Document:

Form of Medium-Term Notes

 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. 94986RFC0	 	FACE AMOUNT: $            
	REGISTERED NO.     	 	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes Linked to a Commodity
Basket 
 due March 6, 2015 
 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 Redemption 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. The “Initial Stated Maturity Date” shall be March 6, 2015. If no Market Disruption Event (as
defined below) occurs or is continuing with respect to a Basket Component (as defined below) on the scheduled Calculation Day (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market
Disruption Event occurs or is continuing with respect to a Basket Component on the scheduled Calculation Day, the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed
Calculation Day with respect to such Basket Component (or, if the Calculation Day is postponed with respect to more than one Basket Component, three Business Days after the latest postponed Calculation Day) and (ii) the Initial Stated Maturity
Date. 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.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 If the Ending Level is greater than the Starting Level: the lesser of: 

 

	 	(i)	the Face Amount plus: 

  

															
	[	 	Face Amount x	 	[	 	 Ending Level – Starting Level

Starting Level
	 	]	 	x Participation Rate	 	]	  	; and

  

	 	(ii)	the Capped Value; 

  

	 	•	 	 If the Ending Level is less than or equal to the Starting Level, but greater than or equal to the Threshold Level: the Face Amount; or

  

	 	•	 	 If the Ending Level is less than the Threshold Level, the Face Amount minus: 

 

											
	[	 	Face Amount x	 	[	 	 Threshold Level – Ending Level

Starting Level
	 	]	    	]

 “Basket” shall mean a basket comprised of the following Basket Components, with the
return of each Basket Component having a 12.5% weighting: silver; copper; nickel; corn; soybeans; cotton; Brent crude oil; and RBOB gasoline. 
 “Basket Component” shall mean each of silver, copper, nickel, corn, soybeans, cotton, Brent crude oil and RBOB gasoline. 

The “Pricing Date” shall mean August 31, 2011. 

The “Starting Level” is 100. 
 The “Ending Level” will be calculated based on the weighted returns of the Basket Components and will be equal to the product of (i) 100 and (ii) an amount equal to 1 plus the
sum of: (A) 12.5% of the Component Return of silver; (B) 12.5% of the Component Return of copper; (C) 12.5% of the Component Return of nickel; (D) 12.5% of the Component Return of corn; (E) 12.5% of the Component Return of
soybeans; (F) 12.5% of the Component Return of cotton; (G) 12.5% of the Component Return of Brent crude oil; and (H) 12.5% of the Component Return of RBOB gasoline. 

The “Threshold Level” is 85, which is equal to 85% of the Starting Level. 

The “Capped Value” is 160% of the Face Amount of this Security. 

  
 2 

 The “Component Return” of a Basket Component will be equal to: 

Final Component Price – Initial Component Price 
 Initial Component Price 
 where, 

 

	 	•	 	 the “Initial Component Price” is the Settlement Price of such Basket Component on the Pricing Date; and 

 

	 	•	 	 the “Final Component Price” will be the Settlement Price of such Basket Component on the Calculation Day.

 The Initial Component Prices of the Basket Components are as follows: silver (4,135.00¢); copper
($9,197.00); nickel ($22,050.00); corn (767.50¢); soybeans (1,457.50¢); cotton (105.88¢); Brent crude oil ($114.85); and RBOB gasoline ($3.0320). 
 The “Settlement Price” of a Basket Component on any day will be: 
  

	 	(i)	in the case of silver, the official fixing price per troy ounce of silver for delivery in London through a member of the London Bullion Market Association ( the
“LBMA”) authorized to effect such delivery, expressed in U.S. cents per troy ounce, as calculated by the London Silver Market on that day (the “London silver fixing price”); 

 

	 	(ii)	in the case of copper, the official cash offer price per tonne of copper Grade A on the London Metal Exchange (the “LME”) for the spot market, expressed in
U.S. dollars per tonne, traded on the LME on that day (the “LME copper Grade A price”) as made public by the LME; 

  

	 	(iii)	in the case of nickel, the official cash seller and settlement price of Primary Nickel, expressed in U.S. dollars per tonne, traded on the LME on that day (the
“LME Primary Nickel price”) as made public by the LME; 

  

	 	(iv)	in the case of corn, the official settlement price per bushel of deliverable grade corn of the first nearby month futures contract (or, in the case of any Trading Day
after the date of the last trade of the options contract (if there is more than one options contract, then the options contract with the latest date) pertaining to the first nearby month futures contract, the second nearby month futures contract),
expressed in U.S. cents per bushel, traded on Chicago Board of Trade (the “CBOT”) on that day (the “CBOT corn price”) as made public by the CBOT; 

 

	 	(v)	 in the case of soybeans, the official settlement price per bushel of deliverable-grade soybeans of the first nearby month futures contract (or, in the
case of any Trading Day after the date of the last trade of the options contract (if there is more than one options contract, then the options contract with the latest date) pertaining to the first

  
 3 

	 	
nearby month futures contract, the second nearby month futures contract), expressed in U.S. cents per bushel, traded on the CBOT on that day (the “CBOT soybean price”) as made
public by the CBOT; 

  

	 	(vi)	in the case of cotton, the official settlement price per pound of deliverable-grade cotton No. 2 on the Intercontinental Exchange (the “ICE”) of
the first nearby month futures contract (or, in the case of any Trading Day after the date of the last trade of the options contract (if there is more than one options contract, then the options contract with the latest date) pertaining to the first
nearby month futures contract, the second nearby month futures contract), expressed in U.S. cents per pound, on that day (the “ICE cotton price”) as made public by the ICE; 

 

	 	(vii)	in the case of Brent crude oil, the official settlement price per barrel of the first nearby month futures contract for ICE Brent crude oil, expressed in U.S. dollars
per barrel, traded on the ICE on that day (the “ICE Brent crude price”) as made public by the ICE; and 

  

	 	(viii)	in the case of RBOB gasoline, the official settlement price per gallon of the first nearby month futures contract for New York Mercantile Exchange
(“NYMEX”) RBOB gasoline, expressed in U.S. dollars per gallon, traded on the NYMEX on that day (the “NYMEX RBOB gasoline price”) as made public by the NYMEX. 

The term “first nearby month futures contract” for a commodity on any day refers to the futures contract for that
commodity with the last Trading Day closest to such day and the term “second nearby month futures contract” for a commodity refers to the futures contract for that commodity with the last Trading Day immediately after the last
Trading Day of the first nearby month futures contract for that commodity. 
 The “Participation Rate” is 150%.

 “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 or Minneapolis, Minnesota. 
 A “Trading Day” means (i) with respect to silver, any day on which the LBMA is open for trading, (ii) with respect to copper and nickel, any day the LME is open for trading,
(iii) with respect to corn and soybeans, any day the CBOT is open for trading, (iv) with respect to cotton and Brent crude oil, any day the ICE is open for trading, and (v) with respect to RBOB gasoline, any day the NYMEX is open for
trading. 
 The “Calculation Day” shall be February 27, 2015 or, if such day is not a Trading Day, the
next succeeding Trading Day. The Calculation Day is subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to a Basket Component on the Calculation Day, such
Calculation Day for such Basket Component will be postponed to the first succeeding Trading Day on which a Market Disruption Event for such Basket Component has not occurred and is not continuing. If such first succeeding Trading Day has not
occurred as of the fifth scheduled Trading Day after the 

  
 4 

 
scheduled Calculation Day for such Basket Component, that fifth scheduled Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed five scheduled Trading Days
after the scheduled Calculation Day for such Basket Component and such fifth scheduled Trading Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Basket Component on such fifth scheduled Trading
Day, the Calculation Agent will determine its good faith estimate of the Settlement Price of such Basket Component on such fifth scheduled Trading Day. Notwithstanding a postponement of a Calculation Day for a particular Basket Component due to a
Market Disruption Event with respect to such Basket Component, the originally scheduled Calculation Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption Event. See “—Market Disruption
Events.” 
 “Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of
September 8, 2011 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 the Ending Level and the Redemption 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: 
  

	(i)	with respect to silver: (A) a material limitation or suspension of trading in the London silver fixing market; or (B) the failure of the London Silver Market
to announce or publish the London silver fixing price; 

  

	(ii)	with respect to copper: (A) a material limitation or suspension of trading in copper Grade A on the LME; or (B) the failure of the LME to announce the LME
copper Grade A price; 

  

	(iii)	with respect to nickel: (A) a material limitation or suspension of trading in Primary Nickel on the LME; or (B) the failure of the LME to announce the LME
Primary Nickel price; 

  

	(iv)	with respect to corn: (A) a material limitation or suspension of trading in the applicable futures contract for deliverable-grade corn; or (B) the failure of
CBOT to announce the CBOT corn price; 

  
 5 

	(v)	with respect to soybeans: (A) a material limitation or suspension of trading in the applicable futures contract for deliverable-grade soybeans; or (B) the
failure of CBOT to announce the CBOT soybean price; 

  

	(vi)	with respect to cotton: (A) a material limitation or suspension of trading in the applicable futures contract for deliverable-grade cotton; or (B) the failure
of the ICE to announce the ICE cotton price; 

  

	(vii)	with respect to Brent crude oil: (A) a material limitation or suspension of trading in the first nearby month futures contract for ICE Brent crude oil traded on
the ICE; or (B) the failure of the ICE to announce the ICE Brent crude price; and 

  

	(viii)	with respect to RBOB gasoline: (A) a material limitation or suspension of trading in the first nearby month futures contract for RBOB gasoline traded on NYMEX; or
(B) the failure of NYMEX to announce the NYMEX RBOB gasoline price. 

 For purposes of determining whether a Market
Disruption Event has occurred or is continuing with respect to a Basket Component, a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business
hours of the relevant trading facility. 
 Discontinuance of Quotation; Alteration of Manner of Quotation 

If the quotation source for a commodity discontinues quoting the Settlement Price for such commodity as provided herein and another entity
publishes a quotation that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued quotation, then any subsequent Settlement Price will be determined by reference to the quotation of such Settlement Price
provided by such successor entity (in any such case, referred to herein as a “Successor Quotation Source”) on the date that the Settlement Price is to be determined. 

Upon any selection by the Calculation Agent of a Successor Quotation Source, the Company will cause notice to be given to the Holder of
this Security. 
 If the quotation source for a commodity discontinues quoting the Settlement Price for such commodity as
provided herein and the Calculation Agent determines that no Successor Quotation Source for such Settlement Price is available at such time, then any subsequent Settlement Price will be determined by reference to the Calculation Agent’s good
faith estimate of the Settlement Price for such commodity. 
 If a Successor Quotation Source is selected or the Calculation
Agent calculates a Settlement Price in the absence of a Successor Quotation Source, such Successor Quotation Source or Settlement Price will be used for all purposes with respect to calculation of the Redemption Amount, including for purposes of
determining whether a Market Disruption Event exists. 
 If the method of quoting a Settlement Price as provided herein is
changed in a material respect by a quotation source or a Successor Quotation Source, then the Calculation Agent will, on the date that the Settlement Price is to be determined, make such calculations and adjustments as, in

  
 6 

 
the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Settlement Price for such commodity as if such changes had not been made. The Calculation Agent will
calculate the Redemption Amount with reference to the Settlement Price, as adjusted. 
 Calculation Agent 

The Calculation Agent will determine the Redemption Amount and the Ending Level. In addition, the Calculation Agent will
(i) determine if adjustments are required to the Settlement Price of a Basket Component under the circumstances described in this Security, (ii) if a quotation source for a commodity discontinues quoting the Settlement Price for such
commodity, select a Successor Quotation Source or, if no Successor Quotation Source is available, determine the Settlement Price of such Basket Component, and (iii) determine whether a Market Disruption Event 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. All percentages and
other amounts resulting from any calculation with respect to this Security will be rounded at the Calculation Agent’s discretion. 

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 characterize and treat this Security as a pre-paid derivative contract in respect of the
Basket. 
 Redemption and Repayment 
 This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to March 6, 2015. 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 Redemption 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 Redemption Amount hereof calculated as provided
herein as though the date of acceleration was the Calculation Day; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is continuing on that day, the Calculation Day will be postponed as provided
herein. 

  
 7 

   
 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] 

  
 8 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

			
	DATED:	 	  

  

							
		 		 	WELLS FARGO & COMPANY
				
		 		 	By:	 	  

				
		 		 		 	Its:

							
				
	[SEAL]	 		 		 	
				
		 		 	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

  
 9 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 
 Notes Linked to a Commodity Basket 
 due March 6, 2015

 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 July 21, 1999, 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 K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. 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. 

Article Sixteen of the Indenture shall not apply to this Security. 

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 

  
 10 

 
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 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 and certain Events of Default, 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. 

  
 11 

 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 Redemption
Amount 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 Redemption Amount, 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. 

  
 12 

 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)

  
 13 

 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. 

  
 14Fifth Amendment to Second Amended and Restated Credit Agreement

 Exhibit 10.24 
 EXECUTION VERSION 
 FIFTH AMENDMENT TO SECOND

 AMENDED AND RESTATED CREDIT AGREEMENT 

THIS FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is effective as of the 15th day
of July, 2011 (the “Amendment Effective Date”). 
 RECITALS 

WHEREAS, MATRIX SERVICE COMPANY, a Delaware corporation (the “Borrower”), JPMORGAN CHASE BANK, N.A., as
Administrative Agent (the “Administrative Agent”) and as a Lender and Issuing Bank, and the financial institutions therein named as Lenders, are parties to that certain Second Amended and Restated Credit Agreement dated as
November 30, 2006 (the “Original Credit Agreement”), as it has been amended by (i) that certain First Amendment to Second Amended and Restated Credit Agreement dated July 6, 2007 (the “First
Amendment”), (ii) that certain Second Amendment to Second Amended and Restated Credit Agreement dated February 11, 2009 (the “Second Amendment”), (iii) that certain Third Amendment to Second Amended and
Restated Credit Agreement dated September 24, 2010 (the Third Amendment”) and (iv) that certain Fourth Amendment to Second Amended and Restated Credit Agreement dated March 31, 2011 (the “Fourth
Amendment”) (the Original Credit Agreement, as so amended, and as it may be amended, supplemented or restated from time to time hereafter in accordance with its terms, the “Credit Agreement”); 

WHEREAS, all capitalized terms used but not defined in these Recitals shall have the meanings assigned to them in the Credit Agreement;

 WHEREAS, new direct and indirect Subsidiaries of Borrower have been formed and the Borrower has requested amendments to
certain provisions of the Credit Agreement, and the Lenders have agreed on the terms and conditions set forth in this Amendment. 
 NOW THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties hereto agree as follows: 

1. Incorporation by Reference; Defined Terms. Capitalized terms used but not defined in this Amendment (including
the Recitals) shall have the meanings given to them in the Credit Agreement. All terms defined in the foregoing Recitals are incorporated herein by reference. 
 The term “Loan Documents” is hereby amended to include the Credit Agreement as amended by this Amendment, all as they may be further amended from time to time with the consent of the
Administrative Agent and, to the extent required by the Credit Agreement, the Lenders. 
 The term “Agreement”, as
used in the Credit Agreement, is hereby amended to mean the Credit Agreement as amended by this Amendment and as it may be further amended from time to time with the consent of the Administrative Agent and, to the extent required by the Credit
Agreement, the Lenders. 
 The term “Credit Agreement” in all other Loan Documents is hereby amended to mean the
Credit Agreement as amended by this Amendment and as it may be further amended from time to time with the consent of the Administrative Agent and, to the extent required by the Credit Agreement, the Lenders. 

  
 1 

 2. Amendments. The Credit Agreement is hereby amended as follows: 

(a) Exhibit D of the Credit Agreement is hereby replaced with Exhibit D attached to this Amendment. 

(b) Exhibit E of the Credit Agreement is hereby replaced with Exhibit E attached to this Amendment. 

(c) Schedule 3.13 attached to the Fourth Amendment and incorporated into the Credit Agreement thereby is hereby replaced
with Schedule 3.13 attached to this Amendment. 
 (d) Section 5.09(a) is hereby amended by adding the
following at the end thereof, before the period: “, which notice shall be accompanied by a revised Schedule 3.13 prepared by Borrower and containing the information necessary to cause the representations and warranties of Borrower set
forth in Section 3.13 of this Agreement to be true and correct in all material respects on and as of the date of delivery thereof to the Administrative Agent (each a “Revised Schedule 3.13”). Schedule 3.13 shall be
replaced by any such Revised Schedule 3.13, and the Credit Agreement shall be amended accordingly, upon approval of such Revised Schedule 3.13 by the Administrative Agent, notwithstanding any contrary provision of this Credit Agreement.”

 (e) Section 5.09(b) is hereby amended by deleting all of the words prior to the “(i)” and
replacing them with the following: “Within the earlier of (i) forty-five (45) days after the date that any Person becomes a Domestic Subsidiary as a result of the creation of such Domestic Subsidiary or an Acquisition permitted by
Section 6.04 or otherwise (or such later time as may be agreed by the Administrative Agent up to thirty (30) days after the end of such forth-five (45) day period) or (ii) twenty (20) days after demand therefor by the
Administrative Agent,”. 
 (f) Section 4(a) of the Fourth Amendment is hereby amended by replacing
“ninety (90) days” with “three (3) years”, as and to the extent applicable to the dissolution of Matrix Service Specialized Transport, Inc., a Pennsylvania corporation. 

3. Effect of this Amendment. Borrower has formed or caused to be formed new Domestic Subsidiaries, namely PDM Engineering
Services, Inc., a Delaware corporation, MSE Engineering Services, Inc., a Delaware corporation, EDC Engineering Services, Inc., a Delaware corporation, and Matrix International Engineering, LLP, a Delaware limited liability partnership (collectively
the “New Domestic Subsidiaries”). Lenders hereby waive the provisions of Section 5.09 of the Credit Agreement as they apply to the New Domestic Subsidiaries provided that the conditions set forth in Section 4 of
this Amendment are satisfied. This waiver shall be limited precisely as provided for herein (including without limitation any time periods specified) and such waiver shall not be deemed to be a waiver of, amendment to, consent to or modification of
(i) any other term or provision of the Credit Agreement or any of the other Loan Documents or (ii) any other event, condition, or transaction on the part of the Borrower or any other Person which would require the consent of the
Administrative Agent or any of the Lenders. This Amendment shall not be deemed to be a waiver of, amendment to, consent to or modification of any other term or provision 

  
 2 

 
of the Credit Agreement or of any term or provision of any of the other Loan Documents, except as specifically set forth herein, and this Amendment shall not be deemed to be a waiver of,
amendment to, or consent to or modification of any event, condition, or transaction on the part of the Borrower or any other Person except as specifically set forth herein. 
 4. Conditions. This Amendment shall be effective as of the Amendment Effective Date, provided the following conditions precedent are satisfied: 

(a) Administrative Agent’s receipt of the following, each of which shall be originals or facsimile or portable
document format (PDF) copies (followed promptly by originals) unless otherwise specified, each properly executed, each dated the Amendment Effective Date (or, in the case of certificates of governmental officials, a recent date before the date of
the Amendment) and each in form and substance satisfactory to Administrative Agent and its legal counsel: 
 (i)
executed counterparts of this Amendment and all other documents and instruments requested by Administrative Agent, sufficient in number for distribution to each Lender and Borrower; 

(ii) a certificate of the Secretary of Borrower and the New Domestic Subsidiaries in a form satisfactory to Administrative
Agent, with resolutions in a form satisfactory to Administrative Agent; 
 (iii) such other certificates of
resolutions or other action, incumbency certificates and/or other certificates of Authorized Officers of each Credit Party as the Administrative Agent may require evidencing the identity, authority and capacity of each officer thereof authorized to
act as an Authorized Officer in connection with this Amendment and the other Loan Documents to which such Credit Party is a party; 
 (iv) fully-executed originals of the documents, instruments and agreements described in Section 5.09(b)(i) and (ii) of the Agreement, as to the following: 

 

	 	(A)	PDM Engineering Services, Inc., a Delaware corporation; 

  

	 	(B)	MSE Engineering Services, Inc., a Delaware corporation; 

  

	 	(C)	EDC Engineering Services, Inc., a Delaware corporation; and 

  

	 	(D)	Matrix International Engineering, LLP, a Delaware limited liability partnership; and 

(v) a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment Effective
Date) of Conner & Winters, LLP, counsel for the Borrower and the Subsidiaries, substantially in the form of Annex 1 attached to this Amendment, and the Borrower hereby requests such counsel to deliver such opinion; 

  
 3 

 (b) Administrative Agent’s receipt of such other assurances,
certificates, documents, and consents as Administrative Agent reasonably may require; and 
 (c) unless waived by
Administrative Agent, Borrower shall have paid all fees, expenses and disbursements of any law firm or other external counsel for Administrative Agent to the extent invoiced prior to the date hereof, plus such additional amounts of such fees,
expenses and disbursements as shall constitute its reasonable estimate thereof incurred or to be incurred by it through the closing proceedings as to this Amendment (provided that such estimate shall not thereafter preclude a final settling of
accounts between Borrower and Administrative Agent). 
 5. Acknowledgment and Ratification; Representations and
Warranties. The Borrower acknowledges and agrees that the Credit Agreement shall remain in full force and effect as amended hereby. Borrower represents and warrants to the Lenders that as of the date of execution of this Amendment and as of the
Amendment Effective Date: 
 (a) the representations and warranties set forth in the Credit Agreement are true
and correct in all material respects as though made on the date hereof, except to the extent that any of them speak to a different specific date, in which case they are true and correct as of such earlier date, and for purposes of this Amendment the
representations and warranties contained in subsection (a) of Section 3.04 shall be deemed to refer to the most recent financial statements furnished by the Borrower pursuant to clauses (a) and (b) of
Section 5.01; 
 (b) no Default or Event of Default exists; 

(c) neither the Borrower nor any of the Guarantors owns or has any interest in any “commercial tort claim” (as
that term is defined in 12A Okla. Stat. § 1-9-102(a)(13) as of the Amendment Effective Date) that has not been specifically described in a Security Agreement as part of the collateral thereunder; 

(d) the execution, delivery and performance by the Borrower of this Amendment have been duly authorized by all necessary
corporate action and do not and will not contravene the terms of any of the Borrower’s organizational documents, any law or any indenture, loan or credit agreement, or any other material agreement or instrument to which the Borrower is a party
or by which it is bound or to which it or its properties are subject; 
 (e) no authorizations, approvals or
consents of, and no filings or registrations with, any Governmental Authority or any other Person are necessary for the execution, delivery or performance by the Borrower of this Amendment or for the validity or enforceability thereof, other than
routine informational filings with the SEC and/or other Governmental Authorities; 
 (f) this Amendment
constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally or by equitable principles relating to enforceability, and by judicial discretion regarding the enforcement of or any applicable laws affecting remedies (whether considered in a court of law or a
proceeding in equity); and 

  
 4 

 (g) Schedule 3.13 attached hereto is an accurate list of and other
information regarding the Borrower and all Subsidiaries of the Borrower as of the date of this Amendment, setting forth their respective jurisdictions of organization and the percentage of the respective capital stock or other ownership interests of
the Subsidiaries owned by the Borrower or other Subsidiaries. All of the issued and outstanding shares of capital stock or other Equity Interests in such Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership
interests) duly authorized and issued and are fully paid and non-assessable. 
 6. Defaults Unaffected. Except as may be
expressly set forth herein, nothing contained in this Amendment shall prejudice, act as, or be deemed to be a waiver of any Default or Event of Default or any right or remedy available to Administrative Agent or any Lender by reason of the
occurrence or existence of any fact, circumstance or event constituting a Default or Event of Default. 
 7.
Governing Law; Miscellaneous. This Amendment shall be governed by the internal laws of the State of Oklahoma. Unless stated otherwise, (a) the singular number includes the plural and
vice versa and words of any gender include each other gender, in each case, as appropriate, (b) headings and captions may not be construed in interpreting provisions, (c) this Amendment may be executed in
any number of counterparts with the same effect as if all signatories had signed the same document, and all of those counterparts must be construed together to constitute the same document, and (d) this Amendment shall be effective when it has
been executed by the parties hereto and each party has notified the Administrative Agent by facsimile transmission or telephone that it has taken such action.  
 [SIGNATURE PAGES FOLLOW] 

  
 5 

 IN WITNESS WHEREOF, the parties have caused this
Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	MATRIX SERVICE COMPANY,
	a Delaware corporation
		
	By:	 	 /S/ Kevin Cavanah

		 	Kevin S. Cavanah, Vice President

 [SIGNATURE PAGE TO FIFTH AMENDMENT] 

  
 6 

 
			
	JPMORGAN CHASE BANK, N.A.,
	 as Administrative Agent, Lender
 and Issuing Bank

		
	By:	 	 /S/ Tipton J. Burch

		 	Tipton J. Burch, Senior Vice President

 [SIGNATURE PAGE TO FIFTH AMENDMENT] 

  
 7 

 
			
	 WELLS FARGO & CO. successor by merger to
 Wachovia Bank, National Association

		
	By:	 	 /S/ John Munger

		 	John Munger, Senior Vice President

 [SIGNATURE PAGE TO FIFTH AMENDMENT] 

  
 8 

 
			
	AMEGY BANK NATIONAL ASSOCIATION
		
	By:	 	 /S/ Daniel Cox

		 	Daniel L. Cox, Senior Vice President

 [SIGNATURE PAGE TO FIFTH AMENDMENT] 

  
 9 

 
			
	BANK OF AMERICA, N.A., successor
	by merger to LaSalle Bank National Association
		
	By:	 	 /S/ Tony Shinn

		 	Tony N. Shinn, Senior Vice President

 [SIGNATURE PAGE TO FIFTH AMENDMENT] 

  
 10 

 
			
	BMO CAPITAL MARKETS FINANCING, INC.
		
	By:	 	 /S/ Shahrokh Shah

		 	Shahrokh Shah, Managing Director

 [SIGNATURE PAGE TO FIFTH AMENDMENT] 

  
 11 

 Exhibit D 

List of Existing Guarantees 
 March 7, 2003 Subsidiary Guaranty: 
 Matrix Service Inc. 

Matrix Service Industrial Contractors, Inc, (f/k/a Matrix Service Mid-Continent, Inc.) 
 Matrix Service Inc., an Ontario Canada corporation, a/k/a Matrix Service Inc. Canada 
 Hake
Acquisition Corp. (no longer in existence) 
 Hake Group, Inc. (no longer in existence) 
 Bogan, Inc. (including Fiberspec, a division) (no longer in existence) 
 Matrix Service Specialized
Transport, Inc., f/k/a Frank W. Hake, Inc. 
 Hover Systems, Inc. (no longer in existence) 

I & S, Inc. (no longer in existence) 
 McBish
Management, Inc. (no longer in existence) 
 Mechanical Construction, Incorporated, a/k/a Mechanical Construction, Inc. (no longer in existence)

 Mid-Atlantic Constructors, Inc. (no longer in existence) 
 Talbot Realty, Inc. (no longer in existence) 
 Bish Investments, Inc. (no longer in existence)

 I & S Joint Venture, L.L.C. (no longer in existence) 
 August 10, 2005 Subsidiary Guaranty: 
 Matrix Service Industrial Contractors Canada,
Inc. 
 Matrix Service Industrial Contractors ULC 
 February 11, 2009 Subsidiary Guaranty: 
 Matrix Service ULC, an Alberta unlimited
liability corporation 
 S.M. Electric Company, Inc., a New Jersey corporation 
 September 24, 2010 Subsidiary Guaranty: 
 Matrix Service International, LLC, a Delaware
limited liability company 
 March 31, 2011 Subsidiary Guaranty: 
 Matrix International Holding, LLC, a Delaware limited liability company 
 Matrix International
Construction, LLC, an Oklahoma limited liability company 

 Exhibit E 

List of Existing Security Agreements 
 March 7, 2003 Pledge and Security Agreements executed and delivered by the following parties: 
 Matrix Service Company 
 Matrix Service Inc. 

Matrix Service Inc., an Ontario Canada corporation, a/k/a Matrix Service Inc. Canada 

Matrix Service Industrial Contractors, Inc, (f/k/a Matrix Service Mid-Continent, Inc.) 

Hake Acquisition Corp. (no longer in existence) 
 Bish Investments, Inc. (no longer in existence) 
 Bogan, Inc. (including Fiberspec,
a division) (no longer in existence) 
 Hake Group, Inc. (no longer in existence) 

Frank W. Hake, Inc. (n/k/a Matrix Service Specialized Transport, Inc.) (no longer in existence) 

Hover Systems, Inc. (no longer in existence) 
 I & S, Inc. (no longer in existence) 
 I & S Joint Venture, L.L.C. (no
longer in existence) 
 McBish Management, Inc. (no longer in existence) 

Mechanical Construction, Incorporated, 
 a/k/a Mechanical Construction, Inc. (no longer in existence) 
 Mid-Atlantic
Constructors, Inc. (no longer in existence) 
 Talbot Realty, Inc. (no longer in existence) 

August 10, 2005 Pledge and Security Agreements: 
 Matrix Service Industrial Contractors Canada, Inc. 
 Matrix Service Industrial
Contractors ULC 
 August 10, 2005 Amended and Restated Pledge and Security Agreement: 

Matrix Service Inc., an Ontario Canada corporation 
 February 11, 2009 Pledge and Security Agreements: 
 Matrix
Service ULC, an Alberta unlimited liability corporation 
 S.M. Electric Company, Inc., a New Jersey corporation 

September 24, 2010 Pledge and Security Agreement: 
 Matrix Service International, LLC, a Delaware limited liability company 
 March 31, 2011
Pledge and Security Agreement: 
 Matrix International Holding, LLC, a Delaware limited liability company 

Matrix International Construction, LLC, an Oklahoma limited liability company 

 Annex 1 

OPINION OF COUNSEL FOR THE BORROWER 

 

 
 4000 One Williams Center 
 Tulsa, Oklahoma 74172 
 918.586.5711 Phone 

918.586.8982 Fax 

www.cwlaw.com 

            , 2011 
 The Administrative Agent, the Issuing Bank and the Lenders who are parties to the Credit Agreement described below 
 Ladies and Gentlemen: 
 We have acted as counsel to Matrix Service Company, a
Delaware corporation (the “Borrower”), and its Subsidiaries as follows: 
 Matrix Service Inc. – an Oklahoma corporation

 Matrix Service Industrial Contractors, Inc. – an Oklahoma corporation 
 Matrix Service Specialized Transport Inc. – a Pennsylvania corporation 
 Matrix Service
Industrial Contractors Canada, Inc., a Delaware corporation 
 Matrix Service Inc. – an Ontario, Canada corporation 

Matrix Service Industrial Contractors ULC – a Nova Scotia, Canada unlimited liability corporation 

Matrix Service ULC – an Alberta, Canada unlimited liability corporation 
 S.M. Electric Company, Inc. – a New Jersey corporation 
 Matrix Service International, LLC
– a Delaware limited liability company 
 Matrix International Holding, LLC – a Delaware limited liability company 

Matrix International Construction, LLC – an Oklahoma limited liability company 
 MSE Engineering Services, Inc. – a Delaware corporation 
 PDM Engineering Services, Inc.
– a Delaware corporation 
 EDC Engineering Services, Inc. – a Delaware corporation 

Matrix International Engineering, LLP – a Delaware limited liability partnership 
 (collectively with the Borrower, the “Clients”), in connection with (i) the Borrower’s execution and delivery of that certain Fifth Amendment to Second Amended and Restated
Credit Agreement dated as of July     , 2011, among the Borrower, the Lenders named therein, and JPMorgan Chase Bank, N.A., as a Lender, Issuing Bank and as Administrative Agent (the “Administrative Agent”) for
the Lenders (the “Fifth Amendment”), which amends that certain Second Amended and Restated Credit Agreement dated as of November 30, 2006, as previously amended (as so amended and as further amended by the Fifth Amendment, the
“Credit Agreement”) and (ii) the execution by certain of the other Clients of certain other documents, all the documents referenced herein listed as follows (collectively, the “Documents”): 

 

	 	(a)	the Fifth Amendment; 

  

	 	(b)	Subsidiary Guaranty agreements of even date with the Fifth Amendment by MSE Engineering Services, Inc., a Delaware corporation (“MSE”), PDM Engineering
Services, Inc., a Delaware corporation (“PDM”), EDC Engineering Services, Inc., a Delaware corporation (“EDC”), and Matrix International Engineering, LLP, a Delaware limited liability partnership (“MIE”); and

	 	(c)	Pledge and Security Agreements of even date with the Fifth Amendment by MSE, PDM, EDC and MIE. 

In addition to our review of the Documents, we have also examined and relied upon originals or copies of organizational documents and
other records of the Clients as well as such certificates of public officials and officers of the Clients and such other documents and matters as we have deemed necessary or appropriate for purposes of this opinion. 

All terms capitalized in this opinion letter without definition have the same meanings as in the Credit Agreement. 

In rendering this opinion, we have assumed the following to be true and have conducted no investigation to confirm such assumptions or to
determine to the contrary: 
 A. (i) The authenticity of all documents, instruments and certificates submitted to us as
originals, (ii) the conformity with the original documents of all documents, instruments and certificates submitted to us as certified, conformed, photostatic or electronic copies, and (iii) the authenticity of the originals from which all
such copies were made. 
 B. All parties to the Documents (other than the Clients) have full power and authority to execute,
deliver and perform their respective obligations under the Documents and under the documents required or permitted to be delivered and performed thereunder, and all such documents have been duly authorized by all necessary action by such parties,
have been fully executed by such parties, have been duly delivered by such parties and are or will be valid, binding and enforceable obligations of such parties. 
 C. All signatures on the Documents (other than those on behalf of the Clients) are genuine. 
 D. The conduct of the parties to the Documents has and will comply with any requirement of good faith, fair dealing, conscionability and commercial reasonableness. 

E. There has not been any mutual mistake of fact or misunderstanding, fraud, duress or undue influence in connection with the Documents.

 F. Each party to each of the Documents (other than the Clients) is in good standing under the laws of the jurisdiction in
which it is incorporated or organized. 
 G. The execution, delivery and performance by each party (other than the Clients) of
the Documents does not breach, conflict with or constitute a violation of (i) the certificate of incorporation, bylaws or any other charter or organizational document of such party, or (ii) the laws or governmental rules and regulations of
any jurisdiction, or (iii) any agreement, instrument or document to which any such party is a party or by which any such party or any of its properties is bound or (iv) any order, judgment or decree to which any such party is subject or by
which any of its properties is bound. 

 In rendering this opinion, we have relied as to matters of fact, to the extent we deem such
reliance appropriate, without investigation, upon certificates of public officials and upon affidavits, certificates and written statements of officers and employees of the Borrower and Subsidiaries, including the various factual representations of
the Clients set forth in the Documents and the Secretary’s Certificate delivered to the Administrative Agent on behalf of the Clients of even date herewith. 
 Based upon the foregoing, and subject to the qualifications and limitations set forth herein, we are of the opinion that: 
 l. Each of the Clients (other than Matrix Service Inc., an Ontario, Canada corporation, Matrix Service Industrial Contractors ULC, a Nova Scotia, Canada unlimited liability corporation, and Matrix Service
ULC, an Alberta, Canada unlimited liability corporation, as to which no opinion is expressed in this paragraph 1) is a corporation, limited liability company or limited liability partnership duly and properly incorporated or organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite corporate, limited liability company or partnership authority to conduct its business in each jurisdiction in which its
business is conducted; and each of the Clients is qualified to do business and is in good standing in each other jurisdiction where the nature of the business conducted by it makes such qualification necessary or appropriate, except where the
failure to be so qualified would not have a Material Adverse Effect. 
 2. The execution and delivery by the Clients that are
parties thereto, of the Documents to which they, or any of them, is a party, and the performance by such Client or Clients, as the case may be, of their respective obligations thereunder, have been duly authorized by proper proceedings on the part
of the respective Clients and do not and will not: 
 (a) require any consent of any of the Clients’
shareholders, members or partners (other than any such consent as has already been given and remains in full force and effect); 
 (b) violate (i) any United States or Oklahoma law, rule, or regulation, which, in our experience, would normally apply to transactions of the type contemplated by the Documents, (ii) any order,
writ, judgment, injunction, decree or award of which we have knowledge that is applicable to or binding upon any of the Clients, (iii) any Client’s articles or certificate of incorporation or organization, by-laws or other organizational
documents, as the case may be, or (iv) the provisions of any indenture, instrument or agreement that has either been listed as an exhibit to any periodic report filed by the Borrower since January 1, 2005 with the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act Documents”), or is otherwise known to us, to which any of the Clients is a party or is subject, or by which it, or its property, is bound, or conflict with
or constitute a default thereunder; or 
 (c) result in, or require, the creation or imposition of any Lien in,
of or on any of the property of any Client pursuant to the terms of any indenture, instrument or agreement binding upon any of the Clients that has been filed as an exhibit to any of the Exchange Act Documents or that is otherwise known to us.

 3. The Documents to which any of the Clients is a party have been duly executed and delivered by the Clients identified
therein as party thereto and constitute legal, valid and binding 

 
obligations of the Clients party thereto, enforceable against such Clients in accordance with their terms, except to the extent the enforcement thereof may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditors’ rights generally and subject also to the availability of equitable remedies if equitable remedies are sought. 
 4. The Existing Guaranty Agreements listed on Exhibit D of the Fifth Amendment and the Existing Security Agreements listed on Exhibit E of the Fifth Amendment (collectively the “Existing Support
Documents”) are and continue to be enforceable against the Clients party thereto in accordance with their terms, both before and after the execution and delivery of the Documents and taking into account the terms and provisions of the
Documents, except to the extent the enforcement thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and subject also to the availability of equitable remedies if equitable
remedies are sought. The execution and delivery of the Documents do not and will not result in or give rise to (i) any release or discharge of any obligations of any of the Clients under any of the Existing Support Documents or (ii) any
valid defenses to any suit or claim under or to enforce any of the Existing Support Documents. 
 5. Except as described in
Schedule 3.06 to the Credit Agreement, to our knowledge, there is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or threatened against any of the Clients which, if adversely determined, could reasonably be
expected to have a Material Adverse Effect. 
 6. No order, consent, adjudication, approval, license, authorization, or
validation of, or filing, recording or registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by any Client, is required to be obtained
by any Client in connection with the execution and delivery of the Documents, the borrowings under the Credit Agreement, the payment and performance by the Borrower of the Obligations, or the legality, validity, binding effect or enforceability of
any of the Documents. 
 This opinion is subject to the following qualifications and limitations: 

(i) The provisions contained in the Documents that permit any person to take action or make determinations, or to benefit from
indemnities or similar undertakings, may be subject to requirements that such action be taken or such determinations be made, or that any action or inaction by such person that may give rise to a request for payment under such an indemnity or
similar undertaking be taken or not taken, on a reasonable basis and in good faith. 
 (ii) Under certain circumstances the
requirements that the provisions of the Documents may be modified or waived only in writing or only in a specific instance may be unenforceable to the extent that an oral agreement has been effected or a course of dealing has occurred modifying such
provisions. 
 (iii) A court may modify or limit contractual awards of attorneys’ fees. 

(iv) We express no opinion with regard to the effect of any (a) federal or state securities and “blue sky” laws and
regulations, (b) federal or state antitrust and unfair competition laws and regulations, (c) federal or state pension and employee benefit laws and regulations, (d) federal or state environmental, subdivision, zoning, health, safety
or land use laws and regulations, (e) federal or state racketeering laws and regulations and banking laws and regulations, and (f) administrative decisions, and rules and regulations of county and municipal political subdivisions.

 (v) With respect to our opinion in paragraph 3 above, we express no opinion as to the
enforceability of any Documents that purport to be governed by the laws of any jurisdiction other than the State of Oklahoma or that purport to (a) limit or expand remedies beyond those recognized in Oklahoma; (b) give the right of
specific performance; (c) alter rules of civil procedure or evidence; (d) waive defenses or rights; (e) create and govern a trustee or creditor in possession status; (f) create indemnities or exculpate a party from liability for
its own wrongful or negligent acts; (g) authorize the secured party to take discretionary independent action for the account of or as an agent or attorney-in-fact for the debtor; (h) limit or expand the rights of set-off;
(i) guarantee the performance of acts other than payment of money; (j) limit jurisdiction of the courts, establish any exclusive venue, purport to waive jury trial, or establish evidentiary standards; or (k) provide for the
appointment of a receiver without notice. The invalidity or unenforceability of such provisions should not, in our opinion, substantially interfere with the practical realization of the benefits of the Documents. 

(vi) We express no opinion with respect to matters of perfection or priority of liens and security interests in any property of the
Borrower and its Subsidiaries. 
 (vii) With respect to our opinion in paragraph 6, we express no opinion regarding any
filings the Lenders would be required to make subsequent to foreclosure in connection with the ownership and operation of the Clients’ assets. 
 We have not relied upon, nor do we undertake for the purpose of this opinion the responsibility to review, the records of any court or administrative or governmental body to determine the existence of any
judicial or administrative proceeding, order, decree, writ or judgment. As to all matters where we refer to “our knowledge” of the existence of any facts, situations or instruments, such knowledge means that after considering the actual
knowledge of those attorneys in our firm who have given substantive attention to the Borrower’s affairs, we find no reason to believe that the opinions expressed above are factually incorrect. 

We are members of the bar of the State of Oklahoma. Our opinions expressed above are limited to the laws of the State of Oklahoma, the
corporate laws of the State of Delaware, the corporate laws of the Commonwealth of Pennsylvania, the corporate laws of the State of New Jersey, and the federal laws of the United States of America, and we do not express any opinion herein concerning
the laws of any other jurisdiction. To the extent the opinions expressed in paragraphs 2 and 3 above are governed by the laws of a province of Canada, we have assumed that the applicable law in those jurisdictions is the same as the
applicable law in the State of Oklahoma in all relevant respects. 
 The effective date of this opinion is the date first set
forth above, and we do not undertake to advise you of any matter brought to our attention thereafter which would or may modify, in whole or in part, any or all of the foregoing. This opinion is limited to the matters expressly stated herein, and no
opinion is implied or may be inferred beyond the matters expressly stated. 
 This opinion is rendered to the Administrative
Agent, the Issuing Bank, the Lenders who are parties to the Credit Agreement and their respective permitted participants and assigns under the Credit Agreement, is for their sole benefit and may only be relied upon by them. At your request, we

 
hereby consent to reliance hereon by any future permitted participant, successor or assignee under the Credit Agreement on the condition and with the understanding that (i) this opinion
speaks only as of the date hereof, (ii) we have no responsibility or obligation to update this opinion, to consider its applicability or correctness to any person other than those named in the preceding sentence, or to take into account changes
in law, facts or any other developments of which we may later become aware, and (iii) any such reliance by a future participant, successor or assignee must be actual and reasonable under the circumstances existing at the time of the applicable
participation, assignment or transfer, including any changes in law, facts or any other developments known to or reasonably knowable by the participant, assignee or transferee at such time. 

This opinion is not to be quoted in whole or in part or otherwise referred to, nor is it to be filed with or delivered or communicated to
any government agency (other than any government agency with regulatory authority as to any of the Lenders or as may otherwise be required by law) or any other person, without our prior written consent. 

 

	
	Very truly yours,
	
	 CONNER & WINTERS, LLP

 Schedule 3.13 

Subsidiaries (List of All Subsidiaries, with Jurisdictions of Organization, 

Ownership Percentages Held by Borrower or other Subsidiaries) 

Parent Company: Matrix Service Company, a Delaware corporation (Borrower) - Total Authorized Capital: 65,000,000 total shares.
Classes: 60,000,000 shares of common stock at $0.01 par value and 5,000,000 shares of preferred stock at $0.01 par value 
  

													
	 Subsidiary Name
	  	 Total

Authorized
Capital
	  	 Place of
Incorporation
or
Formation
	  	 Owned By
	  	 Percentage
Ownership of Issued
and
Outstanding
Common Stock and
other Equity
Interests
	  	 Principal
Place of
Business
	  	 Guarantor

(Y/N)

	 Matrix Service

Industrial Contractors,

Inc.
	  	500 shares of common stock @ $1.00 par value	  	Oklahoma	  	Matrix Service Company	  	 100%
  
 500 shares of
 common stock
	  	 10701 East Ute Street
  

Tulsa, OK
 74146
	  	Y
							
	Matrix Service Inc.	  	5,000 shares of common stock @ $1.00 par value	  	Oklahoma	  	Matrix Service Company	  	 100%
  
 500 shares of
 common stock
	  	 10701 East
 Ute
Street
  
 Tulsa, OK
 74146
	  	Y

													
	 Subsidiary Name
	  	Total
Authorized
Capital	  	Place of
Incorporation
or
Formation	  	Owned By	 	Percentage
Ownership of Issued
and
Outstanding
Common Stock and
other Equity
Interests	 	Principal
Place of
Business	  	Guarantor
(Y/N)
	Matrix Service Inc.	  	Unlimited
 common and

preferred stock
	  	Ontario, Canada	  	Matrix Service
Inc. (OK)	 	100%  

500 shares of
common stock
	 	473 Scott
Road  
 Sarnia,
Ontario N7T
7W1
	  	Y
							
	 Matrix Service, Inc.,

Panama ***
	  		  	Panama	  	Matrix Service
Company	 	100%  

less 1 share owned by
local citizen on board
of directors
	 	10701 East
Ute Street  
 Tulsa, OK
74146
	  	N
							
	 San Luis Tank S.A. de
 C.V. ***
	  		  	Mexico	  	Matrix Service
Company	 	100%  
 less
1 share owned by
local citizen on board
of directors
	 	10701 East
Ute Street  
 Tulsa, OK
74146
	  	N
							
	 Matrix Service

Industrial Contractors
 Canada,
Inc.
	  	50,000 shares of
 common stock

@ $0.01 par
value
	  	Delaware	  	Matrix Service
Industrial
Contractors, Inc.	 	100%  

1,000 shares of
common stock
	 	1500 Chester
Pike  
 Eddystone,
PA 19022
	  	Y

													
	 Subsidiary Name
	  	Total
Authorized
Capital	  	Place of
Incorporation
or Formation	  	Owned By	  	Percentage
Ownership of Issued
and Outstanding
Common Stock and
other
Equity
Interests	 	Principal
Place of
Business	  	Guarantor
(Y/N)
	 Matrix Service

Industrial Contractors
 ULC
	  	100,000 shares
of common
stock @ no par
value	  	Nova Scotia,
 Canada
	  	Matrix Service
Industrial
Contractors
Canada, Inc.	  	100%  

100 shares of
Common Stock
	 	459
Grandview
Ave. Saint
John, NB E2J
4M8	  	Y

													
	 Subsidiary Name
	  	 Total

Authorized
Capital
	  	Place of
Incorporation
or Formation	  	Owned By	  	Percentage
Ownership of Issued
and Outstanding
Common Stock and
other
Equity
Interests	 	Principal
Place of
Business	  	Guarantor
(Y/N)
	 Matrix Service

Specialized Transport,
 Inc.
	  	 62,000 Shares
  

1,000 shares of Class A common @ $1.00 par value
  

1,000 shares of Class B common @ $1.00 par value
  

30,000 shares of Class A Preferred @ $1.00 par value
  

30,000 shares of Class B Preferred @ $1.00 par value
	  	Pennsylvania	  	Matrix Service
Industrial
Contractors, Inc.	  	100%  

100 shares of Class A
Common Stock
  

100%
  
 400 shares of Class B
Common Stock
  
 100%
  

17,500 shares of Class
A Preferred Stock
	 	1500 Chester
Pike  
 Eddystone,
PA 19022
	  	Y

													
	 Subsidiary Name
	  	 Total

Authorized
Capital
	  	 Place of
Incorporation

or Formation
	  	 Owned By
	  	 Percentage
Ownership of Issued
and
Outstanding
Common Stock and
other Equity Interests
	  	 Principal

Place of

Business
	  	Guarantor
(Y/N)
	Matrix Service ULC	  	 Unlimited

common and

preferred stock
	  	Alberta, Canada	  	Matrix Service Inc. (OK)	  	 100%
  
 100 shares of Common Stock
	  	 7067
39th Street

 
 Leduc, AB

 
 T9E 0B3
	  	Y
							
	 S.M. Electric
 Company,
Inc.
	  	 1,000 shares of

common stock
 without par

value
	  	New Jersey	  	Matrix Service Industrial Contractors, Inc.	  	100% - 96 shares of Common Stock	  	 601 New Brunswick Avenue
  

Rahway, New Jersey 07065-1144
	  	Y
							
	 Matrix Service
 International,
LLC
	  	N/A	  	Delaware	  	Matrix Service Company	  	100% of the limited liability company interest	  	 5100 E. Skelly

Drive
  
 Suite 700
  
 Tulsa, OK
74135
	  	Y

													
	 Subsidiary Name
	  	 Total
Authorized
Capital
	  	 Place of
Incorporation
or
Formation
	  	 Owned By
	  	 Percentage
Ownership of Issued
and
Outstanding
Common Stock and
other Equity
 Interests
	  	Principal
Place of
Business	  	Guarantor
(Y/N)
	 Matrix International

Holding, LLC
	  	N/A	  	Delaware	  	Matrix Service Company	  	100% of the limited liability company interest	  	5100 E. Skelly
 Drive

 
 Suite 700

 
 Tulsa, OK
74135
	  	Y
							
	 Matrix Service Costa

Rica, SRL, a Costa
 Rican Sociedad de

Responsabilidad
 Limitada
	  	10,000,000 colones	  	Costa Rica	  	 Matrix Service

International,
 LLC
	  	100% - 10,000 colones	  	Costa Rica	  	N
							
	 Matrix International

Construction, LLC
	  	N/A	  	Oklahoma	  	 Matrix Service

International,
 LLC
	  	100% of the limited liability company interest	  	5100 E. Skelly
 Drive

 
 Suite 700

 
 Tulsa, OK
74135
	  	Y

													
	 Subsidiary Name
	  	 Total Authorized
Capital
	  	 Place of
Incorporation
or
Formation
	  	 Owned By
	  	 Percentage
Ownership of Issued
and
Outstanding
Common Stock and
other Equity
 Interests
	  	 Principal

Place of

Business
	  	 Guarantor

(Y/N)

	 MSE Engineering
 Services,
Inc.
	  	5,000,000 shares common stock	  	Delaware	  	Matrix Service Company	  	100% - 1,000 shares	  	 5100 E. Skelly

Drive
  
 Suite 700
  
 Tulsa, OK
74135
	  	Y
							
	 PDM Engineering
 Services,
Inc.
	  	5,000,000 shares common stock	  	Delaware	  	 MSE
 Engineering

Services, Inc.
	  	100% - 1,000 shares	  	 5100 E. Skelly

Drive
  
 Suite 700
  
 Tulsa, OK
74135
	  	Y
							
	 EDC Engineering
 Services,
Inc.
	  	5,000,000 shares common stock	  	Delaware	  	MSE Engineering Services, Inc.	  	100% - 1,000 shares	  	 5100 E. Skelly

Drive
  
 Suite 700
  
 Tulsa, OK
74135
	  	Y

													
	 Subsidiary Name
	  	Total
Authorized
Capital	  	 Place of
Incorporation
or
Formation
	  	 Owned By
	  	 Percentage
Ownership of Issued
and
Outstanding
Common Stock and
other Equity
Interests
	  	 Principal

Place of

Business
	  	 Guarantor

(Y/N)

	 Matrix International

Engineering, LLP
	  	N/A	  	Delaware	  	 Matrix Service

International,
 LLC

 
 MSE
 Engineering
 Services, Inc.
	  	 99%
  

 
  

1%
	  	 5100 E. Skelly

Drive
  
 Suite 700
  
 Tulsa, OK
74135
	  	Y
							
	 Matrix International
 Bahamas
Ltd.
	  		  	Bahamas	  	 Matrix Service

International,
 LLC
	  	100%	  	 5100 E. Skelly

Drive
  
 Suite 700
  
 Tulsa, OK
74135
	  	N

													
	 Subsidiary Name
	  	 Total
Authorized
Capital
	  	 Place of
Incorporation
or
Formation
	  	 Owned By
	  	 Percentage
Ownership of Issued
and
Outstanding
Common Stock and
other Equity
 Interests
	  	 Principal

Place of

Business
	  	 Guarantor

(Y/N)

	 MSE International
 Puerto
Rico, LLP
	  		  	Puerto Rico	  	 Matrix International Engineering, LLP
  

Kenneth Erdmann
  

 
 Joseph Hoptay
	  	 99% - Class A Partnership Participation Units

 
  

0.5% - Class B Partnership Participation Units
  

0.5% Class B Partnership Participation Units
	  	 5100 E. Skelly Drive
  

Suite 700
  
 Tulsa, OK 74135
	  	N
							
	 Matrix Construction,

SRL
	  		  	Panama	  	 Matrix International Holding, LLC
  

Matrix Service International, LLC
	  	 50%
  

 
  
  

50%
	  	 5100 E. Skelly Drive
  

Suite 700
  
 Tulsa, OK 74135
	  	N

  

	***	Not currently considered to be a Subsidiary for purposes of the Credit Agreement - see the revised definition of “Subsidiary”.

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