Document:

EX-4.1 MATRIA 2005 EMPLOYEE STOCK PURCHASE PLAN

 

Exhibit 4.1

MATRIA HEALTHCARE, INC.

2005 EMPLOYEE STOCK PURCHASE PLAN

     The following constitute the provisions of the 2005 Employee Stock Purchase Plan of
Matria Healthcare, Inc.

     1. Purpose. The purpose of the Plan is to provide employees of the Company and its
Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through
accumulated payroll deductions. It is the intention of the Company to have the Plan qualify
as an “Employee Stock Purchase Plan” under Section 423 of the Code. The provisions of the
Plan, accordingly, shall be construed so as to extend and limit participation in a manner
consistent with the requirements of that section of the Code.

     2. Definitions.

          (a) “Board” shall mean the Board of Directors of the Company.

          (b) “Code” shall mean the Internal Revenue Code of 1986, as amended.

          (c) “Common Stock” shall mean the common stock, $0.01 par value per share, of the
Company.

          (d) “Company” shall mean Matria Healthcare, Inc., a Delaware corporation.

          (e) “Compensation” shall mean an Employee’s base salary, including commissions, from
the Company or one or more Designated Subsidiaries, including such amounts of base salary as
are deferred by the Employee (i) under a qualified cash or deferred arrangement described in
Section 401(k) of the Code, or (ii) to a plan qualified under Section 125 of the Code.
Compensation does not include overtime, bonuses, reimbursements or other expense allowances,
fringe benefits (cash or noncash), moving expenses, deferred compensation, and contributions
(other than contributions describe din the first sentence) made on the Employee’s behalf by
the Company or one or more Designated Subsidiaries under any employee benefit or welfare
plan now or hereafter established.

          (f) “Designated Subsidiaries” shall mean the Subsidiaries which have been designated by
the Board from time to time in its sole discretion as eligible to participate in the Plan.

          (g) “Effective Date” shall mean the later of (i) July 1, 2005 or (ii) the

 

 

date that the Plan is approved by the Company’s stockholders. However, should any
Designated Subsidiary become a Participating Company in the Plan after such date, then such
entity shall designate a separate Effective Date with respect to its employee participants.

          (h) “Employee” shall mean any individual who is engaged in the rendition of personal
services to the Company or a Designated Subsidiary for Compensation. For purposes of the
Plan, the employment relationship shall be treated as continuing intact while the individual
is on sick leave or other leave of absence approved by the Company. Where the period of
leave exceeds 90 days and the individual’s right to reemployment is not guaranteed either by
statute or by contract, the employment relationship will be deemed to have terminated on the
91st day of such leave.

          (i) “Enrollment Date” shall mean the first day of each Purchase Period.

          (j) “Exercise Date” shall mean the last day of each Purchase Period.

          (k) “Fair Market Value” shall mean, as of any date, the value of Common Stock
determined as follows:

               (1) If the Common Stock is listed on any established stock exchange or a national
market system, including with out limitation the Nasdaq National Market, its Fair Market
Value shall be the closing selling price of such stock on the principal securities exchange
or national market system on which the Common Stock is at the time listed for trading. If
there are no sales of Common Stock on that date, then the closing selling price for the
Common Stock on the next preceding day for which such closing selling price is quoted shall
be determinative of Fair Market Value; or

               (2) If the Common Stock is not traded on an exchange or a national market system, its
Fair Market Value shall be determined in good faith by the Board, and such determination
shall be conclusive and binding on all persons.

          (l) “Participant” means an Employee of the Company or Designated Subsidiary who is
actively participating in the Plan.

          (m) “Plan” shall mean this Employee Stock Purchase Plan.

          (n) “Plan Administrator” shall mean either the Board or a committee of the Board that
is responsible for the administration of the Plan.

          (o) “Purchase Period” shall mean a period of approximately three months, commencing on
January 1, April 1, July 1 and October 1 of each year and terminating on the next following
March 31, June 30, September 30 or December 31, respectively, provided, however, that the
first Purchase Period shall commence on the Effective Date and shall end on December 31,
2005.

 

 

          (p) “Purchase Price” shall mean an amount equal to 85% of the Fair Market Value of a
share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower.

          (q) “Reserves” shall mean the number of shares of Common Stock covered by each option
under the Plan which have not yet been exercised and the number of shares of Common Stock
which have been authorized for issuance under the Plan but not yet placed under option.

          (r) “Subsidiary” shall mean a corporation, domestic or foreign, of which not less than
50% of the voting shares are held by the Company or a Subsidiary, whether or not such
corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary.

     3. Eligibility.

          (a) General. Any Employee who is employed by the Company on a given Enrollment Date
shall be eligible to participate in the Plan for the Purchase Period commencing with such
Enrollment Date.

          (b) Limitations on Grant and Accrual. Any provisions of the Plan to the contrary
notwithstanding, no Employee shall be granted an option under the Plan (i) if, immediately
after the grant, such Employee (taking into account stock owned by any other person whose
stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own
stock and/or holding outstanding options to purchase stock possessing five percent (5%) or
more of the total combined voting power or value of all classes of stock of the company or
of any Subsidiary of the Company, or (ii) which permits his or her rights to purchase stock
under all employee stock purchase plans of the Company and its Subsidiaries to accrue at a
rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the
Fair Market Value of the shares at the time such option is granted) for each calendar year
in which such option is outstanding at any time. The determination of the accrual of the
right to purchase stock shall be made in accordance with Section 423(b)(8) of the Code and
the regulations thereunder.

          (c) Other Limits on Eligibility. Notwithstanding paragraph (a) above, the following
Employees, as defined in paragraph 2, shall not be eligible to participate in the Plan for
any relevant Purchase Period: (i) employees whose customary employment is 20 hours or less
per week; and (ii) employees whose customary employment is for not more than 5 months in any
calendar year.

     4. Purchase Periods.

          (a) The Plan shall be implemented through consecutive Purchase Periods until such time
as (i) the maximum number of shares of Stock available for issuance under the Plan shall
have been purchased, or (ii) the Plan shall have been sooner terminated in accordance with
paragraph 19 hereof.

 

 

          (b) A Participant shall be granted a separate purchase right for each Purchase Period
in which he/she participates. The purchase right shall be granted on the first day of the
Purchase Period and shall be automatically exercised on the last day of the Purchase Period.

          (c) Except as specifically provided herein, the acquisition of Common Stock through
participation in the Plan for any Purchase Period shall neither limit nor require the
acquisition of Common Stock by a Participant in any subsequent Purchase Period.

     5. Participation.

          (a) An eligible Employee may become a Participant in the Plan by completing a
subscription agreement authorizing payroll deductions in the form of Exhibit A to this Plan
and filing it with the Company’s payroll office at least fifteen (15) business days prior to
the Enrollment Date for the Purchase Period in which such participation will commence,
unless a later time for filing the subscription agreement is set by the Board for all
eligible Employees with respect to a given Purchase Period.

          (b) Payroll deductions for a Participant shall commence with the first period payroll
following the Enrollment Date and shall end on the last complete payroll period during the
Purchase Period, unless sooner terminated by the Participant as provided in paragraph 10.

     6. Payroll Deductions.

          (a) At the time a Participant files his/her subscription agreement, he/she shall elect
to have payroll deductions made on each pay day during the Purchase Period in an amount not
exceeding ten percent (10%) of the Compensation which he/she receives on each payday during
the Purchase Period.

          (b) All payroll deductions made for a Participant shall be credited to his/her account
under the Plan and will be withheld in whole percentages only. A Participant may not make
any additional payments into such account.

          (c) A Participant may discontinue his or her participation in the Plan as provided in
paragraph 10, or may decrease the rate of his/her deductions during the Purchase Period by
completing or filing with the Company a new subscription agreement authorizing a decrease in
payroll deduction rate. The decrease in rate shall be effective with the first full payroll
period following ten (10) business days after the Company’s receipt of the new subscription
agreement unless the Company elects to process a given change in participation more quickly.
A Participant may increase the rate of his/her payroll deductions for a future Purchase
Period by filing with the Company a new subscription agreement authorizing an increase in
payroll deduction rate within ten (10) business days (unless the Company elects to process a
given change in participation more quickly) before the commencement of the upcoming Purchase
Period. A Participant’s subscription agreement shall remain in effect for successive
Purchase Periods unless

 

 

terminated as provided in paragraph 10. The Board shall be authorized to limit the number
of participation rate changes during any Purchase Period.

          (d) Notwithstanding the foregoing, to the extent necessary to comply with Section
423(b)(8) of the Code and paragraph 3(b) herein, a Participant’s payroll deductions may be
decreased to 0% at such time during any Purchase Period which is scheduled to end during the
current calendar year (the “Current Purchase Period”) that the aggregate of all payroll
deductions which were previously used to purchase stock under the Plan in a prior Purchase
Period which ended during that calendar year plus all payroll deductions accumulated with
respect to the Current Purchase Period equals $25,000. Payroll deductions shall recommence
at the rate provided in such Participant’s subscription agreement at the beginning of the
first Purchase Period which is scheduled to end in the following calendar year, unless
terminated by the Participant as provided in paragraph 10.

     7. Grant of Option. On the first day of each Purchase Period, each eligible Employee
participating in such Purchase Period shall be granted an option to purchase on the Exercise
Date for such Purchase Period (at the applicable Purchase Price) up to a number of shares of
the Company’s Common Stock determined by dividing such Employee’s payroll deductions
accumulated prior to such Exercise Date and retained in the Participant’s account as of the
Exercise Date by the applicable Purchase Prices, provided (i) that such purchase shall be
subject to the limitations set forth in paragraphs 3(b), 12, and 21 hereof, and (ii) the
maximum number of shares of Common Stock an Employee shall be permitted to purchase in any
Purchase Period shall be 375 shares, subject to adjustment as provided in paragraph 18
hereof. Exercise of the option shall occur as provided in paragraph 8, unless the
Participant has withdrawn pursuant to paragraph 10, and the option, to the extent not
exercised, shall expire on the last day of the Purchase Period.

     8. Exercise of Option. Unless a Participant withdraws from the Plan as provided in
paragraph 10 below, his/her option for the purchase of shares will be exercised
automatically on each Exercise Date, and the maximum number of full shares subject to option
shall be purchased for such Participant at the applicable Purchase Price with the
accumulated payroll deductions in his/her account. No fractional shares will be purchased;
any payroll deductions accumulated in a Participant’s account which are not sufficient to
purchase a full share shall be carried over to the next Purchase Period, if the Participant
elects to participate in the next Purchase Period, or returned to the Participant. Any
amount remaining in a Participant’s account following the purchase of shares on the Exercise
Date, other than the amounts described in the preceding sentence, shall be returned to the
Participant and shall not be carried over to the next Purchase Period. During a
Participant’s lifetime, a Participant’s option to purchase shares hereunder is exercisable
only by him/her.

     9. Delivery. Upon receipt of a request from a Participant after each Exercise Date on
which a purchase of shares occurs, the Company shall arrange the delivery to such
Participant, as appropriate, of a certificate representing the shares purchased upon
exercise of his/her options.

 

 

     10. Withdrawal, Termination of Employment.

          (a) A Participant may withdraw all but not less than all the payroll deductions
credited to his/her account and not yet used to exercise his/her option under the Plan at
any time by giving written notice to the Company in the form of Exhibit B to this Plan. All
of the Participant’s payroll deductions credited to his/her account will be paid to such
Participant promptly after receipt of notice of withdrawal, such Participant’s option for
the Purchase Period will be automatically terminated, and on further payroll deductions for
the purchase of shares will be made during the Purchase Period. If a Participant withdraws
from a Purchase Period, payroll deductions will not resume at the beginning of the
succeeding Purchase Period unless the Participant delivers to the Company a new subscription
agreement.

          (b) Upon a Participant’s ceasing to be an Employee for any reason or upon termination
of a Participant’s employment relationship (as described in paragraph 2(h), the payroll
deductions credited to such Participant’s account during the Purchase Period but not yet
used to exercise the option will be returned to such Participant or, in the case of his/her
death, to the person or persons entitled thereto under paragraph 14, and such Participant’s
option will be automatically terminated.

     11. Interest. No interest shall accrue on the payroll deductions of a Participant in
the Plan.

     12. Stock.

          (a) The maximum number of shares of the company’s Common Stock which shall be made
available for sale under the Plan shall be 150,000 shares, subject to adjustment upon
changes in capitalization of the Company as provided in paragraph 18. If on a given
Exercise Date the number of shares with respect to which options are to be exercised exceeds
the number of shares then available under the Plan, the Company shall make a pro rata
allocation of the shares remaining available for purchase in as uniform a manner as shall be
practicable and as it shall determine to be equitable.

          (b) A Participant will have no interest or voting right in shares covered by his/her
option until such shares are actually purchased on the Participant’s behalf in accordance
with the applicable provisions of the Plan. No adjustment shall be made for dividends,
distributions or other rights for which the record date is prior to the date of such
purchase.

          (c) Shares to be delivered to a Participant under the Plan will be registered in the
name of the Participant or in the name of the Participant and his/her spouse.

     13. Administration.

          (a) Administrative Body. The Plan shall be administered by the Board

 

 

of the Company or a committee of members of the Board appointed by the Board. The Board or
its committee shall have full and exclusive discretionary authority to construe, interpret
and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed
claims filed under the Plan. Every finding, decision and determination made by the Board or
its committee shall, to the full extent permitted by law, be final and binding under all
parties. Members of the Board who are eligible Employees are permitted to participate in
the Plan to the extent limited by subparagraph (b) of this paragraph 13.

     (b) Rule 16b-3 Limitations. Notwithstanding the provisions of subparagraph (a) of this
paragraph 13, in the event that Rue 26b-3 promulgated under The Securities Exchange Act of
1934, as amended, or any successor provision (“Rule 16b-3”) provides specific requirements
for the administrators of plans of this type, the Plan shall be only administered by such a
body and in such a manner as shall comply with the applicable requirements of Rule 16b-3.
Unless permitted by Rule 16b03, no discretion concerning decisions regarding the Plan shall
be afforded to any committee or person that is not “disinterested” as that term is used in
Rule 16b-3.

     14. Designation of Beneficiary. (a) Each Participant will file a written designation of a
beneficiary who is to receive any shares and cash, if any, from the Participant’s account under the
Plan in the event of such Participant’s death subsequent to an Exercise Date on which the option
is exercised but prior to delivery to such Participant of such shares and cash. In addition, a
Participant may file a written designation of a beneficiary who is to receive any cash from the
Participant’s account under the Plan in the event of such Participant’s death prior to exercise of
the option. If a Participant is married and the designated beneficiary is not the spouse, spousal
consent shall be required for such designation to be effective.

     (b) Such designation of beneficiary may be changed by the Participant (and his or her
spouse, if any) at any time by written notice. In the event of the death of a Participant
and to the absence of a beneficiary validly designated under the Plan who is living at the
time of such Participant’s death, the Company shall deliver such shares and/or cash to the
executor or administrator of the estate of the Participant, or if no such executor or
administrator of the estate of the Participant, or if no such executor or administrator has
been appointed (to the knowledge of the Company), the Company, in it discretion, may
delivery such shares and/or cash to the spouse or to any one or more dependents or relatives
of the Participant, or if no spouse, dependent or relative is known to the Company, then to
such other person as the Company may designate.

     15. Transferability. Neither payroll deductions credited to a Participant’s account nor any
rights with regard to the exercise of an option or to receive shares under the Plan may be
assigned, transferred, pledge or otherwise disposed of in any way (other than by will, the laws of
descent and distribution or as provided in paragraph 14 hereof) by the Participant. Any such
attempt at assignment, transfer, pledge or other disposition shall be without effect, except that
the Company may not treat such act as an election to withdraw funds from a Purchase Period in
accordance with paragraph 10.

     16. Use of Funds. All payroll deduction received or held by the Company under the Plan may be
used by the Company for any corporate purpose, and the Company shall not be

 

 

obligated to segregate such payroll deductions.

     17. Reports. Individual accounts will be maintained for each Participant in the Plan.
Statements of account will be given to Participants at least annually, which statements will set
forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the
remaining cash balance, if any.

     18. Adjustments Upon Changes in Capitalization, Dissolution, Merger or Asset Sale.

          (a) Changes in Capitalization. Subject to any required action by the shareholders of the
Company, the Reserves, as well as the price per share of Common Stock covered by each option under
the Plan which has not yet been exercised, shall be proportionately adjusted for any increase or
decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock
split, stock dividend, combination or reclassification of the Common Stock, or any other increase
or decrease in the number shares of Common Stock effected without receipt of consideration by the
Company, provided, however, that conversion of any convertible securities of the Company shall not
be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made
by the Board, whose determination in that respect shall be final, binding and conclusive. Except
as expressly provided herein, no issue by the Company of share of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number of price of shares of Common Stock subject to an option.
The Board may, if it so determines in the exercise of its sole discretion, make provision for
adjusting the Reserves, as well as the price per share of Common Stock covered by each outstanding
option, in the event the Company effects one or more reorganization, recapitalizations, rights
offerings or other increases or reductions of shares of its outstanding Common Stock.

          (b) Change in Ownership, Dissolution or Liquidation. In the event of a proposed sale of all
or substantially all of the assets of the Company, the merger of the Company with or into another
corporation, in which merger the Company will not be the surviving corporation (other than a
reorganization effectuated primarily to change the state in which the Company is incorporated), or
a reverse merger in which the Company is the surviving corporation but in which securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s
outstanding securities are transferred to a person or persons different from the person or persons
holding those securities immediately prior to the transfer, each option under the Plan shall be
assumed or an equivalent option shall be substituted by such successor corporation or a parent or
subsidiary of such successor corporation, unless the Board determines, in the exercise, of its sole
discretion and in lieu of such assumption or substitution, to shorten the Purchase Period then in
progress by setting a new Exercise Date (the “New Exercise Date”). If the Board shortens the
Purchase Period then in progress in lieu of assumption or substitution in the event of a merger or
sale of assets, the Board shall notify each Participant in writing, at least ten (10) days prior to
the New Exercise Date, that the Exercise Date for his/her option ahs been changed to the New
Exercise Date and that his/her option will be exercised automatically on the New Exercise Date,
unless prior to such date he/she has withdrawn from the Purchase Period as provided in paragraph
10. For purposes of this paragraph, an option granted under the Plan shall be deemed to be assumed
if, following the sale of assets or merger, the option confers the right to purchase, for each
share of option stock,

 

 

subject to the option immediately prior to the sale of assets or merger, the consideration (whether
stock, cash or other securities or property) received in the sale of assets or merger by holders of
Common Stock for each share of Common Stock held on the effective date of the transaction (and if
such holders were offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding shares of Common Stock); provided, however, that if such
consideration received in the sale of assets or merger was not solely common stock of the successor
corporation or its parent (as defined in Section 424(e) of the Code), the Board may, with the
consent of the successor corporation and the Participant, provide for the consideration to be
received upon exercise of the option to be solely common stock of the successor corporation or its
parent equal in fair market value to the per share consideration received by holders of Common
Stock in the sale of assets or merger.

     19. Amendment or Termination.

          (a) The Board of Directors of the Company may at any time and for any reason terminate or
amend the Plan. Except as provided in paragraph 18, no such termination can affect options
previously granted, provided that a Purchase Period may be terminated by the Board of Directors on
any Exercise Date if the Board determines that the termination of the Plan is in the best interests
of the Company and its shareholders. Except as provided in paragraph 18, no amendment may make any
change in any option theretofore granted which amendment adversely affects the rights of any
Participant. To the extent necessary to comply with Rule 16b-3 or Section 423 of the Code (or any
successor rule or provision or any other applicable law or regulation), the Company shall obtain
shareholder approval in such a manner and to such a degree as required.

          (b) Without shareholder consent and without regard to whether any Participant rights may be
considered to have been “adversely affected,” the Board (or its committee) shall be entitled to
change the Purchase Period, limit the frequency and/or number of changes in the amounts withheld
during Purchase Periods, establish the exchange ratio applicable to amounts withheld in a currency
other than U.S. dollars, permit payroll withholding in excess of the amount designated by a
Participant in order to adjust for delays or mistakes in the Company’s processing of properly
completed withholding elections, establish reasonable waiting and adjustment periods and/or
accounting and crediting procedures to ensure that amounts applied toward the purchase of Common
Stock for each Participant properly correspond with amounts withheld from the Participant’s
Compensation, and establish such other limitations or procedures as the Board (or its committee),
determines in its sole discretion advisable which are consistent with the Plan.

     20. Notices. All notices or other communications by a Participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when received in the form
specified by the Company at the location, or by the person, designated by the Company for the
receipt thereof.

     21. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option
unless the exercise of such option and the issuance and delivery of such shares pursuant thereto
shall comply with all applicable provisions of law, domestic or foreign, including, without
limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934,

 

 

as amended, the rules and regulations promulgated thereunder, the requirements of any stock
exchange upon which the shares may then be listed, and applicable income or employment tax laws,
and shall be further subject to the approval of counsel for the Company with respect to such option
to represent and warrant at the time of any such exercise that the shares are being purchased only
for investment and without any present intention to sell or distribute such shares if, in the
opinion of counsel for the Company, such a representation is required by any of the aforementioned
applicable provisions of law. In addition, no purchase rights shall be exercised or shares issued
hereunder before the Plan shall have been approved by shareholders of the Company as provided in
paragraph 25.

     22. Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption
by the Board of Directors or its approval by the shareholders of the Company. It shall continue in
effect for a term of ten (10) years unless sooner terminated under paragraph 19.

     23. Additional Restrictions of Rule 16b-3. The terms and conditions of options granted
hereunder to, and the purchase of shares by, persons subject to Section 16 of the Exchange Act
shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed to contain,
such options shall contain, and the shares issued upon exercise thereof shall be subject to, such
additional conditions and restrictions as may be required by Rule 16b-3 to qualify for the maximum
exemption from Section 16 of the Exchange Act with respect to Plan transactions.

     24. Shareholder Approval. Continuance of the Plan shall be subject to approval by the
shareholders of the Company within twelve (12) months before or after the date the Plan is adopted.
If such shareholder approval is obtained at a duly held shareholders’ meeting, the Plan must be
approved by a majority of the votes cast at such shareholders’ meeting at which a quorum
representing a majority of all outstanding voting stock of the Company is, either in person or by
proxy, present and voting on the Plan. If such shareholder approval is obtained by written
consent, it must be obtained by the written consent of the holders of a majority of all outstanding
voting stock of the Company. However, approval at a meeting or by written consent may be obtained
by a lesser degree of shareholder approval if the Board determines, in its discretion after
consultation with the Company’s legal counsel, that such a lesser degree of shareholder approval
will comply with all applicable laws and will not adversely affect the qualification of the Plan
under Section 423 of the Code.

     25. No Employment Rights. The Plan does not, directly or indirectly, create any right for the
benefit of any employee or class of employees to purchase any shares under the Plan, or create in
any employee or class of employees any right with respect to continuation of employment by the
Company, and it shall not be deemed to interfere in any way the Company’s right to terminate, or
otherwise modify, an employee’s employment at any time.

     26. Effect of Plan. The provisions of the Plan shall, in accordance with its terms, be
binding upon, and inure to the benefit of, all successors of each employee participating in the
Plan, including, without limitation, such employee’s estate and the executors, administrators or
trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of
creditors of such employee.Exhibit 10.1

 

Exhibit 10.1

AMENDMENT NO. 1 TO LOAN AGREEMENT

     This AMENDMENT NO. 1 TO LOAN AGREEMENT (this “Agreement”) is entered into and effective as of
July 15, 2005 (or such other date as expressly set forth herein), by and among Layne Christensen
Company, a Delaware corporation (Borrower) and LaSalle Bank National Association (LaSalle), as
Administrative Agent, and LaSalle and the other lenders, as Lenders.

Recitals:

	A.	 	Borrower, Administrative Agent and Lenders are party to that certain Loan Agreement dated as
of July 31, 2003 (as amended, the “Original Loan Agreement”).
	 
	B.	 	Administrative Agent, Lenders and Borrower have agreed to the provisions set forth herein on
the terms and conditions contained herein.

Agreement

     Therefore, in consideration of the mutual agreements herein and other sufficient
consideration, the receipt of which is hereby acknowledged, Borrower, Administrative Agent and the
Lenders hereby agree as follows:

1. Definitions. All references to the “Agreement” or the “Loan Agreement” in the Original Loan
Agreement and in this Agreement shall be deemed to be references to the Original Loan Agreement as
it is amended hereby and as it may be amended, restated, extended, renewed, replaced, or otherwise
modified from time to time. Capitalized terms used and not otherwise defined herein have the
meanings given them in the Original Loan Agreement.

2. Effectiveness of Agreement. This Amendment shall become effective as of the date first written
above (or such other date as expressly set forth herein), but only if this Amendment has been
executed by the Company, Administrative Agent and the Required Lenders, and only if all of the
documents listed on Exhibit A to this Amendment have been delivered and, as applicable,
executed, sealed, attested, acknowledged, certified, or authenticated, each in form and substance
reasonably satisfactory to Administrative Agent on or before the date first written above (unless
otherwise specifically noted on Exhibit A) and the Required Lenders and payment of the
First Amendment Fee in the amount set forth on Exhibit A.

3. Amendment.

     3.1. Revolving Loan Commitment. The first sentence to Section 3.1.1 of the Original Loan Agreement
is deleted and replaced with the following:

“3.1.1. Aggregate Amount; Reductions. Subject to the limitations in Section 3.1.2 and
elsewhere herein, each Lender commits to make available to Borrower, from the Effective Date
to the Revolving Loan Maturity Date, such Lender’s pro-rata share (as listed on Exhibit 3
hereto) of an Aggregate Revolving Loan Commitment of $40,000,000, by funding such Lender’s pro-rata
share of Revolving Loan Advances made from time to time by Administrative Agent as provided
herein. Subject to the limitations in Section 3.1.2 and elsewhere herein, payments and
prepayments that are applied to reduce the Aggregate Revolving Loan may be re-borrowed
through Revolving Loan Advances.”

 

 

     3.2. Base Rate Margins; Eurodollar Margins; Unused Fee. Effective August 1, 2005, the chart in
Section 4.6 of the Original Loan Agreement is deleted in its entirety and replaced with the
following:

	 	 	 	 	 	 	 	 	 
	If the ratio of	 	 	 	 	 	 	 	 
	Borrower’s Total	 	 	 	 	 	 	 	 
	Funded Indebtedness	 	 	 	 	 	 	 	 
	to EBITDA (for the	 	 	 	 	 	 	 	 
	four fiscal quarter	 	 	 	 	 	 	 	 
	period of Borrower	 	 	 	 	 	 	 	 
	most recently	 	Eurodollar	 	Base Rate	 	 	 	Reference
	ended) is	 	Margin	 	Margin	 	Unused Fee Rate	 	Level
	greater than or

	 	2.25%	 	0.50%	 	0.300%	 	I
	equal to 2.75 to

1.00
	 	 	 	 	 	 	 	 
	greater than or

	 	2.00%	 	0.25%	 	0.275%	 	II
	equal to 2.25 to

1.00 but less than

2.75 to 1.00
	 	 	 	 	 	 	 	 
	greater than or

	 	1.75%	 	0.00%	 	0.250%	 	III
	equal to 1.75 to

1.00 but less than

2.25 to 1.00
	 	 	 	 	 	 	 	 
	greater than or 

	 	1.50%	 	0.00%	 	0.250%	 	IV
	equal to 1.25 to

1.00 but less than

1.75 to 1.00
	 	 	 	 	 	 	 	 
	less than 1.25 to

	 	1.25%	 	0.00%	 	0.225%	 	V
	1.00
	 	 	 	 	 	 	 	 

     3.3. Interest Periods for Eurodollar Loans. The lead-in sentence to Section 4.7 of the Original
Loan Agreement is deleted and replaced with the following:

“For each Eurodollar Loan, Borrower shall select an Interest Period that is either 14 days,
one month, two months, three months or six months; provided that:”

     3.4. Revolving Loan Maturity Date. The reference to “July 31, 2006” in Section 6.1.2 of the
Original Loan Agreement is deleted and replaced with “July 31, 2007”.

     3.5. Existing Definitions. The definition of “Eurodollar Rate” in Exhibit 2.1 to the Original Loan
Agreement is deleted and replaced with the following:

“Eurodollar Rate — means a rate of interest for the applicable Interest Period
equal to (a) the per annum rate of interest at which United States dollar deposits in an
amount comparable to the amount of the relevant Eurodollar Loan and for a period equal to
the relevant Interest Period are offered in the London Interbank Eurodollar market at 11:00
A.M. (London time) two (2) Business Days prior to the commencement of such Interest Period
(or three (3) Business Days prior to the commencement of such Interest Period if banks in
London, England were not open and dealing in offshore United States dollars on such second
preceding Business Day), as displayed in the

2

 

Bloomberg Financial Markets system (or other authoritative source selected by the Administrative Agent in its sole discretion) or, if the
Bloomberg Financial Markets system or another authoritative source is not available, as the
Eurodollar Rate is otherwise determined by the Administrative Agent in its sole and absolute
discretion, divided by (b) a number determined by subtracting from 1.00 the then stated
maximum reserve percentage for determining reserves to be maintained by member banks of the
Federal Reserve System for Eurocurrency funding or liabilities as defined in Regulation D
(or any successor category of liabilities under Regulation D), such rate to remain fixed for
such Interest Period. The Administrative Agent’s determination of the Eurodollar Rate shall
be conclusive, absent manifest error.”

3.6. Exhibit 3. The Exhibit 3 attached to the Original Loan Agreement is deleted and
replaced with the Exhibit 3 attached. hereto.

3.7. Exhibit 3.1.3. The Exhibit 3.1.3 attached to the Original Loan Agreement is deleted
and replaced with the Exhibit 3.1.3 attached. hereto.

4. Representations and Warranties of Borrower. Borrower hereby represents and warrants to
Administrative Agent and the Lenders as of the date hereof that (i) Borrower’s execution of this
Agreement has been duly authorized by all requisite action of Borrower; (ii) no consents are
necessary from any third parties for Borrower’s execution, delivery or performance of this
Agreement, (iii) this Agreement, the Loan Agreement, and each of the other Loan Documents,
constitute the legal, valid and binding obligations of Borrower enforceable against Borrower in
accordance with their terms, except to the extent that the enforceability thereof against Borrower
may be limited by bankruptcy, insolvency or other laws affecting the enforceability of creditors
rights generally or by equity principles of general application, (iv) except as disclosed on the
supplemental disclosure schedule attached hereto as Exhibit B, the disclosure schedule
attached to the Original Loan Agreement, and as disclosed by the terms of any amendments, consents
or waivers signed by Administrative Agent and the Lenders prior to the date hereof, all of the
representations and warranties contained in Section 10 of the Loan Agreement are true and correct
with the same force and effect as if made on and as of the date of this Agreement except to the
extent such representations and warranties expressly by their terms relate only to an earlier date,
and (v) after giving effect to this Agreement, there is no Existing Default.

5. Effect of Amendment. The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any
right, power or remedy of Administrative Agent or any Lender under the Original Loan Agreement or
any of the other Loan Documents, nor constitute a waiver of any provision of the Original Loan
Agreement, any of the other Loan Documents or any existing Default or Event of Default. Each
reference in the Original Loan Agreement to “the Agreement”, “hereunder”, “hereof”, “herein”, or
words of like import, shall be read as referring to the Original Loan Agreement as amended by this
Amendment.

6. Reaffirmation. Borrower hereby acknowledges and confirms that as of the date hereof, (i) the
Loan Agreement and the other Loan Documents remain in full force and effect, (ii) Borrower has no
defenses to its obligations under the Loan Agreement and the other Loan Documents, and (iii)
Borrower has no claim against Administrative Agent or any Lender arising from or in connection with
the Loan Agreement or the other Loan Documents and hereby waives, releases and discharges any
claims the Borrower may have against Administrative Agent or any Lender arising on or prior to the
date hereof.

7. Governing Law. This Agreement has been executed and delivered in Chicago, Illinois, and shall
be governed by and construed under the laws of the State of Illinois without giving effect to
choice or conflicts of law principles thereunder.

3

 

8. Section Titles. The section titles in this Agreement are for convenience of reference only and
shall not be construed so as to modify any provisions of this Agreement.

9. Counterparts; Facsimile Transmissions. This Agreement may be executed in one or more
counterparts and on separate counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Signatures to this Agreement may be
given by facsimile or other electronic transmission, and such signatures shall be fully binding on
the party sending the same.

10. Notices for Lender. Lender hereby notifies each Borrower that the notice address for Lender is
changed effective as of August 1, 2004 as follows:

LaSalle Bank National Association

One North Brentwood Blvd., Suite 950

Clayton, Missouri 63105

Attention: James Binz

FAX No.: 314-621-1612

Confirming Telephone No.: 314-613-1917

          with a copy to:

Lewis, Rice & Fingersh L.C.

500 North Broadway, Suite 2000

St. Louis, Missouri 63102

Attention: Steven C. Drapekin, Esq.

FAX No.: 314-612-7692

Confirming Telephone No.: 314-444-7600

11. OFAC/BSA Provision. Borrower shall (a) ensure that neither it nor any Person who owns a
controlling interest in or otherwise controls Borrower, each Guarantor, each other Covered Person
and each of their Subsidiaries is or shall be listed on the Specially Designated Nationals and
Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control
(“OFAC”), the Department of the Treasury, or included in any Executive Orders, (b) not use or
permit the use of the proceeds of the Loans to violate any of the foreign asset control regulations
of OFAC or any enabling statute or Executive Order relating thereto, and (c) comply, and cause each
Person who owns a controlling interest in or otherwise controls the Borrower each Guarantor, each
other Covered Person and each of their Subsidiaries to comply, with all applicable Bank Secrecy Act
(“BSA”) laws and regulations, as amended.

12. Patriot Act Notice. Administrative Agent, each Lender and LaSalle (for itself and not on
behalf of any other party) hereby notifies each Borrower, each Guarantor, each other Covered Person
and each of their Subsidiaries that, pursuant to the requirements of the USA Patriot Act, Title III
of Pub. L. 107-56, signed into law October 26, 2001 (the “Act”), it is required to obtain, verify
and record information that identifies each Borrower, each Guarantor, each other Covered Person and
each of their Subsidiaries, which information includes the name and address of the Borrower, each
Guarantor, each other Covered Person and each of their Subsidiaries and other information that will
allow Administrative Agent, such Lender or LaSalle, as applicable, to identify the Borrower, each
Guarantor, each other Covered Person and each of their Subsidiaries in accordance with the Act.

4

 

13. Fees and Expenses. Borrower shall promptly pay to Administrative Agent all fees, expenses and
other amounts owing to Administrative Agent under the Loan Agreement and the other Loan Documents
upon demand, including, without limitation, all reasonable fees, costs and expenses incurred by
Administrative Agent in connection with the preparation, negotiation, execution, and delivery of
this Amendment.

14. Incorporation By Reference. Administrative Agent, Lenders and Borrower hereby agree that all
of the terms of the Loan Documents are incorporated in and made a part of this Agreement by this
reference.

15. Statutory Notice — Insurance. The following notice is given pursuant to Section 10 of the Collateral Protection Act set forth in
Chapter 815 Section 180/1 of the Illinois Compiled Statutes (1996); nothing contained in such
notice shall be deemed to limit or modify the terms of the Loan Documents:

UNLESS YOU PROVIDE EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY YOUR AGREEMENT WITH US, WE
MAY PURCHASE INSURANCE AT YOUR EXPENSE TO PROTECT OUR INTERESTS IN YOUR COLLATERAL. THIS
INSURANCE MAY, BUT NEED NOT, PROTECT YOUR INTERESTS. THE COVERAGE THAT WE PURCHASE MAY NOT PAY ANY CLAIM THAT YOU MAKE OR ANY CLAIM THAT IS MADE
AGAINST YOU IN CONNECTION WITH THE COLLATERAL. YOU MAY LATER CANCEL ANY INSURANCE PURCHASED
BY US, BUT ONLY AFTER PROVIDING EVIDENCE THAT YOU HAVE OBTAINED INSURANCE AS REQUIRED BY OUR
AGREEMENT. IF WE PURCHASE INSURANCE FOR THE COLLATERAL, YOU WILL BE RESPONSIBLE FOR THE
COSTS OF THAT INSURANCE, INCLUDING THE INSURANCE PREMIUM, INTEREST AND ANY OTHER CHARGES WE
MAY IMPOSE IN CONNECTION WITH THE PLACEMENT OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF
THE CANCELLATION OR EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE MAY BE ADDED TO
YOUR TOTAL OUTSTANDING BALANCE OR OBLIGATION. THE COSTS OF THE INSURANCE MAY BE MORE THAN
THE COST OF INSURANCE YOU MAY BE ABLE TO OBTAIN ON YOUR OWN.

16. Statutory Notice — Oral Commitments. Nothing contained in the following notice shall be deemed
to limit or modify the terms of the Loan Documents:

ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING
REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE. TO
PROTECT YOU (BORROWER) AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY
AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE
COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE
IN WRITING TO MODIFY IT.

Borrower acknowledges that there are no other agreements between Administrative Agent, Lenders, and
Borrower, oral or written, concerning the subject matter of the Loan Documents, and that all prior
agreements concerning the same subject matter, including any proposal or commitment letter, are
merged into the Loan Documents and thereby extinguished.

{Remainder of page intentionally left blank; signature page follows}

5

 

     IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE CHRISTENSEN COMPANY,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION,	 	 
	 	 	as Administrative Agent and as sole Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ James Binz	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	James C. Binz	 	 
	 	 	Title:	 	Senior Vice President	 	 

{Unconditional Reaffirmation of Guaranty follows}

6

 

UNCONDITIONAL REAFFIRMATION OF GUARANTY

     Each of the undersigned has reviewed the Amendment No. 1 to Loan Agreement, dated as of the
date of hereof (as defined herein), by and among Layne Christensen Company, a Delaware corporation
(Borrower) and LaSalle Bank National Association (LaSalle), as Administrative Agent, and LaSalle
and the other lenders, as Lenders (the “First Amendment”), and all other documents and financial
statements the undersigned deems necessary relating to the Borrower and the Guarantied Obligations.
Capitalized terms used herein, but not defined herein, unless otherwise noted, shall have the
meanings set forth in the First Amendment or if not defined therein, as defined in that certain
guaranty to which the undersigned and the Administrative Agent are a party to, which is either that
certain Unlimited Guaranty dated and effective July 31, 2003 or that certain Unlimited Guaranty
dated and effective January 27, 2004 (collectively, the “Guaranties” and individually, a
“Guaranty”).

     Each of the undersigned acknowledges and consents to all changes set forth in the First
Amendment, and agrees that all such changes are in the best interests of the Borrower and each of
the undersigned. In consideration of financial accommodations granted and which may hereafter be
granted to Borrower by Administrative Agent and the Lenders, in consideration of Administrative
Agent’s and the Lender’s reliance on the Guaranties and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, each of the undersigned irrevocably
and unconditionally reaffirms pursuant to the terms of the Guaranty to which it is a party its
continuing guarantee of the payment and performance of all Guarantied Obligations, including,
without limitation, all the Loan Obligations, and the undersigned further agrees that the validity
and enforceability of the Guaranty to which it is a party is not and shall not be affected in any
way or manner by the First Amendment.

Dated: July 15, 2005

	 	 	 	 	 	 	 	 	 
	 	 	BOYLES BROS. DRILLING COMPANY,	 	 
	 	 	a Utah corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	CHRISTENSEN BOYLES CORPORATION,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	INTERNATIONAL DIRECTIONAL SERVICES, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

7

 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE TEXAS, INCORPORATED,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	MID-CONTINENT DRILLING COMPANY,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	SHAWNEE OIL & GAS, L.L.C.,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	STAMM-SCHEELE INCORPORATED,	 	 
	 	 	a Louisiana corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	TOLEDO OIL & GAS SERVICES, INC.,	 	 
	 	 	a Louisiana corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

8

 

	 	 	 	 	 	 	 	 	 
	 	 	VIBRATION TECHNOLOGY, INC.,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE DRILLING PTY LTD,	 	 
	 	 	an Australian company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Director	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE CHRISTENSEN AUSTRALIA PTY LTD,	 	 
	 	 	an Australian company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Director	 	 

	 	 	 	 	 	 	 	 	 
	 	 	STANLEY MINING SERVICES PTY LTD,	 	 
	 	 	an Australian company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Director	 	 

	 	 	 	 	 	 	 	 	 
	 	 	SMS HOLDINGS PTY LTD,	 	 
	 	 	an Australian company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Director	 	 

	 	 	 	 	 	 	 	 	 
	 	 	WEST AFRICAN HOLDINGS PTY LTD,	 	 
	 	 	an Australian company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Director	 	 

9

 

	 	 	 	 	 	 	 	 	 
	 	 	WEST AFRICAN DRILLING SERVICES PTY LTD,	 	 
	 	 	an Australian company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Director	 	 

	 	 	 	 	 	 	 	 	 
	 	 	WEST AFRICAN DRILLING SERVICES (NO. 2) 	 	 
	 	 	PTY LTD, an Australian company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Director	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY, INC., a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY CHERRYVALE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY CHERRYVALE PIPELINE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY DAWSON, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

10

 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY DAWSON PIPELINE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY ILLINOIS, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY ILLINOIS PIPELINE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY MARKETING, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY OPERATING, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY OSAGE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

11

 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY PIPELINE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY PRODUCTION, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY RESOURCES, INC.,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY SYCAMORE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE ENERGY SYCAMORE PIPELINE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAYNE WATER DEVELOPMENT AND	 	 
	 	 	STORAGE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Jerry W. Fanska	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	Jerry W. Fanska	 	 
	 	 	Title:	 	Vice President	 	 

{end of signatures}

12

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