Document:

EX-4.2

 Exhibit 4.2 

STOCKHOLDERS’ AGREEMENT 

This STOCKHOLDERS’ AGREEMENT (this “Agreement”), dated as of June 18, 2018, is entered into by and
among Charah Solutions, Inc., a Delaware corporation (the “Company”), Bernhard Capital Partners Management, LP, a Delaware limited partnership, CEP Holdings, Inc., a Delaware corporation (“CEP
Holdings”), the stockholders identified on the signature pages hereto, and any other persons signatory hereto from time to time (together with Charah Holdings and CEP Holdings, the “Principal Stockholders”). 

WHEREAS, the Certificate of Incorporation and Bylaws of the Company have been amended and restated in connection with the initial public
offering of the Company (as amended and restated from time to time, the “Certificate of Incorporation” and “Bylaws,” respectively); and 

WHEREAS, in connection with, and effective upon, the completion of the Company’s initial public offering, the Principal Stockholders and
the Company have entered into this Agreement to set forth certain understandings among themselves. 
 NOW, THEREFORE, in consideration of
the mutual covenants contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1    Certain Definitions. As used in this Agreement, the following terms shall have the
following meanings: 
 “Affiliate” means, with respect to any specified Person, a Person that directly or indirectly
Controls or is Controlled by, or is under common Control with, such specified Person. For purposes of this Agreement, no party to this Agreement shall be deemed to be an Affiliate of another party to this Agreement solely by reason of the execution
and delivery of this Agreement. 
 “Beneficial Owner” of a security is a Person who directly or indirectly, through
any contract, arrangement, understanding, relationship or otherwise, has or shares (a) voting power, which includes the power to vote, or to direct the voting of, such security and/or (b) investment power, which includes the power to
dispose of, or to direct the disposition of, such security. The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. For the avoidance of doubt, for purposes of this
Agreement each Principal Stockholder is deemed to Beneficially Own the shares of Common Stock owned by it, notwithstanding the fact that such shares are subject to this Agreement. 

“BCP” means Bernhard Capital Partners Management, LP and (i) its Affiliates (including Charah Holdings, LP) and
(ii) investment funds it is affiliated with or manages. 
 “Board” means the Board of Directors of the Company.

 “Bylaws” has the meaning given to such term in the recitals hereto. 

“Certificate of Incorporation” has the meaning given to such term in the recitals hereto. 

“Common Stock” means the common stock, par value $0.01 of the Company. 

“Control” (including the terms “Controls,” “Controlled by” and
“under common Control with”) means the possession, direct or indirect, of the power to (a) direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise or (b) vote 10% or more of the securities having ordinary voting power for the election of directors of a Person. 

“Management Members” means the Management Members identified on the signature pages hereto. 

“Necessary Action” means, with respect to a specified result, all actions (to the extent such actions are permitted by
applicable law and, in the case of any action by the Company that requires a vote or other action on the part of the Board, to the extent such action is consistent with the fiduciary duties that the Company’s directors may have in such
capacity) necessary to cause such result, including (i) voting or providing a written consent or proxy with respect to shares of Common Stock, (ii) causing the adoption of stockholders’ resolutions and amendments to the organizational
documents of the Company, (iii) executing agreements and instruments and (iv) making or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to
achieve such result. 
 “IPO” means the initial public offering of shares of Common Stock by the Company. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate,
trust, business association, organization, any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof or other entity, and also
includes any managed investment account. 
 “Restricted Period” has the meaning given to such term in
Section 2.3(a) hereto. 
 “Total Number of Directors” means the total number of directors
comprising the Board. 
 “Trigger Date” shall have the meaning given to such term in the Certificate of
Incorporation. 
 Section 1.2    Rules of Construction. 

(a)    Unless the context requires otherwise: (i) any pronoun used in this Agreement shall include the
corresponding masculine, feminine or neuter forms; (ii) references to Articles and Sections refer to articles and sections of this Agreement; (iii) the terms “include,” “includes,” “including” and words of
like import shall be deemed to be followed by the words “without limitation”; (iv) the terms “hereof,” “hereto,” “herein” or “hereunder” refer to this Agreement as a whole and not to any particular
provision of 

  
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this Agreement; (v) unless the context otherwise requires, the term “or” is not exclusive and shall have the inclusive meaning of “and/or”; (vi) defined terms herein will
apply equally to both the singular and plural forms and derivative forms of defined terms will have correlative meanings; (vii) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to
any law or statute shall be construed as including any legal and statutory provisions consolidating, amending, succeeding or replacing the applicable law or statute; (viii) references to any Person include such Person’s successors and
permitted assigns; and (ix) references to “days” are to calendar days unless otherwise indicated. 

(b)    The headings in this Agreement are for convenience and identification only and are not intended to
describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision thereof. 

(c)    This Agreement shall be construed without regard to any presumption or other rule requiring
construction against the party that drafted or caused this Agreement to be drafted 
 ARTICLE II 

GOVERNANCE MATTERS 

Section 2.1    Designees. 

(a)    Upon the closing of the IPO, the Board shall consist of 8 directors, including Charles E. Price,
Dorsey “Ron” McCall, Mark Spender, Stephen Tritch, Brian Ferraioli and Claire Babineaux-Fontenot. The Board will be divided into three classes of directors, with each class as equal in number as possible, serving staggered three-year terms
as set forth in the Certificate of Incorporation, and such directors will be removable only for “cause” as set forth in the Certificate of Incorporation. 

(b)    Following the closing of the IPO, BCP shall have the right, but not the obligation, to nominate to
the Board a number of designees equal to at least: (i) a majority of the Total Number of Directors, so long as BCP Beneficially Owns 50% or more of the outstanding shares of Common Stock; (ii) 40% of the Total Number of Directors, in the event
that BCP Beneficially Owns 40% or more, but less than 50%, of the outstanding shares of Common Stock; (iii) 30% of the Total Number of Directors, in the event that BCP Beneficially Owns 30% or more, but less than 40%, of the outstanding shares of
Common Stock; (iv) 20% of the Total Number of Directors, in the event that BCP Beneficially Owns 20% or more, but less than 30%, of the outstanding shares of Common Stock; and (v) 10% of the Total Number of Directors, in the event that BCP
Beneficially Owns 5% or more, but less than 20%, of the outstanding shares of Common Stock. If BCP Beneficially Owns less than 5% of the outstanding shares of Common Stock, it shall not be entitled to designate a nominee. For purposes of calculating
the number of directors that BCP is entitled to designate pursuant to the immediately preceding sentence, any fractional amounts shall automatically be rounded up to the nearest whole number (e.g., one and one quarter (11/4) directors shall equate to two (2) directors), and any such calculations shall be made after taking into account any increase in the Total Number of Directors. 

  
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 (c)    In the event that BCP has nominated less than the
total number of designees BCP shall be entitled to nominate pursuant to Section 2.1(b), BCP shall have the right, at any time, to nominate such additional designees to which it is entitled, in which case the Company and the
directors shall take all Necessary Action, to the fullest extent permitted by applicable Law (including with respect to fiduciary duties under Delaware law), to (x) enable BCP to nominate and effect the election or appointment of such
additional individuals, whether by increasing the size of the Board or otherwise, and (y) designate such additional individuals nominated by BCP to fill such newly-created vacancies or to fill any other existing vacancies. Each such individual
whom BCP shall actually nominate pursuant to this Section 2.1 and who is thereafter elected to the Board to serve as a director shall be referred to herein as a “BCP Director.” 

(d)    CEP Holdings shall have the right, but not the obligation, to nominate Charles E. Price to the Board
for so long as CEP Holdings Beneficially Owns at least 10% or more of the outstanding shares of Common Stock or Charles E. Price holds the title of Chief Executive Officer of the Company. 

For the avoidance of doubt, the rights granted to BCP to designate members of the Board are additive to, and not intended to limit in any way,
the rights that BCP or its Affiliates may have to nominate, elect or remove directors under the Company’s Certificate of Incorporation, Bylaws or the General Corporation Law of the State of Delaware. 

The Company agrees, to the fullest extent permitted by applicable law (including with respect to any applicable fiduciary duties under
Delaware law), to take all Necessary Action to effectuate the above by; (A) including the persons designated pursuant to this Section 2.1 in the slate of nominees recommended by the Board for election at any meeting of
stockholders called for the purpose of electing directors, (B) nominating and recommending each such individual to be elected as a director as provided herein, (C) soliciting proxies or consents in favor thereof, and (D) without
limiting the foregoing, otherwise using its reasonable best efforts to cause such nominees to be elected to the Board, including providing at least as high a level of support for the election of such nominees as it provides to any other individual
standing for election as a director. The Company is entitled to identify such individual(s) nominated pursuant to Section 2.1(b) as a BCP Director pursuant to this Agreement. 

(e)    At any time the members of the Board are allocated among separate classes of directors, to the
fullest extent permitted by law, (i) the BCP Directors shall be in different classes of directors to the extent practicable and (ii) the Company shall consult with BCP regarding the class or classes of directors to which the BCP Directors
shall be designated and the Company and the Principal Stockholders shall take all Necessary Action, including using their reasonable best efforts, to cause the BCP Directors to be designated to the class or classes requested by BCP. 

(f)    So long as BCP is entitled to designate one or more nominees pursuant to
Section 2.1(b), BCP shall have the right to request the removal of any BCP Director (with 

  
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or without cause) nominated by BCP, from time to time and at any time, from the Board, exercisable upon written notice to the Company, and the Company and the Principal Stockholders shall take
all Necessary Action to cause such removal. 
 (g)    So long as BCP Beneficially Owns at least 10% of
the outstanding shares of Common Stock, the Company shall take all Necessary Action to cause any committee of the Board to include in its membership at least one BCP Director, except to the extent that such membership would violate applicable
securities laws or stock exchange or stock market rules. 
 (h)    Nothing in this
Section 2.1 shall be deemed to require that any party hereto, or any Affiliate thereof, act or be in violation of any applicable provision of law, regulation, legal duty or requirement or stock exchange or stock market
rule. 
 (i)    In the event that a vacancy is created on the Board at any time by the death, disability,
resignation or removal (whether by BCP or otherwise in accordance with the Company’s Certificate of Incorporation and Bylaws, as either may be amended or restated from time to time) of a BCP Director, BCP shall be entitled to designate an
individual to fill the vacancy so long as the total number of persons that will serve on the Board as BCP Directors immediately following the filling of such vacancy will not exceed the total number of persons BCP is entitled to designate pursuant
to Section 2.1(b) on the date of such replacement designation. The Company and the Principal Stockholders shall take all Necessary Action to cause such replacement BCP Director to become a member of the Board. 

(j)    In the event that the number of nominees that BCP is entitled to designate pursuant to
Section 2.1(a) decreases below the number of BCP Directors then on the Board, to the extent requested by the nominating and corporate governance committee, BCP shall promptly cause a number of BCP Directors to resign from
service on the Board (and all committees thereof on which such BCP Director serves) so that the number of BCP Directors is no greater than the number of nominees BCP is entitled to designate pursuant to Section 2.1(b), and
promptly thereafter the Company shall take all Necessary Action to cause the Board to cause the size of the Board to decrease by such number and to remove such BCP Director from office. 

Section 2.2    Restrictions on Other Agreements. No Principal Stockholder shall, directly or indirectly, grant
any proxy or enter into or agree to be bound by any voting trust, agreement or arrangement of any kind with respect to its shares of Common Stock if and to the extent the terms thereof conflict with the provisions of this Agreement (whether or not
such proxy, voting trust, agreement or agreements are with other Principal Stockholders, holders of shares of Common Stock that are not parties to this Agreement or otherwise). 

Section 2.3    Lock-Up. 

(a)    Each of the Management Members party hereto hereby agrees that, without the prior written consent of
the Company and BCP, it will not, during the period ending 365 days after the date this agreement becomes effective (such period, subject to 

  
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Section 2.3(c) below, the “Restricted Period”), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock beneficially owned (as such term is used in Rule
13d-3 of the Securities Exchange Act of 1934, as amended), or any other securities so owned convertible into or exercisable or exchangeable for Common Stock or (2) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise. 
 (b)    The restrictions contained in Section 2.3(a) shall not
apply to (i) transfers of shares of Common Stock or any security convertible into Common Stock as a bona fide gift or (ii) distributions or transfers of shares of Common Stock or any security convertible into Common Stock to any of its
Affiliates; provided that in the case of any transfer or distribution pursuant to this Section 2.3(b), each donee or distributee shall enter into a written agreement containing substantially identical restrictions to those set forth in
the preceding paragraph and this paragraph. 
 (c)    The Company and BCP hereby agree to notify the
Management Members if either the Company or BCP intends to take the position on any tax return, or in any federal, state, or local audits, examinations, investigations, or other administrative or court proceedings with respect to income taxes that
the pre-IPO contributions to the Company by BCP and the other Principal Stockholders did not qualify under Section 351(a) of the Internal Revenue Code of 1986, as amended (the
“Code”). Notwithstanding anything herein to the contrary, if (i) the Company or BCP notifies the Management Members in accordance with the immediately preceding sentence that the Company or BCP intends to take the
position that the pre-IPO transactions did not qualify under Section 351(a) of the Code or (ii) in the reasonable opinion of tax advisors to the Company or the Management Members, the pre-IPO contributions to the Company by BCP and the other Principal Stockholders did not qualify under Section 351(a) of the Code, then the Restricted Period set forth in Section 2.3(a) above shall
be the period ending 180 days after the date of this agreement. 
 ARTICLE III 

EFFECTIVENESS AND TERMINATION 

Section 3.1    Effectiveness. Upon the closing of the IPO, this Agreement shall thereupon be deemed to be
effective. However, to the extent the closing of the IPO does not occur, the provisions of this Agreement shall be without any force or effect. 

Section 3.2    Termination. This Agreement shall terminate upon the earlier to occur of (a) such time as
none of the Principal Stockholders Beneficially Own any shares of Common Stock and (b) the delivery of written notice to the Company by all of the Principal Stockholders then owning shares of Common Stock requesting the termination of this
Agreement. Further, at such time as a particular Principal Stockholder no longer Beneficially Owns any shares of Common Stock, all rights and obligations of such Principal Stockholder under this Agreement shall terminate and such Principal
Stockholder shall no longer be a party to this Agreement. 

  
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 ARTICLE IV 

MISCELLANEOUS 

Section 4.1    Notices. All notices, requests, demands and other communications under this Agreement shall be
in writing and shall be personally delivered, sent by nationally recognized overnight courier, mailed by registered or certified mail or be sent by facsimile or electronic mail to such party at the address set forth below (or such other address as
shall be specified by like notice). Notices will be deemed to have been duly given hereunder if (a) personally delivered, when received, (b) sent by nationally recognized overnight courier, one business day after deposit with the
nationally recognized overnight courier, (c) mailed by registered or certified mail, five business days after the date on which it is so mailed, and (d) sent by facsimile or electronic mail, on the date sent so long as such communication
is transmitted before 5:00 p.m. in the time zone of the receiving party on a business day, otherwise, on the next business day. 

(a)    If to the Company, to: 

Charah Solutions, Inc. 
 12601
Plantside Dr. 
 Louisville, KY 40299 

Attention: Bruce Kramer 
 E-mail: BKramer@charah.com 
 (b)    If to BCP, to: 

Bernhard Capital Partners 
 400
Convention Street, Suite 1010 
 Baton Rouge, LA 70802 

Attention: Jeff Koonce 
 E-mail: koonce@bernhardcapital.com 
 Section 4.2    Severability. The
provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application
thereof to any Person or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the
intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor
shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

Section 4.3    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original and all of which, taken together, shall be considered one and the same agreement. 

  
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 Section 4.4    Entire Agreement; No Third Party Beneficiaries.
This Agreement (a) constitutes the entire agreement and supersedes all other prior agreements, both written and oral, among the parties hereto with respect to the subject matter hereof and (b) is not intended to confer upon any Person,
other than the parties hereto, any rights or remedies hereunder. 
 Section 4.5    Further Assurances. Each
party hereto shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by the other parties hereto to give effect to and carry out the transactions contemplated
herein. 
 Section 4.6    Governing Law; Equitable Remedies. THIS AGREEMENT AND ANY CLAIMS AND CAUSES OF
ACTION HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). The parties hereto agree that irreparable damage would occur in the event that
any of the provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable
remedies to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any of the Selected Courts (as defined below), this being in addition to any other remedy to which they are entitled at law or in equity.
Any requirements for the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto. Each party hereto further agrees that, in the event of any action for an injunction or other equitable remedy in
respect of such breach or enforcement of specific performance, it will not assert the defense that a remedy at law would be adequate. 

Section 4.7    Consent to Jurisdiction. With respect to any suit, action or proceeding
(“Proceeding”) arising out of or relating to this Agreement, each of the parties hereto hereby irrevocably (a) submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the United States
District Court for the District of Delaware and the appellate courts therefrom (the “Selected Courts”) and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens
or otherwise and hereby agrees not to commence any such Proceeding other than before one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose
of enforcing an order or judgment issued by one of the Selected Courts; (b) consents, to the fullest extent permitted by law, to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage
prepaid, or by recognized international express carrier or delivery service, to their respective addresses referred to in Section 4.1 hereof; provided, however, that nothing herein shall affect the right of any party hereto
to serve process in any other manner permitted by law; and (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL
BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS
PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT 

  
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AMONG THE PARTIES IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT AND TO HAVE ALL MATTERS RELATING TO THIS AGREEMENT BE TRIED
IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 Section 4.8    Amendments;
Waivers. 
 (a)    No provision of this Agreement may be amended or waived unless such amendment or
waiver is in writing and signed (i) in the case of an amendment, by each of the parties hereto, and (ii) in the case of a waiver, by each of the parties against whom the waiver is to be effective. 

(b)    No failure or delay by any party in exercising any right, power or privilege hereunder shall operate
as waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law. 
 Section 4.9    Assignment. Neither this Agreement nor any of
the rights or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties; provided, however, that the Principal Stockholders may each assign any of its respective rights hereunder to
any of its Affiliates, provided any such Affiliate execute a joinder to this Agreement. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors
and assigns. 
 [Signature page follows.] 

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

			
	COMPANY
	
	CHARAH SOLUTIONS, INC.
		
	By:	 	 /s/ Charles E. Price

	Name:	 	Charles E. Price
	Title:	 	President and Chief Executive Officer

  
 Signature Page to
Stockholders’ Agreement 

 
			
	PRINCIPAL STOCKHOLDERS:
	
	BERNHARD CAPITAL PARTNERS MANAGEMENT, LP
		
	By:	 	 /s/ Mark Spender

	Name:	 	Mark Spender
	Title:	 	Managing Director
	
	CEP HOLDINGS, INC.
		
	By:	 	 /s/ Charles E. Price

	Name:	 	Charles E. Price
	Title:	 	President and Chief Executive Officer

  
 Signature Page to
Stockholders’ Agreement 

 
			
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Bruce Kramer

	Name:	 	Bruce Kramer
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Dorsey Ron McCall

	Name:	 	Dorsey Ron McCall
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Charles W. Price

	Name:	 	Charles W. Price
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Danny Gray

	Name:	 	Danny Gray
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Ali Azad

	Name:	 	Ali Azad

  
 Signature Page to
Stockholders’ Agreement 

 
			
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Robert Rea

	Name:	 	Robert Rea
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Andrew Carpenter

	Name:	 	Andrew Carpenter
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Nick Jacoby

	Name:	 	Nick Jacoby
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Joshua Jones

	Name:	 	Joshua Jones

  
 Signature Page to
Stockholders’ Agreement 

 
			
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Eric Effinger

	Name:	 	Eric Effinger
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Jeremy Sochol

	Name:	 	Jeremy Sochol
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ James Boone

	Name:	 	James Boone
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Scott Ziegler

	Name:	 	Scott Ziegler
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Davis Valentine

	Name:	 	Davis Valentine

  
 Signature Page to
Stockholders’ Agreement 

 
			
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Scott Reschly

	Name:	 	Scott Reschly
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Steve Brehm

	Name:	 	Steve Brehm
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Robert Reynolds

	Name:	 	Robert Reynolds
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ John Plumlee

	Name:	 	John Plumlee
	
	ADDITIONAL HOLDERS:
		
	By:	 	 /s/ Scott Sewell

	Name:	 	Scott Sewell

  
 Signature Page to
Stockholders’ AgreementEX-4.3

 Exhibit 4.3 

FORM OF RESTRICTED STOCK AWARD AGREEMENT 

* * * * * 
 Executive: 

Grant Date: 
 Number of Shares of 

Restricted Stock granted: 
 * * * * *

 THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered
into by and between Charah Solutions, Inc., a company organized in the State of Delaware (the “Company”), and the Executive specified above; and 

WHEREAS, the Executive was previously granted Series C Profits Interests under the [Charah Management LLC Series C Profits Interest
Plan]/[Allied Power Holdings, LLC Profits Interest Plan] (the “Plan”), pursuant to that certain Series C Profits Interest Award Agreement, dated
[                    ] (the “Profits Interest Agreement”); 

WHEREAS, in connection with the corporate reorganization of the [Charah Management LLC]/[Allied Power Holdings, LLC], the Executive’s
unvested Series C Profits Interests are hereby exchanged, effective as of the execution of this Agreement, for the Restricted Shares granted by the Company to the Executive provided herein, and such exchange shall be in full satisfaction of all
rights the Executive has or may have had pursuant to the Profits Interest Agreement and the Plan. 
 NOW, THEREFORE, in consideration of the
mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows: 

1.    Definitions. As used in this Agreement: 

1.1    “Affiliate” means each of the following: (a) any Subsidiary;
(b) any Parent; (c) any corporation, trade or business (including, without limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether by ownership of stock, assets or an
equivalent ownership interest or voting interest) by the Company or one of its Affiliates; (d) any trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly controls 50% or more
(whether by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the Company or any of its Affiliates has a material equity interest and which is designated as an
“Affiliate” by resolution of the Committee. 

 1.2    “Board” means the Board of
Directors of the Company. 
 1.3    “Cause” shall have the meaning as set forth in
the employment agreement between [                    ] and the Executive, dated
[                    ], as amended from time to time (the “Employment Agreement”), or, if no such employment agreement
exists, “Cause” shall mean Executive’s (A) continued failure to perform the Executive’s duties to the Company (other than as a result of total or partial incapacity due to physical or mental illness); (B)
performing an act of fraud, theft, embezzlement or misappropriation involving such Executive’s employment with the Company or any of its subsidiaries or affiliates; (C) performing an act of discrimination or harassment based on race, sex,
national origin, religion, gender identity, disability or age which after investigation, counsel to the Company reasonably concludes has or will adversely affect the business or reputation of the Company in any respect; (D) violation of Company
or any of its subsidiaries’ policies and procedures made available to the Executive, including, but not limited to, the Company’s ethics policies and code of business conduct; (E) breach of any obligation under this Agreement or any
other non-competition, non-solicitation, non-disparagement and/or non-disclosure
obligations that the Executive is subject to; or (F) conviction of, plea of guilty or nolo contendere to, or performance of any act constituting a felony under the laws of the United States or any state thereof; provided that,
other than with respect to clause (F), the Company shall have given the Executive written notice describing the grounds constituting Cause and, if capable of being cured, allow the Executive a reasonable opportunity to cure such failure within
thirty (30) days following Executive’s receipt of such written notice from the Company. Notwithstanding anything to the contrary contained herein, the Executive’s right to cure as set forth in the preceding sentence shall not apply if
there are habitual or repeated breaches by the Executive. 
 1.4    “Code” means
the Internal Revenue Code of 1986, as amended. Any reference to any section of the Code shall also be a reference to any successor provision and any treasury regulation promulgated thereunder. 

1.5    “Committee” means the Compensation Committee of the Company as appointed by
the Board. 
 1.6    “Common Stock” means the common stock, $0.001 par value per
share, of the Company. 
 1.7    “EBITDA” shall be defined by GAAP and determined
in the Committee’s sole and complete discretion; provided, that such calculation shall be adjusted to exclude the Company’s costs with respect to its initial public offering, certain other litigation expenses and any other commercially
reasonable adjustments for non-recurring expenses, as publicly disclosed elsewhere, in each case as determined appropriate by the Compensation Committee. 

1.8    “TRIR” means total recordable incident rate as defined and calculated
consistently with the rules and guidance promulgated by the United States Department of Labor - Occupational Safety and Health Administration. 

1.9    “Exchange Act” means the Securities Exchange Act of 1934, as amended.
Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or
regulation amending, supplementing or superseding such section or regulation. 

 1.10    “Parent” means any parent
corporation of the Company within the meaning of Section 424(e) of the Code. 
 1.11    “Public
Offering” means any sale, in an underwritten public offering registered under the Securities Exchange Act of 1934, of equity securities of the Company or any of its Subsidiaries (or, in each case, any corporate successor
thereto); provided that the following shall not be considered a Public Offering: (a) any issuance of common equity securities as consideration for a merger or acquisition and (b) any issuance of common equity securities or rights to
acquire common equity securities to Executives, managers or consultants of or to the Company or its Subsidiaries as part of an incentive or compensation plan. 

1.12    “Restricted Stock” means shares of Common Stock subject to the restrictions
set forth in this Agreement. 
 1.13     “Securities Act” means the Securities Act
of 1933, as amended and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated
under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

2.    Grant of Restricted Stock Award. The Company hereby grants to the Executive, as of the
Grant Date specified above, the number of shares of Restricted Stock specified above. The Executive agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Executive with any protection against
potential future dilution of the Executive’s stockholder interest in the Company for any reason. 

3.    Vesting. 

3.1    The Restricted Stock subject to this grant shall become unrestricted and vest as follows: 

 

	 	3.1.1	Twenty-five percent (25%) of the shares of Restricted Stock shall vest upon consummation of a Public Offering, provided that the Executive is employed by the Company and/or one of its Subsidiaries or Affiliates
as of the date of the Public Offering. 

  

	 	3.1.2	The remaining seventy-five percent (75%) of the shares of Restricted Stock shall be subject to performance-based vesting conditions (the “Performance Shares”). Of the seventy-five percent (75%), the
Performance Shares shall be eligible to vest at the end of each of the following measurement periods: (i) January 1, 2018 through December 31, 2018, (ii) January 1, 2018 through December 31, 2019 (“Period
2”), and (iii) January 1, 2018 through December 31, 2020 (“Period 3”), based on each of the performance measures set forth below. The Executive must be employed by the Company and/or one of its Subsidiaries
or Affiliates as of the December 31 of each applicable measurement period in order for such Performance Shares to vest. The applicable performance targets for the vesting of the Performance Shares shall be reviewed annually by the Committee and
be subject to its complete authority and discretion to determine if such targets have been achieved. The Performance Shares shall only become vested with respect to the following percentages based on the Company’s achievement of the performance
conditions set forth in Exhibit A hereto. 

 3.2     Except as otherwise provided in this Section 3, if the
Executive’s employment with the Company and/or its Subsidiaries or Affiliates terminates for any reason prior to the vesting of all or any portion of the Restricted Stock awarded under this Agreement, such unvested portion of the Restricted
Stock shall immediately be cancelled and the Executive (and the Executive’s estate, designated beneficiary or other legal representative) shall forfeit any rights or interests in and with respect to any such shares of Restricted Stock. The
Committee, in its sole discretion, may determine, prior to or within ninety (90) days after the date of any such termination, that all or a portion of any the Executive’s unvested shares of Restricted Stock shall not be so cancelled and
forfeited. 
 4.    Period of Restriction; Delivery of Unrestricted Shares. Executive shall
be issued a stock certificate in respect of the shares of Restricted Stock granted hereunder, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares of Restricted Stock. Such
certificate shall be registered in the name of such Executive, and shall, in addition to such legends required by applicable securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to this
Agreement. When shares of Restricted Stock awarded by this Agreement become vested, the Executive shall be entitled to receive unrestricted shares and if the Executive’s stock certificates contain legends restricting the transfer of such
shares, the Executive shall be entitled to receive new stock certificates free of such legends (except any legends requiring compliance with securities laws). In connection with the delivery of the unrestricted shares pursuant to this Agreement, the
Executive agrees to execute any documents reasonably requested by the Company. 
 5.    Dividends and Other
Distributions. The Executive shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of shares of Common Stock of the Company, including, without limitation, the right to receive dividends with
respect to vested shares of Restricted Stock, the right to vote such shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. 

6.    Non-transferability. Restricted Stock, and any
rights and interests with respect thereto, issued under this Agreement shall not, prior to vesting, be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Executive (or any beneficiary(ies) of the Executive), other than
by testamentary disposition by the Executive or the laws of descent and distribution. Any such Restricted Stock, and any rights and interests with respect thereto, shall not, prior to vesting, be pledged, encumbered or otherwise hypothecated in any
way by the Executive (or any beneficiary(ies) of the Executive) and shall not, prior to vesting, be subject to execution, attachment or similar legal process. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of
or hypothecate in any way any of the Restricted Stock, or the levy of any execution, attachment or similar legal process upon the Restricted Stock, contrary to the terms and provisions of this Agreement shall be null and void and without legal force
or effect and the Company shall have the right to disregard the same on its books and records and to issue “stop transfer” instructions to its transfer agent. 

7.    Entire Agreement; Amendment. This Agreement contains the entire agreement between the
parties hereto with respect to the subject matter contained herein, and supersedes all 

 
prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Board shall have the right, in its sole discretion, to modify or amend
this Agreement from time to time. This Agreement may also be modified or amended by a writing signed by both the Company and the Executive. The Company shall give written notice to the Executive of any such modification or amendment of this
Agreement as soon as practicable after the adoption thereof. 
 8.    Acknowledgment of
Executive. The award of the Restricted Stock does not entitle Executive to any benefit other than that granted under this Agreement. Any benefits granted under this Agreement are not part of the Executive’s ordinary salary, and
shall not be considered as part of such salary in the event of severance, redundancy or resignation. Executive understands and accepts that the benefits granted under this Agreement are entirely at the discretion of the Company and that the Company
retains the right to amend or terminate this Agreement at any time, at its sole discretion and without notice. 

9.    Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware without reference to the principles of conflict of laws thereof. 

10.    Withholding of Tax. The Company shall have the power and the right to deduct or
withhold, or require the Executive to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Executive’s FICA and SDI obligations) which the Company, in
its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Restricted Stock or the vesting of such Restricted Stock. 

11.    Section 83(b). If the Executive properly elects (as required by Section 83(b) of
the Code) within 30 days after the issuance of the Restricted Stock to include in gross income for federal income tax purposes in the year of issuance the fair market value of such shares of Restricted Stock, the Executive shall pay to the Company
or make arrangements satisfactory to the Company to pay to the Company upon such election, any federal, state or local taxes required to be withheld with respect to the Restricted Stock. If the Executive shall fail to make such payment, the Company
shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Executive any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock, as well as
the rights set forth in Section 10. The Executive acknowledges that it is the Executive’s sole responsibility, and not the Company’s, to file timely and properly the election under Section 83(b) of the Code and any corresponding
provisions of state tax laws if the Executive elects to utilize such election. 
 12.    No Right to
Employment. Any questions as to whether and when there has been a termination of such employment and the cause of such termination shall be determined in the sole discretion of the Company. Nothing in this Agreement shall interfere
with or limit in any way the right of the Company, its Subsidiaries or Affiliates to terminate the Executive’s employment or service at any time, for any reason and with or without cause. 

13.    Notices. Any notice which may be required or permitted under this Agreement shall be in
writing and shall be delivered in person, or via facsimile transmission, overnight courier service or certified mail, return receipt requested, postage prepaid, properly addressed as follows: 

13.1    If such notice is to the Company, to the attention of the Secretary of Company or at such other address as the
Company, by notice to the Executive, shall designate in writing from time to time. 

 13.2    If such notice is to the Executive, at his or her address as shown on
the Company’s records, or at such other address as the Executive, by notice to the Company, shall designate in writing from time to time. 

14.    Compliance with Laws. The issuance of the Restricted Stock or unrestricted shares
pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act
and the respective rules and regulations promulgated thereunder), and any other law or regulation applicable thereto. The Company shall not be obligated to issue any of the Restricted Stock or unrestricted shares pursuant to this Agreement if such
issuance would violate any such requirements. 
 15.     Securities Representations. The
Restricted Stock is being issued to the Executive and this Agreement is being made by the Company in reliance upon the following express representations and warranties of the Executive. 

The Executive acknowledges, represents and warrants that: 

15.1    The Executive has been advised that the Executive may be an “affiliate” within the meaning of Rule 144
under the Securities Act and in this connection the Company is relying in part on the Executive’s representations set forth in this Section 15. 

15.2    If the Executive is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Shares must be
held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to the
shares and the Company is under no obligation to register the shares (or to file a “re-offer prospectus”). 

15.3    If the Executive is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Executive
understands that the exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock of the Company, (ii) adequate information concerning the Company is then available to
the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with; and that any sale of the shares may be made only in limited amounts in accordance with such terms and conditions. 

16.     Power of Attorney. The Company, its successors and assigns are hereby appointed
the attorneys-in-fact, with full power of substitution, of the Executive for the purpose of carrying out the provisions of this Agreement and taking any action and
executing any instruments which such attorneys-in-fact may deem necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorneys-in-fact is irrevocable and coupled with an interest. The Company, as attorney-in-fact
for the Executive, may in the name and stead of the Executive, make and execute all conveyances, assignments and transfers of the shares and property provided for in this Agreement, and the Executive hereby ratifies and confirms all that the
Company, as said attorney-in-fact, shall do by virtue hereof. Nevertheless, the Executive shall, if so requested by the Company, execute and deliver to the Company all
such instruments as may, in the judgment of the Company, be advisable for such purpose. 

 17.    Binding Agreement; Assignment. This
Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Executive shall not assign any part of this Agreement without the prior express written consent of the Company. 

18.    Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which shall constitute one and the same instrument. 

19.    Headings. The titles and headings of the various sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed to be a part of this Agreement. 

20.    Further Assurances. Each party hereto shall do and perform (or shall cause to be done
and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of
this Agreement and the consummation of the transactions contemplated hereunder. 
 21.    Waiver of Jury
Trial. EXECUTIVE WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT
OR ACTION OF ANY PARTY HERETO. 
 22.    Severability. The invalidity or unenforceability of
any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in
any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. 

[END OF PAGE] 

[SIGNATURE PAGE TO FOLLOW] 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized
officer, and the Executive has hereunto set his hand, all as of the Grant Date specified above. 
  

					
	Charah Solutions, Inc.
		
	By:	 	
                     
                    

		 	Name:	 	
                     
                    

		 	Title:	 	
                     
                    

	
	  

	[Executive]

 EXHIBIT A 

Vesting Conditions for Performance Shares 
  

																	
	 EBITDA % of Target

          EBITDA 
         
	  	% Annual
Vesting	 	 	Total % of Performance Shares Eligible to Vest
in Applicable Fiscal Year	 	 	Period 2	 	 	Period 3	 
	 >120.1%
	  	 	150	% 	 	 	37.50	% 	 	 	56.25	% 	 	 	112.50	%* 
	 110.1% - 120.0%
	  	 	140	% 	 	 	35.00	% 	 	 	52.50	% 	 	 	105.00	%* 
	 105.1% - 110.0%
	  	 	130	% 	 	 	32.50	% 	 	 	48.75	% 	 	 	97.50	% 
	 105%
	  	 	120	% 	 	 	30.00	% 	 	 	45.00	% 	 	 	90.00	% 
	 104%
	  	 	116	% 	 	 	29.00	% 	 	 	43.50	% 	 	 	87.00	% 
	 103%
	  	 	112	% 	 	 	28.00	% 	 	 	42.00	% 	 	 	84.00	% 
	 102%
	  	 	108	% 	 	 	27.00	% 	 	 	40.50	% 	 	 	81.00	% 
	 101%
	  	 	104	% 	 	 	26.00	% 	 	 	39.00	% 	 	 	78.00	% 
	 100%
	  	 	100	% 	 	 	25.00	% 	 	 	37.50	% 	 	 	75.00	% 
	 99%
	  	 	96	% 	 	 	24.00	% 	 	 	36.00	% 	 	 	72.00	% 
	 98%
	  	 	92	% 	 	 	23.00	% 	 	 	34.50	% 	 	 	69.00	% 
	 97%
	  	 	88	% 	 	 	22.00	% 	 	 	33.00	% 	 	 	66.00	% 
	 96%
	  	 	84	% 	 	 	21.00	% 	 	 	31.50	% 	 	 	63.00	% 
	 95%
	  	 	80	% 	 	 	20.00	% 	 	 	30.00	% 	 	 	60.00	% 
	 90.0% - 94.9%
	  	 	70	% 	 	 	17.50	% 	 	 	26.25	% 	 	 	52.50	% 
	 80.0% - 89.9%
	  	 	60	% 	 	 	15.00	% 	 	 	22.50	% 	 	 	45.00	% 
	 70.0% - 79.9%
	  	 	50	% 	 	 	12.50	% 	 	 	18.75	% 	 	 	37.50	% 
	 <70.0%
	  	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
					
	 Actual TRIR % of

            
Target            
	  	 	 	 	 	 	 	 	 	 	 	 
	 >120.1%
	  	 	150	% 	 	 	12.50	% 	 	 	18.74	% 	 	 	37.49	% 
	 110.1% - 120.0%
	  	 	140	% 	 	 	11.66	% 	 	 	17.49	% 	 	 	34.99	% 
	 105.1% - 110.0%
	  	 	130	% 	 	 	10.83	% 	 	 	16.24	% 	 	 	32.49	% 
	 105%
	  	 	120	% 	 	 	10.00	% 	 	 	14.99	% 	 	 	29.99	% 
	 104%
	  	 	116	% 	 	 	9.66	% 	 	 	14.49	% 	 	 	28.99	% 
	 103%
	  	 	112	% 	 	 	9.33	% 	 	 	13.99	% 	 	 	27.99	% 
	 102%
	  	 	108	% 	 	 	9.00	% 	 	 	13.49	% 	 	 	26.99	% 
	 101%
	  	 	104	% 	 	 	8.66	% 	 	 	12.99	% 	 	 	25.99	% 
	 100%
	  	 	100	% 	 	 	8.33	% 	 	 	12.50	% 	 	 	24.99	% 
	 99%
	  	 	96	% 	 	 	8.00	% 	 	 	12.00	% 	 	 	23.99	% 
	 98%
	  	 	92	% 	 	 	7.66	% 	 	 	11.50	% 	 	 	22.99	% 
	 97%
	  	 	88	% 	 	 	7.33	% 	 	 	11.00	% 	 	 	21.99	% 
	 96%
	  	 	84	% 	 	 	7.00	% 	 	 	10.50	% 	 	 	20.99	% 
	 95%
	  	 	80	% 	 	 	6.66	% 	 	 	10.00	% 	 	 	19.99	% 
	 90.0% - 94.9%
	  	 	70	% 	 	 	5.83	% 	 	 	8.75	% 	 	 	17.49	% 
	 80.0% - 89.9%
	  	 	60	% 	 	 	5.00	% 	 	 	7.50	% 	 	 	14.99	% 
	 70.0% - 79.9%
	  	 	50	% 	 	 	4.17	% 	 	 	6.25	% 	 	 	12.50	% 
	 <70.0%
	  	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 

  

	*	In no event will more than 100% of the Performance Shares set forth in the Agreement become vested.

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