Document:

Exhibit 10.25

 

AMENDMENT
TO Series F TRANSACTION DOCUMENTS

 

This AMENDMENT TO SERIES
F TRANSACTION DOCUMENTs (this “Amendment”) dated as of July
[__], 2018, and effective as of January 1, 2018 (the “Effective Date”) is entered into by Summit Semiconductor,
Inc., a Delaware corporation (the “Company”), and [HOLDER] or [his/her/its] assigns (the “Holder”).

 

Recitals

 

WHEREAS, the Company and
the Holder (collectively, the “Parties”) entered into that certain Securities Purchase Agreement, dated November
30, 2017, as amended, modified or supplemented from time to time in accordance with its terms (the “Agreement”);

 

WHEREAS, pursuant to the
Agreement, the Holder beneficially owns and holds that certain Series F Senior Secured 15% Convertible Note, due June 30, 2018
(the “Maturity Date”), as amended, modified or supplemented from time to time in accordance with its terms
(the “Note”), and a warrant, as amended, modified or supplemented from time to time in accordance with its
terms (the “Warrant”), to purchase [_______] common units of the Company;

 

WHEREAS, the Company converted
from a Delaware limited liability company to a Delaware corporation effective December 31, 2017 (the “Corporate Conversion”);

 

WHEREAS, due to the Corporate
Conversion, the Warrant became exercisable into [_____] shares of common stock, par value $0.0001 per share, of the Company;

 

WHEREAS, pursuant to the
Agreement, the Company and the Holder entered into that certain Security Agreement, dated November 30, 2017 (the “Security
Agreement”; and together with the Agreement, the Note and the Warrant, the “Transaction Documents”);
and

 

WHEREAS, the Parties desire
to that the Transaction Documents be amended to reflect the Corporate Conversion, to extend the Maturity Date and to modify the
terms under which the Note can be converted, as specified below.

 

NOW, THEREFORE, in consideration
of the foregoing, and of the mutual representations, warranties, covenants, and agreements herein contained, the Parties agree
as follows:

 

Agreement

 

Section 1.          Defined
Terms. Unless otherwise indicated herein, all terms which are capitalized but are not otherwise defined herein shall have
the meaning ascribed to them in the Transaction Documents.

 

     

     

    

  

Section 2.            General
Amendments to the Transaction Documents.

 

I.           Wherever
the Company’s name appears as “Summit Semiconductor, LLC” in any of the Transaction Documents, it shall be replaced
with “Summit Semiconductor, Inc.”

 

II.          Wherever
the phrase “Delaware limited liability company” appears in any of the Transaction Documents, it shall be replaced
with “Delaware corporation”.

 

III.         Wherever
the term “Common Unit” appears in any of the Transaction Documents, it shall be replaced with “Common Stock”.
Further, wherever appropriate, the phrases “shares of” or “share of” shall precede “Common Stock”.

 

IV.        Wherever
the term “Conversion Units” appears in any of the Transaction Documents, it shall be replaced with “Conversion
Shares”.

 

V.         Wherever
the term “Warrant Units” appears in any of the Transaction Documents, it shall be replaced with “Warrant Shares”.

 

VI.        Wherever
the terms “member” or “members” appear in any of the Transaction Documents, each shall be replaced with
“shareholder” or “shareholders”, respectively.

 

VII.       Wherever
the term “certificate of formation” appears in any of the Transaction Documents, it shall be replaced with “certificate
of incorporation”.

 

VIII.     Wherever
the term “Operating Agreement” appears in any of the Transaction Documents, it shall be either replaced with “Certificate
of Incorporation” or deleted in its entirety, as appropriate.

 

IX.       The
Company’s principal office and address for notice shall be modified in the Transaction Documents to 6840 Via Del Oro Ste.
280, San Jose, CA 95119.

 

X.        Any
other modifications, additions, or deletions reasonably necessary to properly interpret any of the Transaction Documents solely
to reflect the Corporate Conversion shall be deemed amended hereby accordingly.

 

Section 3.          Amendments
to the Agreement.

 

I.         Section
3.1(cc) is hereby added to the Agreement as follows:

 

“(cc)       Certain
Fees. Other than as set forth on Schedule 3.1(cc), no brokerage or finder’s fees or commissions are or will be
payable by the Company or any Subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment
banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents.”

 

    	 	2	 

     

    

 

II.        Section
4.3(a) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(a)          Until
the latest of the time that (i) no Purchaser owns Securities or (ii) the Warrants have expired, and so long as the Company is
a reporting company pursuant to the Exchange Act, the Company covenants to maintain the registration of the Common Stock under
Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date thereof pursuant to the Exchange Act even if the
Company subsequently is no longer then subject to the reporting requirements of the Exchange Act.”

 

Section 4.          Amendments
to the Note.

 

I.         The
second paragraph of the Note is hereby amended and restated in its entirety as follows:

 

“FOR VALUE RECEIVED,
the Company promises to pay to [________] or [his/her/its] registered assigns (the “Holder”), or shall have
paid pursuant to the terms hereunder, the principal sum of $[______], together with interest, on July 25, 2018 (the “Maturity
Date”) or such earlier date as this Note is required or permitted to be repaid as provided hereunder. This Note is subject
to the following additional provisions:”

 

II.        Section
1 of the Note is hereby amended and restated in its entirety as follows:

 

“Section 1.       Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not otherwise defined
herein shall have the meanings set forth in the Exchange Agreement (as defined below) and (b) the following terms shall have
the following meanings:

 

“Bankruptcy Event”
means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation
S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief
of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or any Significant
Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof any such case or proceeding
that is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary thereof is adjudicated
insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the Company
or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part of its
property that is not discharged or stayed within 60 calendar days after such appointment, (e) the Company or any Significant Subsidiary
thereof makes a general assignment for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof calls a
meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (g) the Company or
any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or acquiescence
in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

 

    	 	3	 

     

    

  

“Business Day”
means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Buy-In”
shall have the meaning set forth in Section 4(d)(iv).

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

“Common Stock
Equivalents” means any securities of the Company or any of its subsidiaries which would entitle the holder thereof to
acquire at any time shares of Common Stock (as defined below), including, without limitation, any debt, preferred stock, rights,
options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles
the Holder to receive, Common Stock.

 

“Conversion Date”
shall have the meaning set forth in Section 4(a).

 

“Conversion Price”
shall have the meaning set forth in Section 4(c).

 

“Conversion Shares”
means, collectively, the Common Stock issuable upon conversion of this Note in accordance with the terms hereof.

 

“Event of Default”
shall have the meaning set forth in Section 6(a).

 

“Interest Rate”
shall be 15% annualized.

 

“New York Courts”
shall have the meaning set forth in Section 7(d).

 

“Note Register”
shall have the meaning set forth in Section 2.

 

“Notice of Conversion”
shall have the meaning set forth in Section 4(a).

 

“Organic Change”
shall have the meaning set forth in Section 4(d).

 

“Original Issue
Date” means the date of the first issuance of the Notes, regardless of any transfers of any Note and regardless of the
number of instruments which may be issued to evidence such Notes.

 

“Purchase Agreement”
means the Securities Purchase Agreement, dated as of November 30, 2017 among the Company and the original Holders, as amended,
modified or supplemented from time to time in accordance with its terms.

 

    	 	4	 

     

    

  

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Share Delivery
Date” shall have the meaning set forth in Section 4(e)(ii).

 

“Trading Day”
means a day on which the principal Trading Market is open for trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Common Stock (or an equivalent thereof) is listed or quoted for trading
on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, the OTC Bulletin Board or the Pink OTC Markets (or any successors to any of the foregoing).”

 

III.       Section
4(b) of the Note is hereby amended and restated in its entirety as follows:

 

“b)         Mandatory
Conversion. In the event that the Company completes an IPO, the aggregate Principal Amount of this Note (plus any accrued
but unpaid interest) shall be converted, automatically and without any further action on the part of the Holder, the Company or
any other Person, into that number of Common Shares (or an equivalent thereof) as is equal to the quotient obtained by dividing
(i) the aggregate Principal Amount of this Note (plus any accrued but unpaid interest) by (ii) the Conversion Price.”

 

IV.       Section
4(c) of the Note is hereby amended and restated in its entirety as follows:

 

“c)         Conversion
Price. The “Conversion Price” in effect on a Conversion Date in connection with the Company’s initial
public offering of Common Stock (the “IPO”) shall be equal to the lesser of (i) (A) $4.50 or (ii) (A) the highest
price per share of Common Stock sold in the Company’s initial public offering, multiplied by (B) 60%; and on any other Conversion
Date, the Conversion Price shall be $4.50. In the event the Company (i) issues a dividend or dividends on Common Stock payable
in shares of Common Stock or any Common Stock Equivalents (which, for avoidance of doubt, shall not include any Common Stock issued
by the Company upon conversion of, or payment of interest on, the Notes), (ii) subdivides outstanding Common Stock into a larger
number of Common Stock, (iii) combines (including by way of a reverse split) outstanding Common Stock into a smaller number of
shares of Common Stock or (iv) issues, in the event of a reclassification of Common Stock, any shares of Common Stock, then the
Conversion Price shall be adjusted by multiplying the Conversion Price by a fraction of which the numerator shall be the number
of shares of Common Stock outstanding immediately before such event, and of which the denominator shall be the number of shares
of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section shall become effective
immediately after the record date for the determination of stockholders of the Company entitled to receive such distribution and
shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.”

 

    	 	5	 

     

    

  

V.        Wherever
else the date “June 30, 2018” appears in the Note, it shall be replaced with “July 25, 2018”.

 

Section 5.           Amendments
to Warrant.

 

I.          The
first paragraph of the Warrant is hereby amended and restated in its entirety as follows:

  

“THIS COMMON STOCK PURCHASE WARRANT
(the “Warrant”) certifies that, for value received [HOLDER] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth and in the Securities
Purchase Agreement between the Company and the Holder (the “Purchase Agreement”), at any time on or after the
Original Issue Date and on or prior to the close of business on the fifth anniversary of the Original Issue Date (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Summit Semiconductor, Inc., a Delaware corporation (the
“Company”), up to shares [_______] Common Stock (as subject to adjustment hereunder, the “Warrant
Shares”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as
defined in Section 2(b).”

 

II.         Section
2(b) of the Warrant is hereby amended and restated in its entirety as follows:

 

“b) Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be the lesser of (A) $5.40 or (B) 20% greater
than the Conversion Price of the Notes (the “Exercise Price”).”

 

Section 6.          Ratifications;
Inconsistent Provisions; Severability. Except as otherwise expressly provided herein the Note is, and shall continue to be,
in full force and effect and is hereby ratified and confirmed in all respects, except that on and after the Effective Date, all
references in the Note to “this Note”, as well as “hereto”, “hereof”, “hereunder”
or words of like import referring to the Note, as applicable, shall mean the Note, as applicable and as amended by this Amendment.
Notwithstanding the foregoing to the contrary, to the extent that there is any inconsistency between the provisions of the Agreement,
the Note or the other Transaction Documents, and this Amendment, the provisions of this Amendment shall control and be binding.
In the event and to the extent that any provision of this Amendment shall be held invalid or unenforceable, such invalidity or
unenforceability shall not affect the validity or enforceability of any other provisions of this Amendment, all of which shall
remain fully enforceable as set forth herein.

 

Section 7.          Acknowledgments.
The Holder acknowledges and agrees that the Company is not in default under the Note or any of the related Transaction Documents.
As such, this Amendment represents the compromise between the Parties and is not intended as an admission of any default, liability,
fault, claim, wrongdoing, or the like of or by the Company. The Company explicitly denies any and all liability with regard to
any potential claims that could be made by the Holder and the Holder acknowledges the foregoing.

 

    	 	6	 

     

    

  

Section 8.          Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Amendment (irrespective of
the place where it is executed and delivered) shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York, without regard to the principles of conflicts of law thereof.  Each party hereto agrees
that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Amendment
(whether brought against a party hereto or its respective affiliates, directors, officers, stockholders, partners, members, employees
or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.  Each party
hereto hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York,
Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein (including with respect to the enforcement of this Amendment), and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that such party is not personally subject to the jurisdiction of any
such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.  Each
of the Parties hereby irrevocably waive personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to
such party at the address in effect for notices to it under this Amendment and agrees that such service shall constitute good
and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way
any right to serve process in any other manner permitted by law.   If either of the Parties shall commence an action,
suit or proceeding to enforce any provisions of the Amendment, the prevailing party in such action, suit or proceeding shall be
reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

Section 9.          Headings.
The headings contained herein are for convenience only, do not constitute a part of this Amendment and shall not be deemed to
limit or affect any of the provisions hereto.

 

Section 10.       Counterparts.
This Amendment may be executed in any number of counterparts, all of which will constitute one and the same instruments and shall
become effective when one or more counterparts have been signed by each of the Parties and delivered to the other party. Facsimile,
PFD, or other electronic transmission of any signed original document shall be deemed the same as delivery of an original.

 

[Signature page follows]

 

    	 	7	 

     

    

  

IN WITNESS WHEREOF, the Company has caused
this Amendment to be executed as of the date first written above by its respective officers thereunto duly authorized.

 

	 	SUMMIT SEMICONDUCTOR, Inc.
	 	 	 
	 	By:	 
	 	 	Name: Brett Moyer
	 	 	Title: Chief Executive Officer

 

Acknowledged and Accepted as of 

the date first written above:

 

	[HOLDER]	 
	 	 
	By:	 	 
		Name:	 
		Title:	 

 

    	 	8EX-10.1

 Exhibit 10.1 

THIRD AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this “Amendment”), dated July 23,
2018, is made and entered into by and among IES HOLDINGS, INC., a Delaware corporation, on behalf of itself and each other Borrower and Guarantor (the “Administrative Borrower”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION (“Lender”). 
 RECITALS 

A.    WHEREAS, Borrowers, Guarantors and Lender have entered into that certain Second Amended and Restated Credit and
Security Agreement dated as of April 10, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to them in the Credit Agreement. 
 B.    WHEREAS, Administrative Borrower, on behalf of itself and each other
Borrower and Guarantor, has requested that Lender amend certain provisions in the Credit Agreement as set forth herein. 

C.    WHEREAS, Lender has agreed to amend the Credit Agreement on the terms and conditions as set forth herein. 

NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound agree as follows: 
 ARTICLE I

 AMENDMENT 

Effective as of the Effective Date (as defined below), the Credit Agreement is hereby amended and supplemented as follows: 

1.01    Amendment to Section 8(c). 

(a)    Section 8(c) of the Credit Agreement is hereby amended and restated as follows: 

(c)    Minimum EBITDA. During an EBITDA Covenant Testing Period, Borrower shall achieve EBITDA,
measured at the end of each quarter, of at least the required amount set forth in the following table for the applicable period set forth opposite thereto: 
  

			
	 Applicable Amount
	  	 Applicable Period

	$30,000,000	  	For each four quarter period
ending March 31, 2017, June 30, 2017, September 30, 2017, and December 31, 2017
		
	$32,500,000	  	For the four quarter period
ending March 31, 2018
		
	$35,000,000	  	For the four quarter period
ending June 30, 2018 and each quarter-end thereafter

 1.02    Amendment to Schedule 1.1. 

(a)    Schedule 1.1 of the Credit Agreement is hereby amended by adding the following defined terms in the appropriate
alphabetical order: 
 “EBITDA Covenant Testing Period” means a period (a) commencing on the last day
of the Borrowers most recently ended fiscal quarter prior to an EBITDA Covenant Trigger Event and (b) continuing through and including the first day after such EBITDA Covenant Trigger Event that Excess Availability has equaled or exceeded the
greater of (i) 30% of the Maximum Revolver Amount, and (ii) $30,000,000 for the prior 30 consecutive days as set forth on any applicable Compliance Certificate delivered pursuant to Schedule 6.1 of this Agreement or as calculated by Borrower in the
Borrowing Base Certificate provided on the 23rd day of each month pursuant to Schedule 6.2 of the Agreement. 

“EBITDA Covenant Trigger Event” means if Excess Availability, after giving effect to the applicable Borrowing
Base Certificate delivered pursuant to Schedule 6.2 of this Agreement, is less than the greater of (i) 30% of the Maximum Revolver Amount, and (ii) $30,000,000. 

1.03    Amendment to Exhibit A. 

(a)    Exhibit A to the Credit Agreement is hereby amended and restated as set forth on Exhibit A
attached hereto. 
 ARTICLE II 

NO WAIVER 

2.01    No Waiver. Other than as set forth above in Article I hereof, nothing contained in this
Amendment shall be construed as an amendment of, consent to, or waiver by, Lender of any covenant or provision of the Credit Agreement, the other Loan Documents, this Amendment, or of any other contract or instrument between any Loan Party and
Lender, and the failure of 

  
 -2- 

 
Lender at any time or times hereafter to require strict performance by the Loan Parties of any provision thereof shall not waive, affect or diminish any right of Lender to thereafter demand
strict compliance therewith. Lender hereby reserves all rights granted under the Credit Agreement, the other Loan Documents, this Amendment and any other contract or instrument between any Loan Party and Lender. 

ARTICLE III 

CONDITIONS PRECEDENT 

3.01    Conditions to Effectiveness. This Amendment shall become effective only upon the satisfaction in
full, in a manner satisfactory to Lender, of the following conditions precedent (the first date upon which all such conditions have been satisfied being herein called the “Effective Date”): 

(a)    Lender shall have received the following documents or items, each in form and substance satisfactory to Lender and
its legal counsel (unless such conditions are waived by Lender in its sole discretion): 
 (i)    an
executed copy of this Amendment; and 
 (ii)    all other documents Lender may reasonably request with
respect to any matter relevant to this Amendment or the transactions contemplated hereby, and Borrowers shall have paid Lender, or made arrangements satisfactory to Lender to pay, all Lender Expenses incurred prior to or in connection with the
preparation of this Amendment. 
 (b)    After giving effect to this Amendment, the representations and warranties made
by each Loan Party contained herein and in the Credit Agreement, as amended hereby, and the other Loan Documents, shall be true and correct in all material respects as of the date hereof, as if those representations and warranties were made for the
first time on such date. 
 (c)    After giving effect to this Amendment, each Loan Party is in compliance with all
applicable covenants and agreements contained in the Credit Agreement and the other Loan Documents. 
 (d)    No Default
or Event of Default shall exist under any of the Loan Documents (as amended hereby), and no Default or Event of Default will result under any of the Loan Documents from the execution, delivery or performance of this Amendment. 

(e)    All corporate and other proceedings, and all documents instruments and other legal matters in connection with the
transactions contemplated by this Amendment shall be satisfactory in form and substance to Lender and its counsel. 

(f)    Lender shall have received final credit approval for the Credit Facility and the transactions described in this
Amendment. 

  
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 ARTICLE IV 

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES 

4.01    Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all
inconsistent terms and provisions set forth in the Credit Agreement and the other Loan Documents, and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are
ratified and confirmed and shall continue in full force and effect. Administrative Borrower, on behalf of itself and each other Loan Party, hereby agrees that all liens and security interest securing payment of the Obligations under the Credit
Agreement are hereby collectively renewed, ratified and brought forward as security for the payment and performance of the Obligations. Administrative Borrower, on behalf of itself and each other Loan Party, and Lender agree that the Credit
Agreement and the other Loan Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. 

4.02    Representations and Warranties. Administrative Borrower, on behalf of itself and each other Loan
Party, hereby represents and warrants, jointly and severally, to Lender as of the date hereof as follows: (a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (b) the
execution, delivery and performance by it of this Amendment, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith are within its powers, have been duly authorized, and do not contravene (i) its
Governing Documents or (ii) any applicable law; (c) no consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental body or other Person, is required in connection with the execution,
delivery, performance, validity or enforceability of this Amendment, the Credit Agreement or any of the other Loan Documents executed and/or delivered in connection herewith by or against it, except for those consents, approvals or authorizations
which (i) will have been duly obtained, made or compiled prior to the Effective Date and which are in full force and effect or (ii) the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material
Adverse Change; (d) this Amendment, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith have been duly executed and delivered by it; (e) this Amendment, the Credit Agreement and all other Loan
Documents executed and/or delivered in connection herewith constitute its legal, valid and binding obligation enforceable against it in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; (f) no Default or Event of Default exists, has occurred and is continuing or would result by the
execution, delivery or performance of this Amendment; (g) each Loan Party is in compliance with all applicable covenants and agreements contained in the Credit Agreement and the other Loan Documents, as amended hereby; and (h) the
representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof as though made on and as of each such date, except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and complete on and as of such earlier date). 

  
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 ARTICLE V 

MISCELLANEOUS PROVISIONS 

5.01    Survival of Representations and Warranties. All representations and warranties made in the Credit
Agreement or the other Loan Documents, including, without limitation, any document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Lender
shall affect the representations and warranties or the right of Lender to rely upon them. 
 5.02    Reference to
Credit Agreement. Each of the Credit Agreement and the other Loan Documents, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the
Credit Agreement, as amended hereby, are hereby amended so that any reference in the Credit Agreement and such other Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby. 

5.03    Expenses of Lender. Administrative Borrower, on behalf of itself and each other Borrower and
Guarantor, agrees to pay on demand all reasonable costs and expenses incurred by Lender in connection with any and all amendments, modifications, and supplements to the other Loan Documents, including, without limitation, the reasonable costs and
fees of Lender’s legal counsel, and all costs and expenses incurred by Lender in connection with the enforcement or preservation of any rights under the Credit Agreement, as amended hereby, or any other Loan Documents, including, without,
limitation, the costs and fees of Lender’s legal counsel. 
 5.04    Severability. Any provision of
this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

 5.05    Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Lender
and each Loan Party and their respective successors and assigns, except that no Loan Party may assign or transfer any of its respective rights or obligations hereunder without the prior written consent of Lender. 

5.06    Counterparts. This Amendment may be executed in one or more counterparts (including by electronic
..pdf), each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. 

5.07    Effect of Waiver. No consent or waiver, express or implied, by Lender to or for any breach of or
deviation from any covenant or condition by any Loan Party shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty. 

5.08    Headings. The headings, captions, and arrangements used in this Amendment are for convenience only
and shall not affect the interpretation of this Amendment. 
 5.09    Applicable Law. THIS AMENDMENT AND
ALL OTHER AGREEMENTS EXECUTED PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS. 

  
 -5- 

 5.10    Final Agreement. THE CREDIT AGREEMENT AND THE OTHER
LOAN DOCUMENTS, EACH AS MODIFIED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS MODIFIED HEREBY, MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AGREEMENT OF ANY PROVISION OF THIS
AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY THE BORROWERS AND LENDER. 

5.11    Release. ADMINISTRATIVE BORROWER, ON BEHALF OF ITSELF AND EACH LOAN PARTY, HEREBY ACKNOWLEDGES THAT
IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY ANY LOANS OR EXTENSIONS OF CREDIT FROM LENDER TO THE
BORROWERS UNDER THE CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER. ADMINISTRATIVE BORROWER, ON BEHALF OF ITSELF AND EACH LOAN PARTY, HEREBY VOLUNTARILY AND KNOWINGLY RELEASES
AND FOREVER DISCHARGES LENDER, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR
UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH ANY LOAN PARTY MAY NOW OR HEREAFTER HAVE AGAINST LENDER, ITS
PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS OR EXTENSIONS OF CREDIT FROM LENDER
TO THE BORROWERS UNDER THE CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE
OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT. 

5.12    Consent of Guarantors. The Administrative Borrower, on behalf of each Guarantor, hereby
(a) consents to the transactions contemplated by this Amendment; and (b) agrees that the Credit Agreement and the other Loan Documents (as amended, restated, supplemented or otherwise modified from time to time) are and shall remain in
full force and effect. Although each Guarantor has been informed of the matters set forth herein and 

  
 -6- 

 
Administrative Borrower, on behalf of the Guarantors, has acknowledged and agreed to same, it understands that the Lender has no obligation to inform it of such matters in the future or to seek
its acknowledgment or agreement to future amendments, and nothing herein shall create such a duty. Administrative Borrower, on behalf of each Guarantor, acknowledges that its Guaranty is in full force and effect and ratifies the same, acknowledges
that the undersigned has no defense, counterclaim, set-off or any other claim to diminish the undersigned’s liability under such documents, that the undersigned’s consent is not required to the
effectiveness of the Credit Agreement and that no consent by it is required for the effectiveness of any future amendment, modification, forbearance or other action with respect to the Collateral, the Advances, the Credit Agreement or any of the
other Loan Documents. 
 [Remainder of page intentionally left blank] 

  
 -7- 

 IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first above
written. 
  

			
	ADMINISTRATIVE BORROWER:
	
	 IES HOLDINGS, INC.

		
	By:    	 	 /s/ Tracy A. McLauchlin

	Name:	 	Tracy A. McLauchlin
	Title:	 	Senior Vice President, CFO & Treasurer

 Signature Page to Third Amendment to Second Amended and Restated Credit and Security Agreement 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:    	 	 /s/ Howard I. Handman

	Name:	 	Howard I. Handman
	Title:	 	Authorized Signatory

 Signature Page to Third Amendment to Second Amended and Restated Credit and Security Agreement 

 EXHIBIT A 

TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

FORM OF COMPLIANCE CERTIFICATE 

[on Borrower’s letterhead] 
  

	To:	 Wells Fargo Bank, National Association 

MAC S4101-158 

100 W. Washington St. 15th Floor 

Phoenix, AZ 85003-1808 

Attention: Howard I. Handman 
  

	Re:	 Compliance Certificate dated
[                    ] 

Ladies and Gentlemen: 
 Reference is made to that certain
Second Amended and Restated Credit and Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) dated as of April 10, 2017, by and among WELLS
FARGO BANK, NATIONAL ASSOCIATION (“Lender”), IES HOLDINGS, INC., a Delaware corporation; IES COMMUNICATIONS, LLC, a Delaware limited liability company; IES COMMERCIAL, INC., a Delaware corporation; IES
MANAGEMENT LP, a Texas limited partnership; IES MANAGEMENT ROO, LP, a Texas limited partnership; IES PURCHASING & MATERIALS, INC., a Delaware corporation; IES RESIDENTIAL, INC., a Delaware corporation;
INTEGRATED ELECTRICAL FINANCE, INC., a Delaware corporation; IES SUBSIDIARY HOLDINGS, INC., a Delaware corporation; MAGNETECH INDUSTRIAL SERVICES, INC., an Indiana corporation; HK ENGINE COMPONENTS, LLC, an Indiana
limited liability company; IES RENEWABLE ENERGY, LLC, a Delaware limited liability company SOUTHERN INDUSTRIAL SALES AND SERVICES, INC., a Georgia corporation d/b/a Southern Rewinding and Sales, CALUMET ARMATURE AND ELECTRIC,
L.L.C., an Illinois limited liability company, SHANAHAN MECHANICAL AND ELECTRICAL, INC., a Nebraska corporation, IES INFRASTRUCTURE SOLUTIONS, LLC, a Delaware limited liability company, TECHNIBUS, INC., a Delaware
corporation, FREEMAN ENCLOSURE SYSTEMS, LLC, an Ohio limited liability company, STRATEGIC EDGE LLC, an Ohio limited liability company, NEXT ELECTRIC, LLC, a Wisconsin limited liability company, AZIMUTH COMMUNICATIONS,
INC., an Oregon corporation (each, individually a “Borrower”, and collectively, the “Borrowers”), IES CONSOLIDATION, LLC, a Delaware limited liability company; IES PROPERTIES, INC., a Delaware
corporation; IES SHARED SERVICES, INC., a Delaware corporation; IES TANGIBLE PROPERTIES, INC., a Delaware corporation; KEY ELECTRICAL SUPPLY, INC., a Texas corporation; IES OPERATIONS GROUP, INC., a Delaware corporation
and ICS HOLDINGS LLC, an Arizona limited liability company (each, individually a (“Guarantor”), and collectively, the “Guarantors”). Capitalized terms used in this Compliance Certificate have the meanings set
forth in the Credit Agreement unless specifically defined herein. 

 Pursuant to Schedule 6.1 of the Credit Agreement, the undersigned officer of Parent, or Administrative
Borrower, hereby certifies that: 
 1.    Attached is the financial information of Borrowers and their Subsidiaries which is required to
be furnished to Lender pursuant to Section 6.1 of the Credit Agreement for the period ended             ,          (the
“Reporting Date”). Such financial information has been prepared in accordance with GAAP [(except for year-end adjustments and the lack of footnotes)]1, and fairly presents in all material respects the financial condition of Borrowers and their Subsidiaries. 

2.    Such officer has reviewed the terms of the Credit Agreement and has made, or caused to be made under his/her supervision, a review
in reasonable detail of the transactions and condition of each Borrower and its Subsidiaries during the accounting period covered by the financial statements delivered pursuant to Schedule 6.1 of the Credit Agreement. 

3.    Such review has not disclosed the existence on and as of the date hereof, and the undersigned does not have knowledge of the
existence as of the date hereof, of any event or condition that constitutes a Default or Event of Default. 
 4.    “The
representations and warranties of each Loan Party and its Subsidiaries set forth in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof (except to the extent they relate to a
specified date). 
 5.    Borrowers’ Fixed Charge Coverage Ratio, Liquidity, and EBITDA calculations are demonstrated on
Schedule 1 hereof. 
 6.    As of the Reporting Date, the Borrowers and their respective Subsidiaries are in compliance with the
applicable covenants contained in Section 8 of the Credit Agreement, if applicable, as demonstrated on Schedule 1 hereof. 

IN WITNESS WHEREOF, this Compliance Certificate is executed by the undersigned this [    ] day of
[        ], [        ]. 
  

			
	IES HOLDINGS, INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
  

	1 	 Exclude bracketed language with annual audits 

 SCHEDULE 1 TO COMPLIANCE CERTIFICATE 

Financial Covenants 
 I further certify
that (Please check and complete each of the following): 
 1.    Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio of
the Borrowers and their Subsidiaries, measured on a trailing four-quarter basis, for the applicable quarter-end is        to 1.0 which [does/does not] satisfy the
requirement set forth in Section 8(a) of the Credit Agreement that the Fixed Charge Coverage Ratio be not less than 1.1 to 1.0. Attached to this Schedule 1 are calculations supporting the foregoing calculation with respect to the Fixed
Charge Coverage Ratio. 
 2.    Minimum Liquidity. The Liquidity of the Borrowers during the recent month was no less than
$             which [does/does not] satisfy the requirement set forth in Section 8(b) of the Credit Agreement that the Borrowers maintain a minimum Liquidity of at least
thirty percent (30%) of the Maximum Revolver Amount. The Borrower’s Excess Availability during the recent month was no less than $             which [does/does not]
satisfy the requirement set forth in Section 8(b) of the Credit Agreement that at least fifty percent (50%) of the Borrowers’ Liquidity be comprised of Excess Availability. Attached to this Schedule 1 are
calculations supporting the foregoing calculation with respect to the Liquidity and Excess Availability. 
 3.    Minimum EBITDA.
The EBITDA of Borrowers, measured on a trailing four-quarter period for the applicable quarter-end is $             [ which [does/does not]
satisfy the requirement set forth in Section 8(c) of the Credit Agreement that the Borrowers maintain a minimum EBITDA for the applicable period set forth therein].2 

 
  

	2 	 Minimum EBITDA will be included with the delivery of each Compliance Certificate, but it will only be tested
during a EBITDA Covenant Testing Period.

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