Document:

Intercreditor Agreement

 Exhibit 10.2 
  
 INTERCREDITOR AGREEMENT 
  
 THIS INTERCREDITOR AGREEMENT (this “Agreement”), dated as of May 19, 2005, is made by and between GE Canada Finance Holding
Company, as collateral agent for First Lien Secured Parties (as hereinafter defined) (together with any replacement or successor agent, “First Lien Collateral Agent”), Wells Fargo Bank, N.A., as agent for Second Lien Secured Parties
(as hereinafter defined) (together with any replacement or successor agent, “Trustee”) and Computershare Trust Company of Canada, as a sub-collateral agent under the Indenture (as herein after defined) (the “Sub-Collateral
Agent”, each of the Trustee, the Sub-Collateral Agent and any other sub-collateral agent appointed pursuant to Section 20(l) hereof, being a “Second Lien Collateral Agent” and collectively, the “Second Lien
Collateral Agents”; and together with First Lien Collateral Agent, the “Agents”). 
  
 RECITALS: 
  
 A. Pursuant to the First Lien Credit Agreement (capitalized terms used but not defined in these recitals shall have the meanings given to such terms in Section 1(a) hereof), First Lien Lenders have
agreed to provide to North American Energy Partners Inc., a Canadian corporation (“Company”), a revolving credit facility in the aggregate principal amount of $40,000,000, to be guaranteed by NACG Preferred Corp., a Canadian
corporation, and certain subsidiaries of Company which are Subsidiary Guarantors, and, in connection therewith, each Debtor has granted or will grant to First Lien Collateral Agent, for the benefit of First Lien Lenders, Liens on the Collateral.

  
 B. Pursuant to the First Lien Credit Agreement, certain
Debtors have entered and may from time to time enter into one or more First Lien Hedge Agreements with First Lien Hedge Agreement Counterparties (such First Lien Hedge Agreement Counterparties, together with First Lien Lenders, the First Lien
Administrative Agent and First Lien Collateral Agent, “First Lien Secured Parties”), and in connection therewith, each Debtor has granted or will grant to First Lien Collateral Agent, for the benefit of First Lien Hedge Agreement
Counterparties, Liens on the Collateral. 
  
 C. Debtors
have executed and delivered to First Lien Collateral Agent the Company Pledge Agreement, the Subsidiary Pledge Agreements, the Debentures and the Deposit Instruments. 
  
 D. Pursuant to the Indenture, Second Lien Holders have purchased and/or hold $60,481,000 aggregate principal amount
of Senior Second Lien Secured Notes, guaranteed by the Subsidiary Guarantors and, in connection therewith, the Company and each Subsidiary Guarantor has granted or will grant to the Second Lien Collateral Agents, for the benefit of Second Lien
Holders, Liens on the Collateral. 
  
 E. Debtors have
executed and delivered to Second Lien Collateral Agents the Second Lien Company Pledge Agreement, the Second Lien Subsidiary Pledge Agreements, the Second Lien Debentures and the Second Lien Deposit Instruments. 
  
 F. Secured Parties desire to set forth their agreement with respect
to, among other things, (i) the appointment, duties and responsibilities of Agents hereunder, (ii) the relative 

 
priorities of the Liens securing the First Lien Claims and the Liens securing the Second Lien Claims, (iii) the exercise of remedies with respect to the
Collateral, and (iv) the allocation of any realizations upon the Collateral. 
  
 NOW THEREFORE, the parties hereto agree as follows: 
  
 1. Interpretation. 
  
 (a) Definitions. As used herein (including in the recitals hereof), the following terms shall have the following meanings: 
  
 “Agents” has the meaning assigned to that term in the introductory paragraph hereof. 
  
 “Bankruptcy Code” means Title 11 of the United States Code
entitled “Bankruptcy”, as now and hereinafter in effect, or any successor statute. 
  
 “Business Day” means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the Province of Alberta, the Province of Ontario or in New York, New York, or is a day on
which banking institutions located in either of such provinces or such state are authorized or required by law or other governmental action to close. 
  
 “Claims” means the First Lien Claims and the Second Lien Claims. 
  
 “Collateral” means all collateral pledged or secured by the Collateral Documents. 
  
 “Collateral Documents” means, collectively, the First Lien
Collateral Documents and the Second Lien Collateral Documents. 
  
 “Collateral Records” means books, records, ledger cards, files, correspondence, customer lists, blueprints, technical specifications, manuals, computer software, computer printouts, tapes, disks and related data processing
software and similar items that at any time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon. 
  
 “Company” has the meaning assigned to that term in the
recitals hereof. 
  
 “Company Pledge Agreement”
means the “Company Pledge Agreement” as defined in the First Lien Credit Agreement. 
  
 “Credit Documents” means, collectively, (a) the First Lien Loan Documents and First Lien Hedge Agreements, and (b) the Second Lien Note Documents. 
  
 “Debenture” means a “Debenture” as defined in the
First Lien Credit Agreement. 
  
 “Debtors” means
the Company and the Subsidiary Guarantors. 
  
 “Deposit
Instrument” means any “Deposit Instrument” as defined in the First Lien Credit Agreement. 
  

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 “DIP Financing” has the meaning assigned to that term in Section 5(b) hereof.

  
 “Enforcement Action” means and includes, with
respect to any Collateral of any Secured Party, (i) exercising any rights or remedies, including repossessing, seizing, selling, leasing, foreclosing upon, or otherwise disposing by such Secured Party or the applicable Agent or its agent (or any
receiver appointed by or at the request of such Secured Party) of all or any part of such Collateral, or exercising notification, collection, realization or execution rights with respect to all or any portion thereof, or attempting or agreeing to do
any of the foregoing; (ii) exercising voting rights in respect of any Collateral comprising equity interests; (iii) commencing or prosecuting the enforcement with respect to such Collateral of any of the rights and remedies under any of the
applicable agreements or documents to which such Secured Party is a party or under applicable laws or equity; (iv) offering, or proposing to apply any of the Second Lien Claims as a credit on account of the purchase price for any Collateral payable
by Second Lien Secured Parties at any public or private sale of the Collateral; (v) appropriating, setting off, recouping or applying any part or all of such Collateral in the possession of, or coming into the possession of, such Secured Party or
Agent or its agent or bailee, to such Secured Party’s Claim; or (vi) exercising any other rights or remedies of a secured creditor under the PPSA, under any Insolvency Law or under any other comparable law, including appointing or requesting
the appointment of a receiver with respect to all or any portion of the Collateral; provided, however, that (i) nothing contained in this Agreement shall be deemed to prohibit the Second Lien Collateral Agents and Second Lien Secured Parties
from offering or proposing to apply any of the Second Lien Claims as a credit on account of the purchase price for any Collateral payable by Second Lien Secured Parties at any public or private sale of the Collateral (including any sale in
connection with an Insolvency or Liquidation Proceeding) in which the First Lien Claims are Paid in Full, (ii) the exercise by First Lien Collateral Agent of control over any Person’s depository accounts pursuant to any lockbox arrangements or
blocked account arrangements, without more, shall not constitute “Enforcement Action”, (iii) the filing of any proof of claim or other notice of claim in any Insolvency or Liquidation Proceeding involving a Debtor shall not be deemed to be
an “Enforcement Action”, (iv) voting on a plan of reorganization in an Insolvency or Liquidation Proceeding shall not be deemed to be an “Enforcement Action”, and (v) the taking of actions that are not and could not reasonably be
expected to be adverse to the First Lien Secured Parties by any Second Lien Collateral Agent to preserve or protect the Lien of the Second Lien Secured Parties and which are not designed to enforce any right or remedy shall not be deemed to be an
Enforcement Action. 
  
 “First Lien Administrative
Agent” means BNP PARIBAS (Canada) as administrative agent under the First Lien Credit Agreement. 
  
 “First Lien Collateral Agent” has the meaning assigned to that term in the introductory paragraph hereof. 
  
 “First Lien Claims” means all present and future claims of
any one or more of First Lien Secured Parties against Debtors, or any of them, for the payment of money arising out of or related to (i) the extension of credit or other financial accommodations by First Lien Secured Parties to Debtors under the
First Lien Credit Agreement (including all “Obligations” as defined therein), (ii) any refinancing, replacement, refunding or restatement of all or any portion thereof, (iii) any First Lien Hedge Agreement, (iv) any of the other First Lien
Loan Documents (provided 

  

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that the amount of the First Lien Claims in respect of the First Lien Credit Agreement, the First Lien Loan Documents and any refinancing, replacement,
refunding or restatement thereof shall be subject to the limitations on the aggregate principal amount of the obligations outstanding under the First Lien Credit Agreement set forth in clause (2) of the definition of the term “Permitted
Indebtedness” as defined in the Indenture as in effect on the date hereof) or (v) any DIP Financing, including, in each case, all claims for principal and interest (including post-petition interest, fees and costs even if such interest, fees
and costs are not an allowed claim enforceable against any Debtor in a bankruptcy case under applicable law), reimbursement obligations in respect of Letters of Credit, indemnification obligations and reimbursement of fees, costs and expenses, or
otherwise (including payments for early termination of First Lien Hedge Agreements), whether fixed or contingent, matured or unmatured, liquidated or unliquidated. 
  
 “First Lien Collateral Documents” means the Debentures, the Deposit Instruments, the Company Pledge
Agreement, the Subsidiary Pledge Agreement, and any other document or instrument executed and delivered pursuant to any First Lien Loan Document at any time or otherwise pursuant to which a Lien is granted by a Debtor to secure the First Lien Claims
or under which rights or remedies with respect to any such Lien are governed (excluding the Holdings Pledge Agreement except as provided in Section 2(f) hereof).  
  
 “First Lien Credit Agreement” means that certain Credit Agreement, dated as of the date hereof, by and
among Company, the financial institutions from time to time party thereto, BNP PARIBAS (Canada), as administrative agent, and GE Canada Finance Holding Company, as collateral agent, as amended, supplemented, modified or restated from time to time,
and any replacement agreement or facility existing at any time to refund, refinance, replace or renew (including subsequent or successive refinancings, replacements and renewals whether with the same or different lenders), in whole or in part,
amounts outstanding thereunder plus any additional amounts. 
  
 “First Lien Hedge Agreements” means the “Swap Agreements” as defined in the Indenture as in effect on the date hereof to the extent they constitute “Secured Swap Obligations” under the First Lien Credit
Agreement. 
  
 “First Lien Hedge Agreement
Counterparty” means any swap counterparty to a First Lien Hedge Agreement, and collectively the “First Lien Hedge Agreement Counterparties”.  
  
 “First Lien Lenders” means “Lenders” as defined in the First Lien Credit Agreement. 

 
 “First Lien Loan Documents” means the “Loan
Documents” as defined in the First Lien Credit Agreement, in each case as amended, supplemented, modified or restated from time to time, and such similar documents entered into in connection with any refinancing, replacement or renewal
(including subsequent or successive refinancings, replacements and renewals) of the facilities under the First Lien Credit Agreement. 
  
 “First Lien Secured Parties” has the meaning assigned to that term in the recitals hereof. 
  

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 “Holdings Pledge Agreement” means “Holdings Pledge Agreement” as defined in
the First Lien Credit Agreement. 
  
 “Indenture”
means that certain Indenture, dated as of May 19, 2005 and pursuant to which the Senior Second Lien Secured Notes are issued, as such indenture may be amended, supplemented, modified or restated from time to time to the extent permitted hereunder
and under the First Lien Credit Agreement. 
  
 “Insolvency
Law” means the Bankruptcy Code, the Bankruptcy and Insolvency Act (Canada), Companies Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada), in each case as now or hereinafter in effect and
any successor statute thereto, and any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, receivership, insolvency, arrangement or similar laws of Canada or other applicable jurisdictions from time
to time that have become applicable in connection with the insolvency or restructuring of any Debtor.  
  
 “Insolvency or Liquidation Proceeding” means: 
  

(i) any dissolution, winding-up, total or partial liquidation, adjustment or readjustment of debt, reorganization, compromise,
arrangement with creditors, plan of arrangement, proposal or similar proceedings under any Insolvency Law of or with respect to any Debtor or its property or liabilities, in each case under any Insolvency Law; 
  
 (ii) any dissolution, winding-up, total or partial
liquidation, adjustment or readjustment of debt, reorganization, compromise, arrangement with creditors, plan of arrangement or similar proceedings under the arrangement provisions of any applicable corporate law (in any case which involves the
alteration, amendment, conversion, compromise, satisfaction or discharge of obligations of any or all creditors) of or with respect to any Debtor or its property or liabilities (but which, for certainty, shall exclude any dissolution, winding-up,
liquidation, consolidation, merger or amalgamation of a solvent Debtor into another solvent Debtor permitted by the First Lien Credit Agreement as in effect on the date hereof); 
  
 (iii) any bankruptcy, insolvency, receivership, petition or assignment in bankruptcy, or assignment for the
benefit of creditors under any Insolvency Laws of or with respect to any Debtor; 
  
 (iv) any marshalling of property and liabilities of any Debtor under any Insolvency Law; or 
  
 (v) any proceedings in relation to any of the foregoing,

  
 whether any of the foregoing is voluntary or involuntary,
partial or complete, and includes any such proceedings initiated or consented to by any Debtor. 
  
 “Letters of Credit” means a commercial or standby letter of credit issued pursuant to any First Lien Loan Document. 
  

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 “Lien” means any lien, mortgage, pledge, assignment, security interest, charge or
encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any security interest) and any option, trust or other preferential arrangement having the
practical effect of any of the foregoing. 
  
 “PPSA” means the Personal Property Security Act (Alberta) or any similar or equivalent legislation in effect in any applicable jurisdiction.  
  
 “Paid in Full”, “Pay in Full” or “Payment in Full” means the irrevocable
termination of all commitments to extend credit that would constitute First Lien Claims, the payment in full in cash of all First Lien Claims and the discharge thereof in accordance with the First Lien Loan Documents and the First Lien Hedge
Agreements (except undrawn letters of credit and Unasserted Obligations), including principal, interest, fees, costs (including post-petition interest, fees and costs even if such interest, fees and costs are not an allowed claim enforceable against
any Debtor in a bankruptcy case under applicable law) and premium (if any), and the discharge or cash collateralization (by first priority liens on such cash collateral) of all Letters of Credit outstanding under any First Lien Loan Documents in an
amount equal to 105% of the greatest amount for which such Letters of Credit may be drawn. 
  
 “Person” means and includes natural persons, corporations, limited partnerships, general partnerships, limited or unlimited liability companies, limited liability partnerships, joint stock companies,
joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and governments (whether federal, state, provincial or local, domestic or foreign, and
including political subdivisions thereof) and agencies or other administrative or regulatory bodies thereof. 
  
 “Proceeds” has the meaning given to such term in the PPSA. 
  
 “receiver” means a receiver or receiver and manager and includes any liquidator or similar official
lawfully appointed with respect to all or a portion of the Collateral. 
  
 “Recovery” has the meaning assigned to that term in Section 17 hereof. 
  
 “Second Lien Claims” means all present and future claims of any one or more of Second Lien Secured Parties against Debtors, or any of
them, for the payment of money arising out of or related to the Senior Second Lien Secured Notes or other financial accommodations by Second Lien Secured Parties to Debtors under the Indenture, any refinancing, replacement refunding or restatement
of all or any portion thereof, or any of the other Second Lien Note Documents, including all claims for principal and interest (including post-petition interest, fees and costs even if such interest, fees and costs are not an allowed claim
enforceable against any Debtor in a bankruptcy case under applicable law), indemnification obligations and reimbursement of fees, costs and expenses, or otherwise, whether fixed or contingent, matured or unmatured, liquidated or unliquidated.

  
 “Second Lien Collateral Agent” has the
meaning assigned to that term in the introductory paragraph hereof. 
  

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 “Second Lien Collateral Documents” means the Second Lien Debentures, the Second Lien
Deposit Instruments, the Second Lien Company Pledge Agreement, the Second Lien Subsidiary Pledge Agreement and any other document or instrument executed and delivered pursuant to any Second Lien Note Document at any time or otherwise pursuant to
which a Lien is granted by a Debtor to secure the Second Lien Claims or under which rights or remedies with respect to any such Lien are governed.  
  
 “Second Lien Company Pledge Agreement” means “Pledge Agreement” as defined in the Indenture granted by the Company. 

 
 “Second Lien Debentures” means “Debentures” as
defined in the Indenture. 
  
 “Second Lien Deposit
Instruments” means “Deposit Instruments” as defined in the Indenture. 
  
 “Second Lien Holders” means “Holders” as defined in the Indenture. 
  
 “Second Lien Note Documents” means the Senior Second Lien Secured Notes, the Indenture, the Second Lien Collateral Documents and the
“Guarantees” as such term is defined in the Indenture, as such agreements and documents may be amended, supplemented, modified or restated from time to time to the extent permitted hereunder and under the First Lien Credit Agreement.

  
 “Second Lien Secured Parties” means the
Second Lien Holders and the Second Lien Collateral Agents. 
  
 “Second Lien Subsidiary Pledge Agreements” means “Pledge Agreements” as defined in the Indenture granted by the Subsidiary Guarantors. 
  
 “Secured Parties” means, collectively, the First Lien Secured Parties and the Second Lien Secured Parties.

  
 “Senior Second Lien Secured Notes” means the
U.S.$60,481,000 in aggregate principal amount of 9% Senior Secured Notes due 2010 of Company issued pursuant to the Indenture, any Additional Notes issued pursuant to the Indenture and any exchange notes containing substantially identical terms
issued as contemplated in the Indenture (except that such exchange notes will not contain terms with respect to transfer restrictions or the accrual of liquidated damages). 
  
 “Standstill Period” has the meaning set forth in Section 4(e) hereof. 
  
 “St. Paul Priority Agreement” means that certain Priority
Agreement dated May 19, 2005 among St. Paul Guarantee Insurance Company, NACG Holdings Inc. and is subsidiaries, BNP PARIBAS (Canada), GE Canada Finance Holding Company, Computershare Trust Company of Canada and Wells Fargo Bank, NA. 
  
 “Sub-Collateral Agent” has the meaning assigned to that term
in the introductory paragraph hereof. 
  

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 “Subsidiary Guarantor” means any “Subsidiary Guarantor” as defined in the
First Lien Credit Agreement. 
  
 “Subsidiary Pledge
Agreements” means “Subsidiary Pledge Agreements” as defined in the First Lien Credit Agreement. 
  
 “Trustee” has the meaning assigned to that term in the introductory paragraph hereof. 
  
 “Unasserted Obligations” means, at any time, obligations for
taxes, costs, indemnifications, reimbursements, damages and other liabilities (except for (i) the principal of and interest on, and fees relating to, any indebtedness and (ii) contingent reimbursement obligations in respect of amounts that may be
drawn under Letters of Credit) in respect of which no claim or demand for payment has been made (or, in the case of obligations for indemnification, no notice for indemnification has been issued by the indemnitee) at such time. 
  
 (b) Terms Generally. Unless otherwise expressly
provided herein, references to Credit Documents and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto to the extent entered into in a manner
which is not prohibited by, or in violation of any provision of, the First Lien Loan Documents, the Second Lien Note Documents and this Agreement. All terms used in this Agreement in the singular form shall have comparable meanings when used in the
plural form and vice versa. The use of the word “include” or “including” in this Agreement, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific
items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with
reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “property” shall refer to any and all tangible and
intangible assets and real and personal properties, including cash, securities, accounts and contract rights. 
  
 2. Lien Subordination. 
  
 (a) Relative Priorities. All Liens in favor of Second Lien Secured Parties now or hereafter existing with respect to any
Collateral, including judgment Liens, shall be subject, subordinate, postponed and junior in all respects and at all times to the Liens in favor of First Lien Secured Parties now or hereafter existing with respect to such Collateral (it being
understood that no such Liens of Second Lien Secured Parties shall extend to or cover any property other than the property subject to the first priority Liens of First Lien Secured Parties). 
  
 The foregoing allocation of priorities shall govern the
relationship of the parties with respect to the Collateral irrespective of (i) the time, order or manner of creation, grant, attachment or perfection of any of such Liens, (ii) the time or order of filing of financing statements or other
registrations in respect of the Liens, or any defect or deficiency in such financing statements or registrations or failure to register and perfect the Liens, (iii) the acquisition of purchase money or other Liens, the time of giving or failure to
give notice of the acquisition or expected acquisition of purchase money or other Liens, (iv) the rules for 

  

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determining priority (or any other provisions) under the PPSA or any other law or rule governing relative priorities of Secured Parties, or (iv) the fact
that any such Liens in favor of any First Lien Secured Party with respect to any Collateral are (A) subordinated to any Lien securing any obligation of any Debtor other than the Second Lien Claims or (B) otherwise subordinated, postponed, voided,
avoided, invalidated, released, discharged or lapsed under applicable law or otherwise, or any other circumstances whatsoever. 
  
 The Lien subordination provisions in this Section 2 shall be enforceable directly by the First Lien Collateral Agent for the benefit of
the First Lien Secured Parties, and the First Lien Secured Parties shall be deemed to have acquired and committed to the First Lien Claims, whether now existing or hereafter arising, in reliance upon the provisions of this Section 2. 
  
 For greater certainty, the First Lien Collateral Agent for
the benefit of the First Lien Secured Parties, hereby consents to the granting by the Debtors of the Liens under the Second Lien Collateral Documents, and each of the Second Lien Collateral Agents on behalf of the Second Lien Secured Parties hereby
consents to the granting by the Debtors of the Liens under the First Lien Collateral Documents. 
  
 (b) Prohibition on Contesting Liens. Each Second Lien Collateral Agent and each Second Lien Secured Party agrees that it shall not
(and it hereby waives any right to) directly or indirectly take any action at any time (including in any Insolvency or Liquidation Proceeding) to contest or challenge, or support or join in any contest or challenge to, the validity, legality,
extent, enforceability, perfection or priority of any of the First Lien Claims, any of the documents or instruments evidencing such First Lien Claims or any of the Liens of First Lien Collateral Agent on any of the Collateral or on the collateral
pledged pursuant to the Holdings Pledge Agreement. Except as otherwise contemplated herein, First Lien Collateral Agent and each First Lien Secured Party agrees that it shall not (and it hereby waives any right to) directly or indirectly take any
action at any time (including in any Insolvency or Liquidation Proceeding) to contest or challenge, or support or join in any contest or challenge to, the validity, legality, extent, enforceability or perfection of any of the Second Lien Claims, any
of the documents or instruments evidencing such Second Lien Claims or any of the Liens of any Second Lien Collateral Agent on any of the Collateral; provided that, nothing in this Agreement shall be construed to prevent or impair the rights
of any First Lien Secured Party to enforce this Agreement and the relative priorities of the Liens of the First Lien Secured Parties and the Liens of the Second Lien Secured Parties provided hereunder. 
  
 (c) Rights of Set-Off. For the purposes of the
allocation of priorities described in Section 2(a), any claim of a right of set-off shall be treated in all respects as a security interest, and no claimed right of set-off shall be asserted by any Second Lien Secured Party to defeat or diminish the
rights or priorities of the Lien of any First Lien Secured Party provided for herein. 
  
 (d) Other Persons. The priorities set forth herein are solely for the purpose of establishing the relative rights of Secured
Parties, and there are no other Persons who are intended to be benefited in any way by this Agreement, except, to the extent expressly set forth herein, the Debtors. Nothing herein affects the relative priority of any other secured party of a Debtor
who is not a party to this Agreement. 
  

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 (e) Further Assurances. Each Secured Party (at the sole cost and expense of the
Debtors, to the extent so provided in the Credit Documents) and each Debtor shall promptly execute and deliver to any Secured Party any and all financing statements or registration documents, subordination or priority agreements and other documents,
and shall take all such other actions, as reasonably requested by a Secured Party to the extent necessary to effectuate the terms of this Agreement. 
  
 (f) No New Liens. The parties hereto agree that until all First Lien Claims have been Paid in Full, Second Lien Secured Parties
shall not at any time (including during any Insolvency or Liquidation Proceeding), without the consent of First Lien Collateral Agent, acquire or hold any Lien on any property of any Debtor securing any Second Lien Claims which property is not also
subject to a first priority Lien in favor of the First Lien Secured Parties under the First Lien Collateral Documents. If Second Lien Secured Parties shall (whether or not in breach hereof) acquire or hold any Lien on any property of any Debtor
securing any Second Lien Claims which property is not also subject to the first priority Lien in favor of First Lien Secured Parties under the First Lien Loan Documents, then Second Lien Secured Parties shall, notwithstanding anything to the
contrary in any other Second Lien Note Document, (i) be deemed to hold and have held such Lien for the benefit of First Lien Collateral Agent, on behalf of itself and the First Lien Secured Parties, as security for the First Lien Claims and shall
assign such Lien to First Lien Collateral Agent (in which case a Second Lien Collateral Agent may retain a junior Lien on such property subject to the terms hereof), and any amounts received by or distributed to any of the Second Lien Secured
Parties pursuant to or as a result of such Lien shall be distributed in accordance with Section 6, or (ii) if so requested by First Lien Collateral Agent, release such Lien. 
  
 Second Lien Secured Parties hereby acknowledge that in addition to the Liens on the Collateral, the First Lien Claims are to
be secured by the Holdings Pledge Agreement, and that the Second Lien Secured Parties do not have, and until the First Lien Claims are Paid in Full, shall not take, a Lien on the collateral pledged under the Holdings Pledge Agreement. If the Second
Lien Secured Parties take a Lien on the collateral pledged under the Holdings Pledge Agreement in violation of this provision, then without limiting the rights of the First Lien Collateral Agent for breach of this Agreement (including the right to
require the Second Lien Secured Parties to release such Lien), (i) the Holdings Pledge Agreement shall constitute a First Lien Collateral Document under this Agreement, (ii) the pledge agreement pursuant to which such Lien was granted to the Second
Lien Secured Parties shall constitute a Second Lien Collateral Document under this Agreement, and (iii) the collateral pledged under the Holdings Pledge Agreement and the collateral pledged under such corresponding pledge agreement entered into by
the Second Lien Secured Parties shall constitute Collateral under this Agreement. 
  
 (g) Notice of Registration. The First Lien Collateral Agent agrees to provide the Trustee and each Second Lien Collateral Agent
agrees to provide the First Lien Collateral Agent with prior written notice of its intention to effect any new registrations or amend or otherwise modify any registrations in respect of its Liens under its respective Collateral Documents, including
(i) the registration of any of its Collateral Documents in any new jurisdiction, (ii) any new serial number registrations or (iii) any specific registrations against any individual parcels or leases of real property. In all events, the Second Lien
Secured Parties agree that the First Lien Collateral Documents and the Liens created thereunder are intended to be (and 

  

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shall be deemed to be) registered prior to the registration of the Second Lien Collateral Documents and the Liens created thereunder. 
  
 (h) Second Lien Note Documents. All Second Lien Note
Documents shall be submitted to First Lien Collateral Agent for its review to determine compliance with this Agreement, and all of the Second Lien Collateral Documents shall bear the following legend disclosing the existence of this Agreement:

  
 “Notwithstanding anything herein to the contrary, the
lien and security interest granted to the [Trustee] pursuant to this Agreement and the exercise of any right or remedy by the [Trustee] hereunder are subject to the provisions of the Intercreditor Agreement, dated as of May [·], 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), between the [·] as collateral agent for the First Lien Secured Parties thereunder and the [Trustee], as agent for the Second Lien Secured Parties thereunder, and such other
Persons that may become party thereto from time to time. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.” 
  
 3. Enforcement Rights. 
  
 (a) Exclusive Enforcement. Each Second Lien Secured
Party agrees that until all First Lien Claims have been Paid in Full: 
  
 (i) it will not take any Enforcement Action (or support or join with any other Person in taking any Enforcement Action) with respect to any Collateral except after the termination of the Standstill Period, and then
only in accordance with Section 4(e); and 
  
 (ii) subject to the terms of this Agreement, the First Lien Secured Parties may, at their option at any time (including during any Insolvency or Liquidation Proceeding), take any action and exercise any right or remedy they deem appropriate
with respect to the Collateral, and nothing in the Second Lien Collateral Documents or any other Second Lien Note Document shall in any way restrict the rights and remedies of the First Lien Secured Parties with respect to the Collateral, and none
of the Second Lien Secured Parties (whether as secured or unsecured creditors) shall take any action (or support or join with any other Person taking any action) that would hinder, delay, limit or prohibit the exercise of any rights or remedies by
any First Lien Secured Party or any Enforcement Action taken by the First Lien Secured Party. 
  
 Each of the Second Lien Secured Parties hereby waives any and all rights it may have as a junior lien creditor or otherwise to object to the manner in which any First Lien Secured Party seeks to enforce or collect the
First Lien Claims or the Liens granted in any of the First Lien Collateral Documents, regardless of whether any action or failure to act by or on behalf of the First Lien Secured Parties is adverse to the interest of the Second Lien Secured Parties.

  

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 (b) Cooperation. Each Second Lien Collateral Agent, on behalf of itself and the
other Second Lien Secured Parties, agrees that it shall take such actions (at the sole cost and expense of Debtors, to the extent provided in the Credit Documents) as First Lien Collateral Agent shall reasonably request in connection with the
exercise by First Lien Secured Parties of their rights set forth herein. 
  
 (c) No Additional Rights for Debtors Hereunder. Except as provided in Section 3(d) hereof, if any First Lien Secured Party or any Second Lien Secured Party shall enforce its rights or remedies in
violation of the terms of this Agreement, no Debtor shall be entitled to use such violation as a defense to any action by any First Lien Secured Party or any Second Lien Secured Party, nor to assert such violation as a counterclaim or basis for
set-off or recoupment against any First Lien Secured Party or any Second Lien Secured Party. 
  
 (d) Actions upon Breach. 
  
 (i) If any Second Lien Secured Party, contrary to this Agreement, commences or participates in any Enforcement Action against Company, any
other Debtor or the Collateral, Debtors, with the prior written consent of First Lien Collateral Agent, may interpose as a defense to or dilatory plea in respect of such Enforcement Action (as opposed to the underlying Second Lien Claims) the making
of this Agreement, and any First Lien Secured Party may intervene and interpose such defense or plea in its or their name or in the name of Company or such other Debtor (and, if in the name of the Company, with no liability to the Company arising
from the manner in which such action is pursued). 
  
 (ii) Should any Second Lien Secured Party, contrary to this Agreement, in any way take, or attempt to or threaten to take any action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to
this Agreement), or fail to take any action required by this Agreement, any First Lien Secured Party (in its or their own name or in the name of Company, and, if in the name of the Company, with no liability to the Company arising from the manner in
which such action is pursued) or Company may obtain relief against such Second Lien Secured Party by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by each Second Lien Collateral Agent on
behalf of each Second Lien Secured Party that (x) First Lien Secured Parties’ and Company’s damages or irreparable harm from its actions may at that time be difficult to ascertain and may be irreparable, and (y) each Second Lien Secured
Party waives any defense that Company and/or First Lien Secured Parties cannot demonstrate damage and/or can be made whole by the awarding of damages. 
  
 (e) Judgment Lien. In the event that any Second Lien Secured Party is granted a judgment Lien in respect of Collateral as a result
of its enforcement of rights or remedies as a secured or unsecured creditor, such judgment Lien shall be subject to the terms of this Agreement in the same manner as the other Liens in favor of the Second Lien Secured Parties (including with respect
to the relative priorities in relation to the Liens in favor of the First Lien Secured Parties and the application of proceeds). 
  

 12 

 4. Standstill and Waivers. Each Second Lien Secured Party agrees that until the First Lien
Claims are Paid in Full (including during any Insolvency or Liquidation Proceeding): 
  
 (a) it will not take or cause to be taken any action, the purpose or effect of which is to make any Lien in respect of any Collateral
pari passu with or senior to, or to give Second Lien Secured Parties any preference or priority relative to, the Liens in favor of First Lien Secured Parties with respect to such Collateral; 
  
 (b) it will not oppose, object to, interfere with, hinder or
delay, in any manner, whether by judicial proceedings (including the filing of an Insolvency or Liquidation Proceeding) or otherwise, any foreclosure, sale, lease, exchange, transfer or other disposition of the Collateral by any First Lien Secured
Party or any receiver appointed by or at the request of the First Lien Secured Parties (or any of them) or any other Enforcement Action taken by any such Person; 
  
 (c) it has no right to (i) direct either any First Lien Secured Party or any receiver acting on behalf of
the First Lien Secured Parties (or any of them) to exercise any right, remedy or power with respect to the Collateral or pursuant to the First Lien Loan Documents or (ii) consent or object to the exercise by any First Lien Secured Party or by any
receiver appointed by or at the request of the First Lien Secured Parties (or any of them) of any right, remedy or power with respect to the Collateral or pursuant to the First Lien Loan Documents or to the timing or manner in which any such right
is exercised or not exercised (or, to the extent it may have any such right described in this clause (c), whether as a junior lien creditor or otherwise, it hereby irrevocably waives such right); 
  
 (d) it will not institute any suit or other proceeding or
assert in any suit, Insolvency or Liquidation Proceeding or other proceeding any claim against any First Lien Secured Party or any receiver appointed by or at the request of the First Lien Secured Parties (or any of them) seeking damages from or
other relief by way of specific performance, instructions or otherwise, with respect to, and no First Lien Secured Party nor any such receiver shall be liable for, any action taken or omitted to be taken by any First Lien Secured Party or any such
receiver with respect to the Collateral or pursuant to the First Lien Loan Documents; 
  
 (e) it will not commence judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or
similar official appointed for or over, attempt any action to take possession of any Collateral, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interest in or realize or foreclose upon, the
Collateral; provided, however, that the Second Lien Collateral Agents may exercise any or all of such rights after the passage of a period of 210 days from the date of delivery of a notice in writing to the First Lien Collateral Agent
of its intention to exercise its right to take such actions (the “Standstill Period,”); provided, further, however, in no event shall any Second Lien Collateral Agent or any Second Lien Secured Party exercise
any rights or remedies with respect to the Collateral if, notwithstanding the expiration or inapplicability of the Standstill Period, any First Lien Secured Party or any receiver appointed by or at the request of the First Lien Secured Parties (or
any of them) shall have commenced the exercise of any of their or its rights or remedies with respect to any material portion of the Collateral and is diligently pursuing such rights or remedies in good faith; or 
  

 13 

 (f) except as set forth in clause (e) above, it will not exercise any other rights (other
than the right to perfect the Liens in favor of the Second Lien Collateral Agents as contemplated under the Second Lien Note Documents in accordance with the terms of this Agreement) or remedies under the Second Lien Note Documents with respect to
any Collateral. 
  
 5. Insolvency or Liquidation
Proceedings. 
  
 (a) Filing of
Motions. Until the First Lien Claims are Paid in Full, each Second Lien Secured Party agrees that it shall not, in or in connection with any Insolvency or Liquidation Proceeding, file any pleadings or motions, take any position at any hearing or
proceeding of any nature, or otherwise take any action whatsoever, in each case in respect of any of the Collateral, including with respect to the determination of any Liens or claims held by any First Lien Secured Party (including the validity,
extent, perfection, priority and enforceability thereof) or the value of any claims of any First Lien Secured Party under any Insolvency Law, or otherwise, and it shall not support or join with any other Person in any of the foregoing;
provided that (i) any Second Lien Collateral Agent may defend against any action in any Insolvency or Liquidation Proceeding to avoid its Lien on the Collateral, (ii) Second Lien Secured Parties shall be entitled to file any necessary
responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of Second Lien Secured Parties, including any claims
secured by the Collateral, if any, in each case in accordance with the terms of this Agreement, and (iii) Second Lien Secured Parties shall be entitled to file any proof of claim and other filings and make any arguments and motions that are, in each
case, in accordance with the terms of this Agreement, with respect to the Second Lien Claims and the Collateral. 
  
 (b) Financing Matters. Until the First Lien Claims are Paid in Full, if any Debtor becomes subject to any Insolvency or Liquidation
Proceeding, and if First Lien Collateral Agent or First Lien Secured Parties desire to consent (or not object) to the use of cash collateral on which First Lien Secured Parties or any other creditor has a Lien, or to provide financing to any Debtor
under any Insolvency Law, or to consent (or not object) to the provision of such financing supported by security or priority security as may be ordered by a court of competent jurisdiction, to any Debtor by any third party (such financing, whether
provided by a First Lien Secured Party or any third party, is referred to herein as a “DIP Financing”), then Second Lien Secured Parties agree that they (i) will be deemed to have consented to, and will raise no objection to, the
use of such cash collateral or to such DIP Financing, (ii) will not request or accept any form of relief in connection with the use of such cash collateral or such DIP Financing except as set forth in Section 5(d) hereof, and (iii) to the
extent the Liens in favor of First Lien Secured Parties securing the First Lien Claims (other than claims in respect of such DIP Financing) are subordinated to, or pari passu with, the Liens securing such DIP Financing, will subordinate and
postpone (and will be deemed hereunder to have subordinated and postponed) the Liens in favor of Second Lien Secured Parties (x) to such DIP Financing and such subordination and postponement will not alter in any manner the terms of this Agreement
(and, if the First Lien Secured Parties’ Liens securing the First Lien Claims (other than claims in respect of the DIP Financing) are subordinated to the Liens securing the DIP Financing, the Second Lien Secured Parties’ Liens will be
subordinated to the DIP Financing on the same terms and conditions as such First Lien Secured Parties’ Liens securing the First Lien Claims (other than claims in respect of the DIP Financing)), (y) to any additional security or other relief
provided to 

  

 14 

 
First Lien Secured Parties in respect of the First Lien Claims (other than claims in respect of the DIP Financing) and (z) to any priority granted for
administrative claims, directors’ charges, professional fees and bankruptcy trustee, proposal trustee, receiver or monitor fees agreed to by First Lien Collateral Agent or First Lien Secured Parties. 
  
 (c) Relief From any Stay of Creditor
Proceedings. Second Lien Secured Parties agree that until the First Lien Claims are Paid in Full, they will not (i) seek relief from any stay of proceedings in any Insolvency or Liquidation Proceeding or take any action in derogation of such
stay, in each case in respect of any Collateral, without the prior written consent of First Lien Collateral Agent (which consent shall not be unreasonably delayed, conditioned or withheld), or (ii) oppose any request by any First Lien Secured Party
to seek relief from any stay of proceedings in any Insolvency or Liquidation Proceeding in respect of any Collateral. 
  
 (d) Additional Collateral and Relief. Second Lien Secured Parties agree that until the First Lien Claims are Paid in Full,
they shall not object to, contest, or support or join any other Person objecting to or contesting, (i) any request by First Lien Collateral Agent or any other First Lien Secured Party for additional or replacement Liens or collateral or other relief
in respect of First Lien Claims, (ii) any objection by First Lien Collateral Agent or any other First Lien Secured Party to any motion, relief, action or proceeding based on a claim of a lack of sufficient collateral or protection for the First Lien
Claims, or (iii) the payment of interest, fees, expenses or other amounts to First Lien Collateral Agent or any other First Lien Secured Party in respect of, or related to, the First Lien Claims or any receiver appointed by or at the request of the
First Lien Secured Parties (or any of them) under any Insolvency Law, or otherwise. Notwithstanding anything contained in this Section and in Section 5(b) hereof, in any Insolvency or Liquidation Proceeding, (x) Second Lien Secured Parties
may seek, support, accept or retain additional collateral or Liens only if (A) First Lien Secured Parties are also granted the same additional collateral or Liens as security for the First Lien Claims and (B) the collateral or Liens in favor of the
Second Lien Secured Parties is subordinated and postponed to the Liens in favor of First Lien Secured Parties securing the First Lien Claims (including the Liens securing the DIP Financing (if applicable)) on the same basis as the other Liens in
favor of Second Lien Secured Parties are so subordinated and postponed to the Liens in favor of the First Lien Secured Parties under this Agreement (subject to Section 5(b)(iii)(z) above), and (y) in the event any Second Lien Secured Party
receives additional collateral or Liens, then Second Lien Secured Parties agree that First Lien Collateral Agent shall have a senior Lien and claim on such additional collateral or Liens as security for the First Lien Claims and that any Lien on any
additional collateral securing the Second Lien Claims shall be subordinated and postponed to the Liens on such collateral securing the First Lien Claims (including any DIP Financing (if applicable)), and all obligations relating thereto, and to any
other Liens granted to First Lien Secured Parties as additional relief in respect of the First Lien Claims, with such subordination to be on the same terms that the other Liens securing the Second Lien Claims are subordinated and postponed to the
Liens securing the First Lien Claims under this Agreement. 
  
 (e) Asset Dispositions in an Insolvency or Liquidation Proceeding. Neither any Second Lien Collateral Agent nor any other Second Lien Secured Party shall, in an Insolvency or Liquidation Proceeding, oppose any
sale or disposition of any assets of any Debtor that is supported by First Lien Secured Parties, and each Second Lien Collateral Agent and each 

  

 15 

 
other Second Lien Secured Party will be deemed to have consented under any Insolvency Law or in any Insolvency and Liquidation Proceeding to any sale
supported by First Lien Secured Parties and to have released its Liens in such assets upon the consummation of such sale. 
  
 (f) Separate Grants of Security and Separate Classification. Each Second Lien Collateral Agent and each other Second Lien Secured
Party acknowledge and agree that (i) the grants of Liens pursuant to each of the First Lien Collateral Documents and the Second Lien Collateral Documents constitute two separate and distinct grants of Liens and (ii) because of, among other things,
their differing rights in the Collateral, the Second Lien Claims are fundamentally different from the First Lien Claims and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency or Liquidation Proceeding.
To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of First Lien Secured Parties and Second Lien Secured Parties in respect of the Collateral constitute only one secured
claim (rather than separate classes of senior and junior secured claims), then Second Lien Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate classes of senior and junior secured claims
against Debtors in respect of the Collateral with the effect being that, to the extent that the aggregate value of the Collateral is sufficient (for this purpose ignoring all claims held by Second Lien Secured Parties), First Lien Secured Parties
shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest, fees and other First Lien Claims before any
distribution is made in respect of the Second Lien Claims, with each Second Lien Collateral Agent and each other Second Lien Secured Party hereby acknowledging and agreeing to hold in trust for and turn over to First Lien Collateral Agent for itself
and on behalf of the First Lien Secured Parties amounts otherwise received or receivable by it (whether before, during or after any Insolvency or Liquidation Proceeding) to the extent necessary to effectuate the intent of this sentence, even if such
turnover has the effect of reducing the claim or recovery of Second Lien Secured Parties. 
  
 (g) No Waivers of Rights of First Lien Secured Parties. Nothing contained herein shall prohibit or in any way limit First Lien
Collateral Agent or any other First Lien Secured Party from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action taken by any Second Lien Collateral Agent or any other Second Lien Secured Party, including the seeking by
any Second Lien Collateral Agent or any other Second Lien Secured Party of additional or replacement Liens or collateral or other relief or protection (except as expressly permitted under Section 5(d)) or the asserting or exercise by any Second Lien
Collateral Agent or any other Second Lien Secured Party of any of its rights and remedies under the Second Lien Note Documents or otherwise. 
  
 (h) Other Matters. To the extent that any Second Lien Collateral Agent or any other Second Lien Secured Party has or acquires
rights under any Insolvency Law (or any similar provisions under any other comparable law) with respect to any of the Collateral, each Second Lien Collateral Agent and each other Second Lien Secured Party agree not to assert any of such rights
without the prior written consent of First Lien Collateral Agent; provided that if requested by First Lien Collateral Agent, the applicable Second Lien Collateral Agent shall timely exercise such rights in the manner requested by First Lien
Collateral Agent, including any rights to payments in respect of such rights. 
  
  

 16 

 (i) Effectiveness in Insolvency or Liquidation Proceeding. This Agreement shall be
effective before and after the commencement of an Insolvency or Liquidation Proceeding. All references in this Agreement to any Debtor shall include such Debtor as a debtor-in-possession and any receiver or trustee for such Debtor in any Insolvency
or Liquidation Proceeding. 
  
 (j) Plans of
Reorganization. Second Lien Secured Parties shall not, with respect to any secured claims, support or vote in favor of any plan of reorganization (and they shall vote and shall be deemed to have voted to reject any plan of reorganization) unless
(x) the First Lien Claims are Paid in Full under such plan or (y) such plan is accepted by the class of holders of First Lien Claims voting thereon and is supported by First Lien Collateral Agent.  
  
 6. Distributions of Proceeds of Collateral. 
  
 (a) All realizations upon the Collateral or any part thereof
(whether occurring before or after the commencement of a case under any Insolvency Law or any other Insolvency or Liquidation Proceeding and including realizations resulting from sales by a Debtor), including any realizations by way of an
Enforcement Action (but excluding, for the avoidance of doubt, the use or application of Proceeds of Collateral by Debtors prior to the acceleration of the First Lien Claims or the commencement of an Insolvency or Liquidation Proceeding, in each
case, to the extent permitted by, and in accordance with the terms of, the First Lien Credit Agreement and the Indenture) shall be applied as follows: 
  
 (i) First, to the costs and expenses of sale, collection or other realization with respect to the Collateral incurred by First Lien
Collateral Agent or, solely in the case of an Enforcement Action by a Second Lien Collateral Agent permitted hereunder, by such Second Lien Collateral Agent, including reasonable compensation to First Lien Collateral Agent or such Second Lien
Collateral Agent, as applicable, and its agents and counsel, all expenses, liabilities and advances made or incurred by First Lien Collateral Agent or such Second Lien Collateral Agent in connection therewith, all amounts for which First Lien
Collateral Agent or the Second Lien Collateral Agents are entitled to indemnification under the First Lien Loan Documents or Second Lien Note Documents, as applicable, all advances made by the First Lien Collateral Agent for the account of a Debtor
pursuant to the First Lien Loan Documents, and to the payment of all costs and expenses paid or incurred by First Lien Collateral Agent or, solely in the case of an Enforcement Action by a Second Lien Collateral Agent permitted hereunder, by such
Second Lien Collateral Agent, in connection with the exercise of any right or remedy hereunder or under the First Lien Collateral Documents or Second Lien Collateral Documents, as applicable; 
  
 (ii) Second, to the other First Lien Claims until the
First Lien Claims are Paid in Full in accordance with the First Lien Loan Documents; 
  
 (iii) Third, to the extent not paid pursuant to clause (i), above, to Second Lien Collateral Agents’ costs and expenses of
sale, collection or other realization with respect to the Collateral, including reasonable compensation to Second Lien Collateral Agents and their agents and counsel, all expenses, liabilities and advances 

  

 17 

 
made or incurred by Second Lien Collateral Agents in connection therewith, all amounts for which Second Lien Collateral Agents are entitled to
indemnification under the Second Lien Note Documents, all advances made by the Second Lien Collateral Agents under the Second Lien Note Documents for the account of a Debtor and to the payment of all costs and expenses paid or incurred by Second
Lien Collateral Agents in connection with the exercise of any right or remedy hereunder or under the Second Lien Collateral Documents; 
  
 (iv) Fourth, to the other Second Lien Claims until the Second Lien Claims are Paid in Full in accordance with the Second Lien Note
Documents; 
  
 (v) Fifth, to any amounts
owing the First Lien Secured Parties under the First Lien Loan Documents that do not constitute First Lien Claims due to the limitation set forth in clause (iv) of the definition of First Lien Claims; and 
  
 (vi) Sixth, to Debtors as their interests may appear
or as otherwise required by applicable law. 
  
 (b) General Provisions Regarding Distributions. 
  
 (i) If Proceeds of Collateral pursuant to a realization of Collateral described in clause (a) above shall be received by any Second Lien Secured Party before all First Lien Claims have been Paid in Full, such Proceeds
shall be segregated and held in trust and forthwith paid or delivered by such Second Lien Secured Party to First Lien Collateral Agent on behalf of First Lien Secured Parties, or their representative or representatives, for application to the
payment or repayment of all First Lien Claims, to the extent necessary to Pay in Full all First Lien Claims after giving effect to any concurrent payment or distribution, or provision therefor, to First Lien Secured Parties. 
  
 (ii) In connection with the distribution of Proceeds of
Collateral with respect to Letters of Credit that have not been Paid in Full, (A) such Letters of Credit shall be deemed fully drawn, (B) such Proceeds in an amount not to exceed 105% of the aggregate face amount of such Letters of Credit shall be
held as Collateral in an account controlled by First Lien Collateral Agent, (C) if any such Letter of Credit is thereafter drawn, such Proceeds held as Collateral therefore shall be applied to reimburse the issuer thereof in accordance with the
First Lien Loan Documents, and (D) if any Letter of Credit terminates or otherwise expires without being fully drawn, such Proceeds held in respect of such Letter of Credit shall be applied in accordance with clause (a) above. 
  
 (iii) All payments by the applicable Agent to Secured
Parties on account of realizations upon Collateral shall be made (A) in the case of First Lien Claims, to First Lien Collateral Agent for distribution to First Lien Secured Parties in accordance with the First Lien Loan Documents, and (B) in the
case of Second Lien Claims, to the applicable Second Lien Collateral Agent for distribution to Second Lien Secured Parties in accordance with the Second Lien Note Documents. 
  
 7. Amendment of First Lien Loan Documents and Second Lien Note Documents. 
  

 18 

 (a) Until the First Lien Claims are Paid in Full in accordance with the First Lien Loan
Documents and the First Lien Hedge Agreements, and notwithstanding anything to the contrary contained in the Second Lien Note Documents, neither Second Lien Holders nor any Second Lien Collateral Agent shall, without the prior written consent of
First Lien Collateral Agent (acting with the concurrence of such First Lien Lenders as may be required under the First Lien Credit Agreement), agree to amend, supplement or otherwise change the terms of any Second Lien Note Document or any related
or replacement document, or make any payment consistent with an amendment thereof or change thereto, if such amendment, supplement or change contravenes the terms of this Agreement or if the effect of such amendment, supplement or change is to
increase the interest rate on the Senior Second Lien Secured Notes, change (to earlier dates) any dates upon which payments of principal or interest are due thereon, change any event of default or condition to an event of default with respect
thereto (other than to eliminate any such event of default or increase any grace period related thereto), change any covenant (or definition used therein) to make such covenant more restrictive, change the redemption, prepayment or defeasance
provisions thereof, add to the collateral securing the Senior Second Lien Secured Notes, or otherwise, if the effect of such amendment, supplement or change is to increase the obligations of or restrictions applicable to any Debtor or its
subsidiaries or to confer any additional rights on any Second Lien Secured Party. For the avoidance of doubt, nothing herein shall be deemed to require any consent from any Second Lien Secured Party or from any Second Lien Collateral Agent, or
otherwise limit any right of any First Lien Secured Party, to amend, supplement, otherwise change or waive any rights under any of the First Lien Loan Documents or any First Lien Hedge Agreements. 
  
 (b) In the event First Lien Collateral Agent enters into any
amendment, waiver or consent in respect of any of the First Lien Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any First Lien Collateral Document or changing
in any manner the rights of any parties thereunder, then such amendment, waiver or consent shall apply automatically to any comparable provision of the comparable Second Lien Collateral Document without the consent of or action by any Second Lien
Secured Party (with all such amendments, waivers and modifications subject to the terms hereof); provided that (i) no such amendment, waiver or consent shall have the effect of removing property subject to the Lien of any Second Lien
Collateral Document, except to the extent that a release of such Lien is permitted by Section 9 hereof, (ii) any such amendment, waiver or consent that materially and adversely affects the rights of Second Lien Secured Parties shall not apply
to the Second Lien Collateral Documents without the consent of the applicable Second Lien Collateral Agent (other than with respect to amendments, modifications or waivers that secure additional extensions of credit or add additional secured
creditors which, in each case, do not violate the express provisions of the Second Lien Note Documents) and (iii) notice of such amendment, waiver or consent shall be given to the applicable Second Lien Collateral Agent prior to its effectiveness,
provided that the failure to give such notice shall not affect the effectiveness and validity thereof. 
  
 8. Perfection of Possessory Security Interests. For the limited purpose of perfecting the security interests of Secured Parties in
those types or items of Collateral in which a security interest may be perfected by possession or control, each Agent hereby appoints the other Agent as its agent for the limited purpose of possessing or controlling on its behalf any such Collateral
that may come into the possession or control of such other Agent from time to time, 

  

 19 

 
and each Agent agrees to act as the other Agent’s agent for such limited purpose of perfecting such other Agent’s security interest by possession
or control through an agent (such possession by such agent being intended to satisfy the requirements of Section 24(1) of the PPSA and equivalent sections of comparable legislation in other applicable jurisdictions), provided, that this
Section 8 shall not create a fiduciary relationship in respect of any Secured Parties, no Agent shall incur any liability to any other Agent by virtue of acting as such other Agent’s agent hereunder, and either Agent may relinquish
possession or control of Collateral in accordance with the terms of the applicable Credit Document without the consent of the other Agent (except that, in the case of any relinquishment of possession or control of Collateral by a Second Lien
Collateral Agent prior to the First Lien Claims being Paid in Full, such Second Lien Collateral Agent shall only relinquish possession or control of such Collateral to the First Lien Collateral Agent), and without incurring liability to the other
Agent, except as otherwise provided herein or unless there is an express written agreement to the contrary in effect between Agents. Without limiting the foregoing, the First Lien Collateral Agent shall have the right to possess or control any such
Collateral until such time as the First Lien Claims are Paid In Full (and, prior to the time the First Lien Claims are Paid In Full, each Second Lien Collateral Agent shall relinquish possession or control of any such Collateral in its possession or
under its control to First Lien Collateral Agent promptly upon written request). Promptly following the First Lien Claims being Paid In Full, if the Indenture remains in effect, the First Lien Collateral Agent shall deliver to Trustee (or such
Second Lien Collateral Agent as Trustee may direct) all items of Collateral in the possession of the First Lien Collateral Agent pursuant to the First Lien Collateral Documents or as a court of competent jurisdiction otherwise directs. 

 
 9. Releases of Security Interests. 
  
 (a) Second Lien Secured Parties will cooperate and provide
any necessary or appropriate releases with respect to the Collateral to permit an Enforcement Action by First Lien Collateral Agent or any receiver appointed by or at the request of First Lien Secured Parties (or any of them), free and clear of
Second Lien Secured Parties’ Lien. 
  
 (b)
In the event of a sale or other disposition of Collateral by a Debtor in accordance with the terms of the Indenture and the First Lien Loan Documents, with the consent of First Lien Secured Parties or any sale described in Section 5(e), if
such First Lien Secured Parties are releasing their first priority Lien in connection therewith, the Lien of Second Lien Secured Parties on such Collateral shall be automatically released and discharged, with no further action or consent by any
Second Lien Secured Party, to the extent the Lien of First Lien Secured Parties on such Collateral is released and discharged, and each Second Lien Collateral Agent shall promptly execute and deliver any releases or other documents reasonably
requested by First Lien Collateral Agent to evidence such release and discharge at the sole cost and expense of the Debtors; provided that the Liens of Secured Parties in such Collateral shall attach to the Proceeds of such sale or other
disposition, and the provisions of this Agreement shall be otherwise applicable to such Proceeds (including any provisions with respect to priority of Liens in such Proceeds, or application thereof to the Claims of Secured Parties). 
  
 (c) Until the First Lien Claims are Paid in Full, each
Second Lien Collateral Agent, for itself and on behalf of Second Lien Secured Parties, hereby irrevocably constitutes and appoints First Lien Collateral Agent and any officer or agent of First Lien Collateral Agent, 

  

 20 

 
with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Second Lien
Collateral Agent or such holder or in First Lien Collateral Agent’s own name, from time to time in First Lien Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 9, to take any and all
appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 9, including any endorsements or other instruments of transfer or release. This appointment is
coupled with an interest, shall survive an Insolvency or Liquidation Proceeding (or the commencement thereof), and is irrevocable until the First Lien Claims are Paid in Full. 
  
 (d) Second Lien Secured Parties agree that First Lien Secured Parties may refrain from enforcing Second Lien
Secured Parties’ Lien in the Collateral, permit the use or consumption of such Collateral by a Debtor free of such Second Lien Secured Parties’ Lien, or, subject to the limitations set forth in Section 9(b), above, release the Second Lien
Secured Parties’ Lien on the Collateral, in each case to the same extent that First Lien Secured Parties refrain from enforcing their own Lien, permit the use or consumption of such Collateral by a Debtor free of their own Lien, or release
their own Lien, without incurring any liability to Second Lien Secured Parties. 
  
 10. Insurance. 
  
 Unless and until the First Lien Claims are Paid in Full, the First Lien Collateral Agent and the First Lien Secured Parties shall have the sole and exclusive right, subject to the rights of the Debtors under the First Lien Loan Documents,
to adjust settlement for any insurance policy covering the Collateral in the event of any loss thereunder and to approve any award granted in any expropriation or similar proceeding (or any deed in lieu of expropriation) affecting the Collateral.
Unless and until the First Lien Claims are Paid in Full and, subject to the rights of the Debtors under the First Lien Loan Documents, all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of
expropriation) if in respect to the Collateral shall be paid and distributed in accordance with Section 6 and, if any Second Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or
payment, it shall pay such proceeds over to the First Lien Collateral Agent to be distributed accordingly. 
  
 11. When Payment in Full of First Lien Claims Deemed to Not Have Occurred. If, at any time after the First Lien Claims are
Paid in Full, the Company promptly thereafter enters into any refinancing or replacement of any First Lien Loan Documents evidencing a First Lien Claim which refinancing or replacement is permitted by clause (2) of the definition of the term
“Permitted Indebtedness” as defined in the Indenture as in effect on the date hereof, then such Payment in Full of First Lien Claims shall automatically be deemed not to have occurred for purposes of this Agreement and, from and after the
date on which the New First Lien Debt Notice is delivered to the Trustee in accordance with the next sentence, the obligations under such refinancing or replacement of the First Lien Loan Documents shall automatically be treated as First Lien Claims
for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, the new documents entered into in connection with such refinancing or replacement shall automatically be treated
as First Lien Loan Documents for all purposes of this Agreement, and the collateral agent under such new 

  

 21 

 
First Lien Loan Documents shall automatically be treated as the First Lien Collateral Agent for all purposes of this Agreement. Upon receipt of a notice (the
“New First Lien Debt Notice”) stating that the Company has entered into one or more new First Lien Loan Documents (which notice shall include the identity of the new first lien collateral agent, such agent, the “New
Agent”), each Second Lien Collateral Agent shall, at the sole cost and expense of the Debtors, promptly (a) enter into such documents and agreements (including amendments or supplements to this Agreement) as the Company or such New Agent
shall reasonably request in order to provide, evidence or confirm to the New Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement, and (b) deliver to the New Agent any pledged
Collateral in its possession together with any necessary endorsements. The New Agent shall agree in a writing addressed to the Second Lien Collateral Agents and the Second Lien Secured Parties to be bound by the terms of this Agreement, as so
amended or supplemented. If the new First Lien Claims under the new First Lien Loan Documents are secured by property of the Debtors constituting Collateral that does not also secure the Second Lien Claims, then the Second Lien Claims shall be
secured at such time by a second priority Lien on such property to the same extent provided in the Second Lien Collateral Documents and this Agreement. 
  
 12. Collateral Records. If in the exercise of its respective rights, any Secured Party shall receive possession or control of any
Collateral Records which contain information relating to any property of any Debtor, such Secured Party shall notify the Agents that it has received such Collateral Records and shall, as promptly as practicable thereafter, make available to such
Agents such Collateral Records for inspection and/or duplication, all subject to any confidentiality restrictions, if any, made in favor of the Debtors in the Credit Documents. 
  
 13. Waiver of Right to Require Marshaling. Each Secured Party hereby expressly waives any right that it
otherwise might have to require any other Secured Party to marshal property or to resort to or realize upon Collateral in any particular order or manner, whether provided for by common law, statute or equity (notwithstanding that the order, manner
and type of realization may affect the amount of proceeds recoverable by any or all of the Secured Parties). No Secured Party shall be required to make a demand under or enforce any guaranty or any Lien given by any Person as a condition precedent
or concurrent to the taking of any Enforcement Action. 
  
 14.
Obligations Unconditional. 
  
 (a) First Lien Obligations Unconditional. All rights and interests of First Lien Collateral Agent and the other First Lien Secured Parties hereunder, and all agreements and obligations of Second Lien Collateral Agents, the other
Second Lien Secured Parties, Company and the other Debtors hereunder, shall remain in full force and effect irrespective of: 
  
 (i) any lack of validity or enforceability of any First Lien Loan Document or any First Lien Hedge Agreement; 
  
 (ii) any change in the time, place or manner of payment of,
or in any other term of, all or any portion of the First Lien Claims, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, 

  

 22 

 
replacement, refunding, renewal or restatement of any First Lien Loan Document or any First Lien Hedge Agreement; 
  
 (iii) until the First Lien Claims have been Paid in Full,
any exchange, release, voiding, avoidance, subordination, postponement or non-perfection of any security interest in any Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or
otherwise, or any refinancing, replacement, refunding or restatement of all or any portion of the First Lien Claims or any guarantee or guaranty thereof; 
  
 (iv) any Insolvency or Liquidation Proceeding (or the commencement of any such proceeding) in respect of any Debtor; or 
  
 (v) any other circumstances that otherwise might constitute
a defense available to, or a discharge of, any Debtor in respect of the First Lien Claims, or of any Second Lien Collateral Agent, any other Second Lien Secured Party or any Debtor in respect of this Agreement (other than Payment in Full).

  
 (b) Second Lien Obligations
Unconditional. Subject to compliance with the terms of this Agreement, all rights and interests of the Second Lien Collateral Agents and the other Second Lien Secured Parties hereunder, and all agreements and obligations of First Lien Collateral
Agent, the other First Lien Secured Parties, Company and the other Debtors hereunder, shall remain in full force and effect irrespective of: 
  
 (i) any lack of validity or enforceability of any Second Lien Note Document; 
  
 (ii) any change in the time, place or manner of payment of,
or in any other term of, all or any portion of the Second Lien Claims, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, renewal or restatement of any Second Lien
Note Document; 
  
 (iii) any exchange, release,
voiding, avoidance, subordination, postponement or non-perfection of any security interest in any Collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement,
refunding or restatement of all or any portion of the Second Lien Claims or any guarantee or guaranty thereof; 
  
 (iv) any Insolvency or Liquidation Proceeding (or the commencement of any such proceeding) in respect of any Debtor; or 
  
 (v) any other circumstances that otherwise might constitute
a defense available to, or a discharge of, any Debtor in respect of the Second Lien Claims, or of First Lien Collateral Agent, any other First Lien Secured Party or any Debtor in respect of this Agreement (other than payment in full in cash of the
Second Lien Claims). 
  
 15. Exercise of Remedies; No
Liability. Subject to any express provision of this Agreement that requires a Secured Party to take or refrain from taking an action, (a) each 

  

 23 

 
Secured Party may exercise its good faith discretion with respect to exercising or refraining from exercising any of its rights and remedies or taking any
Enforcement Action, and (b) each Secured Party agrees that no Secured Party shall incur any liability to any other Secured Party for taking or refraining from taking any action with respect to the Collateral so long as such Secured Party exercises
its discretion in good faith. Each Secured Party further agrees that the other Secured Parties shall have no duty (express, implied, fiduciary or otherwise) to it in respect of the maintenance or preservation of the Collateral. 
  
 16. PPSA Notices. In the event that any Secured Party
shall be required by the PPSA or any other applicable law to give any notice to any other Secured Party, such notice shall be given in accordance with Section 20(e) hereof and, as between Secured Parties, ten days’ notice shall be
conclusively deemed to be commercially reasonable and sufficient notice unless the PPSA expressly requires a longer notice period. 
  
 17. Preference Issues. If any Debtor makes a payment to a First Lien Secured Party in respect of its First Lien Claims and if such
First Lien Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise (and whether as a result of any demand, settlement, litigation or otherwise) to turn over or otherwise pay to the estate of any Debtor any amount of such
payment as a preference or otherwise (a “Recovery”), then the First Lien Claims shall be revived to the extent of such Recovery and continue in full force and effect as First Lien Claims entitled to the benefits of this Agreement,
as if such payment had not been received by such First Lien Secured Party. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not
diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. 
  
 18. Amendments; Waivers; Termination. No amendment, modification, supplement, termination, consent or waiver of or to any provision
of this Agreement nor any consent to any departure therefrom shall in any event be effective unless the same shall be in writing and signed by First Lien Collateral Agent and the Second Lien Collateral Agents then party hereto, and, solely if such
amendment, modification, supplement, termination, consent or waiver is adverse to or otherwise increases or makes more burdensome the obligations of a Debtor, consent of such Debtor; provided, however, that a Debtor shall be deemed to
have given its consent five Business Days after the date notice of any such amendment, modification, supplement, termination, consent or waiver has been delivered to such Debtor unless such consent is expressly refused by such Debtor prior to such
day. The First Lien Collateral Agent, each Second Lien Collateral Agent and the Debtors may rely on the signature of the other as conclusive evidence that such party was acting on instructions of such First Lien Lenders as were required under the
First Lien Credit Agreement or on instructions of such Second Lien Holders as were required under the Indenture, as applicable. Any waiver of any provision of this Agreement, or any consent to any departure from the terms of any provisions of this
Agreement, shall be effective only in the specific instance and for the specific purpose for which given. 
  
 19. Purchase Right. Without in any way limiting the rights of the First Lien Secured Parties to take any action not expressly
prohibited by this Agreement, including any Enforcement Action, at any time prior to the Payment in Full of the First Lien Claims and following (i) an acceleration of the First Lien Claims under the First Lien Credit Agreement (or any other
First 

  

 24 

 
Lien Claims, if at such time all obligations under the First Lien Credit Agreement have been Paid in Full and all commitments thereunder terminated), or (ii)
the commencement of an Insolvency or Liquidation Proceeding, the First Lien Secured Parties will offer the Second Lien Secured Parties the option to purchase, all, but not less than all, of the aggregate amount of outstanding First Lien Claims
outstanding at the time of purchase at par, without warranty or representation or recourse (except for representations and warranties required to be made by assigning lenders pursuant to the Assignment Agreement (as such term is defined in the First
Lien Credit Agreement)). One or more of the Second Lien Secured Parties shall accept such offer within twenty (20) days of the receipt thereof and the parties shall endeavor to close promptly thereafter but in all events no more than twenty (20)
days after the making of the offer. If one or more of the Second Lien Secured Parties accept such offer, it shall be exercised pursuant to documentation mutually acceptable to each of the First Lien Collateral Agent and the Trustee, and all costs
and expenses of closing any such purchase (including the costs and expenses relating to the preparation of the aforementioned documentation, including reasonable fees and expenses of counsel to the First Lien Secured Parties) shall be paid by the
Second Lien Secured Parties as a condition precedent to the closing of any such purchase. If no Second Lien Secured Party or Parties accept such offer within the period set forth above, or any such Second Lien Secured Party that accepts such offer
fails to close the purchase of the First Lien Claims within the time frame provided for above, the First Lien Secured Parties shall have no further obligations pursuant to this Section 19 and may take any further actions in their sole
discretion in accordance with the First Lien Loan Documents and this Agreement. 
  
 20. Miscellaneous. 
  
 (a) All terms used in this Agreement and not otherwise defined herein shall have the meanings as set forth in the PPSA as in effect from time to time. Except as otherwise provided herein, priority shall be in
accordance with the provisions of the PPSA or other applicable law. 
  
 (b) This Agreement shall be binding upon, inure to the benefit of and be enforceable by First Lien Collateral Agent on behalf of itself and First Lien Secured Parties, and each Second Lien Collateral Agent on behalf
of itself and Second Lien Secured Parties, and in each case their respective successors and assigns, including, in relation to any replacement agreement or facility existing at any time to refund, refinance, replace, refund or renew (including
subsequent or successive refinancings, replacements, refundings and renewals whether with the same or new lenders) the First Lien Credit Agreement or the Indenture. Each party hereto represents and warrants that it is authorized to enter into this
Agreement. 
  
 (c) This Agreement is intended by
the parties as a final expression of their agreement relating to the subject matter hereof and is intended as a complete statement of the terms and conditions of their agreement relating to the subject matter hereof. 
  
 (d) No failure or delay on the part of any Secured Party in
the exercise of any power, right, remedy or privilege under this Agreement shall impair such power, right, remedy or privilege or shall operate as a waiver thereof; nor shall any single or partial exercise of any such power, right, remedy or
privilege preclude any other or further exercise of any other power, right, remedy or privilege. The waiver of any such right, power, remedy or privilege with 

  

 25 

 
respect to particular facts and circumstances shall not be deemed to be a waiver with respect to other facts and circumstances. 
  
 (e) Each notice hereunder shall be in writing and may be
personally served or sent by telefacsimile or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile. Unless otherwise specified in
a notice delivered in accordance with the foregoing provisions of this Section 20(e), notices, demands, instructions and other communications in writing shall be given to or made upon the respective parties hereto at their respective
addresses indicated on the signature pages hereof. 
  
 (f) This Agreement and any amendments, waivers, consents or supplements hereto or in connection herewith may be executed in any number of counterparts and by different parties hereto or thereto in separate counterparts, each of which when
so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so
that all signature pages are physically attached to the same document. This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto. 
  
 (g) In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
  
 (h) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS IN EFFECT IN THE PROVINCE OF ALBERTA, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF ANOTHER LAW. 

  
 (i) Anything contained in this Agreement to
the contrary notwithstanding, each party to this Agreement shall no longer be a party from and after such time as all of the obligations owing such party from Debtors as contemplated hereunder (other than Unasserted Obligations) shall have ceased to
be outstanding by virtue of the final and irrevocable payment in full thereof or the cancellation thereof or delivery for cancellation or cash collateralization thereof in accordance with their terms. 
  
 (j) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO
WAIVE TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT.
The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement, including contract claims, tort claims, breach of duty claims and all other
common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into a business 

  

 26 

 
relationship, that it has already relied on this waiver in entering into this agreement, and that it will continue to rely on this waiver in its related
future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SUBSECTION 20(J) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 
  
 (k) In the event of any conflict between the provisions of this Agreement and the provisions of the First
Lien Loan Documents, the First Lien Hedge Agreements or the Second Lien Note Documents, the provisions of this Agreement shall govern and control; provided that, notwithstanding any other provision hereof, nothing in this Agreement shall affect,
impair or otherwise limit any rights or obligations of the Debtors under the Credit Documents and applicable law. 
  
 (l) Trustee agrees not to appoint any sub-collateral agent pursuant to Section 7.13 of the Indenture, unless such sub-collateral agent
agrees to be bound by the terms of this Agreement as a Second Lien Collateral Agent. 
  
 (m) Nothing in the St. Paul Priority Agreement shall affect the rights or obligations of the parties hereto with respect to each other
under this Agreement or the relative priorities of the First Lien Claims and the Second Lien Claims established hereby. 
  
 [Remainder of this page intentionally left blank] 
  

 27 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
above written. 
  

			
	 GE CANADA FINANCE HOLDING COMPANY,
 as First Lien Collateral Agent

		
	By:	 	 /s/ Stephen B. Smith

	 	 	 Name: Stephen B. Smith

	 	 	 Title: President

  

	
	 Notice Address:
  

	 GE Canada Finance Holding Company, as
 Collateral Agent
 100 California Street, 10th Floor
 San Francisco, California 94111
 Attention: Daniel Shapiro, Global Sponsor Finance
 Facsimile: (415) 277-7443

  

 S-1 

			
	 WELLS FARGO BANK, N.A.,
 as Trustee

		
	By:	 	 /s/ Melissa Scott

	 	 	 Name: Melissa Scott

	 	 	 Title: Vice President

  

	
	 Notice Address:
  

	 Wells Fargo Bank, N.A.
 505 Main Street
 Fort Worth, Texas 76102
 Attention: Melissa Scott
 Fax: (817) 885-8650

  

 S-2 

			
	 COMPUTERSHARE TRUST COMPANY OF
 CANADA,
 as Sub-Collateral Agent

		
	By:	 	 /s/ Tina F. Vitale

	 	 	 Name: Tina F. Vitale

	 	 	 Title: Professional, Corporate Trust Officer

			
		
	By:	 	 /s/ Nelia Andrade

	 	 	 Name: Nelia Andrade

	 	 	 Title: Manager, Corporate Trust Services

	
	
	 Notice Address:
  

	 Attention: Louis-Philippe Marineau, LL.B.
 Professional, Corporate Trust Corporate Trust
 Services
 Computershare Trust Company of Canada
 1500 University, Suite 700
 Montreal, Quebec H3A 3S8
 Telephone: (514) 982-7888 ext.7501
 Fax: (514) 982-7677

  
  

 S-3 

 CONSENT OF DEBTORS AND AGREEMENT TO BE BOUND 
  
 Each of the undersigned Debtors has read the foregoing Agreement and consents
thereto and agrees to be bound thereby. Each of the undersigned Debtors agrees not to take any action that would be contrary to the provisions of the foregoing Agreement and agrees that no Secured Party shall have any liability to any Debtor for
acting in accordance with the provisions of the foregoing Agreement. Each Debtor understands that the foregoing Agreement is for the sole benefit of First Lien Secured Parties and Second Lien Secured Parties and their respective successors and
assigns, and that such Debtor is not, except as expressly provided in the foregoing Agreement, an intended beneficiary or third party beneficiary thereof. 
  
 Dated as of May 19, 2005 
  

			
	NORTH AMERICAN ENERGY PARTNERS INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN CONSTRUCTION GROUP INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN CONSTRUCTION LTD.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN CAISSON LTD.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

			
	NORTH AMERICAN ENGINEERING INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN ENTERPRISES LTD.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN INDUSTRIES INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN MAINTENANCE LTD.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN MINING INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

			
	NORTH AMERICAN PIPELINE INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN ROAD INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN SERVICES INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	GRIFFITHS PILE DRIVING INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN SITE DEVELOPMENT LTD.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

  

			
	NORTH AMERICAN SITE SERVICES INC.
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Treasurer

			
	NACG FINANCE LLC
		
	By:	 	 /s/ Chris Hayman

	 	 	 Name: Chris Hayman

	 	 	 Title: Secretary

  

	
	 Notice Address for each
 of the Debtors listed above:
  

	 c/o North American Energy Partners Inc.
 Zone 3, Acheson Industrial Area
 2-53016 Highway 60
 Acheson, Alberta T7X 5G7
 Facsimile: (780) 960-7103
 Attention: Vincent GallantForm of Indemnity Agreement

 EXHIBIT 10.3 
  
 INDEMNITY AGREEMENT 
  
 THIS AGREEMENT is made effective as of the     th day of
                     200  . 
  
 BETWEEN: 
  
 NACG HOLDINGS INC., 
  
 -
and - 
  
 NACG PREFERRED CORP., 
  
 - and - 
  
 NORTH AMERICAN ENERGY PARTNERS INC., 
  
 - and - 
  
 NORTH AMERICAN CONSTRUCTION GROUP INC., 
  
 each of the above entities being a corporation incorporated under the laws of Canada, and referred to herein separately as a
“Corporation” and collectively as the “Corporations” 
  
 - and - 
  
 , of the City of ,

  
 in the
             of 
  
 (the “Indemnitee”) 
  
 WHEREAS: 
  
 A. Each of the Corporations was incorporated under
the provisions of the Canada Business Corporations Act (the “Act”), and each Corporation is a direct or indirect affiliate (as defined in the Act) of the other Corporations; 
  
 B. The Indemnitee has been nominated to act as a director and/or an officer of one or more of
the Corporations, and he has, in conjunction with this indemnity agreement (the “Agreement”), agreed to act as a director and/or an officer of one or more of the Corporations; 
  

 C. Each Corporation acknowledges that the Indemnitee has been nominated to act as a director and/or an officer of some or
all of the other Corporations, and desires to enter into this Agreement for the purpose of indemnifying the Indemnitee in respect of liabilities which he may incur in connection therewith; 
  
 NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and the
covenants and agreements herein contained and for other good and valuable consideration (the receipt and adequacy of which is hereby acknowledged by the parties hereto), and in consideration of the Indemnitee’s consenting or continuing to act
as a director and/or officer of one of more of the Corporations and any other entity as requested by a Corporation, the parties hereby agree with the others as follows: 
  

	1.	Each Corporation, jointly and severally, shall indemnify the Indemnitee and his heirs and legal representatives from and against all liabilities, obligations, costs, charges and
expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal, investigative, administrative action or other proceeding (collectively, a “Proceeding”) in
which he is involved by reason of being or having been a director or officer of any one of the Corporations or, at the request of any one of the Corporations, being or having been a director or officer or acting in a similar capacity of any other
entity, in each case if, for each Corporation or entity that is directly involved in a Proceeding: 

  

	 	(a)	he acted honestly and in good faith with a view to the best interests of the Corporation, or, as the case may be, to the best interests of the other entity for which the Indemnitee
acted as director or officer or in a similar capacity at the Corporation’s request; 

  

	 	(b)	in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, he had reasonable grounds for believing that his conduct was lawful; and

  

 - 2 - 

	 	(c)	in the case of an action by or on behalf of the Corporation or other entity to procure a judgment in its favour, the Corporation obtains any approval required under the Act in
respect of such indemnification. 

  

	2.	Expenses (including lawyer’s fees) incurred by the Indemnitee in defending any claim or charge made in a Proceeding shall be paid from time to time by each Corporation, on a
joint and several basis, in advance of the final disposition of such action, suit or proceeding, within 14 days after receipt by the Corporation from the Indemnitee of a Statement of Undertaking in substantially the form set forth in Exhibit A, in
which he (1) states that as a director or officer, he has reasonably incurred actual expenses in defending a civil, criminal, investigative, administrative or other proceeding and (2) undertakes to repay such amount if he/she does not fulfill the
conditions of subsections 1(a) and (b), and (ii) in the case of an action by or on behalf of a Corporation or other entity to procure a judgment in its favour to which the Indemnitee is made a party because of his association with a Corporation or
other entity, such Corporation obtains any approval(s) required therefor under the Act. 

  

	3.	Except to the extent contrary to the Act or applicable law, each Corporation, on a joint and several basis, shall indemnify the Indemnitee and his heirs and legal representatives
from and against all other costs, charges losses and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any action or Proceeding to which he is made a party by reason of being a
director or officer, or acting in a similar capacity, of the Corporations or, at the request of the Corporation, of any other entity. 

  

	4.	Any indemnification under Section 1 or 3 shall be made: 

  

	 	(a)	either by order of a court on the application of the Indemnitee or as authorized in the specific case upon a determination, in accordance with the procedures set forth in Section 7,
that indemnification is proper in the circumstances because the Indemnitee has met the applicable standard of conduct set forth at subsections 1(a) and (b). For greater certainty, an Indemnitee may, at his option, either apply to a court to
determine his rights to indemnification hereunder or may, upon complying with Section 7, require such determination to be made in accordance with Section 7. 

  

 - 3 - 

	 	(b)	Where the determination is to be made under Section 7, such determination shall be made by a written resolution of the majority of disinterested directors or by an Independent
Counsel, as the case may be. 

  

	5.	The termination of any Proceeding by judgment, order, settlement or conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that an
Indemnitee did not act in good faith with a view to the best interest of the Corporation, and, with respect to any criminal or administrative action or proceeding that is enforced by a monetary penalty, he/she did not have reasonable grounds for
believing the conduct was lawful. 

  

	6.	For the purposes of Section 7 of this Agreement, the term “disinterested directors” means those directors of the applicable Corporation who are not full-time
employees or officers of any Corporation and who are not claiming the right to indemnification being voted upon and neither were nor are a party to the Proceeding. The term “Independent Counsel” means a law firm, or a member of a
law firm, that is experienced in matters of law related to business entities and neither contemporaneously is, nor in the five years theretofore has been, retained to represent: (1) any Corporation or Indemnitee in any matter material to either such
party, (2) any other party to the Proceeding giving rise to a claim for indemnification hereunder or (3) the beneficial owner, directly or indirectly, of any equity or debt securities of any of the Corporations. Notwithstanding the foregoing, the
term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing any Corporation or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement. 

  

	7.	Determination of Right to Indemnification. An Indemnitee may, upon complying with this Section 7, require the disinterested directors of the Corporation or the Independent
Counsel, as the case may be, to make the determination as to whether the Corporation is required to indemnify the Indemnitee in accordance with the following procedures: 

  

	 	7.1	 Indemnitee shall submit to the board of directors of the applicable Corporation a Statement of Request for Indemnification in substantially the form set forth in

  

 - 4 - 

	 	 
Exhibit B, in which the Indemnitee states that he has met the applicable standard of conduct set forth in subsections 1(a) and (b).

  

	 	7.2	An Indemnitee’s submission of a Statement of Request for Indemnification shall create a rebuttable presumption that the Indemnitee has met the applicable standard of conduct
set forth in Section 1 and, therefore, is entitled to indemnification under Section 4. The determination of the right to an indemnity under this Agreement shall be made by a written resolution of a majority of disinterested directors provided that
if one half or less of the directors of such Corporation are disinterested directors, or if the Indemnitee so requests in writing at the time of his submission of his Statement of Request for Indemnification, the determination of the right to an
indemnity under this Agreement shall be made by Independent Counsel as hereinafter provided. The disinterested directors of the Corporation, or the Independent Counsel, as set out at Section 7.3 below, shall determine, within the time periods
contemplated by Section 7.4, that an Indemnitee is so entitled, unless it or they shall possess clear and convincing evidence to rebut the foregoing presumption, which evidence shall be disclosed to Indemnitee with particularity in a sworn written
statement signed by all persons who participated in the determination and voted to deny indemnification. 

  

	 	7.3	 If one half or more of the directors of the applicable Corporation are not disinterested directors, or if the Indemnitee so requests, the determination of the right
to indemnification under this Agreement shall be made by Independent Counsel appointed by majority vote of the disinterested directors of the Corporation. If there are no disinterested directors, then the Independent Counsel shall be appointed by
the chairman of the board of the applicable Corporation. In either case, such appointment shall be made as soon as practicable and, in any event, within 20 days after the delivery of the Statement of Request for Indemnification and, immediately upon
such appointment, the Corporation shall give written notice to the Indemnitees (“Independent Counsel Notice”) advising them of the identity of the Independent Counsel so selected. The Corporation shall pay any and all reasonable
fees and expenses of the Independent Counsel incurred by such Independent Counsel in connection with acting pursuant hereto and provide such person with appropriate 

  

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indemnification, and the Corporation shall pay all reasonable fees and expenses incident to the procedures of this Section 7.3, regardless of the manner in
which such Independent Counsel was selected or appointed. The rights and obligations of the parties under this Section 7.3 shall be subject to, and shall be given effect only to the extent permitted by, applicable Law. 

 

	 	7.4	If the person or persons empowered or selected under this Agreement to determine whether Indemnitees are entitled to indemnification shall not have made a determination within 45
days after receipt by the Corporation of the relevant Statement of Request for Indemnification (or, if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 7.3 of this Agreement, and such
determination shall not have been made and delivered in written opinion within 45 days after such Independent Counsel’s being appointed), the requisite determination of entitlement to indemnification shall be deemed to have been made and the
Indemnitee(s) shall be entitled to such indemnification, absent a prohibition of such indemnification under applicable Law; provided, however, that such 45-day period may be extended for a reasonable time, not to exceed an additional 30 days,
if the person making the determination with respect to entitlement to indemnification in good faith requires such additional time for obtaining or evaluating documentation and/or information relating to such determination. 

 

	 	7.5	In the event that the disinterested directors or the Independent Counsel, as the case may be, determine that an Indemnitee is not entitled to indemnification hereunder; or , if the
Indemnitee at any time elects not to refer the matter to the disinterested directors or the Independent Counsel under this Section 7, the Indemnitee may apply to the Court to determine whether he is, in fact, entitled to indemnification hereunder
and the Court’s decision in connection herewith shall be determinative of the Indemnitee’s right to indemnification pursuant to this Agreement. 

  

	8.	Each Corporation shall use its best efforts to obtain any approval required under the Act or otherwise in respect of any indemnification required to be made by it under this
Agreement. 

  

 - 6 - 

	9.	Any indemnification to be made to an Indemnitee under this Agreement shall not be reduced or otherwise affected by any remuneration, benefits or privileges that he shall have
received, or to which he may become entitled, at any time for acting in his capacity as a director or officer of any Corporation or any other body corporate. 

  

	10.	The indemnification and advancement of sums provided by, or granted pursuant to, this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may be
entitled under any agreement, vote, action or consent of shareholders, applicable law or otherwise, both as to action in the Indemnitee’s official capacity for each Corporation and as to action in another capacity while holding such offices.
This Agreement is intended to provide indemnity to the Indemnitee to the fullest extent allowed under applicable law, including but not limited to statutory law and judicial decisions. Accordingly, to the extent permitted by applicable law, if the
applicable law permits greater indemnity than the indemnity set forth herein, or if any amendment is made to any applicable law expanding the indemnity permissible under applicable law, the indemnity obligations contained herein automatically shall
be expanded, without the necessity of action on the part of any party, to the extent necessary to provide to the Indemnitee the fullest indemnity permissible under applicable law. 

  

	11.	If (i) a Corporation is a constituent entity in an amalgamation, merger or consolidation, whether the Corporation is the resulting or surviving entity or is absorbed as a result
thereof, (ii) the Corporation is converted into another type of entity, or (iii) if there is a change in control of the Corporation, or a sale or other complete disposition of all or substantially all of the assets of the Corporation, the Indemnitee
shall stand in the same position under this Agreement with respect to the resulting, surviving, changed, acquiring or converted entity as the Indemnitee would have had with respect to the Corporation if its separate existence had continued or if
there had been no change in the control of the Corporation or a sale or other complete disposition of all or substantially all of the assets of the Corporation. 

  

	12.	 If a Corporation voluntarily decides to dissolve or to file a petition for relief under applicable bankruptcy, moratorium or similar laws, then not later than ten
days prior to such disposition or filing, the Corporation shall deposit in trust for the sole and exclusive benefit of the 

  

 - 7 - 

	 	 
Indemnitee a cash amount equal to all amounts previously authorized or required to be paid to the Indemnitee hereunder, such amounts to be used to discharge
the Corporation’s obligations to the Indemnitee hereunder. Any amounts in such trust not required for such purpose shall be returned to the Corporation. This Section shall not apply to the dissolution of the Corporation in connection with a
transaction as to which Section 11 applies. 

  

	13.	The parties shall sign such further and other resolutions, documents and instruments, cause such meetings to be held, votes cast, special resolutions passed, by-laws enacted and
documents executed, and do and perform and cause to be done and performed such further and other acts and things as may be necessary or desirable to give full effect to this Agreement. 

  

	14.	This Agreement may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and
the same instrument. 

  

	15.	This Agreement shall be governed by, construed and enforced in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein. The parties hereby
attorn and submit to the non-exclusive jurisdiction of the Courts of the Province of Alberta in connection with any action, suit or proceeding brought in relation to this Agreement. 

  

	16.	This Agreement may not be assigned without the written consent of all of the parties hereto, and shall enure to the benefit of and be binding upon the parties hereto, and their
respective heirs, legal representatives, successors and permitted assigns. 

  

	17.	This Agreement may not be amended without the written consent of the parties hereto. This Agreement shall be effective as of the date hereof and shall remain in full force and
effect until the Indemnitee no longer serves as a director or officer of any one of the Corporations or in a similar capacity with any other entity for which the Indemnitee has acted at the request of any one of the Corporations. Any termination
shall not affect any obligation of each Corporation arising prior to termination in favour of the Indemnitee, including without limitation any obligation to indemnify by reason of any matter that has arisen or circumstances which have occurred prior
to termination. 

  

 - 8 - 

	18.	The invalidity or unenforceability of any provision of this Agreement or any covenant herein contained shall not affect the validity or enforceability of any other provision or
covenant hereof or herein contained, and the Agreement shall be construed as if such invalid or unenforceable provision or covenant were omitted. 

  

	19.	In this Agreement, where the context so required words importing number shall include the singular and plural, words importing gender shall include the masculine, feminine and
neuter genders and words importing persons shall include firms and corporations and vice versa. 

  

	20.	Time shall be of the essence of this Agreement and of each and every part hereof. 

  
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 - 9 - 

  
 IN WITNESS WHEREOF the parties hereto
have executed this Agreement under seal as of the date first above written. 
  

									
	SIGNED, SEALED AND DELIVERED	 	 )
	 	DIRECTOR OR OFFICER
	 in the presence of
	 	 )
	 	 
	 	 	 )
	 	 
	 	 	 )
	 	 
	 Witness
	 	 )
	 	 Name :
	 	 
	 	 	 )
	 	 
			
	 	 	 	 	NACG HOLDINGS INC.
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Ron McIntosh
	 	 	 	 	 	 	 	 	Director
			
	 	 	 	 	NACG PREFERRED CORP.
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Ron McIntosh
	 	 	 	 	 	 	 	 	Director
			
	 	 	 	 	NORTH AMERICAN ENERGY PARTNERS INC.
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Ron McIntosh
	 	 	 	 	 	 	 	 	Director
			
	 	 	 	 	NORTH AMERICAN CONSTRUCTION GROUP INC.
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Ron McIntosh
	 	 	 	 	 	 	 	 	Director

  

 - 10 - 

  
 EXHIBIT A 

 
 STATEMENT OF UNDERTAKING 
  
 STATE/PROVINCE
OF                                 
  
 COUNTY
OF                             
  
 I,
                                        
    , being first duly sworn, depose and say as follows: 
  
 1. This Statement of Undertaking is submitted pursuant to the Indemnity Agreement dated
                                    , between NACG Holdings
Inc., NACG Preferred Corp., North American Energy Partners Inc., North American Construction Group Inc. (the “Corporations”), and me. 
  
 2. I am requesting the advancement of certain actual expenses which I have reasonably incurred in defending a civil or criminal action, suit or proceeding
by reason of the fact that I am or was a director or officer of the Corporation or I am serving or have served at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise.

  
 3. I hereby undertake to repay this advancement of expenses if
it is ultimately determined that I am not entitled to be indemnified by the Corporation 
  
 4. I am requesting the advancement of expenses in connection with the following action, suit or proceeding. 
  
 I have executed this Statement of Undertaking on
                                . 
  

	
	
	 
	 Signature

	
	 
	 Print Name

  
 Subscribed and
sworn to before me on                     . 
  

	
	
	 
	 Notary Public (State/Province)

	
	 My commission expires:
                                       
 

  

 - 11 - 

  
 EXHIBIT B 

 
 STATEMENT OF REQUEST FOR INDEMNIFICATION 
  
 STATE/PROVINCE
OF                                 
  
 COUNTY
OF                             
  
 I,
                                        
    , being first duly sworn, depose and say as follows: 
  
 1. This Statement of Request for Indemnification is submitted pursuant to the Indemnity Agreement dated
                                    , between NACG Holdings
Inc., NACG Preferred Corp., North American Energy Partners Inc., North American Construction Group Inc. (the “Corporations”) and me. 
  
 2. I am requesting indemnification against expenses (including lawyer’s fees) and, with respect to any action not by or in the right of the
Corporation, judgments, fines and amounts paid in settlement, all of which have been actually and reasonably incurred by me in connection with a certain action, suit or proceeding to which I am a party or am threatened to be made a party by reason
of the fact that I am or was a director or officer of the Corporation or I am serving or have served at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise.

  
 3. With respect to all matters related to any such action,
suit or proceeding, I acted honestly and in good faith with a view to the best interests of the Corporation, and, with respect to any criminal or administrative action that is enforced by a monetary penalty, I had reasonable grounds to believe that
my conduct was lawful. 
  
 4. I am requesting indemnification in
connection with the following action, suit or proceeding. 
  
 I
have executed this Statement of Request for Indemnification on
                                . 
  

	
	
	 
	 Signature

	
	 
	 Print Name

  
 Subscribed and
sworn to before me on                     . 
  

	
	
	 
	 Notary Public (State/Province)

	
	 My commission expires:
                                       
 

  

 - 12 -

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