Document:

PARTICIPANT AGREEMENT

 

J. Kimbrough Davis, Chief Financial Officer

This Participant Agreement
(the “Agreement”) is made as of the 21st day of February, 2017, between Capital City Bank Group, Inc., a Florida corporation
(the “Company”), and J. Kimbrough Davis (“Participant”). Capitalized terms used and not otherwise defined
herein shall have the meanings attributed thereto in the Capital City Bank Group, Inc. 2011 Associate Incentive Plan (the “Plan”).

 

WHEREAS, the Participant
is a key officer or associate of the Company or one of its subsidiaries who has been selected to receive an Award of Performance
Share Units under the Plan by the Compensation Committee of the Company’s Board of Directors (the “Committee”).

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Grant.

 

(a) Performance
Share Units. Upon the execution of this Agreement, the Committee hereby grants the Participant an Award of up to 14,436 Performance
Share Units, to be payable in three installments, upon the attainment of the performance goals set forth in Exhibit A and subject
to the terms and conditions of this Agreement and the Plan. Upon issuance, the Performance Share Units shall be immediately converted
to shares (the “Shares”) of Common Stock of the Company.

 

(b) Cash. Upon the execution of this Agreement, the Committee hereby grants the Participant a Cash Award of up to $100,000, to be payable
in three installments, upon the attainment of the performance goals set forth in Exhibit A and subject to the terms and conditions
of this Agreement and the Plan.

 

2. Earnings
Goals. The Performance Share Units are hereby awarded on the basis, and Shares shall be issued at the time of achievement,
of the earnings goals for such Performance Share Units set forth on Exhibit A (“Earnings Goals”). The Shares shall
not be issued, and Participant shall lose all rights to same, if (i) the Earnings Goals set forth on Exhibit A and applicable to
those issuances are not met, (ii) the Company reports negative earnings for the calendar year (no Performance Share Units shall
be issued for that calendar year and all rights to same shall be forfeited), or (iii) prior to the award date, Participant ceases
to be employed by the Company or any subsidiary for any reason, including death, disability or voluntary or involuntary termination,
with or without cause, or is employed in a capacity of lesser responsibility within the Company or Subsidiary from that now occupied
by Participant. The failure to meet an Earnings Goal in one calendar year will not affect the prior issuance of Shares pursuant
to a previously satisfied Earnings Goal.

 

    	 

     

    

3. Representations
and Warranties of the Participant. The Participant represents, warrants and covenants that:

 

(a) Knowledge
and Experience. The Participant has such knowledge and experience in financial and business matters that he or she, together
with his or her professional advisor, if any, is capable of evaluating the merits and risks of receipt of the Shares. The Participant
has had access to such information concerning the Company, including its current financial statements, as the Participant deems
necessary to enable him or her to make an informed decision concerning receipt of the Shares.

 

(b) Withholding
Taxes. The Participant acknowledges and agrees that the Company may withhold from the Participant’s cash compensation
(whether paid in the form of salary, bonus or other type of cash payment) an amount calculated on the taxable income recognized
by the Participant with respect to all compensation paid hereunder, calculated at the maximum withholding rate permitted for the
Company under the Internal Revenue Code of 1986, as amended (the “Code”). The date of such taxable income recognition,
and the Company’s corresponding right to withhold from Participant’s cash compensation shall occur on the first date
the Participant has the right to receive the Shares, whether or not the Participant exercises that right.

 

4. No
Change in Employment Status. Nothing in the Agreement shall alter, in any way, Participant’s employment status with the
Company, nor shall anything in this Agreement confer upon the Participant any right to continue in the employ of the Company or
any of its subsidiaries or interfere in any way with the rights of the Company to change or terminate the employment of the Participant.
Designation as a Participant pursuant to this Agreement will not confer any right on the Participant to be designated as a Participant
in the future. This paragraph shall not change the terms and conditions of any employment agreement in effect between the Participant
and the Company.

 

5. Interpretation.
The Committee interpretation of this Agreement, the Plan and all other decisions and determinations by the Committee shall be final
and binding upon the parties hereto. The Committee may amend any provision of this Agreement at any time; provided that, except
with the consent of the Participant, no amendment of this Agreement will impair the rights of the Participant to the Shares. The
Committee shall have the full and exclusive right to make reductions in Awards under the Agreement. In determining whether to reduce
any Award and the amount of any such reduction, the Committee shall take into consideration such factors as the Committee shall
determine reasonable under the circumstances, in its sole and absolute discretion. The discretion of the Committee does not include
the authority to change, in any way, the payment date, the issuance date or the timing of a benefit hereunder, whether acceleration
or deferral. The Committee does not have the authority to increase any Award and, if an Award is reduced by the Committee for any
reason, the reduction shall be permanently reduced. Notwithstanding any provision of this Agreement to the contrary, the intent
of the parties is that benefits under this Agreement comply with Internal Revenue Code Section 409A (“Section 409A”),
as may be amended from time to time, to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement
shall be interpreted and administered to be in compliance therewith. To the extent any amount accrued or payable under this Agreement
is or becomes subject to Section 409A, this Agreement shall be interpreted and construed in a manner consistent with Section 409A.

 

    	 

     

    

6. Company
Rights. This Agreement shall not in any way affect the right of the Company to make changes of its capital structure or to
merge or consolidate or to dissolve, liquidate or sell all or any part of its business or its assets.

 

7. Plan.
The terms and provisions of the Plan are incorporated herein by reference, and Participant agrees to be bound by all such terms
and provisions. In the event of a conflict or inconsistency between any terms and conditions of this Agreement and the Plan, the
Plan shall govern and control.

 

8. Miscellaneous.
This Agreement and the Plan represent the entire understanding and agreement between the parties with respect to the subject matter
of this Agreement, and supersedes all other negotiations, understandings and representations (if any) made by and between the parties.
All of the terms and provisions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties
and their respective heirs, legal representatives, successors and permitted assigns, whether so expressed or not. No party shall
assign its rights or obligations under this Agreement without the prior written consent of each other party to this Agreement.

The headings contained
in this Agreement are for convenience of reference only, and shall not limit or otherwise affect in any way the meaning or interpretation
of this Agreement. If any part of this Agreement or any other agreement entered into pursuant to this Agreement is contrary to,
prohibited by or deemed invalid under applicable law or regulation, such provision shall be inapplicable and deemed omitted to
the extent so contrary, prohibited or invalid, but the remainder of this Agreement shall not be invalidated thereby and shall be
given full force and effect so far as possible. All covenants, agreements, representations and warranties made in this Agreement
or otherwise made in writing by any party pursuant to this Agreement shall survive the execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby.

The parties acknowledge
that a substantial portion of the negotiations and anticipated performance of this Agreement occurred or shall occur in Leon County,
Florida. Any civil action or legal proceeding arising out of or relating to this Agreement shall be brought in the courts of record
of the State of Florida in Leon County or the United States District Court, Northern District of Florida. Each party consents to
the jurisdiction of this court in any civil action or legal proceeding and waives any objection to the laying of venue of any civil
action or legal proceeding in court. Service of any court paper may be effected on a party by mail, as provided in this Agreement,
or in any other manner as may be provided under applicable laws, rules of procedure or local rules.

This Agreement and
all transactions contemplated by this Agreement shall be governed by, and construed and enforced in accordance with, the internal
laws of the State of Florida without regard to principles of conflicts of laws. If any legal action or other proceeding is brought
for the enforcement of this Agreement, or because of an alleged dispute, breach, default, or misrepresentation in connection with
any provision of this Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’
fees, sales and use taxes, court costs, and all other expenses even if not taxable as court costs. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

 

[SIGNATURE PAGE
FOLLOWS]

    	 

     

    

IN WITNESS WHEREOF,
the parties have caused this Participant Agreement to be signed as of the date first written above.

 

	Witnesses:	CAPITAL CITY BANK GROUP, INC.
	 	 	 	 
	 	By:  	/s/ Cader B. Cox, III	 
	 	 	Cader B. Cox, III	 
	 	 	Chairman, Compensation Committee	 
	 	 	 	 
	 	 	 	 
	 	 	/s/ J. Kimbrough Davis	 
	 	 	J. Kimbrough Davis	 

    	 

     

    

EXHIBIT A

 

EARNINGS GOALS

 

The purpose of Exhibit A is to set forth the
Earnings Goals and to advise the Participant as to the potential number of Performance Share Units which may be earned under the
Plan if the Earnings Goals are achieved.

 

Performance Share Units

 

Performance Share Units may be earned for achieving
Compound Annual Growth Rate (“CAGR”) in Diluted Earnings per Share (“DEPS”). The level of economic value
of eligible Performance Share Units ranges from zero to a maximum of $300,000 (at the date of grant). The Participant is eligible
to receive up to 14,436 Performance Share Units if the established Earnings Goals are achieved. If the CAGR is greater than 7.5%
and less than or equal to 12.5%, then the economic value of the award will be awarded on a pro-rata basis. Payment in year one
(2017) will be based on one year growth in EPS; payment in year two (2018) will be based on two years compounded growth in EPS;
and payment in year three (2018) will be based on three years compounded growth in EPS.

 

	 	 	 	 	 	 	 
	2017Plan	EPS	CAGR

($0.69 in 2016)	
        Economic

        Value of

        Shares
	# of Shares

 @

$20.00	Cash	Total Award

Value
	 	$0.74	7.5%	$0	0	$0	$0
	 	$0.76	10%	$25,000	1,203	$8,333	$33,333
	 	$0.78	12.5%	$50,000	2,406	$16,666	$66,666
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	2018Plan	EPS	CAGR

($0.69 in 2016)	
        Economic

        Value of

        Shares
	# of Shares

 @

$20.00	Cash	Total Award

Value
	 	$0.80	7.5%	$0	0	$0 	$0
	 	$0.83	10%	$50,000	2,406	$16,666 	$66,666
	 	$0.87	12.5%	$100,000	4,812	$33,333 	$133,333
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	2019Plan	EPS	CAGR

($0.69 in 2016)	
        Economic

        Value of

        Shares
	# of Shares

 @

$20.00	Cash	Total Award

Value
	 	$0.86	7.5%	$0	0	$0 	$0
	 	$0.92	10%	$75,000	3,609	$25,000 	$100,000
	 	$0.98	12.5%	$150,000	7,218	$50,000 	$200,000

 

    	 

     

    

Shares convertible from Performance Share Units
will be issued in the calendar quarter following the calendar year in which the Performance Share Units were earned. The value
of the Shares issued is treated as compensation and creates an additional tax liability for the Participant as of the first date
the Participant has the right to receive the Shares, whether or not the Participant exercises that right.

 

CASH AWARD

 

Cash may be earned for achieving Compound Annual Growth
Rate (“CAGR”) in Diluted Earnings per Share (“DEPS”) in a range from zero to a maximum of $100,000. If
the CAGR is greater than 7.5% and less than or equal to 12.5%, then the cash value portion of the award will be awarded on a pro-rata
basis. Payment in year one (2017) will be based on one year growth in
EPS; payment in year two (2018) will be based on two years compounded growth in EPS; and payment in year three (2019) will be based
on three years compounded growth in EPS.

 

Due to the complexities of the tax laws and
circumstances which may affect individual participants, the Participant is encouraged to consult with the Participant’s tax
advisor concerning any possible tax consequences of this transaction.Exhibit 10.1

 

TWELFTH AMENDMENT TO CREDIT AGREEMENT

 

THIS TWELFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of December 23, 2016, is among GLOBAL POWER EQUIPMENT GROUP INC., a Delaware corporation (the “Borrower”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders (the “Administrative Agent”), the LENDERS (as defined in the Credit Agreement defined below) signing this Amendment, and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Swingline Lender and in its capacity as Issuing Lender.

 

RECITALS

 

A.                                    The Borrower, the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender are parties to that certain Credit Agreement, dated as of February 21, 2012, as amended by that certain First Amendment to Credit Agreement and First Amendment to Security Agreement, dated as of April 25, 2012, that certain Second Amendment to Credit Agreement, dated as of July 19, 2012, that certain Third Amendment and Limited Waiver to Credit Agreement and Second Amendment to Security Agreement, dated as of March 4, 2013, but effective as of December 7, 2012, that certain Lender Joinder Agreement, effective as of December 17, 2013, that certain Fourth Amendment and Limited Waiver to Credit Agreement, dated as of December 22, 2014, that certain Fifth Amendment and Limited Waiver to Credit Agreement, dated as of May 28, 2015, that certain Limited Waiver and Sixth Amendment to Credit Agreement, dated as of June 30, 2015, that certain Limited Waiver and Seventh Amendment to Credit Agreement and Amendment to Other Loan Documents, dated as of August 31, 2015 (the “Original Limited Waiver Agreement”), that certain First Amendment to Limited Waiver and Seventh Amendment to Credit Agreement and Amendment to Other Loan Documents, dated as of December 11, 2015 (the “First Limited Waiver Amendment”), that certain Second Amendment to Limited Waiver and Seventh Amendment to Credit Agreement and Amendment to Other Loan Documents, dated as of March 25, 2016 (the “Second Limited Waiver Amendment”), that certain Third Amendment to Limited Waiver and Seventh Amendment to Credit Agreement and Amendment to Other Loan Documents, dated as of July 22, 2016 (the “Third Limited Waiver Amendment”), that certain Eighth Amendment to Credit Agreement dated as of August 5, 2016 (the “Eighth Amendment”), that certain Ninth Amendment to Credit Agreement and Fourth Amendment to Limited Waiver Agreement dated as of October 4, 2016 (the “Ninth Amendment”), that certain Tenth Amendment to Credit Agreement and Fifth Amendment to Limited Waiver Agreement dated as of October 28, 2016 (the “Tenth Amendment”), and that certain Eleventh Amendment to Credit Agreement and Sixth Amendment to Limited Waiver Agreement dated as of November 30, 2016 (the “Eleventh”) (such Credit Agreement, as so amended, the “Credit Agreement”; and the Original Limited Waiver Agreement, as amended by the First Limited Waiver Amendment, the Second Limited Waiver Amendment, the Third Limited Waiver Amendment, the Eighth Amendment, the Ninth Amendment, the Tenth Amendment and the Eleventh Amendment, the “Limited Waiver Agreement”).

 

B.                                    The Borrower has requested that the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender agree to amend certain of the provisions of the Credit Agreement pursuant to the terms and conditions of this Amendment.

 

C.                                    The Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender are willing to agree to such request of the Borrower subject to the terms and conditions of this Amendment.

 

NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, the Borrower, the Administrative Agent, the Lenders, the Swingline Lender and the Issuing Lender hereby agree as follows:

 

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1.                                      DEFINITIONS.  All capitalized terms used in this Amendment (including in the Recitals to this Amendment) which are not expressly defined in this Amendment shall have the meanings given to them in the Credit Agreement.

 

2.                                      AMENDMENT TO SECTION 1.1 OF THE CREDIT AGREEMENT.  The definition of Asset Reserve Amount contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Asset Reserve Amount” means (a) during the period from December 13, 2016 through and including January 6, 2017, $0, and (b) at all other times, $3,500,000, or such other amount (whether more or less) as the Administrative Agent may in its sole discretion from time to time agree in writing; provided, however, at all times other than the period designated pursuant to clause (a), the Asset Reserve Amount may not be reduced to an amount less than $3,500,000 for more than 3 consecutive Business Days, or to an amount less than $2,500,000 for any period, without the written consent of the Required Lenders.

 

3.                                      AMENDMENT TO SECTION 7.1(g) OF THE CREDIT AGREEMENT.  Section 7.1(g) of the Credit Agreement is hereby amended by replacing the date “December 31, 2016” contained therein with the date “January 31, 2017”.

 

4.                                      ACKNOWLEDGMENTS OF THE BORROWER.  The Borrower hereby acknowledges and agrees as follows:

 

(a)                                 Recitals.  The Recitals to this Amendment are true and correct.

 

(b)                                 Loan Documents.  The Credit Agreement, as amended by this Amendment, and each of the other Loan Documents are the legal, valid and binding agreements of each Credit Party which is a party thereto, enforceable against such Credit Party in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditor’s rights in general and the availability of equitable remedies, regardless of whether considered in a proceeding in equity or at law.

 

(c)                                  Obligations.  As of the date hereof, the Obligations of the Credit Parties under the Loan Documents are not subject to any restriction, setoff, deduction, claim, counterclaim or defense of any kind or character whatsoever.

 

(d)                                 Outstanding Principal in respect of the Revolving Credit Loans and the L/C Obligations.  The outstanding principal balance of the Revolving Credit Loans and the L/C Obligations as of November 29, 2016 are as set forth on Schedule 4(d) attached to this Amendment and made a part of this Amendment.

 

5.                                      REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT.  By its execution and delivery of this Amendment, the Borrower represents and warrants that, as of the date hereof:

 

(a)                                 other than the representations and warranties with respect to the previously delivered financial statements for Fiscal Year 2012, Fiscal Year 2013, Fiscal Year 2014 and Fiscal Year 2015, the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects, on and as of the date hereof as made on and as of such date, except for any representation and warranty that is qualified by materiality or reference to 

 

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Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects on and as of  the date hereof as if made on and as of such date, (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects as of such earlier date);

 

(b)                                 no event has occurred and is continuing which constitutes a Default or an Event of Default except for the Known Existing Events of Default (as defined in the Limited Waiver Agreement) and the Anticipated Events of Default (as defined in the Limited Waiver Agreement) and no event has occurred and is continuing which constitutes a Waiver Termination Event (as defined in the Limited Waiver Agreement) except for the Known Existing Waiver Termination Events (as defined in the Limited Waiver Agreement);

 

(c)                                  (i) the Borrower and each other Credit Party has full power and authority to execute and deliver this Amendment, (ii) this Amendment has been duly executed and delivered by the Borrower and each other Credit Party, and (iii) each of the Credit Agreement, as amended by this Amendment, the Limited Waiver Agreement, and each other Loan Document constitutes the legal, valid and binding obligations of the Borrower and the other Credit Parties party thereto, enforceable against the Borrower or such Credit Party, as applicable, in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies, regardless of whether considered in a proceeding in equity or at law;

 

(d)                                 neither the execution, delivery and performance of this Amendment, nor the consummation of any transactions contemplated herein, will conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument to which the Borrower or any other Credit Party is a party or by which any of its properties may be bound or any Governmental Approval relating to the Borrower or to any Credit Party, except to the extent such conflict, breach or default, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; and

 

(e)                                  no authorization, approval, consent, or other action by, notice to, or filing with, any governmental authority or other Person not already obtained (including the Board of Directors (or other similar governing body) of the Borrower and of each other Credit Party) is required for the execution, delivery or performance of this Amendment by the Borrower and the other Credit Parties.

 

6.                                      AMENDMENT FEE.  The Borrower shall pay to the Administrative Agent, for the ratable benefit of each Lender that has executed and delivered this Amendment to the Administrative Agent prior to 2:00 p.m. (Central time) on the date hereof, an amendment fee equal to ten basis points (0.10%) of the Revolving Credit Commitment of each such Lender as of the date of this Amendment (the “Amendment Fee”), which shall be due and payable on the date hereof, which Amendment Fee shall be fully earned as of the date hereof and non-refundable upon receipt.

 

7.                                      CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT.  This Amendment shall be effective upon satisfaction of each of the following conditions precedent to the satisfaction of the Administrative Agent:

 

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(a)                                 the Administrative Agent shall have received counterparts of this Amendment, duly executed by the Administrative Agent, the Required Lenders, the Swingline Lender and the Issuing Lender;

 

(b)                                 the Administrative Agent shall have received counterparts of this Amendment, duly executed by the Borrower and duly acknowledged and agreed to by each Subsidiary Guarantor;

 

(c)                                  the Administrative Agent shall have received from the Borrower, in immediately available funds, the Amendment Fee;

 

(d)                                 the Administrative Agent shall have received from the Borrower the payment of all costs and fees of the Administrative Agent which are unpaid and invoiced prior to the date of this Amendment, including those costs and fees related to travel costs and expenses, appraisals of real estate, appraisals of machinery and equipment, environmental reports, title insurance, legal fees and expenses and other out-of-pocket expenses; and

 

(e)                                  the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the Administrative Agent shall reasonably require.

 

8.                                      REFERENCES.

 

(a)                                 Each reference in the Credit Agreement to “this Agreement” or words of like import and each reference in any other Loan Document to the “Credit Agreement” or words of like import shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

 

(b)                                 The Credit Agreement, as amended by this Amendment, the Limited Waiver Agreement, and the other Loan Documents remain in full force and effect and are hereby ratified and confirmed.

 

9.                                      RELEASE.  As a material part of the consideration for the Administrative Agent, the Required Lenders, the Swingline Lender and the Issuing Lender entering into this Amendment, the Borrower and each Subsidiary Guarantor (collectively, the “Releasors”) agree as follows (the “Release Provision”):

 

(a)                                 The Releasors, jointly and severally, hereby release and forever discharge the Administrative Agent, the Swingline Lender, the Issuing Lender, each Lender and the Administrative Agent’s, the Swingline Lender’s, Issuing Lender’s and each Lender’s predecessors, successors, assigns, officers, managers, directors, shareholders, employees, agents, attorneys and other professionals, representatives, parent corporations, subsidiaries, and affiliates (hereinafter all of the above collectively referred to as the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions, and causes of action of any nature whatsoever and whether arising at law or in equity, presently possessed, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, presently accrued, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted arising out of, arising under or related to the Loan Documents (collectively, the “Claims”), that Releasors may have or allege to have against any or all of the Lender Group and that arise from events occurring before the date hereof.

 

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(b)                                 The Releasors agree not to sue any of the Lender Group nor in any way assist any other person or entity in suing the Lender Group with respect to any of the Claims released herein.  The Release Provision may be pleaded as a full and complete defense to, and may be used as the basis for an injunction against, any action, suit, or other proceeding which may be instituted, prosecuted, or attempted in breach of the release contained herein.

 

(c)                                  The Releasors acknowledge, warrant, and represent to Lender Group that:

 

(i)                                    The Releasors have read and understand the effect of the Release Provision.  The Releasors have had the assistance of independent counsel of their own choice, or have had the opportunity to retain such independent counsel, in reviewing, discussing, and considering all the terms of the Release Provision; and if counsel was retained, counsel for Releasors has read and considered the Release Provision and advised Releasors with respect to the same.  Before execution of this Amendment, the Releasors have had adequate opportunity to make whatever investigation or inquiry they may deem necessary or desirable in connection with the subject matter of the Release Provision.

 

(ii)                                The Releasors are not acting in reliance on any representation, understanding, or agreement not expressly set forth herein.  The Releasors acknowledge that Lender Group has not made any representation with respect to the Release Provision except as expressly set forth herein.

 

(iii)                            The Releasors have executed this Amendment and the Release Provision thereof as a free and voluntary act, without any duress, coercion, or undue influence exerted by or on behalf of any person or entity.

 

(iv)                             The Releasors are the sole owners of the Claims released by the Release Provision, and the Releasors have not heretofore conveyed or assigned any interest in any such Claims to any other person or entity.

 

(d)                                 The Releasors understand that the Release Provision was a material consideration in the agreement of the Administrative Agent, Swingline Lender, Issuing Lender and each Lender to enter into this Amendment.

 

(e)                                  It is the express intent of the Releasors that the release and discharge set forth in the Release Provision be construed as broadly as possible in favor of Lender Group so as to foreclose forever the assertion by the Releasors of any Claims released hereby against Lender Group.

 

(f)                                   If any term, provision, covenant, or condition of the Release Provision is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable, the remainder of the provisions shall remain in full force and effect.

 

(g)                                 The Releasors acknowledge that they may hereafter discover facts in addition to or different from those that they now know or believe with respect to the Claims released herein, but the Releasors expressly shall have and intend to fully, finally and forever have released and discharged any and all such Claims.  The Releasors expressly waive any provision of statutory or decisional law to the effect that a general release does not extend to Claims that the releasing party does not know or suspect to exist in such party’s favor at the time of executing the release.

 

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10.                               COSTS, EXPENSES AND TAXES.  The Borrower agrees to pay on demand all costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder (including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto).

 

11.                               SUBSIDIARY GUARANTORS’ ACKNOWLEDGMENT AND AGREEMENT.  By signing below, each Subsidiary Guarantor (a) acknowledges, consents and agrees to this Amendment, (b) acknowledges and agrees to any amendment to its obligations in respect of the Subsidiary Guaranty Agreement made pursuant to this Amendment, (c) acknowledges and agrees that its obligations in respect of the Subsidiary Guaranty Agreement and the Security Agreement are not released, diminished, waived, modified, impaired or affected in any manner by this Amendment or any of the provisions contemplated herein, (d) ratifies and confirms its obligations under the Subsidiary Guaranty Agreement and the Security Agreement, and (e) acknowledges and agrees that it has no claims or offsets against, or defenses or counterclaims to, the Subsidiary Guaranty Agreement, the Security Agreement or any other Loan Documents or Obligations.

 

12.                               EXECUTION IN COUNTERPARTS.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  For purposes of this Amendment, a counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be treated as an original.  The signature of such Person thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding effect as an original signature on an original document.

 

13.                               GOVERNING LAW.  This Amendment and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Amendment or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

 

14.                               WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

15.                               HEADINGS.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

16.                               ENTIRE AGREEMENT.  THIS AMENDMENT IS A LOAN DOCUMENT.  THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND THE OTHER LOAN 

 

6

 

DOCUMENTS, AS AMENDED, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

	
REMAINDER OF PAGE LEFT INTENTIONALLY BLANK
    

 

7

 

IN WITNESS WHEREOF, this Amendment is executed as of the date first set forth above.

 

 

	
 
    	
BORROWER:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GLOBAL   POWER EQUIPMENT GROUP INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Craig Holmes
    
	
 
    	
Name:
    	
Craig   Holmes
    
	
 
    	
Title:
    	
SVP   Finance
    
				

 

Signature Page to Twelfth Amendment to Credit Agreement

 

 

	
 
    	
ADMINISTRATIVE   AGENT AND LENDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swingline Lender,   the Issuing Lender and Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kristine B. Netjes
    
	
 
    	
Name:
    	
Kristine   B. Netjes
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Twelfth Amendment to Credit Agreement

 

 

	
 
    	
U.S.   BANK NATIONAL ASSOCIATION,
    
	
 
    	
as   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David C. Heyson
    
	
 
    	
Name:
    	
David   C. Heyson
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

Signature Page to Twelfth Amendment to Credit Agreement

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
as   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph T. Nash
    
	
 
    	
Name:
    	
Joseph   T. Nash
    
	
 
    	
Title:
    	
Underwriting   Senior Associate
    

 

Signature Page to Twelfth Amendment to Credit Agreement

 

 

	
 
    	
ACKNOWLEDGED   AND AGREED TO:
    
	
 
    	
 
    
	
 
    	
AS   SUBSIDIARY GUARANTORS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WILLIAMS INDUSTRIAL SERVICES GROUP,L.L.C.
    
	
 
    	
BRADEN MANUFACTURING, L.L.C.
    
	
 
    	
WILLIAMS INDUSTRIAL SERVICES, LLC
    
	
 
    	
WILLIAMS SPECIALTY SERVICES, LLC
    
	
 
    	
WILLIAMS PLANT SERVICES, LLC
    
	
 
    	
CONSTRUCTION & MAINTENANCE PROFESSIONALS,   LLC
    
	
 
    	
WILLIAMS GLOBAL SERVICES, INC.
    
	
 
    	
KOONTZ-WAGNER CUSTOM CONTROLS HOLDINGS LLC
    
	
 
    	
GPEG, LLC
    
	
 
    	
HETSCO HOLDINGS, INC.
    
	
 
    	
HETSCO, INC.
    
	
 
    	
GLOBAL POWER TECHNICAL SERVICES, INC.
    
	
 
    	
BRADEN HOLDINGS, LLC
    
	
 
    	
GLOBAL POWER PROFESSIONAL SERVICES INC.
    
	
 
    	
BRADEN CONSTRUCTION SERVICES, INC.
    
	
 
    	
STEAM ENTERPRISES LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Erin Gonzalez
    
	
 
    	
Name:
    	
Erin   Gonzalez
    
	
 
    	
Title:
    	
VP   and Treasurer
    

 

Signature Page to Twelfth Amendment to Credit Agreement

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