Document:

Exhibit
10.1

 

EXECUTION
VERSION

 

JOINDER
AGREEMENT

 

THIS
JOINDER AGREEMENT, dated as of May 10, 2019 (this “Agreement”), is entered into by and among HSBC
BANK USA, N.A. (the “Incremental Lender”), NRC US HOLDING COMPANY, LLC, a Delaware limited liability
company (the “Borrower Representative” and a “Borrower”), SPRINT ENERGY SERVICES, LLC,
a Delaware limited liability company (a “Borrower”), the Guarantors party hereto and BNP PARIBAS,
as Administrative Agent.

 

RECITALS:

 

WHEREAS,
reference is hereby made to that certain Credit and Guaranty Agreement, dated as of June 11, 2018 (as it may be amended, restated,
amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; the terms
defined therein and not otherwise defined herein being used herein as therein defined), by and among each Borrower, NRC Group
Holdings, LLC (“Parent”), the Guarantors party thereto from time to time, the Lenders party thereto from time
to time, and BNP Paribas, as Administrative Agent and as Collateral Agent; and

 

WHEREAS,
subject to the terms and conditions of the Credit Agreement, the Borrowers may request Incremental Revolving Credit Commitments
by entering into one or more Joinder Agreements with one or more Incremental Lenders.

 

NOW,
THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto
agree as follows:

 

1.
Incremental Facility. Subject only to the conditions set forth in Section 5 below, the Incremental Lender hereby commits
to provide an Incremental Facility pursuant to Section 2.25 of the Credit Agreement (herein, the “Incremental Facility”)
by way of an increase of the existing Revolving Credit Commitments under the Credit Agreement (the “Existing Revolving
Credit Commitments”) in an aggregate amount of $15.0 million (the “Incremental Revolving Commitment”),
in accordance with the terms set forth herein.

 

2.
Confirmation. The Incremental Lender (i) confirms that it has received a copy of the Credit Agreement and the other Credit
Documents, together with copies of the financial statements referred to therein and such other documents and information as it
has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently
and without reliance upon the Administrative Agent or any other Lender or Agent and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit
Agreement; (iii) appoints and authorizes the Administrative Agent and Collateral Agent to take such action as agent on its behalf
and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to the Administrative Agent
and Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto;
and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement
are required to be performed by it as a Lender.

 

3.
Certain Terms. The Incremental Revolving Commitment shall become part of the Existing Revolving Credit Commitments for
all purposes under the Credit Agreement, including, without limitation, with respect to use of proceeds, draws, maturity, prepayments,
repayments, interest rate and other economic terms and any other provisions restricting the rights, or regarding the obligations,
of the Credit Parties, or any provisions regarding the rights of the Lenders. The Administrative Agent shall record the Incremental
Revolving Commitment as an increase of the Existing Revolving Credit Commitments and, after giving effect to this Agreement, the
total Revolving Credit Commitments under the Credit Agreement shall be $60,000,000. The Administrative Agent shall inform all
Lenders with an Existing Revolving Credit Commitment of the increase thereof by way of the Incremental Revolving Commitment and
reallocate, with reasonable promptness, the Revolving Credit Exposure among the applicable Lenders. Each of BNP Paribas, in its
capacity as Administrative Agent, Issuing Bank and Swing Line Lender, and the Borrower Representative hereby consents to any assignments
of Revolving Loans to the Incremental Lender in connection with such reallocation.

 

     

     

    

 

4.
Proposed Incremental Facility. This Agreement represents Borrowers’ request to establish the Incremental Facility
as follows:

 

		(a)	Amount
                                         of Incremental Revolving Commitment: $15,000,000

 

		(b)	Date
                                         of effectiveness of Incremental Facility: May 10, 2019

 

5.
Conditions. This Agreement shall be effective on the first date (the “Incremental Closing Date”) on
which each of the following conditions precedent set forth in this Section 5 have been satisfied:

 

		(a)	This
                                         Agreement shall have been duly executed by the Incremental Lender, the Borrowers, the
                                         Guarantors and the Administrative Agent.

 

		(b)	The
                                         Administrative Agent shall have received, for distribution to the Incremental Lender,
                                         a certificate of the secretary or assistant secretary (or other officer reasonably acceptable
                                         to the Administrative Agent) of each Borrower dated the Incremental Closing Date, certifying
                                         (A) that (i) attached thereto is a true and complete copy of each Organizational Document
                                         (or its equivalent) of such Borrower certified (to the extent applicable) as of a recent
                                         date by the Secretary of State of the state of its organization or (ii) there have been
                                         no changes to the Organizational Documents of such Borrower delivered to the Administrative
                                         Agent on the Closing Date, and (B) that attached thereto is a true and complete copy
                                         of resolutions duly adopted by the Board of Managers of such Borrower establishing that
                                         all necessary organizational action on the part of such Borrower has been taken, authorizing
                                         the execution, delivery and performance of this Agreement contemplated to be entered
                                         into by such Borrower and that such resolutions and other actions have not been modified,
                                         rescinded, supplemented, or amended and are in full force and effect.

 

		(c)	The
                                         Administrative Agent shall have received, for distribution to the Incremental Lender,
                                         a certificate as to the good standing of each Borrower as of a recent date, from the
                                         Secretary of State of the State of Delaware.

 

		(d)	The
                                         Administrative Agent shall have received, for distribution to the Incremental Lender,
                                         a certificate from an Authorized Officer of the Borrower Representative reasonably satisfactory
                                         to it certifying and demonstrating (a) as to the Borrowers’ Certifications in Section
                                         7 hereof, and (b) that all of the requirements set forth in Section 2.25 of the Credit
                                         Agreement have been satisfied with respect to the Incremental Facility, such certificate
                                         to be accompanied by calculations shown in reasonable detail to that effect.

 

		(e)	The
                                         Administrative Agent and the Incremental Lender shall have received, on behalf of themselves,
                                         the other Agents, the Lenders and the Issuing Bank, a favorable written opinion of Jones
                                         Day, special counsel for the Credit Parties, (A) dated the Incremental Closing Date,
                                         (B) addressed to the Agents, the Incremental Lender, the Issuing Bank and the Lenders
                                         and (C) covering such matters relating to this Agreement and the Credit Documents as
                                         the Administrative Agent shall reasonably request.

 

    2

     

    

 

		(f)	The
                                         Administrative Agent shall have received payment of (i) all fees due to it and the Incremental
                                         Lender, as separately agreed, (ii) reimbursement or payment of all reasonable and documented
                                         out-of-pocket expenses of the Incremental Lender incurred in connection with the entry
                                         into of this Agreement and (iii) all amounts due and payable under Section 10.2 of the
                                         Credit Agreement, including, reimbursement or payment of all out-of-pocket expenses that
                                         are specifically required to be paid on the Incremental Closing Date, in each case, to
                                         the extent invoiced at least two (2) Business Days prior to the Incremental Closing Date.

 

		(g)	Solely
                                         to the extent specifically requested by the Incremental Lender at least three (3) Business
                                         Days prior to the Incremental Closing Date, the Incremental Lender shall have received
                                         at least one (1) Business Day prior to the Incremental Closing Date all documentation
                                         and other information required under Anti-Terrorism Laws and applicable “know-your-customer”
                                         and anti-money laundering Laws, including a Beneficial Ownership Certification.

 

		(h)	The
                                         Administrative Agent shall have received, for distribution to the Incremental Lender,
                                         a Solvency Certificate duly executed and delivered by Parent, substantially in the form
                                         attached hereto as Exhibit A.

 

6.
Incremental Lender. The Incremental Lender acknowledges and agrees that upon the effectiveness of this Agreement, the Incremental
Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Credit Documents,
and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of
a Lender thereunder.

 

7.
Borrowers’ Certifications. By its execution of this Agreement, each Borrower hereby certifies that:

 

		(a)	no
                                         Event of Default exists immediately before or immediately after giving effect to the
                                         Incremental Facility; and

 

		(b)	both
                                         immediately before and immediately after giving effect to the Incremental Facility, the
                                         representations and warranties contained in the Credit Agreement and in the other Credit
                                         Documents are true and correct in all material respects (except for those representations
                                         and warranties that are conditioned by materiality, which are true and correct in all
                                         respects) on and as of the date hereof to the same extent as though made on and as of
                                         the date hereof, except to the extent such representations and warranties specifically
                                         relate to an earlier date, in which case such representations and warranties are true
                                         and correct in all material respects (except for those representations and warranties
                                         that are conditioned by materiality, which are true and correct in all respects) on and
                                         as of such earlier date.

 

8.
Notice Address. For purposes of the Credit Agreement, the notice address of the Incremental Lender shall be as follows:
HSBC Bank USA, NA, Corporate Trust & Loan Agency, 452 Fifth Avenue, New York, NY 10018, Attention: Loan Agency, Phone: 1-212-525-1529,
Fax: 1-847-793-3415, Email: CTLANY.LoanAdmin@us.hsbc.com.

 

    3

     

    

 

9.
Recordation of the Incremental Revolving Commitment. Upon execution and delivery hereof, Administrative Agent will record
the Incremental Revolving Commitment in the Register.

 

10.
Amendment, Modification and Waiver. This Agreement may not be amended, modified or waived except by an instrument or instruments
in writing signed and delivered on behalf of each of the parties hereto.

 

11.
Eligible Assignee. By its execution of this Agreement, the Incremental Lender represents and warrants that it is an Eligible
Assignee (subject to such consents, if any, as may be required under Section 10.6(b)(iii) of the Credit Agreement).

 

12.
Tax Forms. Delivered herewith to the Administrative Agent are such forms, certificates or other evidence with respect to
United States federal income tax withholding matters as the Incremental Lender may be required to deliver to the Administrative
Agent pursuant to Section 2.20(g) of the Credit Agreement.

 

13.
Entire Agreement. This Agreement, the Credit Agreement and the other Credit Documents constitute the entire agreement among
the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings,
both written and verbal, among the parties or any of them with respect to the subject matter hereof.

 

14.
GOVERNING LAW. This Agreement and any claims, controversy, dispute or cause of action
(whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated
hereby shall be governed by, and construed in accordance with, the law of the State of New York.

 

15.
THE UNDERSIGNED HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO THE JURISDICTION PROVISION SET FORTH IN SECTION 10.15 (CONSENT
TO JURISDICTION) OF THE CREDIT AGREEMENT AND IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY THE LAW, ANY RIGHT IT MAY HAVE
TO A JURY TRIAL IN ACCORDANCE WITH SECTION 10.16 (WAIVER OF JURY TRIAL) OF THE CREDIT AGREEMENT.

 

16.
Severability. In case any provision in or obligation hereunder 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.

 

17.
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”)
format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

18.
Credit Document. This Agreement constitutes a Credit Document for all purposes of the Credit Agreement and the other Credit
Documents.

 

19.
Reaffirmation; Other Agreements. Each Credit Party (i) reaffirms each Lien granted by each Credit Party to the Collateral
Agent for the benefit of the Secured Parties pursuant to the Collateral Documents and (ii) acknowledges and agrees that the grants
of security interests by the Credit Parties contained in the Credit Agreement and the Collateral Documents are, and shall remain,
in full force and effect after giving effect to this Agreement. Nothing contained in this Agreement shall be construed as substitution
or novation of the obligations outstanding under the Credit Agreement or the other Credit Documents, which shall remain in full
force and effect, except to any extent modified hereby. Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions
to effectiveness set forth in this Agreement, such Guarantor is not required by the terms of the Credit Agreement or any other
Credit Document to consent to the transactions contemplated by this Agreement and (ii) nothing in the Credit Agreement, this Agreement
or any other Credit Document shall be deemed to require the consent of such Guarantor to any future amendments to the Credit Agreement
or the other Credit Documents.

 

[remainder
of page intentionally left blank]

 

    4

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Incremental Joinder.

 

	 	HSBC
    BANK USA, N.A.,
	 	as
    Incremental Lender
	 	 	 
	 	By:  	/s/
    Jose L. Won
	 	Name:	Jose
    L. Won
	 	Title:	Vice
    President

 

[Signature
page to Joinder Agreement]

 

     

     

    

 

	 	NRC
    US HOLDING COMPANY, LLC,
	 	as
    a Borrower and Borrower Representative
	 	 
	 	By:	/s/
    Joseph Peterson
	 	Name:	Joseph
    Peterson
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	SPRINT
    ENERGY SERVICES, LLC,
	 	as
    a Borrower
	 	 
	 	By:	/s/
    Joseph Peterson
	 	Name:	Joseph
    Peterson
	 	Title:	Chief
    Financial Officer

 

[Signature
page to Joinder Agreement]

 

     

     

    

 

	 	GUARANTORS:
	 	 	 
	 	NRC
    GROUP HOLDINGS, LLC
	 	NRC
    GROUP HOLDINGS CORP.,
	 	JFL-NRC
    HOLDINGS, LLC
	 	NATIONAL
    RESPONSE CORPORATION
	 	NRC
    ENVIRONMENTAL SERVICES INC.
	 	OSRV
    HOLDINGS, INC.
	 	NRC
    PAYROLL MANAGEMENT LLC
	 	NRC
    ALASKA, LLC
	 	SPECIALIZED
    RESPONSE SOLUTIONS, L.P.
	 	SES
    HOLDCO, LLC
	 	SPRINT
    KARNES COUNTY DISPOSAL LLC
	 	ENPRO
    HOLDINGS GROUP, INC.
	 	ENPRO
    SERVICES OF MAINE, INC.
	 	ENPRO
    SERVICES OF VERMONT, INC.
	 	TMC
    SERVICES, INC.
	 	PROGRESSIVE
    ENVIRONMENTAL SERVICES, INC.
	 	SOUTHERN
    WASTE SERVICES, INC.
	 	EAGLE
    CONSTRUCTION AND ENVIRONMENTAL SERVICES, LLC
	 	NRC
    NY ENVIRONMENTAL SERVICES, INC.
	 	NRC
    EAST ENVIRONMENTAL SERVICES, INC.
	 	QUAIL
    RUN SERVICES, LLC
	 	NATL
    RESPONSE CORPORATION OF PUERTO RICO
	 	TERRALINK
    SYSTEMS INC.
	 	 
	 	By:	/s/
    Joseph Peterson
	 	Name:	Joseph
    Peterson
	 	Title:	Chief
    Financial Officer

 

[Signature
page to Joinder Agreement]

 

     

     

    

 

	Consented
    to by:	 
	 	 	 
	BNP
    PARIBAS,	 
	as
    Administrative Agent	 
	 	 	 
	By:	/s/
    Charles Romano	 
	Name:	Charles
    Romano	 
	Title:	Director	 
	 	 	 
	By:	/s/
    Yung Wu	 
	Name:	Yung
    Wu	 
	Title:	Vice
    President	 

 

[Signature
page to Joinder Agreement]

 

     

     

    

 

EXHIBIT
A

 

Form
of Solvency Certificate

 

[______________],
2019

 

This
certificate (this “Solvency Certificate”) is delivered pursuant the Credit and Guaranty Agreement, dated
as of June 11, 2018, among NRC Group Holdings, LLC, as Parent (“Parent”), NRC US Holding Company, LLC
and Sprint Energy Services, LLC, as borrowers (the “Borrowers”), NRC Group Holdings Corp., NRC Group
Holdings, LLC and certain of the Borrowers’ subsidiaries party thereto, as Guarantors, the lenders party thereto, and BNP
Paribas, as Administrative Agent and Collateral Agent (the “Credit Agreement”). Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. The undersigned hereby certifies,
solely in such undersigned’s capacity as Chief Financial Officer of Parent, and not individually, as follows:

 

As
of the date hereof, immediately after giving effect to the Joinder Agreement of even date herewith, among the Credit Parties,
the Administrative Agent and HSBC BANK USA, N.A. and the transactions contemplated thereby:

 

a.
The sum of the debt (including contingent liabilities) of Parent and its Restricted Subsidiaries, taken as a whole, does not exceed
the fair value of the assets of Parent and its Restricted Subsidiaries, taken as a whole;

 

b.
The capital of Parent and its Restricted Subsidiaries, taken as a whole, is not unreasonably small in relation to the business
of Parent and its Restricted Subsidiaries, taken as a whole, as such business is now conducted and is proposed to be conducted
following the Incremental Closing Date;

 

c.
Parent and its Restricted Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including
current obligations and contingent liabilities) beyond their ability to pay such debts as they mature; and

 

d.
The present fair saleable value of the assets (on a going concern basis) of Parent and its Restricted Subsidiaries, taken as a
whole, is not less than the amount that will be required to pay the probable liabilities of Parent and its Restricted Subsidiaries,
taken as a whole, on their debts as they become absolute and matured.

 

For
purposes of this Solvency Certificate, the amount of any contingent liability at any time shall be computed as the amount that,
in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability.

 

IN
WITNESS WHEREOF, the undersigned has executed this Solvency Certificate in such undersigned’s capacity as chief financial
officer of NRC Group Holdings, LLC and not individually, as of the date first stated above.

 

	NRC
    GROUP HOLDINGS, LLC	 
	 	 	 
	By:	        	 
	Name:	 	 
	Title:Blueprint

  Exhibit 10.1

ENDRA Life Sciences Inc.

 

Non-Employee Director Compensation Policy

 

(Adopted by the ENDRA Life Sciences Inc. Board of Directors,
effective March 25, 2019)

 

Members
of the Board of Directors (the “Board”) of ENDRA Life
Sciences Inc. (the “Company”) who are not
employees of the Company or any subsidiary of the Company
(“Directors”) shall be paid
the following amounts in consideration for their services on the
Board.

 

Initial Option Grant

 

Upon
his or her initial election to the Board (the “Appointment Date”), each
new Director shall be awarded 50,000 Options (an
“Initial Option
Grant”) under the Company’s 2016 Omnibus
Incentive Plan (the “Plan”). To make up for
the fact that each of the Company’s non-employee directors as
of the effective date of this Policy (the “Policy Effective Date”)
did not receive an Initial Option Grant when they joined the Board,
on the Policy Effective Date, each such non-employee director shall
receive an Initial Option Grant. All such Options shall vest and
become exercisable in three equal annual installments beginning on
the one year anniversary of the Grant Date; provided, if a Director
ceases to serve as a Director due to the Director’s death, or
if there is a Change in Control, then any remaining unvested
portion of such Options shall become fully exercisable as of the
date of such death or Change in Control. If a Director ceases to
serve as a Director at any time for any reason other than death or
a Change in Control, then any remaining unvested portion of such
Options shall be forfeited as of the date of such cessation of
services.

 

Annual Compensation

 

Cash
Compensation

 

Each
Director shall be paid an annual cash retainer of $40,000, prorated
for partial years of service and paid quarterly in
arrears.

 

Equity Compensation

 

On the
first trading day of each calendar year (each, an
“Option Grant
Date”), each Director will be awarded 12,000 Options;
provided no such Options shall be granted for 2019. Such Options
shall not become exercisable until the first anniversary of their
Option Grant Date (each, an “Annual Award Vesting
Date”). If a Director ceases to serve as a Director
before the applicable Annual Award Vesting Date due to the
Director’s death, or if there is a Change in Control prior to
the Annual Award Vesting Date, then the Options shall become fully
exercisable as of the date of such death or Change in Control. If a
Director ceases to serve as a Director at any time for any reason
other than death before the earlier of the Annual Award Vesting
Date or a Change in Control, then any Options issued pursuant to
the annual equity grant shall become vested pro rata (based on the
number of days between the Option Grant Date and the date of
cessation of services divided by 365), and to the extent the
Options are not thereby exercisable, they shall be forfeited as of
the date of such cessation of services.

 

 

 

 

Equity Award Terms

 

Capitalized
terms used in this Policy and not otherwise defined shall have the
meanings given to them in the Plan, or any successor equity
compensation plan under which Directors receive awards (the
“Plan”). Any Options
granted under this Policy shall be granted under and pursuant to
the Plan. Any Options issued in accordance with the terms of this
Policy shall have a term of ten years and shall be exercisable
through the date that is 12 months following the date the Director
ceases to serve as a Director unless otherwise provided in the
Plan. The Board, in its sole discretion and in recognition for
meritorious service, may elect to vest up to 100% of a
Director’s unvested equity awards upon
retirement.

 

Expense
Reimbursement

 

The
compensation described in this Policy is in addition to
reimbursement of all reasonable out-of-pocket expenses incurred by
Directors in attending meetings of the Board.

 

Employee Directors

 

An
employee of the Company who serves as a director on the Board or on
the board of directors of a Company subsidiary shall not receive
any additional compensation for such service.

 

Section
409A

 

This
Policy is intended to comply with Code Section 409A to the extent
subject thereto, and, accordingly, to the maximum extent permitted,
the Policy shall be interpreted and administered to be in
compliance therewith.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]