of Default has occurred and is continuing. 
  
 (c) The execution, delivery and performance by the Borrowers and each other Loan Party of this Amendment has been duly
authorized by the Borrowers and each other Loan Party, as applicable and there is no action pending or any judgment, order or decree in effect which is likely to restrain, prevent or impose materially adverse conditions upon the performance by each
Borrower or any other Loan Party of its obligations under the Credit Agreement or the other Loan Documents. 
  
 (d) This Amendment constitutes the legal, valid and binding obligation of each Loan Party, enforceable against each such Loan Party in accordance with its
terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights or by the effect of general equitable
principles. 
  
 (e) The execution, delivery and performance by
each Loan Party of this Amendment do not and will not conflict with, or constitute a violation or breach of, or result in the imposition of any Lien upon the property of each Loan Party or any of its Subsidiaries, by reason of the terms of (i) any
contract, mortgage, lease, agreement, indenture, or instrument to which such Loan Party is a party or which is binding upon it, (ii) any Requirement of Law applicable to any Loan Party or any of its Subsidiaries, or (iii) the certificate or articles
of incorporation or by-laws or the limited liability company or limited partnership agreement, or analogous organizational document, of any Loan Party or any of its Subsidiaries. 
  
 Section 1.03 Effectiveness. This Amendment shall become effective only upon satisfaction of the following
conditions precedent (the first date upon which each such condition has been satisfied being herein called the “Amendment Effective Date”): 
  
 (a) The Administrative Agent shall have received (i) duly executed counterparts of this Amendment which, when taken together, bear the authorized
signatures of the Borrowers, the Subsidiary Guarantors, the Administrative Agent and the Required Lenders and (ii) a draft copy of the Acquisition Agreement, and together with all schedules and exhibits thereto, relating to the Williams Acquisition
in form and substance reasonably acceptable to the Administrative Agent and the Required Lenders (it being understood that the draft Acquisition Agreement attached as Exhibit A hereto is satisfactory in form and substance to the
Administrative Agent and the Required Lenders). 
  
 (b) The
Administrative Agent and the Required Lenders shall be satisfied that the representations and warranties set forth in Section 1.02 of this Amendment are true and correct 

  

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on and as of the Amendment Effective Date and that no Default or Event of Default has occurred and is continuing on and as of the Amendment Effective Date.

  
 (c) The Administrative Agent shall have received all fees and
expenses to be paid by the Borrower pursuant to Section 1.04 of this Amendment. 
  
 (d) The Administrative Agent shall have received such other documents, legal opinions, instruments and certificates relating to this Amendment as it shall reasonably request and such other documents, legal opinions,
instruments and certificates that shall be reasonably satisfactory in form and substance to the Administrative Agent and the Lenders. All corporate proceedings taken or to be taken in connection with this Amendment and documents incidental thereto
whether or not referred to herein shall be reasonably satisfactory in form and substance to the Administrative Agent and the Lenders. 
  
 Section 1.04 Fees and Expenses. 
  
 (a) The Company shall pay to the Administrative Agent for its own account a fee in connection with this arrangement of this Amendment as set forth in that
certain letter agreement dated as of the date hereof among the Company, the Administrative Agent and Banc of America Securities LLC. 
  
 (b) The Company shall pay to the Administrative Agent for the ratable benefit of each Lender that executes and delivers this Amendment as of the date
hereof a fee equal to .15% of the sum of (x) such Lender’s Revolving Commitment and (y) such Lender’s outstanding Term Loans, such fee to be paid within two Business Days of the Amendment Effective Date. 
  
 (c) The Borrower shall pay all reasonable out-of-pocket expenses incurred by
Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment, including, but not limited to, the reasonable fees and disbursements of counsel to the Administrative Agent. 
  
 Section 1.05 Cross-References. References in this Amendment to
any Section are, unless otherwise specified, to such Section of this Amendment. 
  
 Section 1.06 Instrument Pursuant to Credit Agreement. This Amendment is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed,
administered and applied in accordance with the terms and provisions of the Credit Agreement. 
  
 Section 1.07 Further Acts. Each of the parties to this Amendment agrees that at any time and from time to time upon the written request of any other party, it will execute and deliver such further
documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Amendment. 
  
 Section 1.08 Governing Law. THIS AMENDMENT SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO 

  

 9 

 
DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK; PROVIDED THAT THE AGENT AND THE LENDERS SHALL RETAIN ALL RIGHTS ARISING UNDER
FEDERAL LAW. 
  
 Section 1.09 Counterparts. This
Amendment may be executed in any number of counterparts and by the different parties hereto in 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. 
  
 Section 1.10 Severability. In case
any provision in or obligation under this Amendment or the other Loan Documents shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such
provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
  
 Section 1.11 Benefit of Agreement. This Amendment shall be binding upon and inure to the benefit of and be enforceable by the respective
successors and assigns of the parties hereto; provided that the Borrower may not assign or transfer any of its interest hereunder without the prior written consent of the Lenders. 
  
 Section 1.12 Integration. This Amendment represents the agreement of the Borrowers, the Subsidiary Guarantors,
the Administrative Agent and each of the Lenders signatory hereto with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties relative to the subject matter hereof not expressly set forth or
referred to herein or in the other Loan Documents. 
  
 Section
1.13 Confirmation. Except as expressly amended by the terms hereof, all of the terms of the Credit Agreement and the other Loan Documents shall continue in full force and effect and are hereby ratified and confirmed in all respects. Each
Subsidiary Guarantor ratifies and confirms the Subsidiary Guaranty as in full force and effect after giving effect to this Amendment. The Company ratifies and confirms the Company Guaranty as in full force and effect after giving effect to this
Amendment. 
  
 Section 1.14 Loan Documents. Except
as expressly set forth herein, the amendments provided herein shall not by implication or otherwise limit, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or
any other Loan Document, nor shall they constitute a waiver of any Event of Default, nor shall they alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document. Each of the amendments provided herein shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to by such amendments. Except as expressly amended herein, the Credit
Agreement and the other Loan Documents shall continue in full force and effect in accordance with the provisions thereof. As used in the Credit Agreement, the terms “Agreement”, “herein”, “hereinafter”,
“hereunder”, “hereto” and words of similar import shall mean, from and after the date hereof, the Credit Agreement. 
  

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 (Signature Pages Follow) 
  

 11 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  

			
	BORROWERS AND GUARANTORS:
	
	 GLOBAL POWER EQUIPMENT GROUP
 INC., a Delaware corporation

		
	By:	 	 /s/ James P. Wilson

	 Name:
	 	 James P. Wilson

	 Title:
	 	 CFO and V.P. of Finance

  

			
	 DELTAK, L.L.C., a Delaware limited liability
 company

		
	By:	 	 /s/ Candice L. Cheeseman

	 Name:
	 	 Candice L. Cheeseman

	 Title:
	 	 Secretary

  

			
	 BRADEN MANUFACTURING, L.L.C., a
 Delaware limited liability company

		
	By:	 	 /s/ Candice L. Cheeseman

	 Name:
	 	 Candice L. Cheeseman

	 Title:
	 	 Secretary

  

			
	 DELTAK CONSTRUCTION SERVICES, INC.,
 a Wisconsin corporation

		
	By:	 	 /s/ Candice L. Cheeseman

	 Name:
	 	 Candice L. Cheeseman

	 Title:
	 	 Secretary

  

			
	 BRADEN CONSTRUCTION SERVICES, INC.,
 a Delaware corporation

		
	By:	 	 /s/ Candice L. Cheeseman

	 Name:
	 	 Candice L. Cheeseman

	 Title:
	 	 Secretary

  

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	ADMINISTRATIVE AGENT AND LENDERS:
	
	 BANK OF AMERICA, N.A., as Administrative
 Agent and as a Lender

		
	By:	 	 /s/ David G. Lamb

	 Name:
	 	 David G. Lamb

	 Title:
	 	 Vice President - MMB

  

			
	 US BANK NATIONAL ASSOCIATION, as a
 Lender

		
	By:	 	 /s/ Peter I. Bystol

	 Name:
	 	 Peter I. Bystol

	 Title:
	 	 Assistant Vice President

  

			
	 BANK OF OKLAHOMA, N.A., as a Lender

		
	By:	 	 /s/ Jamey C. Webb

	 Name:
	 	 Jamey C. Webb

	 Title:
	 	 Assistant Vice President

  

			
	 CITICORP NORTH AMERICA INC., as a Lender

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

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	 M&I MARSHALL & ILSLEY BANK, as a
  Lender

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 14Subsidiary Guaranty Agreement dated November 23, 2004

 Exhibit 10.4 
  
 SUBSIDIARY GUARANTY AGREEMENT 
  

GUARANTY, dated as of November 23, 2004, is made by EACH OF THE PARTIES SIGNATORY HERETO (each, a “Guarantor” and, collectively, the
“Guarantors”), in favor of the “Buyers” (as defined below) party to the Securities Purchase Agreement, dated as of even date herewith (as amended, restated or otherwise modified from time to time, the “Securities
Purchase Agreement”). 
  
 W I T
N E S S E T H : 
  
 WHEREAS, Global Power Equipment Group Inc., a Delaware corporation (the “Parent”) and each party listed as a “Buyer” on the Schedule of Buyers attached thereto are parties to the Securities Purchase Agreement;

  
 WHEREAS, it is a condition precedent to the Buyers’
obligation under the Securities Purchase Agreement that each Guarantor execute and deliver a guaranty guaranteeing all of the obligations of the Parent thereunder; and 
  
 WHEREAS, each Guarantor has determined that its execution, delivery and performance of this Guaranty directly benefit, and
are within the corporate purposes and in the best interests of, such Guarantor; 
  
 NOW, THEREFORE, in consideration of the premises and the agreements herein and in order to induce the Buyers to perform under the Securities Purchase Agreement, each Guarantor hereby agrees with the Buyers as follows:

  
 SECTION 1. Definitions. Reference is hereby made to the
Securities Purchase Agreement and the “Notes” (as defined therein) issued pursuant thereto (as such Notes may be amended, restated, replaced or otherwise modified from time to time in accordance with the terms thereof, collectively, the
“Notes”) for a statement of the terms thereof. All terms used in this Guaranty, which are defined in the Securities Purchase Agreement or the Notes and not otherwise defined herein, shall have the same meanings herein as set forth
therein. 
  
 SECTION 2. Guaranty. Each Guarantor hereby
unconditionally and irrevocably, jointly and severally, guarantees the punctual payment, as and when due and payable, by stated maturity or otherwise, of all Obligations of the Parent from time to time owing by it in respect of the Securities
Purchase Agreement, the Notes and the other “Transaction Documents” (as defined in the Securities Purchase Agreement), including, without limitation, all interest that accrues after the commencement of any action or proceeding under any
Bankruptcy Law of the Parent or any Guarantor, whether or not the payment of such interest is unenforceable or is not allowable due to the existence of such proceeding), and all fees, expense reimbursements, indemnifications and all other amounts
due or to become due under the Note (such obligations, to the extent not paid by the Parent, being the “Guaranteed Obligations”), and agrees to pay any and all expenses (including reasonable counsel fees and expenses of one counsel
for all Buyers) reasonably incurred by the Buyers in enforcing any rights under this Guaranty. Without limiting the generality of the foregoing, each Guarantor’s liability hereunder shall extend to all amounts that constitute part of the
Guaranteed Obligations and would be owed by the Parent to the Buyers under the Securities Purchase Agreement and the Notes but for the 

  

 
fact that they are unenforceable or not allowable due to the existence of an action or proceeding under any Bankruptcy Law involving any Guarantor or the
Parent (each, a “Transaction Party”). 
  
 SECTION
3. Guaranty Absolute; Limitations on Guaranty; Continuing Guaranty; Assignments. 
  
 (a) Each Guarantor, jointly and severally, guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Note, regardless of any law, regulation or order now or hereafter in
effect in any jurisdiction affecting any of such terms or the rights of the Buyers with respect thereto. The obligations of each Guarantor under this Guaranty are independent of the Guaranteed Obligations, and a separate action or actions may be
brought and prosecuted against any Guarantor to enforce such obligations, irrespective of whether any action is brought against any Transaction Party or whether any Transaction Party is joined in any such action or actions. The liability of each
Guarantor under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives any defenses it may now or hereafter have in any way relating to, any or all of the following: 

 
 (i) any lack of validity or enforceability of any
Transaction Document or any agreement or instrument (other than this Guaranty) relating thereto; 
  
 (ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any
other amendment or waiver of or any consent to departure from any Transaction Document, including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to any Transaction Party or
otherwise; 
  
 (iii) any taking, exchange,
release or non-perfection of any collateral, or any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Guaranteed Obligations; 
  
 (iv) any change, restructuring or termination of the
corporate, limited liability company or partnership structure or existence of any Transaction Party; or 
  
 (v) any other circumstance (including any statute of limitations) or any existence of or reliance on any representation by the Buyers that
might otherwise constitute a defense available to, or a discharge of, any Transaction Party. 
  
 This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned by the Buyers or any other
Person upon the insolvency, bankruptcy or reorganization of any Transaction Party or otherwise, all as though such payment had not been made. 
  
 (b) Each Guarantor, and by its acceptance of Securities, each Holder, hereby confirms that it is the intention of all such parties that the guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Title 11, U.S. Code or any similar federal or state law for the relief of debtors (“Bankruptcy Law”), the Uniform Fraudulent 

  

 -2- 

 
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Subsidiary Guarantee. To effectuate
the foregoing intention, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor, result in the obligations of such Guarantor under its guarantee not constituting a fraudulent transfer or conveyance. 
  
 (c) This Guaranty is a continuing guaranty and shall (i) remain in full force and effect until the cash payment in full of the Guaranteed Obligations and
all other amounts payable under this Guaranty and shall not terminate for any reason prior to the Maturity Date and (ii) be binding upon each Guarantor and its respective successors and assigns. This Guaranty shall inure to the benefit of and be
enforceable by the Buyers and their successors, pledgees, transferees and assigns. Without limiting the generality of the foregoing sentence, any Buyer may pledge, assign or otherwise transfer all or any portion of its rights and obligations under
any Note to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Buyer herein or otherwise, in each case as provided in such Note and the Securities Purchase Agreement.

  
 SECTION 4. Waivers. Each Guarantor hereby waives
promptness, diligence, notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement that the Buyers exhaust any right or take any action against any Transaction Party or any other
Person or any Collateral (as defined in the Securities Purchase Agreement). Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated herein and that the waiver set forth in this
Section 4 is knowingly made in contemplation of such benefits. Each Guarantor hereby waives any right to revoke this Guaranty, and acknowledges that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing
now or in the future. 
  
 SECTION 5. Subrogation. No
Guarantor may exercise any rights that it may now or hereafter acquire against any Transaction Party or any other guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Guaranty,
including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Buyers against any Transaction Party or any other Guarantor, whether or
not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Transaction Party or any other Guarantor, directly or indirectly, in cash or other
property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have indefeasibly been
paid in full in cash. If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence at any time prior to the later of the payment in full in cash of the Guaranteed Obligations and all other amounts payable under
this Guaranty, such amount shall be held in trust for the benefit of the Buyers and shall forthwith be paid to the Buyers to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or
unmatured, 

  

 -3- 

 
in accordance with the terms of the Transaction Document, or to be held as Collateral for any Guaranteed Obligations or other amounts payable under this
Guaranty thereafter arising. If (a) any Guarantor shall make payment to the Buyers of all or any part of the Guaranteed Obligations, and (b) all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall indefeasibly be
paid in full in cash, the Buyers will, at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by
subrogation to such Guarantor of an interest in the Guaranteed Obligations resulting from such payment by such Guarantor. 
  
 SECTION 6. Representations, Warranties and Covenants. Each Guarantor hereby represents and warrants as follows: 
  
 (a) Such Guarantor (i) is duly organized, validly existing and in good
standing (to the extent such concept is applicable) under the laws of the jurisdiction of its organization as set forth on the first page hereof, except to the extent that the failure to be in good standing would not have a Material Adverse Effect
(as defined in the Securities Purchase Agreement), (ii) has all requisite power and authority to conduct its business as now conducted and to execute and deliver this Guaranty, and to consummate the transactions contemplated hereby and thereby and
(iii) is duly qualified to do business and is in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary. 
  
 (b) The execution, delivery and performance by such Guarantor of this
Guaranty (i) have been duly authorized by all necessary action, (ii) do not and will not contravene its charter or by-laws, its limited liability company or operating agreement or its certificate of partnership or partnership agreement, as
applicable, or any applicable law or any contractual restriction binding on or otherwise affecting such Guarantor or its properties, (iii) do not and will not result in or require the creation of any lien (other than pursuant to any Transaction
Document) upon or with respect to any of its properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval applicable to
it or its operations or any of its properties. 
  
 (c) No
authorization or approval or other action by, and no notice to or filing with, any governmental authority is required in connection with the due execution, delivery and performance by such Guarantor of this Guaranty. 
  
 (d) This Guaranty, when delivered, will be, a legal, valid and binding
obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, suretyship or other similar laws. 
  
 (e) There is no pending or, to the best knowledge of such Guarantor,
threatened action, suit or proceeding affecting such Guarantor or to which any of the properties of such Guarantor is subject, before any court or other governmental authority or any arbitrator 

  

 -4- 

 
that (i) if adversely determined, could have a Material Adverse Effect or (ii) relates to this Guaranty or any transaction contemplated hereby. 

 
 (f) Such Guarantor (i) has read and understands the terms and conditions
of the Securities Purchase Agreement and the other Transaction Documents, and (ii) now has and will continue to have independent means of obtaining information concerning the affairs, financial condition and business of the Parent and the other
Transaction Parties, and has no need of, or right to obtain from any Buyer, any credit or other information concerning the affairs, financial condition or business of the Parent or the other Transaction Parties that may come under the control of any
Buyer. 
  
 (g) Such Guarantor covenants and agrees that until
indefeasible full and final payment of the Guaranteed Obligations, it will comply with each of the covenants (except to the extent applicable only to a public company) which are set forth in Section 4 of the Securities Purchase Agreement as if such
Guarantor were a party thereto. 
  
 SECTION 7. Right of
Set-off. Upon the occurrence and during the continuance of any Event of Default, any Buyer may, and is hereby authorized to, at any time and from time to time, without notice to any Guarantor (any such notice being expressly waived by each
Guarantor) and to the fullest extent permitted by law, set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by any Buyer to or for the credit or
the account of any Guarantor against any and all obligations of any Guarantor now or hereafter existing under this Guaranty, irrespective of whether or not any Collateral Agent (as defined in the Securities Purchase Agreement) or any Buyer shall
have made any demand under this Guaranty and although such obligations may be contingent or unmatured. Each Buyer agrees to notify the relevant Guarantor promptly after any such set-off and application made by such Buyer, provided that the failure
to give such notice shall not affect the validity of such set-off and application. The rights of the Buyers under this Section 7 are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Buyers
may have under this Guaranty in law or otherwise. 
  
 SECTION 8.
Notices, Etc. All notices and other communications provided for hereunder shall be in writing and shall be mailed, telecopied or delivered, if to any Guarantor, to it at its address set forth on the signature page hereto, or if to any Buyer,
to it at its address set forth in the Securities Purchase Agreement; or as to either such Person at such other address as shall be designated by such Person in a written notice to such other Person complying as to delivery with the terms of this
Section 8. All such notices and other communications shall be effective (i) if mailed (by certified mail, postage prepaid and return receipt requested), when received or three Business Days after deposited in the mails, whichever occurs first; (ii)
if telecopied, when transmitted and confirmation is received, provided same is on a Business Day and, if not, on the next Business Day; or (iii) if delivered, upon delivery, provided same is on a Business Day and, if not, on the next Business Day.

  
 SECTION 9. CONSENT TO JURISDICTION; SERVICE OF PROCESS AND
VENUE. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR 

  

 -5- 

 
THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH GUARANTOR HEREBY IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH GUARANTOR HEREBY IRREVOCABLY APPOINTS THE SECRETARY OF STATE OF THE STATE OF NEW YORK AS ITS AGENT FOR SERVICE OF PROCESS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING AND
FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS AND IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT ITS ADDRESS FOR NOTICES AS SET
FORTH ON THE SIGNATURE PAGE HERETO AND TO THE SECRETARY OF STATE OF THE STATE OF NEW YORK, SUCH SERVICE TO BECOME EFFECTIVE TEN (10) DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE BUYERS TO SERVICE OF PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY GUARANTOR IN ANY OTHER JURISDICTION. EACH GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY SUCH
COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER
THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, EACH GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS GUARANTY.

  
 SECTION 10. WAIVER OF JURY TRIAL, ETC. EACH GUARANTOR
HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS GUARANTY, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE
DELIVERED IN CONNECTION HEREWITH EACH GUARANTOR CERTIFIES THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY OF ANY BUYER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY BUYER WOULD NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK
TO ENFORCE THE FOREGOING WAIVERS. EACH GUARANTOR HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE BUYERS ENTERING INTO THIS AGREEMENT. 
  

SECTION 11. Subordination; Release of Guarantors. 
  
 (a) Notwithstanding anything herein to the contrary, each Guarantor hereby agrees for itself and its successors and assigns, and each Buyer, by acceptance
of this Guaranty, 

  

 -6- 

 
shall be deemed to have agreed, that this Guaranty shall be subject to the provisions of Section 14 of the Notes, and to the extent and in the manner set
forth in such Section 14 of the Notes, all the obligations, including the Guaranteed Obligations, represented by this Guaranty are subordinate in right of payment to the prior payment in full in cash of all Senior Indebtedness now outstanding or
hereafter incurred, all as more fully set forth in Section 14 of the Notes. 
  
 (b) Notwithstanding anything herein to the contrary, each Guarantor hereby agrees for itself and its successors and assigns, and each Buyer, by acceptance of this Guaranty, shall be deemed to have agreed, that if any
Guarantor is released as a guarantor under and in accordance with the “Subsidiary Guaranty” as defined in the Senior Credit Agreement, such Guarantor automatically shall be released as a guarantor hereunder without consent of the Buyers or
any further action by any party hereto or to the Securities Purchase Documents. 
  
 SECTION 12. Miscellaneous. 
  
 (a) Each Guarantor will make each payment hereunder in lawful money of the United States of America and in immediately available funds to the Buyers, at such address specified by the Buyers from time to time by notice to such Guarantor.

  
 (b) No amendment or waiver of any provision of this Guaranty
and no consent to any departure by any Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by such Guarantor and the Buyers, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. 
  
 (c) No
failure on the part of any Buyer to exercise, and no delay in exercising, any right hereunder shall operate as a waiver hereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The rights and remedies of the Buyers provided herein are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. 
  
 (d) Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
  
 (e) This Guaranty shall (i) be binding on each Guarantor and its respective
successors and assigns, and (ii) inure to the benefit of the Buyers and their respective successors, transferees and assigns. Without limiting the generality of clause (ii) of the immediately preceding sentence, any Buyer may assign or otherwise
transfer its rights and obligations under the Securities Purchase Agreement or any other Transaction Document to any other Person, and such other Person shall thereupon become vested with all of the benefits in respect thereof granted to the Buyers
herein or otherwise. None of the rights or obligations of any Guarantor hereunder may be assigned or otherwise transferred without the prior written consent of the Buyers. 
  
 (f) This Guaranty represent the entire agreement of each Guarantor and the Buyers with respect to the subject matter hereof,
and there are no promises, undertakings, 

  

 -7- 

 
representations or warranties by any Buyer relative to the subject matter thereof not expressly set forth or referred to herein. 
  
 (g) Section headings herein are included for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose. 
  
 (h) THIS GUARANTY (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER TRANSACTION DOCUMENT) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO
BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. 
  
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 -8- 

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed by an officer thereunto duly
authorized, as of the date first above written. 
  

			
	DELTAK, L.L.C.
		
	By:	 	 /s/ Larry Edwards

	 Name:
	 	 Larry Edwards

	 Title:
	 	 Chief Executive Officer

	 Address:
	 	 6120 S. Yale, Suite 1480 Tulsa, OK 74136

  

			
	BRADEN MANUFACTURING, L.L.C.
		
	By:	 	 /s/ Larry Edwards

	 Name:
	 	 Larry Edwards

	 Title:
	 	 Chief Executive Officer

	 Address:
	 	 6120 S. Yale, Suite 1480 Tulsa, OK 74136

  

			
	DELTAK CONSTRUCTION SERVICES, INC.
		
	By:	 	 /s/ Larry Edwards

	 Name:
	 	 Larry Edwards

	 Title:
	 	 Chief Executive Officer

	 Address:
	 	 6120 S. Yale, Suite 1480 Tulsa, OK 74136

  

			
	BRADEN CONSTRUCTION SERVICES, INC.
		
	By:	 	 /s/ Larry Edwards

	 Name:
	 	 Larry Edwards

	 Title:
	 	 Chief Executive Officer

	 Address:
	 	 6120 S. Yale, Suite 1480 Tulsa, OK 74136

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