Document:

Exhibit 10.1

    

    

    

    
      Execution Version

      

      

      EXECUTIVE SEPARATION AGREEMENT AND RELEASE

       

      THIS EXECUTIVE SEPARATION AGREEMENT AND RELEASE (this “Agreement”) is entered into effective as of the Effective Date (as defined in Section 8) by and among Louis E. Holloway (“Executive”), Reliant Bancorp, Inc., a Tennessee corporation (“Company”),
        and Reliant Bank, a Tennessee-chartered bank (“Bank” and together with Company, collectively, “Reliant”). Company, Bank, and Executive are referred to collectively herein as the “Parties,” and each of Company, Bank, and Executive is referred to herein individually as a “Party.”

       

      WHEREAS, the Parties desire to enter into this Agreement in order to set forth in writing certain mutually beneficial understandings and agreements
        relative to the cessation of Executive’s employment with Reliant.

       

      NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, and other good and valuable consideration, the Parties
        agree as follows:

       

      1.            Cessation of Employment. The Parties acknowledge and agree that Executive’s employment with each of Company and Bank ended effective as of the close of business on June 22, 2020 (the “Separation Date”), upon Executive’s resignation from employment with each of Company and Bank. Executive has performed and will perform no work for or on behalf of
          Company or Bank, or any of their respective subsidiaries or affiliates, after the Separation Date.

       

      2.            Compensation Through Separation Date. Reliant will pay to Executive all salary and wages earned by Executive through and
          including the Separation Date, less customary and applicable payroll deductions, in accordance with Reliant’s normal payroll practices. To the extent Executive desires to seek reimbursement for employment-related expenses, any requests for
          reimbursement, along with appropriate supporting documentation, must be submitted to Reliant on or before June 30, 2020. Any such employment-related expenses determined by Reliant to be appropriate for reimbursement in accordance with Reliant’s
          policies and procedures for the reimbursement of expenses will be reimbursed to Executive in accordance with Reliant’s standard policies and procedures for expense reimbursement. Executive acknowledges and agrees that, upon receipt of the
          payments described in this Section 2, Executive will have received all salary, wages, reimbursements, incentive payments, and other benefits to which he is entitled as
          a result of his employment with Company and Bank.

       

      3.            Health Plan Benefits. Executive will be eligible to participate through June 30, 2020, in all group health benefit plans in which Executive was enrolled through Company or Bank on the Separation Date. As of July 1,
          2020, Executive will be eligible for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)
          under any group health benefit plans in which Executive was enrolled through Company or Bank on the Separation Date. Executive will be provided with all legally required notices of his rights and obligations pursuant to COBRA. If Executive timely
          elects COBRA continuation coverage, Reliant will pay on Executive’s behalf the monthly or other premium for such coverage for Executive and his dependents until the earliest of (a) July 31, 2021, (b) the date Executive is no longer eligible for
          COBRA continuation coverage, and (c) the date on which Executive becomes eligible to receive substantially similar health insurance coverage through another employer (notice of which eligibility Executive shall promptly give to Reliant).

       

      4.            Severance Pay; Other Consideration. In consideration for this Agreement, Reliant agrees to provide Executive the following additional compensation and benefits, including compensation and/or benefits over and above
          what Executive would otherwise be entitled to receive:

       

      
        
          

      

      
      (a)          Reliant will
          pay to Executive the sum of $26,250 (the “Transition Pay”), the same to be payable in one lump sum payment on the first regularly scheduled payday
          following the Effective Date. The Transition Pay will be designated as wages and subject to applicable withholding.

       

      (b)          Reliant will pay to Executive, as
          severance, the sum of $315,000 (the “Severance
            Pay”), the same to be payable bi-monthly in 24 equal installments of $13,125 over the course of the 12-month period immediately following the Effective Date
            and otherwise in accordance with Reliant’s normal payroll practices. The Severance Pay will be designated as wages and
          subject to applicable withholding, and a Form W-2 will be issued by Reliant to Executive for each calendar year in which Executive receives payment of the Severance Pay. Payment of the Severance Pay by Reliant will commence on the first regularly
          scheduled payday following the Effective Date.

       

      (c)          The restricted stock and restricted
          stock units previously awarded to Executive and identified on Schedule I to this Agreement, to the extent not previously vested by their terms as of the Separation
          Date, will vest, or shall be deemed to have vested, in full as of the Separation Date in accordance with action of the compensation committee of Company’s board of directors taken prior to the Separation Date.

       

      Executive shall not be required to perform any work in order to receive the compensation and benefits provided for in this Section 4, except that, during the period of time Executive is receiving Severance Pay, Executive is expected to, and will, provide any cooperation and assistance reasonably requested by
        Reliant to transition his work and responsibilities.

       

      5.            Return of Property. Executive shall deliver to Reliant, as soon as reasonably practicable (but in no event later than three calendar days) following Executive’s execution of this Agreement, all property of Reliant in
          the possession or under the control of Executive, including vehicles, keys, equipment, laptops, iPads, telephones, or other electronic devices, and all data and documents in any form pertaining to Company’s or Bank’s (or their respective
          subsidiaries’ or affiliates’) business, operations, personnel, or customers. Executive agrees that all originals and copies of such data and documents shall be returned to Reliant and no copies (electronic, printed, or otherwise) of any such data
          or documents shall be retained by Executive.

       

      
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      6.            Waiver and Release of Claims.

       

      (a)          Release of Claims. Executive, for and on behalf of himself and
            his assigns, heirs, beneficiaries, executors, administrators, and legal and personal representatives, hereby acknowledges full and complete satisfaction, waives, and releases and forever discharges Company and Bank and their respective parent
            companies, affiliates, and subsidiaries, and the past and present officers, directors, members, managers, partners, employees, trustees, administrators, and other officials of Company and Bank and their respective parent companies, affiliates,
            and subsidiaries, and the heirs, beneficiaries, executors, administrators, legal and personal representatives, successors, and assigns of all of the foregoing persons or anyone claiming by, through, under, or on behalf of any of them (herein
            collectively the “Released Parties”),
            for and from, any and all claims, demands, actions and causes of action, in law or in equity, suits, liabilities, losses, costs, and expenses, known or unknown, suspected or unsuspected, that Executive has or may have arising out of, or in any
            way connected with, the events, occurrences, affairs, and transactions between or among Executive and the Released Parties at any time prior to and as of the date Executive executes this Agreement, known or unknown, and whether or not asserted
            before the date Executive executes this Agreement, including without limitation all claims for discrimination, retaliation, wrongful termination, constructive discharge, interference with rights, wrongful demotion, breach of express or implied
            contract (including without limitation claims for breach of any employment agreement with Company or Bank), breach of implied covenant of good faith and fair dealing, promissory estoppel or reliance, harassment, fraud, misrepresentation,
            intentional or negligent infliction of emotional distress, reimbursement of expenses, reimbursement of medical expenditures, violation of civil rights, defamation, conspiracy, severance pay, denial of pension benefits, and/or any remedy,
            payment, benefit, or obligation of Company or Bank set forth in any employment agreement with Company or Bank. This general and universal release includes, but is not limited to, claims under the United States or any state constitution,
          42 U.S.C. § 1983, Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§ 2000e, et seq.,
          as amended, the Civil Rights Act of 1991, Sections 1981 through 1988 of Title 42 of the United States Code, as amended, the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §§ 1001, et seq., as amended, the Americans with Disabilities Act of 1990, 29 U.S.C. §§ 12101 to 12213, as amended, the Rehabilitation Act of
          1973, 29 U.S.C. §§ 791, et seq., as amended, the Age Discrimination in Employment Act, 29
          U.S.C. §§ 621, et seq., as amended, the Fair Labor Standards Act, 29 U.S.C. §§ 1001, et seq., the Equal Pay Act of 1963, 29 U.S.C. §§ 206(d), the Occupational Safety and Health Act,
          as amended, the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601 to 2654, the Immigration Reform and Control Act, as amended, the Workers’ Adjustment and Retraining Notification Act, as amended, the Sarbanes-Oxley Act of 2002, the False
          Claims Act, the Tennessee Human Rights Act, the Tennessee Public Protection Act, and any other local, state, or federal law, rule, regulation, or ordinance, public policy, express or implied contract, tort, or common law. This release includes all claims arising out of Executive’s employment by Company and/or Bank, and/or the termination thereof, including without limitation claims arising out of or under
            the Employment Agreement by and among Company, Bank, and Executive dated April 15, 2018 (the “Employment Agreement”). Executive understands and agrees that this release is intended to be interpreted and to apply as broadly as permitted under law, provided that, notwithstanding the foregoing, this paragraph expressly does not include a
            release of any claims that cannot be released hereunder by law. Executive understands and agrees that the released claims include not only claims presently known but also include all unknown or unanticipated claims, demands, actions and causes
            of action, suits, liabilities, losses, costs, expenses, and rights of every kind and character that would otherwise come within the scope of the released claims, as described herein. Executive understands that Executive may hereafter discover
            facts different from what he now believes to be true, which, if known, could have materially affected this Agreement, but Executive nevertheless waives any claims, demands, actions and causes of action, suits, liabilities, losses, costs,
            expenses, and rights based on different or additional facts subsequently discovered.

       

      (b)          Executive Acknowledgements. Executive acknowledges and agrees that (i) Executive is not owed any wages, compensation, or benefits by the Released Parties, other
          than as set forth in this Agreement; (ii) the Released Parties have not in any way interfered with Executive’s right to take any leave which he may have been entitled by law to take; (iii) Executive has reported any and all workplace injuries
          that he has incurred or suffered to date; and (iv) Executive is not aware of any potentially illegal conduct or practice on the part of the Released Parties as of the date of his execution of this Agreement.

       

      
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      (c)          No Pending or Unasserted Claims.  Executive represents that he has no pending lawsuits,
            charges, or other claims of any nature whatsoever against the Released Parties in any state or federal court, or before any agency or other administrative or regulatory body. Further, Executive agrees, to the fullest extent permitted by law,
            not to assert, institute, or bring any claims, charges, or other legal proceedings against the Released Parties in any forum, based on any events, occurrences, affairs, or transactions, whether known or unknown, occurring prior to the date of
            Executive’s execution of this Agreement, including without limitation any events, occurrences, affairs, or transactions related to Executive’s employment with Company or Bank or the cessation of that employment, or pertaining to or arising from
            or out of the Employment Agreement. Executive further agrees that he will “opt out” of, or not “opt in” to, any class action in which any of the Released Parties are named, or has been named, as a defendant. Notwithstanding the foregoing,
            nothing in this Agreement shall be construed to prevent Executive from making a report to, or filing a charge with, any government law enforcement, regulatory, or administrative agency, including the U.S. Securities and Exchange Commission (the
            “SEC”), the U.S. Equal Employment
            Opportunity Commission (the “EEOC”),
            and the National Labor Relations Board (the “NLRB”), or participating in an investigation conducted by any such agency.  

       

      7.            Social Media and Non-Disparagement. Executive agrees to revise his employment status on social media, including LinkedIn and other social media sites, as soon as reasonably practicable (but in no event later than
          three calendar days) following the date Executive executes this Agreement, if Company or Bank is identified as an employer. Executive agrees not to, and that he will direct his immediate family members not to, make any statements or take any
          actions, at any time, whether now or in the future, in any form or format, including on social media, that can be construed by a reasonable person to be in any way derogatory, disparaging, or negative about Company or Bank or their respective parent companies, affiliates, or subsidiaries, or any of the officers, directors, members, managers, partners, employees, trustees, administrators, officials,
            agents, successors, or assigns of Company or Bank or their respective parent companies, affiliates, or subsidiaries, either individually or in their official capacities. Members of the executive management team of Company and Bank who
          are aware of the circumstances of Executive’s departure will not make any disparaging statements about Executive. It is understood and agreed that this Section 7 is not
          to be construed as preventing or restricting Executive, on the one hand, or Company or Bank, on the other, from affirmatively reporting possible unlawful activity to the SEC, the EEOC, the NLRB, or any other governmental or regulatory agency, or
          from providing truthful information and testimony in any investigation or legal proceeding conducted by any such agency. It is further understood and agreed that this Section 7
          is not intended to, and will not be enforced so as to, unlawfully limit or infringe upon any rights of Executive under applicable law.

       

      8.            Age Discrimination Claim Release Notices; Effective Date. Executive understands and acknowledges that he has been offered a
          period of up to 21 days after receipt of this Agreement (the “Consideration Period”) to decide whether to sign this Agreement, although
          he may sign this Agreement prior to the expiration of the Consideration Period if he wishes. Based on the date of presentation of this Agreement, Executive must sign and return this Agreement to Mindy Logan, Bank’s Human Resources Director, on or
          before July 13, 2020. With respect to any claims which Executive may
          have under the Age Discrimination in Employment Act (“ADEA Claims”), Executive further understands and acknowledges that, under federal
          law, he has the right to revoke this Agreement as it relates to his release of ADEA Claims, provided that notice of revocation must be communicated to
          Mindy Logan, Bank’s Human Resources Director, in writing within seven days following the date Executive executes this Agreement (the “Revocation
            Period”). Should Executive not exercise his right to revoke his release of ADEA Claims during the Revocation Period, on the seventh day following Executive’s delivery of this Agreement, signed by him, to Reliant, the release of ADEA
          Claims under this Agreement shall be held in full force and effect, and each Party shall be obligated to comply with its requirements. Assuming
            no revocation, the effective date of this Agreement (the “Effective Date”) shall be the eighth day following Executive’s execution of this Agreement. In the event Executive exercises his right to revoke his release of ADEA Claims within
          the Revocation Period in compliance with the above requirements, this Agreement and the offer contained in this Agreement shall be null and void in all respects. Executive
            acknowledges that he has been advised to consult with an attorney prior to signing this Agreement, that he has in no way been discouraged from consulting with an attorney, and that he has in fact reviewed this Agreement and understands and
            willingly agrees to all terms set forth herein.

       

      
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      9.            Resignation of Officer and Director Positions. Effective as of the Separation Date, Executive resigns from any and all officer and director positions with Company or Bank, or any of their respective subsidiaries or
          affiliates, which Executive held immedicably prior to the Separation Date.

       

      10.          No Reemployment. Executive agrees that, by signing this Agreement, he relinquishes any right to employment or reemployment with Company or Bank or any of the other Released Parties. Executive agrees that he will not seek,
          apply for, accept, or otherwise pursue employment with Company or Bank or any of the other Released Parties and acknowledges that, if he reapplies for or seeks employment with Company or Bank or any of the other Released Parties, Company’s,
          Bank’s, or any of the other Released Parties’ refusal to hire Executive based on this Section 10 shall provide a complete defense to any claims arising from Executive’s
          attempt to obtain employment.

       

      11.          Disclaimer of Liability. Executive acknowledges that neither the presentation of the offer set forth in this Agreement, nor the payment of the sums or the provision of the benefits described herein, constitutes or shall
          be construed as an admission of breach of contractual obligations or any acts of discrimination, harassment, retaliation, misconduct, negligence, violation of state or federal wage and hour laws, or any unlawful conduct whatsoever by Company,
          Bank, or any of the other Released Parties against Executive or any other person, and each of Company and Bank specifically disclaims any liability and denies any unlawful conduct whatsoever against Executive or any other person, on the part of
          itself or any of the other Released Parties.

       

      12.          Clawback. Notwithstanding anything in this Agreement to the contrary, Company and Bank, and their respective successors or assigns, retain the legal right to demand the return of any payments made to Executive under this
          Agreement, or cease making future payments to Executive under this Agreement, (a) as may be required by applicable law, rule, or regulation or by any federal or state regulator of Company or Bank or (b) in the event Executive breaches the terms
          of this Agreement or the terms of the Employment Agreement, including without limitation any confidentially or non-solicitation provisions contained in the Employment Agreement.

       

      13.          Section 409A. Notwithstanding anything in this Agreement to the contrary, the following provisions shall apply to all payments and benefits provided under this Agreement by Reliant to Executive:

       

      (a)          The payment, or commencement of a
          series of payments, hereunder of any non-qualified deferred compensation (within the meaning of Section 409A (“Section 409A”) of the
          Internal Revenue Code of 1986, as amended) upon a termination of employment shall be delayed until such time as Executive has also undergone a separation from service (for purposes of Section 409A), at which time such non-qualified deferred
          compensation (calculated as of the date of Executive’s termination of employment) shall be paid (or commence to be paid) to Executive as set forth in this Agreement as if Executive had undergone such termination of employment (under the same
          circumstances) on the date of Executive’s ultimate separation from service.

       

      (b)          It is the Parties’ intention that
          the payments, benefits, and entitlements to which Executive could become entitled in connection with this Agreement be exempt from or comply with Section 409A and the regulations and other guidance promulgated thereunder and, accordingly, this
          Agreement will be interpreted to be consistent with such intent.

       

      
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      (c)          While the payments and benefits
          provided for hereunder are intended to be structured in a manner to avoid the imposition of any penalty taxes under Section 409A, in no event whatsoever shall Company or Bank be liable for any additional tax, interest, or penalties that may be
          imposed on Executive as a result of Section 409A or any damages for failing to comply with Section 409A (other than for withholding or other obligations applicable to employers, if any, under Section 409A).

       

      (d)          No deferred compensation payments
          provided for under this Agreement shall be accelerated to Executive.

       

      (e)          Any installment payments provided
          for in this Agreement shall be treated as separate payments for purposes of Section 409A.

       

      14.          Severability of Provisions. Should any agency or court of competent jurisdiction determine that any term or provision of this Agreement is unenforceable, the Parties agree that such term or provision shall be deemed to be
          deleted as though it had never been a part of this Agreement, and the validity, legality, and enforceability of the remaining terms and provisions of this Agreement shall not be in any way affected or imperiled thereby.

       

      15.          Complete Defense and Indemnification. Executive acknowledges and agrees that this Agreement may be used by Reliant and the other Released Parties as a complete defense to any past, present, or future claim or entitlement
          which Executive has against Reliant or the other Released Parties for or on account of any matter or thing whatsoever arising out of Executive’s employment with or separation from Company and Bank. Executive also agrees to indemnify Company and
          Bank for any and all damages, liabilities, costs, fees, and expenses (including without limitation attorneys’ fees and court costs) which may be incurred in defending or prosecuting claims arising out of or caused by Executive’s breach of this
          Agreement.

       

      16.          Assignment. Each of Company and Bank may assign this Agreement and its rights hereunder, and may delegate its duties and obligations under this Agreement, in each case without the consent of Executive. This Agreement is a
          personal contract, and neither this Agreement nor the rights, interest, duties, or obligations of Executive hereunder may be assigned or delegated by Executive. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the
          benefit of the Parties and their respective heirs, beneficiaries, executors, administrators, legal and personal representatives, successors, and permitted
          assigns.

       

      17.          Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Tennessee, without regard to or the application of conflict of law principles.

       

      18.          Amendment; Waiver. This Agreement may be amended only by a written instrument signed by each of the Parties. Any waiver of any provision of this Agreement must be set forth in a written instrument signed by the Party
          granting such waiver.

       

      19.          Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to constitute an original, but all of which together shall constitute one and the same instrument. A facsimile or other
          electronic copy of a signature page to this Agreement shall be deemed to be, and shall have the same force and effect as, an original signature page.

       

      (Remainder of Page Intentionally Blank)

       

      
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      IN WITNESS WHEREOF, the Parties have voluntarily executed this Agreement, and, by executing this Agreement, each Party stipulates, agrees, represents,
        and warrants as follows:

       

      (i)          that
          the terms of this Agreement are reasonable;

       

      (ii)          that
          the person executing this Agreement has carefully read and understands all of the provisions of this Agreement and is voluntarily entering into this Agreement;

       

      (iii)        that
          the person executing this Agreement will not challenge or contest in any way the capacity or authority of any Party hereto to enter into this Agreement;

       

      (iv)         that
          the person executing this Agreement has the necessary and appropriate authority and capacity to execute this Agreement and to make this Agreement fully binding upon and enforceable against himself/herself or the entity that he/she represents; and

       

      (v)          that
          such Party has not relied upon any representations or promises in executing this Agreement other than those expressly set forth in this Agreement.

       

      PLEASE READ CAREFULLY

      THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS

      

      

      	 	
              RELIANT BANCORP, INC.

            
	 	 	 
	
              /s/ Louis E. Holloway

            	
              By:

            	
              /s/ DeVan Ard, Jr.

            
	
              Louis E. Holloway

            	 	
              DeVan Ard, Jr.

            
	 	 	
              Chairman and Chief Executive Officer

            
	
              Date: June 22, 2020

            	 	 
	 	
              Date:

            	
              June 22, 2020

            
	 	 	 
	 	
              RELIANT BANK

            
	 	 	 
	 	
              By:

            	
              /s/ DeVan Ard, Jr.

            
	 	 	
              DeVan Ard, Jr.

            
	 	 	
              Chairman and Chief Executive Officer

            
	 	 	 
	 	
              Date:

            	
              June 22, 2020

            

      

      

      (Signature Page to Executive Separation Agreement and Release)

      

      

      
        
          

      

      SCHEDULE I

      

      

      3,000 shares of restricted common stock awarded under Restricted Shares Award Agreement dated July 24, 2018

      

      

      2,000 restricted stock units awarded under Restricted Stock Unit Agreement dated July 23, 2019

      

      

      

      

      Schedule IDocument

Exhibit 10.1
Certain identified information has been excluded from this exhibit because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed.

SECOND AMENDMENT AGREEMENT
This SECOND AMENDMENT AGREEMENT (this “Amendment”) is made as of the 25th day of June, 2020 among:
        (a) DMC GLOBAL INC., a Delaware corporation (“DMC Global”);

        (b) each Domestic Subsidiary Borrower, as defined in the Credit Agreement, as hereinafter defined (each such Domestic Subsidiary Borrower, together with DMC Global, collectively, the “US Borrowers” and, individually, each a “US Borrower”);

        (c) each Foreign Borrower, as defined in the Credit Agreement (each such Foreign Borrower, together with each US Borrower, collectively, the “Borrowers” and, individually, each a “Borrower”);

(d) the Lenders, as defined in the Credit Agreement; and

        (e) KEYBANK NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders under the Credit Agreement (the “Administrative Agent”).

        WHEREAS, the Borrowers, the Administrative Agent and the Lenders are parties to that certain Credit and Security Agreement, dated as of March 8, 2018 (as the same may from time to time be amended, restated or otherwise modified, the “Credit Agreement”);

        WHEREAS, the Borrowers, the Administrative Agent and the Lenders desire to amend the Credit Agreement to modify certain provisions thereof and add certain provisions thereto; 

        WHEREAS, each capitalized term used herein and defined in the Credit Agreement, but not otherwise defined herein, shall have the meaning given such term in the Credit Agreement; and

        WHEREAS, unless otherwise specifically provided herein, the provisions of the Credit Agreement revised herein are amended effective as of the date of this Amendment;

        NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrowers, the Administrative Agent and the Lenders agree as follows:

        1. Amendments to Definitions in the Credit Agreement.  Section 1.1 of the Credit Agreement is hereby amended to delete the definitions of “Alternate Currency Rate”, “Applicable Commitment Fee Rate”, “Applicable Margin”, “Base Rate”, “Benchmark Replacement”, “Canadian Fixed Rate” and “Eurodollar Rate” therefrom and to insert in place thereof, respectively, the following:

“Alternate Currency Rate” means, for any Interest Period:

(a) with respect to an Alternate Currency Loan denominated in Euros, Pounds Sterling or any other currency that is dealt with in the London interbank deposit market, the LIBOR Fixed Rate;

(b) with respect to an Alternate Currency Loan denominated in Canadian Dollars, the Canadian Fixed Rate; and 

(c) with respect to any other Alternate Currency agreed upon in accordance with the terms of this Agreement, the applicable interest rate quotation as published by Thomson Reuters or Bloomberg (or other commercially available source providing such interest rate quotations as designated by the Administrative Agent from time to time) for such Alternate Currency as the interbank lending rate for leading banks in the applicable jurisdiction as of approximately 11:00 A.M. (Local Time) two Business Days prior to the beginning of such Interest Period (or such other time as the Administrative Agent may reasonably determine in light of the rate setting mechanism), for deposits in the relevant currency with a term equivalent to such Interest Period; provided that, in the event that such rate is not available for any reason with respect to an Alternate Currency, then the Alternate Currency Rate for such Alternate Currency shall be the average of the per annum rates at which deposits in immediately available funds in the relevant Alternate Currency for the relevant Interest Period and in the amount of the Alternate Currency Loan to be disbursed or to remain outstanding during such Interest Period, as the case may be, are offered to the applicable Agent (or an Affiliate of such Agent, in such Agent’s discretion) by leading banks in any Alternate Currency market reasonably selected by such Agent (or, at the option of such Agent, the per annum rate at which deposits in immediately available funds in the relevant Alternate Currency for the relevant Interest Period and in the amount of the Alternate Currency Loan are offered by such Agent), determined as of 11:00 A.M. (Local Time) (or as soon thereafter as practicable), two Business Days prior to the beginning of the relevant Interest Period pertaining to such Alternate Currency Loan hereunder.

Notwithstanding the foregoing, if at any time the Alternate Currency Rate, as determined above, is less than three-quarters of one percent (0.75%), it shall be deemed to be three-quarters of one percent (0.75%) for purposes of this Agreement.

         “Applicable Commitment Fee Rate” means:
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(a) for the period from the Second Amendment Effective Date through August 31, 2020, twenty (20.00) basis points; and

(b) commencing with the Consolidated financial statements of DMC Global for the fiscal quarter ending June 30, 2020, the number of basis points set forth in the following matrix, based upon the result of the computation of the Leverage Ratio as set forth in the Compliance Certificate for such fiscal period and, thereafter, as set forth in each successive Compliance Certificate, as provided below:
						
	Leverage Ratio	Applicable Commitment Fee Rate
	Greater than or equal to 3.00 to 1.00	30.00 basis points
	Greater than or equal to 2.50 to 1.00 but less than 3.00 to 1.00	25.00 basis points
	Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00	25.00 basis points
	Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00	20.00 basis points
	Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00	20.00 basis points
	Less than 1.00 to 1.00	15.00 basis points

The first date on which the Applicable Commitment Fee Rate is subject to change is September 1, 2020.  After September 1, 2020, changes to the Applicable Commitment Fee Rate shall be effective on the first day of the calendar month following each date upon which the Administrative Agent should have received, pursuant to Section 5.3(c) hereof, the Compliance Certificate; provided that, notwithstanding any of the foregoing to the contrary, for the period from September 1, 2020 to the first day of the calendar month following the date upon which the Administrative Agent should have received the Compliance Certificate for the fiscal quarter ending March 31, 2021, the Applicable Commitment Fee Rate shall in no event be less than twenty (20.00) basis points.  The above pricing matrix does not modify or waive, in any respect, the requirements of Section 5.7 hereof, the rights of the Administrative Agent and the Lenders to charge the Default Rate, or the rights and remedies of the Administrative Agent and the Lenders pursuant to Articles VIII and IX hereof.  Notwithstanding anything herein to the contrary, (i) during any period when the Borrowers shall have failed to timely deliver the Consolidated financial statements pursuant to Section 5.3(a) or (b) hereof, or the Compliance Certificate pursuant to Section 5.3(c) hereof, until such time as the appropriate Consolidated financial statements and Compliance Certificate are delivered, the Applicable Commitment Fee Rate shall, at the election of the Administrative Agent (which may be retroactively effective), be the highest rate per annum indicated in the above pricing grid regardless of the Leverage Ratio at such time, and (ii) in the event that any financial information or certification provided to the Administrative Agent in the Compliance Certificate is shown to be inaccurate (regardless of whether this Agreement or the Commitment is in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Commitment Fee Rate for any period (an “Applicable Commitment Fee Period”) than the Applicable Commitment Fee Rate applied for such Applicable Commitment Fee Period, then (A) the Borrowers shall promptly deliver to the Administrative Agent a corrected 
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Compliance Certificate for such Applicable Commitment Fee Period, (B) the Applicable Commitment Fee Rate shall be determined based on such corrected Compliance Certificate, and (C) the Borrowers shall promptly pay to the Administrative Agent, for the benefit of the Lenders, the accrued additional fees owing as a result of such increased Applicable Commitment Fee Rate for such Applicable Commitment Fee Period.

         “Applicable Margin” means:

(a) for the period from the Second Amendment Effective Date through August 31, 2020, one hundred seventy-five (175.00) basis points for Fixed Rate Loans and seventy-five (75.00) basis points for Base Rate Loans; and 

(b) commencing with the Consolidated financial statements of DMC Global for the fiscal quarter ending June 30, 2020, the number of basis points (depending upon whether Loans are Fixed Rate Loans or Base Rate Loans) set forth in the following matrix, based upon the result of the computation of the Leverage Ratio as set forth in the Compliance Certificate for such fiscal period and, thereafter, as set forth in each successive Compliance Certificate, as provided below:
									
	Leverage Ratio	Applicable Basis Points for 
Fixed Rate Loans
	Applicable Basis Points for 
Base Rate Loans

	Greater than or equal to 3.00 to 1.00	300.00	200.00
	Greater than or equal to 2.50 to 1.00 but less than 3.00 to 1.00	250.00	150.00
	Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00	225.00	125.00
	Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00	200.00	100.00
	Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00	175.00	75.00
	Less than 1.00 to 1.00	150.00	50.00

The first date on which the Applicable Margin is subject to change is September 1, 2020.  After September 1, 2020, changes to the Applicable Margin shall be effective on the first day of the calendar month following each date upon which the Administrative Agent should have received, pursuant to Section 5.3(c) hereof, the Compliance Certificate; provided that, notwithstanding any of the foregoing to the contrary, for the period from September 1, 2020 to the first day of the calendar month following the date upon which the Administrative Agent should have received the Compliance Certificate for the fiscal quarter ending March 31, 2021, the Applicable Margin shall in no event be less than one hundred seventy-five (175.00) basis points for Fixed Rate Loans and seventy-five (75.00) basis points for Base Rate Loans. The above pricing matrix does not modify or waive, in any respect, the requirements of Section 5.7 hereof, the rights of the Administrative Agent and the Lenders to charge the Default Rate, or the rights and remedies of the Administrative Agent and the Lenders pursuant to Articles VIII and IX hereof.  Notwithstanding anything herein to the contrary, (i) during any period when the Borrowers shall have failed to timely deliver the Consolidated financial statements pursuant to Section 5.3(a) or (b) hereof, or the Compliance Certificate pursuant to Section 5.3(c) hereof, until such time as the appropriate Consolidated financial statements and Compliance Certificate are delivered, the Applicable Margin shall, at the election of the 
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Administrative Agent (which may be retroactively effective), be the highest rate per annum indicated in the above pricing grid for Loans of that type, regardless of the Leverage Ratio at such time, and (ii) in the event that any financial information or certification provided to the Administrative Agent in the Compliance Certificate is shown to be inaccurate (regardless of whether this Agreement or the Commitment is in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Margin Period”) than the Applicable Margin applied for such Applicable Margin Period, then (A) the Borrowers shall promptly deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Margin Period, (B) the Applicable Margin shall be determined based on such corrected Compliance Certificate, and (C) the Borrowers shall promptly pay to the Administrative Agent, for the benefit of the Lenders, the accrued additional interest owing as a result of such increased Applicable Margin for such Applicable Margin Period.

“Base Rate” means, for any day, a rate per annum equal to the highest of (a) the Prime Rate, (b) onehalf of one percent (.50%) in excess of the Federal Funds Effective Rate, and (c) one percent (1%) in excess of the London interbank offered rate for loans in Eurodollars for a period of one month (or, if such day is not a Business Day, such rate as calculated on the most recent Business Day).  Any change in the Base Rate shall be effective immediately from and after such change in the Base Rate.  Notwithstanding the foregoing, if at any time the Base Rate as determined above is less than one and three-quarters percent (1.75%), it shall be deemed to be one and three-quarters percent (1.75%) for purposes of this Agreement.

“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrowers giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body, or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the Eurodollar Rate for Dollar-denominated syndicated credit facilities at such time, and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than three-quarters of one percent (0.75%), the Benchmark Replacement will be deemed to be three-quarters of one percent (0.75%) for the purposes of this Agreement.

“Canadian Fixed Rate” means, for any Interest Period, a rate per annum equal to the greater of (a) (i) for a Lender that is a Schedule I Bank, the quotient obtained by dividing (A) the average of the bid rates for Canadian Dollar bankers’ acceptances having identical issues and comparable maturity days as the Interest Period quoted at approximately 10:00 A.M. (Toronto time) on such date (or, if such day is not a Business Day, the immediately preceding Business Day on the CDOR Page of Reuter Monitor Money Rate Services), as adjusted by the Administrative Agent after 10:00 A.M. (Toronto time) to reflect any error in the posted rate of interest or in the posted average 
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annual rate of interest, by (B) 1.00 minus the Reserve Percentage, and (ii) for a Lender that is not a Schedule I Bank, the rate set forth under subsection (a) above plus 10.00 basis points; and (b) one and one-half percent (1.50%).  Notwithstanding the foregoing, if such average rate does not appear on the Page of Reuter Monitor Money Rate Services as contemplated above, then subsection (a)(i) above for such Interest Period on any day shall instead be calculated based on the cost of funds quoted by the Administrative Agent to raise Canadian Dollars for such Interest Period as of 10:00 A.M. (Toronto time) on such day, or, if such day is not a Business Day, then on the immediately preceding Business Day.  Notwithstanding the foregoing, if at any time the Canadian Fixed Rate, as determined above, is less than three-quarters of one percent (0.75%), it shall be deemed to be three-quarters of one percent (0.75%) for purposes of this Agreement.

“Eurodollar Rate” means, with respect to a Eurodollar Loan, for any Interest Period, a rate per annum equal to the quotient obtained by dividing (a) the rate of interest, determined by the Administrative Agent (or the Foreign Funding Agent with respect to Alternate Currency Swing Loans made to Foreign Borrowers) in accordance with its usual procedures (which determination shall be conclusive absent manifest error) as of approximately 11:00 A.M. (London time) two Business Days prior to the beginning of such Interest Period pertaining to such Eurodollar Loan, as listed as the London interbank offered rate, as published by Thomson Reuters or Bloomberg (or, if for any reason such rate is unavailable from Thomson Reuters or Bloomberg, from any other similar company or service that provides rate quotations comparable to those currently provided by Thomson Reuters or Bloomberg) for Dollar deposits in immediately available funds with a maturity comparable to such Interest Period; by (b) 1.00 minus the Reserve Percentage.  Notwithstanding the foregoing, if at any time the Eurodollar Rate, as determined above, is less than three-quarters of one percent (0.75%), it shall be deemed to be three-quarters of one percent (0.75%) for purposes of this Agreement. 

        2. Additions to Definitions in the Credit Agreement.  Section 1.1 of the Credit Agreement is hereby amended to add the following new definitions thereto:

        “Liquidity Amount” means, as of any date of determination, the sum of (a) all unencumbered (other than any Lien in favor of the Administrative Agent) and unrestricted cash and Cash Equivalents on hand of the Credit Parties held in the United States; plus (b) (i) the Revolving Credit Commitment, minus (ii) the Revolving Credit Exposure.
        
        “MUFG Factoring Agreement” means that certain Receivables Purchase Agreement between MUFG Union Bank, N.A. and DYNAenergetics US, whereby accounts receivable arising out of contracts or orders from [***] (and its subsidiaries and affiliates) are sold to MUFG Union Bank, N.A. by DYNAenergetics US, as amended, restated, supplemented or otherwise modified from time to time.

        “[***] Factoring Agreement” means that certain Supplier Agreement between Citibank Europe plc and DYNAenergetics US, whereby accounts receivable arising out 
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of contracts or orders from [***] (and its subsidiaries and affiliates) are sold to Citibank Europe plc by DYNAenergetics US, as amended, restated, supplemented or otherwise modified from time to time.

        “Second Amendment Effective Date” means June 25, 2020.

        3. Amendment to Financial Covenants.  Section 5.7 of the Credit Agreement is hereby amended to (i) delete subsection (b) therefrom and insert in place thereof the following new subsection (b), and (ii) to add the following new subsection (c) at the end thereof: 

(b) Debt Service Coverage Ratio.  The Borrowers shall not suffer or permit at any time the Debt Service Coverage Ratio to be less than 1.35 to 1.00; provided that the foregoing Debt Service Coverage Ratio covenant shall not be applicable for the fiscal quarters of DMC Global ending September 30, 2020, December 31, 2020 and March 31, 2021. 

(c) Minimum Liquidity.  The Borrowers shall not suffer or permit at any time the Liquidity Amount, as of September 30, 2020, December 31, 2020 and March 31, 2021, to be less than Ten Million Dollars ($10,000,000). 

4. Amendment to Borrowing Provisions.  Section 5.8 of the Credit Agreement is hereby amended to delete subsection (o) therefrom and insert in place thereof the following: 

(o) Indebtedness of any Foreign Subsidiary owing to Commerzbank Aktiengesellschaft in an aggregate principal amount not to exceed Ten Million Euros (€10,000,000) at any time outstanding;

5. Amendment to Liens Covenant Provisions.  Section 5.9 of the Credit Agreement is hereby amended to delete subsection (p) therefrom and insert in place thereof the following: 

(p) Liens incurred pursuant to the Citibank Factoring Agreement, the MUFG Factoring Agreement or the [***] Factoring Agreement, in each case so long as there is no credit recourse to any Company with respect to such accounts receivable after such sale, except in the case of a breach by a Company of any Asset Representation (as defined in the Citibank Factoring Agreement) or any Asset Representation (as defined in the [***] Factoring Agreement) with respect to any such receivable.

6. Additions to Merger and Sale of Assets Covenant Provisions.  Section 5.12 of the Credit Agreement is hereby amended to add the following new subsections (k) and (l) at the end thereof: 

(k) the Companies may sell accounts receivable pursuant to the MUFG Factoring Agreement, so long as there is no credit recourse to any Company with respect to such accounts receivable after such sale; and

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(l) the Companies may sell accounts receivable pursuant to the [***] Factoring Agreement, so long as there is no credit recourse to any Company with respect to such accounts receivable after such sale, except in the case of a breach by a Company of any Asset Representation (as defined in the [***] Factoring Agreement) with respect to any such receivable.

        7. Amendment to Restricted Payments Provisions.  Section 5.15 of the Credit Agreement is hereby amended to delete subsections (a) and (b) therefrom and to insert in place thereof, respectively, the following:

(a) DMC Global may make Capital Distributions pursuant to and in accordance with any stock option plans or other benefit plans for management (including non-employee directors) or employees of any Company in an aggregate amount not to exceed Five Million Dollars ($5,000,000) during any fiscal year of DMC Global; provided that the foregoing cap shall not apply to any such Capital Distribution made pursuant to the terms and provisions of that certain DMC Global Inc. Amended and Restated Nonqualified Deferred Compensation Plan, effective as of August 30, 2017, and in each case of such Capital Distribution only to the extent resulting from a vested deferral or diversification of a Restricted Stock Award (as defined therein) by an eligible employee thereunder; and

(b) DMC Global may make Capital Distributions so long as (i) no Default or Event of Default shall then exist or, after giving pro forma effect to such payment, thereafter shall begin to exist, and (ii) the Leverage Ratio, calculated on a pro forma basis for the most recently ended trailing four-quarter period giving effect to such Capital Distribution as if it were paid at the commencement of such four-quarter period, is less than one-quarter turn (0.25) below the Leverage Ratio otherwise in effect as set forth in Section 5.7(a) hereof; provided that DMC Global may not make Capital Distributions otherwise permitted under this subsection (b) during the period from the Second Amendment Effective Date through the date upon which the Administrative Agent has received the financial statements for the fiscal quarter of DMC Global ending March 31, 2021 pursuant to Section 5.3(a) hereof, together with the Compliance Certificate to be delivered in connection therewith. 

        8. Closing Deliveries.  Concurrently with the execution of this Amendment, the Borrowers shall:

(a) execute and deliver to the Administrative Agent the Second Amendment Fee Letter and pay to the Administrative Agent the fees stated therein;  

(b) cause each Guarantor of Payment to execute the attached Guarantor Acknowledgment and Agreement; and

(c) pay all legal fees expenses of the Administrative Agent in connection with this Amendment and any other Loan Documents.  
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        9. Representations and Warranties.  The Borrowers hereby represent and warrant to the Administrative Agent and the Lenders that (a) the Borrowers have the legal power and authority to execute and deliver this Amendment; (b) the officers executing this Amendment have been duly authorized to execute and deliver the same and bind the Borrowers with respect to the provisions hereof; (c) the execution and delivery hereof by the Borrowers and the performance and observance by the Borrowers of the provisions hereof do not violate or conflict with the Organizational Documents of the Borrowers or any law applicable to Borrowers or result in a breach of any provision of or constitute a default under any Material Agreement binding upon or enforceable against the Borrowers; (d) except as may be waived herein, no Default or Event of Default exists, nor will any occur immediately after the execution and delivery of this Amendment or by the performance or observance of any provision hereof; (e) each of the representations and warranties contained in the Loan Documents is true and correct in all material respects as of the date hereof as if made on the date hereof, except to the extent that any such representation or warranty expressly states that it relates to an earlier date (in which case such representation or warranty is true and correct in all material respects as of such earlier date); (f) the Borrowers are not aware of any claim or offset against, or defense or counterclaim to, the Borrowers’ obligations or liabilities under the Credit Agreement or any other Related Writing; and (g) this Amendment constitutes a valid and binding obligation of the Borrowers in every respect, enforceable in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting creditors’ rights and remedies generally and to the effect of general principles of equity (regardless of whether enforcement is considered in a proceeding at Law or in equity).

        10. No Course of Dealing. The Borrowers acknowledge and agree that this Amendment is not intended to, nor shall it, establish any course of dealing with respect to the various provisions amended herein, or otherwise, among the Borrowers, the Administrative Agent and the Lenders that is inconsistent with the express terms of the Loan Documents.

        11. Waiver and Release.  The Borrowers, by signing below, hereby waive and release the Administrative Agent, and each of the Lenders, and their respective directors, officers, employees, attorneys, affiliates and subsidiaries, from any and all claims, offsets, defenses and counterclaims arising on or prior to the date hereof in connection with the Loan Documents or the transactions contemplated thereby, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.  

        12.  References to Credit Agreement and Ratification.  Each reference to the Credit Agreement that is made in the Credit Agreement or any other Related Writing shall hereafter be construed as a reference to the Credit Agreement as amended hereby.  Except as otherwise specifically provided herein, all terms and provisions of the Credit Agreement and each other Loan Document are confirmed and ratified and shall remain in full force and effect and be unaffected hereby. This Amendment is a Loan Document.

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        13. Counterparts.  This Amendment may be executed in any number of counterparts, by different parties hereto in separate counterparts and by facsimile or other electronic signature, each of which, when so executed and delivered, shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.

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

        15. Severability.  Any provision of this Amendment that shall be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

        16. Governing Law.  The rights and obligations of all parties hereto shall be governed by the laws of the State of New York.

[Remainder of page intentionally left blank.]

4851-4261-6761.10
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JURY TRIAL WAIVER.  THE BORROWERS, THE ADMINISTRATIVE AGENT AND THE LENDERS, TO THE EXTENT PERMITTED BY LAW, EACH HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG THE BORROWERS, THE ADMINISTRATIVE AGENT AND THE LENDERS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO.  

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date first set forth above.

						
		DMC GLOBAL INC.
	By:	/s/ Michael Kuta
		Michael Kuta
		Chief Financial Officer
		
		DMC KOREA, INC.
	By:	/s/ Michelle Shepston
		Michelle Shepston
		Secretary
		
		DYNAENERGETICS US, INC.

	By:	/s/ Michelle Shepston
		Michelle Shepston
		Vice President
		

Signature Page to
Second Amendment Agreement

						
		NOBELCLAD EUROPE GMBH
(f/k/a/ DynaEnergetics Holding GmbH)

	By:	/s/ Ian Grieves

		Ian Grieves
		Managing Director

Signature Page to
Second Amendment Agreement

						
		DYNAENERGETICS EUROPE GMBH
(f/k/a DynaEnergetics Beteiligungs- GmbH)

	By:	/s/ Ian Grieves
		Ian Grieves
		Managing Director

Signature Page to
Second Amendment Agreement

						
		KEYBANK NATIONAL ASSOCIATION
   as the Administrative Agent and as a Lender

	By:	/s/ Suzannah Valdivia
		Suzannah Valdivia
		Senior Vice President

Signature Page to
Second Amendment Agreement

						
		BOKF, NA DBA BOK FINANCIAL (F/K/A COLORADO STATE BANK AND TRUST)

	By:	/s/ Matthew V. Mason
		Matthew V. Mason
		SVP

Signature Page to
Second Amendment Agreement

						
		U.S. BANK NATIONAL ASSOCIATION

	By:	/s/ Courtney A. Boltz
		Courtney A. Boltz
		Vice President

Signature Page to
Second Amendment Agreement

GUARANTOR ACKNOWLEDGMENT AND AGREEMENT

        The undersigned consent and agree to and acknowledge the terms of the foregoing Second Amendment Agreement dated as of June 25, 2020 (the “Amendment”).  The undersigned further agree that the obligations of the undersigned pursuant to the Guaranty of Payment executed by the undersigned in connection with the Credit Agreement (as defined in the Amendment) is hereby ratified and shall remain in full force and effect and be unaffected hereby.

        The undersigned hereby waive and release the Administrative Agent and the Lenders and their respective directors, officers, employees, attorneys, affiliates and subsidiaries from any and all claims, offsets, defenses and counterclaims in connection with the Loan Documents or the transactions contemplated thereby, of any kind or nature, absolute and contingent, of which the undersigned are aware or should be aware as of the date hereof, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.

        JURY TRIAL WAIVER.  THE UNDERSIGNED, TO THE EXTENT PERMITTED BY LAW, HEREBY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG THE BORROWERS, THE ADMINISTRATIVE AGENT, THE LENDERS AND THE UNDERSIGNED, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS GUARANTOR ACKNOWLEDGMENT AND AGREEMENT, THE AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO.  

												
		DYNAENERGETICS CANADA INC.
		DYNAMIC MATERIALS CORPORATION (HK) LIMITED

	By:	/s/ Michael Kuta	By:	/s/ Michael Kuta
		Michael Kuta		Michael Kuta
		Director		Director
				
		Dynamic Materials Corporation (Shanghai) Trading Co. LTD.
		NobelClad Europe SAS

	By:	/s/ Michael Kuta	By:	/s/ Michael Kuta
		Michael Kuta		DMC Global Inc., as President of  Nobelclad Europe SAS,  

		Director		by its legal representative Michael Kuta
				
				NobelClad Europe Holding GmbH

			By:	/s/ Antoine Nobili
				Antoine Nobili
				Managing Director
				

Guarantor Acknowledgment and Agreement

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