Document:

wor-ex103_283.htm

 

Exhibit 10.3

Retirement and Non-Competition Agreement - Mark A. Russell

This Agreement is made and entered between, Mark A. Russell (“Employee” or ‘‘you”) and Worthington Industries, Inc. (together with its affiliated companies, the ‘‘Company”). The effective date of Employee’s retirement, and the last day of work, shall be August 22, 2018 (the “Retirement Date”). In connection with this retirement, the following provisions will apply.

	
1.
	
Cash Payments:  The Company shall provide the following payments to Employee, less applicable taxes and withholdings. These payments will be in lieu of all other forms of compensation.

(a)Reimbursement of any unreimbursed business expenses of Employee, in each case, to the extent not theretofore paid;

(b)Employee’s base salary earned through the Retirement Date, to be paid on the Company’s regular payroll dates following the Retirement Date;

(c)An amount equal to Employee’s 2018 base salary in effect as of the Retirement Date, plus Employee’s Fiscal 2019 target award under the Worthington Industries, Inc. Annual Incentive Plan for Executives (‘‘STIP’’), which together equal $1,278,333, payable in accordance with the following:

(i)An amount equal to $550,000 payable in 25 equal bi-weekly installments of $22,000 on the Company’s normal payroll schedule dates in accordance with the customary payroll practices of the Company commencing on September 14, 2018.

(ii)The remaining amount ($728,333) payable in a lump sum on June 7, 2019, in accordance with the customary payroll practices of the Company.

(d)To the extent that the award Employee would have received under the STIP based on the levels of performance actually achieved by the Company for Fiscal 2019 if he remained employed by the Company exceeds Employee’s Fiscal 2019 STIP target award, Employee will be paid an amount equal to such excess, in a single lump sum, on or about the date that Fiscal 2019 STIP awards are paid.

	
2.
	
Health Care Coverage:  Employee’s normal eligibility for health care coverage (medical, dental, vision and/or health care flexible spending account) ends on the Retirement Date. Employee and his or her enrolled dependents each have a right to continue health care coverage for up to 18 months (in the case of a health care flexible spending account, to the end of the calendar year) pursuant to COBRA. The Company will, for 12 months, pay or reimburse Employee for any COBRA premium payable by Employee during such 12 month period to the extent such premium exceeds the amount paid by active employees for the plan option(s) in which Employee and his or her dependents are enrolled. To facilitate continuity of coverage, any amount payable by the Employee will be deducted from bi-weekly cash payments unless Employee elects to waive COBRA continuation of health care coverage. Employee may waive COBRA coverage by contacting NueSynergy at 855-890-7239. Questions regarding payment of COBRA premiums during the Retirement Period may be directed to Jamie Hill at 614-840-4158. Subsequent to the Retirement Period, the full COBRA premium will apply.

	
3.
	
Worthington Industries, Inc. Deferred Profit Sharing Plan (DPSP/401K):  Employee’s 401(k) Plan account is 100% vested. Base salary payments for employment through the Retirement Date, will have 401(k) deducted as elected with Fidelity. The compensation provided in Section 1 (c) and (d) is not eligible for 401(k) deferrals or Company contributions. If you have questions regarding your 401(k) plan, please contact Jenny Germann at 614-840-3787. Distribution of the 401(k) account will be made in accordance with the provisions of the Plan.

1

 

	
4.
	
Other Benefit Plans:  The Employee Assistance Program will continue for 30 days beyond the Retirement Date. Participation in any of the voluntary, employee-paid plans in which Employee is now participating may continue at Employee’s cost for the Retirement Period. Benefits under all other plans, including life insurance, supplemental life, and short / long term disability, will terminate on the Retirement Date.

	
5.
	
Restricted Stock, Options & LTIP Awards:  Any stock options which are vested as of the Retirement Date may be exercised in accordance with the plan provisions governing retirement. Employee will receive a prorated portion of his unvested restricted stock according to the provisions of the applicable plan and the award agreement. Employee will receive a prorated portion of the outstanding long-term incentive (LTIP) performance cash and performance share awards according to the plan and awards provisions applicable to retirement. Questions regarding stock options or restricted stock should be directed to Cindy Sprague at 614-840-4416.

	
6.
	
Outplacement Services:  The Company, at its expense, will pay the fee for the approved outplacement services. (Twelve Month Executive Service provided by Lee Hecht Harrison)

	
7.
	
Company Property:  All Company items, including keys, credit cards, parking stickers, laptops, etc. must be returned upon request of the Company.

	
8.
	
Confidentiality:  Employee will not disclose, directly or indirectly, any Confidential Information of the Company during the Retirement Period or at any time thereafter. Employee will leave with and/or return to the Company (and Employee will not retain copies of) any items which contain Confidential Information and will not use or disclose any Confidential Information in any future employment or otherwise.

Confidential Information of the Company can generally be described as information about the Company and/or its business activities, not generally known outside the Company, which is used or useful in its business or which tends to confer a competitive advantage. Confidential Information is also any information about the Company which Employee knows or should know or suspect the Company considers confidential and/or would not want others, particularly suppliers or competitors, to know. This includes, without limitation, trade secrets, know-how, information about steel pricing, contracts or relationships, information about products or processes, technical, business and financial information, customer and supplier lists and other unpublished lists, and information relating to manufacturing, purchasing, inventories, data processing, personnel, marketing, sales, pricing, costs and quotations.

	
9.
	
Non-Competition:  As a result of Employee’s employment with the Company, Employee has knowledge of the Company’s Confidential Information, Employee has developed relationships with the Company’s suppliers and customers, and the Employee has an existing Non-Competition Agreement. In consideration of the payments being made hereunder and the existing Non-Competition Agreement, during his employment with the Company and for a period of two years after his Retirement Date, he will not, directly or indirectly, without the specific written consent of the Company: (i) compete with the Company in the Restricted Area, or act as an employee, agent, consultant, representative, officer or significant investor with or of, or receive any remuneration from any entity which competes with the Company in the Restricted Area, (ii) attempt to take away or divert from the Company any business of any of the Company’s customers; (iii) disparage the Company or in any other way interfere with the relationship between the Company and any of its customers or suppliers; or (iv) induce or attempt to induce any employee of the Company to leave the employ of the Company or in any way interfere with the relationship between the Company and any of its employees. The ‘‘Restricted Area’’ is any area in the United States or Europe where the Company promotes, sells, manufactures, or provides any product, process or service. Should any provision of this section be deemed to exceed the time, geographic or other limitations permitted by applicable law, then such provision shall be deemed reformed to the maximum time, geographic or other limitations permitted by such applicable law.

2

 

	
10.
	
Release of Claims:  Employee hereby agrees to irrevocably and unconditionally release and forever discharge the Company from any and all actions, causes of actions, damages (including, but not limited to wages and benefits), suits, claims, complaints, costs and demands whatsoever, at law or in equity, which he ever had, now has or hereafter may have, whether known or unknown by him or the Company as of the date hereof, by reason of or in any way related to his employment, separation from employment, loss of employment, stock options or other equity awards, or the forfeiture or termination of such stock options or other equity awards, including but not limited to breach of contract, tort, or any federal, state or municipal statute or local ordinance relating to employment including, without limitation, any claim for wrongful discharge, breach of contract, benefits under plans or programs, including without limitation, any retirement or termination pay program or other common law claims or claims in equity and, all statutes and ordinances concerning employment discrimination on account of, but not limited to, sex, race, age, religion, national origin, marital status, military status and disability, including without limitation, Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000e et seq., the Americans with Disabilities Act, 42 U.S.C. §§ 12101 et seq.; the Employee Retirement Income Security Act (‘‘ERISA’’), 29 U.S.C. §§ 1001 et seq.; the Age Discrimination in Employment Act (‘‘ADEA’’), 29 U.S.C. §§ 621 et seq.; the Older Workers Benefit Protection Act; the Family & Medical Leave Act, 29 U.S.C. §§ 2601 et seq.; the Fair Labor Standards Act, 29 U.S.C. §§ 201 et seq.; the Ohio Civil Rights Act, OHIO REV. CODE ANN. §§ 4112.01 et seq. and its accompanying regulations; the Ohio Law on Equal Pay, OHIO REV. CODE ANN. § 4117.17; the Ohio Jury Duty Leave Statute, OHIO REV. CODE ANN. § 2313.18; the Ohio Voting/Election Duty Leave Statute, OHIO REV. CODE ANN. § 3599.06; the Ohio Witness/Crime Victim Leave Statute, OHIO REV. CODE ANN. § 2151.211; the Ohio Emergency Response Leave Statute, OHIO REV. CODE ANN. § 4131.41; the Ohio Military Leave/Re-Employment Rights Statute, OHIO REV. CODE ANN. §§ 5903.02 and 5903.99; the Ohio Trade Secrets Act, OHIO REV. CODE ANN. §§ 1333.61 et seq.; the Ohio Whistleblower's Protection Statute, OHIO REV. CODE ANN. §§ 4113.51 et seq.; the Ohio Minimum Wage Act, OHIO REV. CODE ANN. §§ 4111.01 et seq.; the Ohio Wage Payment Statute, OHIO REV. CODE ANN. §§ 4113.15 et seq.; and all other Ohio statutes, regulations, and common law pertaining to Employee's employment with the Company. In addition, Employee also releases the Company and waives any right to or claim for any and all attorney’s fees, including litigation expenses and costs which Employee or his counsel may claim under any statute, regulation, or at common law or in equity, including but not limited to those set forth in this section. This release is not intended to apply to claims relating to vested employee benefits. Employee acknowledges 1) he has been furnished at least 21 days to consider whether or not to sign this Release, 2) this Release is written in plain language understood by Employee, 3) Employee  has been, and  hereby is, encouraged to consult with an attorney prior to signing this Agreement, 4) the payments received in exchange  for this Release is sufficient additional consideration for the Release and 5) this Release  only applies to claims or occurrences which exist on or prior to the effective date set forth in Section 17 below. Employee is not waiving any rights that cannot be waived by law but does forever waive his right to recover any damages should any local, state, or federal agency ever pursue a claim on his behalf against the released parties relating to any matter concerning his employment or separation from employment with the Company.

	
11.
	
Notice of Concerns and Assistance:  Employee represents that he has disclosed and will disclose to appropriate officers of the Company any information or concerns he has or may have concerning potential liabilities or contingencies with respect to the company and its affiliates and which are not reflected in their financial books and records. Employee agrees to provide reasonable assistance to the Company and its affiliates, upon request of the Company, in any litigation related to matters in which the Employee has knowledge or was involved during his employment with the Company.

	
12.
	
Compliance with Code Section 409A:  This Agreement is intended, and shall be construed and interpreted, to comply with or be exempt from Section 409A of the Internal Revenue Code (‘‘Section 409A’’) and, if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to comply with Section 409A or the Treasury Regulations thereunder. For purposes of Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation. Any amounts payable solely on account of an involuntary termination shall be excludable from the requirements of Section 409A, either as separation pay or as short-term deferrals to the maximum possible extent. Notwithstanding anything in this Agreement to the contrary, any reimbursements or in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, 

3

 

		
including, where applicable, the requirements that (a) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (b) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year of Employee may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year of Employee, (c) the reimbursement of an eligible expense will be made no later than the last day of Employee's taxable year following the year in which the expense is incurred, and (d) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. Nothing contained herein shall be constructed as the guarantee of any particular tax treatment to Employee, and the Company shall have no liability with respect to my failure to comply with the requirements of Section 409A. The parties acknowledge that Employee is retiring at the request of the Company and that the retirement will be treated as an involuntary termination for purposes of Section 409A.

	
13.
	
Governing Law:  This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio.

	
14.
	
Injunctive Relief:  If Employee breaches this Agreement, an award of monetary damages to the Company will be inadequate and the Company shall be entitled to obtain temporary and permanent injunctions without the necessity of proving actual damages. This will not limit the Company’s right to collect actual monetary damages which it can prove. If any provision of this Agreement is invalid or unenforceable, it shall not affect the other provisions of this Agreement.

	
15.
	
Retiree Healthcare Eligible Employees:  Employee is eligible to purchase retiree health care coverage, provided that: (a) the appropriate election forms are completed and submitted within 30 days of the last date of Retirement Period; and (b) the Employee maintains medical coverage throughout the Retirement Period. As stated in Section 2 above, the COBRA premiums payable by the Employee, and not reimbursed, during the Retirement Period equal the amount active employees pay for such coverage.

	
16.
	
Retirement Period:  The “Retirement Period’’ is the period of 12 months following the Retirement Date.

	
17.
	
Effective Date:  This  Agreement will become effective on the eighth (8) day following Employee’s signing of the Agreement (or if later the Retirement Date) unless Employee revokes this Agreement in writing signed and dated within seven (7) days after signing (the ‘‘Revocation Period”) and delivered to the Company within three (3) days after the date of revocation, or unless the Company fails to sign the Agreement on or before the Revocation Period expires.

4

 

IN WITNESS WHEREOF, the parties have executed this Agreement.

 

	
/s/ Mark Russell
	
 
	
Worthington Industries, Inc.

	
Employee Signature
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
Mark A. Russell
	
 
	
By:
	
 
	
/s/ John P. McConnell

	
Employee Name - Printed
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
Date:
	
 
	
8/27/18
	
 
	
Date:
	
 
	
8/27/18

 

5Exhibit 10.1 Amendment No. 3 to A R Credit Agreement

		

			Exhibit 10.1

		

		

			 

		

		
			AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			﻿
		

		
			This AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of October 9, 2018, (the “Effective Date”) is by and among NCS Multistage Holdings, Inc., a Delaware corporation (the “Parent”), Pioneer Intermediate, Inc., a Delaware corporation (the “Intermediate Parent”), Pioneer Investment, Inc., a Delaware corporation (the “US Borrower”), NCS Multistage Inc., a corporation incorporated pursuant to the laws of the Province of Alberta, Canada (the “Canadian Borrower” and together with the US Borrower, the “Borrowers”), the subsidiaries of the US Borrower party hereto (together with the Parent and the Intermediate Parent, each a “Guarantor” and collectively, the “Guarantors”), the Lenders (as defined below) party hereto, Wells Fargo Bank, National Association, as US administrative agent (in such capacity, the “US Administrative Agent”) for the Lenders, Swing Line Lender, and Issuing Lender, Wells Fargo Bank, National Association, Canadian Branch, as Canadian administrative agent (in such capacity, the “Canadian Administrative Agent” and, together with the US Administrative Agent, the “Administrative Agents”) for the Lenders, and each other Person party hereto.
		

		
			RECITALS
		

		
			﻿
		

		
			A.    The Parent, the Intermediate Parent, the Borrowers, the US Administrative Agent, the Canadian Administrative Agent, the Swing Line Lender, the Issuing Lender, and the financial institutions party thereto from time to time, as lenders (the “Lenders”) are parties to that certain Amended and Restated Credit Agreement dated as of May 4, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”).
		

		
			B.    The Borrowers have requested that the Majority Lenders amend the Credit Agreement to permit certain Restricted Payments. 
		

		
			C.    The Majority Lenders are willing to amend the Credit Agreement to permit certain Restricted Payments as provided herein and subject to the terms and conditions set forth herein. 
		

		
			Now Therefore, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
		

		
			Section 1.    Defined Terms.  As used in this Agreement, each of the terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to such terms therein. Each term defined in the Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary.
		

		
			Section 2.    Other Definitional Provisions.  Article, Section, Schedule, and Exhibit references are to Articles and Sections of and Schedules and Exhibits to this Agreement, unless otherwise specified.  The words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular 
		

		

		

		 

		

			 

		

		

			 

		

 

		
		

		
			provision of this Agreement.  The term “including” means “including, without limitation”.  Section headings have been inserted in this Agreement as a matter of convenience for reference only and it is agreed that such Section headings are not a part of this Agreement and shall not be used in the interpretation of any provision of this Agreement.
		

		
			Section 3.    Amendment to Credit Agreement.  Section 6.8 (Restricted Payments) of the Credit Agreement is hereby amended by replacing clause (g) therein in its entirety with the following:
		

		
			(g)  any Restricted Entity may make (i) cash Restricted Payments to or on behalf of the Parent (or any direct or indirect parent thereof) in an amount not to exceed $10,000,000 in the aggregate per fiscal year so long as (x) such funds are applied by the Parent (or such direct or indirect parent thereof) to purchase or repurchase the Equity Interests of the Parent (or of such direct or indirect parent thereof), and (y) no Default exists or would result therefrom; and (ii) Restricted Payments in the form of Equity Interests of the Parent made to effect the Investment permitted under Section 6.3(u); and
		

		
			Section 4.    Representations and Warranties.  Each Credit Party hereby represents and warrants that:
		

		
			(a)    after giving effect to this Agreement, the representations and warranties of the Credit Parties contained in the Credit Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on the Effective Date, except that any representation and warranty which by its terms is made as of a specified date in which case such representation and warranty is true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such specified date;
		

		
			(b)    no Default or Event of Default has occurred and is continuing;
		

		
			(c)    the execution, delivery and performance of this Agreement by such Credit Party are within its corporate or limited liability company power and authority, as applicable, and have been duly authorized by all necessary corporate or limited liability company action, as applicable; 
		

		
			(d)    this Agreement constitutes the legal, valid and binding obligation of such Credit Party enforceable in accordance with its terms, except as limited by applicable Debtor Relief Laws at the time in effect affecting the rights of creditors generally and general principles of equity whether applied by a court of law or equity; 
		

		
			(e)    there are no governmental or other third party consents, licenses and approvals required in connection with the execution, delivery, performance, validity and enforceability of this Agreement; and
		

		
			(f)    as of the Effective Date, no action, suit, investigation or other proceeding by or before any arbitrator or any Governmental Authority is threatened or pending and no preliminary or permanent injunction or order by a state or federal court has been entered in connection with this Agreement or any other Credit Document.
		

		

		

		 

 

		
		

		
			Section 5.    Conditions to Effectiveness.    The amendments set forth in Section 3 shall become effective on the Effective Date and enforceable against the parties hereto upon the occurrence of the following conditions which may occur prior to or concurrently with the closing of this Agreement:
		

		
			(a)    The Administrative Agents shall have received this Agreement executed by duly authorized officers of the Parent, the Borrowers, the Guarantors, the Administrative Agents, and the Majority Lenders; 
		

		
			(b)    The Borrower shall have paid all fees and expenses of the Administrative Agents’ outside legal counsel pursuant to all invoices presented for payment at least one Business Day prior to the Effective Date.
		

		
			Section 6.    Acknowledgments and Agreements.  
		

		
			(a)    Each Credit Party acknowledges that on the date hereof all outstanding Obligations are payable in accordance with their terms and each Credit Party waives any defense, offset, counterclaim or recoupment (other than a defense of payment or performance) with respect thereto.
		

		
			(b)    Each Credit Party, the US Administrative Agent, the Canadian Administrative Agent, the Issuing Lender, the Swing Line Lender and each Lender party hereto does hereby adopt, ratify, and confirm the Credit Agreement, as amended hereby (the “Amended Credit Agreement”), and acknowledges and agrees that the Amended Credit Agreement is and remains in full force and effect, and acknowledge and agree that their respective liabilities and obligations under the Amended Credit Agreement, the Guaranty, and the other Credit Documents, are not impaired in any respect by this Agreement.
		

		
			(c)    Nothing herein shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Credit Documents, (ii) any of the agreements, terms or conditions contained in any of the Credit Documents, (iii) any rights or remedies of the US Administrative Agent, the Canadian Administrative Agent, or any Lender with respect to the Credit Documents, or (iv) the rights of the US Administrative Agent, the Canadian Administrative Agent, any Issuing Lender, the Swing Line Lender or any Lender to collect the full amounts owing to them under the Credit Documents.
		

		
			(d)    From and after the Effective Date, all references to the Credit Agreement and the Credit Documents shall mean the Credit Agreement and such Credit Documents, as amended by this Agreement.  This Agreement is a Credit Document for the purposes of the provisions of the other Credit Documents.
		

		
			Section 7.    Reaffirmation of Security Documents.  Each Credit Party (a) reaffirms the terms of and its obligations (and the security interests granted by it) under each Security Document to which it is a party, and agrees that each such Security Document will continue in full force and effect to secure the Secured Obligations as the same may be amended, supplemented, or otherwise modified from time to time, and (b) acknowledges, represents, warrants and agrees that the liens and security interests granted by it pursuant to the Security Documents are valid, enforceable and subsisting and create a security interest to secure the Secured Obligations.
		

		

		

		 

 

		
		

		
			Section 8.    Reaffirmation of the Guaranty.  Each US Guarantor hereby ratifies, confirms, acknowledges and agrees that its obligations under the Guaranty are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the US Guaranteed Obligations (as defined in the Guaranty), as such US Guaranteed Obligations may have been amended by this Agreement, and its execution and delivery of this Agreement does not indicate or establish an approval or consent requirement by such US Guarantor under the Guaranty, in connection with the execution and delivery of amendments, consents or waivers to the Credit Agreement or any of the other Credit Documents.
		

		
			Section 9.    Counterparts.  This Agreement may be signed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which, taken together, constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by e-mail “PDF” copy shall be effective as delivery of a manually executed counterpart of this Agreement.
		

		
			Section 10.    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement.
		

		
			Section 11.    Invalidity.  In the event that any one or more of the provisions contained in this Agreement shall be held invalid, illegal or unenforceable in any respect under any applicable Legal Requirement, the validity, legality, and enforceability of the remaining provisions contained herein or therein shall not be affected or impaired thereby.
		

		
			Section 12.    Governing Law.  This Agreement shall be deemed a contract under, and shall be governed by, and construed and enforced in accordance with, the laws of the State of New York applicable to contracts made and to be performed entirely within such state without regard to conflicts of laws principles (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York).
		

		
			Section 13.    Entire Agreement. This Agreement, the AMENDED CREDIT AGREEMENT and the other CREDIT Documents REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND SUPERSEDE ALL PRIOR UNDERSTANDINGS AND AGREEMENTS, WHETHER WRITTEN OR ORAL, RELATING TO THE TRANSACTIONS PROVIDED FOR HEREIN AND THEREIN. ADDITIONALLY, This Agreement, the Credit Agreement as amended by this Agreement, and the other CREDIT Documents MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
		

		
			THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
		

		
			IN EXECUTING THIS AGREEMENT, EACH PARTY HERETO HEREBY WARRANTS AND REPRESENTS IT IS NOT RELYING ON ANY STATEMENT OR 
		

		

		

		 

 

		
		

		
			REPRESENTATION OTHER THAN THOSE IN THIS AGREEMENT AND IS RELYING UPON ITS OWN JUDGMENT AND ADVICE OF ITS ATTORNEYS.
		

		
			 [SIGNATURES BEGIN ON NEXT PAGE]
		

		
			 
		

		

		

		 

 

		IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the day and year first above written.
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						US BORROWER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PIONEER INVESTMENT, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wade Bitter

				
	
					
						 

					
					
						Name:

					
					
						Wade Bitter

				
	
					
						 

					
					
						Title:

					
					
						Chief Accounting Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CANADIAN BORROWER:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						NCS MULTISTAGE INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wade Bitter

				
	
					
						 

					
					
						Name:

					
					
						Wade Bitter

				
	
					
						 

					
					
						Title:

					
					
						Chief Accounting Officer and Treasurer

				

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PARENT:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						NCS MULTISTAGE HOLDINGS, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wade Bitter

				
	
					
						 

					
					
						Name:

					
					
						Wade Bitter

				
	
					
						 

					
					
						Title:

					
					
						Chief Accounting Officer and Treasurer

				

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						INTERMEDIATE PARENT:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PIONEER INTERMEDIATE, INC.

				
	
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wade Bitter

				
	
					
						 

					
					
						Name:

					
					
						Wade Bitter

				
	
					
						 

					
					
						Title:

					
					
						Chief Accounting Officer and Treasurer

				

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						OTHER GUARANTORS:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PIONEER NCS ENERGY HOLDCO, LLC

				
	
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wade Bitter

				
	
					
						 

					
					
						Name:

					
					
						Wade Bitter

				
	
					
						 

					
					
						Title:

					
					
						Chief Accounting Officer and Treasurer

				

		

		

		 

		

			[Signature Page to NCS Amendment No. 3]

		

		

			 

		

 

		
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						NCS MULTISTAGE, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wade Bitter

				
	
					
						 

					
					
						Name:

					
					
						Wade Bitter

				
	
					
						 

					
					
						Title:

					
					
						Chief Accounting Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SPECTRUM TRACER SERVICES, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wade Bitter

				
	
					
						 

					
					
						Name:

					
					
						Wade Bitter

				
	
					
						 

					
					
						Title:

					
					
						Chief Accounting Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						STS LOGISTICS AND ANALYTICS LLC 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wade Bitter

				
	
					
						 

					
					
						Name:

					
					
						Wade Bitter

				
	
					
						 

					
					
						Title:

					
					
						Chief Accounting Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						STS TRACER SERVICES LTD. 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Wade Bitter

				
	
					
						 

					
					
						Name:

					
					
						Wade Bitter

				
	
					
						 

					
					
						Title:

					
					
						Chief Accounting Officer and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			﻿
		

		
			 
		

		

		

		 

		

			[Signature Page to NCS Amendment No. 3]

		

		

			 

		

 

		﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ADMINISTRATIVE AGENTS/LENDERS:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						as US Administrative Agent, the Issuing Lender, Swing Line Lender, and a US Facility Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Maxwell J. Felts

				
	
					
						 

					
					
						Name:

					
					
						Maxwell J. Felts

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			﻿
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, CANADIAN BRANCH 

				
	
					
						 

					
					
						as Canadian Administrative Agent and a Canadian Facility Lender 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Lindy Couillard

				
	
					
						 

					
					
						Name:

					
					
						Lindy Couillard

				
	
					
						 

					
					
						Title:

					
					
						Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				
	
					
						﻿

					
					
						 

					
					
						 

				

		
			﻿
		

		

		

		 

		

			[SIGNATURE PAGE TO NCS AMENDMENT NO. 3]

		

		

			 

		

 

		
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						JPMORGAN CHASE BANK, N.A., as a US Facility Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Ryan Aman

				
	
					
						 

					
					
						Name:

					
					
						Ryan Aman

				
	
					
						 

					
					
						Title:

					
					
						Authorized Officer

				
	
					
						 

					
					
						 

					
					
						 

				

		
			﻿
		

		

		

		 

		

			[SIGNATURE PAGE TO NCS AMENDMENT NO. 3]

		

		

			 

		

 

		
		

		
			﻿
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as a Canadian Facility Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael N. Tam

				
	
					
						 

					
					
						Name:

					
					
						Michael N. Tam

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				
	
					
						 

					
					
						 

					
					
						 

				

		
			﻿
		

		

		

		 

		

			[SIGNATURE PAGE TO NCS AMENDMENT NO. 3]

		

		

			 

		

 

		
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HSBC BANK CANADA, as a US Facility Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Sean Cochrane

				
	
					
						 

					
					
						Name:

					
					
						Sean Cochrane

				
	
					
						 

					
					
						Title:

					
					
						Assistant Vice President Corporate Banking

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Bruce Robinson

				
	
					
						 

					
					
						Name:

					
					
						Bruce Robinson

				
	
					
						 

					
					
						Title:

					
					
						Vice President Energy Financing

				

		
			﻿
		

		
			﻿
		

		

		

		 

		

			[SIGNATURE PAGE TO NCS AMENDMENT NO. 3]

		

		

			 

		

 

		
		

			
					
						 

					
					
						HSBC BANK CANADA, as a Canadian Facility Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Sean Cochrane

				
	
					
						 

					
					
						Name:

					
					
						Sean Cochrane

				
	
					
						 

					
					
						Title:

					
					
						Assistant Vice President Corporate Banking

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Bruce Robinson

				
	
					
						 

					
					
						Name:

					
					
						Bruce Robinson

				
	
					
						 

					
					
						Title:

					
					
						Vice President Energy Financing

				

		
			﻿
		

		
			﻿
		

		 

		

			[SIGNATURE PAGE TO NCS AMENDMENT NO. 3]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]