Document:

EX-4.2

 Exhibit 4.2 

TRIUMPH BANCORP, INC. 

FIRST SUPPLEMENTAL INDENTURE 

dated as of September 30, 2016 

to the Indenture 
 dated
as of September 30, 2016 
 6.50% Fixed-to-Floating Rate Subordinated Notes due 2026 

Wells Fargo Bank, National Association, as Trustee 

FIRST SUPPLEMENTAL INDENTURE 
 THIS FIRST
SUPPLEMENTAL INDENTURE (“First Supplemental Indenture”), dated as of September 30, 2016 is between Triumph Bancorp, Inc., a Texas corporation (the “Company”), and Wells Fargo Bank, National Association, a national
banking association organized under the laws of the United States, not in its individual capacity but solely as trustee (“Trustee”). 

RECITALS 
 WHEREAS, the Company and
the Trustee have executed and delivered an Indenture, dated as of September 30, 2016 (the “Base Indenture” and as supplemented by this First Supplemental Indenture and further supplemented from time to time, the
“Indenture”), to provide for the issuance from time to time by the Company of its unsecured subordinated indebtedness to be issued in one or more series as provided in the Indenture; 

WHEREAS, the issuance and sale of Fifty Million Dollars ($50,000,000) aggregate principal amount of a new series of Securities of the Company
designated as its 6.50% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “Notes”) have been authorized by resolutions adopted by the Board of Directors of the Company, the Finance Committee of the Board of Directors of the
Company, and the Chief Executive Officer and Chief Financial Officer of the Company; 
 WHEREAS, the Company desires to issue and sell Fifty Million
Dollars ($50,000,000) aggregate principal amount of the Notes as of the date hereof; 
 WHEREAS, the Company desires to establish the terms of the
Notes; 
 WHEREAS, the Company acknowledges that all things necessary to make this First Supplemental Indenture a legal, binding and enforceable
instrument, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the legal, binding and enforceable obligations of the Company, in each case, in accordance with its terms and the terms of the Base
Indenture have been done; 
 WHEREAS, the Company has complied with all conditions precedent provided for in the Base Indenture relating to this
First Supplemental Indenture; and 
 WHEREAS, the Company has requested that the Trustee execute and deliver this First Supplemental Indenture. 

NOW, THEREFORE, for and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the
Trustee covenant and agree, for the equal and proportionate benefit of the Holders of the Notes, as follows: 
 ARTICLE I 

SCOPE OF FIRST SUPPLEMENTAL INDENTURE 
 Section
1.01. Scope. This First Supplemental Indenture constitutes a supplement to the Base Indenture and an integral part of the Indenture and shall be read together with the Base Indenture as though all the provisions thereof

  
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are contained in one instrument. Except as expressly amended by the First Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect.
Notwithstanding the foregoing, this First Supplemental Indenture shall only apply to the Notes. 
 ARTICLE II 

DEFINITIONS 
 Section 2.01. Definitions and
Other Provisions of General Application. For all purposes of this First Supplemental Indenture unless otherwise specified herein: 
 (a) all terms
used in this First Supplemental Indenture which are not otherwise defined herein shall have the meanings they are given in the Base Indenture; 
 (b) the
provisions of general application stated in Sections 102 through 115 of the Base Indenture shall apply to this First Supplemental Indenture, except that the words “herein,” “hereof,” “hereto” and
“hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to the Base Indenture or any particular Article, Section or other subdivision of the Base Indenture or this First
Supplemental Indenture; 
 (c) Section 101 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting the following
additional defined terms in their appropriate alphabetical positions: 
 “Calculation Agent” means Wells Fargo Bank,
National Association, or any other successor appointed by the Trustee, acting as calculation agent in accordance with Section 3.02(e)(iv). 

“Designated LIBOR Page” means the display on Reuters, or any successor service, on page LIBOR01, or any other page as may
replace that page on that service, for the purpose of displaying the London interbank rates for U.S. dollars. 
 “Federal
Reserve” has the meaning provided in the definition of “Tier 2 Capital Event.” 
 “Fixed Rate Interest Payment
Date” has the meaning provided in Section 3.02(e)(i). 
 “Fixed Rate Period” has the meaning provided in Section
3.02(e)(i). 
 “Fixed Rate Regular Record Date” has the meaning provided in Section 3.02(e)(i). 

“Floating Rate Interest Payment Date” has the meaning provided in Section 3.02(e)(ii). 

“Floating Rate Period” has the meaning provided in Section 3.02(e)(ii). 

“Floating Rate Regular Record Date” has the meaning provided in Section 3.02(e)(ii). 

“Interest Payment Date” has the meaning provided in Section 3.02(e)(ii). 

“Issue Date” means September 30, 2016. 

“London Banking Day” means any day on which commercial banks are open for business (including dealings in U.S. dollars) in
London. 
 “Representative Amount” has the meaning provided in the definition of “Three-Month LIBOR.” 

“Reset Rate Determination Date” means the second London Banking Day immediately preceding the first day of each applicable
interest period commencing on the first Floating Rate Interest Payment Date. 
 “Tax Event” shall mean the receipt by the
Company of an opinion of independent tax counsel to the effect that, as a result of (a) an amendment to, or change (including any announced prospective change) in, the 

  
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laws or any regulations of the United States or any political subdivision or taxing authority, or (b) any official administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change becomes effective or which pronouncement or decision is announced on or after the date of the issuance of the Notes, there is more than an insubstantial risk that the interest payable on the Notes is
not, or within 90 days of receipt of such opinion of tax counsel, will not be, deductible by the Company, in whole or in part, for U.S. federal income tax purposes. 

“TBK Bank” shall mean TBK Bank, SSB, a Texas state savings bank. 

“Tier 2 Capital Event” shall mean the receipt by the Company of an opinion of independent bank regulatory counsel to the
effect that, as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any rules, guidelines or policies of an applicable regulatory authority for
the Company or (b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of
original issuance of the Notes, the Notes do not constitute, or within 90 days of the date of such opinion will not constitute, Tier 2 capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital
adequacy guidelines of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) (or any successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the
Company that would preclude the Notes from being included as Tier 2 capital. 
 “Three-Month LIBOR” means, for any interest
period, the offered rate for deposits in U.S. dollars having a maturity of three months that appears on the Designated LIBOR Page as of 11:00 a.m., London time, on the Reset Rate Determination Date related to such interest period. If such rate does
not appear on such page at such time, then the Calculation Agent will request the principal London office of each of four major reference banks in the London interbank market, selected by the Company for this purpose and whose names and contact
information will be provided by the Company to the Calculation Agent, to provide such bank’s offered quotation to prime banks in the London interbank market for deposits in U.S. dollars with a term of three months as of 11:00 a.m., London time,
on such Reset Rate Determination Date and in a principal amount equal to an amount for a single transaction in U.S. dollars in the relevant market at the relevant time as determined by the Company and provided to the Calculation Agent (a
“Representative Amount”). If at least two such quotations are so provided, Three-Month LIBOR for the interest period related to such Reset Rate Determination Date will be the arithmetic mean of such quotations. If fewer than two
such quotations are provided, the Calculation Agent will request each of three major banks in the City of New York selected by the Company for this purpose and whose names and contact information will be provided by the Company to the Calculation
Agent, to provide such bank’s rate for loans in U.S. dollars to leading European banks with a term of three months as of approximately 11:00 a.m., New York City time, on such Reset Rate Determination Date and in a Representative Amount. If at
least two such rates are so provided, Three-Month LIBOR for the interest period related to such Reset Rate Determination Date will be the arithmetic mean of such quotations. If fewer than two such rates are so provided, then Three-Month LIBOR for
the interest period related to such Reset Rate Determination Date will be set to equal the Three-Month LIBOR for the immediately preceding interest period or, in the case of the interest period commencing on the first Floating Rate Interest Payment
Date, 1.155%. All percentages used in or resulting from any calculation of Three-Month LIBOR will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%. Notwithstanding the
foregoing, in the event that Three-Month LIBOR as determined in accordance with this definition is less than zero, Three-Month LIBOR for such interest period shall be deemed to be zero. 

(d) Section 101 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by replacing the corresponding defined term in the Base
Indenture with the following defined terms: 
 “Senior Debt” means the principal, premium, if any, unpaid interest
(including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company whether or not a claim for post-filing interest is allowed in such proceeding), fees, charges, expenses, reimbursement
and indemnification obligations, and all other amounts payable under or in respect of the following 

  
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indebtedness of the Company for money borrowed, whether any such indebtedness exists as of the date of the Indenture or is created, incurred, assumed or guaranteed after such date: (i) any debt
(a) for money borrowed by the Company, or (b) evidenced by a bond, note, debenture, or similar instrument (including purchase money obligations) given in connection with the acquisition of any business, property or assets, whether by purchase,
merger, consolidation or otherwise, but shall not include any account payable or other obligation created or assumed in the ordinary course of business in connection with the obtaining of materials or services, or (c) which is a direct or indirect
obligation which arises as a result of banker’s acceptances or bank letters of credit issued to secure obligations of the Company, or to secure the payment of revenue bonds issued for the benefit of the Company whether contingent or otherwise;
(ii) the obligation of the Company as lessee under any lease of property which is reflected on the Company’s balance sheet as a capitalized lease; (iii) obligations to general and trade creditors; (iv) an obligation arising from direct credit
substitutes; (v) any obligation associated with derivative products such as interest and foreign exchange rate contracts, commodity contracts and similar arrangements; (vi) all obligations of the type referred to in the foregoing of other Persons
for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise, whether or not classified as a liability on a balance sheet prepared in accordance with accounting principles generally accepted in the United States;
and (vii) any deferral, amendment, renewal, extension, supplement or refunding of any liability of the kind described in any of the foregoing. Senior Debt excludes: (w) any such indebtedness, obligation or liability referred to above as to
which, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such indebtedness, obligation or liability is not superior in right of payment to the Notes, or ranks pari passu with the
Notes; (x) any such indebtedness, obligation or liability which is subordinated to indebtedness of the Company to substantially the same extent as or to a greater extent than the Notes are subordinated; (y) any indebtedness to a subsidiary of the
Company; and (z) the Notes. Notwithstanding the foregoing, and for the avoidance of doubt, if the Federal Reserve (or other competent regulatory agency or authority) promulgates any rule or issues any interpretation that defines general
creditor(s), the main purpose of which is to establish criteria for determining whether the subordinated debt of a financial or bank holding company is to be included in its capital, then the term “general creditors” as used herein will
have the meaning as described in that rule or interpretation. 
 ARTICLE III 

FORM AND TERMS OF THE Notes 
 Section 3.01.
Form and Dating. 
 (a) The Notes shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf of
the Company by its Chairman of the Board, its Chief Executive Officer, Chief Financial Officer, its President, one of its Executive Vice Presidents, one of its Senior Vice Presidents, one of its Vice Presidents or its Treasurer, attested by its
Secretary or one of its Assistant Secretaries. The Notes may have a legend or legends or endorsements as may be required to comply with any law or with any rules of any securities exchange or usage. The Notes shall be dated the date of their
authentication. 
 (b) The terms contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this
First Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this First Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 3.02. Terms of the Notes. The following terms relating to the Notes are hereby established: 

(a) Title. The Notes shall constitute a series of Securities having the title “Triumph Bancorp, Inc. 6.50% Fixed-to-Floating Rate
Subordinated Notes due 2026” and the CUSIP number 89679E AA0. 
 (b) Principal Amount. The aggregate principal amount of the Notes that may
be authenticated and delivered under the Indenture, as amended hereby, shall be Fifty Million Dollars ($50,000,000) on the Issue Date. Provided that no Event of Default has occurred and is continuing with respect to the Notes, the Company may,
from time to time, without notice to or the consent of the holders of the Notes, create and issue further notes ranking equally with the Notes and with identical terms in all respects (or in all respects except for the offering price, the payment of
interest 

  
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accruing prior to the issue date of such further notes or except for the first payment of interest following the issue date of such further notes) in order that such further notes may be
consolidated and form a single series with the Notes and have the same terms as to status, redemption or otherwise as the Notes; provided however, that a separate CUSIP number will be issued for any such additional notes unless such additional notes
are fungible with the Notes for U.S. federal income tax purposes, subject to the procedures of the DTC. 
 (c) Person to Whom Interest is
Payable. Interest payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the Person in whose name the Notes are registered for such interest at the close of business on the 15th day of the month immediately preceding the applicable Interest Payment Date, whether or not such day is a Business Day. Any such interest which is payable, but not so punctually paid or duly
provided for on any Interest Payment Date shall cease to be payable to the Holder on such relevant record date by virtue of having been a Holder on such date, and such defaulted interest may be paid by the Company to the Person in whose name the
Note is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Company, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such special
record date that complies with Section 307 of the Base Indenture, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be
required by such exchange and in compliance with the Base Indenture. However, interest that is paid on the Maturity Date will be paid to the person to whom the principal will be payable. 

(d) Maturity Date. The entire outstanding Principal of the Notes shall be payable on September 30, 2026. 

(e) Interest. 
 (i) The Notes will bear
interest at a fixed rate of 6.50% per annum from and including September 30, 2016 to, but excluding, September 30, 2021 (the “Fixed Rate Period”), or earlier redemption. Interest accrued on the Notes during the Fixed Rate
Period will be payable semi-annually in arrears on March 30 and September 30 of each year, commencing on March 30, 2017 (each such date a “Fixed Rate Interest Payment Date”) through but excluding the maturity date or the
date of earlier redemption. The interest payable during the Fixed Rate Period will be paid to each holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) of the month immediately
preceding the applicable Fixed Rate Interest Payment Date (each such date, a “Fixed Rate Regular Record Date”). 
 (ii) The
Notes will bear a floating interest rate from and including September 30, 2021 to the Maturity Date or Redemption Date (the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest rate for any
Floating Rate Period shall be equal to Three-Month LIBOR plus 5.345%. During the Floating Rate Period, interest on the Notes will be payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year commencing on
September 30, 2021 through the Maturity Date or Redemption Date (each such date, a “Floating Rate Interest Payment Date”, together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”). The interest
payable during the Floating Rate Period will be paid to each holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) of the month immediately preceding the applicable Floating Rate
Interest Payment Date (each such date, a “Floating Rate Regular Record Date”). 
 (iii) The amount of interest payable on
any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months up to, but excluding September 30, 2021, and, the amount of interest payable on any Floating Rate
Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and the number of days actually elapsed. In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a
Business Day, then payment of interest payable on such Interest Payment Date will be paid on the next succeeding day which is a Business Day (any payment made on such date will be treated as being made on the date that the payment was first due and
no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next
succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day will
include interest accrued to but excluding such Business Day. Dollar amounts resulting from interest calculations will be rounded to the nearest cent, with one-half cent being rounded upward. 

  
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 (iv) The Company agrees that for so long as any of the Notes are outstanding there will at all
times be an agent appointed to calculate Three-Month LIBOR in respect of each Floating Rate Period (the “Calculation Agent”). The calculation of Three-Month LIBOR for each applicable Floating Rate Period by the Calculation Agent
will (in the absence of manifest error) be final and binding. The Calculation Agent shall have all the rights, protections and indemnities afforded to the Trustee under the Base Indenture and hereunder. The Company hereby appoints Wells
Fargo Bank, National Association, as Calculation Agent for the purposes of determining Three-Month LIBOR for each Floating Interest Period and Wells Fargo Bank, National Association accepts the appointment. The Calculation Agent may be removed
by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Company, the Company will promptly appoint a replacement Calculation Agent, which does not control or is not controlled
by or under common control with the Company or its Affiliates. The Calculation Agent may not resign its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent has not been appointed by the Company and
such successor accepted such position within 30 days after the giving of notice of resignation by the Calculation Agent, the resigning Calculation Agent may petition, at the expense of the Company, any court of competent jurisdiction for the
appointment of a successor Trustee with respect to such series. The Calculation Agent’s calculation of the amount of any interest payable after the first Reset Rate Determination Date will be maintained on file at the Calculation Agent’s
principal offices. 
 (f) Place of Payment of Principal and Interest. So long as the Notes shall be issued in global form, the Company shall
make, or cause the Paying Agent to make, all payments of principal and interest on the Notes by wire transfer in immediately available funds to DTC or its nominee, in accordance with applicable procedures of DTC. If the Notes are not in global form,
the Company, may, at its option, make, or cause the Paying Agent to make, payments of principal and interest on the Notes by check mailed to the address of the Person specified for payment in accordance with Section 3.02(e)(i) and (e)(ii) above. A
global security with respect to the Notes shall be exchangeable for physical securities of such series only if: 
  

	 	•	 	DTC is at any time unwilling or unable or ineligible to continue as a depository or ceases to be a clearing agency registered under the Exchange Act and a successor depository is not appointed by the Company within 90
days of the date the Company is so notified in writing; 

  

	 	•	 	The Company executes and delivers to the Trustee a Company Order to the effect that such global securities shall be so exchangeable (and the Trustee consents thereto); or 

 

	 	•	 	An Event of Default has occurred and is continuing with respect to the global securities and a Holder requests such exchange. 

(g) Redemption. The Notes shall be redeemable, in each case, in whole or in part from time to time, at the option of the Company prior to the
Maturity Date beginning with the Interest Payment Date on September 30, 2021, but not prior thereto, and on any Interest Payment Date thereafter subject to obtaining the prior approval of the Federal Reserve to the extent such approval is required
under the rules of the Federal Reserve. The Notes may not otherwise be redeemed prior to the Maturity Date, except that the Company may, at its option, redeem the Notes before the Maturity Date in whole but not in part from time to time, upon
the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.). Any such redemption will be at a
Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date fixed by the Company. The provisions of Article Eleven of the Base Indenture shall apply to
any redemption of the Notes pursuant to this Section 3. Any partial redemption will be made in accordance with DTC’s applicable procedures among all of the Holders of the Notes. If any Note is to be redeemed in part only, the notice of
redemption relating to such Note shall state that it is a partial redemption and the portion of the principal amount thereof to be redeemed. The Notes are not subject to redemption or prepayment at the option of the Holders. 

(h) Sinking Fund. There shall be no sinking fund for the Notes. 

  
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 (i) Denomination. The Notes and any beneficial interest in the Notes shall be in minimum
denominations of $1,000 and integral multiples of $1,000 in excess thereof. 
 (j) Currency of the Notes. The Notes shall be denominated, and
payment of principal and interest of the Notes shall be payable in, the currency of the United States of America. 
 (k) Acceleration. Neither
the Trustee nor the Holders of the Notes shall have the right to accelerate the maturity of the Notes unless there is an Event of Default specified under clause (5) or (6) Section 501 (as amended herein) of the Base Indenture. If an Event of Default
specified in clause (5) or (6) of Section 501 (as amended herein) of the Base Indenture occurs, then the principal amount of all the Notes, together with any premium, Make-Whole Amount, accrued and unpaid interest and Additional Amounts, if any,
thereon, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable in accordance with the provisions of Section 502 of the Base Indenture. 

(l) Stated Maturity. The principal of the Notes shall be payable on September 30, 2026 subject to acceleration as provided under the Indenture.

 (m) Registered Form. The Notes shall be issuable as registered global Securities, and DTC (or any successor thereto or successor depository
appointed by the Company within 90 days of the termination of services of DTC) shall be the depository for the Notes. 
 (n) Additional Event of
Default. In addition to the Events of Default provided for in Section 501 of the Base Indenture, an Event of Default shall occur with respect to the Notes in the event that a court of competent jurisdiction enters an order or decree under
any Bankruptcy Law that appoints a Custodian for the Company’s principal banking subsidiary (which, for the avoidance of doubt, as of the date of this First Supplemental Indenture, is TBK Bank). Such Event of Default shall be treated for
all purposes under the Indenture as if it were an Event of Default under Section 501(6) of the Base Indenture. 
 (o) Acceleration of Maturity,
Rescission and Annulment. Section 502 of the Base Indenture shall apply to the Notes, except that the first paragraph thereof shall be substituted with the following: 

“If an Event of Default under clause (5) or (6) of Section 501, then the principal amount of all the Notes, together with any premium, Make-Whole Amount,
accrued and unpaid interest and Additional Amounts, if any, thereon, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. The Maturity of the Notes shall
not otherwise be accelerated as a result of an Event of Default.” 
 (p) Ranking. The Notes shall rank junior to and shall be subordinated
to all Senior Debt of the Company, whether existing as of the date of this First Supplemental Indenture, or hereafter issued or incurred, including all indebtedness relating to money owed to general creditors and trade creditors. By their
terms, the Company’s Floating Rate Junior Subordinated Notes due 2035, Floating Rate Junior Subordinated Note due 2037, Junior Subordinated Debt Securities due July 7, 2036 and Unsecured Junior Subordinated Deferrable Interest Notes due
September 15, 2033 rank junior and are subordinated to the notes. Subject to the terms of the Base Indenture, if the Trustee or any holder of any of the Notes receives any payment or distribution of the Company’s assets in contravention of the
subordination provisions applicable to the Notes before all Senior Debt is paid in full in cash, property or securities, including by way of set-off or any such payment or distribution that may be payable or deliverable by reason of the payment of
any other indebtedness of the Company being subordinated to the payment of the Notes, then such payment or distribution will be held in trust for the benefit of holders of Senior Debt or their representatives to the extent necessary to make payment
in full in cash or payment satisfactory to the holders of Senior Debt of all unpaid Senior Debt. 
 (q) No Collateral. The Notes shall not be
entitled to the benefit of any security interest in, or collateralization by, any rights, property or interest of the Company. 
 (r) Satisfaction and
Discharge. Article IV of the Base Indenture shall apply to the Notes. 
 (s) Additional Terms. Other terms applicable to the Notes
are as otherwise provided for in the Base Indenture, as supplemented by this First Supplemental Indenture. 

  
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 ARTICLE IV 

ADDITIONAL PROVISIONS 
 Section 4.01.
Additional Provisions.
 (a) Section 106 of the Base Indenture shall apply to the Notes, provided that, with respect to the Notes, the following text
shall be deemed to be inserted at the end of such Section: “Any notices required to be given to Holders will also be given to the Trustee.” 
 (b)
Section 901 of the Base Indenture shall apply to the Notes, provided that, with respect to the Notes, the following text shall be deemed to be inserted at the end of such Section: 

“Not in limitation of the foregoing, without the consent of any Holder of Notes, the Company and the Trustee may amend or supplement the
Indenture or the Notes to conform the terms of the Indenture and the Notes to the description of the Notes in the prospectus supplement dated September 30, 2016 relating to the offering of the Notes.” 

ARTICLE V 
 MISCELLANEOUS 

Section 5.01. Trust Indenture Act. This First Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to
be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision of this First Supplemental Indenture limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is required
under such act to be a part of and govern this First Supplemental Indenture, the latter provision shall control. 
 Section 5.02. Communications by
Holders with Other Holders. Holders of Notes may communicate pursuant to TIA Section 312(b) with other Holders of Notes with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else
shall have the protection of TIA Section 312(c). 
 SECTION 5.02. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS FIRST
SUPPLEMENTAL INDENTURE AND THE NOTES. 
 Section 5.03. Duplicate Originals. The parties may execute any number of counterparts of this First
Supplemental Indenture. Each executed copy shall be an original, but all of them together represent the same agreement. 
 Section 5.04.
Severability. In case any provision in this First Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. 
 Section 5.05. Ratification. The Base Indenture, as supplemented and amended by this First Supplemental Indenture, is in all
respects ratified and confirmed. The Base Indenture and this First Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this First Supplemental Indenture supersede any
conflicting provisions included in the Base Indenture unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this First Supplemental Indenture, and agrees to perform the same upon the terms
and conditions of the Base Indenture, as supplemented by this First Supplemental Indenture. 

  
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 Section 5.06. Effectiveness. The provisions of this First Supplemental Indenture shall become
effective as of the date hereof. 
 Section 5.07. Successors. All agreements of the Company in this First Supplemental Indenture shall bind its
successors. All agreements of the Trustee in this First Supplemental Indenture shall bind its successors. 
 Section 5.08. Indenture and Notes
Solely Corporate Obligations. No recourse will be available for the payment of principal of, or interest or any additional amounts on, any Note, for any claim based thereon, or otherwise in respect thereof, against any of the Trustee, any
shareholder, employee, officer or director, as such, past, present or future, of Triumph or of any successor entity; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this First Supplemental Indenture and the issue of the Notes. 
 Section 5.09. Trustee’s
Disclaimer. The recitals contained herein shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect
of the validity or sufficiency of this First Supplemental Indenture, the Notes, or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. 

Section 5.10. U.S.A. PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act the Trustee, like
all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an
account with the Trustee. The parties to this First Supplemental Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 

[Remainder of page intentionally left blank.] 

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

			
	TRIUMPH BANCORP, INC.
		
	By:	 	 /s/ Aaron P. Graft

	Name:	 	Aaron P. Graft
	Title:	 	President and Chief Executive Officer

  

			
	 Attest

		
	 By:
	 	 /s/ Adam D. Nelson

	 Name:
	 	 Adam D. Nelson

	 Title:
	 	 General Counsel

  
 [Signature Page to
First Supplemental Indenture] 

 
			
	 Wells Fargo Bank, National Association,

as Trustee

		
	By:	 	 /s/ Patrick T. Giordano

	Name:	 	Patrick T. Giordano
	Title:	 	Vice President

  
 [Signature Page to
First Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 See
attached. 

 THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY (AS DEFINED HEREIN) AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS
WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION, AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO THE SENIOR DEBT (AS
DEFINED IN THE INDENTURE IDENTIFIED HEREIN). 
 GLOBAL NOTE 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF
THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
 UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR
THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

 TRIUMPH BANCORP, INC. 

6.50% Fixed-to-Floating Rate Subordinated Notes due 2026 
  

			
	No. 1	  	CUSIP: 89679E AA0
		  	ISIN: US89679EAA01
	$50,000,000	  	

 Triumph Bancorp, Inc., a Texas corporation (hereinafter called the “Company,” which term includes any
successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of $50,000,000 (or such other amount as set forth in the Schedule of
Increases or Decreases in Global Note attached hereto) on September 30, 2026 (such date is hereinafter referred to as the “Stated Maturity Date”), unless redeemed prior to such date, and to pay interest thereon (i) from, and
including, September 30, 2016, to, but excluding, September 30, 2021, unless redeemed prior to such date, at a rate of 6.50% per annum, semi-annually in arrears on March 30 and September 30 of each year, commencing March 30, 2017 (each
such date, a “Fixed Rate Interest Payment Date,” with the period from, and including, September 30, 2016 to, but excluding, the first Fixed Rate Interest Payment Date and each successive period from, and including, a Fixed Rate
Interest Payment Date to, but excluding, the next Fixed Rate Interest Payment Date being a “Fixed Rate Period”) and (ii) from, and including, September 30, 2021 to, but excluding, the Stated Maturity Date, unless redeemed subsequent
to September 30, 2021 but prior to the Stated Maturity Date, at a rate equal to Three-month LIBOR, reset quarterly, plus 5.345%, payable quarterly in arrears on March 30, June 30, September 30, and December 30 of each year through the Stated
Maturity Date or earlier redemption date (each, a “Floating Rate Interest Payment Date,” and together with the Fixed Rate Interest Payment Dates, the “Interest Payment Dates,” with the period from, and including,
September 30, 2021 to, but excluding, the first Floating Rate Interest Payment Date and each successive period from, and including a Floating Rate Interest Payment Date to, but excluding, the next Floating Rate Interest Payment Date being a
“Floating Rate Period”). The amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months up to, but excluding
September 30, 2021, and, the amount of interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and the number of days actually elapsed. In the event that any
scheduled Interest Payment Date for this Note falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be paid on the next succeeding day which is a Business Day (any payment made on such date
will be treated as being made on the date that the payment was first due and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date); provided, that in the event that any scheduled Floating Rate
Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day,
and, in each such case, the amounts payable on such Business Day will include interest accrued to but excluding such Business Day. All percentages used in or resulting from any calculation of Three-month LIBOR shall be rounded, if necessary, to the
nearest one hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%. 
 Payment of the principal of and interest on this Note will
be made at the office or agency of the Company maintained for that purpose, which shall initially be the Corporate Trust Office of the Trustee, in such currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Remainder of this page intentionally left blank. Signature page follows.] 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized
officer. 
  

			
	TRIUMPH BANCORP, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein and referred to in the within-mentioned Indenture. 

Date of authentication:                  

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 REVERSE OF NOTE 

TRIUMPH BANCORP, INC. 

6.50% Fixed-to-Floating Rate Subordinated Notes due 2026 

This Note is one of a duly authorized issue of Securities of the Company of a series designated as the “Triumph Bancorp, Inc. 6.50% Fixed-to-Floating
Rate Subordinated Notes due 2026” (herein called the “Notes”) initially issued in an aggregate principal amount of $50,000,000 on September 30, 2016. Such series of Securities has been established pursuant to, and is one of an
indefinite number of series of subordinated debt securities of the Company issued or issuable under and pursuant to the Indenture, dated as of September 30, 2016 (the “Base Indenture”), between the Company and Wells Fargo Bank,
National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee), as supplemented and amended by the First Supplemental Indenture between the Company and the Trustee, dated as of September
30, 2016 (the “First Supplemental Indenture,” and the Base Indenture as supplemented and amended by the First Supplemental Indenture, the “Indenture”), to which Indenture and any other indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Persons in whose names Notes are registered from time to time and of the terms
upon which the Notes are, and are to be, authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended
(the “Trust Indenture Act”), and those set forth in this Note. To the extent that the terms, conditions and provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and
other provisions of this Note shall govern to the extent that such terms, conditions and other provisions of this Note are not inconsistent with the terms, conditions and provisions made part of the Indenture by reference to the Trust Indenture Act.

 All capitalized terms used in this Note and not defined herein that are defined in the Indenture shall have the meanings assigned to them in the
Indenture. To the extent that any capitalized term used in this Note and defined herein is also defined in the Indenture but conflicts with the definition provided in the Indenture, the definition of the capitalized term in this Note shall control.

 The indebtedness of the Company evidenced by the Notes, including the principal thereof, premium, if any, Additional Amounts, if any, and interest
thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Debt, whether outstanding at the date hereof or hereafter incurred, and on the terms and
subject to the terms and conditions set forth in the Indenture, and shall rank pari passu in right of payment with all other Securities and with all other unsecured subordinated indebtedness of the Company and not by its terms subordinate and
subject in right of payment to the prior payment in full of debentures, notes, bonds or other evidences of indebtedness of types that include the Notes. Each Holder of this Note, by the acceptance hereof, agrees to and shall be bound by such
provisions of the Indenture and authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided. 

The Notes are intended to be treated as Tier 2 capital (or its then-equivalent if the Company were subject to such capital requirement) for purposes of
capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction over bank holding companies) (the “Federal Reserve”) as then in effect and applicable to
the Company. If an Event of Default with respect to Notes shall occur and be continuing, the principal and interest owed on the Notes shall only become due and payable in accordance with the terms and conditions set forth in Article Five of the Base
Indenture and Section 3.02(k) and (o) of the First Supplemental Indenture. Accordingly, the Holder of this Note has no right to accelerate the maturity of this Note in the event that the Company fails to pay interest on any of the Notes, or fails
to perform any other obligations under the Notes or in the Indenture that are applicable to the Notes. 
 The Company may, at its option, redeem the
Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest (the “Redemption Price”) to but excluding, the date of redemption (the
“Redemption Date”), on any Interest Payment Date on or after September 30, 2021. The Company may also, at its option, redeem the Notes before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a
Tier 2 Capital Event, a Tax Event or if the Company is required to 

 
register as an investment company pursuant to the Investment Company Act of 1940, as amended. Any such redemption will be at a redemption price equal to the Redemption Price to, but excluding,
the Redemption Date fixed by the Company. No redemption of the Notes by the Company prior to the Stated Maturity Date shall be made without the prior approval of the Federal Reserve if such prior approval is or will be required at the scheduled
Redemption Date. The provisions of Article Eleven of the Base Indenture and Section 3.02(g) of the First Supplemental Indenture shall apply to the redemption of any Notes by the Company. 

The Notes are not entitled to the benefit of any sinking fund. The Notes are not convertible into or exchangeable for any other securities or property of the
Company or any Subsidiary of the Company. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of at least a majority in principal amount of the Outstanding Notes. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note. 
 As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registrable in the Register described in Section 305 of the Base Indenture, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and
interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form without coupons in minimum denominations of $1,000 and any integral multiples of $1,000 in excess thereof. 

The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Security is a global note, represented by one or more permanent global certificates registered in the name of the nominee of The Depository Trust
Company (each a “Global Note” and collectively, the “Global Notes”). Accordingly, unless and until it is exchanged for individual certificates, this Note may not be transferred except as a whole by The Depository
Trust Company (the “Depositary”) to a nominee of such Depositary or by a nominee of such Depositary or by the Depositary or any nominee to a successor Depositary or any nominee of such successor. Ownership of beneficial interests in
this Security will be shown on, and the transfer of that ownership will be effected only through, records maintained by the applicable Depositary or its nominee (with respect to interest of persons that have accounts with the Depositary
(“Participants”)) and the records of Participants (with respect to interests of persons other than Participants). Beneficial interests in Notes owned by persons that hold through Participants will be evidenced only by, and transfers
of such beneficial interests with such Participants will be effected only through, records maintained by such Participants. Except as provided below, owners of beneficial interests in this Note will not be entitled to have any individual
certificates and will not be considered the owners or Holders thereof under the Indenture. 
 Except in the limited circumstances set forth in the
Base Indenture, Participants and owners of beneficial interests in the Global Notes will not be entitled to receive Notes in the form of Individual Securities and will not be considered Holders of Notes. None of the Company, the Trustee, the
Registrar, the Paying Agent or any of their respective agents will be liable for any delay by the Depositary, its nominee or any direct or indirect Participant in identifying the beneficial owners of the related Notes. The Company, the Trustee, the
Registrar, the Paying Agent and each of their respective agents may conclusively rely on, and will be protected in relying on, instructions from the Depositary or its nominee for all purposes, including with respect to the registration and delivery,
and the respective principal amounts, of the Notes to be issued. 

 Except as provided in Section 3.02 of the First Supplemental Indenture, beneficial owners of Global Notes will
not be entitled to receive physical delivery of Notes in the form of Individual Securities, and no Global Note will be exchangeable except for another Global Note of like denomination and tenor to be registered in the name of the Depositary or its
nominee. Accordingly, each person owning a beneficial interest in a Global Note must rely on the procedures of the Depositary and, if such person is not a Participant, on the procedures of the Participant through which such person owns its interest,
to exercise any rights of a Holder under the Notes. 
 The laws of some jurisdictions may require that certain purchasers of securities take physical
delivery of those securities in definitive form. Accordingly, the ability to transfer interests in the Notes represented by a Global Note to those persons may be limited. In addition, because the Depositary can act only on behalf of its
Participants, who in turn act on behalf of persons who hold interests through Participants, the ability of a person having an interest in Notes represented by a Global Note to pledge or transfer such interest to persons or entities that do not
participate in the Depositary’s system, or otherwise to take actions in respect of such interest, may be affected by the lack of a physical definitive security in respect of such interest. None of the Company, the Trustee, the Paying Agent and
the Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of Notes by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to the
Notes. 
 The Trustee will act as the Company’s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at 150
East 42nd Street, 40th Floor, New York, NY 10017. The Company may at any time rescind the designation of a Paying Agent, appoint a successor
Paying Agent, or approve a change in the office through which any Paying Agent acts. 
 Notices to the Holders of registered Notes in the form of Individual
Securities will be given to such Holders at their respective addresses in the Register, or in the case of Global Notes, electronic delivery in accordance with DTC’s applicable procedures. The Indenture contains provisions setting forth certain
conditions to the institution of proceedings by the Holders of Notes with respect to the Indenture or for any remedy under the Indenture. 
 THIS NOTE IS
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

 ASSIGNMENT FORM 

To assign the within Security, fill in the form below: I or we assign and transfer the within Security to: 

 

					
		 	  
	 	
		 	(Insert assignee’s legal name)	 	
			
		 	  
	 	
		 	(Insert assignee’s social security or tax I.D. number)	 	
			
		 	  
	 	
		 	(Print or type assignee’s name, address and zip code)	 	

 and irrevocably appoint the Trustee as agent to transfer this Security on the books of Triumph Bancorp, Inc.. The agent may
substitute another to act for it. 
  

	
	Your Signature:
	
	(Sign exactly as your name appears on the other side of this Security)
	
	Your Name:
	
	Date:
	
	Signature Guarantee:

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $50,000,000. The following increases or decreases in the principal amount of this Global Note have been
made: 
  

																	
	 Date
	  	Amount of
decrease in
principal amount
of this
Global Note	 	  	Amount of
increase in
principal amount
of this
Global Note	 	  	Principal
amount
of this
Global Note
following such
decrease
or increase	 	  	Signature of
authorized
signatory of
TrusteeEX-10.1

 Exhibit 10.1 
  

 
 EXECUTIVE EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT and an ancillary agreement to be effective simultaneously herewith entitled “Confidentiality,
Non-Competition and Non-Solicitation Agreement” (the “Confidentiality Agreement”), a copy of which is attached hereto as Attachment A, and incorporated herein by reference for all purposes, (this agreement and the Confidentiality
Agreement being hereinafter collectively referred to as “this Agreement”) is entered into effective as of October 1, 2016 (the “Effective Date”), by and between Powell Industries, Inc. and its affiliates (the “Company”)
and Brett A. Cope (“Executive”). 
 WHEREAS, the Company desires to employ the Executive as President & Chief Executive
Officer of the Company from and after the Effective Date until such date as his employment shall end pursuant to the terms and conditions contained herein; and 

WHEREAS, Executive desires to be employed by the Company in such position pursuant to the terms and conditions contained herein; 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
  

	I.	EMPLOYMENT TERM. 

 The term of this Agreement shall commence on the Effective Date and
expire at the earlier of: 
 a.    The last day of the month in which the Executive reaches age 65, in
which case, unless the parties agree otherwise, Executive’s employment shall continue at will and shall be terminable by either party, for any reason, in which event the executive shall be entitled to the severance benefits provided for under
Section V.B; or 
 b.    The date Executive’s employment terminates subject to the provisions of
this Agreement regarding termination, resignation or retirement. 
 Executive and the Company acknowledge that the employment relationship
provided herein may be terminated at any time, upon written notice to the other party for any reason, at the option of either the Company or Executive. However, as provided in this Agreement, Executive may be entitled to certain severance
benefits depending upon the circumstances of Executive’s termination of employment. The period Executive is employed by the Company under this Agreement is referred to herein as the “Employment Term.” 

 

	II.	CERTAIN DEFINITIONS 

 A.    “Accrued Rights” shall
mean: 
 1.    Executive’s earned, but unpaid compensation, to include base salary, vehicle
allowance, short term incentive and long term incentive compensation through the date of termination; 

2.    Reimbursement, within sixty (60) days following submission by Executive to the Company of appropriate
supporting documentation, for any unreimbursed reasonable business expenses properly incurred by Executive in the performance of Executive’s duties in accordance with the Company’s expense reimbursement policy prior to the date of
Executive’s termination, provided claims for such reimbursement (accompanied by appropriate supporting documentation) are submitted to the Company within ninety (90) days following the date such expenses were incurred and within thirty (30)
days following Executive’s termination; and 

 3.    Such Employee Benefits, if any, as to which Executive
may be entitled under the terms of the employee benefit plans of the Company. 
 B.    “Cause” shall
mean: 
 1.    Executive’s conviction of (or plea of nolo contendere to) a felony; 

2.    Executive’s dishonesty, theft, embezzlement or fraud with respect to the business, property,
reputation or affairs of the Company; 
 3.    Executive’s willful violation of the Company’s
Business Code of Conduct and Business Ethics and/or any other of the Company’s employment, personnel, safety or other policies as now exist or as may hereafter be amended; 

4.    Executive’s having committed any material violation of any federal or state law regulating
securities (without having relied on the advice of the Company’s attorney or outside auditor) or having been the subject of any final order, judicial or administrative, obtained or issued by the Securities and Exchange Commission, or any
regulatory authority having jurisdiction over the Company’s securities for any securities violation involving fraud, including, without limitation, any such order consented to by Executive in which findings of facts or any legal conclusions
establishing liability are neither admitted nor denied; 
 5.    Executive’s willful and continued
failure to devote substantially all of his business time to the Company’s business affairs (excluding failures due to illness, incapacity, vacations, incidental civic activities and incidental personal time); or 

6.    Executive’s unauthorized disclosure of confidential information of the Company that is
materially injurious to the Company. 
 Notwithstanding the above, however, and except with regard to the events described in
subparagraph (1) above, Cause shall not exist with respect to any matter unless the Company gives the Executive written notice of such matter within ninety (90) days of the date the Company knew of its occurrence. Such notice shall specify with
reasonable particularity the acts, events or conditions which are claimed to constitute Cause. If the Company fails to give such notice timely, the Company shall be deemed to have waived its right to terminate Executive for Cause with respect
to such matter. 
 Upon receipt of the notice described above, Executive shall have thirty (30) days to (i) cure or correct
the acts, event or conditions specified in the notice, (ii) commence Executive’s best efforts to cure or correct the event constituting such and continue such efforts until the act, event or condition is cured; or (iii) if applicable, provide
the Company with written evidence or documentation that the acts or events claimed to constitute Cause did not occur, or were not performed or omitted by Executive, or otherwise do not constitute Cause as described in this Agreement. 

For purposes of this definition, no act, or failure to act, on Executive’s part shall be deemed “willful” unless
done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of the Company. 

C.    “Change of Control” shall mean any of the following: 

1.    any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), (other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any affiliate, or any corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company), acquires “beneficial ownership” (within the meaning of Rule 13d-3 under the 

 
Exchange Act) of securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities; provided, however, that if the Company engages
in a merger or consolidation in which the Company or surviving entity in such merger or consolidation becomes a subsidiary of another entity, then references to the Company’s then outstanding securities shall be deemed to refer to the
outstanding securities of such parent entity; 
 2.    a change in the composition of the Board, as a
result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either (i) are directors of the Company as of the Effective Date, or (ii) are elected, or nominated for
election, to the Board with the affirmative votes of at least two-thirds of the Incumbent Directors at the time of such election or nomination, but Incumbent Director shall not include an individual whose election or nomination occurs as a result of
either (1) an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or (2) an actual or threatened solicitation of proxies or consents by or on behalf of a person other
than the Board of Directors of the Company; 
 3.    the consummation of a merger or consolidation of the
Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity (or if the surviving entity is or shall become a subsidiary of another entity, then such parent entity) more than 50% of the combined voting power of the voting securities of the Company (or such
surviving entity or parent entity, as the case may be) outstanding immediately after such merger or consolidation; 

4.    the stockholders of the Company approve a plan of complete liquidation of the Company; or 

5.    the sale or disposition (other than a pledge or similar encumbrance) by the Company of all or
substantially all of the assets of the Company other than to a subsidiary or subsidiaries of the Company. 

D.    “Date of Termination” shall mean the date the Notice of Termination is given unless such Notice of
Termination is by Executive in which event the Date of Termination shall not be less than 30 days following the date the Notice of Termination is given. Further, a Notice of Termination given by Executive due to a Good Reason event that is
corrected by the Company before the Date of Termination shall be void. 
 E.    “Disability” shall mean
that Executive: (i) is unable to perform the essential functions of Executive’s job title and duties by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, provided that Executive or his representative has provided the Company with certification of such disability from a licensed physician or other medical services provider acceptable to the
Company in its sole discretion; (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan or disability insurance policy covering employees of the Company; or (iii) is determined by the Social Security Administration to be
disabled.
 F.    “Good Reason” shall mean: 

1.    a material reduction in Executive’s authority, duties or responsibilities or the assignment to
Executive of duties or responsibilities inconsistent in any material respect from those of Executive in effect immediately prior to the change; 

2.    a material reduction of Executive’s compensation and benefits (determined as of the action or
determined cumulatively over time) , including, without limitation, annual base salary, targeted short-term incentive compensation, targeted long-term incentive compensation, and equity incentive opportunities, from those in effect immediately prior
to the change; 

 3.    the Company fails to obtain a written agreement from
any successor or assigns of the Company to assume and perform this Agreement as provided in Section VI.I hereof; 

4.    the Company requires Executive, without Executive’s consent, to be based at any office located
more than 50 miles from the Company’s offices to which Executive was based immediately prior to the Change of Control, except for travel reasonably required in the performance of Executive’s duties; or 

5.    the Company’s breach of a material term of this Agreement. 

Notwithstanding the above, however, Good Reason shall not exist with respect to any matter unless the Executive gives the
Company written notice of such matter within ninety (90) days of the date the Executive knew or reasonably should have known of its occurrence. Such notice shall specify with reasonable particularity, the acts, events or conditions which are
claimed to constitute Good Reason. If the Executive fails to give such notice timely, the Executive shall be deemed to have waived Executive’s right to resign for Good Reason with respect to such matter. 

Upon receipt of the notice described above, the Company shall have sixty (60) days to (i) cure or correct the acts, event or
conditions specified in the notice, (ii) commence the Company’s best efforts to cure or corrects the event constituting such and continue such efforts until the act, event or condition is cured; or (iii) if applicable, provide the Executive
with written evidence or documentation that the acts or events claimed to constitute Good Reason did not occur, or otherwise do not constitute Good Reason as described in this Agreement. 

For purposes of this Agreement, “Good Reason” shall be construed to refer to Executive’s positions, duties, and
responsibilities in the position or positions in which Executive was serving before any event as described in subparagraphs (1) through (5) above, which shall not include titles or positions with subsidiaries and affiliates of the Company that are
held primarily for administrative convenience. 
 “Good Reason” shall also include any of the foregoing acts or
omissions by a successor in interest to the Company as referenced in Sections II.C(3), (4) or (5) above. 

G.    “Notice of Termination” shall mean a written notice delivered to the other party indicating the
specific termination provision in this Agreement relied upon for termination of Executive’s employment which shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s
employment under the provision so indicated. For the purpose, termination of Executive’s employment shall be interpreted consistent with the meaning of the term “Separation from Service” in Section 409A(a)(2)(A)(i) of the
Internal Revenue Code of 1986, as amended (the “Code”) and applicable regulation authority. 

H.    “Poor Performance” shall mean Executive’s willful and continued failure to perform
substantially the duties of Executive’s position after a written demand for substantial performance is delivered to him which specifically identifies the nature of such unacceptable performance, and which is not cured by Executive within a
reasonable period, not to exceed sixty (60) days. For purposes of the definition in of “Poor Performance” as used herein, no act, or failure to act, on Executive’s part shall be deemed “willful” unless done, or omitted
to be done, by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of the Company. 

I.    “Protected Period” shall mean the 36-month period beginning on the effective date of a Change of
Control. 
 J.    “Retirement” shall mean Executive has reached 62 years of age (“normal
retirement”) or age 60 with at least five (5) years of active service (“early retirement”); provided, however that Executive cannot be required to retire and must consent in writing to any Retirement. 

K.    “Severance Period” shall mean the time period during which the Executive receives salary
continuation benefits following a termination of employment by the Company for Poor Performance as described in Section V.C Without Cause or Resignation by Executive for Good Reason either prior to a Change in Control as described Section V.D or
after a Change in Control as described in Section V.E. 

 L.    “Targeted STIC” shall mean the targeted value of
Executive’s annual Short Term Incentive Compensation opportunity for the year in which the Date of Termination occurs, or the target value in place prior to a material reduction in compensation, or the fiscal year immediately preceding a
Change of Control whichever is a greater amount. 
 M.    “Targeted LTIC” shall mean the targeted value
of Executive’s annual Long Term Incentive Compensation opportunity for the year in which the Date of Termination occurs, or the target value in place prior to a material reduction in compensation, or the fiscal year immediately preceding a
Change of Control, whichever is a greater amount. 
 N.    “Termination Base Salary” shall be the
greater of, the Executive’s base salary at the rate in effect at the time the Notice of Termination, or the Executive’s base salary in place prior to a material reduction in compensation, or the Executive’s base salary in effect
immediately prior to a Change of Control. 
  

	III.	POSITION. 

 A.    During the Employment Term, Executive shall serve
as the Company’s President & Chief Executive Officer. In such position, Executive shall report to Board of Directors and shall have the authority, responsibilities, and duties reasonably accorded to, expected of and consistent with
Executive’s position, as may be assigned to Executive. The Executive’s principal place of employment shall be the principal offices of the Company currently located in Houston; provided, however, that Executive
understands and agrees that Executive will be required to travel from time to time for business reasons. 
 B.    During
the Employment Term, Executive shall devote his full business time, attention and efforts to the performance of Executive’s duties hereunder and will not engage in any other activity (for compensation or otherwise without written notice to, and
the written consent of the Board of Directors of the Company (the “Board”)) which, in the good faith opinion of the Board, could, either individually or in the aggregate, reasonably be expected to conflict or interfere with or otherwise
adversely affect the rendition of such performance either directly or indirectly. The foregoing limitations shall not be construed as prohibiting Executive from making personal investments in such form or manner as will neither require
Executive’s services in the operation or affairs of the companies or businesses in which such investments are made nor violate the terms of this Agreement hereof or otherwise conflict or interfere with Executive’s responsibilities to the
Company; provided, however, that Executive agrees he will not join any boards (other than community and civic boards which do not interfere with his duties to the Company) without the prior written approval of the Board. 

 

	IV.	COMPENSATION. 

 A.    Base Salary. The Company shall pay
Executive a base salary at the annual rate of $495,000 payable in accordance with the Company’s payroll practices for similarly situated executives (the “Base Salary”). Executive’s Base Salary shall be subject to review
annually by and at the sole discretion of the Compensation Committee of the Board (the “Compensation Committee”). 

B.    Short Term Incentive Compensation Award. For each fiscal year (“Fiscal Year”) of the Company
during the Employment Term, Executive shall be given the opportunity to earn an annual Short Term Incentive Compensation Award (the “STIC Award”). Executive’s annual Short Term Incentive Compensation opportunity for each Fiscal
Year ending during the Employment Term shall be set by the Compensation Committee, in its sole discretion. The actual STIC Award payable to Executive with respect to a Fiscal Year shall be dependent upon the achievement of performance
objectives established by the Compensation Committee for such Fiscal Year and may be greater or less than the Short Term Incentive Compensation opportunity depending on performance objective results. The Compensation Committee shall also have
the sole right to determine whether Executive may be entitled to a discretionary bonus at any time and to determine the criteria to be considered in making such decision. Except as otherwise provided in this Agreement, the payment of STIC Award
shall be at the same time as Short Term Incentive Compensation Awards are paid to other similar executives of the Company. 

 C.    Long Term Incentive Compensation Award. During the
Employment Term, Executive shall be shall be given the opportunity to earn an annual Long Term Incentive Compensation Award (the “Target LTIC Award”) under the Company’s Equity Incentive Plan (the “Equity Plan”), as
modified, amended or replaced from time to time. Executive’s annual Targeted Long Term Incentive Compensation Award for each Fiscal Year during the Employment Term shall be set by the Compensation Committee, in its sole
discretion. The actual LTIC Award payable to Executive with respect to a Fiscal Year shall be dependent upon the achievement of performance objectives established by the Compensation Committee for such Fiscal Year and may be greater or less
than the Target Long Term Incentive Compensation opportunity depending on performance objective results. Except as otherwise provided in this Agreement, the payment of LTIC Award shall be at the same time as Long Term Incentive Compensation
Awards are paid to other similar executives of the Company. 
 D.    Employee Benefits. During the
Employment Term, Executive shall be eligible to participate in the Company’s employee benefit plans as in effect from time to time (collectively, “Employee Benefits”) on the same basis as such employee benefit plans are generally made
available to other comparable executives of the Company. 
 E.    Vacation. Executive shall be entitled to
four (4) weeks of annual vacation leave for each Fiscal Year during which Executive is employed (prorated for Executive’s initial year, if not a full year). Such leave shall be administered in accordance with the
Company’s vacation policy. 
 F.    Automobile Allowance. During the Employment Term, Executive shall
be entitled to an automobile allowance of $2,000 per month paid in accordance with the Company’s normal payroll practices. 

G.    Business Expenses. During the Employment Term, reasonable business expenses incurred by Executive in the
performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with the Company’s expense reimbursement policy. 
  

	V.	TERMINATION OF EMPLOYMENT. 

 Executive shall not have a “termination of
employment” for purposes of this Agreement unless such termination constitutes a “separation from service” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the applicable Treasury Regulations
thereunder (the “Code”). Notwithstanding any other provision of this Agreement, the provisions of this Section V shall exclusively govern Executive’s rights upon termination of employment with the Company and its affiliates. 

A.    By the Company for Cause or Resignation by Executive Without Good Reason. 

1.    The Employment Term and Executive’s employment hereunder may be terminated by the Company for
Cause or by Executive’s resignation without Good Reason. 
 2.    If Executive’s employment is
terminated by the Company for Cause, or if Executive resigns without Good Reason, then, subject to the further terms of this Agreement, Executive shall be entitled to receive: 

a.    The Accrued Rights (refer to Section II.A) 

B.    Retirement, Disability or Death. 

1.    The Employment Term and Executive’s employment hereunder shall terminate upon Executive’s
Retirement, Disability or Death; provided, however, that if Executive retires under circumstances that would constitute “Good Reason”, Executive shall be deemed to have terminated for “Good Reason” and be entitled to the
applicable rights and benefits provided in this agreement. 
 2.    Upon termination of Executive’s
employment hereunder for either Retirement, Disability or Death, then Executive or Executive’s estate (as the case may be) shall be entitled to receive the following: 

 a.    The Accrued Rights (refer to Section II.A); and 

b.    A prorated portion of the Targeted STIC for the current Fiscal Year, prorated based on the percentage
of the current Fiscal Year that shall have elapsed through the date of termination; and 
 c.    With
respect to any outstanding equity-based awards, whether “time-based” or “performance-based” vesting (including, but not limited to, any unvested options, restricted stock, restricted stock units, and performance share units) such
outstanding awards shall immediately vest; and 
 d.    In the event of termination for Disability or
Death, an amount, paid on the first business day of each month, equal to 100% of the applicable monthly COBRA premium under the Company’s group health plan, continued for the lesser of (i) twelve (12) months or (ii) until such COBRA coverage
for Executive terminates. 
 C.    By the Company for Poor Performance.

1.    The Employment Term and Executive’s employment hereunder may be terminated by the Company for
Poor Performance. 
 2.    If Executive’s Employment is terminated by the Company for Poor
Performance then Executive shall be entitled to receive from the Company the following: 
 a.    The
Accrued Rights (refer to Section II.A); 
 b.    Continued payment of Executive’s Termination Base
Salary for twelve (12) months (the “Severance Period”) following the date of such termination, payable in accordance with the Company’s normal payroll practices as in effect on the date of termination; 

c.    With respect to any outstanding unvested equity-based awards, whether “time-based” or
“performance-based” vesting (including, but not limited to, any unvested options, restricted stock, restricted stock units, and performance share units) such outstanding unvested awards shall be forfeited; and 

d.    An amount, paid on the first business day of each month equal to one hundred percent (100%) of the
applicable COBRA premium under the Company’s group health plan, continued for the lesser of (1) twelve (12) months from the date of termination of Executive’s employment; or (2) the date on which Executive qualifies for health insurance as
a result of employment by or association with a subsequent employer. 
 D.    By the Company Without Cause and not
for Poor Performance or Resignation by Executive for Good Reason Prior to a Change in Control.

1.    The Employment Term and Executive’s employment hereunder may be terminated by the Company
without Cause or by Executive’s resignation for Good Reason. 
 2.    If Executive’s employment
is terminated by the Company without Cause (and other than by reason of Executive’s death or Disability) or if Executive resigns for Good Reason, then Executive shall be entitled to receive from the Company the following: 

a.    The Accrued Rights (refer to Section II.A); 

b.    Continued payment of Executive’s Termination Base Salary for twenty-four (24) months (the
“Severance Period”) following the date of such termination, payable in accordance with the Company’s normal payroll practices as in effect on the date of termination; 

 c.    An amount equal to one (1) times the Target Short Term
Incentive Compensation of Executive for the Fiscal Year in which Executive’s employment terminates, which amount shall be payable in one (1) installment due six (6) months after the date of Executive’s termination of employment; 

d.    With respect to any outstanding equity-based awards, whether “time-based” or
“performance-based” vesting (including, but not limited to, any unvested options, restricted stock, restricted stock units, and performance share units) such outstanding awards shall immediately vest. 

e.    An amount, paid on the first business day of each month, equal to 100% of the applicable monthly
COBRA premium under the Company’s group health plan, continued for the lesser of (i) eighteen (18) months from the date of termination of Executive’s employment or (ii) the date on which Executive qualifies for health insurance as a result
of employment by or association with a subsequent employer.; 
 f.    Outplacement services for twelve
(12) months from the termination date or until Executive obtains substantially comparable employment (as determined by the Company), whichever is shorter. Such outplacement services shall be commensurate with Executive’s position and
reasonable in amount, but not to exceed $25,000; and 
 g.    Notwithstanding anything in this Agreement
to the contrary, if Executive is a “disqualified individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Section V.D of this Agreement, together with any other payments and benefits which
Executive has the right to receive from the Company or any other person, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement shall be either
(a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Executive from the Company and/or such person(s) will be $1.00 less than three (3) times Executive’s “base amount” (as defined
in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better “net
after-tax position” to Executive (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if applicable, shall be made by reducing,
first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through
to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. The determination as to whether any such reduction in the amount of the payments and benefits
provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the
Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds $1.00 less than three (3) times Executive’s base amount, then Executive shall immediately repay such excess to the Company upon notification that
an overpayment has been made. Nothing in this paragraph shall require the Company to be responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under Section 4999 of the Code. 

E.    By the Company Without Cause and Not for Poor Performance or Resignation by Executive for Good Reason During the
Protected Period Following a Change in Control.
 1.    Upon the effective date of a Change in
Control during the Employment Term, all of Executive’s unvested incentive, performance and equity-based awards (including, but not limited to, any 

 
unvested options, restricted stock, performance, and phantom share units under the Company’s equity incentive plan or any other equity plan subsequently adopted by the Company) granted to
Executive after the Effective Date shall vest in full. 
 2.    If Executive’s employment is
terminated by the Company without Cause (and other than by reason of Poor Performance or Executive’s death or Disability) or if Executive resigns for Good Reason during the Protected Period immediately following a Change in Control, then
Executive shall be entitled to receive from the Company (in lieu of any other severance payments or benefits under this Agreement), the following: 

a.    The Accrued Rights (refer to Section II.A); 

b.    Continued payment of Executive’s Termination Base Salary for thirty-six (36) months
(“Severance Period”) following the date of such termination, payable in accordance with the Company’s normal payroll practices as in effect on the date of termination; 

c.    An amount equal to two (2) times the Targeted Short Term Incentive Compensation of Executive for the
Fiscal Year in which Executive’s employment terminates; which amount shall be payable in one (1) installment due six (6) months after the date of Executive’s termination of employment; 

d.    With respect to any outstanding equity-based awards, whether “time-based” or
“performance-based” vesting (including, but not limited to, any unvested options, restricted stock, restricted stock units, and performance share units) such outstanding awards shall immediately vest. 

e.    An amount, paid on the first business day of each month, equal to 100% of the applicable monthly
COBRA premium under the Company’s group health plan, continued for the lesser of (i) eighteen (18) months from the date of termination of Executive’s employment or (ii) the date on which Executive qualifies for health insurance as a
result of employment by or association with a subsequent employer; 
 f.    Outplacement services for
twelve (12) months from Executive’s termination date or until Executive obtains substantially comparable employment (as determined by the Company), whichever is shorter. Such outplacement services shall be commensurate with
Executive’s position and reasonable in amount, but not to exceed $25,000; and 
 g.    
Notwithstanding anything in this Agreement to the contrary, if Executive is a “disqualified individual” (as defined in Section 280G(c) of the IRS Code), and the payments and benefits provided for in this Section V.E of this Agreement,
together with any other payments and benefits which Executive has the right to receive from the Company or any other person, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and
benefits provided for in this Agreement shall be treated in accordance with Section V.D.(2)(g) of this Agreement. 
 Notwithstanding
anything in this Agreement to the contrary, if within the 6-month period immediately prior to the effective date of a Change in Control, Executive’s employment with the Company is (i) terminated by the Company without Cause (and other than by
reason of Poor Performance or Executive’s death or Disability) or (ii) Executive resigns for Good Reason, then Executive shall be deemed to have had his employment with the Company terminated during the Protected Period. He therefore
shall be entitled to an additional cash payment (i.e., additional to the payment he would have already been entitled to receive pursuant to Sections V.D.2.b and c of this Agreement) equal to the positive difference between the value of his
benefits under Sections V.D.2.b and c and the value of his benefits under Sections V.E.2.b, c and g. 
 F.    Notice
of Termination. Any purported termination of employment by the Company or by Executive (other than due to Executive’s death) shall be communicated by written Notice of Termination to the other

 
party hereto in accordance with the notice provisions hereof. With respect to any termination of employment by Executive, such notice of termination shall be communicated to the Company at
least thirty (30) days prior to such termination.
 G.    Officer/Board Resignation. Upon termination of
Executive’s employment for any reason, Executive shall be deemed hereby to have resigned, effective as of the date of such termination and to the extent applicable, from the Board (and any committees thereof) and as an officer of the Company
and the board of directors (and any committees thereof) and as an officer of any and all of the Company’s affiliates. As a condition to receipt of the severance benefits described herein, Executive agrees to provide written confirmation of
such resignations to the Company. 
 H.    Waiver and Release. Notwithstanding any other provisions of this
Agreement to the contrary, unless expressly waived, in writing, by the Compensation Committee of the Board, in its sole discretion, the Company shall not make or provide, and Executive shall not be entitled to receive, any severance payments or
benefits provided under this Agreement, other than the Accrued Rights, unless (i) within fifty (50) days from the date on which Executive’s employment is terminated, Executive (or his estate) executes and delivers to the Company a general
release (which shall be provided by the Company not later than five (5) days from the date on which Executive’s employment is terminated and be substantially in the form attached hereto as Attachment B, whereby Executive (or his estate or
legally appointed personal representative) releases the Company (and affiliates of the Company and other designated persons) from all employment based or related claims of Executive and all obligations of the Company to Executive other than with
respect to (x) the Company’s obligations to make and provide the severance payments and benefits as provided in this Agreement and (y) any vested benefits to which Executive is entitled under the terms of any Company benefit or equity plan, and
(ii) Executive does not revoke such release within any applicable revocation period following Executive’s delivery of the executed release to the Company. If the requirements of this Section are satisfied, then the severance payments and
benefits which Executive is otherwise entitled to receive under this Agreement shall begin or be made, as applicable, without interest, on the later of (i) the sixtieth (60th) day following the date on which Executive’s employment was
terminated or (ii) on the tenth (10th) business day after expiration of Executive’s right to revoke the release described in this section, provided that Executive does not revoke such release. If the requirements of this Section are not
satisfied by Executive (or his estate or legally appointed personal representative), then no severance payments or benefits, other than the Accrued Rights, shall be due Executive (or his estate) pursuant to this Agreement. 

I.    Compliance with IRC Section 409A.

1.    Notwithstanding anything in this Agreement to the contrary, if, at the time of Executive’s
termination of employment with the Company and its affiliates, Executive is a “specified employee,” as defined in Section 409A of the Code, and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a
result of such termination of employment is necessary in order to avoid the additional tax under Section 409A of the Code, then the Company will defer the payment or the commencement of any such payments or benefits hereunder (without any reduction
in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the
Code). Any payment amounts deferred pursuant to this Section will be accumulated and paid to Executive (without interest) in a lump sum and the balance of any remaining payments due Executive will be paid monthly or at such times as otherwise
provided herein. 
 2.    Any reimbursement of any costs and expenses by the Company to Executive under
this Agreement shall be made by the Company in no event later than the close of Executive’s taxable year following the taxable year in which the cost or expense is incurred by Executive. The expenses incurred by Executive in any calendar
year that are eligible for reimbursement under this Agreement shall not affect the expenses incurred by Executive in any other calendar year that are eligible for reimbursement hereunder and Executive’s right to receive any reimbursement
hereunder shall not be subject to liquidation or exchange for any other benefit. 
 3.    Each payment
that Executive may receive under this Agreement shall be treated as a “separate payment” for purposes of Section 409A of the Code. 

 4.    Except as provided in V.I.1, and notwithstanding
anything in this Agreement to the contrary, the payment of an Annual Bonus, Performance Award, cash incentive award or equity-based award due thereunder shall be paid in all events within 2 1⁄2 months after the end of the year in which such award (or prorated part) first becomes “vested,” within the meaning of Section 409A of the Code. 

5.    To the extent that Section 409A of the Code applies to any terms or conditions of this Agreement,
such terms and conditions shall be interpreted in a manner that is consistent with Section 409A of the Code. 
  

	VI.	MISCELLANEOUS. 

 A.    Agreement Ancillary to Other
Agreements. This Agreement is ancillary to and part of other agreements between the Company and Executive including, the Confidentiality Agreement and the Company’s agreements to: (i) disclose, and to continue to disclose its
Confidential Information and Trade Secrets to Executive; (ii) provide initial and continued training, education and development to Executive; (iii) provide Executive with Confidential Information and Trade Secrets about, and the opportunity to
develop relationships with, Company’s employees, Customers and Suppliers, and employees and agents of its Customers and Suppliers. 

B.    Governing Law/Venue. This Agreement shall be governed by and construed in accordance with the laws of
the State of Texas, without regard to conflict of laws principles thereof. Each party to this Agreement hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts in Houston, Texas, for the purposes of any
proceeding arising out of or based upon this Agreement. 
 C.    Arbitration. Any dispute, claim or
controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof shall be determined by arbitration in Houston, Harris County, Texas before one arbitrator. The arbitration
shall be administered by the American Arbitration Association pursuant to its rules for the resolution of employment disputes, and the following provisions: 

1.    Unless otherwise ordered by the arbitrator, limited discovery consisting of one (1) deposition of
each party and each expert; not more than fifteen (15) requests for production of documents; and not more than ten (10) interrogatories. 

2.    Subject to applicable law, the arbitrator may award attorneys’ fees and the costs of arbitration
to the prevailing party. 
 3.    Anything herein to the contrary notwithstanding, either party shall
have the right to seek and obtain injunctive relief to prevent a threatened breach of this Agreement, including the Confidentiality Agreement. 

D.    Other Agreements.

1.    The Confidentiality Agreement attached hereto as Attachment A is an integral part of this Agreement,
and this Agreement shall not become effective unless and until Executive has executed both this Agreement and the Confidentiality Agreement. A default under or breach of the Confidentiality Agreement shall constitute a breach of this
Agreement. In addition to any and all other remedies available to Company, in the event of a breach of or default under this Agreement, or in the event that the Company obtains any form of equitable relief, order or injunction, whether
temporary or permanent, for the enforcement of any of the provisions of this Agreement or the Confidentiality Agreement, the Company shall be entitled to recover, and the Executive (or his estate) shall be obligated to repay and return to the
Company, upon written demand therefore, an amount equal to all severance or other benefits paid to, or on behalf of, the Executive (or his estate) pursuant to the provisions of this Agreement (other than the Accrued Rights) on or after the date
of termination of Executive’s employment.
 2.    In the event of a conflict between the rights and
benefits granted by this agreement, and those granted under any other incentive, stock option, stock grant or similar plan or agreement (with the exception of the “Executive Severance Protection Plan” referred to below), Executive shall be
entitled to the rights and benefits described in this agreement. 

 E.    Prior Agreements. The terms of this Agreement and the
Confidentiality Agreement referred to herein contain the entire understanding and agreement of the parties with respect to the employment of Executive by the Company and the termination of such employment. 

F.    No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any
occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

G.    Severability. In the event that any one or more of the provisions of this Agreement shall be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 

H.    Assignment. Neither this Agreement nor any of Executive’s rights and duties hereunder, shall be
assignable or delegable by Executive. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Company to a person
or entity which is an affiliate or a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such
affiliate or successor person or entity. 
 I.    Successor Agreement. At, or simultaneously with, a Change
of Control (as described in this Agreement), the Company will require any successor to all or substantially all of the business and/or assets of the Company (whether direct or indirect, and whether by purchase, merger, consolidation or otherwise) to
expressly assume and agree, in writing, to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the successor to so assume this Agreement
shall constitute “Good Reason as defined in Section I.F of this Agreement. 
 J.    Notices. For the
purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given on the earlier of (i) the date that such notice is delivered by hand or overnight courier
or (ii) three (3) days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either party may have
furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
  

			
	IF TO THE COMPANY:	  	Powell Industries, Inc.
		  	Attention: Chief Human Resources Officer
		  	8550 Mosley Road
		  	Houston, Texas 77075
		
	IF TO EXECUTIVE:	  	Brett A. Cope
		  	15711 Frio Springs Lane
		  	Cypress, TX 77429

 K.    Prior Employment. The Company has employed Executive for
Executive’s general skills, management abilities and experience in the Company’s Business (as defined in the Confidentiality Agreement referred to herein). Executive acknowledges that Executive has been specifically instructed not to
bring, disclose or use in any fashion any confidential information, trade secrets, proprietary information, data or technology, nor any confidential pricing information, belonging to any prior employer. In no event is Executive authorized to
use or disclose any such information to the Company or any of its employees.

 L.    Executive’s Representations. Executive hereby
represents to the Company that (i) all confidential information, trade secrets or proprietary information, data or technology, belonging to any prior employer, including those that might have been contained on Executive’s personal computer,
cell phone or other electronic communications or storage device have been returned and/or deleted in accordance with any policy of or agreement with Executive’s prior employer and (ii) the execution and delivery of this Agreement by Executive
and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or
otherwise bound. 
 M.    Reimbursement of Legal Expenses. The Company shall reimburse Executive for
reasonable and customary fees charged by Executive’s attorney to provide legal counsel review and defense concerning this Agreement, not exceed $10,000. 

N.    Cooperation. Executive shall provide Executive’s reasonable cooperation in connection with any
action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder. Executive shall be entitled to reimbursement for reasonable and customary expenses incurred for
purposes of cooperating in any action or proceeding pursuant to this Section. This provision shall survive any termination of this Agreement. 

O.    Indemnification. Executive shall be indemnified by the Company against liability as an officer and
director of the Company and any subsidiary or affiliate of the Company to the maximum extent permitted by the Company’s bylaws by applicable law or by any indemnity agreement heretofore or hereafter executed between the Company and
Executive. Executive’s rights under this Section shall continue so long as Executive maybe subject to such liability, whether or not this Agreement may have terminated prior thereto. The Company will insure Executive, for the duration
of his employment with the Company and thereafter with respect to his acts and omissions occurring during such employment, under a contract of director and officer liability insurance to the same extent as such insurance insures members of the
Board. 
 P.    Withholding of Taxes. The Company may withhold from any amounts or benefits payable under
this Agreement all taxes it may be required to withhold pursuant to any applicable law or regulation. 

Q.    Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. 
 R.    Survival. The
provisions of this Agreement, together with the provisions of the Confidentiality, Non-Competition and Non-Solicitation Agreement, attached and part of this Agreement as Schedule A, shall each survive the termination of Executive’s employment,
regardless of how such termination is caused. 

 IN WITNESS WHEREOF, THE PARTIES HERETO HAVE DULY EXECUTED THIS AGREEMENT EFFECTIVE FOR ALL
PURPOSES AS OF THE EFFECTIVE DATE. 
  

			
	BY EXECUTIVE:
	
	     /s/ Brett A. Cope

	Brett A. Cope
	
	Date: September 29, 2016
	
	BY POWELL INDUSTRIES, INC.:
	
	     /s/ Thomas W. Powell

	Thomas W. Powell
	Chairman of the Board
		
	Date:	 	September 29, 2016

					
		 	

	  	ATTACHMENT A

 CONFIDENTIALITY, NON-COMPETITION AND 

NON-SOLICITATION AGREEMENT 

This Confidentiality, Non-Competition and Non-Solicitation Agreement (“this Agreement”) is entered into between Powell Industries,
Inc., on behalf of itself, and any and all of its subsidiaries, affiliates or successors (all of whom are hereinafter collectively referred to as “Company”) and Brett A. Cope (“Executive”) in connection with and ancillary to an
Executive Employment Agreement (the “Employment Agreement”) being entered into between the Company and Executive of even date herewith. 
  

	I.	Nondisclosure of Confidential Information and Trade Secrets 

A.    Company’s Agreements. During the course of Executive’s employment by the Company, the Company
agrees: (i) to provide Executive with specialized training and continuing training and development regarding its products, services, methods, systems and operations; (ii) to provide Executive with access to its Confidential Information and
Trade Secrets (as defined herein); and (iii) to provide Executive with Confidential Information and Trade Secrets about, and the opportunity to develop close relationships with the Company’s management personnel, employees, Customers (as
defined herein), Suppliers (as defined herein) and the employees, agents and representatives of Customers and Suppliers. 

B.    Company’s Business. Company is engaged in the highly competitive business of the design,
manufacture and packaging of equipment and systems for the distribution, control, generation and management of electrical and other power sources (all of which is hereinafter collectively referred to as the “Company’s
Business”). Executive acknowledges that because of the highly competitive nature of the Company’s Business, the use and protection of the Company’s Confidential Information and Trade Secrets as defined in this Agreement is
critical to the Company’s continued successful operation and business and is an essential element of this Agreement. 

C.    Definition of Confidential Information and Trade Secrets. Confidential Information and Trade Secrets, as
used in this Agreement, includes, but is not limited to, written, electronic, oral and visual information relating to:

1.    Lists of, and all information about, each person or entity to which Company has sold, or made a
proposal to sell any products, goods, services or equipment which comprise any part of the Company’s Business (all of which are hereinafter collectively referred to as “Customers”); 

2.    Lists of, and all information about, each person or entity from which the Company has acquired
equipment, inventory, components, products or services used by the Company to design, manufacture, fabricate, sell or deliver any of the products or services which comprise the Company’s Business (all of which are hereinafter collectively
referred to as Supplier; 
 3.    All Customer contact information, which includes information about the
identity and location of individuals with decision-making authority and the particular preferences, needs or requirements of the Customer, or such individual, with respect to any of the products, goods, services or equipment which comprise any part
of the Company’s Business, and all information about the particular needs or requirements of Customers based on geographical, economic or other factors; 

4.    Financial information of any kind about Customers, including sales and purchase histories, trend
information about the growth or shrinking of a particular Customer’s needs, purchases or requirements; profit margins or markups, as well as all information about the costs and expenses which the Company incurs to provide products or services
to its Customers; 

 5.    The Company’s procedures, forms, methods, and
systems for marketing to Customers and potential customers including all of its Customer development techniques and procedures, including training and other internal manuals, forms and documents; 

6.    All Supplier contact information, which includes information about the identify and location of
individuals with decision-making authority and the particular capabilities, capacities, expertise, prices and/or schedules of such Suppliers; 

7.    All of the Company’s non-public business, expansion, marketing, development, financial or
budgeting plans, strategies, forecasts or proposals; 
 8.    All of the Company’s pricing and
hedging formulas, methodologies, practices and systems, including those based upon particular Customers, quantities, or geographic, seasonal, economic or other factors, including all information about the price, terms, quantities or conditions
of any products or services sold or furnished by the Company to its Customers; 
 9.    Technical
information about the Company, including designs, drawings, engineering and information regarding the configuration, assembly or contents of any of the Company’s products or any of its hardware, equipment, tools, machinery or other
manufacturing, fabrication or assembly devices or processes, or those of any of its Customers, consultants, vendors, suppliers, or any person or entity which provides manufacturing or fabrication services to the Company; 

10.    Any non-public financial information of any kind about the Company or its operations; 

11.    Information disclosed to the Company by third parties, concerning the Company’s products, goods
or services, bids or bidding processes, product or manufacturing specifications (except to the extent such information is publicly disclosed), contracts, procedures, or business practices; 

12.    Employee lists, phone numbers and addresses, pay rates, benefits and compensation packages, training
programs and manuals, and other confidential information regarding the Company’s personnel. 

D.    Confidential Information and Trade Secrets. Company and Executive agree that Confidential Information
and Trade Secrets includes current, updated and future data, information, reports, evaluations and analyses of Company, its financial performance and results, or its Executives, including their compensation, performance or evaluation, as well as
correspondence, proposals, contracts and other communications with, or financial, sales or other information about the Company’s Customers and Suppliers, and includes (i) those which are provided to Executive after the date hereof, (ii) those
which Executive creates, in whole or in part; (iii) those to which or for which Executive provides input or information; and (iv) those which Executive uses for the purpose of performing Executive’s duties for the Company or making decisions
relating to the Company’s Business, its Customers, Suppliers or employees. Anything to the contrary not withstanding, however, Confidential Information and Trade Secrets shall not include (i) general industry knowledge acquired by
Executive as a result of Executive’s prior employment, (ii) non-confidential information acquired by Executive from any prior employment, (iii) contact information about Customers, Suppliers and others with whom Executive dealt prior to
Executive’s employment with the Company; and (iv) any other information generally available to the public. 

E.    Protection of Confidential Information and Trade Secrets. During the term of Executive’s employment
and at all times thereafter, Executive will keep all Confidential Information and Trade Secrets in strict confidence and will not use or disclose any Confidential Information and Trade Secrets for any purpose other than the performance of
Executive’s duties for Company. Executive will not use any Confidential Information and Trade Secrets for the gain or benefit of any person or entity other than the Company or for Executive’s own personal gain or
benefit. Executive will not cause the transmission, removal or transport of Confidential Information and Trade Secrets from the Company’s premises except in accordance with the Company’s approved procedures and then only to the extent
necessary to perform Executive’s duties, while employed by the Company. Executive will not provide any information about the Company’s Executives to any competitor or recruiter.

	II.	Intellectual Property and Work Product. 

 A.    If Executive creates,
invents, designs, develops, contributes to or improves any Works, either alone or with third parties, at any time during Executive’s employment by the Company and within the scope of such employment and/or with the use of any the Company
resources (“Company Works”), Executive shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property
rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company. 

B.    Executive agrees to keep and maintain adequate and current written records (in the form of notes, sketches,
drawings, and any other form or media requested by the Company) of all Company Works. The records will be available to and remain the sole property and intellectual property of the Company at all times. 

C.    During the Employment Term, Executive shall take all requested actions and execute all requested documents
(including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or
registering any of the Company’s rights in the Prior Works and Company Works. If the Company is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby irrevocably designates
and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts in
connection with the foregoing. 
 D.    Executive shall not improperly use for the benefit of, bring to any premises of,
divulge, disclose, communicate, reveal, transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third party without the prior
written permission of such third party. Executive hereby indemnifies, holds harmless and agrees to defend the Company and its officers, directors, partners, employees, agents and representatives from any breach of the foregoing
covenant. Executive shall comply with all relevant policies and guidelines of the Company, including regarding the protection of confidential information and intellectual property and potential conflicts of interest. Executive acknowledges
that the Company may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current version. 
  

	III.	Non-Competition and Non-Solicitation of Customers 

A.    Non-Competition.

1.    So long as Executive is employed by the Company or one of its affiliates, and for the greater of (i)
one year from the date of the termination of Executive’s employment or (ii) the “Severance Period” as defined in Section II-I of the Executive’s Employment Agreement (collectively the “Restricted Period”), Executive
will not, whether on Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”),
directly or indirectly: 
  

	 	(a)	call upon, communicate with, solicit or assist in soliciting any Customer or Supplier, or any agent or employer of either, using any Confidential Information and Trade Secrets in any way; 

 

	 	(b)	participate in, work on or otherwise be involved in or with any project, contract, proposal, work, sale, bid or other undertaking (collectively “Project”), if Executive worked on, participated in, was
involved, or communicated with other employees of the Company, Customers, Suppliers or other third parties, with regard to any such Project during the six (6) months prior to the date of the termination of Executive’s employment.

 B.    Non-Solicitation.

1.    During the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf
of or in conjunction with any Person, directly or indirectly: 
  

	 	(a)	solicit or encourage any employee of the Company or its affiliates to leave the employment of the Company or its affiliates; or 

  

	 	(b)	hire any employee who was employed by the Company or its affiliates as of the date of Executive’s termination of employment with the Company or who left the employment of the Company or its affiliates coincident
with, or within one year prior to or after, the termination of Executive’s employment with the Company. 

2.    During the Restricted Period, Executive will not, directly or indirectly, solicit or encourage to
cease to work with the Company or its affiliates any consultant then under contract with the Company or its affiliates. 

3.    It is expressly understood and agreed that although Executive and the Company consider the
restrictions contained in this Section 3 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction
against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be
enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the
enforceability of any of the other restrictions contained herein. 
  

	IV.	Company Property 

 Executive also agrees that all (i) correspondence, proposals, notes,
reports, memoranda, records and files; (ii) plans, specifications, drawings, blueprints, and designs; (iii), training, service or other manuals; (iv) Customer or personnel lists or files, including mailing or contact lists; (v) computer software,
programs, disks or files; (vi) tools, materials or equipment; (vii) photographs, photostats, negatives, undeveloped film; (viii) tape or electronic recordings (ix) information contained on any electronic storage or communications device used by
Executive during Executive’s employment with the Company, including those furnished by the Company and those owned by Executive, and (x) any other documents or programs, whether compiled by Executive or other Executives of the Company, or its
contractors, vendors or consultants, and those which were made available to Executive while employed at the Company, which contain any Confidential Information and Trade Secrets or concern or describe any part of the Company’s Business,
Executive’s employment or the Company’s or Executive’s dealings, transactions or communications with any Customers (all of which is hereinafter collectively referred to as Company Information), are and shall remain the sole and
exclusive property of the Company. Executive agrees that this includes any Company Information contained on or within any personal computer, blackberry, cell phone, iPad, or any other telephonic or electronic communication or data storage
device, including those owned by Executive which were used during Executive’s employment with the Company (all of which are hereinafter collectively called Electronic Devices). At any time upon the Company’s request, and without
request upon termination of Executive’s employment, however such termination is caused, Executive will deliver to the Company any files, records, notes or other documents which were used during Executive’s employment with the Company or
which contain any Company Information. Executive will not keep in Executive’s possession nor disclose nor deliver to anyone else any Company Information whether in electronic, paper or any other format. 

 

	V.	Rights and Remedies Upon Breach 

 A.    If Executive breaches any of
the provisions of this Agreement, the Company will have all of the following rights and remedies, each of which shall be independent of the other and severally enforceable, and all of 

 
which shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity: (i) to have this Agreement specifically enforced by any
court of competent jurisdiction; (ii) to seek and obtain injunctive or other equitable relief of any kind, Executive hereby acknowledging and agreeing that any such breach or threatened breach will cause irreparable injury to the Company and that
monetary damages will not provide an adequate remedy to the Company; (iii) to require Executive to account for and pay over to the Company all compensation, profits, monies, or other benefits derived or received by Executive as a result of any act
or transaction constituting a breach of this Agreement. 
 B.    Executive agrees and stipulates that
in any action or claim brought by Executive or in any action or claim brought against Executive involving the provisions of this Agreement, Executive hereby expressly waives any claim or defense that the non-competition, non-solicitation and
non-disclosure covenants contained in this Agreement are unenforceable, void or voidable, for any reason, including, but not limited to, fraud, misrepresentation, illegality, failure of consideration, illusory contract, mistake, or any other legal
defense as to the validity or enforceability of this Agreement. 
 C.    In addition to any and all other remedies
available to Company, in the event of a breach of or default under this Agreement, or in the event that the Company obtains a judgment, which becomes final after the expiration of time for all appeals, that Executive has violated any of the
provisions of Section II or Section III of this Attachment A, the Company shall be entitled to recover, and the Executive (or his estate) shall be obligated to repay and return to the Company, upon written demand therefore, an amount equal to all
severance or other benefits paid to, or on behalf of, the Executive (or his estate) pursuant to the provisions of the Employment Agreement (other than the Accrued Rights) on or after the date of termination of Executive’s employment. 

 

	VI.	General Provisions 

 A.    Employment Agreement. The
Employment Agreement is an integral part of this Agreement, and this Agreement is an integral part of the Employment Agreement. A breach of or default under this Agreement shall constitute a material breach of the Employment Agreement;
provided, however, that none of the notice requirements of the Employment Agreement shall be applicable to any actual breach of this Agreement. 

B.    Other Agreements. To the extent that Executive has heretofore entered into an agreement with the Company
containing confidentiality, non disclosure, non competition and/or non-solicitation provisions, this Agreement shall constitute an amendment, modification and continuation of all such agreements and obligations, which shall be deemed to be modified
as provided herein. No modification of or amendment to this Agreement, nor any waiver of rights under this Agreement, shall be effective unless it is in writing and signed by both Executive and the Company. Any subsequent change or changes
in Executive’s duties, salary or compensation will not affect the validity or scope of this Agreement.

C.    Agreement Ancillary to Other Agreements. This Agreement is ancillary to and part of other agreements
between the Company and the Executive, including the Employment Agreement and the Company’s agreements to: (i) disclose, and to continue to disclose its Confidential Information and Trade Secrets to Executive; (ii) provide initial and continued
training, education and development to Executive; (iii) provide Executive with Confidential Information and Trade Secrets about, and the opportunity to develop close relationships with the Company’s management personnel, employees,
Customers, Suppliers and the employee’s agents and representative of Customers and Suppliers. 

D.    Severability. If one or more of the provisions in this Agreement are held to be void or unenforceable in
whole or in part, the remaining provisions will continue in full force and effect. Executive further agrees that in the event the length of time, the geographic area or definition of business activity as set forth herein, is deemed
unreasonable, or otherwise unenforceable, in any court proceedings, the Executive and the Court may reform, modify or reduce such restrictions such that they are reasonable and enforceable. 

E.    “At Will” and Termination. This Agreement does not alter in any way the at-will nature of
employment between Executive and the Company, which may be terminated by the Company or by Executive in accordance with the terms of Executive Employment Agreement of even date herewith. 

 F.    Choice of Law. This Agreement shall be construed and
interpreted in accordance with the laws of the State of Texas. All obligations payable or performable hereunder shall be payable and performable at the Company’s offices in Houston, Harris County, Texas.

G.    Enforceability. This Agreement shall be enforceable by the Company, and any of its successors, assigns,
affiliates, subsidiaries, parent or related corporations or entities, including any person or entity to which the Company sells, transfers or assigns all or any part of its assets, or any entity to, in or with which the Company may hereafter enter
into a merger transaction of any kind. Executive shall have no right to transfer or assign Executive’s rights or obligations hereunder. 

H.    Survival. The provisions of this Agreement shall survive the termination of Executive’s employment
by the Company, regardless of how such employment is terminated. 

 BY SIGNING BELOW, EXECUTIVE REPRESENTS THAT EMPLOYEE HAS READ THIS CONFIDENTIALITY, NON-COMPETITION AND
NON-SOLICITATION AGREEMENT CAREFULLY AND UNDERSTANDS AND AGREES TO ITS TERMS, INCLUDING THOSE LIMITING EXECUTIVE’S RIGHTS TO SOLICIT CUSTOMERS OR EXECUTIVES OF THE COMPANY.

 

			
	BY EXECUTIVE:
	
	     /s/ Brett A. Cope

	Brett A. Cope
	
	Date: September 29, 2016
	
	BY POWELL INDUSTRIES, INC.:
	
	     /s/ Thomas W. Powell

	Thomas W. Powell
	Chairman of the Board
		
	Date:	 	September 29, 2016

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