Document:

Document

Exhibit 10.1

 
November 30, 2022
[ADDRESS] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) THE TYPE OF INFORMATION COMPANY TREATS AS PRIVATE OR CONFIDENTIAL

Deanna Jurgens
[ADDRESS]

Dear Deanna:

This letter (the “Agreement”) confirms the agreement between you and Beyond Meat, Inc. (the “Company”) regarding the end of your employment with the Company and the resolution of any disputes between us.
1.Separation Date. Your last working day was October 12, 2022. Your employment with the Company ended effective October 17, 2022 (the “Separation Date”). By signing this Agreement, you hereby resign effective as of October 12, 2022 (a) as the Company’s Global Chief Growth Officer and President, North America, (b) as Manager of the Planet Partnership, LLC, and (c) from any and all other officer or other positions held by you with the Company or any of its affiliates. Further, you hereby agree that you have not and will not represent to anyone after your Separation Date that you are still an employee or officer of the Company or any of its affiliates, and you have not and will not say or do anything purporting to bind the Company or any of its affiliates.
2.Severance. Although you are not otherwise entitled to receive any severance from the Company, subject to, and in consideration for, your timely execution and non-revocation of this Agreement, and provided you comply with all of the terms and conditions of this Agreement, the Confidential Information and Invention Assignment Agreement that you entered into with the Company effective as of May 21, 2021 (the “Confidentiality Agreement”) and all applicable Company policies, the Company will provide you with the severance set forth below.
a.Cash Severance. The Company will pay you a lump sum severance payment of $262,500, less all applicable withholdings and deductions, which will be paid to you on or before December 31, 2022.
b.COBRA Severance. The Company will pay you a lump sum severance payment of $9,132, less all applicable withholdings and deductions, which will be paid to you on or before December 31, 2022. This payment is intended to provide you with the amount necessary to pay premiums to continue your medical, dental and/or vision insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for 6 months, after taking into account any tax withholding applicable to such payment.
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3.No Other Monies Owed. You acknowledge and agree that you have been timely paid all of your wages and any other remuneration earned through the Separation Date. You acknowledge and agree that, prior to the execution of this Agreement, you were not entitled to receive any further payments or benefits from the Company, other than those required pursuant to the Company’s 401(k) plan and/or COBRA and similar state law, and the only payments and benefits that you are entitled to receive from the Company in the future are those specified in this Agreement. You agree that you did not suffer an injury covered by workers’ compensation in the course and scope of your employment with the Company. Any unreimbursed business expenses incurred by you on or before your Separation Date and which are reimbursable under the Company’s business expense reimbursement policies, which will be paid to you promptly following your submission of any required receipts and other documentation to the Company in accordance with the Company’s business expense reimbursement policies, provided such receipts and documents are received by the Company within 45 days after your Separation Date.
4.Equity. You acknowledge and agree that the Company previously granted to you one or more equity awards covering shares of the Company’s Common Stock pursuant to the Company’s 2011 Equity Incentive Plan, as amended and restated as the Company’s 2018 Equity Incentive Plan (the “Plan”). You acknowledge and agree that you have reviewed the information on your Company equity awards that is available through Merrill Lynch Benefits Online and that it accurately reflects the Company equity awards previously granted to you, and the terms applicable to your Company equity awards, including, without limitation, the number of shares subject to such equity awards that were vested (if any) as of your Separation Date. Your Company equity awards and the shares (if any) acquired pursuant to such equity awards will remain, as applicable, subject to the terms and conditions of any applicable stock option agreement, exercise agreement, restricted stock unit agreement, and the Plan (each of which shall remain in full force and effect and, together, are the “Equity Documents”). Please note that vested Company stock options generally expire if not exercised by the date that is 3 months following the Separation Date. Refer to Merrill Lynch Benefits Online and the applicable Equity Documents for the specific rules that apply to your Company stock options (if any). Unvested Company stock options and unvested Company restricted stock units will generally be forfeited in connection with your departure from the Company. You acknowledge and agree that, other than the vested portion of any Company stock options that are outstanding as of your Separation Date, you do not have any right to receive or otherwise acquire any Company securities, including, without limitation, any shares of the Company’s capital stock or any other options or other rights to purchase or receive shares of the Company’s capital stock, from the Company or any affiliate of the Company.
5.Your General Release. In consideration for receiving the severance set forth herein, you hereby waive and release to the maximum extent permitted by applicable law any and all claims or causes of action, whether known or unknown, against the Company and/or its respective predecessors, successors, past, present or future subsidiaries, parent companies, affiliated companies, investors and related entities, as well as TriNet Group, Inc. and its affiliates and subsidiaries (collectively, including the Company, the “Entities”) and/or the Entities’ respective past, present or future insurers, officers, directors, agents, attorneys, employees, consultants, stockholders, assigns and employee benefit plans (collectively with the Entities, the “Released Parties”), with respect to any matter, including, without limitation, any matter related to your employment with the Company or the termination of that employment relationship. 
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This waiver and release includes, without limitation, claims under the Employee Retirement Income Security Act (ERISA); WARN Act claims (federal or state); claims for attorneys’ fees or costs; any and all claims for stock, stock options, restricted stock units, or other equity securities of the Company; penalties claims; wage and hour claims; statutory claims; tort claims; contract claims; claims of wrongful discharge, constructive discharge, emotional distress, defamation, invasion of privacy, fraud, breach of contract, and breach of the covenant of good faith and fair dealing; discrimination, harassment and retaliation claims; and all other claims under applicable federal, state and local laws, ordinances and regulations.
You covenant not to sue the Released Parties for any of the claims released above, agree not to participate in any class, collective, representative, or group action that may include any of the claims released above, and will affirmatively opt out of any such class, collective, representative or group action. Further, you agree not to participate in, seek to recover in, or assist in any litigation or investigation by other persons or entities against the Released Parties, except as required by law. 
By signing this Agreement, you waive any right to bring a lawsuit against the Released Parties and any right to individual monetary recovery. However, nothing in this Agreement precludes you from participating in any investigation or proceeding before any government agency or body and you do not need to provide notice to or obtain authorization from the Company to do so. Further, nothing in this Agreement is intended to impede your ability to report possible securities law violations to the government or to receive a monetary award from a government administered whistleblower-award program or waives your right to testify or prohibits you from testifying in an administrative, legislative, or judicial proceeding concerning alleged criminal conduct or alleged sexual harassment when you have been required or requested to attend the proceeding pursuant to a court order, subpoena or written request from an administrative agency or the California state legislature.
This waiver and release covers only those claims that arose prior to your execution of this Agreement. The waiver and release does not apply to (i) your indemnification rights under the Indemnification Agreement that you entered into with the Company, made as of October 19, 2021 and effective as of May 25, 2021, a copy of which is attached as Attachment A (the “Indemnification Agreement”) and the Company’s internal governing documents, and (ii) any claim which, as a matter of law, cannot be released by private agreement. If any provision of the waiver and release is found to be unenforceable, it shall not affect the enforceability of the remaining provisions and all remaining provisions shall be enforceable to the fullest extent permitted by law.
6.Waiver of Unknown Claims. You understand and acknowledge that you are releasing potentially unknown claims, and that you may have limited knowledge with respect to some of the claims being released. You acknowledge that there is a risk that, after signing this Agreement, you may learn information that might have affected your decision to enter into this Agreement. You assume this risk and all other risks of any mistake in entering into this Agreement. You agree that this Agreement is fairly and knowingly made. 
In addition, you expressly waive and release any and all rights and benefits under Section 1542 of the Civil Code of the State of California (or any analogous law of any other state), which reads as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM 
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OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”
7.ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the federal Age Discrimination in Employment Act (“ADEA Waiver”) and that the consideration given for the ADEA Waiver is in addition to anything of value to which you are already entitled. You further acknowledge that: (a) your ADEA Waiver does not apply to any claims that may arise after you sign this Agreement; (b) you have a right to and should consult with an attorney prior to executing this Agreement; (c) you have 45 calendar days within which to consider this Agreement (although you may choose to execute Agreement earlier); (d) you have 7 calendar days following the execution of the Agreement to revoke this Agreement; and (e) the Agreement will not be effective until the eighth day after you sign this Agreement provided that you have not revoked it. You agree that any modifications, material or otherwise, made to this Agreement do not restart or affect in any manner the original 45-day consideration period provided in this paragraph. To revoke the Agreement, you must email to Jackie Trask a written notice of revocation at jackie.trask@beyondmeat.com prior to the end of the 7-day period. The severance offer will be automatically withdrawn if you do not sign the Agreement within the 45-day consideration period. Please also review the OWBPA Notice attached as Exhibit A.
8.No Admission. Nothing contained in this Agreement shall constitute or be treated as an admission by the Company or the Released Parties of any liability, wrongdoing, or violation of law.
9.Continuing Obligations. At all times in the future, you will remain bound by your Confidentiality Agreement, a copy of which is attached as Attachment B. 
10.Return of Company Property. You agree that you have returned to the Company any and all Company property in your possession or control, including, without limitation, equipment, data, documents (in paper and electronic form) and credit cards. You further agree that you have returned or, if incapable of being returned, you have deleted and/or destroyed all Company property that you stored in electronic form or media (including, but not limited to, any Company property stored in a cloud environment or in your personal computer, USB drives or in any other device that will remain in your possession or control), except that for any property incapable of being returned, you agree to preserve any such Company property that is subject to any applicable hold notices.
11.Non-Disclosure. Except if required by law, you agree that you will not disclose to others this Agreement or its terms, except that you may disclose such information to your spouse and to your attorney or accountant in order for such individuals to render services to you. A breach of this provision will be deemed to be a material breach of this Agreement and, in addition to all other available remedies, will entitle the Company to recover liquidated damages in the amount of $10,000.00 for each occurrence of a breach. You expressly agree that this provision is reasonable under the circumstances that exist at the time this Agreement is made.
12.Non-Disparagement. You agree that you will not disparage or encourage or induce others to disparage the Company or any of the Released Parties. For the purpose of this Agreement, “disparage” includes, without limitation, making comments or statements on social media or the internet, or to any person or entity including, but not limited to, the press and/or media, current or former employees, board members, business partners or customers of the 
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Company or any entity with whom the Company has a business relationship, that would adversely affect in any manner (a) the conduct of the business of the Company or any of the Released Parties (including, but not limited to, any business plans or prospects) or (b) the reputation of the Company or any of the Released Parties. A breach of this provision will be deemed to be a material breach of this Agreement and, in addition to all other available remedies, will entitle the Company to recover liquidated damages in the amount of $10,000.00 for each occurrence of a breach. You expressly agree that this provision is reasonable under the circumstances that exist at the time this Agreement is made. Nothing in this Agreement prohibits you from providing truthful information as required by law, including in a legal proceeding or a government investigation or prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful.
13.Arbitration Agreement. You and the Company agree that any and all claims or disputes arising out of or relating to this Agreement shall be resolved by final, binding and confidential arbitration before a single arbitrator in Los Angeles, CA (or another mutually agreeable location) conducted under the Judicial Arbitration and Mediation Services (JAMS) Streamlined Arbitration Rules & Procedures, which can be reviewed at http://www.jamsadr.com/rules-streamlined-arbitration/. Before engaging in arbitration, you and the Company agree to first attempt to resolve the dispute informally or with the assistance of a neutral third-party mediator. You and the Company each acknowledge that by agreeing to this arbitration procedure, you and the Company waive the right to resolve any such dispute, claim or demand through a trial by jury or judge or by administrative proceeding. The arbitrator, and not a court, shall also be authorized to determine arbitrability, except as provided herein. The arbitrator may in his or her discretion award attorneys’ fees and costs to the prevailing party. All claims or disputes must be submitted to arbitration on an individual basis and not as a representative, class and/or collective action proceeding on behalf of other individuals. Any issue concerning the validity of this representative, class and/or collective action waiver must be decided by a Court and if for any reason it is found to be unenforceable, the representative, class and/or collective action claim may only be heard in Court and may not be arbitrated. Claims will be governed by applicable statutes of limitations. This arbitration agreement does not cover any action seeking only emergency, temporary or preliminary injunctive relief (including a temporary restraining order) in a court of competent jurisdiction in accordance with applicable law to protect a party’s confidential or trade secret information. This arbitration agreement shall be governed by and construed and interpreted in accordance with the Federal Arbitration Act. 
14.Entire Agreement. You and the Company agree that this Agreement, the Confidentiality Agreement, the Equity Documents, and the Indemnification Agreement, constitute the entire agreement between you and the Company and any affiliate of the Company regarding the subject matter of this Agreement. All other prior or contemporaneous negotiations, agreements, understandings, or representations between you and the Company or any affiliate of the Company are expressly superseded hereby and are of no further force and effect. This Agreement may only be modified in a written document signed by you and an authorized employee of the Company.
15.Governing Law. Except as to the arbitration provision, this Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the state in which you primarily worked.
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16.Severability. The provisions of this Agreement are severable. If any provision of this Agreement is held invalid or unenforceable, such provision shall be deemed deleted from this Agreement and such invalidity or unenforceability shall not affect any other provision of this Agreement, the balance of which will remain in and have its intended full force and effect; provided, however that if such invalid or unenforceable provision may be modified so as to be valid and enforceable as a matter of law, such provision shall be deemed to have been modified so as to be valid and enforceable to the maximum extent permitted by law.
17.Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one agreement. You and the Company agree that execution via DocuSign or another similar electronic signature service, or of a scanned image, shall have the same force and effect as execution of an original, that an electronic signature or scanned image of a signature shall be deemed an original and valid signature and that the Agreement may not be challenged on the basis of such signatures.
To accept this Agreement, please timely sign and date this Agreement and return it to me.
Sincerely,
Beyond Meat, Inc.
By:/s/ Jackie Trask                                          
                       (Signature)
Name:Jackie Trask
Title:Chief People Officer
My agreement with the terms and conditions of this Agreement is signified by my signature below. Furthermore, I acknowledge that I have read and understand this Agreement, that I have a right to consult with an attorney regarding this Agreement, and that I sign this release of all claims voluntarily and knowingly, with full appreciation that at no time in the future may I pursue any of the rights I have waived in this Agreement. 

Signed  /s/ Deanna Jurgens                           Dated:  12/4/2022                           
   DEANNA JURGENS

Exhibit A:    OWBPA Notice
Attachment A:    Indemnification Agreement
Attachment B:    Confidentiality Agreement
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EXHIBIT 10.7

AMENDMENT NO. 1 
THIRD AMENDED AND RESTATED CREDIT AGREEMENT

This AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this "Agreement"), dated September 2, 2022, is made and entered into by and among IES HOLDINGS, INC., a Delaware corporation, on behalf of itself and each other Borrower and Guarantor (the "Administrative Borrower"), the financial institutions party hereto as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, "Agent").

RECITALS

A.WHEREAS, Borrowers, Guarantors, the Lenders party thereto from time to time, and Agent have entered into that certain Third Amended and Restated Credit Agreement dated as of April 28, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement").  Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

B.WHEREAS, Agent and Lenders have agreed to amend the Credit Agreement, in each case, on the terms and conditions set forth herein.

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

ARTICLE I
 AMENDMENT

Effective as of the Effective Date (as defined below), the Credit Agreement is hereby amended and supplemented as follows: 

1.01    Amendment to Cover Page.  

(a)    The reference to "Third Amended and Restated Credit and Security Agreement" set forth on the cover page to the Credit Agreement is hereby deleted and a reference to "Third Amended and Restated Credit Agreement" in inserted in lieu thereof.

1.02    Amendments to Schedule 1.1.

(a)    The definitions of "Bonded Accounts", "Bonded Contract", "Fixed Asset Availability", "Net Liquidation Percentage", and "Raw Materials Trigger Date" are hereby amended by deleting each reference to "Lender" set forth therein and inserting "Agent" in lieu thereof.

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(b)    The definition of "Acquisition" is hereby amended by replacing each reference to "(or such lesser amount as Agent, after a request from a Loan Party, may approve, in writing, in its sole discretion)" set forth therein and inserting "(or such lesser amount as Required Lenders, after a request from a Loan Party, may approve, in writing, in their sole discretion)" in lieu thereof.  

(c)    The definition of "Bank Product Provider" is hereby amended and restated in its entirety as set forth below:

"Bank Product Provider" means any Lender or any of its Affiliates, including each of the foregoing in its capacity, if applicable, as a Hedge Provider; provided, that no such Person (other than Wells Fargo or its Affiliates) shall constitute a Bank Product Provider with respect to a Bank Product unless and until Agent receives a Bank Product Provider Agreement from such Person (a) on or prior to the Closing Date (or such later date as Agent shall agree to in writing in its sole discretion) with respect to Bank Products provided on or prior to the Closing Date, or (b) on or prior to the date that is 10 days after the provision of such Bank Product to a Loan Party or its Subsidiaries (or such later date as Agent shall agree to in writing in its sole discretion) with respect to Bank Products provided after the Closing Date; provided further, that if, at any time, a Lender ceases to be a Lender under this Agreement (prior to the payment in full of the Obligations), then, from and after the date on which it so ceases to be a Lender hereunder, neither it nor any of its Affiliates shall constitute Bank Product Providers and the obligations with respect to Bank Products provided by such former Lender or any of its Affiliates shall no longer constitute Bank Product Obligations

(d)    The definition of "Change of Control" is hereby amended by deleting each reference to "Acquisition consented to by Lender" set forth therein and inserting "Acquisition consented to by Required Lenders".  

(e)    The definition of "Fixed Asset Availability" is hereby amended by deleting the reference to "June 30, 2022" set forth therein and inserting "September 28, 2022" in lieu thereof.

(f)    The definition of "Hedge Provider" is hereby amended and restated in its entirety as set forth below:

"Hedge Provider" means any Bank Product Provider that is a party to a Hedge Agreement with a Loan Party or its Subsidiaries or otherwise provides Bank Products under clause (f) of the definition thereof; provided, that if, at any time, a Lender ceases to be a Lender under this Agreement (prior to the payment in full of the Obligations), then, from and after the date on which it ceases to be a Lender thereunder, neither it nor any of its Affiliates shall constitute Hedge Providers and the obligations with respect to Hedge Agreements entered into with such former Lender or any of its Affiliates shall no longer constitute Hedge Obligations.

(g)    Clause (f) of the definition of "Permitted Indebtedness" is hereby amended by deleting the reference to "Lender" set forth therein and inserting "Agent" in lieu thereof. 

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(h)    Clause (r) of the definition of "Permitted Liens" is hereby amended by deleting the reference to "junior to the Liens upon the Collateral in favor of Lender" set forth therein and inserting "junior to the Liens upon the Collateral in favor of Agent, on behalf of itself and the other Lenders" in lieu thereof.

(i)    Clause (p) of the definition of "Permitted Dispositions" is hereby amended by deleting the reference to "$1,000,000" set forth therein and inserting "$2,000,000" in lieu thereof.  

1.03    Amendments to Section 2.3.

(a)    Clause (d)(i) of Section 2.3 is hereby amended by inserting the following at the end of Clause(d)(i):

Notwithstanding the foregoing, the aggregate amount of all Protective Advances outstanding at any one time shall not exceed 10% of the Borrowing Base (or such greater amount as agreed to, in writing, by Agent and Required Lenders).

1.04    Amendments to Section 5.1. 

(a)    Section 5.1 is hereby amended by inserting the following sentence at the end thereof:

At the written request of any Lender, Agent shall promptly deliver such financial statements, reports, and other items set forth on Schedule 5.1 to such Lender. 

1.05    Amendments to Section 5.2. 

(a)    Section 5.2 is hereby amended by inserting the following sentence at the end thereof:

At the written request of any Lender, Agent shall promptly deliver such reports and other items set forth on Schedule 5.2 to such Lender. 

1.06    Amendments to Section 6.7.

(a)    Clause (b)(iii) of Section 6.7 is hereby amended by deleting each reference to "(or any other Acquisition consented to by Agent, in writing, in its sole discretion)" set forth therein and inserting "(or any other Acquisition consented to by Required Lenders, in writing, in their sole discretion)" in lieu thereof. 

1.07    Amendments to Section 6.10. 

(a)    Clauses (g) and (h) of Section 6.10 are hereby amended by deleting each reference to "(or any other Acquisition consented to by Lender, in writing, in its sole discretion)" set forth therein and inserting "(or any other Acquisition consented to by Required Lenders, in writing, in their sole discretion)" in lieu thereof. 

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1.08    Amendments to Section 6.11.

(a)    Clause (b) of Section 6.11 is hereby amended by deleting each reference to "Lender" set forth therein and inserting "Agent" in lieu thereof.

1.09    Amendment to Section 11.

(a)    Section 11 is hereby amended by deleting the reference to "If to Lender:" set forth therein and inserting "If to Agent:" in lieu thereof.

1.10    Amendments to Section 14.1.

(a)    Section 14.1(a)(viii) is hereby amended and restated in its entirety as follows:

(viii) amend, modify, or eliminate the definitions of "Required Lenders", "Supermajority Lenders", "Pro Rata Share", "Permitted Liens", or clause (p) of the definition of "Permitted Dispositions". 

(b)    Section 14.1(c) is hereby amended by deleting the reference to "Agent, Borrowers and the Supermajority Lenders"  and inserting "Agent, Borrowers, and all Lenders" in lieu thereof.  

1.11    Amendments to Schedule 5.2.

(a)    The first row in the table set forth in Schedule 5.2 is hereby amended by (i) deleting the reference to "and" in clause (e), and (ii) inserting the following at the end of clause (f) and before the period:

; and 

(g) a report showing (i) which Accounts represent progress billings from other Accounts in the Loan Parties' Collateral reporting and (ii) Accounts representing progress billings as of the previous month end that have been completed and billed together with an overall completion percentage for all Accounts representing progress billings. 

1.12    Amendments to Schedule C-1. 

(a)    Schedule C-1 is hereby amended and restated in its entirety as set forth on Schedule C-1 attached hereto.

1.13    Amendments to Exhibit A-1.

(a)    The Form of Assignment and Acceptance in the form attached hereto as Annex A shall be attached to the Credit Agreement as Exhibit A-1 thereto. 

ARTICLE II
[Reserved]
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ARTICLE III
NO WAIVER

3.01    No Waiver.  This Agreement is a limited consent and other than as set forth above in Article I hereof, nothing contained in this Agreement shall be construed as an amendment of, consent to, or waiver by, Agent and Lenders of any covenant or provision of the Credit Agreement, the other Loan Documents, this Agreement, or of any other contract or instrument between any Loan Party, Agent and Lenders, and the failure of Agent at any time or times hereafter to require strict performance by the Loan Parties of any provision thereof shall not waive, affect or diminish any right of Agent or Lenders to thereafter demand strict compliance therewith.  Agent and Lenders hereby reserve all rights granted under the Credit Agreement, the other Loan Documents, this Agreement and any other contract or instrument between any Loan Party, Agent and Lenders.

ARTICLE IV
CONDITIONS PRECEDENT

4.01    Conditions to Effectiveness.  This Agreement shall become effective only upon the satisfaction in full, in a manner satisfactory to Agent and Lenders, of the following conditions precedent (the first date upon which all such conditions have been satisfied being herein called the "Effective Date"):

(a)    Agent shall have received a fully executed copy of this Agreement in form and substance acceptable to Agent, together with such other documents, agreements and instruments as Agent may require or reasonably request;

(b)    After giving effect to this Agreement, the representations and warranties made by each Loan Party contained herein and in the Credit Agreement, as amended hereby, and the other Loan Documents, shall be true and correct in all material respects as of the date hereof, as if those representations and warranties were made for the first time on such date.

(c)    After giving effect to this Agreement, each Loan Party is in compliance with all applicable covenants and agreements contained in the Credit Agreement and the other Loan Documents.

(d)    No Default or Event of Default shall exist under any of the Loan Documents (as amended hereby), and no Default or Event of Default will result under any of the Loan Documents from the execution, delivery or performance of this Agreement.

(e)    All corporate and other proceedings, and all documents instruments and other legal matters in connection with the transactions contemplated by this Agreement shall be satisfactory in form and substance to Agent and its counsel.

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ARTICLE V
RATIFICATIONS, REPRESENTATIONS AND WARRANTIES
C.
5.01    Ratifications.  The terms and provisions set forth in this Agreement shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other Loan Documents, and, except as expressly modified and superseded by this Agreement, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect.  Administrative Borrower, on behalf of itself and each other Loan Party, hereby agrees that all liens and security interest securing payment of the Obligations under the Credit Agreement are hereby collectively renewed, ratified and brought forward as security for the payment and performance of the Obligations.  Administrative Borrower, on behalf of itself and each other Loan Party, and Agent, on behalf of Lenders, agree that the Credit Agreement and the other Loan Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms.

5.02    Representations and Warranties.  Administrative Borrower, on behalf of itself and each other Loan Party, hereby represents and warrants, jointly and severally, to Agent and Lenders as of the date hereof as follows: (a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (b) the execution, delivery and performance by it of this Agreement, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith are within its powers, have been duly authorized, and do not contravene (i) its Governing Documents or (ii) any applicable law; (c) no consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental body or other Person, is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement, the Credit Agreement or any of the other Loan Documents executed and/or delivered in connection herewith by or against it, except for those consents, approvals or authorizations which (i) will have been duly obtained, made or compiled prior to the Effective Date and which are in full force and effect or (ii) the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change; (d) this Agreement, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith have been duly executed and delivered by it; (e) this Agreement, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith constitute its legal, valid and binding obligation enforceable against it in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally or by general principles of equity; (f) no Default or Event of Default exists, has occurred and is continuing or would result by the execution, delivery or performance of this Agreement; (g) each Loan Party is in compliance with all applicable covenants and agreements contained in the Credit Agreement and the other Loan Documents, as amended hereby; and (h) the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof as though made on and as of each such date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and complete on and as of such earlier date).

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ARTICLE VI
POST CLOSING COVENANT

6.01    General.  The Borrowers covenant and agree to fulfill the obligations set forth on Exhibit A.  The failure to have taken such actions or deliver such agreements shall not constitute a Default or an Event of Default or a breach of any representation and warranty until the date specified on Exhibit A (as such date may be extended as provided therein); provided that failure to have taken such action or make such required delivery by the date specified in Exhibit A shall be an immediate Event of Default (such Event of Default may be waived solely with the consent of Agent and all other Lenders).

ARTICLE VII
MISCELLANEOUS PROVISIONS

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

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

7.03    Lender Group Expenses.  The Borrowers agree to pay on demand all reasonable Lender Group Expenses incurred by Agent and Lenders in connection with any and all amendments, modifications, and supplements to the other Loan Documents, including, without limitation, the reasonable costs and fees of Agent's and Lenders' legal counsel, and all costs and expenses incurred by Agent and Lenders in connection with the enforcement or preservation of any rights under the Credit Agreement, as amended hereby, or any other Loan Documents, including, without, limitation, the costs and fees of Agent's and Lenders' legal counsel.

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

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

7.06    Counterparts.  This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, 
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shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.  Execution of any such counterpart may be by means of (a) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, as in effect from time to time, state enactments of the Uniform Electronic Transactions Act, as in effect from time to time, or any other relevant and applicable electronic signatures law; (b) an original manual signature; or (c) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.  Agent reserves the right, in its discretion, to accept, deny, or condition acceptance of any electronic signature on this Agreement.  Any party delivering an executed counterpart of this Agreement by faxed, scanned or photocopied manual signature shall also deliver an original manually executed counterpart, but the failure to deliver an original manually executed counterpart shall not affect the validity, enforceability and binding effect of this Agreement.

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

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

7.09    CHOICE OF LAW AND VENUE; JURY TRIAL WAIVERL; JUDICIAL REFERENCE PROVISION.  THIS AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION SET FORTH IN SECTION 12 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

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

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

7.12    Consent of Guarantors.  The Administrative Borrower, on behalf of each Guarantor, hereby (a) consents to the transactions contemplated by this Agreement; and (b) agrees that the Credit Agreement and the other Loan Documents (as amended, restated, supplemented or otherwise modified from time to time) are and shall remain in full force and effect.  Although each Guarantor has been informed of the matters set forth herein and Administrative Borrower, on behalf of the Guarantors, has acknowledged and agreed to same, it understands that the Agent has no obligation to inform it of such matters in the future or to seek its acknowledgment or agreement to future amendments, and nothing herein shall create such a duty.  Administrative Borrower, on behalf of each Guarantor, acknowledges that its Guaranty is in full force and effect and ratifies the same, acknowledges that the undersigned has no defense, counterclaim, set-off or any other claim to diminish the undersigned's liability under such documents, that the undersigned's consent is not required to the effectiveness of the Credit Agreement and that no consent by it is required for the effectiveness of any future amendment, modification, forbearance or other action with respect to the Collateral, the Advances, the Credit Agreement or any of the other Loan Documents.

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above written.

									
		ADMINISTRATIVE BORROWER:
			
		IES HOLDINGS, INC.
			
		By:	/s/  Tracy A. McLauchlin
		Name:	Tracy A. McLauchlin
		Title:	Senior Vice President, CFO & Treasurer

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		WELLS FARGO BANK, NATIONAL
		ASSOCIATION
		
			
		By:	/s/  Michael Gerard
		Name:	Michael Gerard
		Title:	Authorized Signatory

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		FIFTH THIRD BANK, NATIONAL 
		ASSOCIATION
		
			
		By:	/s/  Elias Makris
		Name:	Elias Makris
		Title:	Managing Director

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Exhibit A

Post-Closing Covenant 

1.Borrower shall, at its sole cost and expense, deliver or cause to be delivered to Agent the following items with respect to (x) the real property located at 5859 US-98 Lakeland, Florida 33809 within 180 days after the date hereof (or such later date as Agent and all other Lenders may agree, in writing, in its sole discretion), (y) the real property located at 4160 Half-Acre Rd, Batavia, Ohio 45103 within 180 days after the date hereof (or such later date as Agent and all other Lenders may agree, in writing, in its sole discretion), and (z) the real property located at 2121 North 161st Avenue, Tulsa, Oklahoma within 180 days after the date hereof (or such later date as Agent and all other Lenders may agree, in writing, in its sole discretion), all of which shall be in form and substance reasonably satisfactory to Agent: (a) a loan policy of title insurance, (b) a mortgage or deed of trust (with assignment of leases and rents), (c) a legal opinion covering the due authorization, execution, delivery and enforceability of the mortgage or deed of trust (as applicable), (d) a survey, (e) an environmental report, (f) a zoning report, and (g) any other information or documentation reasonably required by Agent to comply with applicable laws, regulations or internal policies (including any of the foregoing related to flood insurance).

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Schedule C-1  

Commitments

									
	Lender	Revolver Commitment	Total Commitment
	Wells Fargo Bank, National Association	$115,000,000	$115,000,000
	Fifth Third Bank, National Association	$35,000,000	$35,000,000
	All Lenders	$150,000,000	$150,000,000

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Annex A

Exhibit A-1 Form of Assignment and Acceptance

[See Attached]
15

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