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  Exhibit 10.31    
    

 
 

  SIXTH AMENDMENT TO LEASE AGREEMENT    
    

        THIS SIXTH AMENDMENT TO LEASE AGREEMENT (the "Amendment") made this
6th day of August, 2008 between DAN ROAD BUILDING LLC, a Delaware limited liability company, with an address in care of Great Point Investors LLC, Two Center Plaza,
Suite 410, Boston, MA 02108 ("Landlord") and NETWORK ENGINES, INC., a Delaware corporation, with an address of 15 Dan Road, Canton, MA
02021 ("Tenant"). 

        WHEREAS,
New Boston Batterymarch Limited Partnership, Landlord's predecessor-in-interest, and Tenant entered into a Lease Agreement dated October 19, 1999,
as amended by a First Amendment to Lease Agreement dated February 1, 2000, a Second Amendment to Lease Agreement dated June 1, 2000, a Third Amendment to Lease Agreement dated
September 14, 2000, a Fourth Amendment to Lease Agreement dated October 20, 2003 and a Fifth Amendment to Lease Agreement dated July 20, 2006 (as amended, the
"Lease"), pursuant to which Tenant leases approximately 51,935 rentable square feet at 15 Dan Road, Canton, Massachusetts (the
"Premises"); 

        WHEREAS,
Tenant desires to extend the initial term of the Lease for the Premises through March 30, 2012, and Landlord has agreed to such extension on the terms and conditions set
forth herein; and 

        WHEREAS,
Landlord and Tenant desire to memorialize their understanding and modify the Lease consistent therewith. 

        NOW,
THEREFORE, in consideration of the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Landlord and Tenant agree that the Lease shall be amended as follows: 

        1.     Term.    The Lease Term shall be extended so as to include the period from April 1, 2009 (the
"Extension Commencement Date") through March 31, 2012. 

        2.     Rent.    Annual base Rent for such extended period shall be as follows: April 1, 2009 through
March 31, 2012: $714,106.25 per annum ($59,508.85 per month). 

        3.     Security Deposit.    As a condition to the effectiveness of this Amendment, on or before October 31,
2008, Tenant shall deliver to Landlord an amendment to Letter of Credit No. SVB00IS1965 issued by Silicon Valley Bank, modifying the expiration date of such Letter of Credit to April 30, 2012. 

        4.     Renewal Option.    Tenant shall have the following option to extend the Term of the Lease beyond
March 31, 2012: 

        Provided
that Tenant is not in default beyond any applicable grace or cure period hereunder, Tenant shall have the right to extend the term of this Lease for one (1) additional
term of two (2) years (the "Extended Term") commencing on April 1, 2012. Tenant shall exercise the right to extend the term of this Lease
by written notice to Landlord no later than June 30, 2011. The Rent for the Extended Term shall be the greater of the then current Rent or the Market Rent as hereinafter defined. The
"Market Rent" shall be determined by Landlord based on leases then currently under negotiation or recently executed for the Property. If no such leases
are under negotiation or have been recently executed, then the Market Rent shall be reasonably determined by Landlord based on comparable office space in the town or city in which the Premises are
located (if any such space exists) taking into account, among other factors, amenities, setting, location and demographics. Landlord shall notify Tenant of the Market Rent within a reasonable period
after Tenant notifies Landlord that Tenant is exercising the option to extend, provided Landlord shall not be required to set the Market Rent prior to ten (10) months before the expiration of
the Term. If Tenant disagrees with Landlord's determination of the Market Rent and the parties are unable to agree upon a Market Rent within thirty (30) days after Landlord's notice thereof,
then the Market Rent shall be determined by appraisal 

 

made
as hereinafter provided by a board of three (3) reputable independent commercial real estate brokers, each of whom shall have at least ten (10) years of experience in the Greater
Boston office rental market and each of whom is hereinafter referred to as an "appraiser." Tenant and Landlord shall each appoint one such appraiser and the two (2) appraisers so appointed
shall appoint the third appraiser. The cost and expenses of each appraiser appointed separately by Tenant and Landlord shall be borne by the party who appointed the appraiser. The cost and expenses of
the third appraiser shall be shared equally by Landlord and Tenant. Landlord and Tenant shall appoint their respective appraisers at least five (5) months prior to commencement of the period
for which Market Rent is to be determined and shall designate the appraiser so appointed by notice to the other party. The two appraisers so appointed and designated shall appoint the third appraiser
at least four (4) months prior to the commencement of such period and shall designate such appraiser by notice to Landlord and Tenant. The board of three (3) appraisers shall determine
the Market Rent of the space in question as of the commencement of the period to which the Market Rent shall apply and shall notify Landlord and Tenant of their determinations at least sixty
(60) days prior to the commencement of such period. If the determinations of the Market Rent of any two (2) or all three (3) appraisers shall be identical in amount, said amount
shall be deemed the Market Rent of the subject space. If the determinations of all three (3) appraisers shall be different in amount, the average of the two (2) values nearest in amount
shall be deemed the Market Rent. The Market Rent of the subject space determined in accordance with the provisions of this Section shall be binding and conclusive on Tenant and Landlord. All of the
covenants, agreements, terms and conditions contained in this Lease shall apply to the Extended Term. 

        5.     Condition of the Premises.    Tenant agrees that it has accepted, and will continue to accept the Premises in
its "as is, where is, with all faults" condition, and without any express or implied representations or warranties of any kind (including, without limitation, any warranties of merchantability,
fitness or habitability). No agreement of Landlord to alter, remodel, decorate, clean or improve the Premises (or to provide Tenant with any credit or allowance for the same) has been made by or on
behalf of Landlord or relied upon by Tenant, and no representation regarding the condition of the Premises or the suitability of the Premises for Tenant's proposed use thereof have been made by or on
behalf of Landlord or relied upon by Tenant. Notwithstanding the foregoing, Landlord shall (i) reseal, fill the cracks and restripe the parking lot in front of the Premises as shown on  Exhibit A attached hereto, and (ii) provide Tenant with a $100,000 improvement allowance which can be used either for improvements to the
Premises or towards payment of rent during the period from April 1, 2009 through July 31, 2009. 

        6.     Operating Expenses and Real Estate Taxes.

        Section XI(e)
of the Lease is hereby amended by adding the following at the end of such Section: 

        "If,
during any period for which Operating Expenses are being computed (including calendar year 2008), less than all of the Building is occupied by tenants, or if Landlord is not
supplying all tenants with the services being supplied hereunder, Operating Expenses shall be reasonably estimated and extrapolated by Landlord to determine the Operating Expenses that would have been
incurred if the Building were ninety-five percent (95%) occupied for such year and such services were
being supplied to all tenants, and such estimated and extrapolated amount shall be deemed to be the Operating Expenses for such period." 

        Section XI(f)
of the Lease is hereby amended to read as follows: 

        "(f)
"Aggregate Taxes" shall mean the total of (i) Tenant's Building Proportionate Share of Taxes and (ii) Tenant's Property
Proportionate Share of Taxes in any Tax Year. "Aggregate Operating Costs" shall mean the total of (y) Tenant's Building Proportionate Share of
Operating Costs and (z) Tenant's Property Proportionate Share of Operating Costs in any calendar year. The term "Aggregate Taxes and Operating Costs" shall be replaced with the term "Aggregate
Taxes and Aggregate Operating Costs." 

2

 

        Section XI(g)
of the Lease is hereby amended to read as follows: 

        "(g)
"Taxes and Operating Costs Excess" shall mean the total of (i) the amount by which the Aggregate Taxes in any Tax Year exceed
the Taxes for the Tax Year from July 1, 2008 through June 30, 2009 and (ii) the amount by which Aggregate Operating Costs exceed Operating Costs for calendar year 2008" (as
extrapolated in accordance with Section XI(e)). 

        7.     Brokers.    Each party represents and warrants that except for Richards Barry Joyce & Partners LLC
and CB Richard Ellis/New England (the "Brokers"), it has dealt with no broker, agent, or other person in connection with this transaction and that,
except for the Brokers, no broker, agent or other person brought about this transaction and each party agrees to indemnify and hold the other harmless from and against any claims by any other broker,
agent or other person claiming a commission or other form of compensation by virtue of having dealt with the indemnifying party with regard to this leasing transaction. Landlord shall pay commissions
to the Brokers pursuant to a separate written agreement. The provisions of this paragraph shall survive the termination of the Lease. 

        8.     Incorporation.    In all other respects, the terms and provisions of the Lease are ratified and reaffirmed
hereby, are incorporated herein by this reference and shall be binding upon the parties to this Amendment. Tenant acknowledges that as of the date of this Amendment, Tenant (a) is not in
default under the terms of the Lease; (b) is not aware of any defense, set-off or counterclaim to the enforcement by Landlord of the terms of the Lease; and (c) is not aware
of any action or inaction by Landlord that would constitute a default under the Lease. 

        9.     Definitions.    All capitalized terms used and not otherwise defined herein, shall have the meanings ascribed to
them in the Lease. 

SIGNATURES
FOLLOW ON NEXT PAGE 

3

 

IN
WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be duly executed, under seal, by persons hereunto duly authorized, in multiple copies, each to be considered an original hereof,
as of the day and year first above written. 

							
	
LANDLORD:	
 	

 
	
DAN ROAD BUILDING LLC	
 	

 
	
 By:	
 	
/s/ Randolph L. Kazazian III

 	
 	

 
	 	 	Name:	 	Randolph L. Kazazian III	 	 
	 	 	Title:	 	Vice President	 	 
	
TENANT:	
 	

 
	
NETWORK ENGINES, INC.	
 	

 
	
 By:	
 	
/s/ Douglas G. Bryant

 	
 	

 
	 	 	Name:	 	Douglas G. Bryant	 	 
	 	 	Title:	 	CFO	 	 

4

  
EXHIBIT A 

PLAN
SHOWING AREA FOR PARKING LOT WORK 

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Exhibit 10.31

SIXTH AMENDMENT TO LEASE AGREEMENTQuickLinks
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  Exhibit 10.14    
    

AMENDMENT TO LOAN AND SECURITY AGREEMENT  

        THIS AMENDMENT TO LOAN AND SECURITY AGREEMENT (this
"Amendment") is made and entered into on August 13, 2008, by and among BANK OF AMERICA, N.A., a
national banking association ("BA"), in its capacity as collateral and administrative agent for the Lenders under the Loan Agreement (as hereinafter
defined) (BA, in such capacity, the "Agent"), BA, as Lender under the Loan Agreement (BA, together with the various financial institutions listed on the
signature pages hereof, in such capacity, the "Lenders"), the Lenders, INTEGRATED ELECTRICAL
SERVICES, INC., a Delaware corporation ("Parent"), each of the Subsidiaries of Parent listed on Annex I attached
hereto (Parent and such Subsidiaries of Parent being herein referred to collectively as the "Borrowers"), and the Subsidiaries of Parent listed on
Annex II attached hereto (such Subsidiaries being referred to herein as the "Guarantors", and Borrowers and Guarantors being referred to herein
as the "Credit Parties"). 

RECITALS  

        A.    Agent,
Lenders and Credit Parties have entered into that certain Loan and Security Agreement, dated as of May 12, 2006 (the Loan and Security Agreement, as amended
from time to time, being referred to herein as the "Loan Agreement"). 

        B.    Credit
Parties, Agent and Lenders desire to amend the Loan Agreement as hereinafter set forth, subject to the terms and conditions hereinafter set forth. 

        NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 

AGREEMENT  

 ARTICLE I
  Definitions  

        1.01 Capitalized terms used in this Amendment are defined in the Loan Agreement, as amended hereby, unless otherwise stated. 

 ARTICLE II
  Amendments  

        Effective as of the respective date hereinafter specified, the Loan Agreement is hereby amended as follows: 

        2.01    Amendment of Section 9.1.    Effective as of the date
hereof, Section 9.1.5 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 

        "9.1.5
Projections. No later than 15 days after the end of each Fiscal Year of Parent, deliver to Agent and Lenders the Projections
of Parent and its Subsidiaries for the forthcoming two Fiscal Years, year by year, and for the forthcoming Fiscal Year, month by month." 

 ARTICLE III
  No Waiver  

        3.01    No Further Waiver.    Except as specifically provided in this
Amendment, nothing in this Amendment shall directly or indirectly whatsoever either: (i) be construed as a waiver of any covenant or provision of the Loan Agreement, any other Loan Document or
any other contract or instrument or (ii) impair, prejudice or otherwise adversely affect any right of Agent or Lender at any time to exercise any right, privilege or remedy in connection with
the Loan Agreement, any other Loan Document or any other contract or instrument, or (iii) constitute any course of dealing or other basis for altering any 

 

obligation
of Credit Parties or any right, privilege or remedy of Agent or Lenders under the Loan Agreement, any other Loan Document or any other contract or instrument or constitute any consent by
Agent or Lenders to any prior, existing or future violations of the Loan Agreement or any other Loan Document. Credit Parties hereby agree and acknowledge that hereafter Credit Parties are expected to
strictly comply with their duties, obligations and agreements under the Loan Agreement and the other Loan Documents. 

 ARTICLE IV
  Conditions Precedent  

        4.01    Conditions to Effectiveness.    The effectiveness of this
Amendment (including the agreements and waiver contained herein) is subject to the satisfaction of the following conditions precedent in a manner satisfactory to Agent, unless specifically waived in
writing by Agent: 

        (a)   Agent
shall have received this Amendment, duly executed by each of the Credit Parties. 

        (b)   The
representations and warranties contained herein and in the Loan Agreement and the other Loan Documents, as each is amended hereby, shall be true and correct in all
material respects as of the date hereof, as if made on the date hereof, except for those representations and warranties specifically made as of an earlier date, which shall be true and correct in all
material respects as of such earlier date. 

        (c)   After
giving effect to the provisions of this Amendment, no Default or Event of Default shall have occurred and be continuing, unless such Default or Event of Default
has been otherwise specifically waived in writing by Agent. 

        (d)   All
organizational proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and other legal matters incident
thereto shall be reasonably satisfactory to Agent and its legal counsel. 

 ARTICLE V
  Ratifications, Representations and Warranties  

        5.01    Ratifications.    The terms and provisions set forth in this
Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Loan Agreement and the other Loan Documents, and, except as expressly modified and superseded by this
Amendment, the terms and provisions of the Loan Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. Each Credit Party and Lenders and Agent
agree that the Loan Agreement and the other Loan Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. 

        5.02    Representations and Warranties.    Each Credit Party hereby
represents and warrants to Lenders and Agent that (a) the execution, delivery and performance of this Amendment and any and all other Loan Documents executed and/or delivered in connection
herewith have been authorized by all requisite organizational action on the part of such Credit Party and will not violate the organizational or governing documents of such Credit Party;
(b) the representations and warranties contained in the Loan Agreement, as amended hereby, and any other Loan Document are true and correct in all material respects on and as of the date hereof
and on and as of the date of execution hereof as though made on and as of each such date, except for those representations and warranties specifically made as of an earlier date, which shall be true
and correct in all material respects as of such earlier date; (c) no Default or Event of Default under the Loan Agreement, as amended hereby, has occurred and is continuing, unless such Default
or Event of Default has been specifically waived in writing by Agent; (d) each Credit Party is in material compliance with all covenants and agreements contained in the Loan Agreement and the
other Loan Documents, as amended hereby; and (e) no 

2

 

Credit
Party has amended its organizational or governing documents since the date of execution of the Loan Agreement other than as has been previously disclosed and delivered to the Agent. 

 ARTICLE VI
  Miscellaneous Provisions  

        6.01    Survival of Representations and Warranties.    All
representations and warranties made in the Loan Agreement or any other Loan Document, including, without limitation, any document furnished in connection with this Amendment, shall survive the
execution and delivery of this Amendment and the other Loan Documents, and no investigation by Lender or Agent or any closing shall affect the representations and warranties or the right of Lender or
Agent to rely upon them. 

        6.02    Reference to Loan Agreement.    Each of the Loan Agreement and
the other Loan Documents, and any and all other Loan Documents, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Loan
Agreement, as amended hereby, are hereby amended so that any reference in the Loan Agreement and such other Loan Documents to the Loan Agreement shall mean a reference to the Loan Agreement, as
amended hereby, and any reference in the Loan Agreement and such other Loan Documents to any other Loan Document amended by the provisions of this Amendment shall mean a reference to such other Loan
Documents, as amended hereby. 

        6.03    Expenses of Agent.    As provided in the Loan Agreement, each
Credit Party agrees to pay on demand all costs and out-of-pocket expenses incurred by Agent in connection with the preparation, negotiation, and execution of this Amendment and
the other Loan Documents
executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation, the costs and fees of Agent's legal counsel, and all costs and
out-of-pocket expenses incurred by Agent in connection with the enforcement or preservation of any rights under the Loan Agreement, as amended hereby, or any other Loan
Documents, including, without, limitation, the costs and fees of Agent's legal counsel and consultants retained by Agent or retained by Agent's legal counsel. 

        6.04    Severability.    Any provision of this Amendment held by a
court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be
invalid or unenforceable. 

        6.05    Successors and Assigns.    This Amendment is binding upon and
shall inure to the benefit of Lenders and Agent and each Credit Party and their respective successors and assigns, except that no Credit Party may assign or transfer any of its rights or obligations
hereunder without the prior written consent of Lender and Agent. 

        6.06    Counterparts.    This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. 

        6.07    Effect of Waiver.    No consent or waiver, express or implied,
by Lenders or Agent to or for any breach of or deviation from any covenant or condition by any Credit Party shall be deemed a consent to or waiver of any other breach of the same or any other
covenant, condition or duty. 

        6.08    Headings.    The headings, captions, and arrangements used in
this Amendment are for convenience only and shall not affect the interpretation of this Amendment. 

        6.09    Applicable Law.    THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS
EXECUTED PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS. 

3

 

        6.10    Final Agreement.    THE LOAN AGREEMENT AND THE OTHER LOAN
DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE LOAN AGREEMENT AND THE OTHER
LOAN DOCUMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED
BY EACH CREDIT PARTY AND LENDERS AND AGENT. 

        6.11    Release.    EACH CREDIT PARTY HEREBY ACKNOWLEDGES THAT IT HAS
NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE
"OBLIGATIONS" OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER OR AGENT. EACH CREDIT PARTY HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDERS AND AGENT
AND ITS RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES  (INCLUDING ALL STRICT LIABILITIES)
 WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR
CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH ANY CREDIT PARTY MAY NOW OR HEREAFTER HAVE AGAINST LENDERS OR AGENT OR ITS
RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND
ARISING FROM ANY "LOANS," INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE
EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT. 

4

  
        IN WITNESS WHEREOF, this Amendment has been executed on the date first written above, to be effective as the respective date set forth
above. 

					
	 	 	AGENT:
	

 	
 	
 BANK OF AMERICA, N.A., as Agent
	

 	
 	
 By:	
 	
 /s/ JOHN TODD

 
	 	 	 Name:	 	 John Todd

 
	 	 	 Title:	 	 Executive Vice President

 
	

 	
 	
LENDERS:
	

 	
 	
 BANK OF AMERICA, N.A.
	

 	
 	
 By:	
 	
 /s/ JOHN TODD

 
	 	 	 Name:	 	 John Todd

 
	 	 	 Title:	 	 Executive Vice President

 
	

 	
 	
 WELLS FARGO FOOTHILL, LLC
	

 	
 	
 By:	
 	
 /s/ DAVID P. HILL

 
	 	 	 Name:	 	 David Hill

 
	 	 	 Title:	 	 Vice President

 
	

 	
 	
 THE CIT GROUP/BUSINESS CREDIT, INC.
	

 	
 	
 By:	
 	
 /s/ CHRIS HANDLER

 
	 	 	 Name:	 	 Chris Handler

 
	 	 	 Title:	 	 Assistant Vice President

 

					
	 	 	CREDIT PARTIES:
	

 	
 	
 INTEGRATED ELECTRICAL SERVICES, INC.
	

 	
 	
 By:	
 	
 /s/ CURT L. WARNOCK

  Curt L. Warnock

  Senior Vice President

			
	 	 	 BRYANT ELECTRIC COMPANY, INC.

IES INDUSTRIAL, INC.

IES RESIDENTIAL, INC.

IES COMMERCIAL, INC.

IES HOUSTON RESOURCES, INC.

IES PROPERTIES, INC.

IES TANGIBLE PROPERTIES, INC.

IES PURCHASING & MATERIALS, INC.

IES CONSOLIDATION, LLC

IES SHARED SERVICES, INC.

IES OPERATIONS GROUP, INC.

IES RESIDENTIAL GROUP, INC.

ICS HOLDINGS LLC

INTEGRATED ELECTRICAL FINANCE, INC.

KEY ELECTRICAL SUPPLY, INC.

MARK HENDERSON, INCORPORATED

MID-STATES ELECTRIC COMPANY, INC.

MILLS ELECTRICAL CONTRACTORS, INC.

MILLS MANAGEMENT LLC

NEAL ELECTRIC MANAGEMENT LLC

PAN AMERICAN ELECTRIC, INC,

PAN AMERICAN ELECTRIC COMPANY, INC.

RAINES ELECTRIC CO., INC.

RAINES MANAGEMENT LLC

THOMAS POPP & COMPANY
	

 	
 	
 /s/ CURT L. WARNOCK

  Curt L. Warnock

Vice President

					
	 	 	IES MANAGEMENT ROO, LP
	

 	
 	
By: Neal Electric Management LLC

General Partner of IES Management ROO, LP
	

 	
 	
 By:	
 	
 /s/ CURT L. WARNOCK

 
	 	 	 Name:	 	 Curt L. Warnock

 
	 	 	 Title:	 	 Vice President
	

 	
 	
IES MANAGEMENT LP
	

 	
 	
By: IES Residential Group, Inc.

General Partner of IES Management LP
	

 	
 	
 By:	
 	
 /s/ CURT L. WARNOCK

 
	 	 	 Name:	 	 Curt L. Warnock

 
	 	 	 Title:	 	 Vice President
	

 	
 	
MILLS ELECTRIC, LP
	

 	
 	
By: Mills Management LLC

General Partner of Mills Electric, LP
	

 	
 	
 By:	
 	
 /s/ CURT L. WARNOCK

 
	 	 	 Name:	 	 Curt L. Warnock

 
	 	 	 Title:	 	 Vice President
	

 	
 	
RAINES ELECTRIC LP
	

 	
 	
By: Raines Management LLC

General Partner of Raines Electric LP
	

 	
 	
 By:	
 	
 /s/ CURT L. WARNOCK

 
	 	 	 Name:	 	 Curt L. Warnock

 
	 	 	 Title:	 	 Vice President

			
	 	 	 MILLS ELECTRICAL HOLDINGS, LLC.

MILLS ELECTRIC HOLDINGS II, LLC.

RAINES HOLDINGS, LLC.

RAINES HOLDINGS II, LLC.
	

 	
 	
 /s/ CURT L. WARNOCK

  Curt L. Warnock

President
	

 	
 	
 IES REINSURANCE, LTD.
	

 	
 	
 /s/ CURT L. WARNOCK

  Curt L. Warnock

President

 Annex I  

 Borrowers  

			
	 
	Bryant Electric Company, Inc.	 	 North Carolina
	
 
	
IES Commercial, Inc.	
 	
 Delaware
	
 
	
IES Consolidation LLC	
 	
 Delaware
	
 
	
IES Houston Resources, Inc.	
 	
 Delaware
	
 
	
IES Industrial, Inc.	
 	
 South Carolina
	
 
	
IES Management, LP	
 	
 Texas
	
 
	
IES Management ROO, LP	
 	
 Texas
	
 
	
IES Properties Inc.	
 	
 Delaware
	
 
	
IES Purchasing & Materials, Inc.	
 	
 Delaware
	
 
	
IES Residential, Inc.	
 	
 Delaware
	
 
	
IES Shared Services, Inc.	
 	
 Delaware
	
 
	
IES Tangible Properties, Inc.	
 	
 Delaware
	
 
	
Integrated Electrical Finance, Inc.	
 	
 Delaware
	
 
	
Integrated Electrical Services, Inc.	
 	
 Delaware
	
 
	
Key Electrical Supply, Inc.	
 	
 Texas
	
 
	
Mark Henderson, Incorporated	
 	
 Delaware
	
 
	
Mid-States Electric Company, Inc.	
 	
 Delaware
	
 
	
Mills Electric LP	
 	
 Texas
	
 
	
Mills Electrical Contractors, Inc.	
 	
 Delaware
	
 
	
Pan American Electric, Inc.	
 	
 Tennessee
	
 
	
Raines Electric LP	
 	
 Texas
	
 
	
Thomas Popp & Company	
 	
 Ohio
	
 

Annex II  

 Guarantors  

			
	 
	ICS Holdings LLC	 	 Arizona
	
 
	
IES Operations Group, Inc.	
 	
 Delaware
	
 
	
IES Reinsurance Ltd.	
 	
 Bermuda
	
 
	
IES Residential Group, Inc.	
 	
 Delaware
	
 
	
Mills Electric Holdings II LLC	
 	
 Delaware
	
 
	
Mills Electrical Holdings LLC	
 	
 Arizona
	
 
	
Mills Management LLC	
 	
 Arizona
	
 
	
Neal Electric Management LLC	
 	
 Arizona
	
 
	
Pan American Electric Company, Inc.	
 	
 New Mexico
	
 
	
Raines Electric Co., Inc.	
 	
 Delaware
	
 
	
Raines Holdings II LLC	
 	
 Delaware
	
 
	
Raines Holdings LLC	
 	
 Arizona
	
 
	
Raines Management LLC	
 	
 Arizona
	
 

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Exhibit 10.14

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