Document:

Exhibit 10.33

 

Execution Version

 

PLEDGE
AND SECURITY AGREEMENT

 

THIS PLEDGE AND SECURITY
AGREEMENT (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Security
Agreement”) is entered into as of December 6, 2018 by and among Concrete Pumping Holdings Acquisition Corp., a Delaware
corporation (“Holdings”), Concrete Pumping Intermediate Acquisition Corp., a Delaware corporation (“Intermediate
Holdings”), Industrea Acquisition Corp., a Delaware corporation (“Buyer”), Concrete Pumping Merger
Sub Inc., a Delaware corporation, which will be merged with and into Concrete Pumping Holdings, Inc. (to be renamed Brundage-Bone
Concrete Pumping Holdings Inc.), a Delaware corporation (the “Borrower”), the Subsidiary Parties (as defined
below) from time to time party hereto (the foregoing, collectively, the “Grantors”) and Credit Suisse AG, Cayman
Islands Branch (“Credit Suisse”), in its capacity as administrative agent and collateral agent for the Secured
Parties (as defined below) (in such capacities, the “Agent”).

 

PRELIMINARY
STATEMENT

 

Holdings, Intermediate
Holdings, Buyer, the Borrower, the Lenders, the Agent and others are entering into that certain Term Loan Agreement dated as of
December 6, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Term
Loan Agreement”). The Grantors are entering into this Security Agreement in order to induce the Lenders to enter into
and extend credit to the Borrower under the Term Loan Agreement and to secure the Secured Obligations, including their obligations
under the Loan Guaranty, each Hedge Agreement the obligations under which constitute Secured Hedging Obligations and each agreement
relating to Banking Services the obligations under which constitute Banking Services Obligations.

 

ACCORDINGLY, the parties
hereto agree as follows:

 

ARTICLE
1

Definitions

 

Section 1.01.         Terms
Defined in Term Loan Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings assigned
to such terms in the Term Loan Agreement.

 

Section 1.02.         Terms
Defined in UCC. Terms defined in the UCC that are not otherwise defined in this Security Agreement or the Term Loan Agreement
are used herein as defined in Articles 8 or 9 of the UCC, as the context may require (including without limitation, as if such
terms were capitalized in Article 8 or 9 of the UCC, as the context may require, the following terms: “Account,”
“Certificate of Title,” “Chattel Paper,” “Commercial Tort Claim,” “Commodity
Account,” “Deposit Account,” “Document,” “Electronic Chattel Paper,”
“Equipment,” “Fixture,” “General Intangible,” “Goods,”
“Instruments,” “Inventory,” “Investment Property,” “Letter-of-Credit
Right,” “Securities Account,” “Securities Entitlement,” “Supporting Obligation”
and “Tangible Chattel Paper”).

 

Section 1.03.         Definitions
of Certain Terms Used Herein. As used in this Security Agreement, in addition to the terms defined in the preamble and Preliminary
Statement above and Sections 1.01 and 1.02, the following terms shall have the following meanings:

 

“Agent”
has the meaning set forth in the preamble.

 

“Article”
means a numbered article of this Security Agreement, unless another document is specifically referenced.

 

    	 	1	 

     

    

 

“Borrower”
has the meaning specified in the preamble.

 

“Collateral”
has the meaning set forth in Article 2.

 

“Contract
Rights” means all rights of any Grantor under any Contract, including, without limitation, (i) any and all rights to
receive and demand payments under such Contract, (ii) any and all rights to receive and compel performance under such Contract
and (iii) any and all other rights, interests and claims now existing or in the future arising in connection with such Contract.

 

“Contracts”
means all contracts between any Grantor and one or more additional parties (including, without limitation, any Hedge Agreement,
licensing agreement and any partnership agreement, joint venture agreement and/or limited liability company agreement).

 

“Control”
has the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC.

 

“Copyrights”
means, with respect to any Grantor, all of such Grantor’s right, title and interest in and to any and all (i) copyrights,
rights and interests in such copyrights, works protectable by copyright whether published or unpublished, copyright registrations
and copyright applications; (ii) renewals of any of the foregoing; (iii) income, royalties, damages, and payments now or hereafter
due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements
for any of the foregoing; (iv) rights to sue for past, present and future infringements of any of the foregoing; and (v) rights
corresponding to any of the foregoing throughout the world.

 

“Credit Suisse”
has the meaning set forth in the preamble.

 

“Cumulative
Perfection Certificate” means, together, the Perfection Certificate delivered pursuant to Section 4.01(i)
of the Term Loan Agreement and the Perfection Certificate delivered pursuant to Section 5.12(a) of the Term Loan Agreement,
in each case, as supplemented from time to time as a result of the delivery of any Perfection Certificate Supplement pursuant to
Section 5.01(j) of the Term Loan Agreement.

 

“Domain Names”
means all Internet domain names and associated URL addresses in or to which any Grantor now or hereafter has any right, title or
interest.

 

“Exclusive
Copyright License” means any License granting to any Grantor any exclusive right under any copyright registered with
the United States Copyright Office.

 

“Exhibit”
refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced.

 

“Grantors”
has the meaning set forth in the preamble.

 

“Holdings”
has the meaning set forth in the preamble.

 

“Intellectual
Property Collateral” means, with respect to any Grantor, collectively, any and all intellectual property and other similar
proprietary rights throughout the world now owned or hereafter acquired by such Grantor, including any and all Copyrights, Patents,
Trademarks, Trade Secrets, Domain Names, Licenses, Software, design rights, database rights, and all documentation, registrations,
additions, improvements, accessions and goodwill associated with the foregoing.

 

    	 	2	 

     

    

 

“Intellectual
Property Security Agreement” means an Intellectual Property Security Agreement substantially in the form of Exhibit B
hereto.

 

“Licenses”
means, with respect to any Grantor, all of such Grantor’s right, title, and interest in and to (a) any and all licensing
agreements or similar arrangements, whether as licensor or licensee, in (1) Patents, (2) Copyrights, (3) Trademarks, (4) Trade
Secrets or (5) Software, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with
respect thereto, including, without limitation, damages and payments for past and future breaches thereof and (c) all rights to
sue for past, present, and future breaches thereof.

 

“Money”
has the meaning set forth in Article 1 of the UCC.

 

“Patents”
means, with respect to any Grantor, all of such Grantor’s right, title and interest in and to any and all (i) patents
and patent applications; (ii) inventions described and claimed therein, (iii)  reissues, divisions, continuations, renewals,
extensions, and continuations-in-part thereof, (iv)  income, royalties, damages, claims and payments now or hereafter due
or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements
thereof, (v)  rights to sue for past, present and future infringements thereof, and (vi)  rights corresponding to any
of the foregoing throughout the world.

 

“Permits”
shall mean, all licenses, permits, rights, orders, variances, franchises or authorizations of or from any Governmental Authority
or agency.

 

“Pledged Collateral”
means all Pledged Stock, including all stock certificates, options or rights of any nature whatsoever in respect of the Pledged
Stock that may be issued or granted to, or held by, any Grantor while this Security Agreement is in effect, all Instruments, Securities
and other Investment Property owned by any Grantor, whether or not physically delivered to the Agent pursuant to this Security
Agreement, whether now owned or hereafter acquired by such Grantor and any and all Proceeds thereof.

 

“Pledged Stock”
means, with respect to any Grantor, the shares of Capital Stock described in Schedule 3 to the Cumulative Perfection Certificate
as held by such Grantor, together with any other shares of Capital Stock required to be pledged by such Grantor pursuant to the
terms hereof.

 

“Proceeds”
has the meaning assigned in Article 9 of the UCC and, in any event, shall also include but not be limited to (i) any and all proceeds
of any insurance, indemnity, warranty or guaranty payable to the Agent or any Grantor from time to time with respect to any of
the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to any Grantor from time to time in
connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any
Governmental Authority (or any Person acting under color of governmental authority), (iii) any and all Stock Rights and (iv) any
and all other amounts from time to time paid or payable under or in connection with any of the Collateral.

 

“Receivables”
means any Account, Chattel Paper, Document, Investment Property, Instrument and/or any General Intangible, in each case, that is
a right or claim to receive money (whether or not earned by performance).

 

“Section”
means a numbered section of this Security Agreement, unless another document is specifically referenced.

 

“Security
Agreement” has the meaning set forth in the preamble.

 

    	 	3	 

     

    

 

“Software”
means, with respect to any Grantor, all of such Grantor’s right, title and interest in and to any and all computer programs,
source code, object code and supporting documentation including “software” as such term is defined in Article 9 of
the UCC, as well as computer programs that may be construed as included in the definition of Goods.

 

“Stock Rights”
means all dividends, instruments or other distributions and any other right or property which any Grantor shall receive or shall
become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Capital Stock
constituting Collateral, any right to receive any Capital Stock constituting Collateral and any right to receive earnings, in which
such Grantor now has or hereafter acquires any right, issued by an issuer of such Capital Stock.

 

“Subsidiary
Parties” means (a) the subsidiaries of the Borrower party hereto on the Closing Date and (b) each Domestic Subsidiary
that becomes a party to this Security Agreement after the date hereof in accordance with Section 5.10 hereof and Section
5.12 of the Term Loan Agreement.

 

“Term Loan
Agreement” has the meaning set forth in the Preliminary Statement.

 

“Titled Equipment”
shall mean any and all Equipment and Inventory represented (or required to be represented) by a Certificate of Title issued under
the law of a State in the United States, including any licensed vehicle, truck or trailer.

 

“Trade Secrets”
means, with respect to any Grantor, all of such Grantor’s right, title and interest in and to any and all trade secrets,
including any and all (i) confidential or proprietary information, including unpatented inventions, invention disclosures, engineering
or other data, information, production procedures, know-how, financial data, customer lists, supplier lists, business and marketing
plans, processes, schematics, algorithms, techniques, analyses, proposals, source code, data, databases and data collections; (ii)
income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages,
claims and payments for past and future misappropriations or infringements thereof; (iii) rights to sue for past, present and future
infringements or misappropriations of the foregoing, including the right to settle suits involving claims and demands for royalties
owing; and (iv) rights corresponding to any of the foregoing throughout the world.

 

“Trademark”
means, with respect to any Grantor, all of such Grantor’s right, title and interest in and to any and all (i) trademarks
(including service marks), common law marks, trade names, trade dress, and logos, slogans and other indicia of origin under the
applicable law of any jurisdiction in the world, and the registrations and applications for registration thereof and the goodwill
of the business symbolized by the foregoing, (ii) renewals of the foregoing, (iii)  income, royalties, damages, and payments
now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and
future infringements or dilutions thereof, (iv) rights to sue for past, present and future infringements or dilutions of the
foregoing, including the right to settle suits involving claims and demands for royalties owing, and (v) rights corresponding
to any of the foregoing throughout the world.

 

The foregoing definitions
shall be equally applicable to both the singular and plural forms of the defined terms.

 

ARTICLE
2

Grant of Security Interest

 

Section 2.01.         Grant
of Security Interest. (a) As security for the prompt and complete payment or performance, as the case may be, in full
of the Secured Obligations, each Grantor hereby pledges, collaterally assigns, mortgages, transfers and grants to the Agent, its
successors and permitted assigns, on behalf of and for the ratable benefit of the Secured Parties, a continuing security interest
in all of its right, title and interest in, to all of the following personal property and other assets, whether now owned by or
owing to, or hereafter acquired by or arising in favor of such Grantor, and regardless of where located (all of which are collectively
referred to as the “Collateral”):

 

    	 	4	 

     

    

 

(i)          all
Accounts;

 

(ii)         all
Chattel Paper (including, without limitation, all Tangible Chattel Paper and all Electronic Chattel Paper);

 

(iii)        all
Documents;

 

(iv)        all
Equipment;

 

(v)         all
Fixtures;

 

(vi)        all
General Intangibles;

 

(vii)       all
Goods;

 

(viii)      all
Instruments;

 

(ix)         all
Intellectual Property Collateral;

 

(x)          all
Inventory; including goods that are returned, repossessed, stopped in transit or which are otherwise owned by any Grantor;

 

(xi)         all
Investment Property, Pledged Stock and other Pledged Collateral;

 

(xii)        all
Money, cash and cash equivalents;

 

(xiii)       all
letters of credit and Letter-of-Credit Rights;

 

(xiv)      all
Deposit Accounts, Securities Accounts, Commodity Accounts and all other demand, deposit, time, savings, cash management, passbook
and similar accounts maintained by such Grantor with any bank or other financial institution and all monies, securities, Instruments
and other investments deposited or required to be deposited in any of the foregoing;

 

(xv)       all
Securities Entitlements in any or all of the foregoing;

 

(xvi)      all
Commercial Tort Claims described on Schedule 6 to the Cumulative Perfection Certificate (including any supplements
to such Schedule 6 delivered pursuant to Section 4.04);

 

(xvii)     all
Permits;

 

(xviii)    all
recorded data of any kind or nature, regardless of the medium of recording;

 

(xix)       all
Contracts, together with all Contract Rights arising thereunder;

 

(xx)        all
Titled Equipment;

 

    	 	5	 

     

    

 

(xxi)       all
other personal property not otherwise described in clauses (i) through (xix) above;

 

(xxii)      all
Supporting Obligations; and

 

(xxiii)     all
accessions to, substitutions and replacements for and Proceeds and products of the foregoing, together with all books and records,
customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and
any General Intangibles at any time evidencing or relating to any of the foregoing and all collateral security and guarantees given
by any Person with respect to any of the foregoing.

 

(b)          Notwithstanding
the foregoing, the term “Collateral” (and any component definition thereof) shall not include any Excluded Asset. Notwithstanding
anything to the contrary contained herein, immediately upon the ineffectiveness, lapse or termination of any restriction or condition
set forth in the definition of “Excluded Assets” in the Term Loan Agreement, the Collateral shall include, and each
relevant Grantor shall be deemed to have automatically granted a security interest in, all relevant previously restricted or conditioned
rights, interests or other assets, as the case may be, as if such restriction or condition had never been in effect.

 

ARTICLE
3

Representations and Warranties

 

The Grantors, jointly
and severally, represent and warrant to the Agent as of the date hereof, and as and when required under the Term Loan Agreement,
for the benefit of the Secured Parties, that:

 

Section 3.01.         Title,
Perfection and Priority; Filing Collateral. Subject to the Legal Reservations, this Security Agreement is effective to create
a legal, valid and enforceable Lien on and security interest in the Collateral in favor of the Agent for the benefit of the Secured
Parties and, subject to the terms of the last paragraph of Section 4.01 of the Term Loan Agreement and the satisfaction
of the Perfection Requirements and the Intercreditor Agreement, the Agent will have a fully perfected first priority Lien (subject
to Permitted Liens) on such Collateral to the extent required hereby.

 

Section 3.02.         Intellectual
Property.

 

(a)          Upon
filing of appropriate financing statements with the Secretary of State (or equivalent office) of the state of organization of such
Grantor and the filing of the Intellectual Property Security Agreement with the United States Copyright Office or the United States
Patent and Trademark Office, as applicable, the Agent shall have a fully perfected first priority Lien (subject to Permitted Liens)
on the Collateral constituting United States issued, registered or applied for Patents, Trademarks, Copyrights and Exclusive Copyright
Licenses under the UCC and the laws of the U.S. for the ratable benefit of the Secured Parties, and such perfected security interests
shall be enforceable as such as against any and all creditors of and purchasers from the Grantors, subject to the Legal Reservations.

 

(b)          No
Grantor is aware of (i) any third-party claim (A) alleging that any of the Intellectual Property Collateral is invalid or
unenforceable, or (B) challenging such Grantor’s rights in any of the Intellectual Property Collateral, (ii) any basis
for any such third-party claim, or (iii) any breach or default of any License, other than, in each case, to the extent any such
third-party claim or breach or default of any License would not reasonably be expected to have a Material Adverse Effect.

 

    	 	6	 

     

    

 

Section 3.03.         Pledged
Collateral. (i) All Pledged Stock has been duly authorized and validly issued (to the extent such concepts are relevant with
respect to such Pledged Collateral) by the issuer thereof and is fully paid and non-assessable, (ii) each Grantor is the direct
owner, beneficially and of record, of the Pledged Stock described in Schedule 3 to the Cumulative Perfection Certificate
as held by such Grantor and (iii) each Grantor holds the Pledged Stock described in Schedule 3 to the Cumulative Perfection
Certificate as held by such Grantor free and clear of all Liens (other than Permitted Liens).

 

Section 3.04.         Perfection
Certificate. The Cumulative Perfection Certificate has been duly prepared, completed and executed and the certifications set
forth therein are true and correct in all material respects as of the date thereof.

 

Section 3.05.         Recourse.
Except as otherwise limited herein or in any other Loan Document, this Security Agreement is made with full recourse to each Grantor
and pursuant to and upon all the warranties, representations, covenants and agreements on the part of such Grantor contained herein,
in the Loan Documents and otherwise in writing in connection herewith and therewith.

 

Section 3.06.         Titled
Equipment. Each Grantor is the true, lawful, sole and exclusive owner of or otherwise has the right to use the Titled Equipment
of such Grantor. All Titled Equipment that such Grantor owns or uses in connection with its business as of the Closing Date, or
the date of the most recent update thereto, as applicable, with a fair market value (as determined in good faith by the Borrower)
in excess of $150,000 is set forth on Schedule 8 to the Cumulative Perfection Certificate (including the vehicle identification
numbers, state or province of registration, net book value and (in the case of any such Titled Equipment acquired after the Closing
Date) the date of acquisition thereof). Upon (i) completion of the actions contemplated by Section 4.07 hereof (which actions have
been taken, if this representation and warranty is being made after the date by which such actions are required to have been taken
pursuant to Section 4.07 hereof) and (ii) if required for perfection under the law of the relevant jurisdiction, receipt
by Agent of official notification from the applicable Governmental Authority of the perfection of the security interest in Titled
Equipment contemplated hereby, all filings, registrations, recordings and other actions shall have been taken such that Titled
Equipment shall be subject to the duly perfected security interest of Agent for the benefit of the Secured Parties. Such security
interest shall be prior to any other Lien other than Permitted Liens.

 

ARTICLE
4

Covenants

 

From the date hereof,
and thereafter until the Termination Date (and in each case subject to Section 5.12 of the Credit Agreement):

 

Section 4.01.         General.

 

(a)          Authorization
to File Financing Statements; Ratification. Each Grantor hereby (i) authorizes the Agent to file (A) all financing
statements (including fixture filings) and amendments thereto with respect to the Collateral naming such Grantor as debtor and
the Agent as secured party, in form appropriate for filing under the UCC of the relevant jurisdiction, (B) filings with the
United States Patent and Trademark Office and the United States Copyright Office (including any Intellectual Property Security
Agreement) for the purpose of perfecting, enforcing, maintaining or protecting the Lien of the Agent in United States issued, registered
and applied for Patents, Trademarks, Copyrights and Exclusive Copyright Licenses and naming such Grantor as debtor and the Agent
as secured party, and (C) other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the
security interest granted by such Grantor hereunder and, (ii) subject to the terms of the Loan Documents, agrees to take such
other actions, in each case as may from time to time be necessary or otherwise reasonably requested by the Agent (and authorizes
the Agent to take any such other actions, which it has no obligation to take) in order to establish and maintain a first priority,
valid, enforceable (subject to the Legal Reservations) and perfected security interest in and subject, in the case of Pledged Collateral,
to Section 4.02, Control of, the Collateral, subject only to Permitted Liens. Each Grantor (or the Borrower, in place
of any Grantor) shall pay any applicable filing fees, recordation fees and related expenses relating to its Collateral in accordance
with Section 9.03(a) of the Term Loan Agreement. Any financing statement filed by the Agent may be filed in any filing office
in any applicable UCC jurisdiction and may (i) indicate the Collateral (A) as all assets of the applicable Grantor or words of
similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the
UCC of such jurisdiction, or (B) by any other description which reasonably approximates the description contained in this Security
Agreement and (ii) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office
acceptance of any financing statement or amendment, including (A) in each case to the extent applicable, whether the applicable
Grantor is an organization, the type of organization and any organization identification number issued to such Grantor and (B)
in the case of a financing statement filed as a fixture filing, a sufficient description of the relevant real property to which
the Collateral relates. Each Grantor agrees to furnish any such information to the Agent promptly upon request.

 

    	 	7	 

     

    

 

(b)          Further
Assurances. Each Grantor agrees, at its own expense (or the expense of the Borrower), to take any and all actions (i) reasonably
necessary to defend title to the Collateral against all Persons (other than Persons holding Permitted Liens on such Collateral
that have priority over the Agent’s Lien) and to defend the security interest of the Agent in the Collateral and the priority
thereof against any Lien that is not a Permitted Lien or (ii) as the Agent may reasonably request in order to create, perfect and
maintain the security interest of Agent in any of the Intellectual Property Collateral.

 

Section 4.02.         Pledged
Collateral.

 

(a)          Delivery
of Certificated Securities, Tangible Chattel Paper and Instruments. Each Grantor will, subject to the last paragraph of Section
4.01 of the Term Loan Agreement and the Intercreditor Agreement, (i) on the Closing Date, deliver to the Agent for the benefit
of the Secured Parties, the originals of all (x) certificated Securities and (y) Tangible Chattel Paper and Instruments, in each
case under this clause (y), having a face amount in excess of $2,500,000, but in each case under clauses (x) and
(y), constituting Pledged Collateral owned by such Grantor as of the Closing Date, accompanied by undated instruments of
transfer or assignment duly executed in blank, (ii) after the Closing Date, hold in trust for the Agent upon receipt and, (x) if
the event giving rise to the obligation under this Section 4.02(a) occurs during the first three Fiscal Quarters of any
Fiscal Year, on or before the date on which financial statements are required to be delivered pursuant to Section 5.01(a)
of the Term Loan Agreement for the Fiscal Quarter in which the relevant event occurred or (y) if the event giving rise to the obligation
under this Section 4.02(a) occurs during the fourth Fiscal Quarter of any Fiscal Year, on or before the date that is 90
days after the end of such Fiscal Quarter (or, in each of the cases of clauses (x) and (y), such longer period as
the Agent may reasonably agree), deliver to the Agent for the benefit of the Secured Parties any (1) certificated Securities
representing or evidencing Pledged Collateral and (2) Tangible Chattel Paper and Instruments (A) in each case under this clause
(2), having an outstanding balance in excess of $2,500,000 and (B) in each case under clauses (1) and (2),
constituting Collateral received after the date hereof, accompanied by undated instruments of transfer or assignment duly executed
in blank and (iii) at any time when an Event of Default then exists and upon the Agent’s request, deliver to the Agent, and
prior to such delivery, hold in trust for the Agent upon receipt, any other Document evidencing or constituting such Collateral.

 

    	 	8	 

     

    

 

(b)          Uncertificated
Securities and Pledged Collateral. With respect to any partnership interest or limited liability company interest owned by
any Grantor which is required to be pledged to the Agent pursuant to the terms hereof (other than a partnership interest or limited
liability company interest held by a Securities Intermediary or other financial intermediary of any kind) which is not represented
by a certificate and which is not a Security for purposes of the UCC, such Grantor shall not permit any issuer of such partnership
interest or limited liability company interest to (i) enter into any agreement with any Person, other than the Agent or any holder
of a Permitted Lien, whereby such issuer effectively delivers “control” of such partnership interest or limited liability
company interest (as applicable) under the UCC to such Person, or (ii) allow such partnership interest or limited
liability company interest (as applicable) to become a Security unless such Grantor complies with the procedures set forth in Section
4.02(a) within the time period prescribed therein. Each Grantor which is an issuer of any uncertificated Pledged Collateral
described in this Section 4.02(b) hereby agrees to comply with all instructions from the Agent without such Grantor’s
further consent, in each case subject to the notice requirements set forth in Section 5.01(a)(iv) hereof.

 

(c)          Registration
in Nominee Name; Denominations. Subject to the terms of the Intercreditor Agreement, the Agent, on behalf of the Secured Parties,
shall hold certificated Pledged Collateral required to be delivered to the Agent under clause (a) above in the name of the
applicable Grantor, endorsed or assigned in blank or in favor of the Agent, but at any time when an Event of Default exists and
upon at least three Business Days’ notice to the Borrower, the Agent shall have the right (in its sole and absolute discretion),
subject to the Intercreditor Agreement, to hold the Pledged Collateral in its own name as pledgee, or in the name of its nominee
(as pledgee or as sub-agent). At any time when an Event of Default exists, the Agent shall have the right to exchange the certificates
representing Pledged Collateral for certificates of smaller or larger denominations for any purpose consistent with this Security
Agreement.

 

(d)          Exercise
of Rights in Pledged Collateral. Subject, in each case, to the Intercreditor Agreement, it is agreed that:

 

(i)          without
in any way limiting the foregoing and subject to clause (ii) below, each Grantor shall have the right to exercise all voting
rights or other rights relating to the Pledged Collateral for any purpose that does not violate this Security Agreement, the Term
Loan Agreement or any other Loan Document;

 

(ii)         each
Grantor will permit the Agent or its nominee at any time when an Event of Default exists to exercise the rights and remedies provided
under Section 5.01(a)(iv) (subject to the notice requirements set forth therein); and

 

(iii)        subject
to Section 5.01(a)(iv), each Grantor shall be entitled to receive and retain any and all dividends, interest, principal
and other distributions paid on or distributed in respect of the Pledged Collateral; provided that any non-cash dividends
or other distributions that would constitute Pledged Collateral, whether resulting from a subdivision, combination or reclassification
of the outstanding Capital Stock of the issuer of any Pledged Collateral or received in exchange for Pledged Collateral or any
part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to
which such issuer may be a party or otherwise, shall, to the extent constituting Collateral, be and become part of the Pledged
Collateral, and, if received by any Grantor, shall be delivered to the Agent as and to the extent required by clause (a)
above.

 

(e)          Return
of Pledged Collateral. So long as no Event of Default then exists, the Agent shall promptly deliver to the applicable Grantor
(without recourse and without any representation or warranty) any Pledged Collateral in its possession if requested to be delivered
to the issuer or holder thereof in connection with any action or transaction (requiring delivery or possession of such Pledged
Collateral) that is permitted or not restricted by the Term Loan Agreement in accordance with Article 8 of the Term
Loan Agreement.

 

    	 	9	 

     

    

 

Section 4.03.         Intellectual
Property. (a) At any time when an Event of Default exists and upon the written request of the Agent, each Grantor will (i)
use its commercially reasonable efforts to obtain all consents and approvals necessary or appropriate for the assignment to or
for the benefit of the Agent of any License held by such Grantor to enable the Agent to enforce the security interests granted
hereunder and (ii) to the extent required pursuant to any License under which such Grantor is the licensee, deliver to the licensor
thereunder any notice of the grant of security interest hereunder or such other notices required to be delivered thereunder in
order to permit the security interest created or permitted to be created hereunder pursuant to the terms of such License.

 

(b)          Each
applicable Grantor having rights in any Intellectual Property Collateral shall, on the date hereof, execute and deliver to the
Agent an Intellectual Property Security Agreement substantially in the form of Exhibit B, in order to record the security interest
granted herein to the Agent for the benefit of the Agent and the Secured Parties with the United States Patent and Trademark Office
and the United States Copyright Office, as applicable.

 

(c)          Each
Grantor shall notify the Agent promptly if it knows or reasonably expects that any application for or registration of any Patent,
Trademark, Domain Name, or Copyright (now or hereafter existing) may become abandoned or dedicated to the public, or of any determination
or development (including the institution of, or any such determination or development in, any proceeding in the United States
Patent and Trademark Office, the United States Copyright Office or any court) abandoning such Grantor’s ownership of any
such Patent, Trademark or Copyright, its right to register the same, or to keep and maintain the same, except, in each case, to
the extent the same is permitted or not restricted by the Term Loan Agreement.

 

(d)          In
the event that any Grantor, either directly or through any agent, employee, licensee or deisgnee, (i) files an application for
the registration of any Patent, Trademark, Copyright with the United States Patent and Trademark Office or the United States Copyright
Office (as applicable), (ii) acquires any registration or application for registration of any United States Patent, Trademark or
Copyright, or (iii) acquires or becomes a party to any Exclusive Copyright License, in each case, after the Closing Date (and other
than as a result of an application that is then included in the schedules to an executed Intellectual Property Security Agreement),
it shall, (x) if the event giving rise to the obligation under this Section 4.03(c) occurs during the first three Fiscal
Quarters of any Fiscal Year, on or before the date on which financial statements are required to be delivered pursuant to Section
5.01(a) of the Term Loan Agreement for the Fiscal Quarter in which the relevant event occurred or (y) if the event giving rise
to the obligation under this Section 4.03(c) occurs during the fourth Fiscal Quarter of any Fiscal Year, on or before the
date that is 90 days after the end of such Fiscal Quarter (or, in the case of each of clauses (x) and (y), such longer
period as the Agent may reasonably agree), notify the Agent in writing thereof and, promptly upon the Agent’s request, execute
and deliver to the Agent, at such Grantor’s sole cost and expense, a supplemental Intellectual Property Security Agreement
and/or any other instrument as the Agent may reasonably request and require to evidence the Agent’s security interest in
such registered Patent, Trademark, Copyright (or application therefor) or such Exclusive Copyright License, and the General Intangibles
of such Grantor relating thereto or represented thereby.

 

(e)          Each
Grantor shall (and shall use commercially reasonable efforts to cause all its licensees to) take all actions necessary or reasonably
requested by the Agent to (i) maintain and pursue each application and to obtain and maintain the registration of each Patent,
Trademark, Domain Name and Copyright included in the Collateral (now or hereafter existing), including by filing applications for
renewal, affidavits of use, affidavits of noncontestability and, if consistent with good business judgment, by initiating opposition
and interference and cancellation proceedings against third parties, (ii) maintain and protect the secrecy or confidentiality of
its Trade Secrets and (iii) otherwise maintain, protect, enforce and preserve such Grantor’s rights in, and the validity
and enforceability of, its Intellectual Property Collateral, in each case except where failure to do so (A) could not reasonably
be expected to result in a Material Adverse Effect, or (B) is otherwise permitted under the Term Loan Agreement.

 

    	 	10	 

     

    

 

(f)          Each
Grantor shall (i) promptly notify the Agent of any infringement, misappropriation, dilution or other violation of such Grantor’s
Intellectual Property Collateral of which it becomes aware and (ii) take such actions as are reasonable and appropriate under the
circumstances to protect such Intellectual Property Collateral (including, if such Grantor deems it necessary in its reasonable
business judgment, to promptly sue for infringement, misappropriation, dilution or other violation of such Intellectual Property
Collateral and to recover any and all damages for such infringement, misappropriation, dilution or other violation), in each case,
except where such infringement, misappropriation, dilution or other violation could not reasonably be expected to cause a Material
Adverse Effect.

 

Section 4.04.         Commercial
Tort Claims. After the Closing Date, (i) if the event giving rise to the obligation under this Section 4.04 occurs during
the first three Fiscal Quarters of any Fiscal Year, on or before the date on which financial statements are required to be delivered
pursuant to Section 5.01(a) of the Term Loan Agreement for the Fiscal Quarter in which the relevant event occurred or (ii)
if the event giving rise to the obligation under this Section 4.04 occurs during the fourth Fiscal Quarter of any Fiscal
Year, on or before the date that is 45 days after the end of such Fiscal Quarter (or, in each of the cases of clauses (i)
and (ii), such longer period as the Agent may reasonably agree), each relevant Grantor shall notify the Agent of any Commercial
Tort Claim with an individual value (as reasonably estimated by the Borrower) in excess of $2,500,000 acquired by it, together
with an update to Schedule 6 to the Cumulative Perfection Certificate containing a summary description thereof, and such
Commercial Tort Claim (and the Proceeds thereof) shall automatically constitute Collateral, all upon the terms of this Security
Agreement.

 

Section 4.05.         Insurance.
Subject to the Intercreditor Agreement and except to the extent otherwise permitted to be retained by any Grantor or applied by
any Grantor pursuant to the terms of the Loan Documents, the Agent shall, at the time any proceeds of any insurance are distributed
to the Secured Parties, apply such proceeds in accordance with Section 5.04 hereof.

 

Section 4.06.         Grantors
Remain Liable. (a) Each Grantor (rather than the Agent or any Secured Party) shall remain liable (as between itself and
any relevant counterparty) to observe and perform all the conditions and obligations to be observed and performed by it under any
Contract or other agreement or instrument relating to the Collateral, all in accordance with the terms and conditions thereof.
Neither the Agent nor any other Secured Party shall have any obligation or liability under any Contract by reason of or arising
out of this Security Agreement or the receipt by the Agent or any other Secured Party of any payment relating to such Contract
pursuant hereto, nor shall the Agent or any other Secured Party be obligated in any manner to perform any of the obligations of
any Grantor under or pursuant to any Contract, to make any payment, to make any inquiry as to the nature or sufficiency of any
performance or to collect the payment of any amounts which may have been assigned to them or to which they may be entitled at any
time or times.

 

(b)          Each
Grantor assumes all liability and responsibility in connection with the Collateral acquired by it, and the liability of such Grantor
to pay the Secured Obligations shall in no way be affected or diminished by reason of the fact that such Collateral may be lost,
destroyed, stolen, damaged or for any reason whatsoever unavailable to such Grantor.

 

    	 	11	 

     

    

 

(c)          Notwithstanding
anything herein to the contrary, each Grantor (rather than the Agent or any Secured Party) shall remain liable under each of the
Accounts to observe and perform all of the conditions and obligations to be observed and performed by it thereunder, all in accordance
with the terms of any agreement giving rise to such Accounts. Neither the Agent nor any other Secured Party shall have any obligation
or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this Security Agreement or
the receipt by the Agent or any other Secured Party of any payment relating to such Account pursuant hereto, nor shall the Agent
or any other Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any
Account (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of
any payment received by them or as to the sufficiency of any performance by any party under any Account (or any agreement giving
rise thereto), to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts
which may have been assigned to them or to which they may be entitled at any time or times.

 

Section 4.07.         Titled
Equipment. (a) each Grantor shall complete, on or prior to the date that is 60 days following the Closing Date (or such later
date as the Agent agrees in its sole discretion), all actions necessary in order to perfect the security interest of the Secured
Parties in any Titled Equipment owned by a Grantor on the Closing Date, including (i) cause to be delivered to the applicable Governmental
Authority a duly completed application, pay any applicable fees and take any other actions necessary in order to cause the certificate
of title for such Titled Equipment at all times to be registered with the applicable Governmental Authority showing “Credit
Suisse AG, Cayman Islands Branch, as Agent” as first lienholder thereon in the manner prescribed in the applicable jurisdiction
(and Credit Suisse AG, Cayman Islands Branch in such capacity shall be the only first lienholder so registered), (ii) if necessary
to perfect in any jurisdiction, cause the Lien of Agent to be identified on a notice of lien or other filing made in the appropriate
filing office in the applicable jurisdiction and pay all applicable fees in connection therewith, (iii) provide Agent evidence
reasonably satisfactory to it of the taking of the actions referred to in the preceding clauses (i) and (ii), and (iv) deliver
the certificates of title for such Titled Equipment to Agent. Promptly following the receipt by any Grantor of any document evidencing
official notification from the applicable Governmental Authority of the perfection of the security interest in any Titled Equipment
(and in any event within five (5) Business Days thereof), such Grantor shall deliver such notification to Agent; provided,
that no Grantor shall be required to take the actions described in this Section 4.07 in respect of Titled Equipment to the
extent the fair market value of such Titled Equipment for which any such actions are not taken is less than $150,000.

 

(b)          With
respect to all Titled Equipment from time to time after the Closing Date acquired by any Grantor, the Borrower shall, (x) if the
event giving rise to the obligation under this Section 4.07(b) occurs during the first three Fiscal Quarters of any Fiscal
Year, on or before the date on which financial statements are required to be delivered pursuant to Section 5.01(a) of the Credit
Agreement for the Fiscal Quarter in which the acquisition occurred (provided that if such date is less than 60 days after
the relevant formation, acquisition, designation or cessation occurred, then the date in this clause (x) shall be deemed
to be the date that is 60 days after the relevant acquisition occurred), or (y) if the event giving rise to the obligation under
this Section 4.07(b) occurs during the fourth Fiscal Quarter of any Fiscal Year, on or before the date that is 60 days after
the end of such Fiscal Quarter (or, in the cases of clauses (x) and (y), such longer period as the Administrative
Agent may reasonably agree), deliver to the Agent a Perfection Certificate Supplement with an updated Schedule 8 to the Cumulative
Perfection Certificate, and the relevant Grantor shall, take all actions required by Section 4.07(a) above in order
to perfect the security interest of the Secured Parties in newly acquired Titled Equipment set forth on such revised Schedule 8
to the Cumulative Perfection Certificate.

 

(c)          Each
Grantor agrees to execute all documentation reasonably required to cause the registrations and filings with the applicable Governmental
Authority referred to in paragraph (a) of this Section 4.07 above to be accomplished within the periods specified in this
Section 4.07. Each Grantor hereby grants to Agent an absolute power of attorney to sign, upon the occurrence and during
the continuance of an Event of Default, any document or instrument, and to make such filings, recordings and registrations, as
may be required by the relevant Governmental Authority in order to effect an absolute assignment of all right, title and interest
in any Titled Equipment.

 

    	 	12	 

     

    

 

(d)          Each
Grantor will keep Titled Equipment with a fair market value of $150,000 or greater (other than (i) Titled Equipment sold in the
ordinary course of business in accordance with the Term Loan Agreement or (ii) Titled Equipment out for repair or refurbishment
or out on assignment) within the states specified in Schedule 8 to the Cumulative Perfection Certificate or, upon not less
than five (5) days’ prior written notice (or such shorter period as the Agent may agree) to the Agent indicating each new
location of the Titled Equipment, at such locations in the continental United States as the Grantors may elect, accompanied by
a new Schedule 8 to the Cumulative Perfection Certificate; provided, that within 60 days of the relocation of any
such Titled Equipment (or such later date as the Agent agrees in its sole discretion) the applicable Grantor shall take all actions
required by Section 4.07(a) above in such new jurisdiction necessary to maintain or create the perfection and priority of
the security interest of the Secured Parties in such Titled Equipment (subject only to Permitted Liens).

 

(e)          Each
Grantor will maintain and preserve, all of its Titled Equipment which is necessary or useful in the proper conduct of its business
in good working order and condition, ordinary wear and tear and casualty excepted.

 

Section 4.08.         Controlled
Accounts. Each relevant Grantor shall, within the time period prescribed in the relevant “Loan Documents” (as defined
in the ABL Credit Agreement) use commercially reasonable efforts to join the Agent as a party to any Account Control Agreement
or securities account control agreement entered into under the terms of the “Loan Documents” (as defined in the ABL
Credit Agreement); provided, however, that the requirement set forth in this Section 4.08 shall be deemed satisfied
for so long as the ABL Collateral Agent is acting as agent for the benefit of the Agent and the Secured Parties pursuant to the
Intercreditor Agreement with respect to any Account Control Agreement or securities account control agreement to which the ABL
Collateral Agent is a party; provided, further, however, that after the discharge of the obligations under the ABL
Facility, in no event shall any Grantor be required to execute or deliver (or maintain in effect) any Account Control Agreement
or securities account control agreement.

 

ARTICLE
5

Remedies

 

Section 5.01.         Remedies.
(a) Each Grantor agrees that, at any time when an Event of Default exists, the Agent may exercise any or all of the following rights
and remedies (in addition to the rights and remedies existing under applicable Requirements of Law):

 

(i)          the
rights and remedies provided in this Security Agreement, the Term Loan Agreement, or any other Loan Document; provided that
this Section 5.01(a) shall not limit any rights available to the Agent or the Lenders prior to an Event of Default;

 

(ii)         the
rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under
any other applicable Requirements of Law (including, without limitation, any law governing the exercise of a bank’s right
of setoff or bankers’ Lien) when a debtor is in default under a security agreement;

 

    	 	13	 

     

    

 

(iii)        without
notice (except as specifically provided in Section 7.01 or elsewhere herein), demand or advertisement of any kind to any
Grantor or any other Person, personally, or by agents or attorneys, enter the premises of any Grantor where any Collateral is located
(through self-help and without judicial process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant
an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or
more parcels at one or more public or private sales (which sales may be adjourned or continued from time to time with or without
notice and may take place at such Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption
of any credit risk, and upon such other terms as the Agent may deem commercially reasonable;

 

(iv)        upon
at least three Business Days’ written notice to the Borrower, transfer and register in its name or in the name of its nominee
the whole or any part of the Pledged Collateral, to exercise the voting and all other rights as a holder with respect thereto (whereupon
the voting and other rights of such Grantor described in Section 4.02(d)(i) above shall immediately cease such that the
Agent shall have the sole right to exercise such voting and other rights while the relevant Event of Default exists), to collect
and receive all cash dividends, interest, principal and other distributions made thereon (it being understood that all Stock Rights
received by any Grantor while the relevant Event of Default exists shall be received in trust for the benefit of the Agent and
forthwith paid over to the Agent in the same form as so received (with any necessary endorsements)) and to otherwise act with respect
to the Pledged Collateral as though the Agent was the outright owner thereof; and

 

(v)         to
take possession of the Collateral or any part thereof, by directing such Grantor in writing to deliver the same to the Agent at
any reasonable place or places designated by the Agent, in which event such Grantor shall at its own expense:

 

(1)         forthwith
cause the same to be moved to the place or places so designated by the Agent and there delivered to the Agent;

 

(2)         store
and keep any Collateral so delivered to the Agent at such place or places pending further action by the Agent; and

 

(3)         while
the Collateral shall be so stored and kept, provide such security and maintenance services as shall be reasonably necessary to
protect the same and to preserve and maintain it in good condition.

 

(vi)        Declare
the entire right, title and interest of such Grantor in and to any Titled Equipment, vested in Agent for the benefit of the Secured
Parties, in which event such rights, title and interest shall immediately vest, in Agent for the benefit of the Secured Parties,
and Agent shall be entitled to (i) exercise the power of attorney referred to in Section 4.07 above to execute, cause to
be acknowledged and notarized and to record said absolute assignment with the applicable Governmental Authority and (ii) take and
use or sell the Titled Equipment.

 

(b)          Each
Grantor acknowledges and agrees that compliance by the Agent, on behalf of the Secured Parties, with any applicable state or federal
Requirements of Law in connection with a disposition of the Collateral will not be considered to adversely affect the commercial
reasonableness of any sale of the Collateral.

 

(c)          The
Agent shall have the right in any public sale and, to the extent permitted by applicable Requirements of Law, in any private sale,
to purchase for the benefit of the Agent and the Secured Parties, all or any part of the Collateral so sold, free of any right
of equity redemption, which equity redemption each Grantor hereby expressly releases.

 

    	 	14	 

     

    

 

(d)          Until
the Agent is able to effect a sale, lease, transfer or other disposition of any particular Collateral under this Section 5.01,
the Agent shall have the right to hold or use such Collateral, or any part thereof, to the extent that it deems appropriate for
the purpose of preserving such Collateral or the value of such Collateral, or for any other purpose deemed reasonably appropriate
by the Agent. At any time when an Event of Default exists, the Agent may, if it so elects, seek the appointment of a receiver or
keeper to take possession of any Collateral and to enforce any of the Agent’s remedies (for the benefit of the Agent and
Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment.

 

(e)          Notwithstanding
the foregoing, neither the Agent nor the Secured Parties shall be required to (i) make any demand upon, or pursue or exhaust any
of their rights or remedies against, the Grantors, any other obligor, guarantor, pledgor or any other Person with respect to the
payment of the Secured Obligations or to pursue or exhaust any of their rights or remedies with respect to any Collateral therefor
or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort
to the Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral.

 

(f)          Each
Grantor recognizes that the Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled
to resort to one or more private sales thereof. Each Grantor also acknowledges that any private sale may result in prices and other
terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that no
such private sale shall be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private.
The Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit
any Grantor or the issuer of any Pledged Collateral to register such securities for public sale under the Securities Act of 1933,
as amended, or under applicable state securities Requirements of Law, even if any Grantor and the issuer would agree to do so.

 

(g)          Notwithstanding
the foregoing, any rights and remedies provided in this Section 5.01 shall be subject to the Intercreditor Agreement.

 

Section 5.02.         Grantors’
Obligations Upon Default. Upon the request of the Agent at any time when an Event of Default exists, each Grantor will:

 

(a)          at
its own cost and expense (i) assemble and make available to the Agent, the Collateral and all books and records relating thereto
at any place or places reasonably specified by the Agent, whether at such Grantor’s premises or elsewhere, (ii) deliver all
tangible evidence of its Accounts and Contract Rights (including, without limitation, all documents evidencing the Accounts and
all Contracts) and such books and records to the Agent or to its representatives (copies of which evidence and books and records
may be retained by such Grantor) and (iii) if the Agent so directs and in a form and in a manner reasonably satisfactory to the
Agent, legend the Accounts and the Contracts, as well as books, records and documents (if any) of such Grantor evidencing or pertaining
to such Accounts and Contracts with an appropriate reference to the fact that such Accounts and Contracts have been assigned to
the Agent and that the Agent has a security interest therein; and

 

(b)          permit
the Agent and/or its representatives and/or agents, to enter, occupy and use any premises where all or any part of the Collateral,
or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the
books and records relating thereto, or both, to remove all or any part of the Collateral or the books and records relating thereto,
or both, and to conduct sales of the Collateral, without any obligation to pay any Grantor for such use and occupancy.

 

    	 	15	 

     

    

 

Section 5.03.         Intellectual
Property Remedies. (a) For the purpose of enabling the Agent to exercise the rights and remedies under this Article 5
at any time when an Event of Default exists and at such time as the Agent shall be lawfully entitled to exercise such rights and
remedies, each Grantor hereby grants to the Agent a power of attorney to sign any document which may be required by the United
States Patent and Trademark Office, the United States Copyright Office, domain name registrar or any other applicable Governmental
Authority or registrar in order to effect an absolute assignment of all right, title and interest in any of the Intellectual Property
Collateral and record the same. At any time when an Event of Default exists, the Agent may (i) declare the entire right, title
and interest of such Grantor in and to each item of Intellectual Property Collateral to be vested in the Agent for the benefit
of the Secured Parties, in which event such right, title and interest shall immediately vest in the Agent for the benefit of the
Secured Parties, and the Agent shall be entitled to exercise the power of attorney referred to in this Section 5.03 to execute,
cause to be acknowledged and notarized and record such absolute assignment with the applicable agency or registrar; (ii) sell any
Grantor’s Inventory directly to any Person, including without limitation Persons who have previously purchased any Grantor’s
Inventory from such Grantor and in connection with any such sale or other enforcement of the Agent’s rights under this Security
Agreement and subject to any restrictions contained in applicable third party licenses entered into by such Grantor, sell Inventory
which bears any Trademark owned by or licensed to any Grantor and any Inventory that is covered by any Intellectual Property Collateral
owned by or licensed to any Grantor, and the Agent may finish any work in process and affix any relevant Trademark owned by or
licensed to such Grantor and sell such Inventory as provided herein; (iii) direct such Grantor to refrain, in which event
such Grantor shall refrain, from using any Intellectual Property Collateral in any manner whatsoever, directly or indirectly; and
(iv) assign or sell any Patent, Trademark, Copyright, Domain Name, and/or Trade Secret, as well as the goodwill of such Grantor’s
business symbolized by any such Trademark and the right to carry on the business and use the assets of such Grantor in connection
with which any such Trademark or Domain Name has been used.

 

(b)          Each
Grantor hereby grants to the Agent an irrevocable, nonexclusive, royalty-free, worldwide license to its right to use, license or
sublicense any Intellectual Property Collateral subject, in the case of Trademarks, to such rights of quality control which are
reasonably necessary under applicable Requirements of Law to maintain the validity and enforceability of such Trademarks, now owned
or hereafter acquired by such Grantor, wherever the same may be located, and including in such license access to all media in which
any of the licensed items may be recorded or stored and (to the extent not prohibited by any applicable license) to all computer
software and programs used for compilation or printout thereof. The use of the license granted to the Agent pursuant to the preceding
sentence may be exercised, at the option of the Agent, only when an Event of Default exists; provided that, any license,
sublicense or other transaction entered into by the Agent in accordance with this clause (b) shall be binding upon each
Grantor notwithstanding any subsequent cure of the relevant Event of Default.

 

Section 5.04.         Application
of Proceeds. (a) Subject to the Intercreditor Agreement, the Agent shall apply the proceeds of any collection, sale, foreclosure
or other realization of any Collateral, as well as any Collateral consisting of Cash, as set forth in Section 2.15(b) of
the Term Loan Agreement.

 

(b)          Except
as otherwise provided herein or in any other Loan Document, the Agent shall have absolute discretion as to the time of application
of any such proceeds, money or balance in accordance with this Security Agreement. Upon any sale of Collateral by the Agent (including
pursuant to a power of sale granted by statute or under a judicial proceeding), a receipt by the Agent or of the officer making
the sale of such proceeds, moneys or balances shall be a sufficient discharge to the purchaser or purchasers of the Collateral
so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid
over to the Agent or such officer or be answerable in any way for the misapplication thereof. It is understood that the Grantors
shall remain jointly and severally liable to the extent of any deficiency between the amount of the proceeds of the Collateral
and the aggregate amount of the Secured Obligations.

 

    	 	16	 

     

    

 

ARTICLE
6

Account Verification; Attorney in Fact; Proxy

 

Section 6.01.         Account
Verification. The Agent may at any time and from time to time when an Event of Default exists, in the Agent’s own name,
in the name of a nominee of the Agent, or in the name of any Grantor, communicate (by mail, telephone, facsimile or otherwise)
with the Account Debtors of such Grantor, parties to Contracts with such Grantor and obligors in respect of Instruments of such
Grantor to verify with such Persons, to the Agent’s reasonable satisfaction, the existence, amount, terms of, and any other
matter relating to, Accounts, Contracts, Instruments, Chattel Paper, payment intangibles and/or other Receivables that constitute
Collateral.

 

Section 6.02.         Authorization
for the Agent to Take Certain Action. (a) Each Grantor hereby irrevocably authorizes the Agent and appoints the Agent (and
all officers, employees or agents designated by the Agent) as its true and lawful attorney in fact (i) at any time and from time
to time, in its sole discretion (A) to execute (to the extent necessary under the Requirements of Law of the applicable jurisdiction)
on behalf of such Grantor as debtor and to file financing statements necessary or desirable in the Agent’s reasonable discretion
to perfect and to maintain the perfection and priority of the Agent’s security interest in the Collateral, (B) to file a
carbon, photographic or other reproduction of this Security Agreement as a financing statement and to file any other financing
statement or amendment of a financing statement with respect to the Collateral (which would not add new collateral or add a debtor,
except as otherwise provided for herein or in any other Loan Document) in such offices as the Agent in its reasonable discretion
deems necessary or desirable to perfect and to maintain the perfection and priority of the Agent’s security interest in the
Collateral, and (C)  to contact and enter into one or more agreements with the issuers of uncertificated securities that constitute
Pledged Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give the Agent
Control over such Pledged Collateral in accordance with the terms hereof (subject to the terms of the Intercreditor Agreement);
(ii) at any time when an Event of Default exists, in the sole discretion of the Agent (in the name of such Grantor or otherwise),
(A) to endorse and collect any cash proceeds of the Collateral and to apply the proceeds of any Collateral received by the Agent
to the Secured Obligations as provided herein or in the Term Loan Agreement or any other Loan Document, subject to the terms of
the Intercreditor Agreement, (B) to demand payment or enforce payment of any Receivable in the name of the Agent or such Grantor
and to endorse any check, draft and/or any other instrument for the payment of money relating to any such Receivable, (C) to sign
such Grantor’s name on any invoice or bill of lading relating to any Receivable, any draft against any Account Debtor of
such Grantor, and/or any assignment and/or verification of any Receivable, (D) to exercise all of any Grantor’s rights and
remedies with respect to the collection of any Receivable and any other Collateral, (E) to settle, adjust, compromise, extend or
renew any Receivable, (F) to settle, adjust or compromise any legal proceedings brought to collect any Receivable, (G) to prepare,
file and sign such Grantor’s name on a proof of claim in bankruptcy or similar document against any Account Debtor of such
Grantor, (H) to prepare, file and sign such Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar
document in connection with any Receivable, (I) to change the address for delivery of mail addressed to such Grantor to such address
as the Agent may designate and to receive, open and dispose of all mail addressed to such Grantor (provided copies of such mail
are provided to such Grantor), (J) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for
Permitted Liens), (K) to make, settle and adjust claims in respect of Collateral under policies of insurance and endorse the name
of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance, (L) to
make all determinations and decisions with respect thereto and (M) to obtain or maintain the policies of insurance of the types
referred to in Section 5.05 of the Term Loan Agreement or to pay any premium in whole or in part relating thereto; and (iii) to
do all other acts and things or institute any proceedings which the Agent may reasonably deem to be necessary or advisable (pursuant
to this Security Agreement and the other Loan Documents and in accordance with applicable law) to carry out the terms of this Security
Agreement and to protect the interests of the Secured Parties; and, when and to the extent required pursuant to Section 9.03(a)
of the Term Loan Agreement, such Grantor agrees to reimburse the Agent for any payment made in connection with this paragraph or
any expense (including attorneys’ fees, court costs and expenses) and other charges related thereto incurred by the Agent
in connection with any of the foregoing (it being understood that any such sums shall constitute additional Secured Obligations);
provided that, this authorization shall not relieve such Grantor of any of its obligations under this Security Agreement
or under the Term Loan Agreement.

 

    	 	17	 

     

    

 

(b)          All
acts of such attorney or designee are hereby ratified and approved by each Grantor. The powers conferred on the Agent, for the
benefit of the Agent and Secured Parties, under this Section 6.02 are solely to protect the Agent’s interests
in the Collateral and shall not impose any duty upon the Agent or any Secured Party to exercise any such powers.

 

Section 6.03.         PROXY.
EACH GRANTOR HEREBY IRREVOCABLY (UNTIL THE TERMINATION DATE) CONSTITUTES AND APPOINTS THE AGENT AS ITS PROXY AND ATTORNEY-IN-FACT
(AS SET FORTH IN SECTION 6.02 ABOVE) WITH RESPECT TO THE PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL,
WITH FULL POWER OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL, THE APPOINTMENT OF THE
AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH
A HOLDER OF SUCH PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING
SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY
OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING
THE ISSUER OF SUCH PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF), IN EACH CASE ONLY WHEN AN EVENT OF DEFAULT EXISTS AND UPON
THREE BUSINESS DAYS’ PRIOR WRITTEN NOTICE TO THE BORROWER.

 

Section 6.04.         NATURE
OF APPOINTMENT; LIMITATION OF DUTY. THE APPOINTMENT OF THE AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE 6 IS
COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE TERMINATION DATE. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NEITHER
THE AGENT, NOR ANY SECURED PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES
SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE
FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT TO THE EXTENT SUCH DAMAGES ARE ATTRIBUTABLE TO THE GROSS NEGLIGENCE
OR WILLFUL MISCONDUCT OF SUCH PERSON AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION IN A FINAL AND NON-APPEALABLE DECISION
SUBJECT TO SECTION 7.21 HEREOF; PROVIDED, THAT THE FOREGOING EXCEPTION SHALL NOT BE CONSTRUED TO OBLIGATE THE
AGENT TO TAKE OR REFRAIN FROM TAKING ANY ACTION WITH RESPECT TO THE COLLATERAL.

 

    	 	18	 

     

    

 

ARTICLE
7

General Provisions

 

Section 7.01.         Waivers.
To the maximum extent permitted by applicable Requirements of Law, each Grantor hereby waives notice of the time and place of any
judicial hearing in connection with the Agent’s taking possession of the Collateral or of any public sale or the time after
which any private sale or other disposition of all or any part of the Collateral may be made, including without limitation, any
and all prior notice and hearing for any prejudgment remedy or remedies. To the extent such notice may not be waived under applicable
Requirements of Law, any notice made shall be deemed reasonable if sent to any Grantor, addressed as set forth in Article 8,
at least 10 days prior to (a) the date of any such public sale or (b) the time after which any such private disposition may
be made. To the maximum extent permitted by applicable Requirements of Law, each Grantor waives all claims, damages, and demands
against the Agent or any Secured Party arising out of the repossession, retention or sale of the Collateral, except those arising
out of the gross negligence or willful misconduct of the Agent or any Secured Party as determined by a court of competent jurisdiction
in a final and non-appealable judgment. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and
relinquishes the benefit and advantage of, and covenants not to assert against the Agent or any Secured Party, any valuation, stay
(other than an automatic stay under any applicable Debtor Relief Law), appraisal, extension, moratorium, redemption or similar
law and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be
applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of
sale conferred by this Security Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby
waives presentment, demand, protest, any notice (to the maximum extent permitted by applicable Requirements of Law) of any kind
or all other requirements as to the time, place and terms of sale in connection with this Security Agreement or any Collateral.

 

Section 7.02.         Limitation
on Agent’s Duty with Respect to the Collateral. The Agent shall not have any obligation to clean or otherwise prepare
the Collateral for sale. The Agent shall use reasonable care with respect to the Collateral in its possession; provided
that the Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession
if such Collateral is accorded treatment substantially equal to which it accords its own property. Neither the Agent nor any Secured
Party shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent
or nominee of the Agent or any Secured Party, or any income thereon or as to the preservation of rights against prior parties or
any other rights pertaining thereto. To the extent that applicable Requirements of Law impose duties on the Agent to exercise remedies
in a commercially reasonable manner, each Grantor acknowledges and agrees that it would be commercially reasonable for the Agent
(a) to elect not to incur expenses to prepare Collateral for disposition or otherwise to transform raw material or work in process
into finished goods or other finished products for disposition, (b) to elect not to obtain third party consents for access to Collateral
to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the
collection or disposition of Collateral to be collected or disposed of, (c) to elect not to exercise collection remedies against
Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (d) to
exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection
agencies and other collection specialists, (e) to advertise dispositions of Collateral through publications or media of general
circulation, whether or not the Collateral is of a specialized nature, (f) to contact other Persons, whether or not in the same
business as any Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (g) to hire one or more
professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature,
(h) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral
or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (i) to dispose of assets in wholesale
rather than retail markets, (j) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (k) to purchase
insurance or credit enhancements to insure the Agent against risks of loss in connection with any collection or disposition of
Collateral or to provide to the Agent a guaranteed return from the collection or disposition of Collateral or (l) to the extent
deemed appropriate by the Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals
to assist the Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this
Section 7.02 is to provide non-exhaustive indications of what actions or omissions by the Agent would be commercially reasonable
in the Agent’s exercise of remedies with respect to the Collateral and that other actions or omissions by the Agent shall
not be deemed commercially unreasonable solely on account of not being indicated in this Section 7.02. Without limitation
upon the foregoing, nothing contained in this Section 7.02 shall be construed to grant any rights to any Grantor or to impose
any duties on the Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the absence
of this Section 7.02.

 

    	 	19	 

     

    

 

Section 7.03.         Compromises
and Collection of Collateral. Each Grantor and the Agent recognize that setoffs, counterclaims, defenses and other claims may
be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible
in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that
reasonably may be expected to be recovered with respect to any Receivable. In view of the foregoing, each Grantor agrees that the
Agent may at any time and from time to time, if an Event of Default exists, compromise with the obligor on any Receivable, accept
in full payment of any Receivable such amount as the Agent in its sole discretion shall determine or abandon any Receivable, and
any such action by the Agent shall be commercially reasonable so long as the Agent acts in good faith based on information known
to it at the time it takes any such action.

 

Section 7.04.         Agent
Performance of Debtor Obligations. Without having any obligation to do so, the Agent may, at any time when an Event of Default
exists, perform or pay any obligation which any Grantor has agreed to perform or pay under this Security Agreement and which obligation
is due and unpaid and such Grantor shall reimburse the Agent for any amounts paid by the Agent pursuant to this Section 7.04
as a Secured Obligation payable in accordance with Section 9.03(a) of the Term Loan Agreement.

 

Section 7.05.         No
Waiver; Amendments; Cumulative Remedies. No delay or omission of the Agent (subject to the provisions of Article 8 of
the Term Loan Agreement) to exercise any right or remedy granted under this Security Agreement shall impair such right or remedy
or be construed to be a waiver of any Default or an acquiescence therein, and no single or partial exercise of any such right or
remedy shall preclude any other or further exercise thereof or the exercise of any other right or remedy. No waiver, amendment
or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing
signed by the Grantors and the Agent with the concurrence or at the direction of the Lenders to the extent required under Section
9.02 of the Term Loan Agreement and then only to the extent in such writing specifically set forth. All rights and remedies
contained in this Security Agreement or afforded by law shall be cumulative and all shall be available to the Agent and the Secured
Parties until the Termination Date.

 

Section 7.06.         Limitation
by Law; Severability of Provisions. All rights, remedies and powers provided in this Security Agreement may be exercised only
to the extent that the exercise thereof does not violate any applicable Requirements of Law, and all of the provisions of this
Security Agreement are intended to be subject to all applicable mandatory Requirements of Law that may be controlling and to be
limited to the extent necessary so that such provisions do not render this Security Agreement invalid, unenforceable or not entitled
to be recorded or registered, in whole or in part. To the extent permitted by applicable Requirements of Law, any provision of
this Security Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions of this Security Agreement; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction.

 

    	 	20	 

     

    

 

Section 7.07.         Security
Interest Absolute. All rights of the Agent hereunder, the security interests granted hereunder and all obligations of each
Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Term Loan
Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument
relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any
of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Term Loan Agreement, any
other Loan Document or any other agreement or instrument relating to the foregoing, (c) any exchange, release or nonperfection
of any Lien on any Collateral, or any release or amendment or waiver of or consent under or departure from any guaranty, securing
or guaranteeing all or any of the Secured Obligations, (d) any bankruptcy, insolvency, reorganization, arrangement, readjustment,
composition, liquidation or the like of any Grantor, (e) any exercise or non-exercise, or any waiver of, any right, remedy, power
or privilege under or in respect of this Security Agreement or any other Loan Document or (f) any other circumstance that might
otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or this Security
Agreement (other than a termination of any Lien contemplated by Section 7.12 or the occurrence of the Termination Date).

 

Section 7.08.         Benefit
of Security Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of
each Grantor, the Agent and the Secured Parties and their respective successors and permitted assigns (including all Persons who
become bound as a debtor to this Security Agreement). No sale of participations, assignments, transfers, or other dispositions
of any agreement governing the Secured Obligations or any portion thereof or interest therein shall in any manner impair the Lien
granted to the Agent hereunder for the benefit of the Agent and the Secured Parties.

 

Section 7.09.         Survival
of Representations. All representations and warranties of each Grantor contained in this Security Agreement shall survive the
execution and delivery of this Security Agreement until the Termination Date.

 

Section 7.10.         Additional
Subsidiaries. Upon the execution and delivery by any Restricted Subsidiary of an instrument in the form of Exhibit A
in accordance with Section 5.12(a) of the Term Loan Agreement, such Restricted Subsidiary shall become a Subsidiary
Party hereunder with the same force and effect as if such Restricted Subsidiary was originally named as a Subsidiary Party herein.
The execution and delivery of any such instrument shall not require the consent of any other Grantor or any other Person. The rights
and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor
as a party to this Security Agreement.

 

Section 7.11.         Headings.
The titles of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation
of any of the terms and provisions of this Security Agreement.

 

Section 7.12.         Termination
or Release. (a) This Security Agreement shall continue in effect until the Termination Date, and the Liens granted hereunder
shall automatically be released in the circumstances described in Article 8 of the Term Loan Agreement.

 

    	 	21	 

     

    

 

(b)          In
connection with any termination or release pursuant to paragraph (a) above, the Agent shall promptly execute (if applicable)
and deliver to any Grantor, at such Grantor’s expense, all UCC termination statements and similar documents that such Grantor
shall reasonably request to evidence and/or effectuate such termination or release. Any execution and delivery of documents pursuant
to this Section 7.12 shall be without recourse to or representation or warranty by the Agent or any Secured Party. The Borrower
shall reimburse the Agent for all costs and expenses, including any fees and expenses of counsel, incurred by it in connection
with any action contemplated by this Section 7.12 pursuant to and to the extent required by Section 9.03(a) of the
Term Loan Agreement.

 

(c)          At
any time that a Grantor desires that the Agent take any action to acknowledge or give effect to any release of Collateral pursuant
to Section 7.12(a), such Grantor or the Borrower shall deliver to the Agent a certificate signed by a Responsible Officer
of such Grantor stating that the release of the respective Collateral is permitted pursuant to Section 7.12(a) and the terms
of the Term Loan Agreement, provided that such requirement to deliver a certificate shall be satisfied with the delivery
of any certificate signed by a Responsible Officer required under Sections 5.01 and/or 6.07 of the Term Loan Agreement,
as applicable, so long as such certificate contains an acknowledgment that such release is so permitted. At any time that any Grantor
desires that a subsidiary of such Grantor be released hereunder, such Grantor or the Borrower shall deliver to the Agent a certificate
signed by a Responsible Officer of the such Grantor stating that the release of the relevant subsidiary (and its Collateral) is
permitted pursuant to Section 7.12(a) and the terms of the Term Loan Agreement; provided, that such requirement to
deliver a certificate shall be satisfied with the delivery of any certificate signed by a Responsible Officer required under Sections
5.01 and/or 6.07 of the Term Loan Agreement, as applicable, so long as such certificate contains an acknowledgment that
such release is so permitted.

 

(d)          The
Agent shall have no liability whatsoever to any other Secured Party as the result of any release of Collateral or any Grantor by
it in accordance with (or which the Agent in good faith believes to be in accordance with) the terms of this Section 7.12.

 

Section 7.13.         Entire
Agreement. This Security Agreement, together with the other Loan Documents and the Intercreditor Agreement, embodies the entire
agreement and understanding between each Grantor and the Agent relating to the Collateral and supersedes all prior agreements and
understandings between any Grantor and the Agent relating to the Collateral.

 

Section 7.14.         CHOICE
OF LAW. THIS SECURITY AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SECURITY AGREEMENT,
WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

 

    	 	22	 

     

    

 

Section 7.15.         CONSENT
TO JURISDICTION; CONSENT TO SERVICE OF PROCESS.

 

(a)          EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY
U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM)
OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT AND AGREES THAT ALL CLAIMS, CONTROVERSIES
OR DISPUTES IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL (EXCEPT AS PERMITTED BELOW) BE HEARD AND DETERMINED IN SUCH NEW YORK
STATE OR, TO THE EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT SERVICE
OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENTS BY REGISTERED MAIL ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS
AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY APPLICABLE REQUIREMENTS OF LAW. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT IN ANY SUCH COURT. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT. EACH PARTY HERETO AGREES THAT THE AGENT AND LENDERS RETAIN THE
RIGHT TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF
ANY RIGHTS IN RESPECT OF THE COLLATERAL UNDER THIS SECURITY AGREEMENT.

 

(b)          To
the extent permitted by APPLICABLE REQUIREMENTS OF law, each party to this security Agreement hereby irrevocably waives personal
service of any and all process upon it and agrees that all such service of process may be made by registered mail (OR ANY SUBSTANTIALLY
SIMILAR FORM OF MAIL) directed to it at its address for notices as provided for in Section 9.01 of the Term Loan Agreement.
each party TO THIS SECURITY AGREEMENT hereby waives any objection to such service of process and further irrevocably waives and
agrees not to plead or claim in any action or proceeding commenced hereunder that service of process was invalid and ineffective.
Nothing in this security Agreement will affect the right of any party to this security Agreement to serve process in any other
manner permitted by APPLICABLE REQUIREMENTS OF law.

 

Section 7.16.         WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, LEGAL PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 7.17.         Indemnity.
Each Grantor hereby agrees to indemnify the Indemnitees, as, and to the extent, set forth in Section 9.03 of the Term Loan
Agreement.

 

Section 7.18.         Counterparts.
This Security Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Security Agreement by facsimile or by email as a “.pdf” or “.tif”
attachment or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Security
Agreement.

 

    	 	23	 

     

    

 

Section 7.19.         INTERCREDITOR
AGREEMENT GOVERNS. Notwithstanding anything herein to the contrary, the Liens and security interests granted to the “Term
Loan Agent” (as defined in the intercreditor agreement) pursuant to this Agreement in any Collateral and the exercise of
any right or remedy by the “Term Loan Agent” (as defined in the intercreditor agreement) with respect to any Collateral
hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor
Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.

 

Section 7.20.         Delivery
of Collateral. Notwithstanding anything to the contrary contained above in this Article 7, or elsewhere in this Security
Agreement or any other Loan Document, to the extent the provisions of this Security Agreement (or any other Collateral Documents)
require the delivery of, or control over, ABL Facility Priority Collateral to be granted to the Agent at any time prior to the
discharge of obligations under the ABL Facility, then delivery of such ABL Facility Priority Collateral (or control with respect
thereto) shall instead be made to the ABL Collateral Agent, to be held in accordance with the “Loan Documents” (as
defined in the ABL Credit Agreement) and the Intercreditor Agreement, each applicable Grantor’s obligations hereunder or
in any other Loan Document (including the representations and warranties made by it hereunder and in the other Loan Documents)
with respect to such delivery shall be deemed satisfied by the delivery to the ABL Collateral Agent, acting as a gratuitous bailee
of the Agent. Furthermore, at all times prior to the discharge of the Obligations under the ABL Facility, the Agent is authorized
by the parties hereto to effect transfers of such Collateral at any time in its possession (and any “control” or similar
agreements with respect to such Collateral) to the ABL Collateral Agent.

 

Section 7.21.         Waiver
of Consequential Damages, Etc. To the extent permitted by applicable law, none of the Grantors or Secured Parties shall assert,
and each hereby waives, any claim against each other or any Related Party thereof, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of,
this Security Agreement or any agreement or instrument contemplated hereby, except, in the case of any claim by any Indemnitee
against any of the Grantors, to the extent such damages would otherwise be subject to indemnification pursuant to the terms of
Section 7.17.

 

Section 7.22.         Mortgages.
In the case of a conflict between this Security Agreement and any Mortgage with respect to any Material Real Estate Asset that
is also subject to a valid and enforceable Lien under the terms of such Mortgage (including Fixtures), the terms of such Mortgage
shall govern.

 

Section 7.23.         Successors
and Assigns. Whenever in this Security Agreement any party hereto is referred to, such reference shall be deemed to include
the successors and permitted assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or
the Agent in this Security Agreement shall bind and inure to the benefit of their respective successors and permitted assigns.
Except in a transaction expressly permitted under the Term Loan Agreement, no Grantor may assign any of its rights or obligations
hereunder without the written consent of the Agent.

 

    	 	24	 

     

    

 

Section 7.24.         Survival
of Agreement. Without limiting any provision of the Term Loan Agreement or Section 7.17 hereof, all covenants, agreements,
indemnities, representations and warranties made by the Grantors in the Loan Documents and in the certificates or other instruments
delivered in connection with or pursuant to this Security Agreement or any other Loan Document shall be considered to have been
relied upon by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless
of any investigation made by any such Lender or on its behalf and notwithstanding that the Agent or any Lender may have had notice
or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended under
the Term Loan Agreement, and shall continue in full force and effect until the Termination Date, or with respect to any individual
Grantor until such Grantor is otherwise released from its obligations under this Security Agreement in accordance with the terms
hereof.

 

Section 7.25.         Reinstatement.
This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against
any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any
creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets,
and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured
Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount , or must otherwise be restored
or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,”
or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof,
is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount
paid and not so rescinded, reduced, restored or returned.

 

ARTICLE
8

Notices

 

Section 8.01.         Sending
Notices. Any notice required or permitted to be given under this Security Agreement shall be delivered in accordance with Section
9.01 of the Term Loan Agreement (it being understood and agreed that references in such Section to “herein”, “hereunder”
and other similar terms shall be deemed to be references to this Security Agreement).

 

ARTICLE
9

The Agent

 

Credit Suisse has been
appointed Agent for the Lenders hereunder pursuant to Article 8 of the Term Loan Agreement. It is expressly understood and
agreed by the parties to this Security Agreement that any authority conferred upon the Agent hereunder is subject to the terms
of the delegation of authority made by the Lenders to the Agent pursuant to the Term Loan Agreement, and that the Agent has agreed
to act (and any successor Agent shall act) as such hereunder only on the express conditions contained in such Article 8.
Any successor Agent appointed pursuant to Article 8 of the Term Loan Agreement shall be entitled to all the rights, interests
and benefits of the Agent hereunder.

 

By accepting the benefits
of this Security Agreement and any other Loan Document, each Secured Party expressly acknowledges and agrees that this Security
Agreement and each other Loan Document may be enforced only by the action of the Agent, and that such Secured Party shall not have
any right individually to seek to enforce or to enforce this Security Agreement or to realize upon the security to be granted hereby,
it being understood and agreed that such rights and remedies may be exercised by the Agent for the benefit of the Secured Parties
upon the terms of this Security Agreement and the other Loan Documents.

 

[Signature
Pages Follow]

 

    	 	25	 

     

    

 

IN WITNESS WHEREOF,
each Grantor and the Agent have executed this Security Agreement as of the date first above written.

 

	 	CONCRETE PUMPING HOLDINGS ACQUISITION CORP.

 

	 	By:  	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer

 

	 	CONCRETE PUMPING INTERMEDIATE ACQUISITION CORP.

 

	 	By:	/s/ Tariq Osman
	 	Name:	Tariq Osman
	 	Title:	President

 

	 	Industrea Acquisition Corp.

 

	 	By: 	/s/ Tariq Osman
	 	Name:	Tariq Osman
	 	Title:	Executive Vice President

 

	 	CONCRETE PUMPING MERGER SUB INC.

 

	 	By:    	/s/ Tariq Osman
	 	Name:	Tariq Osman
	 	Title:	President

 

	 	After giving effect to the Acquisition and the Merger:
	 	 
	 	CONCRETE PUMPING HOLDINGS, Inc.

 

	 	By: 	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer, Secretary and Treasurer

 

Signature Page to Pledge and Security
Agreement (Term Loan)

 

     

     

    

 

	 	SUBSIDIARY PARTIES:

 

	 	Concrete Pumping Intermediate Holdings, LLC

 

	 	By:	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer, Secretary and Treasurer

 

	 	Concrete Pumping Property Holdings, LLC

 

	 	By:	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer, Secretary and Treasurer 

 

	 	Brundage-Bone Concrete Pumping, Inc.

 

	 	By:   	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer, Secretary and Treasurer

 

	 	Eco-Pan, Inc.

 

	 	By:   	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer, Secretary and Treasurer

 

Signature Page to Pledge and Security
Agreement (Term Loan)

 

     

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
	 	as the Agent

 

	 	By:   	/s/ Vipul Dhadda
	 	Name:	Vipul Dhadda
	 	Title:	Authorized Signatory

 

	 	By:   	/s/Brady Bingham
	 	Name:	Brady Bingham
	 	Title:	Authorized Signatory

 

Signature Page to Pledge and Security
Agreement (Term Loan)

 

     

     

    

 

EXHIBIT A

 

[FORM OF] PLEDGE AND SECURITY AGREEMENT
JOINDER

 

A.           SUPPLEMENT
NO. [●] dated as of [●] (this “Supplement”), to the Pledge and Security Agreement dated as of December
6, 2018 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”), by and among Concrete Pumping Holdings Acquisition Corp., a Delaware corporation (“Holdings”),
Concrete Pumping Intermediate Acquisition Corp., a Delaware corporation (“Intermediate Holdings”), Industrea
Acquisition Corp., a Delaware corporation (“Buyer”), Concrete Pumping Merger Sub Inc., a Delaware corporation,
which will be merged with and into Concrete Pumping Holdings, Inc. (to be renamed Brundage-Bone Concrete Pumping Holdings Inc.),
a Delaware corporation ( the “Borrower”), the Subsidiary Parties from time to time party thereto (the foregoing,
collectively, the “Grantors”) and Credit Suisse AG, Cayman Islands Branch, in its capacity as administrative
agent and collateral agent for the Secured Parties (in such capacities, the “Agent”).

 

B.           Reference
is made to the Term Loan Agreement dated as of December 6, 2018, (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Term Loan Agreement”), by and among, inter alios, Holdings, the Borrower,
the lenders from time to time party thereto and the Agent.

 

C.           Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Term Loan Agreement or
the Security Agreement, as applicable.

 

D.           The
Grantors have entered into the Security Agreement in order to induce the Lenders to make Loans. Section 7.10 of the Security
Agreement and Section 5.12 of the Term Loan Agreement provide that additional Domestic Subsidiaries of the Borrower may
become Subsidiary Parties under the Security Agreement by executing and delivering an instrument in the form of this Supplement.
[The] [Each] undersigned Restricted Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance
with the requirements of the Term Loan Agreement to become a Subsidiary Party under the Security Agreement in order to induce the
Lenders to make additional Loans and as consideration for Loans previously made and to secure the Secured Obligations, including
[its] [their] obligations under the Loan Guaranty, each Hedge Agreement the obligations under which constitute Secured Hedging
Obligations and agreements relating to Banking Services the obligations under which constitute Banking Services Obligations.

 

Accordingly, the Agent
and [the] [each] New Subsidiary agree as follows:

 

SECTION 1.          In
accordance with Section 7.10 of the Security Agreement, [the] [each] New Subsidiary by its signature below becomes a Subsidiary
Party and a Grantor under the Security Agreement with the same force and effect as if originally named therein as a Subsidiary
Party, and [the] [each] New Subsidiary hereby (a) agrees to all the terms and provisions of the Security Agreement applicable to
it as a Subsidiary Party and Grantor thereunder and (b) makes the representations and warranties applicable to it as a Grantor
under the Security Agreement[, subject to Schedule A hereto,] on and as of the date hereof; it being understood and agreed
that any representation or warranty that expressly relates to an earlier date shall be deemed to refer to the date hereof. In furtherance
of the foregoing, [the] [each] New Subsidiary, as security for the payment and performance in full of the Secured Obligations,
does hereby create and grant to the Agent, its successors and permitted assigns, for the benefit of the Secured Parties, their
successors and permitted assigns, a security interest in and Lien on all of [the] [each] New Subsidiary’s right, title and
interest in and to the Collateral of [the] [each] New Subsidiary. Each reference to a “Grantor” and “Subsidiary
Party” in the Security Agreement shall be deemed to include [the] [each] New Subsidiary. The Security Agreement is hereby
incorporated herein by reference.

 

    	 	A-1	 

     

    

 

SECTION 2.         [The]
[Each] New Subsidiary represents and warrants to the Agent and the other Secured Parties that (i) it has the power and authority
to enter into this Supplement and (ii) this Supplement has been duly authorized, executed and delivered by it and constitutes its
legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to the Legal Reservations.

 

SECTION 3.         This
Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when
the Agent shall have received a counterpart of this Supplement that bears the signature of [the] [each] New Subsidiary and the
Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission or
by email as a “.pdf” or “.tif” attachment shall be as effective as delivery of a manually signed counterpart
of this Supplement.

 

SECTION 4.          Attached
hereto is a duly prepared, completed and executed Perfection Certificate with respect to [the] [each] New Subsidiary, and [the]
[each] New Subsidiary hereby represents and warrants that the information set forth therein is correct and complete in all material
respects as of the date hereof.

 

SECTION 5.          Except
as expressly supplemented hereby, the Security Agreement shall remain in full force and effect.

 

SECTION 6.          THIS
SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 7.         In
case any one or more of the provisions contained in this Supplement is invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein and in the Security Agreement shall not in any way be
affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall
not in and of itself affect the validity of such provision in any other jurisdiction). The Borrower and the Agent shall endeavor
in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 8.          All
communications and notices hereunder shall be in writing and given as provided in Section 8.01 of the Security Agreement.

 

SECTION 9.          [The]
[Each] New Subsidiary agrees to reimburse the Agent for its expenses in connection with this Supplement, including the fees, other
charges and disbursements of counsel in accordance with Section 9.03(a) of the Term Loan Agreement.

 

SECTION
10.       This Supplement shall constitute a Loan Document, under and as defined in, the
Term Loan Agreement.

 

[Signature pages follow]

 

    	 	A-2	 

     

    

 

IN WITNESS WHEREOF,
[each] [the] New Subsidiary has duly executed this Supplement to the Security Agreement as of the day and year first above written.

 

	 	[NAME OF NEW SUBSIDIARY]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	A-3	 

     

    

 

[SCHEDULE A

CERTAIN EXCEPTIONS]

 

     

     

    

 

EXHIBIT B TO THE SECURITY AGREEMENT

 

FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

This INTELLECTUAL PROPERTY SECURITY AGREEMENT
is entered into as of [__], 2018, (this “Agreement”), by [___], a [Delaware corporation] (the “Grantor”),
in favor of Credit Suisse AG, Cayman Islands Branch (“Credit Suisse”), as collateral agent (in such capacity,
the “Collateral Agent”) for the Secured Parties.

 

Reference is made to
that certain Pledge and Security Agreement, dated as of December 6, 2018 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time and in effect on the date hereof, the “Security Agreement”), among the
Loan Parties party thereto and the Collateral Agent. The Lenders (as defined in the Term Loan Agreement (as defined below)) have
extended credit to the Borrower (as defined in Term Loan Agreement (as defined below)) subject to the terms and conditions set
forth in that certain Term Loan Agreement, dated as of December 6, 2018 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time and in effect on the date hereof, the “Term Loan Agreement”), by and
among, inter alios, Concrete Pumping Holdings Acquisition Corp., a Delaware corporation, as Holdings, Concrete Pumping Intermediate
Acquisition Corp., a Delaware corporation, as Intermediate Holdings, Industrea Acquisition Corp., a Delaware corporation, as Buyer,
Concrete Pumping Merger Sub, Inc., a Delaware corporation, which will be merged with and into Concrete Pumping Holdings, Inc. (to
be renamed Brundage-Bone Concrete Pumping Holdings Inc.), a Delaware corporation, as the Borrower, the Lenders from time to time
party thereto and Credit Suisse, in its capacities as administrative agent and collateral agent for the Lenders. The parties hereto
agree as follows:

 

SECTION 1. Terms.
Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Security Agreement.

 

SECTION 2. Grant
of Security Interest. As security for the prompt and complete payment or performance, as the case may be, in full of the
Secured Obligations, the Grantor, pursuant to the Security Agreement, did and hereby does pledge, collaterally assign, mortgage,
transfer and grant to the Collateral Agent, its successors and permitted assigns, on behalf of and for the ratable benefit of the
Secured Parties, a continuing security interest in all of its right, title and interest in, to or under all of the following assets,
whether now owned or at any time hereafter acquired by or arising in favor of the Grantor and regardless of where located (collectively,
the “IP Collateral”):

 

A.           all
Trademarks, including the Trademark registrations and applications for registration with the United States Patent and Trademark
Office listed on Schedule I hereto;

 

B.           all
Patents, including the issued Patents and pending Patent applications with the United States Patent and Trademark Office listed
on Schedule II hereto

 

C.           all
Copyrights, including the Copyright registrations and applications for registration with the United States Copyright Office and
all Exclusive Copyright Licenses, in each case, listed on Schedule III hereto; and

 

D.           all
proceeds and goodwill associated with any of the foregoing;

 

in each case to the extent the foregoing
items constitute Collateral. For avoidance of doubt, the security interest created hereby shall not extend to, and term “Collateral”
shall not include any Excluded Assets (as defined by the Term Loan Agreement) including, any intent-to-use (or similar) Trademark
application prior to the filing and acceptance of a “Statement of Use,” “Amendment to Allege Use” or similar
filing with respect thereto, to the extent, if any, that, and solely during the period, if any, in which the grant of a security
interest therein may impair the validity or enforceability of such intent-to-use Trademark application under applicable law.

 

    	 	B-1	 

     

    

 

SECTION 3. Security
Agreement. The security interests granted to the Collateral Agent herein are granted in furtherance, and not in limitation
of, the security interests granted to the Collateral Agent pursuant to the Security Agreement. The Grantor hereby acknowledges
and affirms that the rights and remedies of the Collateral Agent with respect to the IP Collateral are more fully set forth in
the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein.
In the event of any conflict between the terms of this Agreement and the Security Agreement, the terms of the Security Agreement
shall govern.

 

SECTION 4. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken
together shall constitute but one contract. Delivery of an executed counterpart to this Agreement by facsimile or other electronic
transmission shall be as effective as delivery of a manually signed original.

 

SECTION 5. Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

[Signature Pages Follow]

 

    	 	B-2	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first above written.

 

	 	[PARTY NAME]

 

	 	By:	 
	 	Name: 	 
	 	Title:	 

 

[Signature Page to Intellectual Property
Security Agreement (Term Loan)]

 

     

     

    

 

SCHEDULE I

 

REGISTERED TRADEMARKS

 

TRADEMARK APPLICATIONS

 

    
Schedule I

     

    

 

SCHEDULE II

 

ISSUED PATENTS

 

PATENT APPLICATIONS

 

    
Schedule II

     

    

 

SCHEDULE III

 

REGISTERED COPYRIGHTS

 

COPYRIGHT APPLICATIONS

 

EXCLUSIVE COPYRIGHT LICENSES

 

    
Schedule IIIExhibit 10.34

 

Execution Version

 

LOAN GUARANTY

 

THIS LOAN GUARANTY
(as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Loan
Guaranty”) is entered into as of December 6, 2018 by and among Concrete Pumping Holdings Acquisition Corp. (to be renamed
Concrete Pumping Holdings, Inc. upon the Merger (as defined in the Term Loan Agreement)), a Delaware corporation (“Holdings”),
Concrete Pumping Intermediate Acquisition Corp., a Delaware corporation (“Intermediate Holdings”), Industrea
Acquisition Corp., a Delaware corporation (“Buyer”), the Subsidiary Parties (as defined below) from time to
time party hereto (Holdings, Intermediate Holdings and the Subsidiary Parties, collectively, the “Loan Guarantors”,
and each, a “Loan Guarantor”) and Credit Suisse AG, Cayman Islands Branch, in its capacity as administrative
agent and collateral agent for the lenders party the Term Loan Agreement referred to below (in such capacity, the “Administrative
Agent”).

 

PRELIMINARY STATEMENT

 

Reference is hereby
made to that certain Term Loan Agreement dated as of December 6, 2018 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Term Loan Agreement”), by and among, inter alios, Holdings,
Intermediate Holdings, Buyer, Concrete Pumping Merger Sub Inc., a Delaware corporation (to be merged with and into Concrete Pumping
Holdings, Inc., which is to be renamed Brundage-Bone Concrete Pumping Holdings Inc. upon consummation of the Merger), as the Borrower,
the Lenders party thereto and the Administrative Agent.

 

The Loan Guarantors
are entering into this Loan Guaranty in order to induce the Lenders to enter into and extend credit to the Borrower under the Term
Loan Agreement and to guarantee the Secured Obligations.

 

Each Loan Guarantor
will obtain benefits from the incurrence of Loans by the Borrower and the incurrence by the Loan Parties of Secured Hedging Obligations
and Banking Services Obligations.

 

ACCORDINGLY, the parties
hereto agree as follows:

 

ARTICLE
1

Definitions

 

Section 1.01.         Definitions
of Certain Terms Used Herein. As used in this Loan Guaranty, in addition to the terms defined in the preamble and preliminary
statement above, the following terms shall have the following meanings:

 

“Accommodation
Payment” has the meaning assigned to such term in Section 2.09.

 

“Administrative
Agent” has the meaning assigned to such term in the preamble.

 

“Article”
means a numbered article of this Loan Guaranty, unless another document is specifically referenced.

 

“Buyer”
has the meaning assigned to such term in the preamble.

 

“Exhibit”
refers to a specific exhibit to this Loan Guaranty, unless another document is specifically referenced.

 

“Guaranteed
Obligations” has the meaning assigned to such term in Section 2.01.

 

     

     

    

 

“Guarantor
Percentage” has the meaning assigned to such term in Section 2.09.

 

“Guaranty
Supplement” has the meaning assigned to such term in Section 3.04.

 

“Holdings”
has the meaning assigned to such term in the preamble.

 

“Intermediate
Holdings” has the meaning assigned to such term in the preamble.

 

“Loan Guarantors”
has the meaning assigned to such term in the preamble.

 

“Loan Guaranty”
has the meaning assigned to such term in the preamble.

 

“Maximum Liability”
has the meaning assigned to such term in Section 2.09.

 

“Non-ECP Guarantor”
means each Loan Guarantor other than a Qualified ECP Guarantor.

 

“Non-Paying
Guarantor” has the meaning assigned to such term in Section 2.09.

 

“Obligated
Party” has the meaning assigned to such term in Section 2.02.

 

“Paying Guarantor”
has the meaning assigned to such term in Section 2.09.

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Loan Guarantor that has total assets exceeding $10,000,000
(or its equivalent) at the time the relevant Loan Guaranty or grant of the relevant security interest becomes effective with respect
to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity
Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant”
at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Section”
means a numbered section of this Loan Guaranty, unless another document is specifically referenced.

 

“Subsidiary
Parties” means (a) the Restricted Subsidiaries of the Borrower identified on Exhibit A hereto and (b) each
other Restricted Subsidiary that becomes a party to this Loan Guaranty as a Subsidiary Party after the date hereof, in accordance
with Section 3.04 herein and Section 5.12 of the Term Loan Agreement.

 

“Term Loan
Agreement” has the meaning assigned to such term in the preliminary statement.

 

“UFCA”
has the meaning assigned to such term in Section 2.09(a).

 

“UFTA”
has the meaning assigned to such term in Section 2.09(a).

 

The foregoing definitions
shall be equally applicable to both the singular and plural forms of the defined terms. Capitalized terms used in this Loan Guaranty
and not otherwise defined herein shall have the meanings set forth in the Term Loan Agreement.

 

    	 	2	 

     

    

 

ARTICLE
2

LOAN GUARANTY

 

Section 2.01.         Guaranty.
Except as otherwise provided for herein (including under Section 3.15), each Loan Guarantor hereby agrees that it is
jointly and severally liable for, and, as primary obligor and not merely as surety, absolutely, unconditionally and irrevocably
guarantees to the Administrative Agent (acting as agent for the Secured Parties, pursuant to Article 8 of the Term Loan
Agreement) for the ratable benefit of the Secured Parties, the full and prompt payment, when and as the same become due, whether
at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations, including amounts
that would become due but for the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (excluding,
for the avoidance of doubt, any Excluded Swap Obligation), together with any and all expenses which may be incurred by the Administrative
Agent and the other Secured Parties in collecting any of the Guaranteed Obligations that are reimbursable in accordance with Section
9.03 of the Term Loan Agreement (collectively the “Guaranteed Obligations”). Each Loan Guarantor further
agrees that the Guaranteed Obligations may be increased, extended or renewed in whole or in part without notice to or further assent
from it, and that it remains bound upon its guarantee notwithstanding any such extension or renewal. In addition, if any or all
of the Guaranteed Obligations become due and payable hereunder, each Loan Guarantor, unconditionally and irrevocably, promises
to pay such Guaranteed Obligations to the Administrative Agent for the benefit of the Secured Parties, on demand. Each Loan Guarantor
unconditionally and irrevocably guarantees the payment of any and all of the Guaranteed Obligations whether or not due or payable
by the Borrower upon the occurrence of any of the Events of Default specified in Section 7.01(f) or 7.01(g) of the
Term Loan Agreement and thereafter irrevocably and unconditionally promises to pay such Guaranteed Obligations to the Administrative
Agent for the benefit of the Secured Parties. This Loan Guaranty is a continuing one and shall remain in full force and effect
until the Termination Date, and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed
to have been created in reliance hereon.

 

Section 2.02.         Guaranty
of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor waives any right to require
the Administrative Agent or any Lender to sue the Borrower, any Loan Guarantor, any other guarantor, or any other Person obligated
for all or any part of the Guaranteed Obligations (the Borrower, each Loan Guarantor, each other guarantor or such other Person,
an “Obligated Party”), or otherwise to enforce its rights in respect of any Collateral securing all or any part
of the Guaranteed Obligations. The Administrative Agent may enforce this Loan Guaranty at any time when an Event of Default exists.

 

Section 2.03.         No
Discharge or Diminishment of Loan Guaranty.

 

(a)           Except
as otherwise provided for herein (including under Section 3.15), the obligations of each Loan Guarantor hereunder are
unconditional, irrevocable and absolute and not subject to any reduction, limitation, impairment or termination for any reason,
including: (i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration, or compromise of any of the
Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of
any Obligated Party; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any other Obligated
Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; (iv) the existence of any
claim, setoff or other right which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent,
any Lender or any other Person, whether in connection herewith or in any unrelated transactions; (v) any direction as to application
of payments by the Borrower or by any other party; (vi) any other continuing or other guaranty, undertaking or maximum liability
of a guarantor or of any other party as to the Guaranteed Obligations; (vii) any payment on or in reduction of any such other guaranty
or undertaking; (viii) any dissolution, termination or increase, decrease or change in personnel by the Borrower or (ix) any payment
made to any Secured Party on the Guaranteed Obligations which any such Secured Party repays to the Borrower pursuant to court order
in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each Loan Guarantor waives any
right to the deferral or modification of its obligations hereunder by reason of any such proceeding.

 

    	 	3	 

     

    

 

(b)           Except
for termination of a Loan Guarantor’s obligations hereunder or as expressly permitted by Section 3.15, the obligations
of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever
by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any Requirements
of Law purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof.

 

(c)           Further,
the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by: (i) the failure of the
Administrative Agent or any other Secured Party to assert any claim or demand or to enforce any remedy with respect to all or any
part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating
to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations
of the Borrower for all or any part of the Guaranteed Obligations or any obligations of any other guarantor of or other Person
liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent or any other Secured
Party with respect to any Collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful
or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay
that might in any manner or to any extent vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of
any Loan Guarantor as a matter of law or equity, in each case other than as set forth in Section 3.15.

 

Section 2.04.         Defenses
Waived. To the fullest extent permitted by applicable Requirements of Law, and except for termination of a Loan Guarantor’s
obligations hereunder or as otherwise provided for herein (including under Section 3.15), each Loan Guarantor hereby waives
any defense based on or arising out of any defense of the Borrower or any other Loan Guarantor or arising out of the disability
of the Borrower or any other Loan Guarantor or any other party or the unenforceability of all or any part of the Guaranteed Obligations
or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any other Loan Guarantor.
Without limiting the generality of the foregoing, each Loan Guarantor irrevocably waives acceptance hereof, presentment, demand,
protest and, to the fullest extent permitted by applicable Requirements of Law, any notice not provided for herein or in any other
Loan Document, including any notice of nonperformance, notice of protest, notice of dishonor, notice of acceptance of this Loan
Guaranty, and any notice of the existence, creation or incurring of new or additional Guaranteed Obligations, as well as any requirement
that at any time any action be taken by any Person against any Obligated Party, or any other Person, including any right (except
as may be required by applicable Requirements of Law and to the extent the relevant requirement cannot be waived) to require the
Administrative Agent to (i) proceed against the Borrower, any other guarantor or any other party, (ii) proceed against or exhaust
any security held from the Borrower, any other Loan Guarantor or any other party or (iii) pursue any other remedy in the Administrative
Agent’s power whatsoever. The Administrative Agent may, at its election and in accordance with the terms of the applicable
Loan Documents, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales, whether or not every aspect
of any such sale is commercially reasonable (to the extent permitted by applicable Requirements of Law), accept an assignment of
any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any Collateral securing all or a part
of the Guaranteed Obligations, and the Administrative Agent may, at its election, compromise or adjust any part of the Guaranteed
Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against
any Obligated Party, or any security, without affecting or impairing in any way the liability of such Loan Guarantor under this
Loan Guaranty, except as otherwise provided in Section 3.15. To the fullest extent permitted by applicable Requirements
of Law, each Loan Guarantor waives any defense arising out of any such election even though such election may operate, pursuant
to applicable Requirements of Law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of
any Loan Guarantor against any Obligated Party or any security.

 

    	 	4	 

     

    

 

Section 2.05.         Authorization.
Each Loan Guarantor authorizes the Administrative Agent and the other Secured Parties (as applicable) without notice or demand
(except as may be required by applicable Requirements of Law and to the extent the relevant requirement cannot be waived), and
without affecting or impairing its liability hereunder (except as set forth in Section 3.15), from time to time, subject
to the Intercreditor Agreement and the terms of the referenced Loan Documents, to:

 

(a)           change
the manner, place or terms of payment of, and/or change or extend the time of payment of, renew, increase, accelerate or alter,
any of the Guaranteed Obligations (including any increase or decrease in the principal amount thereof or the rate of interest or
fees thereon), any security therefor, or any liability incurred directly or indirectly in respect thereof, and this Loan Guaranty
shall apply to the Guaranteed Obligations as so changed, extended, renewed or altered;

 

(b)           take
and hold security for the payment of the Guaranteed Obligations and sell, exchange, release, impair, surrender, realize upon or
otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever
securing, the Guaranteed Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect
thereof or hereof, and/or any offset there against;

 

(c)           exercise
or refrain from exercising any rights against the Borrower, any other Loan Party or others or otherwise act or refrain from acting;

 

(d)           release
or substitute any endorser, any guarantor, the Borrower, any other Loan Party and/or any other obligor;

 

(e)           settle
or compromise any of the Guaranteed Obligations, any security therefor or any liability (including any of those hereunder) incurred
directly or indirectly in respect thereof or hereof, and/or subordinate the payment of all or any part thereof to the payment of
any liability (whether due or not) of the Borrower to its creditors other than the Secured Parties;

 

(f)           apply
any sums by whomsoever paid or howsoever realized to any liability or liabilities of the Borrower to the Secured Parties regardless
of what liability or liabilities of the Borrower remain unpaid;

 

(g)           consent
to or waive any breach of, or any act, omission or default under, this Loan Guaranty, the Term Loan Agreement, any other Loan Document,
any Hedge Agreement with respect to any Secured Hedging Obligation or any of the instruments or agreements referred to herein or
therein, or otherwise amend, modify or supplement this Loan Guaranty, the Term Loan Agreement, any other Loan Document, any Hedge
Agreement with respect to any Secured Hedging Obligation or any of such other instruments or agreements; and/or

 

    	 	5	 

     

    

 

(h)           take
any other action which would, under otherwise applicable principles of common law, give rise to a legal or equitable discharge
of the Loan Guarantors from their respective liabilities under this Loan Guaranty.

 

Section 2.06.         Rights
of Subrogation. No Loan Guarantor will assert any right, claim or cause of action, including any claim of subrogation, contribution
or indemnification that it has against any Loan Party in respect of this Loan Guaranty until the occurrence of the Termination
Date; provided that if any amount is paid to such Loan Guarantor on account of such subrogation rights at any time prior
to the Termination Date, then unless such Loan Guarantor has already discharged its liabilities under this Loan Guaranty in an
amount equal to such Loan Guarantor’s Maximum Liability as of such date, such amount shall be held by the recipient Loan
Guarantor in trust for the benefit of the Secured Parties and shall forthwith be paid by the recipient Loan Guarantor to the Administrative
Agent (for the benefit of the Secured Parties) to be credited and applied to the Guaranteed Obligations, whether matured or unmatured,
in accordance with Section 2.15(b) of the Term Loan Agreement.

 

Section 2.07.         Reinstatement;
Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations is rescinded or must otherwise
be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, each Loan Guarantor’s
obligations under this Loan Guaranty with respect to such payment shall be reinstated at such time as though the payment had not
been made. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy
or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating
to the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Administrative Agent.

 

Section 2.08.         Information.
Each Loan Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition
and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope
and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the Administrative
Agent, any Lender or any other Secured Party shall have any duty to advise any Loan Guarantor of information known to it regarding
those circumstances or risks.

 

Section 2.09.         Contribution;
Subordination; Maximum Liability.

 

(a)           In
the event that any Loan Guarantor (a “Paying Guarantor”) makes any payment or payments under this Loan Guaranty
or suffers any loss as a result of any realization upon any Collateral granted by it to secure its obligations under this Loan
Guaranty (each such payment or loss, an “Accommodation Payment”), each other Loan Guarantor (each a “Non-Paying
Guarantor”) shall contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Guarantor
Percentage” of such Accommodation Payment by such Paying Guarantor. For purposes of this Article 2, each Non-Paying
Guarantor’s “Guarantor Percentage” with respect to any Accommodation Payment by a Paying Guarantor shall
be determined as of the date on which such Accommodation Payment was made by reference to the ratio of (a) such Non-Paying Guarantor’s
Maximum Liability (as defined below) as of such date to (b) the aggregate Maximum Liability of all Loan Guarantors hereunder (including
such Paying Guarantor) as of such date. As of any date of determination, the “Maximum Liability” of each Loan
Guarantor shall be equal to the maximum amount of liability which could be asserted against such Loan Guarantor hereunder and under
the Term Loan Agreement without (i) rendering such Loan Guarantor “insolvent” within the meaning of Section 101(32)
of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform
Fraud Conveyance Act (“UFCA”), (ii) leaving such Loan Guarantor with unreasonably small capital or assets, within
the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA or Section 5 of the UFCA, or (iii) leaving such Loan
Guarantor unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code, Section 4 of
the UFTA or Section 5 of the UFCA. Nothing in this provision shall affect any Loan Guarantor’s several liability for the
entire amount of the Guaranteed Obligations (up to such Loan Guarantor’s Maximum Liability). Each of the Loan Guarantors
covenants and agrees that its right to receive any contribution under this Loan Guaranty from a Non-Paying Guarantor shall be subordinate
and junior in right of payment to the Secured Obligations until the Termination Date. If, prior to the Termination Date, any such
contribution payment is received by a Paying Guarantor at any time when an Event of Default exists, such contribution payment shall
be collected, enforced and received by such Loan Guarantor as trustee for the Secured Parties and be paid over to the Administrative
Agent on account of the Secured Obligations, but without affecting or impairing in any manner the liability of such Loan Guarantor
under the other provisions of this Loan Guaranty. This provision is for the benefit of the Administrative Agent, the Lenders and
the other Secured Parties and, subject to the terms of the other Loan Documents, may be enforced by the Administrative Agent on
behalf of itself, the Lenders and the other Secured Parties in accordance with the terms hereof.

 

    	 	6	 

     

    

 

(b)           It
is the desire and intent of the Loan Guarantors and the Secured Parties that this Loan Guaranty shall be enforced against the Loan
Guarantors to the fullest extent permissible under the Requirements of Law and public policies applied in each jurisdiction in
which enforcement is sought. The provisions of this Loan Guaranty are severable, and in any action or proceeding involving any
state corporate law, or any state, Federal or foreign bankruptcy, insolvency, reorganization or other Requirements of Law affecting
the rights of creditors generally, if the obligations of any Loan Guarantor under this Loan Guaranty would otherwise be held or
determined to be avoidable, invalid or unenforceable on account of the amount of such Loan Guarantor’s liability under this
Loan Guaranty, then, notwithstanding any other provision of this Loan Guaranty to the contrary, the amount of such liability shall,
without any further action by the Loan Guarantors or the Secured Parties, be automatically limited and reduced, with respect to
such Loan Guarantor, to such Loan Guarantor’s Maximum Liability. Each Loan Guarantor agrees that the Guaranteed Obligations
may at any time and from time to time exceed the Maximum Liability of such Loan Guarantor without impairing this Loan Guaranty
or affecting the rights and remedies of the Administrative Agent hereunder; provided that nothing in this sentence shall
be construed to increase any Loan Guarantor’s obligations hereunder beyond its Maximum Liability.

 

Section 2.10.         Representations
and Warranties. As, when (including on the date hereof) and to the extent required in accordance with the terms of the Term
Loan Agreement, each Loan Guarantor hereby makes each applicable representation and warranty made in the Loan Documents by the
Borrower with respect to such Loan Guarantor and each Loan Guarantor hereby further acknowledges and agrees that such Loan Guarantor
has, independently and without reliance upon any Secured Party and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Loan Guaranty and each other Loan Document to which it is or is to
be a party, and such Loan Guarantor has established adequate means of obtaining from each other Loan Guarantor on a continuing
basis information pertaining to the business, condition (financial or otherwise), operations, performance, properties and prospects
of each other Loan Guarantor.

 

Section 2.11.         Covenants.
Each Loan Guarantor covenants and agrees that, until the Termination Date, such Loan Guarantor will perform and observe, and cause
each of its subsidiaries that constitutes a Restricted Subsidiary to perform and observe, all of the terms, covenants and agreements
set forth in the Loan Documents that the Borrower has agreed to cause such Loan Guarantor or such subsidiary to perform or observe.
Until the Termination Date, no Guarantor shall, without the prior written consent of the Administrative Agent, commence or join
with any other Person in commencing any bankruptcy, reorganization or insolvency case or proceeding against the Borrower or any
Guarantor (it being understood and agreed, for the avoidance of doubt, that nothing in this Section 2.11 shall prohibit
any Guarantor from commencing or joining with the Borrower or Guarantor or other Restricted Subsidiary as a co-debtor in any bankruptcy,
reorganization or insolvency case or proceeding).

 

    	 	7	 

     

    

 

ARTICLE
3

GENERAL PROVISIONS

 

Section 3.01.         Liability
Cumulative. The liability of each Loan Guarantor under this Loan Guaranty is in addition to and shall be cumulative with all
liabilities of such Loan Guarantor to the Administrative Agent and the Lenders under the Term Loan Agreement and the other Loan
Documents to which such Loan Guarantor is a party or in respect of any obligations or liabilities of the other Loan Guarantors,
without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically
provides to the contrary.

 

Section 3.02.         No
Waiver; Amendments. No delay or omission of the Administrative Agent or any other Secured Party in exercising any right or
remedy granted under this Loan Guaranty shall impair such right or remedy or be construed to be a waiver of any Default or Event
of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other
or further exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms,
conditions or provisions of this Loan Guaranty whatsoever shall be valid unless in writing signed by the Loan Guarantors and the
Administrative Agent in accordance with Section 9.02 of the Term Loan Agreement and then only to the extent specifically
set forth in such writing.

 

Section 3.03.         Severability
of Provisions. To the extent permitted by applicable Requirements of Law, any provision of this Loan Guaranty that is held
to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
of this Loan Guaranty; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction.

 

Section 3.04.         Additional
Subsidiaries. Restricted Subsidiaries of the Borrower may be required to enter into this Loan Guaranty as Subsidiary Parties
pursuant to and in accordance with Section 5.12 of the Term Loan Agreement. Upon execution and delivery by any such
Restricted Subsidiary of an instrument in substantially the form of Exhibit B hereto (each, a “Guaranty Supplement”),
such Restricted Subsidiary shall become a Subsidiary Party hereunder with the same force and effect as if originally named as a
Subsidiary Party herein. The execution and delivery of any such instrument shall not require the consent of any other Loan Guarantor
hereunder or any other Person. The rights and obligations of each Loan Guarantor hereunder shall remain in full force and effect
notwithstanding the addition of any new Loan Guarantor as a party to this Loan Guaranty.

 

Section 3.05.         Headings.
The titles of and section headings in this Loan Guaranty are for convenience of reference only, and shall not govern the interpretation
of any of the terms and provisions of this Loan Guaranty.

 

Section 3.06.         Entire
Agreement. This Loan Guaranty, the other Loan Documents constitute the entire agreement among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof.

 

    	 	8	 

     

    

 

Section 3.07.         CHOICE
OF LAW. THIS LOAN GUARANTY AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS LOAN GUARANTY, WHETHER IN
TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK.

 

Section 3.08.         CONSENT
TO JURISDICTION; CONSENT TO SERVICE OF PROCESS. 

 

(a)           EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY
U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM)
OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS LOAN GUARANTY AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY
SUCH ACTION OR PROCEEDING SHALL (EXCEPT AS PERMITTED BELOW) BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED
BY APPLICABLE REQUIREMENTS OF LAW, FEDERAL COURT. EACH PARTY HERETO AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT
BY REGISTERED MAIL ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT. Each partY hereto agrees that a final judgment in any such action
or proceeding may be enforced in other jurisdictions by suit on SUCH judgment or in any other manner provided by APPLICABLE REQUIREMENTS
OF law.

 

(b)           EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
LOAN GUARANTY AND BROUGHT IN ANY COURT REFERRED TO IN PARAGRAPH (a) OF THIS SECTION. EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT.

 

(c)           TO
THE EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF ANY AND
ALL PROCESS UPON IT AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM
OF MAIL) DIRECTED TO IT AT ITS ADDRESS FOR NOTICES PROVIDED IN SECTION 9.01 OF THE TERM LOAN AGREEMENT. EACH PARTY HERETO
HEREBY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION
OR PROCEEDING COMMENCED HEREUNDER THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS LOAN GUARANTY WILL AFFECT
THE RIGHT OF ANY PARTY TO THIS LOAN GUARANTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    	 	9	 

     

    

 

Section 3.09.         WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LOAN GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS LOAN GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

 

Section 3.10.         Indemnity.
Each Loan Guarantor hereby agrees to indemnify the Administrative Agent and the other Indemnitees, as set forth in Section 9.03
of the Term Loan Agreement.

 

Section 3.11.         Counterparts.
This Loan Guaranty may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Loan Guaranty by facsimile or by email or other electronic transmission as a “.pdf” or
“.tif” attachment shall be effective as delivery of a manually executed counterpart of this Loan Guaranty.

 

Section 3.12.        INTERCREDITOR
AGREEMENT GOVERNS. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THE GUARANTEE OF THE GUARANTEED OBLIGATIONS GRANTED TO
THE ADMINISTRATIVE AGENT, FOR THE BENEFIT OF THE SECURED PARTIES, PURSUANT TO THIS LOAN GUARANTY AND THE EXERCISE OF ANY RIGHT
OR REMEDY BY THE ADMINISTRATIVE AGENT ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT. IN THE EVENT OF ANY CONFLICT
BETWEEN THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND THIS LOAN GUARANTY, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL
GOVERN AND CONTROL.

 

Section 3.13.         Successors
and Assigns. Whenever in this Loan Guaranty any party hereto is referred to, such reference shall be deemed to include the
successors and permitted assigns of such party; and all covenants, promises and agreements by or on behalf of any Loan Guarantor
or the Administrative Agent that are contained in this Loan Guaranty shall bind and inure to the benefit of their respective successors
and permitted assigns. Except in a transaction permitted (or not restricted) under the Term Loan Agreement, no Loan Guarantor may
assign any of its rights or obligations hereunder without the written consent of the Administrative Agent.

 

Section 3.14.         Survival
of Agreement. Without limitation of any provision of the Term Loan Agreement or Section 3.10 hereof, all covenants,
agreements, indemnities, representations and warranties made by the Loan Guarantors in the Loan Documents and in the certificates
or other instruments delivered in connection with or pursuant to this Loan Guaranty or any other Loan Document shall be considered
to have been relied upon by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any
Loans, regardless of any investigation made by any such Lender or on its behalf and notwithstanding that the Administrative Agent
or any Lender may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the
time any credit is extended under the Term Loan Agreement, and shall continue in full force and effect until the Termination Date,
or with respect to any individual Loan Guarantor until such Loan Guarantor is otherwise released from its obligations under this
Loan Guaranty in accordance with Section 3.15.

 

    	 	10	 

     

    

 

Section 3.15.         Release
of Loan Guarantors. A Subsidiary Party shall automatically be released from its obligations hereunder and its Loan Guaranty
shall be automatically released in the circumstances described in Article 8 and Section 9.21 of the Term Loan Agreement.
In connection with any such release, the Administrative Agent shall promptly execute and deliver to any Loan Guarantor, at such
Loan Guarantor’s expense, all documents that such Loan Guarantor shall reasonably request to evidence such termination or
release. Any execution and delivery of documents pursuant to the preceding sentence of this Section 3.15 shall be without
recourse to or warranty by the Administrative Agent (other than as to the Administrative Agent’s authority to execute and
deliver such documents).

 

Section 3.16.        Payments.
All payments made by any Loan Guarantor hereunder will be made without setoff, counterclaim or other defense and on the same basis
as payments are made by the Borrower under Sections 2.14 and 2.15 of the Term Loan Agreement.

 

Section 3.17.         Notice,
etc. All notices and other communications provided for hereunder shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by facsimile or email or other electronic transmission, as follows:

 

(a)           if
to any Loan Guarantor, addressed to it in care of the Borrower at its address specified in Section 9.01 of the Term Loan
Agreement;

 

(b)           if
to the Administrative Agent or any Lender, at its address specified in Section 9.01 of the Term Loan Agreement;

 

(c)           if
to any Secured Party in respect of any Secured Hedging Obligations, at its address specified in the Hedge Agreement to which it
is a party; or

 

(d)           if
to any Secured Party in respect of any Banking Services Obligations, at its address specified in the relevant documentation to
which it is a party.

 

Section 3.18.         Set
Off. In addition to any rights now or hereafter granted under applicable Requirements of Law and not by way of limitation of
any such rights, while an Event of Default exists, the Administrative Agent, each Lender and each of their respective Affiliates
shall be entitled to rights of setoff to the extent provided in Section 9.09 of the Term Loan Agreement.

 

Section 3.19.         Waiver
of Consequential Damages, Etc. To the extent permitted by applicable Requirements of Law, none of the Loan Guarantors nor the
Secured Parties shall assert, and each hereby waives, any claim against each other or any Related Party thereof, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, this Loan Guaranty or any agreement or instrument contemplated hereby, except, in the case
of any claim by any Indemnitee against any of the Loan Guarantors, to the extent such damages would otherwise be subject to indemnification
pursuant to the terms of Section 3.10.

 

Section 3.20.         Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each Non-ECP Guarantor to honor all of its obligations under this
Loan Guaranty in respect of Swap Obligations that would otherwise be Excluded Swap Obligations (provided, however,
that each Qualified ECP Guarantor shall only be liable under this Section 3.20 for the maximum amount of such liability
that can be hereby incurred, and otherwise subject to the limitations on the obligations of Loan Guarantors contained in this Loan
Guaranty, without rendering its obligations under this Section 3.20, or otherwise under this Loan Guaranty, voidable under
applicable Requirements of Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations
of each Qualified ECP Guarantor under this Section 3.20 shall remain in full force and effect until the occurrence of circumstances
described in Section 3.15 herein. This Section 3.20 constitutes, and shall be deemed to constitute, a “keepwell,
support, or other agreement” for the benefit of each Non-ECP Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act.

 

[Signature
Page Follows]

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
each Loan Guarantor and the Administrative Agent have executed this Loan Guaranty as of the date first above written.

 

	 	Holdings:

 

	 	CONCRETE PUMPING HOLDINGS ACQUISITION CORP. (which on the Closing Date shall be renamed as CONCRETE PUMPING HOLDINGS, INC.), as Holdings

 

	 	By:  	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer

 

	 	Intermediate Holdings:

 

	 	CONCRETE PUMPING INTERMEDIATE ACQUISITION CORP., as Intermediate Holdings

 

	 	By:  	/s/ Tariq Osman
	 	Name:	Tariq Osman
	 	Title:	President

 

	 	Buyer:

 

	 	INDUSTREA ACQUISITION CORP., as Buyer

 

	 	By:  	/s/ Tariq Osman
	 	Name:	Tariq Osman
	 	Title:	Executive Vice President

 

Signature Page to Loan Guaranty (Term
Loan)

 

     

     

    

 

	 	Subsidiary Parties:

 

	 	CONCRETE PUMPING INTERMEDIATE HOLDINGS, LLC

 

	 	By:	/s/ Iain Humphries
	 	 	Name:   Iain Humphries
	 	 	Title:     Chief Financial Officer, Secretary and Treasurer

  

	 	CONCRETE PUMPING PROPERTY HOLDINGS, LLC

 

	 	By:	/s/ Iain Humphries
	 	 	Name:   Iain Humphries
	 	 	Title:     Chief Financial Officer, Secretary and Treasurer

 

	 	BRUNDAGE-BONE CONCRETE PUMPING, INC.

 

	 	By:	/s/ Iain Humphries
	 	 	Name:   Iain Humphries
	 	 	Title:     Chief Financial Officer, Secretary and Treasurer

 

	 	ECO-PAN, INC.

 

	 	By:	/s/ Iain Humphries
	 	 	Name:   Iain Humphries
	 	 	Title:     Chief Financial Officer, Secretary and Treasurer

 

Signature Page to Loan Guaranty (Term
Loan)

 

     

     

    

 

	 	Credit Suisse AG, Cayman Islands Branch,
	 	as Administrative Agent

 

	 	By:	 /s/ Vipul Dhadda
	 	Name:	  Vipul Dhadda
	 	Title:	  Authorized Signatory
	 	 	 
	 	By:	/s/ Brady Bingham
	 	Name:	  Brady Bingham
	 	Title:	  Authorized Signatory

 

Signature Page to Loan Guaranty (Term
Loan)

 

     

     

    

 

EXHIBIT
A

Subsidiary Parties

 

	1.	Concrete Pumping Intermediate Holdings, LLC

 

	2.	Concrete Pumping Property Holdings, LLC

 

	3.	Brundage-Bone Concrete Pumping Inc.

 

	4.	Eco-Pan, Inc.

 

    	 	A-1	 

     

    

 

EXHIBIT
B

Joinder Agreement

 

THIS JOINDER AGREEMENT
(this “Agreement”), dated as of [●] [●], 20[●], is entered into by [●], a [●]
([each, a] [the] “New Subsidiary”), in favor of Credit Suisse AG, Cayman
Islands Branch, as administrative agent (in such capacity, the “Administrative Agent”) pursuant to that
certain Loan Guaranty, dated as of December 6, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Loan Guaranty”), Concrete Pumping Holdings, Inc. (formerly known as Concrete Pumping
Holdings Acquisition Corp.), a Delaware corporation (“Holdings”), Concrete Pumping Intermediate Acquisition
Corp., a Delaware corporation (“Intermediate Holdings”), Industrea Acquisition Corp., a Delaware corporation
(“Buyer”), the Subsidiary Parties (as defined below) from time to time party thereto (Holdings, Intermediate
Holdings and the Subsidiary Parties, collectively, the “Loan Guarantors”, and each, a “Loan Guarantor”)
and the Administrative Agent. All capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Loan Guaranty.

 

[Each] [The] New Subsidiary,
for the benefit of the Secured Parties, hereby agrees as follows:

 

1.          [Each]
[The] New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, [each] [the] New Subsidiary
will be, and be deemed to be, a Loan Guarantor under the Loan Guaranty and a Loan Guarantor for all purposes of the Term Loan Agreement
and shall have all of the rights, benefits, duties and obligations of a Loan Guarantor thereunder as if it had executed the Loan
Guaranty. [Each] [The] New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions
and conditions contained in the Loan Guaranty. Without limiting the generality of the foregoing terms of this paragraph 1,
[each] [the] New Subsidiary hereby absolutely and unconditionally guarantees, jointly and severally with the other Loan Guarantors,
to the Administrative Agent and the Secured Parties, the prompt payment of the Guaranteed Obligations in full when due (whether
at stated maturity, upon acceleration or otherwise) to the extent of and in accordance with the Loan Guaranty.

 

2.          [Each]
[The] New Subsidiary hereby waives acceptance by the Administrative Agent and the Secured Parties of the guaranty by the New Subsidiary
upon the execution of this Agreement by [each] [the] New Subsidiary.

 

3.          [Each]
[The] New Subsidiary hereby (x) makes, as of the date hereof, the representation and warranty set forth in Section 2.10
of the Loan Guaranty[, except as set forth on Schedule A hereto,]1
and (y) agrees to perform and observe, and to cause each of its Restricted Subsidiaries to perform and observe, the covenant set
forth in Section 2.11 of the Loan Guaranty.

 

4.          From
and after the execution and delivery hereof by the parties hereto, this Agreement shall constitute a “Loan Document”
for all purposes of the Term Loan Agreement and the other Loan Documents.

 

5.          This
Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but
all of which shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement
by facsimile or by email or other electronic transmission as a “.pdf” or “.tif” attachment shall be effective
as delivery of a manually executed counterpart of this Agreement.

 

 

1
Subject to Section 5.12(c)(x) of the Term Loan Agreement.

 

    	 	B-1	 

     

    

 

6.          THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK.

 

[Signature Page Follows]

 

    	 	B-2	 

     

    

 

IN WITNESS WHEREOF,
[each] [the] New Subsidiary has caused this Agreement to be duly executed by its authorized officer, as of the day and year first
above written.

 

	 	[NEW SUBSIDIARY]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	B-3	 

     

    

 

[SCHEDULE A

CERTAIN EXCEPTIONS]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]