Document:

Directors' Stock Option Plan

 Exhibit 10.1 
  
 OPTIO SOFTWARE, INC. 
 DIRECTORS’ STOCK OPTION PLAN 
 (As Amended on December 19, 2003 and November 2, 2005)

  
 SECTION 1. 
 PURPOSE 
  
 The purpose of this Plan is to promote the interests of the Company by providing the opportunity to purchase Shares to Directors who are not Employee in
order to attract and retain such Directors by providing an incentive to work to increase the value of Shares and a stake in the future of the Company which corresponds to the stake of each of the Company’s shareholders. The Plan provides for
the grant of Non-Qualified Stock Options to aid the Company in obtaining these goals. 
  
 SECTION 2. 
 DEFINITIONS 
  
 Each term set forth in this Section shall have the meaning set forth opposite such term for purposes of this Plan and, for
purposes of such definitions, the singular shall include the plural and the plural shall include the singular, and reference to one gender shall include the other gender. 
  
 2.1 BOARD means the Board of Directors of the Company. 
  
 2.2 CODE means the Internal Revenue Code of 1986, as amended. 
  
 2.3 COMMITTEE means the Compensation Committee of the Board. 
  
 2.4 COMMON STOCK means the common stock, no par value per share, of the Company. 
  
 2.5 COMPANY means Optio Software, Inc., a Georgia corporation, and any
successor to such organization. 
  
 2.6 DIRECTOR means a member of
the Board. 
  
 2.7 ELIGIBLE DIRECTOR means a Director who is not
an Employee. 
  
 2.8 EMPLOYEE means an employee of the Company, a
Subsidiary or a Parent. 
  
 2.9 EXCHANGE ACT means the Securities
Exchange Act of 1934, as amended. 
  
 2.10 EXERCISE PRICE means
the price which shall be paid to purchase one (1) Share upon the exercise of an Option granted under this Plan. 
  
 2.11 FAIR MARKET VALUE of each Share on any date means the price determined below on the last business day immediately preceding the date of valuation:

  
 (a) If the Common Stock is listed on any established stock
exchange or a national market system, including without limitation the National Market of the National Association of Securities Dealers, Inc. Automated Quotation (“NASDAQ”) System, its Fair Market Value per share shall be the closing sale
price for the Common Stock (or the mean of the closing bid and asked prices, if no sales were reported), as quoted on such exchange or system on the date of such determination, as reported in The Wall Street Journal or such other source as the Board
deems reliable; or 
  
 (b) If the Common Stock is not listed on
any established stock exchange or a national market system, its Fair Market Value per share shall be the average of the closing dealer “bid” and “ask” prices of a share of the Common Stock as reflected on the NASDAQ intermeddler
quotation system of the National Association of Securities Dealers, Inc. on the date of such determination; or 

 (c) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be
determined in good faith by the Board. 
  
 2.12 INSIDER means an
individual who is, on the relevant date, an officer, Director or ten percent (10%) beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined under
Section 16 of the Exchange Act. 
  
 2.13 NQSO means an option
granted under this Plan to purchase Shares. 
  
 2.14 OPTION means
a NQSO. 
  
 2.15 PARENT means any corporation which is a parent of
the Company (within the meaning of Code Section 424). 
  
 2.16 PARTICIPANT means an individual who receives a NQSO hereunder. 
  
 2.17 PLAN means this Optio Software, Inc. Directors’ Stock Option Plan, as amended from time to time. 
  
 2.18 SHARE means a share of the Common Stock of the Company. 
  
 2.19 STOCK OPTION AGREEMENT means an agreement between the Company and a Participant evidencing an award of a NQSO. 
  
 2.20 SUBSIDIARY means any corporation which is a subsidiary of the Company
(within the meaning of Code Section 424(f)). 
  
 SECTION 3.

 SHARES SUBJECT TO STOCK OPTIONS 
  
 The total number of Shares that may be issued pursuant to Stock Options under this Plan shall not exceed 300,000, as adjusted pursuant to Section 10.
Such Shares shall be reserved, to the extent that the Company deems appropriate, from authorized but unissued Shares, and from Shares which have been reacquired by the Company. Furthermore, any Shares subject to a Stock Option which remain after the
cancellation, expiration or exchange of such Stock Option thereafter shall again become available for use under this Plan. 
  
 SECTION 4. 
 EFFECTIVE DATE

  
 The effective date of this Plan, as amended and restated
herein, shall be the date it is adopted by the Board. 
  
 SECTION 5. 
 ADMINISTRATION 
  
 5.1 GENERAL ADMINISTRATION. This Plan shall be administered by the Board. The Board, acting in its absolute discretion, shall exercise such powers and
take such action as expressly called for under this Plan. The Board shall have the power to interpret this Plan and, subject to Section 12 to take such other action in the administration and operation of the Plan as it deems equitable under the
circumstances. The Board’s actions shall be binding on the Company, on each affected Director, and on each other person directly or indirectly affected by such actions. 
  
 5.2 DELEGATION OF AUTHORITY. The Board may delegate its authority under the Plan, in whole or in part, to a Committee
appointed by the Board consisting of not less than two (2) Directors. The members of the Committee shall serve at the discretion of the Board. The Committee (if appointed) shall act according to the policies and procedures set forth in the Plan
and to those policies and procedures established by the Board, and the Committee shall have such powers and responsibilities as are set forth by the Board. Reference to the Board in this 
  

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 Plan shall specifically include reference to the Committee where the Board has delegated it authority to the Committee,
and any action by the Committee pursuant to a delegation of authority by the Board shall be deemed an action by the Board under the Plan. Notwithstanding the above, the Board may assume the powers and responsibilities granted to the Committee at any
time, in whole or in part. 
  
 5.3 DECISIONS BINDING. All
determinations and decisions made by the Board (or its delegate) pursuant to the provisions of this Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on all persons, including the Company, its
stockholders, Directors, Participants, and their estates and beneficiaries. 
  
 SECTION 6. 
 ELIGIBILITY AND GRANTS OF OPTIONS 
  
 6.1 INDIVIDUALS ELIGIBLE FOR GRANTS OF OPTIONS. Only Eligible Directors shall
be eligible for the grant of Stock Options under this Plan. Eligible Directors shall receive Options hereunder in accordance with the provisions of Section 6.2 below. 
  
 6.2 GRANT OF OPTIONS. Options shall be granted to Eligible Directors in accordance with the following formulas: 

 
 (a) OPTIONS UPON INITIALLY BECOMING A DIRECTOR. Upon initially becoming
an Eligible Director after the effective date, an individual shall be granted an Option to purchase 10,000 Shares, with such Option subject to the provisions of Section 7 below, and with such grant occurring on the date on which the individual
becomes an Eligible Director. Options granted under this subsection (a) shall not be granted to a Director who has previously served as a Director and who is again becoming a Director, but shall only be granted upon an individual’s
initially becoming an eligible Director. 
  
 (b) OPTIONS AFTER
EACH FISCAL QUARTER OF SERVICE. As of the end of each completed full fiscal quarter of service as an Eligible Director after the effective date, an individual shall be granted an option to purchase 5,000 shares, with such option subject to the
provisions of Section 7 below. 
  
 (c) TRANSITIONAL RULE.
Except as provided in this subsection (c), no individual who is serving as an Eligible Director as of the effective date of this Plan shall be entitled to any Options under subsection (b) above of this Plan as a result of service prior to the
effective date of the Plan. Subsection (b) above of this Plan shall be retroactive to the beginning of the Company’s fiscal year 2006 and each individual who is serving as an Eligible Director as of the effective date of this Plan shall be
granted Options under the terms and provisions of subsection (b) above of this Plan for each completed full fiscal quarter of service as an Eligible Director during the Company’s fiscal year 2006; provided, however, that the Options to be
granted for the first three quarters of service in fiscal year 2006 shall be granted on the effective date of the amendment to the Plan dated November 2, 2005 and not on the last date of each respective quarter. The granting of the Options
pursuant to this subsection (c) and as set forth in subsection (b) above and after the date of the adoption of the amendment to the Plan dated November 2, 2005 until the next annual meeting of the shareholders of the Company, is
subject to the ratification of the amendment to the Plan dated November 2, 2005 by a majority of the shareholders of the Company. 
  
 (d) FISCAL QUARTER OF SERVICE. A fiscal quarter of service as a director shall be measured from the date of the beginning of the applicable fiscal quarter
of the Company to the date of the beginning of the next succeeding fiscal quarter of the Company. The Committee shall have complete power to interpret the provisions of this Section 6.2, including the power to determine whether an individual
has completed a full fiscal quarter of service. 
  
 SECTION 7

 TERMS OF STOCK OPTIONS 
  
 7.1 TERMS AND CONDITIONS OF ALL STOCK OPTIONS 
  
 (a) Each Stock Option shall be evidenced by a Stock Option Agreement executed by the Company and the Participant, which shall be in such form and contain
such terms and conditions as the Committee in its discretion may, subject to the provisions of the Plan, from time to time determine. 
  

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 (b) Options issued under this Plan shall be immediately vested upon grant. 
  
 7.2 TERMS AND CONDITIONS OF OPTIONS. 
  
 (a) EXERCISE PRICE. Subject to adjustment in accordance with Section 10
and the other provisions of this Section, the Exercise Price shall be set forth in the applicable Stock Option Agreement, and shall be equal to the Fair Market Value of a Share determined as of the date of grant of the Option. 
  
 (b) OPTION TERM. Each Option granted under this Plan shall be exercisable in
whole or in part as of the date of grant, but no Stock Option Agreement shall (i) make an Option exercisable before the date such Option is granted; or (ii) make an Option exercisable after the earlier of (A) the date such Option is
exercised in full, or (B) the date which is the tenth (10th) anniversary of the date such Option is granted. 
  
 (c) PAYMENT. Options shall be exercised by the delivery of a written notice of exercise to the Company, setting forth the number of Shares with respect to
which the Option is to be exercised accompanied by full payment for the Shares. Payment for all shares of Stock purchased pursuant to exercise of an Option shall be made in cash or, if the Stock Option Agreement provides, by delivery to the Company
of a number of Shares which have been owned by the holder for at least six (6) months prior to the date of exercise having an aggregate Fair Market Value equal to the amount to be tendered, or a combination thereof. In addition, if the Stock
Option Agreement so provides, the Option may be exercised through a brokerage transaction following registration of the Company’s equity securities under Section 12 of the Securities Exchange Act of 1934 as permitted under the provisions
of Regulation T applicable to cashless exercises promulgated by the Federal Reserve Board. However, notwithstanding the foregoing, with respect to any Option recipient who is an Insider, a tender of shares or a cashless exercise must (1) have
met the requirements of an exemption under Rule 16b-3 promulgated under the Exchange Act, or (2) be a subsequent transaction the terms of which were provided for in a transaction initially meeting the requirements of an exemption under Rule
16b-3 promulgated under the Exchange Act. Payment shall be made at the time that the Option or any part thereof is exercised, and no Shares shall be issued or delivered upon exercise of an Option until full payment has been made by the Participant.
The holder of an Option, as such, shall have none of the rights of a stockholder. Notwithstanding the preceding, and in the sole discretion of the Committee, an Option may be exercised as to a portion or all (as determined by the Committee) of the
number of Shares specified in the Stock Option Agreement by delivery to the Company of a promissory note, such promissory note to be executed by the Participant and which shall include, with such other terms and conditions as the Committee shall
determine, provisions in a form approved by the Committee under which: (i) the balance of the aggregate purchase price shall be payable in equal installments over such period and shall bear interest at such rate (which shall not be less than
the prime bank loan rate as determined by the Committee) as the Committee shall approve, and (ii) the Participant shall be personally liable for payment of the unpaid principal balance and all accrued but unpaid interest. 
  
 (d) CONDITIONS ON SHARES PURCHASED WITH OPTION. The Board may impose such
restrictions on any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon
which such Shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such Shares. 
  
 (e) NONTRANSFERABILITY OF OPTIONS. An Option shall not be transferable or assignable except by will or by the laws of descent and distribution and shall
be exercisable, during the Participant’s lifetime, only by the Participant; provided, however, that in the event the Participant is incapacitated and unable to exercise his or her Option, such Option may be exercised by such Participant’s
legal guardian, legal representative, or other representative whom the Committee deems appropriate based on applicable facts and circumstances. The determination of incapacity of a Participant and the determination of the appropriate representative
of the Participant who shall be able to exercise the Option if the Participant is incapacitated shall be determine by the Committee in its sole and absolute discretion. 
  

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 SECTION 8. 
 SECURITIES REGULATION 
  
 Each Stock Option Agreement may provide that, upon the receipt of Shares as a result of the surrender or exercise of a Stock Option, the Participant shall, if so requested by the Company, hold such Shares for investment and not with a view
of resale or distribution to the public and, if so requested by the Company, shall deliver to the Company a written statement satisfactory to the Company to that effect. Each Stock Option Agreement may also provide that, if so requested by the
Company, the Participant shall make a written representation to the Company that he or she will not sell or offer to sell any of such Shares unless a registration statement shall be in effect with respect to such Shares under the Securities Act of
1933, as amended (“1933 Act”), and any applicable state securities law or, unless he or she shall have furnished to the Company an opinion, in form and substance satisfactory to the Company, of legal counsel acceptable to the Company, that
such registration is not required. Certificates representing the Shares transferred upon the exercise or surrender of a Stock Option granted under this Plan may at the discretion of the Company bear a legend to the effect that such Shares have not
been registered under the 1933 Act or any applicable state securities law and that such Shares may not be sold or offered for sale in the absence of an effective registration statement as to such Shares under the 1933 Act and any applicable state
securities law or an opinion, in form and substance satisfactory to the Company, of legal counsel acceptable to the Company, that such registration is not required. 
  
 SECTION 9. 
 LIFE OF PLAN 
  
 No Stock Option shall be granted
under this Plan on or after the earlier of: 
  
 (a) the tenth
(10th) anniversary of the effective date of this Plan (as determined under Section 4 of this Plan), in which event this Plan otherwise thereafter shall continue in effect until all outstanding Stock Options have been surrendered or
exercised in full or no longer are exercisable, or 
  
 (b) the
date on which all of the Shares reserved under Section 3 of this Plan have (as a result of the exercise of Stock Options granted under this Plan) been issued or no longer are available for use under this Plan. 
  
 SECTION 10. 
 ADJUSTMENT 
  
 The number of Shares reserved under Section 3 of this Plan, and the number of Shares subject to Stock Options granted under this Plan, and the Exercise Price of any Options, shall be adjusted by the Committee in an equitable manner to
reflect any change in the capitalization of the Company, including, but not limited to, such changes as stock dividends or stock splits. Furthermore, the Committee shall have the right to adjust (in a manner which satisfies the requirements of Code
Section 424(a)) the number of Shares reserved under Section 3, the number of Shares and Exercise Price of Options to be granted under Section 6, and the number of Shares subject to Stock Options granted under this Plan, and the
Exercise Price of any Options in the event of any corporate transaction described in Code Section 424(a) which provides for the substitution or assumption of such Stock Options. If any adjustment under this Section creates a fractional Share or
a right to acquire a fractional Share, such fractional Share shall be disregarded, and the number of Shares reserved under this Plan and the number subject to any Stock Options granted under this Plan shall be the next lower number of Shares,
rounding all fractions downward. An adjustment made under this Section by the Committee shall be conclusive and binding on all affected persons and, further, shall not constitute an increase in the number of Shares reserved under Section 3.

  
 SECTION 11. 
 SALE OR MERGER OF THE COMPANY 
  
 If the Company agrees to sell substantially all of its assets for cash or property, or for a combination of cash and property, or agrees to any merger,
consolidation, reorganization, division or other transaction in which Shares are converted into another security or into the right to receive securities or property, and such agreement does not provide for the assumption or substitution of the Stock
Options granted under this Plan, each Stock at the direction 
  

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 and discretion of the Committee or the Board, or as is otherwise provided in the Stock Option Agreements (i) may be
deemed to be fully vested and/or exercisable, or (ii) may be canceled unilaterally by the Company in exchange for (a) whole Shares and, at the Committee’s direction and discretion, cash in lieu of any fractional Share which each
Participant would otherwise receive if he or she had the right to exercise his or her outstanding Stock Option in full and he or she exercised that right exclusively for Shares on a date fixed by the Committee which comes before such sale or other
corporate transaction, or (b) cash or other property equivalent in value, as determined by the Board in its sole discretion, to the Shares described in (a). Any such Stock Option which is not assumed or substituted as provided above and which
the Company does not elect to cancel prior to a sale or other corporate transaction as described in this Section shall become fully vested and immediately exercisable just prior to the closing of such transaction. 
  
 SECTION 12. 
 AMENDMENT OR TERMINATION 
  
 This Plan may be amended by the Board from time to time to the extent that the Board deems necessary or appropriate. The Board also may suspend the granting of Stock Options under this Plan at any time and may
terminate this Plan at any time; provided, however, the Company shall not have the right to modify, amend or cancel any Stock Option granted before such suspension or termination unless (a) the Participant consents in writing to such
modification, amendment or cancellation, or (b) there is a dissolution or liquidation of the Company or a transaction described in Section 10 or Section 11. 
  
 SECTION 13. 
 MISCELLANEOUS 
  
 13.1 SHAREHOLDER RIGHTS. No
Participant shall have any rights as a shareholder of the Company as a result of the grant of a Stock Option to him or to her under this Plan or his or her exercise or surrender of such Stock Option pending the actual delivery of Shares subject to
such Stock Option to such Participant. 
  
 13.2 NO GUARANTEE OF
CONTINUED RELATIONSHIP. The grant of a Stock Option to a Participant under this Plan shall not constitute a contract for services and shall not confer on a Participant any rights upon his or her termination of service or relationship with the
Company in addition to those rights, if any, expressly set forth in the Stock Option Agreement which evidences his or her Stock Option. 
  
 13.3 CONSTRUCTION. This Plan shall be construed under the laws of the State of Georgia. 
  

 6AMENDED CREDIT AGREEMENT

 Exhibit 10.2 
  
 THIRD AMENDMENT TO CREDIT AGREEMENT 
  
 This THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of November 3, 2005, 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. Section 1.01 of the Credit Agreement is hereby amended by (i) deleting the definition of “Consolidated Capital Expenditures” and (ii) inserting the following in
replacement thereof: 
  
 “Consolidated
Capital Expenditures” means, for any period for any Person and its Subsidiaries determined on a consolidated basis, without duplication all expenditures made directly or indirectly during such period for Capital Assets (whether paid in cash
or other consideration or accrued as a liability and including, without limitation, all expenditures for maintenance and repairs which are required, in accordance with GAAP, to be capitalized on the books of such Person). For purposes of this
definition, there shall be excluded from Consolidated Capital Expenditures (a) Permitted Acquisitions, (b) proceeds 

 
resulting from Casualty and Condemnation events and Dispositions permitted under subsections (a) and (g) of Section 7.05 which are
reinvested in Capital Assets in accordance with the terms of this Agreement and (c) for any period of calculation thereof that includes the fiscal year ending December 31, 2006, capital expenditures of up to $2,000,000 made during such
fiscal year in connection with growth projects at Deltak Power Equipment (China) Co., Ltd. and Braden Manufacturing, L.L.C. 
  
 (b) Amendments to Section 1.01. Section 1.01 of the Credit Agreement is hereby amended by (i) deleting the definition of
“Consolidated Asset Coverage Ratio” and (ii) inserting the following new defined term in alphabetical position therein: 
  
 “Consolidated Senior Asset Coverage Ratio” means, as of any date of determination thereof, the ratio of (a) the sum
of (i) Net Amount of Eligible Receivables plus (ii) Net Amount of Eligible Inventory plus (iii) Net Amount of Fixed Assets to (b) Consolidated Funded Indebtedness as of such date minus the outstanding
principal amount of Convertible Subordinated Debt as of such date. 
  
 (c) Amendment to Section 1.01. Section 1.01 of the Credit Agreement is hereby amended by (i) deleting the definition of “Consolidated EBITDA” and (ii) inserting the following new defined term in
alphabetical position therein: 
  
 “Consolidated EBITDA” means, for any period for any Person and its Subsidiaries determined on a consolidated basis, an amount equal to Consolidated Net Income for such period, plus (a) the following to the
extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period; (ii) the provision for federal, state, local and foreign income taxes for such period; (iii) depreciation and amortization
expense; (iv) certain restructuring expenses and estimated transaction expenses in the amounts and as described on Schedule 1.03, (v) other transaction expenses in an aggregate amount of up to $1,250,000 to the extent such expenses
are not capitalized due to the failure of the Company to consummate a pending acquisition disclosed to the Administrative Agent, (vi) other non-recurring non-cash expenses, (vii) any other non-cash write-downs or non-cash write-offs
including, but not limited to, fixed asset impairments or write-downs, intangible asset impairments, deferred tax asset write-offs or reserves, non-cash stock component expenses and debt issuance cost write-offs, (viii) any non-cash losses or
deductions arising from the cumulative effect of a change in accounting principles, (ix) non-cash losses relating to foreign currency and hedging transactions, (x) CEO retirement expenses, and (xi) process re-engineering or consulting
fees, and minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax benefits recorded by the Company and its Subsidiaries for such period and
(ii) all extraordinary, non-recurring, non-cash items increasing Consolidated Net Income for such period. 
  
 (d) Amendments to Section 1.01. The definition of “Net Amount of Eligible Inventory” in Section 1.01 of the Credit Agreement is
hereby amended by deleting the reference 

  

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to “the Company and its Subsidiaries” therein and inserting in replacement thereof the words “the Domestic Loan Parties”. 
  
 (e) Amendment to Section 1.01. The definition of “Net Amount
of Eligible Receivables” in Section 1.01 of the Credit Agreement is hereby deleted and the following new defined term is inserted in replacement thereof: 
  
 “Net Amount of Eligible Receivables” means the gross amount of (i) all accounts of the
Domestic Loan Parties arising from the sale of goods or the provision of services by such Domestic Loan Parties to any account debtor and (ii) certain accounts of the Foreign Obligors arising from the sale of goods or the provision of services
by such Foreign Obligors to any account debtor that is pre-approved in writing by the Administrative Agent, in its sole discretion, in each case net of allowances for doubtful claims, taxes, discounts, rebates, deductions and counterclaims.

  
 (f) Amendment to Section 1.01. The definition of
“Net Amount of Fixed Assets” in Section 1.01 of the Credit Agreement is hereby deleted and the following new defined term is inserted in its place: 
  
 “Net Amount of Fixed Assets” means an amount equal to the book value of all property
(including real estate), plant and equipment owned by the Domestic Loan Parties, calculated based upon on the consolidated balance sheet of the Company. 
  
 (g) Amendments to Section 7.01(i). Section 7.01(i) of the Credit Agreement is hereby deleted in its entirety and replaced with the
following: 
  
 (i) Liens incurred or deposits
made to secure performance of (i) tenders, statutory obligations, bids, trade contracts, leases or other similar obligations (other than for borrowed money) entered into in the ordinary course of business or (ii) obligations under
performance or surety bonds provided in the ordinary course of business; provided that any such Liens permitted under this Section 7.01(i) shall attach only to property directly relating to, or that is the subject of, such
underlying obligations; 
  
 (h) Amendment to
Section 7.03(k). Section 7.03(k) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
  
 (k) (i) Indebtedness of the Company and its Subsidiaries in respect of performance, surety or appeal bonds provided in the ordinary
course of business or (ii) unsecured Indebtedness of the Company and its Subsidiaries in respect of performance or completion guarantees provided in the ordinary course of business, but excluding (in each case under Sections 7.03(k)(i)
and 7.03(k)(ii)), Indebtedness incurred through the borrowing of money or contingent liabilities in respect thereof; 
  

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 (i) Amendment to Section 7.03(n). Section 7.03(n) of the Credit Agreement is hereby
amended by replacing “$10,000,000” with “$15,000,000”. 
  
 (j) Amendment of Section 7.05. Section 7.05 is hereby amended by deleting “and” from the end of Section 7.05(g), replacing the period at the end of Section 7.05(h) with “;
and” and inserting the following new clause (i): 
  
 (i) agreements to make any Dispositions that occur as a result of granting or permitting to exist any Permitted Liens. 
  
 (k) Amendment to Section 7.08. Section 7.08 of the Credit Agreement is hereby deleted in its entirety and the following new
Section 7.08 is inserted in replacement thereof: 
  
 Section 7.08 Change in Nature of Business. Engage in any business activity except (a) the business of designing, engineering, fabricating, installing and servicing equipment for gas turbine power plants and industrial
operations and business activities that are reasonable extensions thereof and activities reasonably incidental thereto or (b) providing routine and specialty maintenance, abatement and construction services to Persons engaged in power
generation, pulp and paper manufacturing and to governmental agencies. 
  
 (l) Amendment to Section 7.13. Section 7.13 of the Credit Agreement is hereby amended by (i) deleting the word “non-possessory” in the last line thereof and (ii) inserting “to the extent the same
have not become possessory” at the end thereof. 
  
 (m)
Amendment to Section 7.16. Section 7.16 of the Credit Agreement is hereby amended by replacing “$3,000,000” with “$7,000,000”. 
  
 (n) 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; provided, however that for the period from the Closing Date through December 31, 2005, the Consolidated Senior Leverage Ratio of the
Company and its Consolidated Subsidiaries may be up to 3.00 to 1.00 for no more than two consecutive fiscal quarters during such period. 
  

			
	 From the Closing Date
 through March 31,
2006
	  	2.00 to 1.00
		
	 From April 1, 2006
 through June 30,
2006
	  	1.75 to 1.00
		
	 From July 1, 2006 and
 thereafter
	  	1.50 to 1.00

  

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 (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 5.75 to 1.00 for no more than two consecutive fiscal quarters
during such period. 
  

			
	 From the Closing Date
 through March 31,
2006
	  	5.50 to 1.00
		
	From April 1, 2006 through June 30, 2006	  	5.00 to 1.00
		
	 From July 1, 2006
 through September 30,
2006
	  	
 4.75 to 1.00

		
	 From October 1, 2006
 through December 31,
2006
	  	
 4.50 to 1.00

		
	 From January 1, 2007
 through March 31,
2007
	  	
 4.00 to 1.00

		
	 From April 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 Senior Asset Coverage Ratio. Permit the Consolidated Senior Asset Coverage Ratio of the Company and its
Consolidated Subsidiaries as of the last day of any fiscal quarter, beginning with the fiscal quarter ended March 31, 2006, to be less than 1.50 to 1.00; provided, that for the period from the Closing Date through December 31, 2005,
the Company and its Consolidated Subsidiaries shall not be required to maintain a minimum Consolidated Senior Asset Coverage Ratio. 
  

 5 

 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 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. 
  
 (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 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. 
  

 6 

 (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 0.275% 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 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 

  

 7 

 
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. 
  
 (Signature Pages Follow) 
  

 8 

 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/    REYNOLDS ALAIN
BROUSSEAU        
	 Name:
	 	Reynolds Alain Brousseau
	 Title:
	 	President and Chief Executive Officer
	
	 DELTAK, L.L.C., a Delaware limited liability
 company

		
	 By:
	 	/s/    REYNOLDS ALAIN
BROUSSEAU        
	 Name:
	 	Reynolds Alain Brousseau
	 Title:
	 	Chief Executive Officer
	
	 BRADEN MANUFACTURING, L.L.C., a
 Delaware limited liability company

		
	 By:
	 	/s/    REYNOLDS ALAIN
BROUSSEAU        
	 Name:
	 	Reynolds Alain Brousseau
	 Title:
	 	Chief Executive Officer
	
	 DELTAK CONSTRUCTION SERVICES, INC.,
 a Wisconsin corporation

		
	 By:
	 	/s/    REYNOLDS ALAIN
BROUSSEAU        
	 Name:
	 	Reynolds Alain Brousseau
	 Title:
	 	Chief Executive Officer

  

 S-1 
  
 Third Amendment to Credit Agreement 
 Signature
Page 

			
	 BRADEN CONSTRUCTION SERVICES, INC.,
 a Delaware corporation

		
	 By:
	 	/s/    REYNOLDS ALAIN
BROUSSEAU        
	 Name:
	 	Reynolds Alain Brousseau
	 Title:
	 	Chief Executive Officer
	
	ADMINISTRATIVE AGENT AND LENDERS:
	
	 BANK OF AMERICA, N.A.,
 as Administrative Agent and as a Lender

		
	 By:
	 	/s/    JASON W. TURNER        
	 Name:
	 	Jason W. Turner
	 Title:
	 	Vice President
	
	 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/    DAVID G. LAMB        
	 Name:
	 	David G. Lamb
	 Title:
	 	SUP - Corporate Banking Dept.

  

 S-2 
  
 Third Amendment to Credit Agreement 
 Signature
Page 

			
	 CITICORP NORTH AMERICA INC., as a
 Lender

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 M&I MARSHALL & ILSLEY BANK, as a
 Lender

		
	 By:
	 	/s/    RONALD J. CAREY        
	 Name:
	 	Ronald J. Carey
	 Title:
	 	Vice President
		
	 By:
	 	/s/    DANIEL A.
DEFNET        
	 Name:
	 	Daniel A. Defnet
	 Title:
	 	Vice President

  

 S-3 
  
 Third Amendment to Credit Agreement 
 Signature
Page 

			
	BORROWERS AND GUARANTORS:
	
	GLOBAL POWER PROFESSIONAL SERVICES, L.L.C., a Delaware limited liability company
		
	By:	 	/S/    REYNOLDS ALAIN
BROUSSEAU        
	Name:	 	Reynolds Alain Brousseau
	Title:	 	Chief Executive Officer
	
	WILLIAMS INDUSTRIAL SERVICES GROUP, L.L.C., a Delaware limited liability company
		
	By:	 	/S/    JAMES P.
WILSON        
	Name:	 	James P. Wilson
	Title:	 	Vice President and Treasurer

  

 S-4 
  
 Third Amendment to Credit Agreement 
 Signature
Page

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