Document:

EX-10.1

 Exhibit 10.1 
  

 
  

FIRST AMENDMENT 
 TO

 FOURTH AMENDED AND RESTATED 

CREDIT AGREEMENT AND SECURITY AGREEMENT 

Dated as of July 13, 2016 

among 
 SESI, L.L.C.,

 as the Borrower, 

SUPERIOR ENERGY SERVICES, INC., 

as Parent, 
 JPMORGAN
CHASE BANK, N.A. 
 as Administrative Agent 

and 
 the Lenders Party
Hereto 
  
  

 

 FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED 

CREDIT AGREEMENT AND SECURITY AGREEMENT 

THIS FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT AND SECURITY AGREEMENT (this “Amendment”) dated
as of July 13, 2016 is among SESI, L.L.C., a limited liability company duly formed and existing under the laws of the State of Delaware (the “Borrower”), Superior Energy Services, Inc., a corporation duly formed and existing
under the laws of the State of Delaware (the “Parent”), each of the other Loan Parties party hereto (together with the Borrower and the Parent, the “Obligors”), each of the undersigned Lenders and JPMORGAN CHASE
BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 

R E C I T A L S 
 A. The
Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Fourth Amended and Restated Credit Agreement dated as of February 22, 2016 (the “Credit Agreement”), pursuant to which the Lenders have
made certain credit available to and on behalf of the Borrower. 
 B. The Borrower and certain of its Subsidiaries are parties to that
certain Security Agreement, dated as of February 22, 2016 (the “Security Agreement”), in favor of the Administrative Agent for the benefit of the Secured Parties. 

C. The Borrower has requested and the Administrative Agent and Lenders constituting the Required Lenders have agreed to make certain changes
to the Credit Agreement and the Security Agreement. 
 D. NOW, THEREFORE, to induce the Administrative Agent and the Lenders party hereto to
enter into this Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in
the Credit Agreement, as amended by this Amendment. Unless otherwise indicated, all article, exhibit, section and schedule references in this Amendment refer to articles, exhibits, sections and schedules of the Credit Agreement. 

Section 2. Amendments to Credit Agreement. 

2.1. Amendments to Section 1.1. 

(a) The following definitions are hereby added where alphabetically appropriate: 

“Control Agreement” means a deposit account control agreement (or similar agreement), in form and substance
reasonably satisfactory to the Administrative Agent, executed by the applicable Loan Party, the Administrative Agent and the relevant depository institution party thereto. Such agreement shall provide a first priority perfected Lien in favor of the
Administrative Agent, for the benefit of the Secured Parties, in the applicable Loan Party’s Deposit Account. 

 “Controlled Account” means a Deposit Account that is subject to
a Control Agreement. 
 “Deposit Account” has the meaning assigned to such term in the Uniform Commercial
Code. 
 “First Amendment” means that certain First Amendment to Fourth Amended and Restated Credit
Agreement, dated as of July 13, 2016 among the Loan Parties, the Administrative Agent and the Lenders party thereto. 

“Secured Debt” means Funded Indebtedness secured by a Lien. 

“Secured Debt Ratio” is defined in Section 6.18.1(a). 

“Uniform Commercial Code” means the Uniform Commercial Code as from time to time in effect in the State of New
York; provided, however, that, in the event that, by reason of mandatory provisions of law, any of the attachment, perfection or priority of the Administrative Agent’s Lien in any Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, the term “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof or of any security
instrument relating to such attachment, perfection, the effect thereof or priority and for purposes of definitions related to such provisions. 

“Uncontrolled Account” means (a) Deposit Accounts the balance of which consists exclusively of
(i) withheld income taxes and federal, state or local employment taxes required to be paid to the Internal Revenue Service or state or local government agencies with respect to employees of the Borrower or any Subsidiary, (ii) amounts
required to be paid over to an employee benefit plan (as defined in Section 3(3) of ERISA) on behalf of or for the benefit of employees of the Borrower or any Subsidiary and (iii) amounts set aside for payroll and the payment of accrued
employee benefits, medical, dental and employee benefits claims to employees of the Borrower or any Subsidiary, in each case, then due and owing (or to be due and owing within ninety (90) days), (b) Deposit Accounts which are used as
escrow accounts or as a fiduciary or trust accounts, in each case, for the benefit of unaffiliated third parties and (c) other Deposit Accounts of the Loan Parties which in the aggregate, do not have average monthly balances exceeding
$15,000,000. 
 (b) The following defined terms are hereby amended and restated to read as follows: 

“Agreement” means this Fourth Amended and Restated Credit Agreement, as amended by the First Amendment and as
the same may be further amended or supplemented from time to time. 
 “Consolidated Net Debt Ratio” is
defined in Section 6.18.1(b). 
 “Pro Forma Basis” means, following a Permitted Acquisition, the
calculation of the Funded Indebtedness, Additional Contingent Consideration, Interest Expense and EBITDA components of the Consolidated Net Debt Ratio 

 
and Interest Coverage Ratio for the fiscal quarter in which such Permitted Acquisition occurred and each of the three fiscal quarters immediately following such Permitted Acquisition with
reference to the audited historical financial results of the Person, business, division or group of assets acquired in such Permitted Acquisition (or if such audited historical financial results are not available, such management prepared financial
statements as are acceptable to the Administrative Agent) and the Borrower and its Subsidiaries for the applicable test period after giving effect on a Pro Forma Basis to such Permitted Acquisition and assuming that such Permitted Acquisition had
been consummated at the beginning of such test period. For purposes of calculating EBITDA on a Pro Forma Basis, the Borrower may exclude expenses reasonably believed by the Borrower will be saved as a result of the Acquisition, but only to the
extent consistent with Regulation S-X of the Securities Act of 1933, as amended. 
 (c) The definitions of “Consolidated Total Debt
Ratio” and “Mandatory Commitment Reduction” are hereby deleted. 
 2.2. Amendment to Section 2.1.4(a).
Section 2.1.4(a) is hereby amended by deleting the instance of “$25,000,000” in clause (i) of the proviso of the first sentence thereof and replacing it with “$15,000,000”. 

2.3. Amendment to Section 2.1.5(b). Section 2.1.5(b) is hereby amended by amending and restating the penultimate sentence
thereof as follows: 
 Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent prior to
3:00 p.m. on the date of the proposed Swing Line Loan directing the Swing Line Lender not to make the Swing Line Loan because the Swing Line Loan would exceed the limitations set forth in Section 2.1.4(a) hereof or because all of the
conditions to funding in Section 4.2 are not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the proposed Borrowing Date make the Swing Line Loan available to the
Borrower by depositing such proceeds in a Deposit Account of the Borrower with the Swing Line Lender that is a Controlled Account on such Borrowing Date in immediately available funds. 

2.4. Amendment to Section 2.3. Section 2.3 is hereby amended by deleting (i) the penultimate sentence of subsection
“(a)” thereof, (ii) the existing subsection “(b)” thereof in its entirety and re-lettering existing subsection “(c)” thereof as subsection “(b)”; and (iii) the last sentence of the new subsection
“(b)”. 
 2.5. Amendment to Section 2.4. Section 2.4 is hereby amended by deleting existing subsection
“(c)” thereof and re-lettering existing subsection “(d) thereof as subsection “(c)”. 
 2.6. Amendment to
Section 2.6. Section 2.6 is hereby amended by deleting the last sentence thereof. 
 2.7. Amendment to
Section 2.7. Section 2.7 is hereby amended by amending and restating the penultimate sentence thereof as follows: 

 The Administrative Agent will make the funds so received from the Lenders available to the
Borrower by promptly crediting the amounts so received, in like funds, to a Deposit Account of the Borrower that is a Controlled Account and designated by the Borrower in the applicable Borrowing Notice. 

2.8. Amendment to Section 2.18. Section 2.18(d) is hereby amended and restated as follows: 

(d) In no event shall (i) perfection (except to the extent perfected through the filing of Uniform Commercial Code financing statements or
analogous filings in the jurisdiction of formation of the applicable Guarantor) be required with respect to letter of credit rights, commercial tort claims, motor vehicles or any other assets subject to certificates of title, (ii) any mortgages
be required to be delivered with respect to any real property interests or (iii) Collateral Documents governed by the laws of a jurisdiction other than the United States or any state thereof be required. 

2.9. Amendment to Section 4.2. Section 4.2(c) is hereby amended by adding the following immediately prior to the period at
the end thereof: 
 ; provided, however, that the proceeds of any Advance made on the applicable Borrowing Date shall not be
included in the calculation of the Unrestricted Cash Balance 
 2.10. Amendment to Section 6.3. Section 6.3 is hereby
amended and restated as follows: 
 6.3 Notice of Default. The Borrower will give prompt notice in writing to the
Administrative Agent of the occurrence of any Event of Default or Default and of any other development, financial or otherwise, which could reasonably be expected to have a Material Adverse Effect, in each case, of which any member of executive
management has actual knowledge for at least 10 days. 
 2.11. Amendment to Section 6.10. Section 6.10 is hereby amended
and restated as follows: 
 6.10 Restricted Payments. 

(a) The Parent will not permit any Subsidiary to declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests. 

(b) The Parent will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any
obligation (contingent or otherwise) to do so, except the Parent may make Restricted Payments, (i) at any time pursuant to and in accordance with stock incentive plans or incentive award plans for it and its Subsidiaries’ respective
directors, management or employees and (ii) after September 30, 2017, so long as both (A) at the time of, and immediately after effect has been given to such proposed action, no Event of Default shall have occurred and be continuing
(and, based on pro forma financial reports after giving effect to the proposed Restricted Payment, would not reasonably be expected to occur) and (B) on the date the payment of such Restricted Payment is declared, (1) the Consolidated Net
Debt Ratio shall be less 

 
than 4.50 to 1.00 as of the most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 6.1, (2) the sum of all outstanding Loans
shall be less than $350,000,000 and (3) the aggregate amount of all Restricted Payments made in any fiscal quarter of the Parent shall not exceed a sum equal to $0.08 per share of issued and outstanding capital stock of the Parent;
provided, however, that the aggregate amount of all Restricted Payments made pursuant to this clause (ii) shall not exceed $55,000,000 in any fiscal year of the Parent. 

2.12. Amendment to Section 6.18.1. Section 6.18.1 is hereby amended and restated as follows: 

6.18.1 Secured Debt and Consolidated Net Debt Ratios. 

(a) Secured Debt Ratio. The Parent will not permit the ratio, determined on a Pro Forma Basis (the “Secured
Debt Ratio”), of (i) the Secured Debt of the Parent and its Subsidiaries, determined on a consolidated basis as of the end of each fiscal quarter (the determination date) to (ii) EBITDA for the four fiscal quarters ending with
such determination date, to be greater than the figure set forth below: 
  

			
	 Fiscal Quarter End
	  	
Maximum Secured Debt Ratio

	June 30, 2016	  	2.75 to 1.00
	September 30, 2016	  	2.75 to 1.00
	December 31, 2016	  	2.75 to 1.00
	March 31, 2017	  	2.75 to 1.00
	June 30, 2017	  	2.75 to 1.00
	September 30, 2017	  	2.75 to 1.00

 The Secured Debt Ratio shall not be tested after September 30, 2017. 

(b) Consolidated Net Debt Ratio. The Parent will not permit the ratio, determined on a Pro Forma Basis (the
“Consolidated Net Debt Ratio”), of (i) the Funded Indebtedness of the Parent and its Subsidiaries, minus Unrestricted Domestic Cash, determined on a consolidated basis as of the end of each fiscal quarter (the
determination date) to (ii) EBITDA for the four fiscal quarters ending with such determination date, to be greater than the figure set forth below: 
  

			
	 Fiscal Quarter End
	  	 Maximum Consolidated

Net Debt Ratio

	December 31, 2017	  	5.00 to 1.00
	March 31, 2018 and each fiscal quarter end thereafter	  	4.50 to 1.00

 The Consolidated Net Debt Ratio shall not be tested prior to December 31,
2017. 
 2.13. Amendment to Section 6.18.2. Section 6.18.2 is hereby amended and restated as follows: 

6.18.2 [Reserved] 

2.14. Amendment to Section 6.18.3. Section 6.18.3 is hereby amended and restated as follows: 

6.18.3 Minimum Interest Coverage Ratio. The Parent will not permit the ratio, determined on a Pro Forma Basis (the
“Interest Coverage Ratio”), of (a) EBITDA for the four fiscal quarters ending with each fiscal quarter (the determination date) to (b) Interest Expense actually paid in cash during the four fiscal quarters ending with such
determination date, to be less than the figure set forth below: 
  

			
	 Fiscal Quarter End
	  	 Interest Coverage Ratio

	 June 30, 2016
	  	1.10 to 1.00
	 September 30, 2016
	  	1.10 to 1.00
	 December 31, 2016
	  	1.10 to 1.00
	 March 31, 2017
	  	1.10 to 1.00
	 June 30, 2017
	  	1.10 to 1.00
	 September 30, 2017
	  	1.25 to 1.00
	 December 31, 2017
	  	2.50 to 1.00
	March 31, 2018 and each fiscal quarter thereafter	  	3.00 to 1.00

 2.15. Amendment to Section 6.18.4. Section 6.18.4 is hereby amended and restated as follows;
provided that, for the avoidance of doubt, the last paragraph of Section 6.18, which appears after Section 6.18.4 is not modified: 

6.18.4 Minimum Unrestricted Cash Balance. The Parent will not permit unrestricted cash or Cash Equivalents (the
“Unrestricted Cash Balance”) of the Parent and its Subsidiaries at any time to be less than: (a) $50,000,000 if the aggregate Extensions of Credit are less than or equal to $25,000,000, (b) $100,000,000 if the aggregate
Extensions of Credit are greater than $25,000,000 but less than or equal to $75,000,000, (c) $150,000,000 if the aggregate Extensions of Credit are greater than $75,000,000 but less than or equal to $100,000,000 and (d) $200,000,000 if the
aggregate Extensions of Credit are greater than $100,000,000; provided, that for purposes this Section 6.18.4, the Unrestricted Cash Balance shall be determined net of any fees or taxes paid, payable or that would be payable upon
the repatriation of such unrestricted cash or Cash Equivalents to a U.S. Person, and, concurrently with the delivery of each Compliance Certificate pursuant to Section 6.1(a)(iii), the Administrative Agent shall have received a
certificate from an Authorized Officer of the Borrower in form and substance reasonably satisfactory to the Administrative Agent which 

 
sets forth the calculation of the Unrestricted Cash Balance net of such fees or taxes; provided, further, that if the Unrestricted Cash Balance attributable solely to U.S. Persons
equals or exceeds the amount required under this Section 6.18.4, as applicable, then a certificate from an Authorized Officer of the Borrower which sets forth the calculation of the Unrestricted Cash Balance with respect to unrestricted
cash or Cash Equivalents of such U.S. Persons shall be substantively satisfactory to the Administrative Agent. For the avoidance of doubt, Parent and its Subsidiaries shall not be required to repatriate any such unrestricted cash or Cash Equivalents
to a U.S. Person. 
 2.16. Amendment to Section 6.20. Section 6.20 is hereby amended by amending and restating clause
(a) thereof as follows: 
 (a) make or offer to make any optional or voluntary payment, prepayment, repurchase or redemption of or
otherwise optionally or voluntarily defease or segregate funds with respect to the Senior Notes (other than with the net cash proceeds of any offerings of Equity Interests or refinancing, refunding, renewal or extension of such indebtedness (without
increasing (other than by the costs, fees, and expenses and by accrued and unpaid interests and premium paid in connection with any such refinancing, renewal or extension), or shortening the maturity of, the principal amount thereof)) if, at the
time of and immediately after effect has been given to such proposed action, (i) there are any outstanding Loans or (ii) an Event of Default has occurred and is continuing (or, based on pro forma financial reports after giving effect to
the proposed action and any concurrent repayment of debt, would reasonably be expected to occur); or 
 2.17. Amendment to
Section 6.22. Section 6.22 is hereby amended by replacing all references to “operating and depositary accounts” and “operating and Deposit accounts”, in each case, with “operating accounts and Deposit
Accounts”. 
 2.18. Amendment to Article VI. Article VI is hereby amended by adding the following new Section 6.23 where
numerically appropriate: 
 Section 6.23 Controlled Accounts. The Borrower will, and will cause each of its Subsidiaries that are
Loan Parties to, promptly notify the Administrative Agent of any Deposit Account (other than Uncontrolled Accounts for so long as such accounts remain Uncontrolled Accounts) that is established, held or maintained by the Borrower or any of its
Subsidiaries that is a Loan Party that is not otherwise listed on Schedule 4. The Borrower will cause, and will cause each of its Subsidiaries that are Loan Parties to cause, any Deposit Account (other than Uncontrolled Accounts for so long
as such accounts remain Uncontrolled Accounts) (a) established, held or maintained by the Borrower or any such Subsidiary on the Amendment Effective Date (as defined in the First Amendment) to be a Controlled Account not later than thirty
(30) days following the Amendment Effective Date (or such later date as agreed by the Administrative Agent in its reasonable discretion) and (b) established, held or maintained by the Borrower or any such Subsidiary after the Amendment
Effective Date to be a Controlled Account prior to making any deposits into such Deposit Account. 
 2.19. Amendment to
Section 7.3. Section 7.3 is hereby amended and restated as follows: 

 7.3 The breach by the Parent or Borrower of any of the terms or provisions of
Section 6.3, 6.10, 6.11, 6.12, 6.13, 6.14, 6.15, 6.18 or 6.20. 
 2.20.
Amendment to Schedules. 
 (a) Schedule 1 and Schedule 2 are hereby amended and restated to read as set forth on
Schedule 1 and Schedule 2 attached hereto, respectively. 
 (b) Schedule 4 attached hereto is hereby
added as a new schedule. 
 2.21. Amendment to Exhibit A; Reduction of Aggregate Commitment. Exhibit A is hereby amended and restated
to read as set forth on Exhibit A attached hereto. Effective as of the Amendment Effective Date, the Aggregate Commitment is hereby reduced to $400,000,000, and shall remain the Aggregate Commitment until otherwise reduced or modified in
accordance with the Credit Agreement. 
 Section 3. Amendments to Security Agreement.  

3.1. Amendments to Section 1.3 of the Security Agreement. 

(a) The following defined term is hereby added where alphabetically appropriate: 

“Deposit Accounts” means all “deposit accounts” (as defined in the Uniform Commercial Code). 

(b) The following defined terms are hereby amended and restated to read as follows: 

“Collateral” means all Accounts, Chattel Paper, Documents, Equipment, Fixtures, General Intangibles,
Instruments, Inventory, Investment Property, Letter of Credit Rights, Deposit Accounts and Other Collateral, wherever located, in which the Debtor now has or hereafter acquires any right or interest, and the Proceeds and products thereof, together
with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto. 

“Other Collateral” means any property of the Debtor, other than real estate, not included within the defined
terms Accounts, Chattel Paper, Documents, Equipment, Fixtures, General Intangibles, Instruments, Inventory, Investment Property, Letter of Credit Rights and Deposit Accounts, including, without limitation, all cash on hand and any other deposits of
money (general or special, time or demand, provisional or final) with any bank or other financial institution, and all rights to receive interest on said deposits, it being intended that the Collateral include all property of the Debtor other than
real estate. 
 “Receivables” means the Accounts, Chattel Paper, Documents or Instruments and any other
rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral. 
 (c) The definition of
“Pledged Deposits” is hereby deleted. 
 3.2. Amendment to Section 4.4 of the Security Agreement. Section 4.4 of
the Security Agreement is hereby amended and restated as follows: 

 4.4 Instruments, Securities, Chattel Paper and Documents. Each Debtor will
(i) deliver to the Administrative Agent promptly after execution of this Security Agreement the originals of all Chattel Paper, Securities and Instruments (if any then exist), (ii) hold in trust for the Administrative Agent upon receipt
and promptly (and in any event within 30 days of receipt) thereafter deliver to the Administrative Agent any Chattel Paper, Securities and Instruments constituting Collateral and (iii) upon the Administrative Agent’s request, after the
occurrence and during the continuance of an Event of Default, deliver to the Administrative Agent (and thereafter hold in trust for the Administrative Agent upon receipt and immediately deliver to the Administrative Agent) any Document evidencing or
constituting Collateral. 
 3.3. Amendment to Section 4.5 of the Security Agreement. Section 4.5 is of the Security
Agreement hereby deleted in its entirety. 
 Section 4. Conditions Precedent. This Amendment shall not become effective until
the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.12) (such date, the “Amendment Effective Date”): 

4.1. Execution and Delivery. The Administrative Agent shall have received from the Obligors and Lenders constituting the Required
Lenders, counterparts (in such number as may be requested by the Administrative Agent) of this Amendment signed on behalf of such Person. 

4.2. Payment of Fees and Expenses. The Administrative Agent and the Lenders shall have received (a) all fees required to be paid
on the Amendment Effective Date including, without duplication, an amendment fee for the account of each Lender that delivers and executes its signature page consenting to the Amendment by 5:00 p.m. Houston, Texas time on July 12, 2016, in an
amount equal to 0.05% in respect of such Lender’s Commitment under the Credit Agreement in effect on the Amendment Effective Date after giving effect to Section 2.21 hereof and (b) all other fees and amounts due and payable on
or prior to the Amendment Effective Date, including, to the extent invoiced at least one Business Day prior to the Amendment Effective Date, reimbursement or payment of all documented out-of-pocket expenses required to be reimbursed or paid by the
Borrower under the Credit Agreement. 
 4.3. No Default or Event of Default. No Default or Event of Default shall have occurred and
be continuing as of the date hereof, after giving effect to the terms of this Amendment. 
 The Administrative Agent is hereby authorized
and directed to declare this Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4 or the waiver of
such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

Section 5. Miscellaneous. 

5.1. Confirmation. The provisions of the Credit Agreement, as amended by this Amendment, shall remain in full force and effect
following the effectiveness of this Amendment. 
 5.2. Ratification and Affirmation; Representations and Warranties. Each Obligor
hereby (a) acknowledges the terms of this Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan
Document to which it is a party remains in full force and effect, except as 

 
expressly amended hereby, notwithstanding the amendments contained herein; and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this
Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects, except to the extent any such representations and warranties are stated to relate
solely to an earlier date, in which case, such representations and warranties shall have been true and correct in all material respects on and as of such earlier date and (ii) no Default or Event of Default has occurred and is continuing. 

5.3. No Waiver; Loan Document. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the Amendment Effective Date,
this Amendment shall for all purposes constitute a Loan Document. 
 5.4. Counterparts. This Amendment may be executed by one or more
of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Amendment by facsimile or electronic transmission in portable
document format (.pdf) shall be effective as delivery of a manually executed counterpart hereof. 
 5.5. NO ORAL AGREEMENT. THIS
AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL
AGREEMENTS OF THE PARTIES. AS OF THE DATE OF THIS AMENDMENT, THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. 
 5.6. GOVERNING LAW.
THIS AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

[SIGNATURES BEGIN NEXT PAGE] 

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

					
	BORROWER:	 	SESI, L.L.C.
			
		 	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
		
	PARENT:	 	SUPERIOR ENERGY SERVICES, INC.
			
		 	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
		
	SUBSIDIARY GUARANTORS:	 	 1105 PETERS ROAD, L.L.C.

ALLIANCE ENERGY SERVICE CO. LLC
 COMPLETE ENERGY
SERVICES, INC.
 H.B. RENTALS, L.C.
 INTEGRATED
PRODUCTION SERVICES, INC.
 STABIL DRILL SPECIALTIES, L.L.C.

SUB-SURFACE TOOLS, L.L.C.
 SUPERIOR ENERGY
SERVICES-NORTH AMERICA
 SERVICES, INC.
 TEXAS
CES, INC.
 WARRIOR ENERGY SERVICES CORPORATION

WILD WELL CONTROL, INC.
 WORKSTRINGS INTERNATIONAL,
L.L.C.

		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
		 
			
		 	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Vice President and Treasurer
		
		 	 MONUMENT WELL SERVICE CO.

PUMPCO ENERGY SERVICES, INC.

		 
			
		 	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Vice President, Treasurer and Assistant Secretary
		
		 	SUPERIOR ENERGY SERVICES, L.L.C.
			
		 	By:	 	 /s/ Robert S. Taylor

		 	Name:	 	Robert S. Taylor
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

 Signature Page to First Amendment to 

Fourth Amended and Restated Credit Agreement 

					
	 ADMINISTRATIVE AGENT, ISSUING LENDER

AND LENDER:
	 	JPMORGAN CHASE BANK, N.A.
			
		 	By:	 	 /s/ Darren Vanek

		 	Name:	 	Darren Vanek
		 	Title:	 	Executive Director

 Signature Page to First Amendment to 

Fourth Amended and Restated Credit Agreement 

					
	SWING LINE LENDER AND LENDER:	 	WELLS FARGO BANK, N.A.
			
		 	By:	 	 /s/ Benjamin Kerr

		 	Name:	 	Benjamin Kerr
		 	Title:	 	Portfolio Manager – VP

 Signature Page to First Amendment to 

Fourth Amended and Restated Credit Agreement 

					
	ISSUING LENDER AND LENDER:	 	BANK OF AMERICA, N.A.
			
		 	By:	 	 /s/ Tyler Ellis

		 	Name:	 	Tyler Ellis
		 	Title:	 	Senior Vice President

 Signature Page to First Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	LENDER:	 		 	WHITNEY BANK
				
		 		 	By:	 	 /s/ Hollie L. Ericksen

		 		 	Name:	 	Hollie L. Ericksen
		 		 	Title:	 	Senior Vice President

 Signature Page to First Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	LENDER:	 		 	ROYAL BANK OF CANADA
				
		 		 	By:	 	 /s/ Jay T. Sartain

		 		 	Name:	 	Jay T. Sartain
		 		 	Title:	 	Authorized Signatory

 Signature Page to First Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	LENDER:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	 /s/ John Erazell

		 		 	Name:	 	John Erazell
		 		 	Title:	 	Director

 Signature Page to First Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	LENDER:	 		 	CITIBANK, N.A.
				
		 		 	By:	 	 /s/ Tariq Masaud

		 		 	Name:	 	Tariq Masaud
		 		 	Title:	 	Vice President

 Signature Page to First Amendment to 

Fourth Amended and Restated Credit Agreement 

 SCHEDULE 1 

COMMITMENT AMOUNTS OF THE LENDERS 
  

									
	 Name of Lender
	  	Commitment	 	  	Total Pro Rata Share	 
	 JPMorgan Chase Bank, N.A.
	  	$	85,061,137.69	  	  	 	21.3	% 
	 Wells Fargo Bank, N.A.
	  	$	72,301,967.04	  	  	 	18.1	% 
	 Bank of America, N.A.
	  	$	55,289,739.50	  	  	 	13.8	% 
	 Capital One, National Association
	  	$	42,530,568.85	  	  	 	10.6	% 
	 Whitney Bank
	  	$	39,340,776.18	  	  	 	9.8	% 
	 Royal Bank of Canada
	  	$	38,702,817.65	  	  	 	9.7	% 
	 The Bank of Nova Scotia
	  	$	36,150,983.52	  	  	 	9.0	% 
	 Citibank, N.A.
	  	$	30,622,009.57	  	  	 	7.7	% 
		  	  
	  
	 	  	  
	  
	 
	 Aggregate Commitment
	  	$	400,000,000.00	  	  	 	100.000000000	% 
		  	  
	  
	 	  	  
	  
	 

 The remaining schedules and exhibits have been intentionally omitted and will be made available to the Securities and Exchange
Commission upon request.Exhibit 10.1

 

ASSIGNMENT AND ASSUMPTION OF FINANCING

AND FINANCING DOCUMENTS

 

This Assignment and
Assumption of Financing and Financing Documents (the “Assignment”) is made by and between Summit Financial Resources,
L.P., a Hawaii limited partnership (“Assignor”), Point.360, a California corporation (“Borrower”), and
Austin Financial Services, Inc., a Delaware corporation (“Assignee”).

 

RECITALS

 

1.             Assignor
and Borrower entered into that certain Loan and Security Agreement dated February 13, 2015, as amended by that certain First Amendment
to Loan and Security Agreement dated September 16, 2015, that certain Second Amendment to Loan and Security Agreement dated March
28, 2016, and that certain Third Amendment to Loan and Security Agreement dated April 13, 2016 (as amended, the “Loan and
Security Agreement”), copies of which are attached hereto as Exhibit A, pursuant to which Assignor provided a certain loan
to Borrower (the “Financing”).

 

2.             Pursuant
to the Loan and Security Agreement, Assignor has been granted a security interest in certain assets of Borrower, including, but
not limited to, Borrower’s accounts receivable, equipment, and inventory, which security interest was perfected by the filing
of that certain UCC Financing Statement, with Assignor as secured party and Borrower as debtor, filed with the California Secretary
of State, File No. 157446276921 (the “Financing Statement”), a copy of which is attached hereto as Exhibit B.

 

3.             The
Loan and Security Agreement and the Financing Statement are collectively referred to in this Assignment as the “Financing
Documents.”

 

4.             Assignor
has agreed to assign, transfer, and convey the Financing, the Financing Documents, and all of Assignor’s right, title, and
interest therein, along with any and all of Assignor’s claims, demands, actions, causes of action, damages, costs, expenses,
and other rights of any nature whatsoever, whether known or unknown, arising thereunder or related thereto, (collectively, the
“Assigned Property”) to Assignee. This Assignment sets forth the terms and conditions of that assignment.

 

AGREEMENT

 

For good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Assignor, Assignee, and Borrower agree as follows:

 

1.             Purchase
Price. Upon execution and delivery hereof, Assignee shall pay to Assignor for the Assigned Property the total purchase price
of $903,567.19______ (the “Purchase Price”) by wire transfer of immediately available funds as follows:

 

	Bank:  	Wells Fargo Bank
	Beneficiary Name:  	Summit Financial Resources, L.P.
	Routing Number:	121000248
	Account Number:	4122259377
	Special Instructions:	Point.360

 

2.             Assignment
and Assumption of Assigned Property.

 

a.           Upon
receipt of the Purchase Price and subject to the terms and conditions provided herein, Assignor assigns, transfers, and conveys
to Assignee all of Assignor’s rights, titles, claims, interests, and obligations in and to the Assigned Property.

 

b.           The
Assigned Property is assigned and transferred to Assignee without recourse and with no representations or warranties of any kind
by Assignor, express or implied, except as expressly set forth herein. Assignor makes no representations or warranties as to the
collectability of the obligations evidenced by the Financing Documents, the collectability of the accounts receivable which are
a portion of the collateral under the Financing Documents, or the value, condition, location, existence, warranties of fitness,
merchantability, suitability for a particular purpose, or as to title of any collateral. IN ACCEPTING THE ASSIGNED PROPERTY,
ASSIGNEE ACKNOWLEDGES THAT ASSIGNEE IS ACQUIRING THE ASSIGNED PROPERTY IN ITS CURRENT STATUS “AS IS” AND “WHERE
IS.” Assignee has been afforded an opportunity to review the Financing Documents and any other documents, instruments,
agreements or records of Assignor with regard to the Financing Documents. Assignee further acknowledges that it has reviewed the
status of title to the Financing Documents and the status and priority of the lien evidenced by the Financing Statement and that
Assignor makes no representation or warranty of any kind with regard to the title to the Financing Documents or the priority of
the lien evidenced by the Financing Statement.

 

     

     

    

 

c.           Assignee
assumes and accepts from Assignor all of Assignor’s rights, titles, claims, interests, and obligations in and to the Assigned
Property, and Assignee shall hereafter perform and discharge, in accordance with their respective terms, the obligations of Assignor
with respect to the Financing Documents.

 

3.             Delivery
of Documents. Within ten (10) business days of Assignor’s receipt of the Purchase Price and a fully executed copy of
this Assignment, Assignor shall deliver to Assignee the Loan and Security Agreement and a UCC Financing Statement Amendment assigning
Assignor’s interest in the Financing Statement to Assignee.

 

To the extent any documents
delivered by Assignor need to be recorded or filed in any manner in any public office, Assignee, not Assignor, will be responsible
for all such filings and recordings and the costs thereof and Assignee is hereby authorized to do so.

 

4.             Representations
and Warranties of Assignor. As of the date hereof, Assignor represents and warrants to Assignee that:

 

a.           Holder.
Assignor is the sole holder of the Assigned Property and has good right and title to assign and convey the Assigned Property to
Assignee as contemplated hereby. To the best of Assignor’s knowledge, each of the Financing Documents is genuine, within
the meaning of Section 1-201(19) of the Uniform Commercial Code.

 

b.           Execution.
The Financing Documents and any other document made and given by the Assignor in connection therewith and herewith have been duly
authorized, executed, and delivered by Assignor, and are legally enforceable against Assignor according to their terms, except
as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship, other
laws relating to or affecting creditors’ rights generally and by general equity principles, and the obligations owing in
connection with the monthly minimums may be subject to legal and equitable defenses.

 

c.           Limitation
on Representations and Warranties of Assignor. Except for the express representations and warranties of Assignor set forth
in this Section 4, Assignee confirms, acknowledges, and agrees that Assignor: (i) makes no representation or warranty with respect
to, and assumes no responsibility with respect to any statements, warranties or representations made by Borrower in or in connection
with the Financing or any of the Financing Documents; (ii) makes no representation or warranty, and assumes no responsibility with
respect to, the execution, legality, validity, enforceability, sufficiency or value of the Financing or any of the Assigned Property
or any assets serving as collateral for the Financing; (iii) makes no representation or warranty and assumes no responsibility
with respect to the financial condition of Borrower or with regard to any collateral for the Financing or the Financing Documents;
and (iv) makes no representation or warranty and assumes no responsibility with respect to the performance or observance by Borrower
of any of its obligations with respect to the Financing or under any Financing Document or any other instrument or document furnished
pursuant thereto.

 

5.             Representations
and Warranties of Assignee. As of the date hereof, Assignee represents and warrants to Assignor that:

 

a.           Inspection.
Assignee has received all information it considers necessary or appropriate for deciding whether to purchase and assume the Assigned
Property from Assignor. Assignee has been provided full and complete access to all Financing Documents and other documents, instruments
and agreements pertaining to the Financing, has inspected and reviewed all of the Financing Documents, together with such other
documents, instruments, reports, certificates, and other materials as Assignee has deemed necessary or appropriate in connection
with this transaction, including without limitation, all agreements and documents referenced herein whether or not Assignor is
a party thereto.

 

    	 	2	 

     

    

 

b.           Knowledgeable
Investor. Assignee is acquiring the Financing for its own account only and not for any other person. Assignee considers itself
a sophisticated investor, having such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of investment in the Financing.

 

c.           Non-Reliance.
Assignee expressly acknowledges that except as expressly set forth herein, neither Assignor nor any of its officers, directors,
employees, representatives, agents, attorneys or affiliates, has made any representations or warranties to Assignee and that no
act by Assignor hereafter taken, including any review of the affairs of Borrower, shall be deemed to constitute any representation
or warranty by Assignor to Assignee. Assignee represents to Assignor that Assignee has, independently and without reliance upon
Assignor and based on such documents and information as Assignee has deemed appropriate, made its own appraisal of and investigation
into the business, operations, property, financial and other condition and credit-worthiness of Borrower and made its own decision
to enter into this Assignment and to accept the Assigned Property as provided herein. Assignee also represents that it will, independently
and without reliance upon Assignor and based on the documents and information as it shall deem appropriate at the time, continue
to make its own credit analysis, appraisals and decisions concerning the Assigned Property and Borrower and to make such investigation
as it deems necessary to inform itself as to the business, operations, property, financial and other condition and credit-worthiness
of Borrower. Assignor shall not have any duty or responsibility to provide Assignee with any credit or other information concerning
the business, operations, property, financial and other condition or credit-worthiness of Borrower that may come into the possession
of Assignor or any of its officers, directors, employees, representatives, agents, attorneys or affiliates except as expressly
provided herein.

 

Assignee further expressly
acknowledges that neither Assignor nor any of its officers, directors, employees, representatives, agents, attorneys or affiliates,
has made any representations or warranties to Assignee as to the validity, effectiveness, genuineness, enforceability, priority,
or sufficiency of the Assigned Property. Assignee represents that it has, independently and without reliance upon Assignor or Assignor’s
attorneys, made its own review and determination of the validity, effectiveness, genuineness, enforceability, priority, and sufficiency
of the Assigned Property and the sufficiency, value, and condition of any property serving as collateral for the Financing.

 

d.            Securities
Laws Compliance.

 

i.            Assignee
has been represented by such legal and tax counsel and others, each of whom has been personally selected by Assignee, as Assignee
has found necessary to consult concerning transactions contemplated hereby, and such representation has included an examination
of applicable documents, and an analysis of all tax, financial, and securities law aspects. Assignee, either alone or with its
advisors, if any, has sufficient knowledge and experience in business and financial matters that it is capable of evaluating the
above information and making an informed investment decision with respect thereto.

 

ii.         Assignor
has made available to Assignee, its counsel and other advisors, prior to the date hereof, the opportunity to ask questions of,
and to receive answers from, the Assignor and its representatives, concerning the terms and conditions of this Assignment and access
to obtain any information, documents, financial statements, records and books in the possession of Assignor relative to the Borrower
and its business. All materials and information requested by Assignee, its counsel and advisors, or others representing Assignee,
have been made available and examined.

 

    	 	3	 

     

    

 

6.             Payments
Received by Assignor; Notice to Account Debtors; Reimbursements to Assignor. All payments received by Assignor on accounts
receivable of Borrower after Assignor’s receipt of the Purchase Price and a fully executed copy of this Assignment shall,
for a period of ninety (90) days from the date hereof, be forwarded to Assignee within five (5) business days after receipt of
the same by wire transfer of immediately available funds as follows:

 

	Bank:  	Wells Fargo Bank
	Beneficiary Name:  	Austin Financial Services, Inc.
	Routing Number:	121000248
	Account Number:	4438836801
	Special Instructions:	Point.360

 

Payments received by
Assignor after ninety (90) days from the date hereof shall, in Assignor’s sole discretion, be returned to the original payor
or forwarded to Assignee in accordance with the payment instructions set forth in this Section 6. Assignor is hereby authorized
and directed to deduct its standard wire fee (currently $20.00) from each payment wired to Assignee hereunder.

 

Upon the request of
Assignee or Borrower, Assignor and Borrower agree to sign and deliver to Assignee, or Borrower if directed by Assignee, a form
letter that Assignee or Borrower may send to Borrower’s customers instructing them to stop making payments to Assignor and
to make all future payments directly to Assignee, in a form and substance reasonably acceptable to Assignor and Assignee.

 

In calculating the
Purchase Price, Assignor may have credited Borrower for payments that Assignor has received but for which Assignor has not yet
confirmed receipt of collected funds. Accordingly, Assignee shall reimburse Assignor for all payments received by Assignor on behalf
of Borrower within thirty (30) days prior to payment of the Purchase Price, if the instrument constituting such payment is returned
for nonpayment or for any other reason, after receipt of the Purchase Price, provided that all such reimbursement claims are sent
to Assignee within sixty (60) days of receipt of the Purchase Price. Assignee agrees, with respect to all payments forwarded to
Assignee pursuant to this Section 6 which are returned for nonpayment or for any other reason, to repay Assignor the amount of
any check or other payment instrument, upon demand, if the instrument constituting such payment is returned, provided all such
reimbursement claims shall be sent to Assignee within sixty (60) days of the date such amount was forwarded to Assignee under this
Section 6. Assignor may, in its sole discretion, deduct any amounts owing by Assignee to Assignor under this Assignment from any
payments Assignor receives on the accounts of Borrower after Assignor’s receipt of the Purchase Price and a fully executed
copy of this Assignment.

 

7.             Consent
and Agreement of Borrower.

 

a.            Borrower
acknowledges and consents to the assignment of the Assigned Property and all other matters in this Assignment.

 

b.            Borrower
fully, finally, and forever releases and discharges Assignor, its successors, assigns, predecessors, directors, officers, employees,
agents, and representatives from any and all actions, causes of action, claims, debts, demands, liabilities, obligations, and suits
of whatever kind or nature, in law or equity, that they have or in the future may have, whether known or unknown, in respect of
the Financing, the Financing Documents, the Assigned Property, or the actions or omissions of Assignor in respect of the Financing,
the Financing Documents, and the Assigned Property, and acknowledges and agrees that Assignor shall have no further obligation
to perform any act or take any action under the Financing Documents from the date hereof.

 

c.            Borrower
hereby acknowledges that it has been advised by its attorneys concerning, and is familiar with, the provisions of California Civil
Code section 1542, which provides as follows:

 

A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

To the extent that
the provisions of California Civil Code section 1542, as well as the provisions of any and all comparable or similar statutes or
principles of law of California or any other state or federal jurisdiction, might be deemed applicable, they are hereby expressly
and with the advice of counsel waived by Borrower with the full knowledge and understanding of the consequences and effects of
this waiver.

 

    	 	4	 

     

    

 

8.             Indemnification.
Borrower and Assignee shall, jointly and severally, indemnify Assignor for any and all claims and liabilities, and for damages
which may be awarded against or incurred by Assignor, and for all reasonable attorney fees, legal expenses, and other out-of-pocket
expenses incurred in defending such claims, arising from or related in any manner to (a) the negotiation, execution, or performance
by Assignor of this Assignment or any of the agreements, documents, obligations, or transactions contemplated by this Assignment,
or (b) the Financing and the Financing Documents. Assignor shall have the sole and complete control of the defense of any such
claim, and Assignor is hereby authorized to settle or otherwise compromise any such claims as Assignor in good faith determines
shall be in its best interests.

 

9.              Limitation.
The execution and delivery of this Assignment and the existence and exercise of any of the foregoing remedies shall in no way be
deemed or act as a waiver, nor impair, diminish or in any way affect Assignor’s rights and remedies under the Financing Documents
with respect to the Financing at any time prior to the assignment of the Assigned Property pursuant hereto.

 

10.           Binding
Effect. This Assignment shall be binding upon, extend to, and inure to the benefit of the heirs, successors, and assigns of
the parties hereto, to the officers, directors, employees, partners, agents and representatives of the parties hereto, and to all
persons or entities claiming by, through, or under any of the parties hereto.

 

11.           Authority.
Each of the representatives signing this Assignment on behalf of Assignor, Assignee, and Borrower, as the case may be, hereby represents
and warrants that said representative has the authority to execute and deliver this Assignment and that this Assignment shall be
valid, binding, and enforceable in accordance with its terms as to the company for whom said representative has signed.

 

12.           General.

 

a.            No
Third-Party Benefits. This Assignment is made for the sole and exclusive benefit of Assignor, Assignee, and Borrower and is
not intended to benefit any third party. No such third party may claim any right or benefit or seek to enforce any term or provision
of this Assignment.

 

b.            Governing
Law. This Assignment shall be governed by and construed in accordance with the laws of the State of Utah without regard to
conflicts of law principles.

 

c.            Severability.
Any provision of this Assignment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction only,
be unenforceable without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

d.            Interpretation.
All references in this Assignment to the singular shall be deemed to include the plural if the context so requires and vice versa.
References in the collective or conjunctive shall also include the disjunctive unless the context otherwise clearly requires a
different interpretation. Any section headings contained in this Assignment are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Assignment.

 

e.            Jury
Waiver and Exclusive Jurisdiction. ASSIGNEE AND BORROWER EACH HEREBY IRREVOCABLY WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING, CLAIM, OR COUNTERCLAIM WHETHER IN CONTRACT OR IN TORT, AT LAW OR IN EQUITY, ARISING OUT OF OR IN ANY WAY RELATED TO
THIS ASSIGNMENT.

 

Assignee and Borrower
each acknowledge that by execution and delivery of this Assignment, they have each transacted business in the State of Utah and
voluntarily submit to, consent to, and waive any defense to the jurisdiction of the courts located in the State of Utah as to all
matters relating to or arising from this Assignment. THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF UTAH SHALL HAVE SOLE
AND EXCLUSIVE JURISDICTION OF ANY AND ALL CLAIMS, DISPUTES, AND CONTROVERSIES, ARISING UNDER OR RELATING TO THIS ASSIGNMENT AND/OR
THE TRANSACTIONS CONTEMPLATED HEREBY. NO LAWSUIT, PROCEEDING, OR ANY OTHER ACTION RELATING TO OR ARISING UNDER THIS ASSIGNMENT
AND/OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE COMMENCED OR PROSECUTED IN ANY OTHER FORUM EXCEPT AS EXPRESSLY AGREED IN WRITING
BY ASSIGNOR.

 

    	 	5	 

     

    

 

f.             Attorney
Fees. In any action or proceeding arising out of or related to this Assignment, the prevailing party shall be entitled to its
reasonable attorney fees and related costs, including fees and costs incurred prior to formal initiation of an action or proceeding,
and including fees and costs incurred for collecting or attempting to collect any judgment or award.

 

g.            Survival.
The parties hereto agree that the representations, warranties, and agreements contained in this Assignment shall survive and remain
in full force and effect until the payment of all obligations arising under the Financing Documents.

 

h.            Counterparts;
Delivery. This Assignment may be executed simultaneously in two or more counterparts, each of which when so executed shall
be deemed an original and all of which together shall constitute one and the same instrument. Signature pages may be detached from
multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Assignment
by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

i.             Notices.
All notices or demands by any party to this Assignment shall be in writing and may be sent by certified mail, return receipt requested.
Notices so mailed shall be deemed received when deposited in a United States post office box, postage prepaid, properly addressed
to the respective mailing address stated below or to such other address as any party may specify from time to time in writing.
Any notice so addressed and otherwise delivered shall be deemed given when actually received by the addressee.

 

	If to Assignor:	Summit Financial Resources, L.P.
	 	2455 E. Parleys Way, Suite 200
	 	Salt Lake City, Utah 84109
	 	Attention: Senior Portfolio Manager
	 	 
	If to Assignee:	Austin Financial Services, Inc.
	 	11111 Santa Monica Boulevard, Suite 900
	 	Los Angeles, California 90025
	 	Attention: Senior Vice President
	 	 
	If to Borrower:	Point.360
	 	2701 Media Center Drive
	 	Los Angeles, California 90065
	 	Attention:  Chief Financial Officer

 

j.              Entire
Agreement. This Assignment constitutes the entire agreement between the parties hereto concerning the subject matter hereof
and may not be altered or amended except by written agreement signed by all parties hereto. All prior and contemporaneous agreements
concerning the subject matter hereof are merged herein.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	6	 

     

    

 

This Assignment is
dated this 13 day of July 2016.

 

	 	Summit Financial Resources, L.P.
	 	 
	 	By: /s/ Douglas A. Keefe
	 	Name: Douglas A. Keefe
	 	Title: President % CEO
	 	 
	 	Point.360
	 	 
	 	By:/s/ Alan Steel
	 	Name:  Alan R. Steel
	 	Title:  Chief Financial Officer
	 	 
	 	Austin Financial Services, Inc.
	 	 
	 	By: /s/ Donald Caskey
	 	Name: Donald Caskey
	 	Title: Senior Vice President

 

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