Document:

EX-10.4

 EXHIBIT 10.4 
  

			
	

	  	 29 Hartwell Avenue    

Lexington, MA 02421
 P (617) 945
7361        

 March 11, 2020 
 Paul
Burgess 
  

	Re:	 Amended and Restated Employment Agreement 

Dear Paul: 
 On behalf of Translate Bio, Inc., a
Delaware corporation (the “Company”), I am pleased to provide you this Amended and Restated Employment Agreement (the “Agreement”) that includes, among other things, enhanced benefits in the event of a change of
control of the Company. The terms and conditions of your employment are set forth below. Please note that you must sign and return this Agreement within seven (7) days of receipt to avail yourself of its terms. 

 

	1.	 Position. Your position with the Company is Chief Legal Officer and Chief Operating Officer and you
report to Ron Renaud, Chief Executive Officer. You agree to devote your full business time, best efforts, skill, knowledge, attention and energies to the advancement of the Company’s interests and the performance of your duties as an employee
of the Company and not to engage in any other business activities without prior approval of the Company. 

  

	2.	 Base Salary. The Company will pay you a salary at the bi-weekly
rate of 16,153.85 (which is equivalent to an annualized rate of $420,000.00 per year), payable in accordance with the Company’s standard payroll schedule and subject to applicable tax and other withholdings as required by law. Such base
salary may be subject to periodic review and adjustments at the Company’s sole discretion. 

  

	3.	 Discretionary Bonus. You will be eligible to receive an annual cash discretionary bonus of up to 40% of
your base salary (the “bonus”) in accordance with the terms of the applicable bonus plan. The amount, if any, of the cash bonus payment, and the Company’s determination of your performance, corporate objectives and business conditions
at the Company are all within the sole discretion of the Company. Eligibility for and earning of the bonus, which is also a retention incentive that you remain employed by the Company, requires the you be employed for the full period covered by the
bonus as well as on the date the bonus is to be paid. Your eligibility for the bonus is also contingent on approval by the Board of Directors of the Company (the “Board”). The Company expects to review your job performance on an
annual basis and to discuss with you the criteria which the Company will use to assess your performance for bonus purposes. The Company also may make adjustments in the targeted amount of your bonus in the Company’s sole discretion.

  
 

 

	4.	 Benefits. You will be eligible to participate in the Company’s employee benefits and insurance
programs generally made available from time to time to its full-time employees, in accordance with, and provided you are eligible under, the plan documents governing those programs. You will also be eligible for up to 20 of days of paid vacation per
year which shall accrue on a prorated basis, in accordance with the Company’s vacation policy as in effect from time to time. The Company reserves the right to modify or terminate any or all of its benefit plans or policies at any time at its
discretion. 

  

	5.	 Incentive Equity Awards. In connection with your ongoing employment, the Company may propose to the
Board from time to time, that a stock option grant be made to you of Company’ common stock pursuant to the Company’s 2018 Equity Incentive Plan (the “Proposed Grant”). Any Proposed Grant will be subject to the terms and
conditions of a Option Agreement to be entered into by you and the Company. Your ownership of the common stock will be subject to a vesting schedule and will be contingent on your continued employment or continuous service as a consultant or advisor
with the Company. 

  

	6.	 Severance. Without otherwise limiting the “at-will”
nature of your employment, in the event your employment is terminated by the Company without Cause (as defined below) or you terminate for Good Reason, you shall be entitled to the base salary that has accrued and to which you are entitled as of the
effective date of such termination, and further, subject to the conditions set forth in the second paragraph of this Severance section, the Company shall, for a period of nine (9) months following your termination date: (i) continue to pay
you, in accordance with the Company’s regularly established payroll procedure, your base salary as Severance; and (ii) provided you are eligible for and timely elect to continue receiving group medical insurance pursuant to the
“COBRA” law, continue to pay the share of the premium for health coverage that is paid by the Company for active and similarly-situated employees who receive the same type of coverage, unless the Company’s provision of such COBRA
payments will violate the non-discrimination requirements of applicable law, in which case this benefit will not apply. If, in the twelve months following a Change of Control, the Company terminates your
employment without Cause or you terminate for Good Reason, the Company, subject to the conditions set forth in the second paragraph of this Severance section, will: (a) extend the Severance benefits described in (i) and (ii) above for an
additional three (3) months, such that the total severance benefit period shall be twelve (12) months; (b) accelerate the vesting of all unvested stock options, restricted stock or other equity awards held by you as of the date your
employment is terminated such that 100% of such options, restricted stock or equity award shall become fully vested and, if applicable, exercisable effective as of such date (except as described in the next paragraph); and (c) pay to you a
bonus amount equal to 1x your target annual bonus for the year in which termination of employment occurs. 

Notwithstanding the foregoing, you will not be entitled to receive any severance benefits unless, within sixty (60) days following the
date of termination, you (i) have executed a severance and release of claims agreement in a form prescribed by the Company or persons affiliated with the Company (which will include, at a minimum, a release of all releasable claims and non-disparagement and cooperation obligations). Any severance payments shall commence on the first payroll period following the date the release becomes effective (the “Payment Date”).
Notwithstanding the foregoing, if the 60th day following the date of termination occurs in the calendar year following the calendar year of the termination, then the Payment Date shall be no 

  
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earlier than January 1st of such subsequent calendar year. Any stock options, restricted stock or equity award that would vest as a result of the prior paragraph will be treated as only
provisionally vested and will only actually become exercisable and/or alienable if and when you satisfy the release requirements, and any such provisionally vested portion will be deemed null and void retroactive to your date of termination if you
either notify the Company that you will not execute or will revoke the release or the period for providing the release expires without your complying with the release requirements. The Company may choose instead to provide to you any provisionally
vested portions of these awards, subject to your undertaking to repay the Company in the manner determined by the Company at such time if you fail to satisfy the release requirements thereafter. 

For purposes of this Agreement, “Cause” shall mean a finding by the Company in its sole discretion of any of the following:
(i) dishonesty, embezzlement, misappropriation of assets or property of the Company; (ii) gross negligence, willful misconduct, theft, fraud or breach of fiduciary duty to the Company; (iii) violation of federal or state securities
laws; (iv) your material breach of any written agreement between you and the Company; (v) the conviction of a felony, or any crime involving moral turpitude, including a plea of guilty or nolo contendre; or (vi) continued
nonperformance of your responsibilities, provided that, if the Company determines that such nonperformance can be cured, the Company has provided you with notice of such nonperformance and you have been provided with a reasonable opportunity to cure
not to exceed thirty (30) days. 
 For purposes of this Agreement, “Good Reason” shall mean that you have complied with
the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following actions undertaken by the Company without your express prior written consent: (i) the material diminution in your responsibilities,
authority and function; (ii) a material reduction in your base salary, provided, however, that Good Reason shall not be deemed to have occurred in the event of a reduction in your base salary that is pursuant to a salary reduction program
affecting substantially all of the senior level employees of the Company and that does not adversely affect you to a greater extent than other similarly situated employees; (iii) a material breach of your Agreement or any other written
agreement between you and the Company; or (v) a change in the geographic location at which you must regularly report to work and perform services to a location that is more than fifty (50) miles from Lexington, Massachusetts, except for
required travel on the Company’s business. “Good Reason Process” means that (i) you have reasonably determined in good faith that a “Good Reason” condition has occurred; (ii) you have notified the Company in
writing of the first occurrence of the Good Reason condition within sixty (60) days of the first occurrence of such condition; (iii) you have cooperated in good faith with the Company’s efforts, for a period not less than thirty
(30) days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) you terminate your employment within sixty
(60) days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

For purposes of this Agreement, “Change in Control” shall mean any: (i) merger or consolidation in which the Company is a
constituent party or a subsidiary of the Company is a constituent party and the Company issues equity securities pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the
equity ownership of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for equity securities that represent, immediately following such merger or consolidation, at
least a majority, by both voting power and equity 

  
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ownership, of (a) the surviving or resulting entity, or (b) if the surviving or resulting entity is a wholly owned subsidiary of another entity immediately following such merger or
consolidation, the parent entity of such surviving or resulting entity (provided that all capital stock issuable upon exercise of options outstanding immediately prior to such merger or consolidation or upon conversion of convertible securities
outstanding prior to such merger or consolidation shall be deemed to be outstanding immediately prior to such merger or consolidation and, if applicable, converted or exchanged in such merger or consolidation on the same terms as the actual
outstanding capital stock are converted or exchanged); (ii) sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or
substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its
subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company; (iii) any transfer of the Company’s
equity securities, or securities exchangeable for or convertible into the Company’s equity securities, if, immediately following the transfer, any one or more persons (other than the Company’s equity holders as of immediately prior to the
transfer) own a majority of the equity ownership or otherwise control a majority of the voting power of the Company; or (iv) any transfer of a subsidiary of the Company’s equity securities, or securities exchangeable for or convertible
into equity securities of such subsidiary, if, immediately following the transfer, any one or more persons ( other than the Company’s equity holders as of immediately prior to the transfer) own a majority of the equity ownership or otherwise
control a majority of the voting power of such subsidiary; provided that, where required for compliance with Section 409A, the event described in clauses (i)-(iv) is also a change in control event as set forth in Treas. Reg. Section 1.409A-3(i)(5). 
  

	7.	 Parachute Treatment. Notwithstanding any other provision of this Agreement to the contrary, if payments
and benefits provided for under this Agreement together with any payments or benefits under any other agreement or arrangement between the Company or any of its affiliates and you are considered “excess parachute payments” under
Section 280G of the Internal Revenue Code (the “Code”), then such excess parachute payments plus any other payments made by the Company and its affiliates that you are entitled to receive that are considered excess parachute
payments shall be limited to the greatest amount that may be paid to you under Section 280G of the Code without causing any loss of deduction to the Company under such Code Section, but only if, by reason of such reduction, the “Net After
Tax Benefit” (as defined below) to you shall exceed the net after tax benefit if such reduction was not made. “Net After Tax Benefit” for purposes of this Agreement shall mean the sum of (i) the total amounts payable to
you that would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, less (ii) the amount of federal, state and other income taxes payable with respect to the foregoing calculated at the maximum
marginal tax rate for each year in which the foregoing shall be paid to you (based upon the rate in effect for such year as set forth in the Code at the time of termination of your employment or the change in control), less (iii) the amount of
excise taxes imposed with respect to the payments and benefits described above by Section 4999 of the Code. The determination of whether payments would be considered excess parachute payments and the calculation of all the amounts referred to
in this section shall be made reasonably and in good faith by the parties, provided, that if the parties cannot agree, then such determination (and supporting calculations) shall be made by attorneys, accountants, or an executive compensation
consulting firm each as selected by the Company at the expense of the Company (the “280G Service Providers”). Any determination by the 280G Service Providers made in good faith shall be binding upon the Company and you.

  
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	8.	 Tax Acknowledgement. All forms of compensation referred to in this Agreement are subject to all
applicable federal, state and/or local withholding and/or payroll taxes, and the Company may withhold from any amounts payable to you in order to comply with such withholding obligations and you shall be responsible for all applicable taxes with
respect to such compensation. You hereby acknowledge that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its board of
directors related to tax liabilities arising from your compensation. You further acknowledge that you are not relying upon the advice or representation of the Company with respect to the tax treatment of any of the compensation set forth in this
Agreement. 

  

	9.	 409A Compliance. This Agreement is intended to provide payments that are exempt from or compliant with
Section 409A, and should be interpreted consistent with that intent. The attached exhibit entitled “Payments Subject to Section 409A” is hereby appended to the Agreement as Attachment A and, if applicable, replaces any previous
such attachment concerning the same subject matter. 

  

	10.	 Interpretation, Amendment, Enforcement and Complete Agreement. This Agreement, the Employee Non-Competition, Non-Solicit, Confidentiality and Invention Assignment Agreement which you previously executed and which you reaffirm, and any plans and agreements applicable
to the incentive equity awards referred in Section 5 of this Agreement constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, amendments,
representations or understandings (whether written, oral or implied) between you and the Company. This Agreement shall be amended only by a writing signed by the Chief Executive Officer of the Company and you. The terms of this Agreement will be
governed by statutes and common law of The Commonwealth or Massachusetts without regard to the conflict of laws provisions. You and the Company hereby irrevocably submit to and acknowledge and recognize the exclusive personal jurisdiction of the
federal and state courts located in The Commonwealth of Massachusetts (which courts for purposes of this Agreement, are the only courts of competent jurisdiction) in connection with any dispute or any claim related to this Agreement or the subject
matter hereof. 

  

	11.	 At-Will Employment. Your employment with the Company will be on
an “at will” basis. In other words, you or the Company may terminate your employment for any reason and at any time, with or without cause. Although your job duties, title, compensation and benefits, as well as the Company’s benefit
plans and personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Company. 

[remainder of page intentionally left blank] 

  
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 We look forward to receiving a response from you within seven (7) days acknowledging,
by signing below, that you have accepted the terms of this Amended and Restated Employment Agreement. 
  

			
	Very truly yours,
	
	TRANSLATE BIO, INC.
		
	By:	 	 /s/ Ronald C. Renaud, Jr.

		 	Ronald C. Renaud, Jr.
		 	Chief Executive Officer

 I have read and accept the terms of this Amended and Restated Employment Agreement. 

Accepted and Agreed as of March 11, 2020 
  

	
	 /s/ Paul Burgess

	Paul Burgess

  
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 Attachment A 

Payments Subject to Section 409A 
 1.
Subject to this Attachment A, any severance payments that may be due under the letter agreement shall begin only upon the date of your “separation from service” (determined as set forth below) which occurs on or after the termination of
your employment. The following rules shall apply with respect to distribution of the severance payments, if any, to be provided to you under the letter agreement, as applicable: 

 

	 	a.	 It is intended that each installment of the severance payments under the letter agreement shall be treated as a
separate “payment” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). Neither the Company nor you shall have the right to accelerate or defer the delivery of any such
payments except to the extent specifically permitted or required by Section 409A. 

  

	 	b.	 If, as of the date of your “separation from service” from the Company, you are not a “specified
employee” (within the meaning of Section 409A), then each installment of the severance payments shall be made on the dates and terms set forth in the letter agreement. 

 

	 	c.	 If, as of the date of your “separation from service” from the Company, you are a “specified
employee” (within the meaning of Section 409A), then: 

  

	 	i.	 Each installment of the severance payments due under the letter agreement that is paid within the short-term
deferral period (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section l.409A-l(b)(4) to the maximum extent permissible under
Section 409A and shall be paid on the dates and terms set forth in the letter agreement; and 

  

	 	ii.	 Each installment of the severance payments due under the letter agreement that is not described in this
Attachment A, Section I (c)(i) and that would, absent this subsection, be paid within the six-month period following your “separation from service” from the Company shall not be paid until the date
that is six months and one day after such separation from service (or, if earlier, your death), with any such installments that are required to be delayed being accumulated during the six-month period and paid
in a lump sum on the date that is six months and one day following your separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding
provisions of this sentence shall not apply to any installment of payments if and to the maximum extent that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the
application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury

	 	
Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following the taxable year in which the
separation from service occurs. 

 2. The determination of whether and when your separation from service from the Company has
occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1 (h). Solely for purposes of this Attachment A, Section 2,
“Company” shall include all persons with whom the Company would be considered a single employer under Section 414(b) and 414( c) of the Internal Revenue Code of 1986, as amended. 

3. The Company makes no representation or warranty and shall have no liability to you or to any other person if any of the provisions of the
letter agreement (including this Attachment) are determined to constitute deferred compensation subject to Section 409A but that do not satisfy an exemption from, or the conditions of, that section.Exhibit 4.1

 

FIRST
AMENDMENT TO SECOND AMENDED AND RESTATED

REVOLVING
CREDIT, TERM LOAN AND SECURITY AGREEMENT

 

THIS
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT, dated as of May 4, 2021 (this
“Amendment”), relating to the Credit Agreement referenced below, is by and among PERMA-FIX ENVIRONMENTAL SERVICES,
INC., a Delaware corporation (the “Borrower”), the lenders identified on the signature pages hereto (the “Lenders”),
and PNC Bank, National Association, a national banking association, as agent for the Lenders (in such capacity, the “Agent”).
Terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement.

 

W
I T N E S S E T H

 

WHEREAS,
a credit facility has been extended to the Borrower pursuant to the terms of that certain Second Amended and Restated Revolving
Credit, Term Loan and Security Agreement dated as of May 8, 2020 (as amended and modified from time to time, the “Credit
Agreement”) among the Borrower, the Lenders identified therein, and PNC Bank, National Association, as agent for the
Lenders;

 

WHEREAS,
the Borrower has requested certain modifications to the Credit Agreement; and

 

WHEREAS,
the Lenders have agreed to the requested modifications on the terms and conditions set forth herein;

 

NOW,
THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.       Amendments.
The Credit Agreement is amended as set forth below:

 

(a)       New
definitions of “Equipment Loans”, “Equipment Note” and “Maximum Equipment Loan
Amount” are added to Section 1.2 in correct alphabetical order to read as follows:

 

“
“Equipment Loans” shall have the meaning set forth in Section 2.4(b) hereof.

 

“Equipment
Note” shall mean, collectively, the promissory note referred to in Section 2.4(b) hereof.

 

“Maximum
Equipment Loan Amount” shall mean $1,000,000.”

 

(b)       The
definitions of “Advances”, “Applicable Margin”, “EBITDA”, “Fixed
Charge Coverage Ratio”, “Maximum Loan Amount”, “Note”, “Revolving Advances”,
“Senior Debt Payments” and “Undrawn Availability” set forth in Section 1.2 are amended to
read as follows:

 

“
“Advances” shall mean and include the Revolving Advances, Letter of Credit, as well as the Term Loan and the
Equipment Loans.

 

    	 	 	 

    	 	 	 

    

 

“Applicable
Margin” for (i) Revolving Advances that are Eurodollar Rate Loans, 3.00%, (ii) Revolving Advances that are Domestic
Rate Loans, 2.00%, (iii) Term Loans and Equipment Loans that are Eurodollar Rate Loans, 3.50%, and (iv) Term Loans and Equipment
Loans that are Domestic Rate Loans, 2.50%.

 

“EBITDA”
shall mean for any period, for Borrower, the sum of (i) Net Income for such period, plus (ii) all Interest Expense for such period,
plus (iii) all charges against income of Borrower for such period for federal, state and local taxes expenses, plus (iv) depreciation
expenses for such period, plus (v) amortization expenses for such period, plus (vi) any extraordinary, unusual or non-recurring
non-cash expenses or losses (including non-cash losses on sales of assets outside of the Ordinary Course of Business) during such
period, minus (vii) any extraordinary, unusual or non-recurring non-cash income or gains (including gains on the sale of assets
outside of the Ordinary Course of Business) during such period, in each case, only to the extent included in the statement of
net income for such period. For purposes of calculating EBITDA (i) add-backs for (a) Agent’s $50,000 amendment fee charged
in connection with the Agreement, (b) distributions received by Borrower from joint ventures approved by Agent and (c) expenses
incurred in connection with Borrower’s PPP loan will be permitted unless and until a portion of such loan is not forgiven;
(ii) cash investments by Borrower in joint ventures approved by Agent will be a deduction; and (iii) EBITDA generated by any joint
venture will be excluded. For avoidance of doubt, the PPP expenses incurred for the fiscal quarter ending as of June 30, 2020
are $5,179,225.41 and for the fiscal quarter ending as of September 30, 2020 are $139,068.70.

 

“Fixed
Charge Coverage Ratio” shall mean and include, with respect to any fiscal period, the ratio of (A) EBITDA for such period
minus Unfinanced Capital Expenditures made during such period minus cash taxes with respect to income paid by Borrower
during such period minus any cash dividends or distributions made by Borrower during such period to (B) all Senior Debt
Payments during such period. For purposes of calculating the Fixed Charge Coverage Ratio (i) any prepayments on the Subordinated
Loan following Borrower’s receipt of the Release of Restricted Insurance Closure Fund shall be excluded from Senior Debt
Payments provided Undrawn Availability is greater than $3,000,000 after making such prepayment; (ii) any payments made by Borrower
on its PPP loan during fiscal year 2020 only shall be excluded; and (iii) up to $1,000,000 in Capital Expenditures incurred during
fiscal year 2021 in connection with Borrower’s Diversified Scientific Services unit at its Kingston, Tennessee facility
shall be deemed to be financed Capital Expenditures.

 

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“Maximum
Loan Amount” shall mean $20,350,797.52 less repayments of the Term Loan and the Equipment Loans.

 

“Note”
shall mean collectively, the Term Note, the Equipment Note and the Revolving Credit Note.

 

“Revolving
Advances” shall mean Advances made other than Letters of Credit, the Term Loan and the Equipment Loans.

 

“Senior
Debt Payments” shall mean and include all cash actually expended by any Credit Party to make (a) interest payments on
any Advances hereunder, plus (b) scheduled principal payments on the Term Loan and the Equipment Loans, plus (c) payments for
all fees, commissions and charges set forth herein and with respect to any Advances, plus (d) capitalized lease payments, plus
(e) payments with respect to any other Indebtedness for borrowed money, including Purchase Money Indebtedness.

 

“Undrawn
Availability” at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount or (ii) the
Maximum Revolving Advance Amount, minus (b) the sum of (i) the outstanding amount of Advances (other than the Term Loan and the
Equipment Loans) plus (ii) all amounts due and owing to any Credit Party’s trade creditors which are outstanding more than
sixty (60) days after their due date, plus (iii) fees and expenses for which any Credit Party is liable but which have not been
paid or charged to Borrower’s Account.”

 

(c)       Section
2.2(a) is amended by adding a new sentence after the first sentence of the Section to read as follows:

 

“Subject
to the satisfaction of the conditions set forth in Section 8.3 hereof, in the event Borrower desires an Equipment Loan, Borrower
shall give Agent at least three (3) Business Days prior written notice.”

 

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(d)       Section
2.4 is amended to read as follows:

 

“2.4.Term
Loan; Equipment Loans.

 

(a)       Term
Loan.

 

Each
Lender, severally and not jointly, made a Term Loan in the sum equal to such Lender’s Commitment Percentage of $6,095,238.12.
As of the Closing Date the Term Loan has a balance of $1,741,817.82. The Term Loan was advanced on the Closing Date and shall
be, with respect to principal, payable as follows, subject to acceleration upon the occurrence of an Event of Default under this
Agreement or termination of this Agreement: equal monthly installments of $35,547.30 commencing on June 1, 2020 and continuing
on the first (1st) day of each month thereafter with the remaining balance due in full on the last day of the Term. The Term Loan
shall be evidenced by one or more secured promissory notes (collectively, the “Term Note”) in substantially the form
attached hereto as Exhibit 2.4(a). The Term Loan may consist of Domestic Rate Loans or Eurodollar Rate Loans, or a combination
thereof, as Borrower may request. In the event that Borrower desires to obtain or extend a Eurodollar Rate Loan or to convert
a Domestic Rate Loan to a Eurodollar Rate Loan, Borrower shall comply with the notification requirements set forth in Sections
2.2(b) and (d) and the provisions of Sections 2.2(b) through (h) shall apply.

 

(b)       Equipment
Loans.

 

(i)       Subject
to the terms and conditions of this Agreement, each Lender, severally and not jointly, shall, from time to time, make Advances
(each, an “Equipment Loan” and collectively, the “Equipment Loans”) to Borrower in an amount equal to
such Lender’s Commitment Percentage of the applicable Equipment Loan to finance Borrower’s purchase of equipment for
use in Borrower’s business. All such Equipment Loans shall be in such amounts as are requested by Borrower, but in no event
shall any Equipment Loan exceed ninety (90%) percent of the Net Invoice Cost of any new equipment being purchased by Borrower
or eighty percent (80%) of the Net Invoice Cost of any used equipment being purchased by Borrower and the total amount of all
Equipment Loans outstanding hereunder shall not exceed, in the aggregate, the Maximum Equipment Loan Amount. Once repaid, Equipment
Loans may not be reborrowed.

 

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(ii)       Equipment
Loans shall be made available to Borrower during the period commencing on (x) May 4, 2021 and ending on the earlier of (A) the
date the Equipment Note (defined below) is fully funded or (B) May 4, 2022 (the “Borrowing Period”). At the end of
the Borrowing Period, Agent shall calculate the aggregate principal balance of all then outstanding Equipment Loans, which amount
shall amortize in equal and consecutive monthly installments of principal, based on a five year amortization schedule, the first
of which installments shall be due and payable on the first day of the next month after the end of the Borrowing Period, and the
remaining installments of which shall be due and payable on the first day of each month thereafter, provided, however, that the
aggregate principal balance of all Equipment Loans, together with all accrued and unpaid interest thereon, and all unpaid fees,
costs and expenses payable hereunder in connection therewith, shall be due and payable in full upon the expiration of the Term,
subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement. Equipment
Loans shall be evidenced by one or more secured promissory notes (collectively, the “Equipment Note”) in substantially
the form attached hereto as Exhibit 2.4(b). The Equipment Loans may consist of Domestic Rate Loans or Eurodollar Rate Loans, or
a combination thereof, as Borrower may request; and in the event that Borrower desires to obtain or extend any Equipment Loan
(or any portion thereof) as a Eurodollar Rate Loan or to convert any Equipment Loan (or any portion thereof) from a Domestic Rate
Loan to a Eurodollar Rate Loan, Borrower shall comply with the notification requirements set forth in Sections 2.2(b) and/or (e)
and the provisions of Sections 2.2(b) through (i) shall apply.”

 

(e)       A
new sentence is added to the end of Section 2.6(a) to read as follows:

 

“The
Equipment Loans shall be due and payable as provided in Section 2.4(b) hereof and in the Equipment Note, subject to mandatory
prepayments as herein provided.”

 

(f)       The
following sentence is added to the end of Section 2.20(a):

 

“Each
borrowing of Equipment Loans shall be advanced according to the Commitment Percentage of Lenders.”

 

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(g)       A
new sentence is added to Section 2.20(b) after the second sentence of the Section is amended to read as follows:

 

“Each
payment (including each prepayment) by Borrower on account of the Equipment Loans shall be applied to the applicable Equipment
Loan pro rata according to the Commitment Percentage of Lenders.”

 

(h)       Section
2.20(c)(i) is amended to read as follows:

 

“(c)(i)Notwithstanding
anything to the contrary contained in Sections 2.20(a) and (b) hereof, commencing with the first Business Day following the Closing
Date, each borrowing of Revolving Advances or an Equipment Loan, as applicable, shall be advanced by Agent and each payment by
Borrower on account of Revolving Advances or an Equipment Loan, as applicable, shall be applied first to those Revolving Advances
or those Equipment Loan, as applicable, advanced by Agent. On or before 1:00 P.M., New York time, on each Settlement Date commencing
with the first Settlement Date following the Closing Date, Agent and Lenders shall make certain payments as follows: (I) if the
aggregate amount of new Revolving Advances or Equipment Loans, as applicable, made by Agent during the preceding Week (if any)
exceeds the aggregate amount of repayments applied to outstanding Revolving Advances or Equipment Loans, as applicable, during
such preceding Week, then each Lender shall provide Agent with funds in an amount equal to its applicable Commitment Percentage
of the difference between (w) such Revolving Advances or such Equipment Loan, as applicable, and (x) such repayments and (II)
if the aggregate amount of repayments applied to outstanding Revolving Advances or Equipment Loans, as applicable, during such
Week exceeds the aggregate amount of new Revolving Advances or Equipment Loans, as applicable, made during such Week, then Agent
shall provide each Lender with funds in an amount equal to its applicable Commitment Percentage of the difference between (y)
such repayments and (z) such Revolving Advances or such Equipment Loans, as applicable.”

 

(i)       The
last sentence of Section 2.21 is amended to read as follows:

 

“Such
repayments shall be applied (i) if the Collateral disposed of is equipment the purchase of which was financed by an Equipment
Loan, (x) first, to the outstanding principal installments of the Equipment Loans in the inverse order of the maturities thereof,
(y) second, to the outstanding principal installments of the Term Loan in the inverse order of the maturities thereof and (z)
third, to the remaining Advances (including cash collateralization of all Obligations relating to any outstanding Letters of Credit
in accordance with the provisions of Section 3.2(b); provided however that if no Default or Event of Default has occurred and
is continuing, such repayments shall be applied to cash collateralize any Obligations related to outstanding Letters of Credit
last) in such order as Agent may determine, subject to Borrower’s ability to reborrow Revolving Advances in accordance with
the terms hereof or (ii) if the Collateral disposed of is equipment other than as set forth in (i) above or other Collateral,
(x), first, to the outstanding principal installments of the Term Loan in the inverse order of the maturities thereof, (y) second,
to the outstanding principal installments of the Equipment Loans in the inverse order of the maturities thereof and (z) third,
to the remaining Advances (including cash collateralization of all Obligations relating to any outstanding Letters of Credit in
accordance with the provisions of Section 3.2(b); provided however that if no Default or Event of Default has occurred and is
continuing, such repayments shall be applied to cash collateralize any Obligations related to outstanding Letters of Credit last)
in such order as Agent may determine, subject to Borrower’s ability to reborrow Revolving Advances in accordance with the
terms hereof.”

 

    	6

    	 

    

 

(j)       Section
3.1(ii) is amended to read as follows:

 

“(ii)with
respect to the Term Loan and the Equipment Loans, the applicable Term Loan Rate (as applicable, the “Contract Rate”.”

 

(k)       The
phrase “such notice is given prior to a Benchmark Replacement Date (as defined below)” in the second sentence of Section
3.8.1 is deleted and replaced with the phrase “Section 3.8.2 does not apply”.

 

(l)       The
definitions of “Benchmark Replacement” and “Benchmark Replacement Adjustment” in Section
3.8.2 are amended to read as follows:

 

“
“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate that has been selected by Agent
giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a
rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest
as a replacement to the Eurodollar Rate for U.S. dollar-denominated credit facilities and (b) the Benchmark Replacement Adjustment;
provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed
to be zero for the purposes of this Agreement.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the Eurodollar Rate with an alternate benchmark rate
for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which
may be a positive or negative value or zero) that has been selected by Agent (a) giving due consideration to (i) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of the Eurodollar Rate with the applicable Benchmark Replacement (excluding such spread adjustment) by the Relevant Governmental
Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating
or determining such spread adjustment, for such replacement of the Eurodollar Rate for U.S. dollar-denominated credit facilities
at such time and (b) which may also reflect adjustments to account for (i) the effects of the transition from the Eurodollar Rate
to the Benchmark Replacement and (ii) yield- or risk-based differences between the Eurodollar Rate and the Benchmark Replacement.”

 

    	7

    	 

    

 

(m)       A
new Section 8.3 is added to read as follows:

 

“8.3.Conditions
to Each Equipment Loan.

 

The
agreement of Lenders to make any Equipment Loan is subject to satisfaction of the following conditions precedent: (a) receipt
by Agent of (i) a copy of the invoice relating to the equipment being purchased, (ii) evidence that such equipment has been shipped
to Borrower, (iii) evidence that the requested Equipment Loan does not exceed ninety percent (90%) of the Net Invoice Cost of
any such new equipment purchased by Borrower or eighty percent (80%) of the Net Invoice Cost of any such used equipment purchased
by Borrower, and (iv) such other documentation and evidence that Agent may request; and (b) after giving effect thereto, the aggregate
outstanding principal amount of Equipment Loans shall not exceed the Maximum Equipment Loan Amount.”

 

(n)       The
first sentence of Section 15.3(c) is amended to read as follows:

 

“Any
Lender, with the consent of Agent which shall not be unreasonably withheld or delayed, may sell, assign or transfer all or any
part of its rights and obligations under or relating to Revolving Advances, Term Loans and/or Equipment Loans under this Agreement
and the Other Documents to one or more additional banks or financial institutions and one or more additional banks or financial
institutions may commit to make Advances hereunder (each a “Purchasing Lender”), in minimum amounts of not
less than $5,000,000, pursuant to a Commitment Transfer Supplement, executed by a Purchasing Lender, the transferor Lender, and
Agent and delivered to Agent for recording; provided, that any such assignment of a portion must be for a constant and non-varying
portion of such Lender’s rights under this Agreement, the Other Documents, the Advances and Commitment Percentage.”

 

    	8

    	 

    

 

(o)       The
first sentence of Section 15.3(d) is amended to read as follows:

 

“Any
Lender, with the consent of Agent which shall not be unreasonably withheld or delayed, may directly or indirectly sell, assign
or transfer all or any portion of its rights and obligations under or relating to Revolving Advances, Term Loans and/or Equipment
Loans under this Agreement and the Other Documents to an entity, whether a corporation, partnership, trust, limited liability
company or other entity that (i) is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions
of credit in the ordinary course of its business and (ii) is administered, serviced or managed by the assigning Lender or an Affiliate
of such Lender (a “Purchasing CLO” and together with each Participant and Purchasing Lender, each a “Transferee”
and collectively the “Transferees”), pursuant to a Commitment Transfer Supplement modified as appropriate to
reflect the interest being assigned (“Modified Commitment Transfer Supplement”), executed by any intermediate
purchaser, the Purchasing CLO, the transferor Lender, and Agent as appropriate and delivered to Agent for recording.”

 

(p)       A
new Exhibit 2.4(b) is added to the Credit Agreement in the form of Exhibit 2.4(b) attached hereto and incorporated herein by reference.

 

2.       Conditions
Precedent. This Amendment shall be effective as of the date hereof upon satisfaction of the following conditions:

 

(a)       the
execution of this Amendment by the Borrower, the Lender and the Agent,

 

(b)       the
execution by the Borrower and the Agent of mortgage modification agreements for the Gainesville, Florida and Kingston, Tennessee
properties; and

 

(c)       receipt
by the Agent of an amendment fee of $15,000.

 

3.       Condition
Subsequent. As soon as practicable the Borrower shall submit to the Agent title endorsements reflecting the recording of the
mortgage modification agreements for the Gainesville, Florida and Kingston, Tennessee properties.

 

4.       Representations
and Warranties. The Borrower hereby represents and warrants in connection herewith that as of the date hereof (after giving
effect hereto) (i) the representations and warranties set forth in Article V of the Credit Agreement are true and correct in all
material respects (except those which expressly relate to an earlier date), and (ii) no Default or Event of Default has occurred
and is continuing under the Credit Agreement.

 

5.       Acknowledgments,
Affirmations and Agreements. The Borrower (i) acknowledges and consents to all of the terms and conditions of this Amendment
and (ii) affirms all of its obligations under the Credit Agreement and the Other Documents.

 

    	9

    	 

    

 

6.       Credit
Agreement. Except as expressly modified hereby, all of the terms and provisions of the Credit Agreement remain in full force
and effect.

 

7.       Expenses.
The Borrower agrees to pay all reasonable costs and expenses in connection with the preparation, execution and delivery of this
Amendment, including the reasonable fees and expenses of the Agent’s legal counsel.

 

8.       Counterparts.
This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an
original. It shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.

 

9.       Governing
Law. This Amendment shall be deemed to be a contract under, and shall for all purposes be construed in accordance with, the
laws of the State of New York.

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of
the date first above written.

 

	BORROWER:	PERMA-FIX
                                         ENVIRONMENTAL

                                         SERVICES, INC.

 

	 	By
    :	/s/Ben
    Naccarato
	 	Name:	Ben
    Naccarato
	 	Title
    :	CFO

 

	AGENT AND LENDER:	PNC BANK, NATIONAL ASSOCIATION,

in its capacity as Agent and as Lender

 

	 	By
    :	/s/Scott
    Goldstein
	 	Name:	Scott
    Goldstein
	 	Title
    :	Senior
    Vice President

 

	 	Commitment
    Percentages:
	 	 	 
	 	Revolving
    Loans:	100%
	 	Term
    Loan:	100%
	 	Equipment
    Loans:	100%

 

First
Amendment to Second Amended and Restated

Revolving
Credit, Term Loan and Security Agreement

Perma-Fix

 

    	11

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