Document:

prim_Ex10_1

		
			Exhibit 10.1
		

		
			FOURTH AMENDMENT TO CREDIT AGREEMENT
		

		
			DATED AS OF MAY 12, 2016
		

		
			Reference is made to the Credit Agreement, dated as of December 28, 2012, (as supplemented, amended or otherwise modified, the “Credit Agreement”) among The PrivateBank and Trust Company, as Collateral Agent, Administrative Agent and Co-Lead Arranger, (“The PrivateBank”), the other financial institutions party to the Credit Agreement (together with The PrivateBank and lenders included on Annex A to the Credit Agreement, the “Lenders”) and Primoris Services Corporation, a Delaware corporation, (the “Borrower”).  Any terms not defined herein shall have the meanings set forth in the Credit Agreement.
		

		
			RECITALS
		

		
			WHEREAS, the parties have agreed to amend the pricing grid in the definition of “Applicable Margin” as set forth herein;
		

		
			WHEREAS, the parties have agreed to amend the Tangible Net Worth covenant as set forth herein;
		

		
			WHEREAS, pursuant to the Borrower’s request, the Bank has agreed to increase the Senior Debt to EBITDA Ratio as set forth herein; and
		

		
			WHEREAS, consistent with the aforementioned request by the Borrower, the Bank is also increasing the maximum proforma Debt to EBITDA calculation required for an acquisition to be considered a Permitted Acquisition as set forth herein.
		

		
			In consideration of the mutual agreements herein contained, the Lenders and Borrower hereto agree as follows:
		

		
			SECTION A.    AMENDMENTS TO CREDIT AGREEMENT
		

		
			 
		

		
			Subject to the satisfaction of the conditions set forth in Section B hereof and the accuracy of the representations and warranties set forth in Section C hereof, the Lenders hereby agree with the Borrower to amend, effective on and as of the date first above written, the Credit Agreement as follows:
		

		
			1.The pricing grid in the definition of “Applicable Margin” in Section 1.1 Definitions is hereby deleted in its entirety and replaced with the following:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Level

					
					
						Senior Debt to EBITDA Ratio

					
					
						LIBOR
Margin

					
					
						Base Rate
Margin

					
					
						Non‐Use
Fee Rate

					
					
						L/C Fee
(Financial)

					
					
						L/C Fee
(Performance)

				
	
					
						I

					
					
						Less than 0.5:1

					
					
						100 bps

					
					
						0 bps

					
					
						20 bps

					
					
						100 bps

					
					
						75 bps

				
	
					
						II

					
					
						Greater than or equal to 0.5:1 but less than 1.0:1

					
					
						125 bps

					
					
						0 bps

					
					
						25 bps

					
					
						125 bps

					
					
						100 bps

				
	
					
						III

					
					
						Greater than or equal to 1.0:1 but less than 1.5:1

					
					
						150 bps

					
					
						0 bps

					
					
						25 bps

					
					
						150 bps

					
					
						125 bps

				
	
					
						IV

					
					
						Greater than or equal to 1.5:1 but less than 2.0:1

					
					
						175 bps

					
					
						0 bps

					
					
						30 bps

					
					
						175 bps

					
					
						150 bps

				
	
					
						V

					
					
						Greater than or equal to 2.0:1but less than 2.50:1

					
					
						200 bps

					
					
						0 bps

					
					
						30 bps

					
					
						200 bps

					
					
						175 bps

				
	
					
						VI

					
					
						Greater than or equal to 2.50:1

					
					
						225 bps

					
					
						0 bps

					
					
						30 bps

					
					
						225 bps

					
					
						200 bps

				

		
			 
		

		
			
		

		
			

		 

 

2.Subsection (D) of the definition of “Permitted Acquisition” in Section 1.1 Definitions is hereby deleted in its entirety and replaced with the following:
		

		
			(D)      immediately after giving effect to such Acquisition, Debt to EBITDA on a pro forma basis is less than 2.25x.
		

		
			3.Section 11.14.1 Tangible Net Worth is hereby deleted in its entirety and replaced with the following:
		

		
			11.14.1      Tangible Net Worth.  The Borrower will not permit Tangible Net Worth, calculated as of the last day of each Fiscal Quarter (commencing March 31, 2016), to be less than $200,000,000, which required minimum amount will increase thereafter, annually, commencing March 31, 2017, and each anniversary of such date by an amount equal to twenty-five percent (25%) of Consolidated Net Income reported on the Borrower’s annual audited financial statements delivered pursuant to Section 10.1.1 for the preceding Fiscal Year (but without reduction for any net loss).
		

		
			4.Section 11.14.3 Senior Debt to EBITDA Ratio is hereby deleted in its entirety and replaced with the following:
		

		
			11.14.3  Senior Debt to EBITDA.  Not permit the Senior Debt to EBITDA Ratio for the Borrower and the Subsidiaries as of the last day of any Computation Period, calculated at the end of each Fiscal Quarter, to exceed 2.75x.
		

		
			SECTION B.    CONDITIONS OF AMENDMENT
		

		
			B-1Section A of this Fourth Amendment shall be effective as of the date first written above subject to the receipt by the Collateral Agent of each of the following from the Borrower, all of which must be satisfactory to the Lenders and their counsel in form, substance and execution:
		

		
			(a)This Fourth Amendment duly executed and delivered by each of the parties hereto;
		

		
			(b)A Counterpart of the Acknowledgement and Consent, a form of which is attached hereto as Exhibit A, duly executed and delivered by each of the Guarantors;
		

		
			(c)Evidence as requested by the Lenders that the representations and warranties of the Borrower made in Section C of this Fourth Amendment are true and correct as of the date first written above;
		

		
			(d)Certificate of Secretary of the Borrower certifying as to Good Standing, Articles of Incorporation, Bylaws and corporate Resolutions approving this Fourth Amendment;
		

		
			(e)Receipt by the Lenders, in form and substance reasonably satisfactory to the Lenders, of an amendment to the Note Purchase Agreement that amends the Note Purchase Agreement in substantially the same manner as the Credit Agreement is amended by this Fourth Amendment, duly executed and delivered by each of the parties thereto;
		

		
			
		

		
			

		 

 

(f)Counterpart originals or certified or other copies of all corporate and other proceedings, pertaining directly to this Fourth Amendment and all documents and instruments directly incident to this Fourth Amendment as the Lenders or their counsel may reasonably request; and
		

		
			(g)Payment of an Amendment Fee in the amount of $62,500 to be distributed pro rata among the Lenders.
		

		
			SECTION C.    MISCELLANEOUS
		

		
			C-1.The Borrower hereby represents to the Collateral Agent, the Administrative Agent and the Lenders that no Event of Default or Unmatured Event of Default or Material Adverse Effect has occurred or is continuing.
		

		
			C-2.The Borrower hereby represents to the Collateral Agent, the Administrative Agent and the Lenders that as of the date hereof, the representations, warranties and covenants set forth in the Credit Agreement are and shall be and remain true and correct in all material respects (except that the financial covenants shall be deemed to refer to the most recent financial statements of the Borrower delivered to the Lenders) and the Borrower is in full compliance with all other terms and conditions of the Credit Agreement.
		

		
			C-3.The Borrower hereby represents to the Collateral Agent, the Administrative Agent and the Lenders that there are no Uniform Commercial Code financing statements in effect with respect to the collateral of the Borrower or any Loan Party (other than those Uniform Commercial Code financing statements on file for the benefit of the Bank as Collateral Agent) that secure collateral other than equipment.
		

		
			C-4.The Borrower hereby represents to the Collateral Agent, the Administrative Agent and the Lenders that there are no pending lawsuits against the Borrower or any Loan Party that, if decided adversely against the Borrower or any Loan Party, would not be covered by insurance.
		

		
			C-5.The Borrower confirms its agreement, pursuant to Section 15.5 of the Credit Agreement to pay promptly all reasonable expenses of the Administrative Agent and the Lenders related to this Fourth Amendment and all matters contemplated hereby, including, without limitation, all reasonable fees and expenses of counsel to the Lenders and all expenses and fees of Corporation Service Company.
		

		
			C-6.Except as expressly provided herein, the execution, delivery and effectiveness of this Fourth Amendment shall not operate as a waiver of any right, power or remedy of any Lender nor constitute a waiver of any provision of the Credit Agreement, any Loan Document or any other document, instrument or agreement executed and delivered in connection with any of the foregoing.
		

		
			C-7.THIS FOURTH AMENDMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.
		

		
			
		

		
			

		 

 

C-8.The Lenders hereby consent to the execution and delivery of this Fourth Amendment and further agree that the Noteholders shall be entitled to rely on the foregoing consent.
		

		
			C-9.Except as amended by the foregoing, no other terms of the Credit Agreement are in any way changed by this Fourth Amendment and the aforementioned documents shall continue in full force and effect in accordance with their original terms.  This Agreement may be executed in counterpart, and by facsimile and by the different parties on different counterpart signature pages, which taken together, shall constitute one and the same Agreement.
		

		
			[Signature Page to Follow]
		

		
			
		

		
			

		 

 

The parties hereto have caused this Fourth Amendment to be duly executed and delivered by their duly authorized officers as of the date first set forth above.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIMORIS SERVICES CORPORATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ John Perisich

				
	
					
						 

					
					
						 

					
					
						John Perisich

				
	
					
						 

					
					
						Title: 

					
					
						EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						THE PRIVATEBANK AND TRUST COMPANY,

				
	
					
						 

					
					
						as Administrative Agent, Collateral Agent and as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ John M. O’Connell

				
	
					
						 

					
					
						 

					
					
						John M. O’Connell

				
	
					
						 

					
					
						 

					
					
						Managing Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						THE BANK OF THE WEST,

				
	
					
						 

					
					
						as Co- Lead Arranger and as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Nabil B. Khoury

				
	
					
						 

					
					
						 

					
					
						Nabil B. Khoury

				
	
					
						 

					
					
						Its:

					
					
						Vice President, Commercial Banking Group

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						IBERIABANK,

				
	
					
						 

					
					
						as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Erin Ofemia

				
	
					
						 

					
					
						 

					
					
						Erin Ofemia

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Its:

					
					
						Senior Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRANCH BANKING AND TRUST COMPANY,

				
	
					
						 

					
					
						as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/B. Reed Barton Jr.

				
	
					
						 

					
					
						 

					
					
						B. Reed Barton Jr.

				
	
					
						 

					
					
						Its:

					
					
						Assistant Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						UMB BANK, n.a.

				
	
					
						 

					
					
						as a Lender

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ S. Scott Heady

				
	
					
						 

					
					
						 

					
					
						S. Scott Heady

				
	
					
						 

					
					
						Its:

					
					
						SVP

				

		
			 
		

		
			
		

		
			

		 

 

Signature Page to Fourth Amendment
		

		
			EXHIBIT A
		

		
			FORM OF ACKNOWLEDGEMENT AND CONSENT
		

		
			DATED AS OF May 12, 2016
		

		
			Each of the undersigned, as a Loan Party, hereby acknowledges and consents to the Fourth Amendment, of even date herewith, to the Credit Agreement dated as of December 28, 2012, (as supplemented, amended or otherwise modified, the “Credit Agreement”) among The PrivateBank and Trust Company, as Administrative Agent and Co-Lead Arranger, the other financial institutions party to the Credit Agreement (together with The PrivateBank, the “Lenders”) and Primoris Services Corporation, a Delaware corporation, and hereby confirms and agrees that the Loan Documents to which each Loan Party is a party are, and shall continue to be, in full force and effect and are hereby confirmed and ratified in all respects.
		

		
			[Signature Page to Follow]
		

		
			
		

		
			

		 

 

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute this  Acknowledgement and Consent as of the date first written above.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ONQUEST HEATERS, INC.

					
					
						 

					
					
						ARB, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich                   John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich               John M. Perisich

				
	
					
						Its:

					
					
						EVP

					
					
						 

					
					
						Its:

					
					
						EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARB STRUCTURES, INC.

					
					
						 

					
					
						ALASKA CONTINENTAL PIPELINE, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ John M. Perisich                    John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich               John M. Perisich

				
	
					
						Its:

					
					
						EVP

					
					
						 

					
					
						Its:

					
					
						EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						CARDINAL CONTRACTORS, INC.

					
					
						 

					
					
						JUNIPER ROCK CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich                    John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich               John M. Perisich

				
	
					
						Its:

					
					
						EVP

					
					
						 

					
					
						Its:

					
					
						EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						BTEX MATERIALS, LLC

					
					
						 

					
					
						ONQUEST, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich                    John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich               John M. Perisich

				
	
					
						Its:

					
					
						EVP

					
					
						 

					
					
						Its:

					
					
						EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						MILLER SPRINGS MATERIALS, L.L.C.

					
					
						 

					
					
						GML COATINGS, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich                    John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich               John M. Perisich

				
	
					
						Its:

					
					
						EVP

					
					
						 

					
					
						Its:

					
					
						EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						JAMES CONSTRUCTION GROUP, L.L.C.

					
					
						 

					
					
						ROCKFORD CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich                    John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich              John M. Perisich

				
	
					
						Its:

					
					
						EVP

					
					
						 

					
					
						Its:

					
					
						EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Q3 CONTRACTING, INC.

					
					
						 

					
					
						PRIMORIS ENERGY SERVICES CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich                   John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich              John M. Perisich

				
	
					
						Its:

					
					
						EVP

					
					
						 

					
					
						Its:

					
					
						EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						PRIMORIS AEVENIA, INC.

					
					
						 

					
					
						VADNAIS TRENCHLESS SERVICES,  INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich                   John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich               John M. Perisich

				
	
					
						Its:

					
					
						EVP

					
					
						 

					
					
						Its:

					
					
						EVPprim_Ex10_2

		
			Exhibit 10.2
		

		
			FOURTH LETTER AMENDMENT
		

		
			TO NOTE PURCHASE AND PRIVATE SHELF AGREEMENT
		

		
			May 12, 2016
		

		
			The Prudential Insurance Company
		

		
			  of America and each other Holder (defined below)
		

		
			c/o Prudential Capital Group
		

		
			2200 Ross Avenue, Suite 4300
		

		
			Dallas, Texas 75201
		

		
			Ladies and Gentlemen:
		

		
			We refer to the Note Purchase and Private Shelf Agreement, dated as of December 28, 2012 (as amended by (i) the Letter Amendment and Waiver to Note Purchase and Private Shelf Agreement, dated as of April 30, 2013, (ii) the Second Letter Amendment and Waiver to Note Purchase and Private Shelf Agreement, dated as of August 25, 2014, and (iii) the Third Letter Amendment to Note Purchase and Private Shelf Agreement, dated as of June 3, 2015, the “Existing Agreement” and, as the same shall be further amended hereby, the “Agreement”), among Primoris Services Corporation, a Delaware corporation (the “Company”), PGIM, Inc. (formerly known as Prudential Investment Management, Inc.) and the purchasers party thereto (collectively, together with each other holder from time to time of the Notes (as defined therein), the “Holders”).  Unless otherwise defined herein, the terms defined in the Existing Agreement shall be used herein as therein defined.
		

		
			The Company has requested that certain of the terms and provisions contained in the Existing Agreement be amended to, among other things as set forth herein, modify certain financial covenants contained in Section 10.11 of the Existing Agreement, and the Company and the Holders have agreed to such amendments, all under the terms and conditions set forth in this Fourth Letter Amendment to Note Purchase and Private Shelf Agreement (this “Amendment”).
		

		
			Therefore, for good and valuable consideration, it is hereby agreed by you and us as follows:
		

		
			1.Amendments to the Existing Agreement.  Subject to satisfaction of the conditions set forth in Section 2 hereof, the Holders hereby agree with the Company to amend, effective on and as of the date first written above, the Existing Agreement as follows:
		

		
			a)Section 10.11(a)  (Tangible Net Worth)  of the Existing Agreement is hereby deleted and replaced in its entirety with the following:
		

		
			“(a)Tangible Net Worth.  The Company will not permit Consolidated Tangible Net Worth, calculated as of the last day of each Fiscal Quarter (commencing March 31,
		

		
			
		

		
			

		 

 

2016), to be less than $200,000,000, which required minimum amount will increase thereafter, annually, commencing March 31, 2017, and each anniversary of such date by an amount equal to twenty-five percent (25%) of Consolidated Net Income reported on the Company’s annual audited financial statements delivered pursuant to Section 7.1(b) for the preceding Fiscal Year (but without reduction for any net loss).”
		

		
			b)Section 10.11(c)  (Senior Debt to Consolidated EBITDA Ratio)  of the Existing Agreement is hereby amended by replacing the text “2.25:1.00” contained in such Section with the text “2.75:1.00” in lieu thereof. 
		

		
			c)Schedule B to the Existing Agreement is hereby amended by deleting clause (D) of the definition of “Permitted Acquisition” in its entirety and replacing it with the following: 
		

		
			“(D) immediately after giving effect to such Acquisition, Indebtedness of the Company and its Subsidiaries to Consolidated EBITDA, on a Pro Forma Basis, is less than 2.25:1.00;”
		

		
			2.Effectiveness.  The amendments to the Existing Agreement set forth in Section 1 hereof shall become effective on and as of the date first written above, subject to the following: 
		

		
			a)receipt by the Holders, in form and substance satisfactory to the Required Holders, of this Amendment, duly executed and delivered by each of the parties hereto;
		

		
			b)receipt by the Holders, in form and substance satisfactory to the Required Holders, of evidence that the representations and warranties of the Company made in Section 3 of this Amendment are true and correct on and as of the date first written above; 
		

		
			c)receipt by the Holders, in form and substance reasonably satisfactory to the Required Holders, of an amendment to the Senior Credit Agreement that amends the Senior Credit Agreement in substantially the same manner as the Existing Agreement is amended by this Amendment, duly executed and delivered by each of the parties thereto;
		

		
			d)receipt by the Holders of a Certificate of Secretary of the Company certifying as to existence and good standing of the Company, the Articles of Incorporation (or its equivalent) of the Company, the Bylaws (or its equivalent) of the Company and corporate resolutions of the Company approving this Amendment; 
		

		
			e)receipt by the Holders of counterpart originals or certified or other copies of all corporate and other proceedings, pertaining directly to this Amendment and all documents and instruments directly incident to this Amendment as the Holders or their counsel may reasonably request; and
		

		
			f)receipt by Prudential in immediately available funds of a structuring fee of $12,500.
		

		
			3.Representations and Warranties.  In order to induce the Holders to enter into this Amendment, the Company hereby represents and warrants as follows:
		

		
			
		

		
			

		 

		

			-2-

		

 

a)In connection with this Amendment and all other documents delivered in connection herewith, each Note Party (i) has the requisite power and authority to make, deliver and perform the same, (ii) has taken all necessary corporate or other action to authorize its execution, delivery and performance of the same, and (iii) has duly executed and delivered the same.
		

		
			b)After giving effect to this Amendment, the representations and warranties contained in Section 5 of the Agreement and Section 9 of the Guaranty  Agreement are true and correct in all material respects (except for those representations and warranties qualified by “materiality,” “Material Adverse Effect” or a like qualification, which shall be true and correct in all respects) on and as of the date first written above with the same effect as though made on and as of the date first written above, except to the extent that such representations and warranties relate to a specific date (in which case such representations and warranties were true and correct in all material respects (except for those representations and warranties qualified by “materiality,” “Material Adverse Effect” or a like qualification, which were true and correct in all respects) as of such specified date).
		

		
			c)No Default or Event of Default exists under any of the Note Documents (both immediately before and after giving effect to this Amendment) or will result from the making of this Amendment.
		

		
			d)No Material Adverse Effect has occurred or could reasonably be expected to occur as a result of this Amendment.
		

		
			e)The Note Parties are in full compliance with all terms and conditions of the Agreement and the other Note Documents.
		

		
			f)There are no Uniform Commercial Code financing statements in effect with respect to the property of the Company or any Note Party constituting Collateral (other than those Uniform Commercial Code financing statements on file that (x) are for the benefit of the Collateral Agent or (y) relate to Liens on equipment of the Note Parties and that are otherwise permitted by the Agreement).
		

		
			g)There are no pending lawsuits against any Note Party that, if decided adversely against such Note Party, would not be covered by insurance.
		

		
			4.Miscellaneous.
		

		
			a)Upon and after the date first written above, each reference to the Existing Agreement in the Existing Agreement, each Note and the other Note Documents shall mean and be a reference to the Existing Agreement as amended by this Amendment.
		

		
			b)Except as specifically amended herein, the Existing Agreement shall remain in full force and effect, and is hereby ratified and confirmed.
		

		
			
		

		
			

		 

		

			-3-

		

 

c)This Amendment is a Note Document and all of the provisions of the Agreement which apply to Note Documents apply hereto.
		

		
			d)The Company confirms its agreement, pursuant to Section 15.1 of the Agreement, to pay promptly all reasonable expenses of the Holders related to this Amendment and all matters contemplated hereby, including, without limitation, all reasonable fees and expenses of the Holders’ counsel.
		

		
			e)Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Holder, nor constitute a waiver of any provision of the Existing Agreement, any other Note Document or any other document, instrument or agreement executed and delivered in connection with any of the foregoing.
		

		
			f)THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.
		

		
			g)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 an original, but all such counterparts together shall constitute but one and the same instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, the parties hereto.  Delivery of this Amendment may be made by telecopy or electronic transmission of a duly executed counterpart copy hereof; provided that any such delivery by electronic transmission shall be effective only if transmitted in .pdf format, .tif format or other format in which the text is not readily modifiable by any recipient thereof.
		

		
			h)Each of the Guarantors consents to the execution and delivery of this Amendment by the parties hereto.  As a material inducement to the undersigned to enter into this Amendment, each of the Guarantors (i) acknowledges and confirms the continuing existence, validity and effectiveness of the Guaranty Agreement (and the applicability of each Guarantor’s guaranty of the Guaranteed Obligations (as defined in the Guaranty Agreement) and each of the other Note Documents to which it is a party, and (ii) agrees that the execution, delivery and performance of this Amendment shall not in any way release, diminish, impair, reduce or otherwise affect its obligations thereunder.
		

		
			If you agree to the terms and provisions hereof, please evidence your agreement by executing and returning at least a counterpart of this Amendment to the Company at 2100 McKinney Ave., Suite 1500, Dallas, Texas 75201.
		

		
			[Remainder of Page Intentionally Left Blank]
		

		
			 
		

		
			 
		

		
			

		 

		

			-4-

		

 

 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Very truly yours,

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIMORIS SERVICES CORPORATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich

				
	
					
						 

					
					
						Name: John M. Perisich

				
	
					
						 

					
					
						Title: EVP

				

		
			 
		

		
			
		

		
			

		 

		

			SIGNATURE PAGE TO 

		

		

			FOURTH LETTER AMENDMENT TO

		

		

			NOTE PURCHASE AND PRIVATE SHELF AGREEMENT

		

 

Agreed to and acknowledged by the undersigned solely with respect to Section 4(h) hereof:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ONQUEST HEATERS, INC.

					
					
						 

					
					
						ARB, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich     John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich       John M. Perisich

				
	
					
						Title:

					
					
						 EVP

					
					
						 

					
					
						Title:

					
					
						 EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARB STRUCTURES, INC.

					
					
						 

					
					
						ALASKA CONTINENTAL PIPELINE, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich     John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich       John M. Perisich

				
	
					
						Title:

					
					
						 EVP

					
					
						 

					
					
						Title:

					
					
						 EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						CARDINAL CONTRACTORS, INC.

					
					
						 

					
					
						JUNIPER ROCK CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich      John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich      John M. Perisich

				
	
					
						Title:

					
					
						 EVP

					
					
						 

					
					
						Title:

					
					
						 EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						BTEX MATERIALS, LLC

					
					
						 

					
					
						ONQUEST, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich     John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich      John M. Perisich

				
	
					
						Title:

					
					
						 EVP

					
					
						 

					
					
						Title:

					
					
						 EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						MILLER SPRINGS MATERIALS, L.L.C.

					
					
						 

					
					
						GML COATINGS, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich     John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich      John M. Perisich

				
	
					
						Title:

					
					
						 EVP

					
					
						 

					
					
						Title:

					
					
						 EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						JAMES CONSTRUCTION GROUP, L.L.C.

					
					
						 

					
					
						ROCKFORD CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich     John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich      John M. Perisich

				
	
					
						Title:

					
					
						 EVP

					
					
						 

					
					
						Title:

					
					
						 EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Q3 CONTRACTING, INC.

					
					
						 

					
					
						PRIMORIS ENERGY SERVICES CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich     John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich     John M. Perisich

				
	
					
						Title:

					
					
						 EVP

					
					
						 

					
					
						Title:

					
					
						 EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						PRIMORIS AEVENIA, INC.

					
					
						 

					
					
						VADNAIS TRENCHLESS SERVICES, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich     John M. Perisich

					
					
						 

					
					
						By:

					
					
						 /s/ John M. Perisich     John M. Perisich

				
	
					
						Title:

					
					
						 EVP

					
					
						 

					
					
						Title:

					
					
						 EVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SAXON CONSTRUCTION, INC.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 /s/ John M. Perisich      John M. Perisich

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 EVP

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			SIGNATURE PAGE TO 

		

		

			FOURTH LETTER AMENDMENT TO 

		

		

			NOTE PURCHASE AND PRIVATE SHELF AGREEMENT

		

 

Agreed as of the date first written above:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PGIM, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis                         Brien Davis

				
	
					
						 

					
					
						 

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis                         Brien Davis

				
	
					
						 

					
					
						 

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PHYSICIANS MUTUAL INSURANCE COMPANY

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors,

				
	
					
						 

					
					
						 

					
					
						L.P. (as Investment Advisor)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors, Inc.

				
	
					
						 

					
					
						 

					
					
						(as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis                  Brien Davis

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GLOBE LIFE AND ACCIDENT INSURANCE COMPANY

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors,

				
	
					
						 

					
					
						 

					
					
						L.P. (as Investment Advisor)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors, Inc.

				
	
					
						 

					
					
						 

					
					
						(as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis                   Brien Davis 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			SIGNATURE PAGE TO 

		

		

			FOURTH LETTER AMENDMENT TO 

		

		

			NOTE PURCHASE AND PRIVATE SHELF AGREEMENT

		

 

 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						PGIM, Inc.,

				
	
					
						 

					
					
						 

					
					
						as investment manager

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis                  Brien Davis

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						FARMERS INSURANCE EXCHANGE

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors,

				
	
					
						 

					
					
						 

					
					
						L.P. (as Investment Advisor)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors, Inc.

				
	
					
						 

					
					
						 

					
					
						(as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis                  Brien Davis

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						MID CENTURY INSURANCE COMPANY

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors,

				
	
					
						 

					
					
						 

					
					
						L.P. (as Investment Advisor)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors, Inc.

				
	
					
						 

					
					
						 

					
					
						(as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis                 Brien Davis

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PRUDENTIAL UNIVERSAL REINSURANCE COMPANY

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						PGIM, Inc.,

				
	
					
						 

					
					
						 

					
					
						as investment manager

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vice President

				

		
			 
		

		
			
		

		

		 

		

			SIGNATURE PAGE TO 

		

		

			FOURTH LETTER AMENDMENT TO 

		

		

			NOTE PURCHASE AND PRIVATE SHELF AGREEMENT

		

 

	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						farmers new world life insurance company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors,

				
	
					
						 

					
					
						 

					
					
						L.P. (as Investment Advisor)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors, Inc.

				
	
					
						 

					
					
						 

					
					
						(as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis                   Brien Davis

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						zurich american LIFE insurance company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors,

				
	
					
						 

					
					
						 

					
					
						L.P. (as Investment Advisor)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Prudential Private Placement Investors, Inc.

				
	
					
						 

					
					
						 

					
					
						(as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 /s/ Brien Davis                  Brien Davis

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vice President

				

		
			 
		

		 

		

			SIGNATURE PAGE TO 

		

		

			FOURTH LETTER AMENDMENT TO 

		

		

			NOTE PURCHASE AND PRIVATE SHELF AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]