Document:

Exhibit 10.3

 

JOINDER
AGREEMENT

 

THIS JOINDER AGREEMENT,
dated as of October 2, 2018 (this “Agreement”), is entered into by and among BNP PARIBAS (the “Incremental
Lender”), NRC US HOLDING COMPANY, LLC, a Delaware limited liability company (the “Borrower Representative”
and a “Borrower”), SPRINT ENERGY SERVICES, LLC, a Delaware limited liability company (a “Borrower”),
the Guarantors party hereto and BNP PARIBAS, as Administrative Agent.

 

RECITALS:

 

WHEREAS, reference
is hereby made to that certain Credit and Guaranty Agreement, dated as of June 11, 2018 (as it may be amended, restated, amended
and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined), by and among each Borrower, NRC Group Holdings,
LLC (“Parent”), the Guarantors party thereto from time to time, the Lenders party thereto from time to time,
and BNP Paribas, as Administrative Agent and as Collateral Agent; and

 

WHEREAS, subject
to the terms and conditions of the Credit Agreement, the Borrowers may request Incremental Term Loan Commitments by entering into
one or more Joinder Agreements with one or more Incremental Lenders.

 

NOW, THEREFORE,
in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

1. Commitment.
Subject to the conditions set forth in Section 5 below, the Incremental Lender hereby commits to provide its Commitments for the
Incremental Term Loans to be provided hereunder (the “Incremental Term Loans”) as set forth on Schedule A annexed
hereto (the “Incremental Facility”), on the terms and subject to the conditions set forth herein.

 

2. Confirmation.
The Incremental Lender (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents, together
with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without
reliance upon the Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii)
appoints and authorizes the Administrative Agent and Collateral Agent to take such action as agent on its behalf and to exercise
such powers under the Credit Agreement and the other Credit Documents as are delegated to the Administrative Agent and Collateral
Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees
that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required
to be performed by it as a Lender.

 

     

     

    

 

3. Certain Terms.
The Incremental Term Loans shall be treated as, and shall have identical terms as, the Initial Term Loans made on the Closing Date
for all purposes under the Credit Agreement, including, without limitation, with respect to maturity, prepayments, repayments,
interest rate and other economic terms and any other provisions restricting the rights, or regarding the obligations, of the Credit
Parties, or any provisions regarding the rights of the Lenders. The Administrative Agent is hereby authorized to take all actions
with respect to Interest Periods as may be reasonably necessary to ensure that all Incremental Term Loans are included in each
outstanding Initial Term Loan on a pro rata basis, and the Administrative Agent shall be authorized to mark the Register accordingly
to reflect the amendments and adjustments set forth herein. The Administrative Agent shall record the Incremental Term Loans as
being of the same “Class” as the Initial Term Loans. To further effectuate the foregoing, the parties hereto hereby
agree that, as of the Incremental Closing Date, the Credit Agreement shall, in accordance with Section 2.25(j) of the Credit Agreement,
be amended as follows:

 

		(a)	Principal Payments. Section 2.12(a) of the Credit
Agreement shall be amended and restated in its entirety as follows:

 

		(b)	The principal amount of the Initial Term Loans (including,
for the avoidance of doubt, the Incremental Term Loans) shall be repaid in installments in the aggregate amounts set forth below
on the date correlative thereto; provided, such installments shall be reduced in connection with any voluntary or mandatory
prepayments of the Initial Term Loans (including, for the avoidance of doubt, the Incremental Term Loans) in accordance with Section
2.15:

 

	 	Installment Date	 	Installment
	 	Each March 31, June 30, September 30 and December 31 (beginning with December 31, 2018 and ending prior to the Initial Term Loan Maturity Date	 	$857,719.30
	 	Initial Term Loan Maturity Date	 	Outstanding aggregate principal amount of the Initial Term Loans (including, for the avoidance of doubt, the Incremental Term Loans)

 

		(c)	Prepayment Fees. For purposes of Section 2.11(h)
of the Credit Agreement, the Incremental Term Loans shall be considered Initial Term Loans and the words “the Closing Date”
therein shall be deleted and replaced with “April 2, 2019” (and the Credit Agreement shall be deemed so amended).

 

		(d)	MFN Protection. For purposes of Section 2.25(h)(iv)
of the Credit Agreement, the Incremental Term Loans shall be considered Initial Term Loans.

 

4. Proposed Borrowing.
This Agreement represents Borrowers’ request to borrow the Incremental Term Loans set out below from the Incremental Lender
as follows (the “Proposed Borrowing”):

 

		(a)	Incremental Term Loan: $35,000,000.00

 

		(b)	Business Day of Proposed Borrowing: October 2, 2018 (the
“Incremental Closing Date”)

 

		(c)	Interest
                                         rate option:	☐ 	i.	Base Rate Loans
	 	 	 	 	 	 
	 	 	 	ý	ii.	Eurodollar Loans with Interest Periods coterminous with those for the Initial Term Loans

 

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5. Conditions.
The effectiveness of this Agreement shall be subject to the prior or concurrent satisfaction of each of the conditions precedent
set forth in this Section 5:

 

		(a)	This Agreement, duly executed by the Incremental Lender,
the Borrowers and the Administrative Agent.

 

		(b)	A certificate of the secretary or assistant secretary (or
other officer reasonably acceptable to the Administrative Agent) of each Borrower dated the Incremental Closing Date, certifying
(A) that (i) attached thereto is a true and complete copy of each Organizational Document (or its equivalent) of such Borrower
certified (to the extent applicable) as of a recent date by the Secretary of State of the state of its organization or (ii) there
have been no changes to the Organizational Documents of such Borrower delivered to the Administrative Agent on the Closing Date,
and (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Managers of such Borrower
establishing that all necessary organizational action on the part of such Borrower has been taken, authorizing the execution,
delivery and performance of this Agreement contemplated to be entered into by such Borrower and that such resolutions and other
actions have not been modified, rescinded, supplemented, or amended and are in full force and effect.

 

		(c)	A certificate as to the good standing of each Borrower
as of a recent date, from the Secretary of State of the State of Delaware.

 

		(d)	A Counterpart Agreement under the Credit Agreement executed
and delivered by Quail Run Services, LLC, a Texas limited liability company (the “Target”).

 

		(e)	A certificate of the secretary or assistant secretary (or
other officer reasonably acceptable to the Administrative Agent) of the Target dated the Incremental Closing Date, certifying
(A) that attached thereto is a true and complete copy of each Organizational Document (or its equivalent) of the Target certified
(to the extent applicable) as of a recent date by the Secretary of State of the state of its organization, (B) that attached thereto
is a true and complete copy of resolutions duly adopted by the Board of Directors of the Target or equivalent body or Person of
the Target authorizing the execution, delivery and performance of the Credit Documents to which such Person is a party and (C)
as to the incumbency and specimen signature of each officer executing any Credit Document or any other document delivered in connection
herewith on behalf of the Target (together with a certificate of another officer as to the incumbency and specimen signature of
the secretary or assistant secretary or other officer executing the certificate in this clause (i)).

 

		(f)	A certificate as to the good standing of the Target as
of a recent date, from the Secretary of State of the State of Texas.

 

		(g)	The Collateral Agent shall have received:

 

		i.	a UCC financing statement with respect to the Target in
appropriate form for filing under the UCC in the State of Texas;

 

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		ii.	certified copies of UCC, tax and judgment lien searches,
bankruptcy and pending lawsuit searches or equivalent reports or searches, each of a recent date listing all effective financing
statements, lien notices or comparable documents that name the Target as debtor and that are filed in those state and county jurisdictions
in which the Target is organized and such other searches that the Collateral Agent deems necessary or appropriate, none of which
encumber the Collateral covered or intended to be covered by the Collateral Documents (other than Permitted Liens); and

 

		iii.	payoff letters in form and substance reasonably satisfactory
to the Administrative Agent with respect to, or other reasonably satisfactory confirmation of arrangements for the repayment of,
any existing material third-party Indebtedness of the Target (except for Indebtedness permitted to be outstanding without any
consent from the Borrowers or their affiliates under the QRS Acquisition Agreement (as defined below) or other Indebtedness permitted
to be outstanding under the Credit Agreement), together with any necessary release instruments with respect to the Liens granted
as security therefor, including UCC-3 termination statements and intellectual property security agreement releases;

 

in addition, for the avoidance
of doubt, the Credit Parties shall comply with the requirements of Section 5.11 of the Credit Agreement with respect to the Target
within the time periods set forth therein.

 

		(h)	The Administrative Agent shall have received a certificate
from the Borrowers’ insurance broker or other evidence reasonably satisfactory to it that all insurance required to be maintained
pursuant to Section 5.5(a) of the Credit Agreement is in full force and effect with respect to the Target and that the Collateral
Agent, for the benefit of the Secured Parties, has been named as additional insured and loss payee thereunder to the extent required
under Section 5.5(b) of the Credit Agreement.

 

		(i)	The Administrative Agent shall have received a certificate
from an Authorized Officer of the Borrower Representative reasonably satisfactory to it certifying and demonstrating (a) as to
the Borrowers’ Certifications in Section 7 hereof, (b) that all of the requirements set forth in Section 2.25 of the Credit
Agreement have been satisfied with respect to the Incremental Facility, such certificate to be accompanied by calculations shown
in reasonable detail to that effect and (c) that all of the requirements under the definition of “Permitted Acquisition”
set forth in the Credit Agreement have been satisfied with respect to the QRS Acquisition (as defined below).

 

		(j)	The Administrative Agent shall have received, on behalf
of itself, the other Agents, the Lenders and the Issuing Bank, a favorable written opinion of Jones Day, special counsel for the
Credit Parties, (A) dated the Incremental Closing Date, (B) addressed to the Agents, the Issuing Bank and the Lenders and (C)
covering such matters relating to this Agreement, the Credit Documents and the Joinder Agreements as the Administrative Agent
shall reasonably request.

 

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		(k)	The QRS Acquisition shall have been consummated or shall
be consummated substantially concurrently on the Incremental Closing Date, in each case in all material respects in accordance
with the terms of the QRS Acquisition Agreement, which shall be in form and substance reasonably satisfactory to the Administrative
Agent and all conditions precedent to the consummation of the QRS Acquisition, as set forth in the QRS Acquisition Agreement,
shall have been satisfied in all material respects without any waiver, amendment, supplement or modification that is materially
adverse to the Incremental Lenders unless the Administrative Agent has consented thereto, such consent not to be unreasonably
withheld or delayed. As used herein, “QRS Acquisition” shall mean the acquisition by Sprint Energy Services,
LLC of the Equity Interests of the Target, pursuant to that certain Purchase Agreement (the “QRS Acquisition Agreement”)
dated on or about the Incremental Closing Date by and between Sprint Energy Services, LLC and the members of the Target.

 

		(l)	The Administrative Agent shall have received payment of
all fees due to it and the Incremental Lender, as separately agreed, and all amounts due and payable under Section 10.2 of the
Credit Agreement, including, reimbursement or payment of all out-of-pocket expenses that are specifically required to be paid
on the Incremental Closing Date (which includes the reasonable and documented legal fees and expenses of counsel to the Administrative
Agent and the Collateral Agent), in each case, to the extent invoiced at least two (2) Business Days prior to the Incremental
Closing Date.

 

		(m)	Solely to the extent specifically requested by the Administrative
Agent of the Borrower Representative at least ten (10) days prior to the Incremental Closing Date, the Administrative Agent shall
have received not less than three (3) Business Days prior to the Incremental Closing Date all documentation and other information
required under Anti-Terrorism Laws and applicable “know-your-customer” and anti-money laundering Laws.

 

		(n)	The Administrative Agent shall have received (x) pro forma
balance sheet and income statements of Parent as of and for the twelve-month period ending on the last day of the most recently
completed four fiscal quarters for which financial statements thereof have been delivered pursuant to the Credit Agreement, prepared
after giving effect to the QRS Acquisition as if the QRS Acquisition had occurred as of such date (in the case of the balance
sheet) or at the beginning of such period (in the case of such statement of income); and (y) financial projections prepared by
the Sponsor for Parent and its subsidiaries on a quarterly basis for the first eight fiscal quarters after the Closing Date and
on an annual basis thereafter to and including 2024.

 

		(o)	The Administrative Agent shall have received a Solvency
Certificate duly executed and delivered by Parent, substantially in the form attached hereto as Exhibit A.

 

6. Incremental Lender.
The Incremental Lender acknowledges and agrees that upon its execution of this Agreement and the making of the Incremental Term
Loans that such Incremental Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and
the other Credit Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and
shall have all rights of a Lender thereunder.

 

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7. Borrowers’
Certifications. By its execution of this Agreement, each Borrower hereby certifies that:

 

		(a)	at the time of and immediately after giving effect to the
Incremental Facility and the borrowings thereunder, no Event of Default under Sections 8.1(a), 8.1(g) or 8.1(h) shall have occurred
and be continuing on such date; and

 

		(b)	each of the representations made by the Target in the QRS
Acquisition Agreement as are material to the interests of the Incremental Lenders (but only to the extent that Parent has the
right to terminate its obligations under the QRS Acquisition Agreement or decline to consummate the QRS Acquisition as a result
of a breach of such representations and warranties) (the “Acquired Business Representations”) and the Specified
Representations (as defined below) are true and correct in all material respects (provided, to the extent that any Acquired Business
Representation or any Specified Representation is qualified by or subject to a “material adverse effect”, “material
adverse change” or similar term or qualification, (x) the definition thereof shall be the definition of “Material
Adverse Effect” (as defined in the QRS Acquisition Agreement) for purposes of any Acquired Business Representation or any
Specified Representation and (y) the same shall be true and correct in all respects (as used herein, “Specified Representations”
means the representations in the Credit Agreement and this Agreement relating to (a) organizational power and authority to
enter into this Agreement; (b) due execution, delivery and enforceability of this Agreement; (c) solvency; (d) no conflicts of
this Agreement with charter documents (limited to the execution, delivery and performance of this Agreement, incurrence of the
Incremental Term Loans and the granting of the security interests in respect thereof); (e) Federal Reserve margin regulations;
(f) the Investment Company Act; (g) use of proceeds of the Incremental Facility not violating laws against sanctioned persons
(including OFAC), anti-terrorism laws (including the PATRIOT Act), anti-bribery laws (including the FCPA) and anti-money laundering
laws; (h) status of the Incremental Facility as senior debt (subject to customary Permitted Liens); and (i) the perfection and
required priority of the security interests granted in the proposed collateral (subject to permitted liens in the Credit Documents)
as set out in Section 5(g) of this Agreement)).

 

8. Notice Address.
For purposes of the Credit Agreement, the notice address of the Incremental Lender shall be as set forth in the Credit Agreement.

 

9. Recordation of
the New Loans. Upon execution and delivery hereof, Administrative Agent will record the Incremental Term Loans made by the
Incremental Lender in the Register.

 

10. Amendment, Modification
and Waiver. This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed
and delivered on behalf of each of the parties hereto.

 

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11. Entire Agreement.
This Agreement, the Credit Agreement and the other Credit Documents constitute the entire agreement among the parties with respect
to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal,
among the parties or any of them with respect to the subject matter hereof.

 

12. GOVERNING LAW.
THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING
OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

 

13. THE UNDERSIGNED
HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO THE JURISDICTION PROVISION SET FORTH IN SECTION 10.15 (CONSENT TO JURISDICTION)
OF THE CREDIT AGREEMENT AND IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY THE LAW, ANY RIGHT IT MAY HAVE TO A JURY TRIAL
IN ACCORDANCE WITH SECTION 10.16 (WAIVER OF JURY TRIAL) OF THE CREDIT AGREEMENT.

 

14. Severability.
In case any provision in or obligation hereunder shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.

 

15. Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall
be effective as delivery of a manually executed counterpart of this Agreement.

 

16. Credit Document.
This Agreement constitutes a Credit Document for all purposes of the Credit Agreement and the other Credit Documents.

 

17. Reaffirmation;
Other Agreements. Each Credit Party (i) reaffirms each Lien granted by each Credit Party to the Collateral Agent for the benefit
of the Secured Parties pursuant to the Collateral Documents and (ii) acknowledges and agrees that the grants of security interests
by the Credit Parties contained in the Credit Agreement and the Collateral Documents are, and shall remain, in full force and effect
after giving effect to this Agreement. Nothing contained in this Agreement shall be construed as substitution or novation of the
obligations outstanding under the Credit Agreement or the other Credit Documents, which shall remain in full force and effect,
except to any extent modified hereby. Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness
set forth in this Agreement, such Guarantor is not required by the terms of the Credit Agreement or any other Credit Document to
consent to the transactions contemplated by this Agreement and (ii) nothing in the Credit Agreement, this Agreement or any other
Credit Document shall be deemed to require the consent of such Guarantor to any future amendments to the Credit Agreement or the
other Credit Documents.

 

18. Reduction of
Revolving Credit Commitments. The Administrative Agent acknowledges that it has received notice under Section 2.13(b) of the
Credit Agreement to the effect that the Borrowers wish to reduce the Revolving Credit Commitments under the Credit Agreement by
$5,000,000 and upon the occurrence of the Incremental Closing Date, the aggregate amount of the Revolving Credit Commitments shall
be $35,000,000. The Administrative Agent shall be authorized to mark the Register accordingly to reflect the reduction set forth
herein.

 

[remainder of page intentionally left blank]

 

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IN WITNESS HEREOF,
each of the undersigned has caused its duly authorized officer to execute and deliver this Incremental Joinder.

 

	 	BNP PARIBAS,
	 	as Administrative Agent and Incremental Lender
	 	 	 
	 	By:	/s/ Michael Colias
	 	Name:	Michael Colias
	 	Title:	Managing Director
	 	 	 
	 	By:	/s/ David Engelson
	 	Name:	David Engelson
	 	Title:	Director

 

[Signature page to Joinder Agreement]

 

     

     

    

 

	 	NRC US HOLDING COMPANY, LLC,
	 	as a Borrower and Borrower Representative
	 	 	 
	 	By:	/s/ Glenn M. Shor
	 	Name:	Glenn M. Shor
	 	Title:	Secretary
	 	 	 
	 	SPRINT ENERGY SERVICES, LLC,
	 	as a Borrower
	 	 
	 	By:	/s/ Philip Bowman
	 	Name:	Philip Bowman
	 	Title:	Chief Financial Officer

 

[Signature page to Joinder Agreement]

 

     

     

    

 

	 	ENPRO HOLDINGS GROUP, INC.
	 	ENPRO SERVICES OF MAINE, INC.
	 	ENPRO SERVICES OF VERMONT, INC.
	 	TMC SERVICES, INC.
	 	 
	 	By:	/s/ Paul Taveira
	 	Name:	Paul Taveira
	 	Title:	President
	 	 	 
	 	PROGRESSIVE ENVIRONMENTAL
	 	SERVICES, INC.

        SOUTHERN WASTE, INC.

	 	EAGLE CONSTRUCTION AND
	 	ENVIRONMENTAL SERVICES, LLC
	 	 
	 	By:	/s/ Glenn M. Shor
	 	Name:	Glenn M. Shor
	 	Title:	Treasurer and Assistant Secretary

 

[Signature page to Joinder Agreement]

 

     

     

    

 

	 	GUARANTORS:
	 	 
	 	NRC GROUP HOLDINGS, LLC
	 	 
	 	By:	/s/ Glenn M. Shor
	 	Name:	Glenn M. Shor
	 	Title:	Assistant Secretary
	 	 	 
	 	JFL-NRC HOLDINGS, LLC
	 	NATIONAL RESPONSE CORPORATION 
	 	NRC ENVIRONMENTAL SERVICES INC.
	 	OSRV HOLDINGS, INC.
	 	NRC PAYROLL MANAGEMENT LLC 
	 	NRC ALASKA, LLC 
	 	SPECIALIZED RESPONSE SOLUTIONS, L.P.
	 	 
	 	By:	/s/ Glenn M. Shor
	 	Name:	Glenn M. Shor
	 	Title:	Secretary
	 	 	 
	 	SES HOLDCO, LLC
	 	SPRINT KARNES COUNTY DISPOSAL LLC
	 	 
	 	By:	/s/ Glenn M. Shor
	 	Name:	Glenn M. Shor
	 	Title:	Vice President

 

[Signature page to Joinder Agreement]

 

     

     

    

 

	 	NRC NY ENVIRONMENTAL SERVICES, INC.
	 	NRC EAST ENVIRONMENT AL SERVICES, INC.
	 	 	 
	 	By:	/s/ Paul Taveira
	 	Name:	Paul Taveira
	 	Title:	President and CEO

 

[Signature page to Joinder Agreement]

 

     

     

    

 

SCHEDULE A

TO JOINDER AGREEMENT

 

	Name of Incremental Lender	 	Type of Commitment	 	Amount
	BNP Paribas	 	Incremental Term Loan Commitment	 	$35,000,000.00
	 	 	 	 	Total: $35,000,000.00

 

     

     

    

 

EXHIBIT A

 

Form of Solvency Certificate

 

October [ ], 2018

 

This certificate (this “Solvency
Certificate”) is delivered pursuant the Credit and Guaranty Agreement, dated as of June 11, 2018, among NRC Group
Holdings, LLC, as Parent (“Parent”), NRC US Holding Company, LLC and Sprint Energy Services, LLC, as
borrowers (the “Borrowers”), NRC Group Holdings, LLC and certain of the Borrowers’ subsidiaries
party thereto, as Guarantors, the lenders party thereto, and BNP Paribas, as Administrative Agent and Collateral Agent (the “Credit
Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in
the Credit Agreement. The undersigned hereby certifies, solely in such undersigned’s capacity as [Chief Financial Officer/equivalent
officer] of NRC US Holding Company, LLC, acting as Borrower Representative, and not individually, as follows:

 

As of the date hereof, immediately after
giving effect to the consummation of the Transaction and the making of the Incremental Loans under the Credit Agreement on the
date hereof, and after giving effect to the application of the proceeds of such Incremental Loans:

 

a. The sum of the debt
(including contingent liabilities) of Parent and its Restricted Subsidiaries, taken as a whole, does not exceed the fair value
of the assets of Parent and its Restricted Subsidiaries, taken as a whole;

 

b. The capital of Parent
and its Restricted Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of Parent and its Restricted
Subsidiaries, taken as a whole, as such business is now conducted and is proposed to be conducted following the Incremental Closing
Date;

 

c. Parent and its Restricted
Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including current obligations and
contingent liabilities) beyond their ability to pay such debts as they mature; and

 

d. The present fair saleable
value of the assets (on a going concern basis) of Parent and its Restricted Subsidiaries, taken as a whole, is not less than the
amount that will be required to pay the probable liabilities of Parent and its Restricted Subsidiaries, taken as a whole, on their
debts as they become absolute and matured.

 

For purposes of this Solvency Certificate,
the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

     

     

    

 

EXHIBIT A

 

IN WITNESS WHEREOF, the undersigned has
executed this Solvency Certificate in such undersigned’s capacity as [chief financial officer] of NRC Group Holdings, LLC
and not individually, as of the date first stated above.

 

NRC GROUP HOLDINGS, LLC

 

	By:	 	 
	Name:	 	 
	Title:Exhibit
10.4

  

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of July 18, 2018 (the “Effective Date”),
between NRC Group Holdings, LLC, a Delaware limited liability company (the “Company”), and Christian T. Swinbank
(“Executive”) and supersedes and replaces in its entirety that certain employment agreement executed by Executive
and Sprint Energy Services, LLC on May 5, 2015 (the “Prior Employment Agreement”).

 

In
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.
Certain Definitions. Certain words or phrases used herein with initial capital letters shall have the meanings set forth
in Section 8.

 

2.
Employment. The Company shall employ Executive, and Executive accepts such employment with the Company, upon the terms
and conditions set forth in this Agreement for the period beginning on the Effective Date and ending as provided in Section
5 hereof (the “Employment Period”). Notwithstanding anything in this Agreement to the contrary, Executive
will be an at-will employee of the Company and Executive or the Company may terminate Executive’s employment with the Company
for any reason or no reason at any time.

 

3.
Position and Duties.

 

(a)
During the Employment Period, Executive shall serve as the Chief Executive Officer of the Company and shall have the normal duties,
responsibilities and authority of an executive serving in such position, subject to the power of the Board of Managers of JFL-NRC-SES
Partners, LLC (the “Board”) to expand or limit such duties, responsibilities and authority, either generally
or in specific instances. Executive’s duties shall also include providing services to the Company’s direct and indirect
subsidiaries in addition to the Company. For so long as Executive holds the position of Chief Executive Officer of the Company,
the Company shall use its good faith efforts to nominate Executive for election to the Board and procure his election to the Board
at any applicable meeting of stockholders held for the purpose of electing directors, and Executive agrees to serve on the Board.
Executive will not receive additional compensation for service as a member of the Board. Effective as of the date of any termination
of employment, Executive hereby agrees to tender his resignation from, will be deemed to have automatically resigned from, all
offices and directorships held at the Company and any of its subsidiaries or affiliates at the date of such termination, including
the position of Chief Executive Officer and any position Executive may hold on the Board.

 

(b)
During the Employment Period, Executive shall report to the Board.

 

(c)
During the Employment Period, Executive shall devote Executive’s reasonable best efforts and Executive’s full business
time and attention (except for permitted paid time off periods and reasonable periods of illness or other incapacity) to the business
and affairs of the Company, its subsidiaries and affiliates; provided, however, that Executive may (i) engage
in charitable and civic activities, (ii) manage his personal and family finances and passive investments, and (iii) subject to
the approval of the Nominating and Corporate Governance Committee of the Board which shall not be unreasonably withheld, serve
on at least one board of directors for other public or private companies, so long as such activities do not compete with the Company’s
Business or materially interfere, individually or in the aggregate, with the performance of his duties hereunder.

 

     

     

    

  

(d)
Executive shall perform Executive’s duties and responsibilities to the best of Executive’s abilities in a diligent,
trustworthy, businesslike and efficient manner.

 

4.
Compensation and Benefits.

 

(a)
Salary. During the Employment Period, the Company agrees to pay Executive a salary in installments based on the Company’s
practices as may be in effect from time to time. Executive’s initial salary shall be at the rate of $412,000 per year (the
“Base Salary”). The Base Salary shall be reviewed by the Compensation Committee of the Board (the “Compensation
Committee”) in accordance with the Company’s policies and practices, but not less frequently than once annually,
and may be increased but not decreased (unless agreed to in writing by Executive). To the extent applicable, the term “Base
Salary” shall include any such increases (or decreases agreed to in writing by Executive) to the Base Salary provided above.

 

(b)
Annual Bonus. During the Employment Period, Executive will be eligible for discretionary annual bonus compensation, with
the actual payout to be determined based on the achievement of goals determined by the Compensation Committee annually. For calendar
year 2019, the target annual bonus amount shall equal 100% of Executive’s Base Salary and for years subsequent to calendar
year 2019 the target annual bonus amount shall be determined by the Compensation Committee based on its review of the competitive
market and other relevant considerations, and the actual payout may be less than or greater than the target annual bonus amount
based on the achievement of the annual performance goals established by the Compensation Committee. To the extent applicable,
the term “Target Annual Bonus” shall mean the target annual bonus established by the Compensation Committee with respect
to a particular year. Except as otherwise provided herein, Executive will be required to be employed by the Company through the
date on which the annual bonus is paid in order to be eligible to receive the annual bonus payment under this Section 4(b).
The annual bonus, if any, will be paid by no later than March 15th of the year following the year to which it relates.

 

(c)
Paid Time Off. During the Employment Period, Executive shall be entitled to 20 days of paid time off during each calendar
year. Any accrued paid time off that is not used in the calendar year in which it is earned will not be eligible to be carried
forward to, or otherwise used in, any subsequent calendar year.

 

(d)
Holidays. During the Employment Period, Executive shall be entitled to holidays consistent with the Company’s current
policy, which may be amended from time to time.

 

(e)
Standard Benefits Package. Executive shall be entitled during the Employment Period to participate, on the same basis as
other senior executive employees of the Company, in the Company’s Standard Benefits Package. The Company’s “Standard
Benefits Package” means those benefits (including insurance and other benefits, but excluding, except as hereinafter
provided in Sections 6(b), 6(c), 6(d), if applicable, any severance pay program or policy of the Company)
for which substantially all similarly situated employees of the Company are from time to time generally eligible, as determined
from time to time by the Board and/or Compensation Committee.

 

    	 	2	 

     

    

  

(f)
Incentive Compensation. With respect to each calendar year during the Employment Period, Executive shall be eligible to
participate in any incentive compensation programs generally made available to senior executives of the Company at a level commensurate
with his position in accordance with and subject to the terms of such plan.

 

(g)
Expense Reimbursement. The Company shall reimburse Executive for all reasonable expenses incurred by Executive during the
Employment Period in the course of performing Executive’s duties under this Agreement that are incurred in accordance with
the Company’s policies as in effect from time to time with respect to travel, entertainment and other business expenses,
subject to the Company’s requirements applicable generally with respect to reporting and documentation of such expenses.
Any such reimbursement of expenses shall be made by the Company upon or as soon as practicable following receipt of such documentation
(but in any event not later than the close of the taxable year following the taxable year in which the expense is incurred by
Executive).

 

5.
Employment Period.

 

(a)
Except as hereinafter provided, the Employment Period shall continue until, and shall end upon, the third anniversary of the Effective
Date (the “Initial Term”).

 

(b)
On the third anniversary of the Effective Date and, after the Initial Term, on such third anniversary and each annual anniversary
of such date thereafter, unless the Employment Period shall have ended pursuant to Section 5(c) below or the Company or
Executive shall have given the other party at least 60 days’ written notice that the Employment Period will not be extended,
the Employment Period shall be extended for an additional one-year period.

 

(c)
Notwithstanding Sections 5(a) or 5(b) above, the Employment Period shall end early upon the first to occur of any
of the following events:

 

(i)
Executive’s death;

 

(ii)
the Company’s termination of Executive’s employment due to Permanent Disability;

 

(iii)
a Termination For Cause;

 

(iv)
a Termination Without Cause;

 

(v)
a Termination With Good Reason; or

 

(vi)
a Voluntary Termination.

 

    	 	3	 

     

    

  

6.
Post-Employment Payments.

 

(a)
At the end of Executive’s employment for any reason, Executive shall cease to have any ongoing rights to salary, equity
awards, expense reimbursements or other benefits, except that Executive shall be entitled to (i) any Base Salary which has accrued
but is unpaid, (ii) any reimbursable expenses which have been incurred but are unpaid, (iii) and any paid time off days which
have accrued pursuant to the Company’s paid time off policy, as in effect from time to time, but are unused, as of the end
of the Employment Period, (iv) any option or other equity-grant rights or plan benefits which by their terms extend beyond termination
of Executive’s employment (but only to the extent provided in any option or equity grant theretofore granted to Executive
or any other benefit plan in which Executive has participated as an employee of the Company and excluding, except as hereinafter
provided in Sections 6(b), 6(c), 6(d), if applicable, and any severance pay program or policy of the Company)
and (vi) any benefits to which Executive is entitled under Part 6 of Subtitle B of Title I of the Employee Retirement Income Security
Act of 1974, as amended (“COBRA”). In addition, Executive shall be entitled to the additional amounts described
in Sections 6(b), 6(c), and 6(d), if applicable, in the circumstances described in such Sections.

 

(b)
If the Employment Period ends pursuant to Section 5 on account of a Termination Without Cause or a Termination With Good
Reason, and such termination is not in connection with or following a Change in Control, as provided in Section 6(c), the
Company shall pay Executive an amount equal to 150% of the sum of his Base Salary plus 100% of his Target Annual Bonus at the
time of such termination. Such amount shall be paid in equal installments over the 18 month period following Executive’s
termination of employment in accordance with the Company’s normal payroll practices; provided, however, that
any amount due under this sentence during the 60-day period following such termination shall not be paid during such 60-day period
but instead shall be paid on the 60th day following such termination of employment.

 

(c)
If, (i) during the 24-month period following a Change in Control the Employment Period ends pursuant to Section 5 on account
of a Termination Without Cause or a Termination With Good Reason or (ii) during the 3-month period preceding a Change in Control,
the Employment Period ends pursuant to Section 5 on account of a Termination Without Cause, then the Company shall pay
Executive an amount equal to 200% of the sum of his Base Salary plus 100% of his Target Annual Bonus at the time of such termination.
Such amount shall be paid in equal installments over the 24-month period following Executive’s termination of employment
in accordance with the Company’s normal payroll practices; provided, however, that any amount due under this
sentence during the 60-day period following such termination shall not be paid during such 60-day period but instead shall be
paid on the 60th day following such termination of employment; provided further that, if the Employment Period ends pursuant to
Section 5 on account of a Termination Without Cause prior to a Change in Control, payments shall be made under Section
6(b) above but with benefit levels increased to reflect the amounts provided for in this section and with the additional severance
benefits for the months preceding the Change in Control to be made within 30 days after the date the Change in Control is ultimately
consummated.

 

    	 	4	 

     

    

  

(d)
If the Employment Period ends pursuant to Section 5 on account of a Termination Without Cause or Termination With Good
Reason, regardless of whether such termination occurs in connection with or following a Change in Control, if Executive elects
continuation coverage under the Company’s medical plan pursuant to COBRA, the Company shall reimburse Executive for the
full amount of Executive’s COBRA premium payments for such coverage and his eligible dependents until the earlier of (x)
Executive’s eligibility for any such coverage under another employer’s or any other medical plan, (y) the date that
is 18 months following the termination of Executive’s employment or (z) the date Executive is no longer eligible to receive
COBRA continuation coverage. The Company shall make any such reimbursement within 30 days following receipt of evidence from Executive
of Executive’s payment of the COBRA premium, provided that Executive has submitted evidence of the payment within 60 days
following the date on which the payment is made.

 

(e)
It is expressly understood that the Company’s payment obligations under Sections 6(b), 6(c) or 6(d),
if applicable, shall cease in the event Executive breaches in any material respect any of the agreements in Section 7.
Each payment under Sections 6(b), 6(c) or 6(d), if applicable, shall be considered a separate payment and
not one of a series of payments for purposes of Section 409A.

 

(f)
Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment
and such amounts shall not be reduced whether or not Executive obtains other employment. Any severance payments payable under
this Agreement shall not be reduced or offset by any claim the Company may have against Executive.

 

(g)
Release. Notwithstanding anything herein to the contrary, the Company shall not be obligated to make any payment under
Sections 6(b), 6(c) or 6(d), if applicable, unless (i) prior to the 60th day following the Termination
Without Cause or Termination With Good Reason, Executive executes a release of all current or future claims, known or unknown,
arising on or before the date of the release against the Company and its subsidiaries and the directors, officers, employees and
affiliates of any of them, in a form provided by the Company, and (ii) any applicable revocation period has expired during such
60-day period without Executive revoking such release.

 

7.
Competitive Activity; Confidentiality; Non-solicitation.

 

(a)
Acknowledgements and Agreements. Executive hereby acknowledges and agrees that in the performance of Executive’s
duties to the Company during the Employment Period, Executive will be brought into frequent contact with existing and potential
customers of the Company throughout the world. Executive also agrees that trade secrets and Confidential Information of the Company,
more fully described in Section 7(e)(i), gained by Executive during Executive’s association with the Company, have
been developed by the Company through substantial expenditures of time, effort and money and constitute valuable and unique property
of the Company. Executive further understands and agrees that the foregoing makes it necessary for the protection of the Company’s
Business that Executive not compete with the Company during his employment with the Company, and not compete with the Company
for a reasonable period thereafter, as further provided in the following Sections.

 

    	 	5	 

     

    

  

(b)
Covenants.

 

(i)
Covenants During Employment. While employed by the Company, Executive will not compete with the Company anywhere in the
world. In accordance with this restriction, but without limiting its terms, while employed by the Company, Executive will not:

 

(A)
perform services for, enter into or engage in any business which competes with, engages in or proposes to engage in the Company’s
Business;

 

(B)
solicit customers, business, patronage or orders for, or sell any products or services in competition with, any business that
competes with, engages in or proposes to engage in the Company’s Business;

 

(C)
solicit, divert, entice or otherwise take away any customers, business, patronage or orders of the Company, or attempt to do so;
or

 

(D)
promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in
any business which competes with, engages in or proposes to engage in the Company’s Business.

 

(ii)
Covenants Following Termination. For a period of 18 months following the termination of Executive’s employment (for
any reason), Executive shall not:

 

(A)
perform services for, enter into or engage in any business which competes with, engages in or proposes to engage in the Company’s
Business within the Restricted Territory;

 

(B)
solicit customers, business, patronage or orders for, or sell any products and services in competition with, any business, wherever
located, that competes with, engages in or proposes to engage in the Company’s Business within the Restricted Territory;

 

(C)
solicit, divert, entice or otherwise take away any customers, business, patronage or orders of the Company within the Restricted
Territory, or attempt to do so; or

 

(D)
promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in
any business which competes with, engages in or proposes to engage in the Company’s Business within the Restricted Territory.

 

(iii)
Indirect Competition. For the purposes of Sections 7(b)(i) and (ii) inclusive, but without limitation thereof,
Executive will be in violation thereof if Executive engages in any or all of the activities set forth therein directly as an individual
on Executive’s own account, or indirectly as a partner, joint venturer, employee, agent, salesperson, consultant, officer
and/or director of any firm, association, partnership, corporation or other entity, or as a stockholder of any corporation (or
owner of any other type of equity interest in any entity) in which Executive or Executive’s spouse, child or parent owns,
directly or indirectly, individually or in the aggregate, more than 1% of the outstanding stock or other equity interests.

 

    	 	6	 

     

    

  

(iv)
If it is judicially determined that Executive has violated this Section 7(b), then the period applicable to each obligation
that Executive has been determined to have violated shall be automatically extended by a period of time equal in length to the
period during which such violation(s) occurred, subject to applicable law.

 

(c)
The Company. For purposes of this Section 7, the Company shall include any and all direct and indirect subsidiary,
parent, affiliated, or related companies of the Company for which Executive worked or had responsibility at the time of termination
of his employment and at any time during the two-year period prior to such termination.

 

(d)
Non-Solicitation; Non-Association. Executive will not directly or indirectly at any time during the period of Executive’s
employment, or for a period of 18 months following a termination of Executive’s employment (for any reason), attempt to
disrupt, damage, impair or interfere with the Company’s Business by raiding or attempting to raid any of the Company’s
employees, soliciting, inducing or attempting to persuade any of them to resign from their employment by the Company or associating
with any of them for the purpose of encouraging them to resign from their employment by the Company, or by disrupting or attempting
to impede the relationship between the Company and any of its consultants, agents, representatives or vendors. Executive acknowledges
that this covenant is necessary to enable the Company to maintain a stable workforce and remain in business.

 

(e)
Further Covenants.

 

(i)
Executive will keep in strict confidence, and will not, directly or indirectly, at any time, during or after Executive’s
employment with the Company, disclose, furnish, disseminate, make available or, except in the course of performing Executive’s
duties of employment, use any trade secrets or confidential business and technical information of the Company or its customers
or vendors, without limitation as to when or how Executive may have acquired such information (“Confidential Information”),
except (A) as required in the performance of his duties to the Company, (B) to the extent that Executive is required by law, or
requested by subpoena, court order or governmental, regulatory or self-regulatory body with apparent authority to disclose any
Confidential Information (provided that in such case, Executive shall (x) provide the Board, to the extent legally permitted,
with notice as soon as practicable following such request that such disclosure has been requested or is or may be required, (y)
reasonably cooperate with the Company, at the Company’s expense, in protecting, to the maximum extent legally permitted,
the confidential or proprietary nature of such Confidential Information, and (z) disclose only that Confidential Information which
he is legally required to disclose), (C) disclosing information that has been or is hereafter made public through no act or omission
of Executive in violation of this Agreement or any other confidentiality obligation or duty owed to the Company, (D) disclosing
information and documents to his attorney or tax adviser for the purpose of securing legal or tax advice (provided that such advisors
agree to keep such information confidential), or (E) disclosing information and documents to the extent reasonably appropriate
(and subject to a protective order to the extent applicable) in connection with any litigation between Executive and the Company.
Such Confidential Information shall include, without limitation, the Company’s unique selling, manufacturing and servicing
methods and business techniques, training, service and business manuals, promotional materials, training courses and other training
and instructional materials, vendor and product information, customer and prospective customer lists, other customer and prospective
customer information and other business information. Executive specifically acknowledges that all such Confidential Information,
whether reduced to writing, maintained on any form of electronic media, or maintained in the mind or memory of Executive and whether
compiled by the Company, and/or Executive, derives independent economic value from not being readily known to or ascertainable
by proper means by others who can obtain economic value from its disclosure or use, that reasonable efforts have been made by
the Company to maintain the secrecy of such information, that such information is the sole property of the Company and that any
retention and use of such information by Executive during Executive’s employment with the Company (except in the course
of performing Executive’s duties and obligations to the Company) or after the Termination of Executive’s employment
shall constitute a misappropriation of the Company’s trade secrets. Nothing in this Agreement prevents Executive from providing,
without prior notice to the Company, information to governmental or administrative authorities regarding possible violations of
law or otherwise testifying or participating in any investigation or proceeding by any governmental or administrative authorities
regarding possible violations of law, and for purpose of clarity, Executive is not prohibited from providing information voluntarily
to the Securities and Exchange Commission pursuant to Section 21F of the Exchange Act.

 

    	 	7	 

     

    

  

(ii)
Executive agrees that upon termination of Executive’s employment with the Company, for any reason, Executive shall return
to the Company, in good condition, all property of the Company, including the originals and all copies of any materials which
contain, reflect, summarize, describe, analyze or refer or relate to any items of information listed in Section 7(e)(i).
In the event that such items are not so returned, the Company will have the right to charge Executive for all reasonable damages,
costs, attorneys’ fees and other expenses incurred in searching for, taking, removing and/or recovering such property. Notwithstanding
the foregoing, Executive shall be permitted to retain or copy (A) his personal contacts, calendar and personal correspondence,
and (B) any documents or information related to his compensation or reasonably needed for Executive’s tax purposes.

 

(iii)
U.S. Defend Trade Secrets Act Notice of Immunity. The U.S. Defend Trade Secrets Act of 2016 (“DTSA”)
provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the
disclosure of a trade secret that (A) is made (1) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law or
(B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition,
the DTSA provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of
law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding,
if the individual (x) files any document containing the trade secret under seal and (y) does not disclose the trade secret, except
pursuant to court order.

 

    	 	8	 

     

    

 

(f)
Discoveries and Inventions; Work Made for Hire.

 

(i)
Executive agrees that upon conception and/or development of any idea, discovery, invention, improvement, software, writing or
other material or design that: (A) relates to the business of the Company, or (B) relates to the Company’s actual or
demonstrably anticipated research or development, or (C) results from any work performed by Executive for the Company, Executive
will assign to the Company the entire right, title and interest in and to any such idea, discovery, invention, improvement, software,
writing or other material or design. Executive has no obligation to assign any idea, discovery, invention, improvement, software,
writing or other material or design that Executive conceives and/or develops entirely on Executive’s own time without using
the Company’s equipment, supplies, facilities, or trade secret information unless the idea, discovery, invention, improvement,
software, writing or other material or design either: (x) relates to the business of the Company, or (y) relates to the Company’s
actual or demonstrably anticipated research or development, or (2) results from any work performed by Executive for the Company.
Executive agrees that any idea, discovery, invention, improvement, software, writing or other material or design that relates
to the business of the Company or relates to the Company’s actual or demonstrably anticipated research or development which
is conceived or suggested by Executive, either solely or jointly with others, within one year following termination of Executive’s
employment under this Agreement or any successor agreements shall be presumed to have been so made, conceived or suggested in
the course of such employment with the use of the Company’s equipment, supplies, facilities, and/or trade secrets.

 

(ii)
In order to determine the rights of Executive and the Company in any idea, discovery, invention, improvement, software, writing
or other material, and to insure the protection of the same, Executive agrees that during Executive’s employment, and, to
the extent related to the Company’s Business, for one year after termination of Executive’s employment under this
Agreement or any successor agreement, Executive will disclose immediately and fully to the Company any idea, discovery, invention,
improvement, software, writing or other material or design conceived, made or developed by Executive solely or jointly with others.
The Company agrees to keep any such disclosures confidential. Executive also agrees during Executive’s employment, and,
to the extent related to the Company’s Business, for one year after termination of Executive’s employment under this
Agreement or any successor agreement, to record descriptions of all work in the manner directed by the Company and agrees that
all such records and copies, samples and experimental materials will be the exclusive property of the Company. Executive agrees
that at the request of and without charge to the Company, but at the Company’s expense, Executive will execute a written
assignment of the idea, discovery, invention, improvement, software, writing or other material or design to the Company and will
assign to the Company any application for letters patent or for trademark registration made thereon, and to any common-law or
statutory copyright therein; and that Executive will do whatever may be necessary or desirable to enable the Company to secure
any patent, trademark, copyright, or other property right therein in the United States and in any foreign country, and any division,
renewal, continuation, or continuation in part thereof, or for any reissue of any patent issued thereon. In the event the Company
is unable, after reasonable effort, and in any event after ten business days, to secure Executive’s signature on a written
assignment to the Company of any application for letters patent or to any common-law or statutory copyright or other property
right therein, whether because of Executive’s physical or mental incapacity or for any other reason whatsoever, Executive
irrevocably designates and appoints the Corporate Secretary of the Company as Executive’s attorney-in-fact to act on Executive’s
behalf to execute and file any such application and to do all other lawfully permitted acts to further the prosecution and issuance
of such letters patent, copyright or trademark.

 

    	 	9	 

     

    

  

(iii)
Executive acknowledges that, to the extent permitted by law, all work papers, reports, documentation, drawings, photographs, negatives,
tapes and masters therefor, prototypes and other materials (hereinafter, “items”), including any and all such
items generated and maintained on any form of electronic media, generated by Executive during Executive’s employment with
the Company shall be considered a “work made for hire” and that ownership of any and all copyrights in any and all
such items shall belong to the Company. The item will recognize the Company as the copyright owner, will contain all proper copyright
notices, e.g., “(creation date) NRC Group Holdings, LLC, All Rights Reserved,” and will be in condition to be registered
or otherwise placed in compliance with registration or other statutory requirements throughout the world.

 

(g)
Communication of Contents of Agreement. While employed by the Company and during the period of time Executive is bound
by the non-compete obligation in Section 7(b)(ii), Executive will communicate the contents of Section 7 to any person,
firm, association, partnership, corporation or other entity that Executive intends to be employed by, associated with, or represent.

 

(h)
Confidentiality Agreements. Executive agrees that Executive shall not disclose to the Company or induce the Company to
use any secret or confidential information belonging to Executive’s former employers. Except as indicated, Executive warrants
that Executive is not bound by the terms of a confidentiality agreement or other agreement with a third party that would preclude
or limit Executive’s right to work for the Company and/or to disclose to the Company any ideas, inventions, discoveries,
improvements or designs or other information that may be conceived during employment with the Company. Executive agrees to provide
the Company with a copy of any and all agreements with a third party that preclude or limit Executive’s right to make disclosures
or to engage in any other activities contemplated by Executive’s employment with the Company.

 

(i)
Relief. Executive acknowledges and agrees that the remedy at law available to the Company for breach of any of Executive’s
obligations under this Agreement would be inadequate. Executive therefore agrees that, in addition to any other rights or remedies
that the Company may have at law or in equity, temporary and permanent injunctive relief may be granted in any proceeding which
may be brought to enforce any provision contained in Sections 7(b), 7(d), 7(e), 7(f), 7(g)
and 7(h) inclusive, without the necessity of proof of actual damage.

 

(j)
Reasonableness. Executive acknowledges that Executive’s obligations under this Section 7 are reasonable in
the context of the nature of the Company’s Business and the competitive injuries likely to be sustained by the Company if
Executive were to violate such obligations. Executive further acknowledges that this Agreement is made in consideration of, and
is adequately supported by the agreement of the Company to perform its obligations under this Agreement and by other consideration,
which Executive acknowledges constitutes good, valuable and sufficient consideration. It is the desire and intent of the parties
hereto that the provisions of this Agreement shall be enforced to the fullest extent legally-permissible. Accordingly, if any
particular provision(s) of this Agreement shall be adjudicated to be invalid or unenforceable, the court may, in its discretion,
modify or sever such provision(s), such modification or deletion to apply only with respect to the operation of such provision(s)
in the particular jurisdiction in which such adjudication is made. In addition, if any one or more of the provisions contained
in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject,
it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as
it shall then appear. The remaining provisions of this Agreement shall remain in full force and effect.

 

    	 	10	 

     

    

  

8.
Definitions.

 

(a)
“Affiliate” means any Person that directly or indirectly controls, is controlled by, or is under common control
with the Company. The term “control” (including with the correlative meaning, the terms “controlled by”
and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other
securities, by contract, or otherwise.

 

(b)
“Change in Control” means the occurrence of any of the following events:

 

(i)
the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
35% or more of either: (A) the then-outstanding common equity interests of the Company (the “Common Shares”);
or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election
of directors or managers, as applicable (“Voting Shares”); provided, however, that for purposes
of this subsection (i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from
the Company; (2) any acquisition by the Company or any Affiliates; (3) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Affiliates; or (4) any acquisition by any Person pursuant to a transaction
which complies with clauses (A), (B) and (C) of subsection (iii); or

 

(ii)
individuals who, as of the Effective Date (or, in the event the HCAC Transaction is consummated, as of immediately following the
consummation of the HCAC Transaction), constitute the Board (the “Incumbent Board”) cease for any reason (other
than death or disability) to constitute at least a majority of the Board during any 12-month period; provided, however,
that any individual becoming a director subsequent to the Effective Date (or, in the event the HCAC Transaction is consummated,
as of immediately following the consummation of the HCAC Transaction) whose election, or nomination for election by the Company’s
equityholders, was approved by a vote or the approval of at least a majority of the directors then comprising the Incumbent Board
(either by a specific vote or written action or by approval of the proxy statement of the Company in which such person is named
as a nominee for director, without objection to such nomination) shall be considered as though such individual were a member of
the Incumbent Board, but excluding for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 

    	 	11	 

     

    

  

(iii)
consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets
of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (A) all
or substantially all of the Persons who were the beneficial owners, respectively, of the Common Shares and Voting Shares immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 66-2/3% of, respectively, the then-outstanding
common shares and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election
of directors, as the case may be, of the entity resulting from such Business Combination (including an entity which as a result
of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one
or more subsidiaries) in substantially the same proportions relative to each other as their ownership, immediately prior to such
Business Combination, of the Common Shares and Voting Shares of the Company, as the case may be, (B) no Person (excluding any
entity resulting from such Business Combination or any employee benefit plan (or related trust) sponsored or maintained by the
Company or any Affiliate or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30%
or more of, respectively, the then-outstanding common equity securities of the entity resulting from such Business Combination,
or the combined voting power of the then-outstanding voting securities of such entity except to the extent that such ownership
existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors or managers, as
applicable, of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution
of the initial agreement, or of the action of the Board, providing for such Business Combination; or

 

(iv)
approval by the equityholders of the Company of a complete liquidation or dissolution of the Company.

 

Notwithstanding
anything herein to the contrary, in no event will (i) the HCAC Transaction or entry into any definitive transaction agreement
related thereto be deemed to be a Change in Control or (ii) the disposition of any portion of JFL-NRC-SES Partners, LLC’s
ownership interest in the Company be deemed to be a Change in Control.

 

(c)
“Company’s Business” means providing comprehensive environmental, compliance and waste management services
to the marine and rail transportation, general industrial and upstream and midstream energy markets and any other business that
the Company conducts (as advertised on the Company’s website or as described in any other marketing materials of the Company)
from time to time during the Employment Period.

 

(d)
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder,
as such laws, rules and regulations may be amended from time to time.

 

(e)
“HCAC” means Hennessey Capital Acquisition Corp. III, a Delaware corporation.

 

(f)
“HCAC Transaction” means the acquisition by HCAC of all of the equity securities of NRC Group Holdings, LLC.

 

    	 	12	 

     

    

  

(g)
“Permanent Disability” means that Executive, because of accident, injury, disability, or physical or mental
illness, is incapable of performing Executive’s duties to the Company or any subsidiary, as determined by the Board. Notwithstanding
the foregoing, Executive will be deemed to have become incapable of performing Executive’s duties to the Company or any
subsidiary, if Executive is incapable of so doing for (i) a continuous period of 120 days and remains so incapable at the end
of such 120 day period or (ii) periods amounting in the aggregate to 180 days within any one period of 365 days and remains so
incapable at the end of such aggregate period of 180 days.

 

(h)
“Restricted Territory” means: (i) the United States; and/or (ii) locations where services were provided for
all of the specific customer accounts, whether within or outside of the geographic area described in (i) above, with which Executive
had any contact or for which Executive had any responsibility (either direct or supervisory) at the time of termination of Executive’s
employment and at any time during the two year period prior to such termination.

 

(i)
“Termination For Cause” means the termination by the Company of Executive’s employment as a result of:
(i) Executive’s indictment (or other criminal charge against Executive) for a felony or any crime involving moral turpitude,
or Executive’s commission of fraud, breach of fiduciary duty, theft, embezzlement or crime against the Company or any subsidiary
or affiliate of the Company or any customer of the Company, its subsidiaries or affiliates, (ii) conduct by Executive that brings
the Company or any subsidiary or affiliate of the Company into public disgrace or disrepute, (iii) Executive’s gross negligence
or willful misconduct with respect to the Company or any subsidiary or affiliate of the Company or in the performance of Executive’s
duties and services required for Executive’s position with the Company, which, if curable, is not cured within 10 days after
written notice thereof to Executive, (iv) Executive’s insubordination to, or failure to follow, the lawful directions
of the Board, which, if curable, is not cured within 10 days after written notice thereof to Executive, (v) Executive’s
material violation of Section 7, (vi) Executive’s breach of a material employment policy of the Company which, if
curable, is not cured within ten days after written notice thereof to Executive (including, without limitation, the Company’s
code of ethics and insider trading policy), (vii) the abuse of any controlled substance or of alcohol or any other non-controlled
substance which the Company determines renders Executive unfit to serve in Executive’s capacity as Chief Executive Officer
of the Company, or (viii) any other material breach by Executive of this Agreement or any other agreement with the Company or
any subsidiary or affiliate, which, if curable, is not cured within 30 days after written notice thereof to Executive. Notwithstanding
the foregoing, no termination by the Company shall constitute a “Termination For Cause” unless (A) the Company
provides Executive reasonable written notice of its intent to terminate Executive by reason of a Termination For Cause, which
such notice must include a statement that a majority of the Board has determined in good faith that an event described in clause
(i), (ii), (iii), (iv), (v), (vi), (vii) or (viii) exists and (B) Executive
is given reasonable opportunity during the 30 day period after receiving the notice described in the preceding clause to be heard
by the Board with Executive’s legal counsel.

 

(j)
“Termination With Good Reason” means a termination by Executive of Executive’s employment with the Company
after: (i) a decrease of 10% or more in either the Base Salary or the Target Annual Bonus, other than as part of an across-the-board
reduction applicable to all Company executives, (ii) the material diminution in Executive’s position, duties, authority,
reporting or responsibilities, (iii) any material breach of this Agreement or any equity agreement by the Company (including the
failure of the Company to satisfy the last sentence of Section 16), or (iv) the involuntary relocation of Executive’s
principal place of employment to a location more than 35 miles beyond Executive’s principal place of employment as of the
Effective Date. Notwithstanding the foregoing, no termination of employment by Executive shall constitute a “Termination
With Good Reason” unless (A) Executive gives the Company notice of the existence of an event described in clause (i),
(ii), (iii) or (iv) above, within 60 days following the occurrence thereof, (B) the Company does not remedy
such event described in clause (i), (ii), or (iv) above, as applicable, within 30 days of receiving the notice
described in the preceding clause (A), and (C) Executive terminates employment within 30 days of the end of the cure period
specified in clause (B), above.

 

    	 	13	 

     

    

  

(k)
“Termination Without Cause” means the termination by the Company or any subsidiary of Executive’s employment
with the Company or any subsidiary for any reason other than a termination for death, Permanent Disability or a Termination For
Cause and shall not include the Company’s giving notice pursuant to Section 5(b) that the Employment Period will
not be extended.

 

(l)
“Voluntary Termination” means Executive’s Termination of Executive’s employment with the Company
or any subsidiary for any reason, other than a Termination With Good Reason (it being understood that Executive may voluntarily
resign his employment at any period after the Effective Date).

 

9.
Non-Disparagement. Executive agrees not to disparage the Company, any of its products or practices, or any of its directors,
officers, agents, representatives, partners, members, or affiliates, either orally or in writing, at any time, and the Company
shall use its commercially reasonable best efforts to not disparage, and shall instruct its directors and executive officers not
to disparage, Executive, either orally or in writing, at any time; provided, however, that Executive and the Company
(and its directors and executive officers) may confer in confidence with their respective legal representatives and make truthful
statements as required by law, or by governmental, regulatory or self-regulatory investigations or as truthful testimony in connection
with any litigation involving Executive and the Company. During the Employment Period, this Section 9 shall only apply
to public statements or private statements that are reasonably likely to become public as a result of publication by the Company
via the internet or via communication by the Company to any person or entity that is a member of, employed or engaged by, or directly
connected to any broadcast or other media.

 

10.
Survival. Subject to any limits on applicability contained therein, Section 7 shall survive and continue in full
force in accordance with its terms notwithstanding any termination of the Employment Period.

 

11.
Taxes. The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as
the Company is required to withhold pursuant to any applicable law, regulation or ruling. Notwithstanding any other provision
of this Agreement, the Company shall not be obligated to guarantee any particular tax result for Executive with respect to any
payment provided to Executive hereunder, and Executive shall be responsible for any taxes imposed on Executive with respect to
any such payment.

 

12.
Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent by
reputable overnight carrier or mailed by first class mail, return receipt requested, to the recipient at the address below indicated:

 

Notices to Executive:

 

At
the address contained in the Company’s payroll records

 

Notices to the Company:

 

NRC
Group Holdings, LLC 
 3500 Sunrise Highway

Suite 200, Building 200
 Great
River, New York 11739

 

or
such other address or to the attention of such other person as the recipient party shall have specified by prior written notice
to the sending party. Any notice under this Agreement will be deemed to have been given when so delivered.

 

13.
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be invalid or unenforceable in any respect under
any applicable law, such invalidity or unenforceability shall not affect any other provision, but this Agreement shall be reformed,
construed and enforced as if such invalid or unenforceable provision had never been contained herein.

 

14.
Complete Agreement. This Agreement embodies the complete agreement and understanding between the parties with respect to
the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or between the
parties, written or oral which may have related to the subject matter hereof in any way, including the Prior Employment Agreement.

 

15.
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original
and both of which taken together shall constitute one and the same agreement.

 

16.
Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by Executive, the Company
and their respective heirs, executors, personal representatives, successors and assigns, except that neither party may assign
any rights or delegate any obligations hereunder without the prior written consent of the other party. Executive hereby consents
to the assignment by the Company of all of its rights and obligations hereunder to any successor to the Company by merger or consolidation
or purchase of all or substantially all of the Company’s assets, provided such transferee or successor assumes the
liabilities of the Company hereunder. The Company shall require any successor to all or substantially all of its assets (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to assume expressly and agree to perform this Agreement in
the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.
Upon consummation of the HCAC Transaction, this Agreement shall be assigned by the Company to HCAC and all references to (a) the
“Company” shall refer to HCAC or its successors and (b) the “Board” shall be to the Board of Directors
of HCAC.

 

    	 	14	 

     

    

  

17.
Choice of Law/Dispute Resolution. This Agreement shall be governed by, and construed in accordance with, the internal,
substantive laws of the State of Texas. Any dispute or controversy arising under, out of, or in connection with this Agreement
(other than Section 7) shall, at the election and upon written demand of either party, be finally determined and settled
by binding arbitration in the City of Houston, Texas, in accordance with the Labor Arbitration rules and procedures of the American
Arbitration Association, and judgment upon the award may be entered in any court having jurisdiction thereof. The Company and
Executive shall share the costs of the arbitration and each party shall bear its own attorneys’ and accountants’ fees
in connection therewith, including as incurred in any litigation to enforce any arbitration award.

 

18.
Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of
the Company and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect
the validity, binding effect or enforceability of this Agreement.

 

19.
Section 409A Compliance.

 

(a)
The parties intend for this Agreement to either comply with, or be exempt from, Section 409A, and all provisions of this Agreement
will be interpreted and applied accordingly. For purposes of this Agreement, each installment payment provided under this Agreement
shall be treated as a separate payment. If any compensation or benefits provided by this Agreement may result in the application
of Section 409A, the Company shall, in consultation with Executive, modify the Agreement in the least restrictive manner necessary
in order to exclude such compensation from the definition of “deferral of compensation” within the meaning of such
Section 409A or in order to comply with the provisions of Section 409A and without any diminution in the value of the payments
or benefits to Executive. In no event, however, shall this Section 19 or any other provisions of this Agreement be construed
to require the Company to provide any gross-up for the tax consequences of any provisions of, or payments under, this Agreement
and the Company shall have no responsibility for tax consequences to Executive (or his beneficiary) resulting from the terms or
operation of this Agreement. Any payments or reimbursements of any expenses provided for under this Agreement shall be made in
accordance with Treas. Reg. §l.409A-3(i)(1)(iv).

 

(b)
To the extent that any payment or benefit pursuant to this Agreement constitutes a “deferral of compensation” subject
to Section 409A (after taking into account to the maximum extent possible any applicable exemptions) (a “409A Payment”)
treated as payable upon Separation from Service, then, if on the date of Executive’s Separation from Service, Executive
is a Specified Employee, then to the extent required for Executive not to incur additional taxes pursuant to Section 409A, no
such 409A Payment shall be made to Executive earlier than the earlier of (i) six months after Executive’s Separation from
Service or (ii) the date of his death. Should this Section 19 result in payments or benefits to Executive at a later time
than otherwise would have been made under this Agreement, on the first day any such payments or benefits may be made without incurring
additional tax pursuant to Section 409A, the Company shall make such payments and provide such benefits as provided for in this
Agreement. For purposes of this Section 19, the terms “Specified Employee” and “Separation from Service”
shall have the meanings ascribed to them in Section 409A. Further, to the extent that any amount is a 409A Payment and such payment
is conditioned upon Executive’s execution of a release and which is to be paid or provided during a designated period that
begins in one taxable year and ends in a second taxable year, then such payment shall be paid or provided in the later of the
two taxable years.

 

    	 	15	 

     

    

  

20.
Indemnification. Upon consummation of the HCAC Transaction, Executive and the Company shall enter into an indemnification
agreement in the form previously agreed by the parties and from and after such date Executive shall be entitled to the protections
afforded in such indemnification agreement.

 

21.
Section 280G of the Code. In the event that any payments, distributions, benefits or entitlements of any type payable to
Executive, whether or not payable upon a termination of employment (“Payments”), (i) constitute “parachute
payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 21 would be subject to the
excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payments shall be reduced to such
lesser amount (the “Reduced Amount”) that would result in no portion of the Payments being subject to the Excise
Tax; provided, however, that such Payments shall not be so reduced if a nationally recognized accounting firm selected
by the Company in good faith (the “Accountants”) determines that without such reduction Executive would be
entitled to receive and retain, on a net after-tax basis (including any excise taxes payable under Section 4999 of the Code, federal,
state and local income taxes, social security and Medicare taxes and all other applicable taxes, determined by applying the highest
marginal rate under Section 1 of the Code and under state and local tax laws which applied (or is likely to apply) to Executive’s
taxable income for the tax year in which the transaction which causes the application of Section 280G of the Code occurs, or such
other rate(s) as the Accountants determine to be likely to apply to Executive in the relevant tax year(s) in which any of the
Payments are expected to be made), an amount that is greater than the amount, on a net after-tax basis, that Executive would be
entitled to retain upon receipt of the Reduced Amount. Unless the Company and Executive otherwise agree in writing, any determination
required under this Section 21 shall be made in good faith by the Accountants in a timely manner and shall be binding on
the parties absent manifest error. In the event of a reduction of Payments hereunder, the Payments shall be reduced in the order
determined by the Accountants that results in the greatest economic benefit to Executive in a manner that would not result in
subjecting Executive to additional taxation under Section 409A. For purposes of making the calculations required by this Section
21, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable,
good faith interpretations concerning the application of the Code, and other applicable legal authority. The Company and Executive
shall furnish to the Accountants such information and documents as the Accountants may reasonably require in order to make a determination
under this Section 21, and the Company shall bear the cost of all fees charged by the Accountants in connection with any
calculations contemplated by this Section 21. To the extent requested by Executive, the Company shall cooperate with Executive
in good faith in valuing, and the Accountants shall value, services to be provided by Executive (including Executive refraining
from performing services pursuant to a covenant not to compete) before, on or after the date of the transaction which causes the
application of Section 280G of the Code such that Payments in respect of such services may be considered to be “reasonable
compensation” within the meaning of the regulations under Section 280G of the Code. Notwithstanding the foregoing, if the
transaction which causes the application of Section 280G of the Code occurs at a time during which the Company qualifies under
Section 2(a)(i) of Q&A-6 of Treasury Regulation Section 1.280G, upon the request of Executive, the Company shall use reasonable
efforts to obtain the vote of equity holders described in Q&A-7 of Treasury Regulation Section 1.280G. If a reduced payment
or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and
benefits from the Company or any of its affiliates used in determining if a “parachute payment” exists, exceeds one
dollar ($1.00) less than three times Executive’s base amount, then Executive shall immediately repay such excess to the
Company upon notification that an overpayment has been made. Nothing in this Section 21 shall require the Company to be
responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under Section 4999
of the Code.

 

22.
Clawback. To the extent required by applicable law, any applicable securities exchange listing standards or any clawback
policy adopted by the Company, the annual bonus and any incentive compensation granted to Executive (whether under this Agreement
or otherwise) shall be subject to the provisions of any applicable clawback policies or procedures, which clawback policies or
procedures may provide for forfeiture and/or recoupment of such amounts paid or payable under this Agreement or otherwise.

 

[SIGNATURES
ON FOLLOWING PAGE] 

 

    	 	16	 

     

    

 

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

 

	 	NRC
    Group Holdings, LLC
	 	 
	 	By: 	/s/ David L. Rattner
	 	Name: 	David L. Rattner
	 	Title: 	Secretary
	 	 
	 	/s/
    Christian T. Swinbank
	 	Christian
    T. Swinbank

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