Document:

WELLS FARGO & COMPANY 8-K

 

Exhibit 4.5

 

[Face of Note]

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

	CUSIP NO. 95001B6B5	FACE AMOUNT:  $____________
	REGISTERED NO. ___	 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

Principal at Risk Securities Linked to the

SPDR® S&P® Oil & Gas Exploration & Production ETF due September 7, 2021

 

WELLS FARGO &
COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined below), in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts,
on the Stated Maturity Date, unless this Security is automatically called as provided below under “Automatic Call.”
The “Initial Stated Maturity Date” shall be September 7, 2021. If the Final Calculation Day (as defined below)
is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Final Calculation
Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial Stated Maturity Date
and (ii) three Business Days (as defined below) after the Final Calculation Day as postponed. This Security shall not bear
any interest.

Any payments on
this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained
for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose.

“Face Amount”
shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Face Amount.”

    	 		 

    	 

    

Automatic Call

If the Fund Closing
Price (as defined below) of the Fund (as defined below) on any of the Call Dates (as defined in the table below) (including the
Final Calculation Day) is greater than or equal to the Starting Price (as defined below), this Security will be automatically called
by the Company, and on the related Call Settlement Date (as defined below) the Holder hereof will receive the Face Amount of this
Security plus the Call Premium (as defined in the table below) applicable to the relevant Call Date (together, the “Call
Price”). Unless the Company defaults in the payment of the Call Price, this Security will cease to be outstanding on such
Call Settlement Date, and the Holder hereof will have no further rights under this Security after such Call Settlement Date. The
Holder hereof will not receive any notice from the Company in the event this Security is automatically called pursuant to the terms
hereof.

The Call Dates and
the related Call Premiums are as follows:

	 	Call Date	 	Call Premium	 
	 	 	 	 	 
	 	September 9, 2019	 	12.75% of the Face Amount of this Security	 
	 	September 8, 2020	 	25.50% of the Face Amount of this Security	 
	 	August 30, 2021	 	38.25% of the Face Amount of this Security	 

The Call Dates are subject to postponement
for non-Trading Days and the occurrence of a Market Disruption Event. See the definition of “Calculation Days” below.

The “Call
Settlement Date” for a Call Date shall be five Business Days after such Call Date, as such Call Date may be postponed as
provided herein; provided that the Call Settlement Date for the last Call Date shall be the Stated Maturity Date.

Payment of the Call
Price, if any, will be made in such coin or currency of the United States of America as at the time is legal tender for payment
of public and private debts.

Determination of Maturity Payment
Amount and Certain Definitions

If this Security is not
automatically called prior to the Final Calculation Day as provided above under “Automatic Call,” the “Maturity
Payment Amount” of this Security will equal:

 

		•	if the Ending Price is greater than or equal to the Starting Price: the Face Amount plus the Call Premium applicable
to the Final Calculation Day;

 

		•	if the Ending Price is less than the Starting Price but greater than or equal to the Threshold Price: the Face Amount; or

 

		•	if the Ending Price is less than the Threshold Price: the Face Amount minus:

 

 

 

    	 	2	 

    	 

    

All calculations with respect to the Maturity
Payment Amount or Call Price, as applicable, will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded
upward (e.g., 0.000005 would be rounded to 0.00001); and the Maturity Payment Amount or Call Price, as applicable, will be rounded
to the nearest cent, with one-half cent rounded upward.

 

The “Fund” shall mean the
SPDR® S&P® Oil & Gas Exploration & Production ETF.

 

The “Pricing
Date” shall mean August 30, 2018.

The “Starting
Price” is $42.62, the Fund Closing Price of the Fund on the Pricing Date.

The “Ending
Price” will be the Fund Closing Price of the Fund on the Final Calculation Day.

The “Fund
Closing Price” with respect to the Fund on any Trading Day means the product of (i) the Closing Price of one share
of the Fund (or one unit of any other security for which a Fund Closing Price must be determined) on such Trading Day and (ii) the
Adjustment Factor on such Trading Day.

The “Closing
Price” for one share of the Fund (or one unit of any other security for which a Closing Price must be determined) on
any Trading Day means the official closing price on such day published by the principal United States securities exchange registered
under the Securities Exchange Act of 1934, as amended, on which the Fund (or any such other security) is listed or admitted to
trading.

The “Adjustment
Factor” means, with respect to a share of the Fund (or one unit of any other security for which a Fund Closing Price
must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of the Fund. See “—Anti-dilution
Adjustments Relating to the Fund; Alternate Calculation —Anti-dilution Adjustments” below.

The “Threshold
Price” is $31.965, which is equal to 75% of the Starting Price.

The “Underlying
Index” shall mean the S&P® Oil & Gas Exploration & Production Select Industry®
Index.

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

A “Trading
Day” means a day, as determined by the Calculation Agent, on which the Relevant Stock Exchange (as defined below) and
each Related Futures or Options Exchange (as defined below) with respect to the Fund, or any successor thereto, if applicable,
are scheduled to be open for trading for their respective regular trading sessions.

The “Relevant
Stock Exchange” for the Fund means the primary exchange or quotation system on which shares (or other applicable securities)
of the Fund are traded, as determined by the Calculation Agent.

    	 	3	 

    	 

    

The “Related
Futures or Options Exchange” for the Fund means each exchange or quotation system where trading has a material effect
(as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Fund.

The “Calculation
Days” shall mean each of the Call Dates (including the Final Calculation Day). If any Calculation Day is not a Trading
Day, such Calculation Day will be postponed to the next succeeding Trading Day. A Calculation Day is also subject to postponement
due to the occurrence of a Market Disruption Event (as defined below). If a Market Disruption Event occurs or is continuing with
respect to the Fund on a Calculation Day, such Calculation Day will be postponed to the first succeeding Trading Day on which a
Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred
as of the eighth Trading Day after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the
Calculation Day. If a Calculation Day has been postponed eight Trading Days after the originally scheduled Calculation Day and
a Market Disruption Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine the Closing
Price of the Fund on such eighth Trading Day based on its good faith estimate of the value of the shares (or other applicable securities)
of the Fund as of the Close of Trading (as defined below) on such eighth Trading Day. See “—Market Disruption Events.”

The “Final
Calculation Day” is August 30, 2021, subject to postponement as provided herein.

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of January 24, 2018 between the Company and
the Calculation Agent, as amended from time to time.

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of whether this Security will be automatically called on any of the Call Dates, the Call Price,
if any, the Ending Price and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its
successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant
to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance
of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security.

Market
Disruption Events 

A “Market
Disruption Event” means any of the following events as determined by the Calculation Agent in its sole discretion:

		(A)	The occurrence or existence of a material suspension of or limitation imposed on trading by the
Relevant Stock Exchange or otherwise relating to the shares (or other applicable securities) of the Fund or any Successor Fund
(as defined below) on the Relevant Stock Exchange at any time during the one-hour period that ends

    	 	4	 

    	 

    

at the Close
of Trading on such day, whether by reason of movements in price exceeding limits permitted by such Relevant Stock Exchange or otherwise.

		(B)	The occurrence or existence of a material suspension of or limitation imposed on trading by any
Related Futures or Options Exchange or otherwise in futures or options contracts relating to the shares (or other applicable securities)
of the Fund or any Successor Fund on any Related Futures or Options Exchange at any time during the one-hour period that ends at
the Close of Trading on that day, whether by reason of movements in price exceeding limits permitted by the Related Futures or
Options Exchange or otherwise.

		(C)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, shares (or other
applicable securities) of the Fund or any Successor Fund on the Relevant Stock Exchange at any time during the one-hour period
that ends at the Close of Trading on that day.

		(D)	The occurrence or existence of any event, other than an early closure, that materially disrupts
or impairs the ability of market participants in general to effect transactions in, or obtain market values for, futures or options
contracts relating to shares (or other applicable securities) of the Fund or any Successor Fund on any Related Futures or Options
Exchange at any time during the one-hour period that ends at the Close of Trading on that day.

		(E)	The closure of the Relevant Stock Exchange or any Related Futures or Options Exchange with respect
to the Fund or any Successor Fund prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant
Stock Exchange or Related Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the actual
closing time for the regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable,
and (2) the submission deadline for orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange,
as applicable, system for execution at the Close of Trading on that day.

		(F)	The Relevant Stock Exchange or any Related Futures or Options Exchange with respect to the Fund
or any Successor Fund fails to open for trading during its regular trading session.

For purposes of
determining whether a Market Disruption Event has occurred:

		(1)	“Close of Trading” means the Scheduled Closing Time of the Relevant Stock Exchange
with respect to the Fund or any Successor Fund; and

		(2)	the “Scheduled Closing Time” of the Relevant Stock Exchange or any Related Futures
or Options Exchange on any Trading Day for the Fund or any Successor Fund means the scheduled weekday closing time of such Relevant
Stock Exchange or Related Futures or Options Exchange on such Trading Day, without

    	 	5	 

    	 

    

regard to
after hours or any other trading outside the regular trading session hours.

Anti-dilution
Adjustments Relating to the Fund; Alternate Calculation

Anti-dilution Adjustments

The Calculation
Agent will adjust the Adjustment Factor as specified below if any of the events specified below occurs with respect to the Fund
and the effective date or ex-dividend date, as applicable, for such event is after the Pricing Date and on or prior to the Final
Calculation Day.

The adjustments
specified below do not cover all events that could affect the Fund. The Calculation Agent may, in its sole discretion, make additional
adjustments to any terms of this Security upon the occurrence of other events that affect or could potentially affect the market
price of, or shareholder rights in, the Fund, with a view to offsetting, to the extent practical, any such change, and preserving
the relative investment risks of this Security. In addition, the Calculation Agent may, in its sole discretion, make adjustments
or a series of adjustments that differ from those described herein if the Calculation Agent determines that such adjustments do
not properly reflect the economic consequences of the events specified herein or would not preserve the relative investment risks
of this Security. All determinations made by the Calculation Agent in making any adjustments to the terms of this Security, including
adjustments that are in addition to, or that differ from, those described herein, will be made in good faith and a commercially
reasonable manner, with the aim of ensuring an equitable result. In determining whether to make any adjustment to the terms of
this Security, the Calculation Agent may consider any adjustment made by the Options Clearing Corporation or any other equity derivatives
clearing organization on options contracts on the Fund.

For any event
described below, the Calculation Agent will not be required to adjust the Adjustment Factor unless the adjustment would result
in a change to the Adjustment Factor then in effect of at least 0.10%. The Adjustment Factor resulting from any adjustment will
be rounded up or down, as appropriate, to the nearest one-hundred thousandth.

		(A)	Stock Splits and Reverse Stock Splits

If a stock split or reverse stock
split has occurred, then once such split has become effective, the Adjustment Factor will be adjusted to equal the product of the
prior Adjustment Factor and the number of securities which a holder of one share (or other applicable security) of the Fund before
the effective date of such stock split or reverse stock split would have owned or been entitled to receive immediately following
the applicable effective date.

		(B)	Stock Dividends

If a dividend or distribution
of shares (or other applicable securities) to which this Security is linked has been made by the Fund ratably to all holders of
record of such shares (or other applicable security), then the Adjustment Factor will be adjusted on the ex-dividend date to equal
the prior Adjustment Factor plus the

    	 	6	 

    	 

    

product of the prior Adjustment Factor and the number of shares (or other applicable security) of the Fund
which a holder of one share (or other applicable security) of the Fund before the ex-dividend date would have owned or been entitled
to receive immediately following that date; provided, however, that no adjustment will be made for a distribution for which the
number of securities of the Fund paid or distributed is based on a fixed cash equivalent value.

		(C)	Extraordinary Dividends

If an Extraordinary Dividend
(as defined below) has occurred, then the Adjustment Factor will be adjusted on the ex-dividend date to equal the product of the
prior Adjustment Factor and a fraction, the numerator of which is the Closing Price per share (or other applicable security) of
the Fund on the Trading Day preceding the ex-dividend date, and the denominator of which is the amount by which the Closing Price
per share (or other applicable security) of the Fund on the Trading Day preceding the ex-dividend date exceeds the Extraordinary
Dividend Amount (as defined below).

For purposes of determining
whether an Extraordinary Dividend has occurred:

		(1)	“Extraordinary Dividend” means any cash dividend or distribution (or portion
thereof) that the Calculation Agent determines, in its sole discretion, is extraordinary or special; and

		(2)	“Extraordinary Dividend Amount” with respect to an Extraordinary Dividend for
the securities of the Fund will equal the amount per share (or other applicable security) of the Fund of the applicable cash dividend
or distribution that is attributable to the Extraordinary Dividend, as determined by the Calculation Agent in its sole discretion.

A distribution on the securities
of the Fund described below under the section entitled “—Reorganization Events” below that also constitutes an
Extraordinary Dividend will only cause an adjustment pursuant to that “—Reorganization Events” section.

		(D)	Other Distributions

If the Fund declares
or makes a distribution to all holders of the shares (or other applicable security) of the Fund of any non-cash assets, excluding
dividends or distributions described under the section entitled “—Stock Dividends” above, then the Calculation
Agent may, in its sole discretion, make such adjustment (if any) to the Adjustment Factor as it deems appropriate in the circumstances.
If the Calculation Agent determines to make an adjustment pursuant to this paragraph, it will do so with a view to offsetting,
to the extent practical, any change in the economic position of a holder of this Security that results solely from the applicable
event.

    	 	7	 

    	 

    

		(E)	Reorganization Events

If the Fund, or any Successor
Fund, is subject to a merger, combination, consolidation or statutory exchange of securities with another exchange traded fund,
and the Fund to which this Security is linked is not the surviving entity (a “Reorganization Event”), then,
on or after the date of such event, the Calculation Agent shall, in its sole discretion, make an adjustment to the Adjustment Factor
or the method of determining the Maturity Payment Amount, whether this Security is automatically called on any of the Call Dates
or any other terms of this Security as the Calculation Agent determines appropriate to account for the economic effect on this
Security of such event, and determine the effective date of that adjustment. If the Calculation Agent determines that no adjustment
that it could make will produce a commercially reasonable result, then the Calculation Agent may deem such event a Liquidation
Event (as defined below).

Liquidation Events

If the Fund is de-listed,
liquidated or otherwise terminated (a “Liquidation Event”), and a successor or substitute exchange traded fund
exists that the Calculation Agent determines, in its sole discretion, to be comparable to the Fund, then, upon the Calculation
Agent’s notification of that determination to the Trustee and the Company, any subsequent Fund Closing Price for the Fund
will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded fund (such exchange traded
fund being referred to herein as a “Successor Fund”), with such adjustments as the Calculation Agent determines
are appropriate to account for the economic effect of such substitution on the holder of this Security.

If the Fund undergoes
a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that any Fund Closing Price of the Fund is
to be determined and the Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent
will, in its discretion, calculate the Fund Closing Price for the Fund on such date by a computation methodology that the Calculation
Agent determines will as closely as reasonably possible replicate the Fund, provided that if the Calculation Agent determines in
its discretion that it is not practicable to replicate the Fund (including but not limited to the instance in which the sponsor
of the index underlying the Fund discontinues publication of that index), then the Calculation Agent will calculate the Fund Closing
Price for the Fund in accordance with the formula last used to calculate such Fund Closing Price before such Liquidation Event,
but using only those securities that were held by the Fund immediately prior to such Liquidation Event without any rebalancing
or substitution of such securities following such Liquidation Event.

If a Successor
Fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for the Fund, such Successor Fund or
Fund Closing Price will be used as a substitute for the Fund for all purposes, including for purposes of determining whether a
Market Disruption Event exists.

If any event is
both a Reorganization Event and a Liquidation Event, such event will be treated as a Reorganization Event for purposes of this
Security unless the Calculation Agent

    	 	8	 

    	 

    

makes the determination referenced in
the last sentence of the section entitled “—Anti-dilution Adjustments—Reorganization Events” above.

Alternate Calculation

If at any time the
method of calculating the Fund or a Successor Fund, or the Underlying Index, is changed in a material respect, or if the Fund or
a Successor Fund is in any other way modified so that the Fund does not, in the opinion of the Calculation Agent, fairly represent
the price of the securities of the Fund or such Successor Fund had such changes or modifications not been made, then the Calculation
Agent may, at the close of business in New York City on the date that any Fund Closing Price is to be determined, make such calculations
and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price
of an exchange traded fund comparable to the Fund or such Successor Fund, as the case may be, as if such changes or modifications
had not been made, and calculate the Fund Closing Price and the Maturity Payment Amount and determine whether this Security will
be automatically called with reference to such adjusted Closing Price of the Fund or such Successor Fund, as applicable.

Calculation
Agent

The Calculation
Agent will determine whether this Security will be automatically called on any of the Call Dates, the Call Price, if any, the Maturity
Payment Amount and the Ending Price. In addition, the Calculation Agent will (i) determine if adjustments are required to the Fund
Closing Price and/or the Adjustment Factor under the circumstances described in this Security, (ii) if the Fund undergoes
a Liquidation Event, select a Successor Fund or, if no Successor Fund is available, determine the Fund Closing Price of the Fund,
and (iii) determine whether a Market Disruption Event or non-Trading Day has occurred.

The Company covenants
that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer,
bank or other financial institution) with respect to this Security.

All determinations
made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the
absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

Tax
Considerations

The
Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed
to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States
federal income tax purposes to treat this Security as a prepaid derivative contract that is an “open transaction.”

Redemption and Repayment

This Security is
not subject to repayment at the option of the Holder hereof prior to September 7, 2021. Except as set forth above under “Automatic
Call,” this Security is not

    	 	9	 

    	 

    

subject to redemption prior to September
7, 2021. This Security is not entitled to any sinking fund.

Acceleration

If an Event of Default,
as defined in the Indenture, with respect to this Security shall occur and be continuing, the
Maturity Payment Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the
manner and with the effect provided in the Indenture. The amount payable
to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Maturity Payment Amount hereof calculated
as provided herein as though the date of acceleration was the Final Calculation Day; provided that if the Fund Closing Price of
the Fund on the date of acceleration is equal to or greater than the Starting Price, the amount payable on this Security will be
calculated using a Call Premium that is prorated to the date of acceleration. 

__________________

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[The remainder of this page has been left
intentionally blank]

 

    	 	10	 

    	 

    

IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed.

 

DATED:

 

	 	WELLS FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:

 

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the

series designated therein described

in the within-mentioned Indenture.

 

	CITIBANK, N.A.,	 
	 	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 
	 	 	 
	OR	 
	 	 	 
	WELLS FARGO BANK, N.A.,	 
	 	as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signature	 

 

    	 	11	 

    	 

    

[Reverse of Note]

 

 

WELLS FARGO & COMPANY

 

MEDIUM-TERM NOTE, SERIES S

 

Due Nine Months or More From Date of Issue

 

 

Principal at Risk Securities Linked to the

SPDR® S&P® Oil & Gas Exploration & Production ETF due September 7, 2021

 

This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from time to
time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series
S, of the Company. The amount payable on the Securities of this series may be determined by reference to the performance of one
or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical
measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure
or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable
at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated
in different currencies.

The Securities are
issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more
Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and
registered in the names of, the beneficial owners or their nominees.

The Company agrees,
to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against
a Holder of this Security.

Modification and Waivers 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all
series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at 

    	 	12	 

    	 

    

the time Outstanding affected by
certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences
may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining whether any consent,
waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given
or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security
will be deemed to be equal to the amount set forth on the face hereof as the ?Face Amount? hereof. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and
of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

Defeasance

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

Authorized Denominations

This Security is
issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000.

Registration of Transfer

Upon due presentment
for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new
Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate
Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided
therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection
therewith.

This Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the
Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that
this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event
of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant
to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance,
Stated Maturity Date and other terms and of authorized denominations aggregating a like amount.

    	 	13	 

    	 

    

 

This Security may
not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a
nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

Obligation of the Company Absolute

No reference herein
to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the Maturity Payment Amount or the Call Price, as applicable, at the times, place and rate,
and in the coin or currency, herein prescribed, except as otherwise provided in this Security.

No Personal Recourse

No recourse
shall be had for the payment of the Maturity Payment Amount or the Call Price, as applicable, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any
incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance
hereof, expressly waived and released.

Defined Terms

All terms used in
this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined
in this Security.

Governing Law

This Security shall
be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of
laws.

    	 	14	 

    	 

    

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	--	as tenants in common
	 	 	 
	TEN ENT	--	as tenants by the entireties
	 	 	 
	JT TEN	--	as joint tenants with right
	 	 	of survivorship and not
	 	 	as tenants in common

 

	UNIF GIFT MIN ACT --	 	 Custodian 	 
	 	(Cust)	 	(Minor)

 

	Under Uniform Gifts to Minors Act	 
	 	 
	 	 
	(State)	 

 

Additional abbreviations
may also be used though not in the above list.

 

FOR VALUE RECEIVED,
the undersigned hereby sell(s) and transfer(s) unto

 

	Please Insert Social Security or	 
	Other Identifying Number of Assignee
	 	 
	 	 

 

 

	 
	 
	 

(Please
print or type name and address including postal zip code of Assignee)

 

    	 	15	 

    	 

    

the within Security of WELLS FARGO & COMPANY
and does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security on the books of the
Company, with full power of substitution in the premises.

 

 

Dated: _________________________

 

	 	 
	 	 
	 	 
	 	 

 

 

 

NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatever.

 

 

    	 	16Exhibit 10.1

 

ROLLOVER AGREEMENT

 

September 7, 2018

 

Concrete Pumping Holdings Acquisition Corp.

c/o Industrea Acquisition Corp.

28 W. 44th Street, Suite 501

New York, New York 10036

Attention: Tariq Osman

Email: tosman@argandequity.com

 

Industrea Alexandria LLC

28 W. 44th Street, Suite 501

New York, New York 10036

Attention: Tariq Osman

Email: tosman@argandequity.com

 

Ladies and Gentlemen:

 

Reference is made to
the Agreement and Plan of Merger dated as of the date hereof (as amended, modified or supplemented from time to time, the “Merger
Agreement”), by and among Concrete Pumping Holdings Acquisition Corp., a Delaware corporation and wholly owned subsidiary
of Industrea (“Newco”), Industrea Acquisition Corp., a Delaware corporation (“Industrea”),
Concrete Pumping Intermediate Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Newco (“Concrete
Parent”), Concrete Pumping Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Concrete Parent (“Concrete
Merger Sub”), Industrea Acquisition Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Newco (“Industrea
Merger Sub”), Concrete Pumping Holdings, Inc., a Delaware corporation (the “Company”) and PGP Investors,
LLC, a Delaware limited liability company, in its capacity as the initial Holder Representative thereunder, pursuant to which,
among other things, and on the terms and subject to the conditions of the Merger Agreement, Concrete Merger Sub will merge with
and into the Company, with the Company surviving the merger and the Company will become an indirect wholly-owned subsidiary of
Newco (the “Merger”). Capitalized terms used herein and not defined herein shall have the meanings set forth
in the Merger Agreement.

 

Each of the undersigned
stockholders of the Company (each, a “Rollover Holder”) hereby commits to effect, on the terms and subject to
the conditions of this Rollover Agreement (this “Agreement”):

 

(a)        the
contribution to Newco of a number of Common Shares or Preferred Shares (as applicable) held by such Rollover Holder (such Rollover
Holder’s “Initial Rollover Shares”) equal to the quotient of (i) the amount set forth opposite such Rollover
Holder’s name on Exhibit A attached hereto (such amount, such Rollover Holder’s “Initial Stock Rollover
Amount”) divided by (ii) the Cash Per Fully-Diluted Common Share or Cash Per Fully-Diluted Preferred Share (as
applicable) (assuming, for purposes of determining the Cash Per Fully-Diluted Common Share and Cash Per Fully-Diluted Preferred
Share amounts, that the Aggregate Rollover Amount was $0); and

 

     

     

    

 

(b)        unless the Excess Redemption Amount (as defined below) is zero, the contribution to Newco of a number
of additional Common Shares held by BBCP Investors, LLC (“Peninsula”) (such additional Common Shares, the “Additional
Rollover Shares”) equal to the quotient of (i) the amount by which the gross cash proceeds available from the Trust Account
at the Closing (taking into account all redemptions of shares of Industrea Class A Common Stock redeemed for cash in accordance
with Industrea’s certificate of incorporation) is less than the Threshold Amount (such difference, if any, constituting the
 “Excess Redemption Amount” which Excess Redemption Amount shall be certified in writing to Peninsula and the
Company by duly authorized officers of each of Newco and Industrea prior to the Rollover Closing), divided by (ii) the Cash
Per Fully-Diluted Common Share (assuming, for purposes of determining the Cash Per Fully-Diluted Common Share amount, that the
Aggregate Rollover Amount was $0). For purposes of this Agreement, the “Threshold Amount” shall mean $103,138,275,
less the aggregate amount of any additional equity investment commitments (x) relating to one or more private placements
to be consummated at or prior to Closing received by Newco and/or Industrea and approved in writing by the Company following the
date hereof and prior to the Rollover Closing and (y) pursuant to any Rollover Agreement, the UK Share Purchase Agreement and UK
Put/Call Agreement following the date hereof and prior to the Rollover Closing by any Person other than BBCPI and its Affiliates
in excess of $50,961,725 in the aggregate.

 

The closing of the
transactions contemplated by this Agreement (the “Rollover Closing”) shall take place on the Closing Date immediately
prior to the earlier to occur of the Concrete Effective Time and the Industrea Effective Time. At the Rollover Closing, each Rollover
Holder shall contribute to Newco such Rollover Holder’s Initial Rollover Shares and Peninsula shall contribute to Newco the
Additional Rollover Shares (if any) as described above (such aggregate Initial Rollover Shares and, in the case of Peninsula, the
Additional Rollover Shares constituting such Rollover Holder’s “Rollover Shares”).

 

In exchange for the
contribution of such Rollover Holder’s Rollover Shares, at the Rollover Closing:

 

(a)        Newco
shall issue and deliver to such Rollover Holder a number of Newco Common Shares (rounded up to the nearest whole share) equal to
the quotient of (x) such Rollover Holder’s Initial Stock Rollover Amount divided by (y) $10.20; and

 

(b)       unless
the Excess Redemption Amount is zero, Newco shall issue and deliver to Peninsula a number of additional Newco Common Shares (rounded
up to the nearest whole share) equal to the quotient of (x) the Excess Redemption Amount, divided by (y) $9.18 (such number
of additional Newco Common Shares constituting “Additional Newco Common Shares”).

 

The Newco Common Shares
described in the preceding clause (a) and, in the case of Peninsula, the Additional Newco Common Shares described in the preceding
clause (b) (collectively, the “Issued Newco Shares”) will be delivered by Newco to the applicable Rollover Holders
in book entry form, free and clear of any Liens or other restrictions (other than those arising under the Stockholders Agreement
or state or federal securities laws), in the name of each such Rollover Holder (or its nominee in accordance with its delivery
instructions) or to a custodian designated by such Rollover Holder, as applicable.

 

For the avoidance of
doubt, except as set forth herein, no Rollover Holder shall be entitled to receive any portion of the Merger Consideration for
such Rollover Holder’s Rollover Shares.

 

    	2

     

    

 

In exchange for the
contribution of the Rollover Holders’ Rollover Shares to Newco, in addition to the Issued Newco Shares described above, each
Rollover Holder shall have the right to receive: (A) such Rollover Holder’s Fully-Diluted Percentage in respect of its Rollover
Shares of any positive Adjustment Amount payable in cash in accordance with Section 3.4(d) of the Merger Agreement, (B)
such Rollover Holder’s Escrow Percentage in respect of its Rollover Shares of any distributions of Escrow Funds by the Escrow
Agent to the Exchange Agent in accordance with the terms of the Escrow Agreement, and (C) such Rollover Holder’s portion
in respect of its Rollover Shares of any Tax Refunds in accordance with Section 8.6(g) of the Merger Agreement.

 

At or prior to the
Rollover Closing, each of the Rollover Holders, Industrea, Industrea Alexandria LLC and Newco shall execute and deliver to the
other party a Stockholders Agreement in the form attached hereto as Exhibit B (the “Stockholders Agreement”).

 

Upon the written request
of Peninsula delivered to Newco and Industrea at least three (3) Business Days prior to the date of the Closing, Industrea and
Newco agree to take all corporate action necessary prior to Closing to have appointed to the Board of Directors of Newco (the “Board”),
effective upon the Closing: (i) one individual designated by Peninsula to be included as a director in Class I (as described in
Newco’s certificate of incorporation) if Peninsula beneficially owns more than five percent (5%) but not more than fifteen
percent (15%) of the issued and outstanding shares of Newco Common Shares as of the Closing, (ii) two individuals designated by
Peninsula, one to be included as a director in Class I and one to be included as a director in Class II (as described in Newco’s
certificate of incorporation), if Peninsula beneficially owns more than fifteen percent (15%) but not more than twenty five percent
(25%) of the issued and outstanding shares of Newco Common Shares as of the Closing, or (iii) three individuals designated by Peninsula,
one to be included as a director in Class I, one to be included as a director in Class II and one to be included as a director
in Class III (as described in Newco’s certificate of incorporation), if Peninsula beneficially owns more than twenty-five
percent (25%) of the issued and outstanding shares of Newco Common Shares as of the Closing. Newco shall increase the number of
directors of the Board effective as of the Closing as necessary to include the individuals designated by Peninsula pursuant to
the immediately preceding sentence. The individuals designated by Peninsula pursuant to the immediately preceding sentence shall
meet the conditions set forth in Section 4.4 of the Stockholders Agreement shall serve until the earlier of (A) his or her
death, disability, resignation or removal and (B) his or her respective successor (which individual shall meet the conditions set
forth in Section 4.4. of the Stockholders Agreement) is duly elected and qualified and shall be deemed a “Peninsula
Director” and a “Peninsula Nominee.”

 

The consummation of
the transactions described herein is subject to and conditioned upon (i) all conditions to the Mergers set forth in Article IX
of the Merger Agreement having been satisfied not later than the time of the Rollover Closing or, to the extent not satisfied,
having been waived by the Person or Persons entitled to waive any such condition, (ii) no suspension of the qualification of the
Issued Newco Shares issued pursuant hereto for offering or sale or trading in any jurisdiction, or initiation or threatening of
any proceedings for any of such purposes, shall have occurred, (iii) the concurrent funding of the Debt Financing (in accordance
with the terms of the Debt Commitment Letters) and the Equity Financing (in accordance with the terms of the Subscription Agreements).
This Agreement and the parties rights and obligations hereunder will automatically terminate and become null and void, and no party
shall have any rights or obligations hereunder, upon the termination of the Merger Agreement.

 

    	3

     

    

 

Each Rollover Holder
(solely as to itself and not on behalf of any other Rollover Holder) hereby (i) makes the representations and warranties, set forth
in Annex A hereto, and (ii) agrees that it will become a party to, and be bound by, the Stockholders Agreement at the
Rollover Closing in accordance with its terms.

 

Each of Newco and Industrea
hereby (i) makes the representations and warranties set forth in Annex B hereto, and (ii) agrees that it will become
a party to, and be bound by, the Stockholders Agreement at the Rollover Closing in accordance with its terms.

 

At or prior to the
Rollover Closing, each Rollover Holder shall deliver to Newco (x) a duly executed certificate substantially in the form of Annex
H to the Merger Agreement, and (y) all of the certificates for the Rollover Shares (if certificated), fully endorsed for transfer
in blank.

 

The contribution of
the Rollover Shares by each Rollover Holder to Newco in exchange for the consideration set forth herein (taken together with taken
together with the Industrea Merger, the Argand Equity Investment and any other relevant contributions to Newco) in accordance with
the terms of this Agreement, and the subsequent contribution of the Rollover Shares by Newco to Concrete Parent, are each intended
to be treated as contributions governed by Section 351 of the Code, and each of Newco and the Rollover Holders shall report such
transactions consistently with such intent. From time to time after the Rollover Closing, without further consideration, if requested
by a Rollover Holder in writing, Newco shall promptly provide such Rollover Holder with a duly executed statement pursuant to Treasury
Regulation Section 1.897-2(h) informing such Rollover Holder whether or not the Issued Newco Shares issued and delivered to such
Rollover Holder constitute “United States real property interests” (and shall comply with the related notice requirements
in Treasury Regulation Section 1.897-2(h)(2)).

 

The provisions of this
Agreement, the Merger Agreement and the Stockholders Agreement contain the entire agreement of the parties hereto with respect
to the subject matter hereof and supersede any prior written or oral agreements or understandings of the parties hereto with respect
to the subject matter hereof. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person, except as otherwise
set forth in the immediately following sentence. This Agreement may be enforced by the Company to cause the consummation of the
contribution of the Rollover Shares and the issuance and delivery of the Issued Newco Shares in accordance with the terms hereof
and, accordingly, the Company shall be a third party beneficiary hereof and entitled to an injunction or injunctions to prevent
breaches or threatened breaches of this Agreement by the parties hereto.

 

This Agreement may
be executed by facsimile or via email as a portable document format (.pdf) and in any number of counterparts, and each such counterpart
shall be deemed to be an original instrument, but all such counterparts together shall constitute one agreement. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, but shall not
be assignable by any party hereto without the prior written consent of the other parties.

 

This Agreement, or
any term or condition hereof, may be modified or waived only by a separate writing signed by each of the parties hereto. No provision
of this Agreement may be amended, modified or waived without the prior written consent of the Company if such amendment, modification
or waiver (i) reduces the number of Rollover Shares, or (ii) imposes new or additional conditions or otherwise expands, amends
or modifies any of the conditions to the Closing in a manner that would reasonably be expected to (x) materially impair or delay
the Closing (or satisfaction of the conditions to the Closing) or (y) adversely affect the ability of Newco or Industrea to enforce
its rights against under this Agreement or any of the other definitive agreements with respect thereto. Each of the parties hereto
waives any right it may have to trial by jury in respect of any litigation based on, arising out of, under or in connection with
this Agreement or any course of conduct, course of dealing, verbal or written statement or action of any party hereto.

 

    	4

     

    

 

This Agreement, and
all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions contemplated hereby,
shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles
or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another
jurisdiction.

 

The parties hereto
agree that they have been represented by counsel during the negotiation, drafting, preparation and execution of this Agreement
and, therefore, waive the application of any law or rule of construction providing that ambiguities in an agreement or other document
will be construed against the party drafting such agreement or document.

 

Each Rollover Holder
acknowledges that Industrea is a blank check company with the powers and privileges to effect a merger, asset acquisition, reorganization
or similar business combination involving Industrea and one or more businesses or assets. Rollover Holder further acknowledges
that, as described in Industrea’s prospectus relating to its initial public offering dated July 26, 2017 (the “Prospectus”)
available at www.sec.gov, substantially all of Industrea’s assets consist of the cash proceeds of Industrea’s initial
public offering and private placements of its securities, and substantially all of those proceeds have been deposited in a trust
account (the “Trust Account”) for the benefit of Industrea, its public stockholders and the underwriters of
Industrea’s initial public offering. Each Rollover Holder acknowledges that, prior to the Closing, it does not have any right,
title, interest or claim of any kind in or to any monies in the Trust Account, including, without limitation, any claim for indemnification
and hereby waives any claim for monies in the Trust Account it may have in the future as a result of, or arising out of, this Agreement
and the transactions contemplated hereby or any other transactions contemplated amongst the Rollover Holders, the Company, Newco,
Industrea, Concrete Parent, Concrete Merger Sub and Industrea Merger Sub prior to the Closing and, prior to the Closing, will not
seek recourse against the Trust Account for any reason whatsoever.

 

Any party hereto who
is domiciled in a state that has adopted the community property system shall also cause his or her spouse, if any, to execute a
spousal consent substantially in form attached hereto as Annex C simultaneously with the execution herewith.

 

The Annexes and Exhibits
to this Agreement are incorporated herein and shall be deemed a part of this Agreement in their entirety.

 

[Signature Page Follows]

 

    	5

     

    

 

Please indicate your agreement with the
foregoing by signing in the space provided below.

 

	 	Sincerely,
	 	 
	 	ROLLOVER HOLDERS:
	 	 
	 	BBCP Investors, LLC
	 	By: PGP Investors, LLC
	 	Its: Sole Member
	 	By: PGP Manager, LLC
	 	Its Manager
	 	By: PGP Advisors, LLC
	 	Its: Manager
	 	 	 
	 	By:	M. Brent Stevens
	 	 	 	 
	 	 	Title:	Manager 
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 
	 	/s/ Robert Bruce Woods
	 	 	Robert Bruce Woods
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 
	 	/s/ William K. Wood
	 	 	William K. Wood
	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

[Signature Page to Rollover Agreement]

 

     

     

    

 

	 	/s/ Joel Silkett
	 	 	Joel Silkett
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	/s/ Richard Hansen
	 	 	Richard Hansen
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	/s/ Dale C. Bone
	 	 	Dale C. Bone
	 	 
	 	Address:	 
	 	 	 
	 	 	 	 

 

    	2

     

    

 

	Accepted and Agreed:	 
	 	 
	NEWCO:	 
	 	 
	Concrete Pumping Holdings Acquisition Corp.	 
	 	               	 
	By:	/s/ Tariq Osman	 
	Name:  Tariq Osman	 
	Title:    President	 
	 	 
	INDUSTREA:	 
	 	 
	Industrea Acquisition Corp.	 
	 	 	 
	By:	/s/ Tariq Osman	 
	Name: Tariq Osman	 
	Title:   Executive Vice President	 

 

[Signature Page to Rollover Agreement]

 

     

     

    

 

Exhibit A-1

 

INITIAL STOCK ROLLOVER AMOUNTS

 

	Rollover Holder	 	Initial Stock Rollover Amount	 
	BBCP Investors, LLC	 	$		 
	Robert Bruce Woods	 	$		 
	William K. Wood	 	$	                                                        	 
	Joel Silkett	 	$		 
	Richard Hansen	 	$		 
	Dale C. Bone	 	$		 

 

     

     

    

 

Exhibit B

  

STOCKHOLDERS AGREEMENT

 

This Stockholders
Agreement (this “Agreement”) is entered into on September 7, 2018, by and among Concrete Pumping Holdings,
Inc. (f/k/a Concrete Pumping Holdings Acquisition Corporation, a Delaware corporation (the “Company”) and the
undersigned parties listed on the signature pages hereto (each, an “Investor” and, collectively, the “Investors”).
Capitalized terms used in this Agreement have the meanings given to them in Section 1.01.

 

RECITALS

 

WHEREAS, reference
is made to that certain Agreement and Plan of Merger, by and among the Company, Industrea Acquisition Corp. (“Industrea”),
Concrete Pumping Intermediate Acquisitions Corp., Concrete Pumping Merger Sub Inc., Industrea Acquisition Merger Sub Inc., and
Concrete Pumping Holdings, Inc. (“CPH”), and PGP Investors, LLC solely in its capacity as the initial Holder
Representative thereunder, dated September 7, 2018 (the “Merger Agreement”), which provides for the business
combination among the Company, Industrea and CPH (the “Business Combination”), pursuant to which each of CPH
and Industrea will be acquired by the Company and become wholly owned subsidiaries of the Company;

 

WHEREAS, pursuant
to the terms of those certain Rollover Agreements, each dated September 7, 2018 (the “Rollover Agreements”),
by and between the Company and the CPH equity owners parties thereto (collectively with the UK Rollover Investors (as defined below),
the “Rollover Investors”), in connection with the consummation of the Business Combination, the Company will
issue shares of its common stock, par value $0.0001 per share (“Company Common Stock”) to the Rollover Investors;

 

WHEREAS, pursuant
to the terms of (i) that certain Share Purchase Agreement dated September 7, 2018 (the “UK Share Purchase Agreement”),
by and between Lux Concrete Holdings II S.á r.l. (“Lux II”) and the Vendors parties thereto (the “UK
Rollover Investors”), and (ii) those certain Put and Call Options (the “UK Put/Call Agreement”) by
and among the UK Rollover Investors, Lux II, CPH, the Company and the other Subsidiaries of CPH and the Company named therein,
in connection with the consummation of the Business Combination, the Company will issue shares of Company Common Stock to the UK
Rollover Investors;

 

WHEREAS, pursuant
to the Merger Agreement the Company will issue shares of Company Common Stock to the holders of Industrea common stock on a one-for-one
basis in exchange for their shares of Industrea common stock;

 

WHEREAS, prior
to Industrea’s initial public offering (the “IPO”), Industrea Alexandria LLC (the “Sponsor”)
purchased an aggregate of 5,750,000 shares of Class B common stock, par value $0.0001 per share, of Industrea (the “Founder
Shares”), and subsequently transferred a total of 28,750 shares of Founder Shares and 277,500 Private Placement Warrants
(as define to each of Industrea’s five independent directors (collectively with the Sponsor, the “Initial Investors”);

 

     

     

    

 

WHEREAS, the
Founder Shares are convertible into shares of Class A common stock, par value $0.0001 per share, of Industrea (“Class
A Common Stock”) on the terms provided in Industrea’s second amended and restated certificate of incorporation;

 

WHEREAS, the
Sponsor purchased an aggregate of 11,100,000 warrants exercisable for shares of Class A Common Stock in a private placement that
was completed simultaneously with the consummation of the IPO (the “Private Placement Warrants”);

 

WHEREAS, in
connection with the Business Combination, the Company will assume all of the outstanding warrants (including the Private Placement
Warrants) and each such warrant will become exercisable for one share of Company Common Stock in accordance with the terms of the
Warrant Agreement; and

 

WHEREAS, pursuant
to the terms of that certain Subscription Agreement, dated September 7, 2018 (the “Argand Subscription Agreement”),
by and between Industrea and Argand Partners Fund, LP (the “Argand Investor”), in connection with the consummation
of the Business Combination, the Argand Investor will purchase shares of Class A Common Stock (“Argand PIPE Shares”)
which will be exchanged for shares of Company Common Stock on a one-for-one basis pursuant to the Merger Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1

Definitions

 

1.1          Certain
Definitions. As used in this Agreement, the following terms shall have the meanings set forth below:

 

(a)          
 “Affiliate” of any person or entity, shall mean any other person or entity that directly or indirectly, through
one or more intermediaries, controls, is controlled by, or is under common control with, such first person or entity. As used in
this definition, the term “control,” including the correlative terms “controlled by” and “under common
control with,” means (i) the direct or indirect ownership of more than 50% of the voting rights of a person or entity or
(ii) the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through
ownership of securities or any equity or other ownership interest, by contract or otherwise). For the avoidance of doubt, for purposes
of this Agreement (i) the Peninsula Holder shall not be considered an Affiliate of the Company or any of its subsidiaries, and
(ii)(a) any fund, entity or account managed, advised or sub-advised, directly or indirectly, by a Holder or any of its Affiliates,
shall be considered an Affiliate of such Holder and (b) with respect to any fund, entity or account managed, advised or sub-advised
directly or indirectly, by any Holder or any of its Affiliates, the direct or indirect equity owners thereof, including limited
partners of any Holder or any Affiliate thereof, shall be considered an Affiliate of such Holder.

 

(b)          “Agreement”
has the meaning set forth in the Preamble.

 

    	 	2	 

     

    

 

(c)          “Argand
Investor” has the meaning set forth in the Recitals.

 

(d)          “Argand
PIPE Shares” has the meaning set forth in the Recitals.

 

(e)          “Board”
shall mean the Company’s Board of Directors.

 

(f)          “Business
Combination” has the meaning set forth in the Recitals.

 

(g)          “CPH
Management Holders” shall mean the Rollover Investors set forth on Exhibit B hereto.

 

(h)          
 “Class A Common Stock” has the meaning set forth in the Recitals.

 

(i)          “Closing”
shall mean the closing of the transactions contemplated under the Merger Agreement.

 

(j)          “Commission”
shall mean the United States Securities and Exchange Commission.

 

(k)          “Company”
has the meaning set forth in the Preamble.

 

(l)          
 “Company Common Stock” has the meaning set forth in the Recitals.

 

(m)          
 “Competitor” means the concrete pumping and concrete waste management services businesses listed on an officer’s
certificate delivered by the Company to the Peninsula Holder on the date hereof, which has been mutually agreed to by the Company
and the Peninsula Holder prior to the date hereof, which certificate may be updated after the date hereof, from time to time, upon
the mutual agreement of the Company and the Peninsula Holder acting reasonably and in good faith.

 

(n)          “Competitor
Director” has the meaning set forth in Section 4.3.

 

(o)          
 “Dollars” or “$” shall mean the currency of the United States of America.

 

(p)          “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

(q)          “FINRA”
has the meaning set forth in Section 2.5(q).

 

(r)          “Founder
Shares” has the meaning set forth in the Recitals.

 

(s)          “Holder”
shall mean an Investor who holds Registrable Securities (including their donees, pledgees, assignees, transferees and other successors)
and any holder of Registrable Securities to whom the registration rights conferred by this Agreement have been duly and validly
transferred in accordance with Section 2.11 of this Agreement.

 

(t)          “IPO”
has the meaning set forth in the Recitals.

 

    	 	3	 

     

    

 

(u)          “Indemnified
Party” has the meaning set forth in Section 2.7(c).

 

(v)         “Indemnifying
Party” has the meaning set forth in Section 2.7(c).

 

(w)          “Industrea”
has the meaning set forth in the Recitals.

 

(x)          “Initial
Agreement” has the meaning set forth in the Recitals.

 

(y)          “Initial
Investors” shall mean the holders of the Founder Shares and the Private Placement Warrants set forth on Exhibit A
hereto.

 

(z)          “Initiating
Holders” shall mean any Holder or group of Holders holding more than $25,000,000 million in Registrable Securities, based
on the closing price of the Company’s Common Stock on the day on which any request or notification is made under this Agreement.

 

(aa)         “Investors”
has the meaning set forth in the Preamble.

 

(bb)         “Majority
Holders” has the meaning set forth in Section 2.5.

 

(cc)         “Merger
Agreement” has the meaning set forth in the Recitals.

 

(dd)         
 “New Registration Statement” has the meaning set forth in Section 2.1(a)(iii).

 

(ee)         “Non-Management
CPH Holders” means the Rollover Investors set forth on Exhibit C hereto.

 

(ff)         “One
Director Range” means the Peninsula Holder’s beneficial ownership of more than five percent (5%) but not more than
fifteen percent (15%) of the issued and outstanding shares of Company Common Stock as of the Closing.

 

(gg)         “Other
Selling Stockholders” shall mean persons or entities other than Holders who, by virtue of agreements with the Company,
are entitled to include their Other Shares in certain registrations hereunder.

 

(hh)         “Other
Shares” shall mean securities of the Company, other than Registrable Securities (as defined below), with respect to which
registration rights have been granted.

 

(ii)         “PDF”
has the meaning set forth in Section 5.12.

 

(jj)         “Peninsula
Board Right Period” has the meaning set forth in Section 4.2.

 

(kk)         “Peninsula
Director” means a member of the Board who was appointed or elected to the Board as a Peninsula Nominee.

 

    	 	4	 

     

    

 

(ll)         “Peninsula
Director Replacement” has the meaning set forth in Section 4.3.

 

(mm)         “Peninsula
Holder” means BBCP Investors, LLC.

 

(nn)         “Peninsula
Nominee(s)” means an individual(s) designated by the Peninsula Holder for election (or re-election) to the Board.

 

(oo)         “Peninsula
Takedown” has the meaning set forth in Section 2.2(a).

 

(pp)         “Portfolio
Company” means any corporation, limited liability company, trust, joint venture, association, company, partnership, collective
investment scheme or other entity in which the Peninsula Holder has invested, directly or indirectly, and which constitutes an
Affiliate of the Peninsula Holder as defined above.

 

(qq)         “Preferred
Stock” has the meaning set forth in clause (ss) of this Section 1.1.

 

(rr)         “Preferred
Stock Conversion Shares” means the Company Common Stock issued upon conversion of the Preferred Stock.

 

(ss)         “Preferred
Stock Subscription Agreement” means the subscription agreement, dated September 7, between the Company and the other
parties thereto, providing for the issuance and sale by the Company of shares of the Company’s Series A Convertible Perpetual
Preferred Stock (the “Preferred Stock”).

 

(tt)         “Private
Placement Warrants” has the meaning set forth in the Recitals.

 

(uu)         The
terms “register,” “registered” and “registration” shall refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations
thereunder, and the declaration or ordering of the effectiveness of such registration statement.

 

(vv)         “Registrable
Securities” shall mean (i) Company Common Stock issued in connection with the Closing to (1) the Initial Investors, as
set forth on Exhibit A hereto, (2) the CPH Management Holders, including Company Common Stock issuable upon the exercise
of stock options issued to such Holders at the Closing, as set forth on Exhibit B hereto, and (3) the Non-Management CPH
Holders, as set forth on Exhibit C hereto, (ii) the Private Placement Warrants (including any Company Common Stock issued
or issuable upon the exercise of any such Private Placement Warrants), (iii) Company Common Stock issued or issuable upon the exercise
of any warrants of the Company (other than Private Placement Warrants) that are held by an Initial Investor (or its designee),
and (iv) any other equity security of the Company issued or issuable with respect to any such shares of Company Common Stock by
way of a stock dividend or stock split or in connection with a combination of shares, capitalization, merger, consolidation or
reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable
Securities when: (1) a Registration Statement with respect to the sale of such securities shall have become effective under the
Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (2) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend
restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall
not require registration under the Securities Act; (3) such securities shall have ceased to be outstanding; (4) such securities
have been sold pursuant to Rule 144 promulgated under the Securities Act without volume or manner of sale restrictions contained
therein; or (5) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other
public securities transaction; provided, further, that Registrable Securities shall include any shares of Company Common Stock
acquired by a Holder after the date of this Agreement, that, based on the good faith determination of such Holder (after consultation
with the Company’s outside counsel), may not be resold publicly pursuant to the exemption from registration under Section
4(a)(1) of the Securities Act.

 

    	 	5	 

     

    

 

(ww)         “Registration
Expenses” shall mean all expenses incurred in effecting any registration pursuant to this Agreement, including, without
limitation, all registration, qualification and filing fees (including fees with respect to filings required to be made with FINRA,
and any fees of the securities exchange or automated quotation system on which the Company Common Stock is then listed or quoted),
printing expenses, escrow fees, fees and disbursements of counsel for the Company, one (1) counsel for the Holders requesting to
include their securities in such registration, to be selected by the Holders of a majority of the Registrable Securities to be
included in such registration, blue sky fees and expenses (including reasonable fees and disbursements of counsels for the Holders
in connection with blue sky compliance), and any fees and disbursements of accountants retained by the Company incident to or required
by any such registration, but shall not include Selling Expenses or fees and disbursements of other counsel(s) for the Holders.

 

(xx)        “Representatives”
means, with respect to any person, any of such person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financing partners or financial advisors or other person associated with, or acting on behalf of, such person.

 

(yy)         “Resale
Shelf Registration Statement” has the meaning set forth in Section 2.1(a)(i).

 

(zz)         “Restricted
Securities” shall mean any Registrable Securities that are required to bear a legend restricting transfer.

 

(aaa)        “Rule 144”
shall mean Rule 144 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time
to time, or any similar successor rule that may be promulgated by the Commission.

 

(bbb)        “Rule 145”
shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time
to time, or any similar successor rule that may be promulgated by the Commission

 

(ccc)        
 “Securities Act” shall mean the Securities Act of 1933, as amended.

 

    	 	6	 

     

    

 

(ddd)        “Selling
Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale
of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of counsel
to the Holders included in Registration Expenses).

 

(eee)        
 “Sponsor” has the meaning set forth in the Recitals.

 

(fff)        “Suspension
Notice” has the meaning set forth in Section 2.1(f).

 

(ggg)        “Three
Director Range” means the Peninsula Holder’s beneficial ownership of more than twenty-five percent (25%) of the
issued and outstanding shares of Company Common Stock as of the Closing.

 

(hhh)        “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act,
and the rules and regulations of the Commission promulgated thereunder with respect to, any security, or (b) entry into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise; provided, that a Transfer shall
not be deemed to have been made by the Peninsula Holder solely as a result of direct or indirect transfers of equity interests
in the Peninsula Holder so long as PGP Investors, LLC or its Affiliates retain sole voting control over the Peninsula Holder following
any such direct or indirect transfer.

 

(iii)        “Two
Director Range” means the Peninsula Holder’s beneficial ownership of more than fifteen percent (15%) but not more
than twenty five percent (25%) of the issued and outstanding shares of Company Common Stock as of the Closing.

 

(jjj)        “Underwritten
Takedown” shall mean an underwritten public offering of Registrable Securities pursuant to an effective registration
statement.

 

(kkk)        “Warrant
Agreement” has the meaning set forth in the Recitals.

 

    	 	7	 

     

    

 

SECTION
2

Registration Rights

 

2.1          Registration

 

(a)          Registration
Requirements. The Company shall, not later than ninety (90) days after the Closing, prepare and file with the Commission
a registration statement on Form S-3, or if Form S-3 is not available, Form S-1 or such other registration statement form that
is available to the Company, and take all such other actions as are necessary to ensure that there is an effective “shelf”
registration statement containing a prospectus that remains current covering (and to qualify under required U.S. state securities
laws, if any) the offer and sale of all Registrable Securities by the Holders on a continuous or delayed basis pursuant to Rule
415 of the Securities Act (the registration statement, the “Resale Shelf Registration Statement”). The Company
shall use reasonable best efforts to cause the Commission to declare the Resale Shelf Registration Statement effective as soon
as possible thereafter but in any event within one hundred fifty (150) days of the Closing, and to remain effective and the prospectus
contained therein current until all Holders cease to hold Registrable Securities. The Resale Shelf Registration Statement shall
provide for any method or combination of methods of resale of Registrable Securities legally available to, and requested by, the
Holders, and shall comply with the relevant provisions of the Securities Act and Exchange Act. At the time the Resale Shelf Registration
Statement is declared effective, each Investor shall be named as a selling securityholder in the Resale Shelf Registration Statement
and the related prospectus in such a manner as to permit such Investor to deliver such prospectus to purchasers of Registrable
Securities in accordance with applicable law. If the Resale Shelf Registration Statement is on Form S-3 and ceases to be effective,
then the Company shall, as soon as practicable but in any event no later than the earlier of (i) if the Company has filed with
the Commission all periodic reports required to be filed under the Exchange Act, sixty (60) days after the date on which the Resale
Shelf Registration Statement ceased to be effective and (ii) if the Company has not filed with the Commission all periodic reports
required to be filed under the Exchange Act, sixty (60) days after the date on which the Company files such reports with the Commission,
prepare and file with the Commission a post-effective amendment to the Resale Shelf Registration Statement or new registration
statement on an available form covering all the Registrable Securities, and shall use its reasonable best efforts to cause such
registration statement to be declared effective by the Commission within seventy-five (75) days after such filing and to maintain
the effectiveness of such registration statement until all Holders cease to hold Registrable Securities. Upon effectiveness, such
registration statement shall constitute the “Resale Shelf Registration Statement” for all purposes under this Agreement.

 

(b)          Request
for Underwritten Takedowns. The Holders that qualify as Initiating Holders will be entitled to an unlimited number of Underwritten
Takedowns with respect to their Registrable Securities. If the Company shall receive from Initiating Holders a written request
signed by such Initiating Holders that the Company effect any Underwritten Takedown with respect to all or a part of the Registrable
Securities (such request shall state the number of shares of Registrable Securities to be disposed of by such Initiating Holders),
the Company will:

 

(i)          promptly,
and in any event, within five (5) days after receiving such request, give written notice of the proposed Underwritten Takedown
to all other Holders; and

 

(ii)         as
soon as practicable, use its reasonable best efforts to cause the Commission to declare such Underwritten Takedown effective within
sixty (60) days thereafter (including, without limitation, filing post-effective amendments, one or more prospectus supplements,
appropriate qualifications under any applicable blue sky or other state securities laws, and appropriate compliance with the Securities
Act) and to permit and facilitate the sale and distribution in an underwritten offering of all or such portion of such Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders
joining in such request as are specified in a written request received by the Company within five (5) days after such written notice
from the Company is mailed or delivered.

 

    	 	8	 

     

    

 

(c)          Limitations
on Underwritten Takedowns. The Company shall not be obligated to effect any Underwritten Takedown pursuant to this Section
2.1:

 

(i)          If
the Initiating Holders, together with the holders of any other securities of the Company entitled to inclusion in such Underwritten
Takedown, propose to sell Registrable Securities and such other securities (if any), the aggregate proceeds of which are anticipated
to be less than $25,000,000; or

 

(ii)         In
any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except
as may be required by the Securities Act; or

 

(iii)        Within
one hundred twenty (120) days of the closing of any other Underwritten Takedown.

 

(d)          Other
Shares. Any Underwritten Takedown may, subject to the provisions of Section 2.1(f), include Other Shares, and may
include securities of the Company being sold for the account of the Company, provided that, any Other Shares or securities
of the Company to be included in an Underwritten Takedown must be the subject of an effective shelf registration statement at the
time the Company receives the request for an Underwritten Takedown from the Initiating Holders.

 

(e)          Underwriting;
Cutback. If the Company shall request inclusion in any Underwritten Takedown of securities to be sold for its own account,
or if other persons shall request inclusion of Other Shares in any Underwritten Takedown, the Initiating Holders shall, on behalf
of all Holders, offer to include such securities in the underwriting and such offer shall be conditioned upon the participation
of the Company or such other persons in such underwriting and the inclusion of the Company’s and such other person’s
securities of the Company and their acceptance of the applicable provisions of this Section 2. The Company shall (together
with all Holders and other persons proposing to distribute their securities through such underwriting) enter into an underwriting
agreement in customary form with the representative of the underwriter or underwriters selected for such underwriting by the Company,
which underwriters are reasonably acceptable to a majority-in-interest of the Initiating Holders. No Holder (or its permitted transferee
or assignee under Section 2.11) shall be required to make any representations or warranties to, or agreements with, the
Company or the underwriters other than representations, warranties or agreements regarding such Holder’s (or such transferee’s
or assignee’s) authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being
registered on its behalf, its intended method of distribution and any other representation required by law.

 

    	 	9	 

     

    

 

Notwithstanding any
other provision of this Section 2.1, if the underwriters, in good faith, advise the Initiating Holders in writing that marketing
factors require a limitation on the number of Registrable Securities to be underwritten, the number of Registrable Securities and
Other Shares that may be so included shall be allocated as follows: (i) first, among Initiating Holders requesting to include Registrable
Securities in such Underwritten Takedown based on the pro rata percentage of Registrable Securities requested by such Initiating
Holders to be included in such Underwritten Takedown (determined based on the aggregate number of Registrable Securities requested
to be included in such Underwritten Takedown by each such Initiating Holder); (ii) second, among all other Holders requesting to
include Registrable Securities in such Underwritten Takedown based on the pro rata percentage of Registrable Securities
requested by such Holders to be included in such Underwritten Takedown (determined based on the aggregate number of Registrable
Securities requested to be included in such Underwritten Takedown by each such Holder); (iii) third, to any holder of Preferred
Stock Conversion Shares that has requested the inclusion of its Preferred Stock Conversion Shares pursuant to the Preferred Stock
Subscription Agreement; (iv) fourth, to the Company, which the Company may allocate, at its discretion, for its own account, or
for the account of other Holders or employees of the Company, and (v) fifth, to any Other Selling Stockholders requesting to include
Other Shares in such registration statement.

 

If a person who has
requested inclusion in such Underwritten Takedown as provided above does not agree to the terms of any such underwriting, such
person shall be excluded therefrom by written notice to the Company, the underwriter or the Initiating Holders, and the securities
so excluded shall also be withdrawn from the Underwritten Takedown. If Registrable Securities are so withdrawn from the Underwritten
Takedown and if the number of shares to be included in such Underwritten Takedown was previously reduced as a result of marketing
factors pursuant to this Section 2.1(e), then the Company shall offer to all Holders who have retained rights to include
securities in the Underwritten Takedown the right to include additional Registrable Securities in the offering in an aggregate
amount equal to the number of shares so withdrawn, with such shares to be allocated among such Holders requesting additional inclusion,
as set forth above.

 

(f)          Deferral;
Suspension. Notwithstanding anything in this Agreement to the contrary, if the Company furnishes to the Holders a certificate
(the “Suspension Notice”) signed by an executive officer of the Company stating that, in the good faith judgment
of the Company, effecting a registration (whether by the filing of a Registration Statement or by taking any other action) or the
offering or disposition of Registrable Securities thereunder (including, for the avoidance of doubt, through an Underwritten Takedown)
should be postponed or suspended because such registration, offering or disposal would (1) materially impede, delay or interfere
with a pending material acquisition, corporate reorganization, or other similar transaction involving the Company; (2) require
premature disclosure of material non-public information that the Company has a bona fide business purpose for preserving as confidential;
or (3) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then by delivery of the
Suspension Notice to the Holders, the Company may so postpone effecting a registration or require the Holders to refrain from offering
or disposing of Registrable Securities for a period of not more than thirty (30) days, and, provided further, that the Company
shall not suspend usage of a registration statement in this manner more than twice in any twelve (12) month period or at any time
within thirty (30) days of the end of the immediately preceding suspension period. The Company shall give written notice to the
Holders as promptly as practicable following the date that such suspension is no longer necessary.

 

    	 	10	 

     

    

 

2.2          Peninsula
Holder Underwritten Takedown. If the number of shares issued to the Peninsula Holder pursuant to the terms of the Rollover
Agreement to which it is a party exceeds 882,353 shares (the “Peninsula Threshold”), then for a period of two
years following the one hundred eighty (180)-day anniversary of the Closing, the Peninsula Holder shall have the right to cause
the Company to effect one (1) Underwritten Takedown (a “Peninsula Takedown”) (which, for the avoidance of doubt,
will be on whatever registration statement form is then available to the Company to serve as the Resale Shelf Registration Statement,
including a registration statement on Form S-1 to the extent that Form S-3 is not then available) in which the Peninsula Holder
shall have the right to include the Peninsula Holder’s Registrable Securities in excess of the Peninsula Threshold in such
Underwritten Takedown as a matter of priority over all other Holders and the Company. If the Company receives a written request
for a Peninsula Takedown, then, subject to Section 2.1(c)(ii) and (iii), the Company shall provide the notices and
take the actions required by Section 2.1(b)(i) and (ii) of this Agreement. Without the prior written consent of the
Peninsula Holder, no stockholder of the Company (other than the Peninsula Holder) may include securities in an offering pursuant
to a Peninsula Takedown. If the underwriters, in good faith, advise the Peninsula Holder in writing that marketing factors require
a limitation on the number of Registrable Securities to be underwritten, the number of Registrable Securities that may be so included
in the Peninsula Takedown shall be allocated as follows: (i) first, to the Peninsula Holder to include Registrable Securities in
such Underwritten Takedown in excess of the Peninsula Threshold; and (ii) second, to the Company, which the Company may allocate,
at its discretion, for its own account or, with the prior written consent of the Peninsula Holder, for the account of other Holders
who have requested to include their Registrable Securities in such offering; provided, that if (A) on the date on which
the Peninsula Holder provides a written request for an initial Peninsula Takedown the Peninsula Holder beneficially owns at least
2,625,272[1] shares of Company Common Stock that were issued under its Rollover
Agreement and (B) less than fifty percent (50%) of the Registrable Securities of the Peninsula Holder requested to be registered
in the Peninsula Takedown are included in such initial Underwritten Takedown effected under this Section 2.2, then such
Underwritten Takedown shall not be considered a Peninsula Takedown for purposes of this Agreement; provided further that
in no event shall the Company (1) be required to effect a Peninsula Takedown within six (6) months after the closing date of any
other Underwritten Takedown effected under this Section 2.2, and (2) be required to effect more than two (2) Underwritten
Takedowns under this Section 2.2. In connection with any Peninsula Takedown, Argand Investor and its Affiliates shall, at
the Peninsula Holder’s written request, sign a customary lockup agreement whereby Argand Investor and its Affiliates will
agree to refrain from effecting any Transfer of Company Common Stock or other securities of the Company until sixty (60) days after
the conclusion of the Peninsula Takedown. The Peninsula Holder shall have the right to terminate or withdraw its request for an
Underwritten Takedown (and in such case shall not be deemed to have exercised its right to have caused the Company to effect a
Peninsula Takedown) at any time prior to the effectiveness of such registration.

 

 

1 Reflects Peninsula’s
initial rollover amount (at $10.20 per share) plus $16m backstop utilization (at $9.18 per share; $25m total rollover).

 

    	 	11	 

     

    

 

2.3          Company
Registration

 

(a)          Company
Registration/Underwritten Offering. If the Company shall determine to (1) register any of its securities either for its
own account or the account of a security holder or holders (or a combination of the foregoing) during a period in which a Resale
Shelf Registration Statement covering a Holder’s Registrable Securities is not then effective, other than: a registration
pursuant to Sections 2.1 or 2.2; a registration relating to the shares of Company Common Stock underlying the Public
Warrants; a registration relating solely to employee benefit plans, a registration relating to the offer and sale of non-convertible
debt securities, a registration relating to a corporate reorganization or other Rule 145 transaction; or a registration on
any registration form that does not permit secondary sales, or (2) effect an underwritten public offering of securities, either
for its own account or the account of a security holder or holders (or a combination of the foregoing), the Company will:

 

(i)          promptly
give written notice (in any event not later than twenty (20) days prior to the filing of the registration statement or preliminary
prospectus to which such offering relates) of the proposed registration or offering, as applicable, to all Holders; and

 

(ii)         include
in such registration or offering, as applicable, (and any related qualification under blue sky laws or other compliance), except
as set forth in Section 2.2(b) below, and in any underwriting involved therein, all of such Registrable Securities
as are specified in a written request or requests made by any Holder or Holders received by the Company within ten (10) days after
receipt of such written notice from the Company. Such written request may specify all or a part of a Holder’s Registrable
Securities.

 

(b)          Underwriting;
Cutback. If the registration or offering of which the Company gives notice is for an underwritten public offering, the
Company shall so advise the Holders (and include the names of the proposed underwriters) as a part of the written notice given
pursuant to Section 2.2(a)(i). All Holders proposing to distribute their securities through such underwriting shall
(together with the Company and the Other Selling Stockholders with registration rights to participate therein) enter into an underwriting
agreement in customary form with the representative of the underwriter or underwriters selected by the Company. No Holder (or its
permitted transferee or assignee under Section 2.11) shall be required to make any representations or warranties to, or
agreements with, the Company or the underwriters other than representations, warranties or agreements regarding such Holder’s
(or such transferee’s or assignee’s) authority to enter into such underwriting agreement and to sell, and its ownership
of, the securities being registered on its behalf, its intended method of distribution and any other representation required by
law.

 

Notwithstanding any
other provision of this Section 2.2, if the underwriters in good faith advise the Company and the Holders of Registrable
Securities participating in the offering in writing that marketing factors require a limitation on the number of shares to be underwritten,
the number of Registrable Securities to be included in the registration and underwriting shall be reduced, subject to the limitations
set forth below. The Company shall so advise all holders of securities requesting registration, and the number of shares entitled
to be included in the registration and underwriting shall be allocated (1) if the underwritten offering is for the Company’s
account, (m) first, to the Company; (n) second, to the Holders requesting to include Registrable Securities in such offering based
on the pro rata percentage of Registrable Securities requested to be included by such Holders; (o) third, to any holder
of Preferred Stock Conversion Shares that has requested the inclusion of its Preferred Stock Conversion Shares pursuant to the
Preferred Stock Subscription Agreement; and (iv) fourth, to the Other Selling Stockholders, if any, requesting to include Other
Shares in such underwritten offering and (2) if the underwritten offering is for the account of Other Selling Stockholders, then
(x) first, to the Other Selling Stockholders, (y) second, to the Holders
requesting to include Registrable Securities in such offering based on the pro rata percentage of Registrable Securities
requested to be included by such Holders; and (z)
third, to the Company.

 

    	 	12	 

     

    

 

If a person who has
requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such person shall
be excluded therefrom by written notice to the Company and the underwriter. Any Registrable Securities or Other Shares excluded
or withdrawn from such underwriting shall be withdrawn from such registration. Notwithstanding anything to the contrary, the Company
shall be responsible for the Registration Expenses prior to any such withdrawal.

 

(c)          Right
to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities
in such registration.

 

2.4          Expenses
of Registration. All Registration Expenses incurred in connection with registrations pursuant to this Section 2
shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders and the holders
of any Other Shares shall be borne by the Holders and any holders of any Other Shares included in such registration pro rata
among each other on the basis of the number of Registrable Securities and Other Shares, respectively, registered on their
behalf.

 

2.5          Registration
Procedures. In the case of each registration of Registrable Securities effected by the Company pursuant to Section 2,
the Company will keep each Holder advised in writing as to the initiation of each registration and as to the completion thereof.
At its sole expense, the Company will:

 

(a)          Prepare
each registration statement, including all exhibits and financial statements required under the Securities Act to be filed therewith,
and before filing such registration statement, any prospectus or any amendments or supplements thereto, furnish to the Holders
of the Registrable Securities copies of all documents prepared to be filed, which documents shall be subject to the review of such
Holders and their respective counsel;

 

(b)          As
soon as reasonably practicable file with the Commission, the registration statement relating to the Registrable Securities, including
all exhibits and financial statements required by the Commission to be filed therewith, and use its reasonable best efforts to
cause such registration statement(s) to become effective under the Securities Act as soon as practicable;

 

(c)          Prepare
and file with the Commission such amendments, post-effective amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be requested by the Holders or any underwriter of Registrable
Securities or as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such registration statement;

 

    	 	13	 

     

    

 

(d)          Notify
the participating Holders of Registrable Securities, and confirm such notice in writing and provide copies of the relevant documents,
as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable registration statement
or any amendment thereto has been filed or becomes effective, and when the applicable prospectus or any amendment or supplement
to such prospectus has been filed, (b) of any written comments by the Commission or any request by the Commission or any other
federal or state governmental authority for amendments or supplements to such registration statement, prospectus or for additional
information (whether before or after the effective date of the registration statement), (c) of the issuance by the Commission
of any stop order suspending the effectiveness of such registration statement or any order by the Commission or any other regulatory
authority preventing or suspending the use of any preliminary or final prospectus or the initiation or threatening of any proceedings
for such purposes and (d) of the receipt by the Company of any notification with respect to the suspension of any Registrable
Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

 

(e)          Furnish
such number of prospectuses, including any preliminary prospectuses, and other documents incident thereto, including any amendment
of or supplement to the prospectus, as a Holder (or its counsel) from time to time may reasonably request;

 

(f)          Register
and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions
as shall be reasonably requested by the Holders; provided, that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions
where it would not otherwise be required to qualify or when it is not then otherwise subject to service of process;

 

(g)          Notify
each seller of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in
such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances
under which they were made, and following such notification promptly prepare and file a post-effective amendment to such registration
statement or a supplement to the related prospectus or any document incorporated therein by reference, and file any other required
document that would be incorporated by reference into such registration statement and prospectus, so that such registration statement
does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and that such prospectus does not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and, in the case of a post-effective amendment to a registration statement,
use reasonable best efforts to cause it to be declared effective as promptly as is reasonably practicable, and give to the Holders
listed as selling security holders in such prospectus a written notice of such amendment or supplement, and, upon receipt of such
notice, each such Holder agrees not to sell any Registrable Securities pursuant to such registration statement until such Holder’s
receipt of copies of the supplemented or amended prospectus or until it receives further written notice from the Company that such
sales may re-commence;

 

    	 	14	 

     

    

 

(h)          Use
its reasonable best efforts to prevent, or obtain the withdrawal of, any order suspending the effectiveness of any registration
statement (and promptly notify in writing each Holder covered by such registration statement of the withdrawal of any such order);

 

(i)          Provide
a transfer agent or warrant agent, as applicable, and registrar for all Registrable Securities registered pursuant to such registration
statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

 

(j)          if
requested, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates
or establishment of book entry notations representing Registrable Securities to be sold and not bearing any restrictive legends,
including without limitation, procuring and delivering any opinions of counsel, certificates or agreements as may be necessary
to cause such Registrable Securities to be so delivered;

 

(k)          Cause
all such Registrable Securities registered hereunder to be listed on each securities exchange or automated quotation system on
which similar securities issued by the Company are then listed;

 

(l)          In
connection with any underwritten offering pursuant to a registration statement filed pursuant to Section 2.1 or 2.2,
enter into and perform its obligations under an underwriting agreement in form reasonably necessary to effect the offer and sale
of the Registrable Securities subject to such underwriting, provided, that such underwriting agreement contains reasonable
and customary provisions;

 

(m)          Furnish
to each Holder of Registrable Securities included in such registration statement a signed counterpart, addressed to such Holder,
of (1) any opinion of counsel to the Company delivered to any underwriter dated the effective date of the registration statement
or, in the event of an underwritten offering, the date of the closing under the applicable underwriting agreement, in customary
form, scope, and substance, at a minimum to the effect that the registration statement has been declared effective and that no
stop order is in effect, which counsel and opinions shall be reasonably satisfactory to the Holders and their respective counsel
and (2) any comfort letter from the Company’s independent public accountants delivered to any underwriter in customary
form and covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably
request. In the event no legal opinion is delivered to any underwriter, the Company shall furnish to each Holder of Registrable
Securities included in such registration statement, at any time that such Holder elects to use a prospectus, an opinion of counsel
to the Company to the effect that the registration statement containing such prospectus has been declared effective and that no
stop order is in effect and any other matters as the Holders or underwriter may reasonably request and as are customarily included;

 

    	 	15	 

     

    

 

(n)          Promptly
identify to the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and
any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, make available for
inspection by the seller Holders all financial and other records, pertinent corporate documents, and properties of the Company,
and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the
accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;

 

(o)          Fully
cooperate, and cause each of its principal executive officer, principal financial officer, principal accounting officer, and all
other officers and members of the management to fully cooperate in any offering of Registrable Securities hereunder, which cooperation
shall include, without limitation, assisting with the preparation of any registration statement or amendment thereto with respect
to such offering and all other offering materials and related documents, and participation in meetings with underwriters, attorneys,
accountants and potential stockholders;

 

(p)          Otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission and make available to its
stockholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158
under the Securities Act or any successor rule thereto) no later than thirty (30) days after the end of the 12-month period beginning
with the first day of the Company's first full fiscal quarter after the effective date of such registration statement, which earnings
statement shall cover said 12-month period, and which requirement will be deemed to be satisfied if the Company timely files complete
and accurate information on Forms 10-K, 10-Q and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities
Act or any successor rule thereto;

 

(q)          Cooperate
with each Holder and each underwriter or agent, if any, participating in the disposition of such Registrable Securities and their
respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc. (“FINRA”),
and use its reasonable best efforts to make or cause to be made any filings required to be made by an issuer with FINRA in connection
with the filing of any registration statement;

 

(r)          In
the event of any underwritten public offering of Registrable Securities, cause senior executive officers of the Company to participate
in customary “road show” presentations that may be reasonably requested by the managing underwriter in any such underwritten
offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary
selling efforts related thereto;

 

(s)          Take
all reasonable action to ensure that any “free writing prospectus” (as defined in the Securities Act) utilized in connection
with any registration covered by Section 2.1 complies in all material respects with the Securities Act, is
filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to
the extent required thereby and, when taken together with the related prospectus, will not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; and

 

    	 	16	 

     

    

 

(t)          Take
all such other reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable
Securities.

 

2.6          Price
and Underwriting Discounts. In the case of an underwritten offering requested by Holders pursuant to Section 2.1,
the managing underwriters (which shall be reasonably acceptable to the Company), size, manner of sale, plan of distribution, size,
manner of sale, plan of distribution, price, underwriting discount and other financial terms of the related underwriting agreement
for the Registrable Securities shall be determined by either (i) a majority-in-interest of the Holders whose Registrable Securities
are being offered in such offering (the “Majority Holders”); or (ii) such other means as is determined by the
Majority Holders, in their sole discretion. In the case of a Peninsula Takedown , the managing underwriters (which shall be reasonably
acceptable to the Company), size, manner of sale, plan of distribution, price, underwriting discount and other financial terms
of the related underwriting agreement shall be determined by the Peninsula Holder. In the case of any Underwritten Offering pursuant
to Section 2.3, such price, discount and other terms shall be determined by the Company, subject to the right of the
Holders to withdraw their request to participate in the registration pursuant to Section 2.3 after being advised of
such price, discount and other terms.

 

2.7          Indemnification

 

(a)          To
the extent permitted by law, the Company will indemnify and hold harmless each Holder, and each shareholder, member, limited or
general partner thereof, each shareholder, member, limited or general partner of each such shareholder, member, limited or general
partner, each of their respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and each Person
who controls (within the meaning of Section 15 of the Securities Act) such Persons and each of their respective Representatives,
and each underwriter, if any, and each person or entity who controls within the meaning of Section 15 of the Securities Act
any underwriter, against all expenses, claims, judgments, suits, costs, penalties, losses, damages and liabilities (or actions,
proceedings or settlements in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement)
of a material fact contained or incorporated by reference in any prospectus, offering circular or other document (including any
related registration statement, notification or the like) incident to any such registration, qualification or compliance, (ii) any
omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, or (iii) any violation (or alleged violation) by the Company of the Securities Act, any state securities
laws or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company
in connection with any offering covered by such registration, qualification or compliance, and the Company will reimburse each
Holder, and each shareholder, member, limited or general partner thereof, each shareholder, member, limited or general partner
of each such shareholder, member, limited or general partner, each of their respective Affiliates, officers, directors, shareholders,
employees, advisors, and agents and each Person who controls such persons and each of their respective Representatives, and each
underwriter, if any, and each person or entity who controls any underwriter, for any legal and any other expenses reasonably incurred
in connection with investigating and defending or settling any such claim, judgment, suit, penalty, loss, damage, liability or
action; provided that the Company will not be liable in any such case to the extent that any such claim, judgment, suit,
penalty loss, damage, liability, or action arises out of or is based on any untrue statement or omission based upon written information
furnished to the Company by such Holder, any of such Holder’s Representatives, any person or entity controlling such Holder,
such underwriter or any person or entity who controls any such underwriter, and stated to be specifically for use therein; provided,
further that, the indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement
of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld). This indemnity shall be in addition to any liability the Company may otherwise have. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified
party and shall survive the transfer of such securities by such Holder.

 

    	 	17	 

     

    

 

(b)          To
the extent permitted by law, each selling Holder, severally and not jointly, will, if Registrable Securities held by such Holder
are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold
harmless the Company, each of its directors, officers, employees, partners, legal counsel and accountants and each underwriter,
if any, of the Company’s securities covered by such a registration statement, each person or entity who controls the Company
or such underwriter within the meaning of Section 15 of the Securities Act, each other such Holder, and each of their officers,
directors and partners, and each person or entity controlling each other such Holder, and each of their respective Representatives,
against all claims, judgments, penalties losses, damages and liabilities (or actions in respect thereof) arising out of or based
on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any
prospectus, offering circular or other document (including any related registration statement, notification, or the like) incident
to any such registration, qualification or compliance made in reliance upon and in conformity with information furnished in writing
by or on behalf of such selling Holder expressly for use in connection with such registration, (ii) any omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case
made in reliance upon and in conformity with information furnished in writing by or on behalf of such selling Holder expressly
for use in connection with such registration, or (iii) any violation (or alleged violation) by the Company of the Securities Act,
any state securities laws or any rule or regulation thereunder applicable to the Holder and relating to action or inaction required
of the Holder in connection with any offering covered by such registration, qualification or compliance, and will reimburse the
Company and such Holders, directors, officers, partners, legal counsel and accountants, persons, underwriters, or control persons
for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage,
liability or action, in each case to the extent, but only to the extent, that such untrue statement or omission (i) is made in
such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information
furnished to the Company by such Holder and stated to be specifically for use therein and (ii) has not been corrected in a subsequent
writing prior to or concurrently with the sale of the Registrable Securities to the person asserting the claim; provided,
however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such claims,
losses, damages or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder
(which consent shall not be unreasonably withheld); and provided that in no event shall any indemnity under this Section 2.7
exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder.

 

    	 	18	 

     

    

 

(c)          Each
party entitled to indemnification under this Section 2.7 (the “Indemnified Party”) shall (i) give
notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified
Party has actual knowledge of any claim as to which indemnity may be sought  (provided, that any delay or failure
to so notify the indemnifying party shall relieve the Indemnifying Party of its obligations hereunder only to the extent, if at
all, that it is actually and materially prejudiced by reason of such delay or failure), and (ii) permit the Indemnifying Party
to assume the defense of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party,
who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose
approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense
unless (w) the Indemnifying Party has agreed in writing to pay such fees or expenses, (x) the Indemnifying Party shall
have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Indemnified
Party hereunder and employ counsel reasonably satisfactory to the Indemnified Party, (y) the Indemnified Party has reasonably
concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that
are different from or in addition to those available to the Indemnifying Party, or (z) in the reasonable judgment of any such
person (based upon advice of its counsel) a conflict of interest may exist between such person and the Indemnifying Party with
respect to such claims (in which case, if the person notifies the Indemnifying Party in writing that such Person elects to employ
separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense
of such claim on behalf of such person). No Indemnifying Party, in the defense of any such claim or litigation, shall, except with
the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in
respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question
as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with defense of such
claim and litigation resulting therefrom.

 

(d)          If
the indemnification provided for in this Section 2.7 is held by a court of competent jurisdiction to be unavailable
to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying
Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified
Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or
omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations.
The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information,
and opportunity to correct or prevent such statement or omission. No person or entity will be required under this Section 2.7(d)
to contribute any amount in excess of the net proceeds from the offering received by such person or entity, except in the case
of fraud or willful misconduct by such person or entity. No person or entity guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty
of such fraudulent misrepresentation.

 

    	 	19	 

     

    

 

The obligations of
the Company and Holders under this Section 2.7 shall survive the completion of any offering of Registrable Securities
in a registration under this Section 2.7 and otherwise shall survive the termination of this Agreement until the expiration
of the applicable period of the statute of limitations.

 

2.8          Information
by Holder. Each Holder of Registrable Securities shall furnish to the Company such information regarding such Holder
and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required
in connection with any registration, qualification, or compliance referred to in this Section 2.

 

2.9          Rule 144
Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may
permit the sale of the Restricted Securities to the public without registration, the Company agrees to:

 

(a)          Make
and keep adequate current public information with respect to the Company available in accordance with Rule 144 under the Securities
Act;

 

(b)          File
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act; and

 

(c)          So
long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the
Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, or
that it qualifies as registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies),
a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as a Holder
may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities
without registration. The Company further covenants that it shall take such further action as any Holder may reasonably request
to enable such Holder to sell from time to time shares of Company Common Stock held by such Holder without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144, including providing any legal opinions and cooperating
with the Holders to cause the transfer agent to remove any restrictive legend on certificates evidencing Registrable Securities).
This Section 2.9 shall survive the termination of this Agreement so long as any Holder continues to hold Registrable Securities.

 

2.10        No
Inconsistent Agreements.  The Company has not entered, as of the date hereof, nor shall the Company, on or after
the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing the
rights granted to the Holders of Registrable Securities or otherwise conflict with the provisions hereof.

 

2.11        Transfer
or Assignment of Rights. This Agreement and the rights, duties and obligations of the Company hereunder may not be
assigned or delegated by the Company in whole or in part. The rights granted to a Holder by the Company under this Section 2
may be transferred or assigned (but only with all related obligations) by a Holder only to a transferee of Registrable
Securities that is a transferee or assignee of not less than 10,000 Registrable Securities (as presently constituted and subject
to subsequent adjustments for share splits, share dividends, reverse share splits and the like); provided, that (x) such
transfer or assignment of Registrable Securities is effected in accordance with applicable securities laws, (y) the Company is,
within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the
Registrable Securities with respect to which such rights are being transferred and (z) such transferee agrees in a written instrument
delivered to the Company to be bound by and subject to the terms and conditions of this Agreement.

 

    	 	20	 

     

    

 

SECTION
3

Lock-up

 

3.1          Initial
Investor Lock-up

 

(a)          Each
Initial Investor agrees not to Transfer a number of shares of Company Common Stock equal to the number of Class A Common Stock
issued upon conversion of such Initial Investor’s Founder Shares until the earlier of (A) one year after the Closing or (B)
subsequent to the Closing, (x) if the last sale price of the Company Common Stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after the Closing or (y) following the Closing, the date on which the Company completes
a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s
stockholders having the right to exchange their shares of Company Common Stock for cash, securities or other property.

 

(b)          Each
Initial Investor agrees that it, he or shall not Transfer any Private Placement Warrants (or shares of Company Common Stock issued
or issuable upon the exercise of the Private Placement Warrants) until 30 days after the Closing.

 

3.2          CPH
Management Lock-up.  Each CPH Management Holder agrees not to Transfer any shares of Company Common Stock acquired by such
CPH Management Holder in connection with the Business Combination for a period commencing on the date of Closing and ending on
the date that is (a) the first anniversary of the Closing with respect to one-third (1/3) of such CPH Management Holder’s
Registrable Securities held as of the date of Closing; (b) the second anniversary of the Closing with respect to one-third (1/3)
of such CPH Management Holder’s Registrable Securities held as of the date of Closing; and (c) the third anniversary of the
Closing with respect to one-third (1/3) of such CPH Management Holder’s Registrable Securities held as of the date of Closing.
For the avoidance of doubt, the exercise of any stock option by any CPH Management Holder shall in no way modify or extend the
dates set forth in clauses (a), (b) and (c) of the previous sentence.

 

3.3          Non-Management
CPH Lock-up. Each Non-Management CPH Holder agrees not to Transfer any shares of Company Common Stock acquired by such Non-Management
CPH Holder in connection with the Business Combination for a period commencing on the date of Closing and ending on the date that
is one hundred and eighty (180) days after the Closing.

 

    	 	21	 

     

    

 

3.4          Argand
Investor Lock-up. The Argand Investor agrees not to Transfer any shares of Company Common Stock acquired by the Argand Investor
in exchange for the Argand PIPE Shares pursuant to the Merger Agreement for a period commencing on the date of Closing and ending
on (a) if the number of shares issued to the Peninsula Holder pursuant to the terms of the Rollover Agreement to which it is a
party does not exceed the Peninsula Threshold, the date that is one hundred and eighty (180) days after the Closing, or (b) if
the number of shares issued to the Peninsula Holder pursuant to the terms of the Rollover Agreement to which it is a party exceeds
the Peninsula Threshold, the date that is one year after the Closing.

 

3.5          Permitted
Transfers. Notwithstanding the provisions set forth in Sections 3.1, 3.2, 3.3 and 3.4, nothing in this Agreement shall prohibit
Transfers with the prior written consent of the Board (with any director who has been designated to serve on the Board by or who
is an Affiliate of the requesting party abstaining from such vote) or Transfers (a) to the Company’s officers or directors,
any Affiliate or family member of any of the Company’s officers or directors or any Affiliate of the Holder transferring
such securities or to any member(s) of such Holder’s family or any of their Affiliates (including any investment fund of
which the Holder or its Affiliate serves as the general partner, managing member or discretionary manager or advisor); (b) in the
case of an individual, as a gift to such person’s immediate family or to a trust, the beneficiary of which is a member of
such person’s immediate family, an Affiliate of such person or to a charitable organization; (c) in the case of an individual,
by virtue of laws of descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified
domestic relations order; (e) by virtue of the laws of the State of Delaware or the organizational documents of the Holder transferring
such securities upon dissolution of such Holder; (f) pursuant to an order of a court, regulatory agency or other governmental authority;
(g) solely to tender into a tender or exchange offer for a majority of the Company’s voting securities commenced by a third
party; or (h) in the event that the Company consummates a liquidation, merger, capital stock exchange or other similar transaction
that results in all of the Company’s stockholders having the right to exchange their shares of Company Common Stock for cash,
securities or other property; provided, however, that in the case of clauses (a) through (e), these permitted transferees must
enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein.

 

3.6          Removal
of Legends. If any shares of Company Common Stock are certificated, upon the request of a holder thereof following the expiration
of the restrictions pursuant to Sections 3.1, 3.2, 3.3 or 3.4 (as applicable), the holder thereof shall
be entitled to promptly receive from the Company new certificates for a like number of shares of Company Common Stock not bearing
any legend with respect to transfer restrictions pursuant to this Agreement.

 

    	 	22	 

     

    

 

SECTION
4

Board
representation

 

4.1          Initial
Director Designees

 

(a)          For
so long as the Peninsula Holder has the right to nominate members to the Board pursuant to Section 4.2, the Company
shall, to the fullest extent permitted by applicable law, cause the Board (whether acting through a nominating committee of the
Board or otherwise) to (A) nominate the Peninsula Nominees(s) and include the Peninsula Nominee(s) in any slate of nominees recommended
to the Company’s stockholders for election to the Board and include such Peninsula Nominee(s) in the Company’s preliminary
and definitive proxy statements filed with the Commission for any applicable annual meeting of stockholders at which stockholders
of the Company will vote on the election of directors to the Board (or any consent in lieu of a meeting), (B) recommend that
the Company’s stockholders vote in favor of the Peninsula Nominee(s) or Peninsula Director(s), as applicable, in all subsequent
stockholder meetings at which such Peninsula Nominee(s) or Peninsula Director(s), as applicable, stand for election or reelection
to the Board, and (C) support the Peninsula Nominee(s) or Peninsula Director(s), as applicable, in a manner no less favorably
than the manner in which the Company supports its other director nominees. For any meeting (or consent in lieu of meeting) of the
Company’s stockholders for the election of members of the Board, the Board (whether acting through a nominating committee
of the Board or otherwise) shall not nominate, in the aggregate, a number of nominees greater than the number of members of the
Board.

 

(b)          For
so long as the Peninsula Holder has the right to nominate members of the Board pursuant to Section 4.2 if
a vacancy on the Board is created as a result of a Peninsula Director’s death, disability, resignation (other than pursuant
to Section 4.5 or removal, then the Peninsula Holder shall have the right to designate by written notice to the
Company an individual (a “Peninsula Director Replacement”) to fill such vacancy, which individual shall meet
the conditions set forth in Section 4.4. The Company shall take all actions necessary to cause the Peninsula Director
Replacement to fill such resulting vacancy and such individual shall be deemed a Peninsula Director and a Peninsula Nominee. In
the event that the Peninsula Holder is entitled to appoint at least two (2) Peninsula Directors, the Board shall, at the written
request of the Peninsula Holder, appoint one (1) Peninsula Director to serve on any committee or committees of the Board, subject
to such Peninsula Director satisfying qualification and independence rules and regulations of the applicable stock exchange on
which the Company Common Stock is listed or the Commission as in effect at the time of determination with respect to any such committees.
Each Peninsula Director shall be entitled to receive compensation in his or her capacity as a director consistent with the compensation
received in such capacity by other non-employee members of the Board, including any fees and equity awards, and reimbursement
for reasonable out-of-pocket expenses incurred in attending meetings of the Board and its committees.

 

4.2          Director
Nomination Rights. To the extent permitted by applicable law and the rules of the principal stock
exchange or market on which the Company Common Stock is then traded or listed, commencing on the date of the Closing and ending
on the date that the Company’s obligations under this Section 4.2 terminate in accordance with this Section 4.2 (the
 “Peninsula Board Right Period”): 

 

(a)          If
the Peninsula Holder’s beneficial ownership of Company Common Stock is within the Three Director Range, then the Company
shall cause the Board to nominate for election to the Board and shall recommend and support such nominations, in the manner provided
in Section 4.1(a), such number of Peninsula Nominees as is required to maintain the continuous service of three (3) Peninsula
Directors on the Board. The Company’s obligations under this Section 4.2(a) shall terminate on the first date on which
the Peninsula Holder’s beneficial ownership of issued and outstanding Company Common Stock is no longer within the Three
Director Range, following which the Peninsula Holder will cause one (1) Peninsula Director to resign as a member of the Board within
five (5) Business Days after receiving a written request from the Company.

 

    	 	23	 

     

    

 

(b)          
If the Peninsula Holder’s beneficial ownership of Company Common Stock is within Two Director Range, then the Company shall
cause the Board to nominate for election to the Board and shall recommend and support such nominations, in the manner provided
in Section 4.1(a), such number of Peninsula Nominees as is required to maintain the continuous service of two (2) Peninsula
Directors on the Board. The Company’s obligations under this Section 4.2(b) shall terminate automatically on the first
date on which the Peninsula Holder’s beneficial ownership of Company Common Stock is no longer within the Two Director Range,
following which the Peninsula Holder will cause one (1) Peninsula Director to resign as a member of the Board within five (5) Business
Days after receiving a written request from the Company.

 

(c)          
If the Peninsula Holder’s beneficial ownership of Company Common Stock is within One Director Range, then the Company shall
cause the Board to nominate for election to the Board and shall recommend and support such nomination, in the manner provided in
Section 4.1(a), such number of Peninsula Nominees as is required to maintain the continuous service of one (1) Peninsula
Director on the Board. The Company’s obligations under this Section 4.2(c) shall terminate on the first date on which
the Peninsula Holder’s beneficial ownership of Company Common Stock is no longer within the One Director Range, following
which the Peninsula Holder will cause one Peninsula Director to resign as a member of the Board within five (5) Business Days after
receiving a written request from the Company.

 

(d)          Any
Company Common Stock (or securities convertible, exercisable or exchangeable for shares of Company Common Stock ) acquired by the
Peninsula Holder or its Affiliates after the date of this Agreement shall be excluded from the number of shares of Company Common
Stock deemed beneficially owned by the Peninsula Holder for purposes of this Section 4.2.

 

4.3          Exceptions.
Notwithstanding anything herein to the contrary, the Peninsula Holder shall not have any rights to nominate an individual for election
to the Board pursuant to this Section 4, and shall cause any such individuals previously so nominated by Peninsula
Holder to resign as a member of the Board within five (5) Business Days after receiving a written request from the Company
if the Peninsula Holder or any of its Affiliates has, at any time after the date of this Agreement, (a) an employee, member
or partner (other than any third party limited partner who is an investor in the Peninsula Holder) of the Peninsula Holder (excluding
any Portfolio Company) or any of its Affiliates (other than a Portfolio Company) that is a director or executive officer of a Competitor
of the Company (each such person, a “Competitor Director”), (b) a Portfolio Company that is a Competitor of
the Company or (c) if the Peninsula Board Right Period has ended; provided, that the foregoing restrictions and
requirements shall be applied in an equivalent manner to all other non-employee Board members (including any Board member that
is an officer, director, employee or manager of the Sponsor or its Affiliate); provided, further, that the Peninsula
Holder’s right to nominate individuals to the Board pursuant to this Article 4 shall not be impaired, restricted
or rescinded in any manner, if prior to or following the appointment of any Competitor Director, the Peninsula Holder obtains the
written consent of the Board (with the Peninsula Directors abstaining) (such consent not to be unreasonably withheld, conditioned
or delayed) to such Peninsula Holder employee, member or partner (other than any third party limited partner who is an investor
in Peninsula) serving as a Competitor Director.

 

    	 	24	 

     

    

 

4.4          Peninsula
Nominee Qualifications. As a condition to any Peninsula Nominee’s appointment or nomination
to the Board pursuant to this Agreement, such Peninsula Nominee shall agree to provide to the Company information required to be
or customarily disclosed for directors, candidates for directors and their Affiliates and Representatives in a proxy statement
or other filings under applicable law or stock exchange rules or listing standards, information in connection with assessing eligibility,
independence and other criteria applicable to directors or satisfying compliance and legal obligations and such other information
as reasonably requested by the Company from time to time with respect to such Peninsula Nominee and consistent with the requirements
and requests of the Company with respect to the other non-employee Board members; provided that in no event shall
such Peninsula Director’s relationship with the Peninsula Holder or its Affiliates (or any other actual or potential lack
of independence resulting therefrom), in and of itself, be considered to disqualify such Peninsula Director from being a member
of the Board pursuant to this Article 4. Each Peninsula Nominee shall, prior to being appointed or nominated,
submit to the Company a fully completed, true and accurate copy of Company’s standard director questionnaire and other reasonable
and customary director onboarding documentation (including an authorization form to conduct a background check) required by the
Company in connection with the appointment or nomination of any new Board member. Each Peninsula Nominee shall ensure, that, at
all times while serving as a member of the Board, he or she will (i) meet all director independence and other standards of
the Company, The Nasdaq Stock Market and the SEC and applicable provisions of the Exchange Act, including Rule 10A-3, and
(ii) be qualified to serve as a director under applicable law and comply with requirements applicable to directors thereunder.
In addition, while serving as a member of the Board, each Peninsula Nominee shall comply with all policies, procedures, processes,
codes, rules, standards and guidelines of the Company that have been adopted by the Board and which are applicable to all non-employee Board
members and which have been provided in advance to such Peninsula Nominee, and shall preserve the confidentiality of Company business
and information, including discussions or matters considered in meetings of the Board or Board committees to the extent not disclosed
publicly by the Company in a manner consistent with the confidentiality requirements applicable to all non-employee Board
members; provided that, subject to the Company, such Peninsula Director and the Peninsula Holder entering into
a customary and reasonable mutually acceptable confidentiality agreement (to the extent that such an agreement is requested of
other non-employee Board members with respect to sharing of such information with their Representatives and Affiliates), such Peninsula
Director shall be entitled to discuss Company business and matters discussed at meetings of the Board with other Representatives
of the Peninsula Holder and its Affiliates so long as such interaction is covered by such confidentiality agreement and does not,
based on the advice of counsel to the Company, jeopardize any attorney-client privilege

 

4.5          Director
Indemnification. The Company shall indemnify the Peninsula Directors on the same basis as all
other members of the Board and pursuant to indemnity agreements with terms that are no less favorable to the Peninsula Directors
than the indemnity agreements entered into between the Company and other members of the Board.

 

4.6          Board
Size. Prior to the expiration of the Peninsula Board Right Period, (i) the Company shall not
increase the size of the Board to more than a total of twelve director seats; provided that the Company may temporarily increase
the size of the Board to facilitate the retirement or resignation of any incumbent director and the replacement thereof with a
new director and (ii) the Company shall not decrease the size of the Board if such decrease would require the resignation of any
Peninsula Director, in each case, without the prior written consent of the Peninsula Holder.

 

    	 	25	 

     

    

 

SECTION
5

Miscellaneous

 

5.1          Termination
of Subsidiary Registration Rights Agreement. Upon the Closing and the effectiveness of this Agreement, the registration rights
agreement dated July 26, 2017 among Industrea, the Sponsor and the holders party thereto shall terminate and be of no further
force and effect.

 

5.2          Amendment.
Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument referencing this Agreement and signed by (i) the Company, and (ii) the Holders holding a majority
of the Registrable Securities provided, however, that if any amendment, waiver, discharge or termination operates
in a manner that treats any Holder different from other Holders, the consent of such Holder shall also be required for such amendment,
waiver, discharge or termination. Persons who become assignees or other transferees of Registrable Securities in accordance with
this Agreement after the date of this Agreement may become parties hereto, by executing a counterpart of this Agreement without
any amendment of this Agreement pursuant to this paragraph or any consent or approval of any other Holder. Any amendment, waiver,
discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and each future holder of
all such securities of such Holder.

 

5.3          Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, sent by facsimile or otherwise delivered by hand, electronic mail, messenger or courier service
at the following addresses:

 

(a)          if
to an Investor, to such Investor’s address, facsimile number or electronic mail address as shown on Exhibits A, B and
C hereto, as may be updated in accordance with the provisions hereof.

 

(b)          if
to any Holder other than an Investor, to such address, facsimile number or electronic mail address as shown in the Company’s
records, or, until any such Holder so furnishes an address, facsimile number or electronic mail address to the Company, then to
the address, facsimile number or electronic mail address of the last holder of such shares for which the Company has contact information
in its records; or

 

    	 	26	 

     

    

 

(c)          If
to the Company or to Industrea:

 

Concrete Pumping Holdings, Inc.

6461 Downing Street

Denver, Colorado Attn: [__]

Facsimile: [__]

E-mail: [__]

 

With a copy (which shall not constitute notice) to:

 

Winston & Strawn LLP

200 Park Avenue

New York, New York 10166

Attn: Dominick P. DeChiara

Facsimile: (212) 294-4700

Email: DDeChiara@winston.com

 

Each such notice or other communication
shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier
service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day
delivery, one business day after deposit with the courier), (ii) if sent via mail, at the earlier of its receipt or five (5) days
after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and
mailed as aforesaid, (iii) if sent via facsimile, upon confirmation of facsimile transfer, or (iv) if via email, on the date of
transmission.

 

5.4          Governing
Law. This Agreement shall be governed in all respects by the internal laws of the State of Delaware as applied to agreements
entered into among Delaware residents to be performed entirely within Delaware, without regard to principles of conflicts of law.

 

5.5          Successors
and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns,
heirs, executors and administrators of the parties hereto.

 

5.6          Entire
Agreement. This Agreement, the Merger Agreement, and the exhibits and schedules hereto and thereto constitute the full
and entire understanding and agreement between the parties with regard to the subjects hereof. No party hereto shall be liable
or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or
covenants except as specifically set forth herein.

 

5.7          Delays
or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing
to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right,
power or remedy of such non-defaulting party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default
be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval
of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of
any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically
set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement,
shall be cumulative and not alternative.

 

    	 	27	 

     

    

 

5.8          Remedies.
Each holder of Registrable Securities, in addition to being entitled to exercise all rights granted by law, including recovery
of damages, shall be entitled to specific performance of its rights under this Agreement. The Company acknowledges that monetary
damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement
and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

 

5.9          Severability.
If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or
void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement,
and such court will replace such illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable
provision. The balance of this Agreement shall be enforceable in accordance with its terms.

 

5.10        Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless
otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto.

 

5.11        Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute
such counterparts, and all of which together shall constitute one instrument.

 

5.12        Telecopy
Execution and Delivery. A facsimile, telecopy, portable document format (“PDF”) or other reproduction
of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile, PDF or any similar electronic
transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall
be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute
and deliver an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof.

 

5.13        Further
Assurances. Each party hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability
company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things
as may be necessary to more fully effectuate this Agreement.

 

5.14        Attorneys’
Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing
party in such dispute shall be entitled to recover from the losing party such reasonable fees and expenses of attorneys and accountants,
which shall include, without limitation, all fees, costs and expenses of appeals.

 

5.15        Aggregation
of Stock. All securities held or acquired by affiliated entities of or persons shall be aggregated together for purposes
of determining the availability of any rights under this Agreement.

 

    	 	28	 

     

    

 

5.16        Jury
Trial Consent to Jurisdiction. Any judicial proceeding brought
with respect to this Agreement must be brought in any court of competent jurisdiction in the State of Delaware, and, by execution
and delivery of this Agreement, each party (a) accepts, generally and unconditionally, the exclusive jurisdiction of such courts
and any related appellate court, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement;
and (b) irrevocably waives any objection it may now or hereafter have as to the venue of any such suit, action or proceeding brought
in such a court or that such court is an inconvenient forum. Nothing in this Section, however, shall affect the right of any party
to serve legal process in any other manner permitted by law or at equity. Each party agrees that a final judgment in any action
or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law
or at equity. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO
THIS AGREEMENT.

 

5.17        No
Recourse. This Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related
to this Agreement or the transactions contemplated hereby may only be brought against, the entities that are expressly named as
parties hereto and then only with respect to the specific obligations set forth herein with respect to such party. Except to the
extent a named party to this Agreement (and then only to the extent of the specific obligations undertaken by such named party
in this Agreement and not otherwise), no past, present or future director, officer, employee, incorporator, member, partner, stockholder,
Affiliate, agent, attorney, advisor or representative or Affiliate of any of the foregoing shall have any liability (whether in
contract, tort, equity or otherwise) for any one or more of the covenants, agreements or other obligations or liabilities of any
one or more of the Company, Industrea or any Investor or Holder under this Agreement (whether for indemnification or otherwise)
or of or for any claim based on, arising out of, or related to this Agreement or the transactions contemplated hereby.

 

[Signature pages follow]

 

    	 	29	 

     

    

 

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

 

	 	CONCRETE PUMPING HOLDINGS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 		Name:  
	 		Title:
	 	 	 
	 	INDUSTREA ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	  	Name:
	 		Title:

 

[Investor Signature Page to Stockholders
Agreement]

 

    	 

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	INDUSTREA ALEXANDRIA LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	ARGAND PARTNERS FUND, LP
	 	 	 
	 	By: Argand Partners Fund GP-GP, Ltd, it’s General Partner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	 
	 	David A.B. Brown
	 	 
	 	 
	 	Thomas K. Armstrong, Jr.
	 	 
	 	 
	 	David G. Hall
	 	 
	 	 
	 	Brian Hodges
	 	 
	 	 
	 	Gerard F. Rooney
	 	 
	 	 
	 	[OTHER INVESTORS]

 

[Investor Signature Page to Stockholders
Agreement]

 

    	 

     

    

 

EXHIBIT A

 

INITIAL INVESTORS

 

 

	Name	 	Address, Fax Number

or Email for Notices	 	Number of Shares
	 	 	 	 	 
	
        Industrea Alexandria LLC

         
	 	
        28 West 44th Street, Suite 501

        New York, New York 10036

        Facsimile: [________]

        E-mail: [________]
	 	[_______]
	 	 	 	 	 
	David A.B. Brown	 	
        [________]

        [________]

        Facsimile: [________]

        E-mail: [________]
	 	[_______]
	 	 	 	 	 
	Thomas K. Armstrong, Jr.	 	
        [________]

        [________]

        Facsimile: [________]

        E-mail: [________]
	 	[_______]
	 	 	 	 	 
	David G. Hall	 	
        [________]

        [________]

        Facsimile: [________]

        Email: [________]
	 	[_______]
	 	 	 	 	 
	Brian Hodges	 	
        [________]

        [________]

        Facsimile: [________]

        Email: [________]
	 	[_______]
	 	 	 	 	 
	Gerard F. Rooney	 	
        [________]

        [________]

        Facsimile: [________]

        Email: [________]
	 	[_______]

 

    	A-1 

     

    

 

EXHIBIT B

 

CPH MANAGEMENT HOLDERS

 

 

	Name	 	Address, Fax Number

or Email for Notices	 	Number of Shares
	 	 	 	 	 
	
        Bruce Young

         
	 	
        [________]

        [________]

        Facsimile: [________]

        E-mail: [________]
	 	[_______]
	 	 	 	 	 
	
        Iain Humphries

         
	 	
        [________]

        [________]

        Facsimile: [________]

        E-mail: [________]
	 	[_______]
	 	 	 	 	 
	
        [________]

         
	 	
        [________]

        [________]

        Facsimile: [________]

        E-mail: [________]
	 	[_______]
	 	 	 	 	 
	
        [________]

         
	 	
        [________]

        [________]

        Facsimile: [________]

        Email: [________]
	 	[_______]
	 	 	 	 	 
	
        [________]

         
	 	
        [________]

        [________]

        Facsimile: [________]

        Email: [________]
	 	[_______]
	 	 	 	 	 
	
        [________]

         
	 	
        [________]

        [________]

        Facsimile: [________]

        Email: [________]
	 	[_______]

 

    	B-1 

     

    

 

EXHIBIT C

 

NON-MANAGEMENT CPH HOLDERS

 

	Name	 	Address, Fax Number

or Email for Notices	 	Number of 

Shares
	 	 	 	 	 
	
        BBCP Investors, LLC

         
	 	
        c/o Peninsula Pacific

        10250 Constellation Blvd #2230

        Los Angeles, CA 90067

        Attention: Mary Ellen Kanoff, General Counsel

        Email: mkanoff@peninsulapacific.com
	 	[_______]
	 	 	 	 	 
	John Hudek	 	
        [________]

        [________]

        Facsimile: [________]

        E-mail: [________]
	 	[_______]
	Robert Bruce Woods	 	
        [________]

        [________]

        Facsimile: [________]

        E-mail: [________]
	 	[_______]
	 	 	 	 	 
	William K. Wood	 	
        [________]

        [________]

        Facsimile: [________]

        E-mail: [________]
	 	[_______]
	 	 	 	 	 
	Joel Silkett	 	
        [________]

        [________]

        Facsimile: [________]

        Email: [________]
	 	[_______]
	 	 	 	 	 
	Richard Hansen	 	
        [________]

        [________]

        Facsimile: [________]

        Email: [________]
	 	[_______]
	 	 	 	 	 
	Dale C. Bone	 	
        [________]

        [________]

        Facsimile: [________]

        Email: [________]
	 	[_______]

 

    	C-1 

     

    

 

Annex A

 

ROLLOVER HOLDER REPRESENTATIONS

 

This Annex A is incorporated
into that certain Rollover Agreement (the “Rollover Agreement”) to which this Annex A is attached. Capitalized
terms used herein but not defined herein have the respective meanings given them in the Rollover Agreement. The Newco Shares to
be acquired by the Rollover Holder pursuant to the Rollover Agreement are referred to in this Annex A as the “Investment.”

 

I.           Rollover
Holder Awareness

 

The Rollover Holder has
been furnished with and has read the Rollover Agreement, the Merger Agreement and the Stockholders Agreement. The Rollover Holder
is aware and acknowledges that:

 

(1)         Newco
has only recently been formed and has no financial or operating history.

 

(2)         There
are substantial risks incident to the Investment.

 

(3)         No
federal or state agency has made any finding or determination as to the fairness of the Investment.

 

(4)         The
Rollover Holder has had an opportunity to consult with his own tax advisor regarding all United States federal, state, local and
foreign tax considerations applicable to the Investment. None of Newco or any of its Affiliates, employees, agents, members, equity
holders, directors, officers, representatives or consultants, assume any responsibility for the tax consequences to the Rollover
Holder of the acquisition or ownership of the Investment; provided, that Newco, Industrea and Concrete Parent shall comply with
their obligations under the Merger Agreement and under this Agreement.

 

(5)         The
Rollover Holder may be required to bear the economic risk of the Investment for an indefinite period of time because the Investment
has not been registered for sale under the United States Securities Act of 1933, as amended (the “Securities Act”),
and therefore cannot be sold or otherwise transferred unless either the Investment is subsequently registered under the Securities
Act, or an exemption from such registration is available, and the Investment cannot be sold or otherwise transferred unless it
is registered under applicable state securities or an exemption from such registration is available.

 

(6)         The
Rollover Holder’s right to transfer the Investment will be restricted by the terms of the Stockholders Agreement.

 

II.          Additional
Representations and Warranties of the Rollover Holder

 

(1)         The
Rollover Holder is empowered, authorized and qualified to comply with its obligations contained in the Rollover Agreement and the
Stockholders Agreement. Each of the Rollover Agreement and the Stockholders Agreement has been, or as of the Rollover Closing will
be, duly executed and delivered on behalf of the Rollover Holder and each constitutes, or as of the Rollover Closing will constitute,
the valid and binding agreement of the Rollover Holder, enforceable against the Rollover Holder in accordance with its terms.

 

(2)         The
execution, delivery and performance of each of the Rollover Agreement and the Stockholders Agreement by the Rollover Holder does
not and will not result in a breach of any of the terms of, or constitute a default under, any agreement to which the Rollover
Holder is a party or by which the Rollover Holder is bound, or require any authorization or approval under or pursuant to the foregoing,
or violate any law, order or decree to which the Rollover Holder is subject, which default or violation would impair the Rollover
Holder’s ability to carry out its obligations under any of the Rollover Agreement and the Stockholders Agreement.

 

     

     

    

 

(3)         The
Rollover Holder is not acquiring the Investment as a result of any advertisement, article, notice or other communication published
in any newspaper, magazine or similar media or broadcast over television or radio, any seminar or meeting, or any solicitation
of a subscription by a person not previously known to the Rollover Holder in connection with investments in securities generally.

 

(4)         The
Rollover Holder is an “Accredited Investor” (as defined in Rule 501 promulgated under the Securities Act of 1933, as
amended).

 

(5)         The
Rollover Holder has been furnished all materials relating to Newco and the Investment that the Rollover Holder has requested and
has been afforded the opportunity to ask questions and receive answers concerning the terms and conditions of the offering and
obtain any additional information regarding the Investment which Newco possesses or can acquire without unreasonable effort or
expense.

 

(6)         Representatives
of Newco have answered all inquiries that the Rollover Holder has made of them concerning Newco and their Affiliates, or any other
matters relating to the formation and proposed operation of Newco and the offering and sale of the Investment. The Rollover Holder
acknowledges that none of Newco or any Affiliate thereof has rendered or will render any investment advice or securities valuation
advice to the Rollover Holder, and that the Rollover Holder is neither subscribing for nor acquiring the Investment in reliance
upon, or with the expectation of, any such advice.

 

(7)         The
Rollover Holder has not been furnished any offering literature with respect to the Investment or Newco. In addition, no representations
or warranties have been made to the Rollover Holder with respect to the Investment or Newco, and the Rollover Holder has not relied
upon any such representation or warranty in making this subscription.

 

(8)         The
Rollover Holder has such knowledge and experience in financial and business matters that the Rollover Holder is capable of evaluating
the merits and risks of the Investment and of making an informed investment decision with respect thereto.

 

(9)         The
Rollover Holder is relying on its own investigation and analysis in making the Investment, and has consulted its own legal, tax,
financial and accounting advisors to determine the merits and risks thereof.

 

(10)       The
Rollover Holder is not relying on any due diligence investigation that Industrea Acquisition Corp. and/or its Affiliates and advisors
may have conducted with respect to the Company or any of its Affiliates. Except to the extent set forth in Annex B of the
Rollover Agreement, none of Newco, Industrea Acquisition Corp. and/or its Affiliates, nor any of their respective current or former
equity holders, members, managers, partners, officers, directors, employees, affiliates or advisors (i) makes any representation
or warranty as to the Information nor represents or warrants the Information as being all-inclusive or to contain all information
that may be desirable or required in order to properly evaluate the Investment or (ii) will have any liability with respect to
any use or reliance upon any of the Information.

 

(11)       The
Rollover Holder is able to bear the economic risks of the Investment and consequently, without limiting the generality of the foregoing,
is able to hold the Investment for an indefinite period of time and has sufficient net worth to sustain a loss of the entire Investment
in the event such loss should occur.

 

    	2

     

    

 

(12)       The
Rollover Holder is acquiring the Investment for the Rollover Holder’s own account as principal for investment purposes and
not with a view to the distribution or sale thereof, subject to any requirement of law that its property at all times be within
its control.

 

(13)       The
Rollover Holder recognizes that Newco’s issuance and sale of the Investment to the Rollover Holder will be based upon the
Rollover Holder’s representations, warranties and covenants set forth above. All representations, warranties and covenants
contained in the Rollover Agreement (including this Annex A) shall survive the consummation of the transactions set forth therein.

 

III.         Certain
Restrictions on Transferability

 

The Rollover Holder acknowledges
and agrees that the following restrictions and limitations are applicable to any resale or other transfer of the Investment:

 

(1)         The
Investment shall not be sold or otherwise transferred to the extent such sale or transfer is restricted by the Stockholders Agreement
and, if so restricted, may only be sold or transferred if the applicable provisions set forth in the Stockholders Agreement are
satisfied.

 

(2)         The
Investment shall not be sold or otherwise transferred unless in compliance with all applicable securities laws.

 

    	3

     

    

 

 

NEWCO AND INDUSTREA REPRESENTATIONS

 

This Annex B is incorporated
into that certain Rollover Agreement (the “Rollover Agreement”) to which this Annex B is attached. Capitalized
terms used herein but not defined herein have the respective meanings given them in the Rollover Agreement.

 

(1) Each of Newco Industrea
is empowered, authorized and qualified to comply with its obligations contained in the Rollover Agreement and the Stockholders
Agreement. Each of the Rollover Agreement and the Stockholders Agreement has been, or as of the Rollover Closing will be, duly
executed and delivered on behalf of Newco and Industrea and each constitutes, or as of the Rollover Closing will constitute, the
valid and binding agreement of Newco and Industrea, enforceable against Newco and Industrea in accordance with its terms.

 

(2) The execution, delivery
and performance of each of the Rollover Agreement and the Stockholders Agreement by Newco and Industrea does not and will not (i)
result in a breach of any of the terms of, or constitute a default under, any agreement to which Newco or Industrea is a party
or by which any of its properties or assets are bound, or require any authorization or approval under or pursuant to the foregoing,
or violate any law, order or decree to which Newco or Industrea is subject, which default or violation would impair Newco’s
ability to carry out its obligations under any of the Rollover Agreement and the Stockholders Agreement or (ii) require Newco or
Industrea to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with,
any Governmental Authority or self-regulatory organization (including The Nasdaq Stock Market (“Nasdaq”)), other
than (x)  the filing of a Notice of Exempt Offering of Securities on Form D with the SEC under Regulation D of the
Securities Act and those required by Nasdaq.

 

(3) Upon consummation
of the Rollover Closing, the Issued Newco Shares, when issued and delivered pursuant to the terms of the Rollover Agreement, will
be validly issued, fully paid and non-assessable and will not have been issued in violation of any preemptive rights created under
Newco’s certificate of incorporation or the Delaware General Corporation Law. Upon consummation of the Rollover Closing,
the Issued Newco Shares will be approved for listing, subject only to official notice of the issuance, on Nasdaq under the symbol
 “BBCP”.

 

(4) As of the date
hereof, the authorized share capital of Industrea consists of 200,000,000 shares of Class A Common Stock, 20,000,000 shares
of Class B common stock, par value $0.0001 per share (“Class B Common Stock” and together with the Class A
Common Stock, “Common Stock”), and 1,000,000 shares of preferred stock, par value $0.0001 per share
(“Preferred Stock”). As of the date hereof: (i) 23,000,000 shares of Class A Common Stock,
5,750,000 shares of Class B Common Stock and no shares of Preferred Stock are issued and outstanding;
(ii) 34,100,000 warrants, each exercisable to purchase one share of Class A Common Stock at $11.50 per share
(“Warrants”), are issued and outstanding, including 11,100,000 private placement warrants; and
(iii) no shares of Common Stock are subject to issuance upon exercise of outstanding options. No Warrants are
exercisable on or prior to the Closing. As of the date hereof Industrea Alexandria LLC is, and as of immediately prior to
the Rollover Closing Industrea Alexandria LLC will be, the record and beneficial owner of no less than 5,750,000 shares of
Class B Common Stock. All (i) issued and outstanding shares of Common Stock have been duly authorized and validly
issued, are fully paid and are non-assessable and are not subject to preemptive rights and (ii) outstanding Warrants
have been duly authorized and validly issued, are fully paid and are not subject to preemptive rights. Except as set forth
above and pursuant to the Subscription Agreements (as defined in the Merger Agreement), the other Rollover Agreements (as
defined in the Merger Agreement), the UK Put/Call Agreement and the Merger Agreement, there are no outstanding options,
warrants or other rights to subscribe for, purchase or acquire from Industrea or Newco any shares of Common Stock or other
equity interests in Industrea or Newco (collectively, “Equity Interests”) or securities convertible into
or exchangeable or exercisable for Equity Interests. As of the date hereof, other than with respect to Newco, Concrete
Parent, Concrete Merger Sub, and Industrea Merger Sub, Industrea has no subsidiaries and does not own, directly or
indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There
are not any stockholder agreements, voting trusts or other agreements or understandings to which Industrea or Newco is a
party or by which either is bound relating to the voting of any Equity Interests, other than (A) the letter
agreements entered into by Industrea in connection with Industrea’s initial public offering on August 1, 2017 pursuant
to which Industrea Alexandria LLC and Industrea’s executive officers and independent directors agreed to vote in favor
of any proposed Business Combination (as defined therein), which includes the Transaction, and (B) as contemplated by the
Merger Agreement.

 

    	4

     

    

 

(5) Except for such matters
as have not had and would not be reasonably likely to have a material adverse effect on Industrea’s or Newco’s ability
to consummate the transactions contemplated hereby, including the issuance and sale of the Shares, as of the date hereof, there
is no (i) suit, action, proceeding or arbitration before a governmental authority or arbitrator pending, or, to the knowledge
of Industrea or Newco, threatened against Industrea or Newco or (ii) judgment, decree, injunction, ruling or order of any
governmental authority or arbitrator outstanding against Industrea or Newco.

 

(6) Assuming the accuracy
of the Rollover Holders’ representations and warranties set forth in Annex A, no registration under the Securities Act is
required for the offer and issuance of the Issued Newco Shares by Newco to the Rollover Holders.

 

(7) Neither Newco nor
any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising (within the
meaning of Regulation D) in connection with any offer or sale of the Issued Newco Shares.

 

(8) Newco is not acquiring
the Rollover Shares as a result of any advertisement, article, notice or other communication published in any newspaper, magazine
or similar media or broadcast over television or radio, any seminar or meeting, or any solicitation of a subscription by a person
not previously known to Newco in connection with investments in securities generally.

 

(9) Newco is an “Accredited
Investor” (as defined in Rule 501 promulgated under the Securities Act of 1933, as amended).

 

(10) Newco is able to
bear the economic risks of an investment in the Rollover Shares and consequently, without limiting the generality of the foregoing,
is able to hold the Rollover Shares for an indefinite period of time and has sufficient net worth to sustain a loss of the entire
investment in the Rollover Shares in the event such loss should occur.

 

(11) Newco is acquiring
the Rollover Shares for Newco’s own account as principal for investment purposes and not with a view to the distribution
or sale thereof, subject to any requirement of law that its property at all times be within its control.

 

    	5

     

    

 

(12) All representations,
warranties and covenants contained in the Rollover Agreement (including this Annex B) shall survive the consummation of the transactions
set forth therein.

 

    	6

     

    

 

Annex C

 

SPOUSAL CONSENT

 

I am the spouse of
______________, an individual party to the Rollover Agreement, dated [________], 2018 (the “Agreement”), by
and between Newco and the Rollover Holder (as defined in the Agreement). I acknowledge that I have read the Agreement, and I understand
its provisions. I hereby consent to those provisions insofar as I have or may have had any interest in any Rollover Shares (as
defined in the Agreement) owned by my spouse and/or me.

 

I further agree that
I will not take, or attempt to take any action (by will, trust or otherwise) which will in any manner defeat or impair the intent
and purposes of the Agreement and that any representation, acknowledgement or waiver made by my spouse therein shall be deemed
for all purposes my representation, acknowledgement or waiver as well.

 

I agree that I will
bequeath my interest in the Rollover Shares, or any part thereof, to my spouse, if I predecease my spouse. I direct that the residuary
clause in my will shall not be deemed to apply to my community interest in the Rollover Shares.

 

Dated: ___________, 2018

 

	 	 
	 	 
	Printed Name:

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