Document:

Exhibit 10.7

 

Execution
Version

 

Subordination and Intercreditor
Agreement

 

This
Subordination and Intercreditor Agreement (as amended, restated, supplemented or otherwise modified in accordance with the
terms hereof, this “Subordination and Intercreditor Agreement”) dated as of July 20, 2016, is by and between
Fifth Third Bank, an Ohio banking corporation, as administrative agent for the Senior
Lenders (as defined below) (in such capacity, “Senior Agent”) and Alcentra
Capital Corporation, a Maryland corporation, as administrative agent for the Subordinated Lenders (in such capacity, “Subordinate
Agent”).

 

Recitals:

 

Whereas,
Senior Agent, acting on behalf of certain financial institutions and letter of credit issuers (collectively, the “Senior
Lenders”), and such Senior Lenders are, contemporaneously herewith, entering into financing arrangements with the Borrower
(as defined below) and certain other Obligors (as defined below) party thereto, pursuant to which Senior Lenders may, upon certain
terms and conditions, make certain revolving credit loans and a term loan and provide other financial accommodations to Borrower
secured by a first priority security interest in the Collateral (as defined below);

 

Whereas,
pursuant to the Subordinated Credit Agreement (as defined below), Subordinate Agent, acting on behalf of itself and the Subordinated
Lenders (as defined below), and such Subordinated Lenders are, contemporaneously herewith entering into an unsecured financing
arrangement with Borrower pursuant to the terms of the Subordinated Credit Agreement; and

 

Whereas,
Senior Creditors and Subordinated Creditors desire that Senior Agent and Subordinate Agent enter into this Subordination and Intercreditor
Agreement to (a) provide for the subordination of the Subordinated Indebtedness (as hereinafter defined) to the Senior Facility
Debt (as hereinafter defined) and certain terms related thereto and (b) acknowledge that the Subordinated Indebtedness is
unsecured and that the Senior Creditors have first lien priority security interests in the assets and properties of the Obligors
(as defined below).

 

Now,
Therefore, in consideration of the mutual benefits accruing to Senior Creditors and Subordinated Creditors hereunder, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby
agree as follows:

 

Section 1.          Definitions

 

As used above and in
this Subordination and Intercreditor Agreement, the following terms shall have the meanings ascribed to them below:

 

     

     

    

 

“Affiliate”
means any Person directly or indirectly controlling (including all stockholders, members, directors, partners, managers, and
officers of such Person) or controlled by, or under direct or indirect common control with, another Person. A Person shall be deemed
to control another Person for the purposes of this definition if such Person possesses, directly or indirectly, the power to direct,
or cause the direction of, the management and policies of the other Person, whether through the ownership of voting securities,
common directors, managers, trustees or officers, by contract or otherwise; provided that, in any event for purposes of this definition,
any Person that owns, directly or indirectly, 10% or more of the securities having the ordinary voting power for the election of
directors, managers or governing body of a corporation or 10% or more of the partnership or other ownership interest of any other
Person (other than as a limited partner of such other Person) will be deemed to control such corporation or other Person. Unless
expressly stated otherwise herein, no Senior Lender or Subordinated Lender shall be deemed an Affiliate of any Obligor.

 

“Agreements”
shall mean, collectively, the Senior Facility Loan Documents and the Subordinated Loan Documents.

 

“AHYDO Catch-Up
Payment” shall mean the payment the Borrower is required to make pursuant to Section 2.4(d) of the Subordinated Credit
Agreement.

 

“Borrower”
shall mean Limbach Facility Services LLC, a Delaware limited liability company.

 

“Borrowing
Base Availability” shall have the meaning assigned to such term in the Senior Facility Loan Agreement as in effect as
of the date hereof.

 

“Collateral”
shall mean all assets and properties of any kind whatsoever (including proceeds thereof), real or personal, tangible or intangible
and wherever located, of each Obligor, and shall include, without limitation, all ownership interests of Borrower.

 

“Default Notice”
shall mean and include a Payment Default Notice and/or a Non-Payment Default Notice.

 

“Distribution”
shall mean any payment in cash, property or securities by or on behalf of an Obligor, but shall exclude payments in kind.

 

“Guarantor”
shall mean, if and when applicable, any guarantor of the Senior Facility Debt or the Subordinated Indebtedness from time to
time, together with each of their successors and assigns, including any receiver, trustee or debtor-in-possession on behalf of
such Person or on behalf of any such successor or assign.

 

“Insolvency
Proceeding” shall mean, as to any Person, any of the following: (a) any case or proceeding with respect to such
Person under the U.S. Bankruptcy Code or any other Federal, State or foreign bankruptcy, insolvency, reorganization or other similar
law affecting creditors’ rights or any other or similar proceedings seeking any stay, reorganization, arrangement, composition
or readjustment of the obligations and indebtedness of such Person, or (b) any proceeding seeking the appointment of any trustee,
receiver, liquidator, custodian or other insolvency official with similar powers with respect to such Person or any material portion
of its assets, or (c) any proceeding for liquidation, dissolution or other winding up of the business of such Person, or (d) any
assignment for the benefit of creditors or any marshaling of assets of such Person.

 

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“Junior Default
Notice” shall mean a written notice to Senior Agent pursuant to which Senior Agent is notified of the existence of a
Junior Event of Default, which notice incorporates a reasonably detailed description of such Junior Event of Default and indicates
that it is a “Junior Default Notice” for purposes of Section 2.4 of this Agreement.

 

“Junior Event
of Default” shall mean a “Default” or an “Event of Default” under the Subordinated Loan Documents.

 

“Lenders”
shall mean, collectively, Senior Lenders and Subordinated Lenders, and their respective successors and assigns, being sometimes
referred to herein individually as a “Lender.”

 

“Lien”
shall mean any security interest, pledge, mortgage, deed of trust, hypothecation, assignment, deposit arrangement, encumbrance
(including easements, rights of way and the like), lien (statutory or other), security agreement or transfer intended as security,
including any conditional sale or other title retention agreement, the interest of a lessor under a capital lease or any financing
lease having substantially the same economic effect as any of the foregoing.

 

“Lien Enforcement
Action” shall mean (a) any action by or on behalf of any Lender to take possession of, sell or otherwise realize
(judicially or non-judicially) upon any Collateral (including by setoff or notification of account debtors but excluding all remittance
of collections to blocked accounts established by or for the benefit of Senior Creditors) and/or (b) the commencement by or
on behalf of any Lender of any legal proceedings against any Obligor to foreclose on the Lien of such Person in any Collateral.

 

“Maximum Senior
Facility Debt” shall mean, as of any date of determination, (a) Fifty-Six Million Three Hundred Fifty Thousand Dollars
($56,350,000), minus (b)(i) the aggregate principal amount of permanent repayments (whether mandatory or voluntary)
of the Term Loans under the Senior Facility Loan Agreement constituting Senior Facility Debt after the date hereof and (ii) the
aggregate principal amount of repayments and prepayments of the Revolving Loans under the Senior Facility Loan Agreement to the
extent accompanied by a corresponding permanent reduction of the Revolving Credit Commitment under the Senior Facility Loan Agreement.
For the avoidance of doubt and notwithstanding anything to the contrary contained herein, the Maximum Senior Facility Debt shall
not apply to accrued and unpaid interest, Hedging Liability, Bank Product Liability, fees and charges payable under the Senior
Facility Loan Agreement and any other payment obligations of any Obligor arising under or in relation to any Senior Facility Loan
Document.

 

“Non-Blockable
Items” shall mean (a) payments in the form of Subordinated PIK Payments, (b) Subordinated Debt Costs and Expenses in
an aggregate amount not to exceed $25,000 in any twelve-month period (excluding Subordinated Debt Costs and Expenses paid on the
Closing Date), and (c) Distributions in the form of Reorganization Securities.

 

    	 	-3-	 

     

    

 

“Non-Payment
Default” shall mean an Event of Default (as such term is defined in the Senior Facility Loan Agreement), other than a
Payment Default.

 

“Non-Payment
Default Notice” shall have the meaning set forth in Section 2.3(b).

 

“Obligors”
shall mean, collectively, Borrower and, if and when applicable, any Guarantor, and shall include, with respect to any Guarantor,
its successors and assigns, including a receiver, trustee or debtor-in-possession on behalf of such Person or on behalf of any
such successor or assign (each individually, an “Obligor”).

 

“Paid In Full”
or “Payment In Full” shall mean the Senior Facility Debt has been paid in full and satisfied in cash, all obligations
of Senior Creditors to advance funds or arrange for other financial accommodations under the Senior Facility Loan Agreement shall
have been irrevocably terminated, and all related letters of credit, bankers’ acceptances, bank products, swaps and other
hedging products or similar instruments issued under, or otherwise secured by or collateralized through the Senior Facility Loan
Documents shall have been cancelled to the satisfaction of Senior Creditors.

 

“Payment Default”
shall mean an Event of Default (as such term is defined in the Senior Facility Loan Agreement) arising from the failure by
any of the Obligors to make any payment of (a) principal, or (b) interest, or (c) fees, charges, costs, expenses
or indemnities in excess of $50,000, in respect of Senior Facility Debt (whether at maturity or at a date fixed for prepayment
or by declaration, acceleration or otherwise).

 

“Payment Default
Notice” shall have the meaning set forth in Section 2.3(a).

 

“Permitted
Refinancing” shall mean any replacement, refunding or refinancing from time to time of the Senior Facility Debt under
the Senior Facility Loan Agreement, provided that the financing documentation entered into by the Obligors in connection with such
Permitted Refinancing constitute Permitted Refinancing Documents.

 

“Permitted
Refinancing Documents” means any financing documentation which replaces the Senior Facility Loan Documents or any Permitted
Refinancing Document, as the case may be, and pursuant to which the outstanding Senior Facility Debt under the Senior Facility
Loan Documents or such Permitted Refinancing Documents, as the case may be, is refinanced, as such financing documentation may
be amended, supplemented, restated, refinanced or otherwise modified from time to time in compliance with this Subordination and
Intercreditor Agreement, but specifically excluding any such financing documentation to the extent that it contains any provision
violating Section 5.7 hereof.

 

    	 	-4-	 

     

    

 

“Permitted
Subordinated Debt Payments” means, collectively, (i) regularly scheduled payments of non-default interest on the Subordinated
Indebtedness when and as due under the Subordinated Loan Documents as in effect on the date hereof (or as may be amended in accordance
with the terms hereof), (ii) mandatory prepayments of principal when due under the Subordinated Credit Agreement but only
to the extent Senior Agent on behalf of itself and the Senior Creditors has waived in writing such mandatory prepayment or has
agreed in writing not to apply such amounts as a prepayment and permanent reduction of the Senior Facility Debt, (iii) voluntary
prepayments of the Subordinated Indebtedness solely to the extent permitted by Section 6.22 of the Senior Facility Loan Agreement,
(iv) payments of Subordinated Debt Costs and Expenses described in clause (b) of the definition of “Non-Blockable Items”
plus other Subordinated Debt Costs and Expenses in the aggregate not to exceed $100,000 for any twelve-month period (excluding
Subordinated Debt Costs and Expenses paid on the Closing Date), (v) closing fees (the amount of which shall have been previously
disclosed to Senior Lenders in writing on or before the date hereof and set forth in any funds flow memorandum) paid or payable
on the Closing Date, (vi) an annual valuation fee of $20,000, (vii) any payment to which the Senior Agent or Senior Lenders have
consented in writing, (viii) so long as (A) no Default or Event of Default (each as defined in the Senior Facility Loan Agreement)
shall have occurred and be continuing under the Senior Facility Loan Documents, (B) the Borrower shall be in pro forma compliance
with the covenants contained in Section 6.20 of the Senior Facility Loan Agreement, and (C) the Borrower shall have (x) Unused
Revolving Credit Commitments plus unrestricted cash and Cash Equivalents (as defined in the Senior Facility Loan Agreement) and
(y) Borrowing Base Availability plus unrestricted cash and Cash Equivalents, in each case, of at least $7,500,000, AHYDO Catch-Up
Payments, (ix) the repayment in full of the Subordinated Indebtedness on the maturity date specified in the Subordinated Loan Documents
as of the date hereof (as may be amended in accordance with the terms hereof), and (x) payments or Distributions constituting Non-Blockable
Items.

 

“Person”
or “person” shall mean any individual, sole proprietorship, partnership, corporation (including any corporation
which elects subchapter S status under the Internal Revenue Code of 1986, as amended), limited liability company, limited liability
partnership, business trust, unincorporated association, joint stock company, trust, joint venture, or other entity or any government
or any agency or instrumentality or political subdivision thereof.

 

“Release Event”
shall mean (a) prior to the occurrence of an Insolvency Proceeding by or against any Obligor, the occurrence and continuance
of an Event of Default (as such term is defined in Senior Facility Loan Agreement) or (b) after the occurrence of an Insolvency
Proceeding by or against any Obligor, the occurrence of any of the following: (i) the entry of an order of a Bankruptcy Court
pursuant to Section 363 of the U.S. Bankruptcy Code authorizing the sale of any portion of any Obligor’s assets or (ii) the
taking of any Lien Enforcement Action with respect to Collateral by Senior Creditors or the entry of an order of a Bankruptcy Court
pursuant to Section 362 of the U.S. Bankruptcy Code vacating the automatic stay and authorizing Senior Creditors to take any
Lien Enforcement Action with respect to Collateral, or (c) the sale of any assets of an Obligor that is permitted under the
Senior Facility Loan Documents and the Subordinated Loan Documents.

 

    	 	-5-	 

     

    

 

“Reorganization
Securities” shall mean any debt or equity securities of any Obligor or any other Person issued in connection with
any Insolvency Proceeding, provided that (a) in the case of equity securities, if such equity securities provide for mandatory
redemption or mandatory dividend payments, the payment thereof shall be subordinated in right of payment, at least to the same
extent provided in this Subordination and Intercreditor Agreement with respect to the Subordinated Obligations, to the Payment
in Full of all Senior Facility Debt and to the payment in full of all debt or equity securities having such features issued in
exchange for the Senior Facility Debt to the holders of Senior Facility Debt, and (b) in the case of debt securities, any
payment in respect of such debt securities and any liens securing such debt securities shall be subordinated at least to the same
extent provided in this Subordination and Intercreditor Agreement with respect to the Subordinated Obligations, to the Payment
in Full of all Senior Facility Debt and to the payment in full of all debt securities issued in exchange for the Senior Facility
Debt to the holders of Senior Facility Debt.

 

“Senior Creditors”
shall mean, individually and collectively, Senior Agent and Senior Lenders.

 

“Senior Event
of Default” shall mean an Event of Default (as such term is defined in the Senior Facility Loan Agreement).

 

“Senior Facility
Debt” shall mean any and all obligations, liabilities and indebtedness of every kind, nature and description owing by
any Obligor to Senior Creditors (or any lender party to Permitted Refinancing Documents) and, with respect to Hedging Liability
and Bank Product Liability (each as defined in the Senior Facility Loan Agreement), their Affiliates (as defined in the Senior
Facility Loan Agreement), evidenced by or arising under the Senior Facility Loan Documents, whether direct or indirect, absolute
or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, including principal, interest,
charges, fees, costs, contingent reimbursement obligations under any outstanding letters of credit, indemnities and expenses, however
evidenced, whether as principal, surety, endorser, guarantor or otherwise, whether now existing or hereafter arising, whether arising
before, during or after the initial or any renewal term of the Senior Facility Loan Agreement not prohibited under Section 5.7
hereof (and including all of the “Secured Obligations,” as defined in the Senior Facility Loan Agreement, and the payment
of interest which would accrue and become due but for the commencement of any Insolvency Proceeding (as hereinafter defined) whether
or not such interest is allowed or allowable in whole or in part in any such Insolvency Proceeding). The aggregate principal amount
of all advances made under the Senior Facility Loan Documents, plus the undrawn face amount of letters of credit outstanding thereunder
(but excluding, in any event, principal consisting of fees and expense reimbursements due and payable under and added to principal
in accordance with the Senior Facility Loan Documents, and interest, including default interest, added to principal) shall not
exceed the Maximum Senior Facility Debt at any time. For avoidance of doubt, Senior Creditors and Subordinated Creditors acknowledge
that in the event the amounts referenced in the immediately preceding sentence at any time exceed the Maximum Senior Facility Debt,
(i) the existence of such excess shall not impair or otherwise affect the subordination arrangements provided for herein with
respect to that portion of such amounts that fall within the Maximum Senior Facility Debt, but (ii) all such excess, together
with all interest charged thereon and all fees charged in respect thereof, shall not constitute Senior Facility Debt hereunder
and shall be subordinated to the Subordinated Indebtedness on the same terms as applicable to the Subordinated Indebtedness hereunder.

 

“Senior Facility
Loan Agreement” shall mean the Credit Agreement, dated as of the date hereof, among Senior Agent, Senior Lenders, Borrower
and the other Obligors party thereto, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed
or restated to the extent not prohibited by Section 5.7 hereof, including any replacement senior loan agreement constituting
a Permitted Refinancing Document.

 

    	 	-6-	 

     

    

 

“Senior Facility
Loan Documents” shall mean (a) the Senior Facility Loan Agreement, each of the “Loan Documents” (as
defined therein), and any and all other agreements, documents and instruments at any time executed and/or delivered by any Obligor
or any other Person with, to or in favor of Senior Creditors or any affiliates of Senior Creditors in connection therewith or related
thereto, as all of the foregoing now exist or may hereafter be amended, modified, supplemented, extended, renewed or restated to
the extent not prohibited by Section 5.7 hereof, and (b) after the consummation of any Permitted Refinancing, the Permitted
Refinancing Documents.

 

“Senior Lenders”
shall have the meaning specified in the Recitals to this Subordination and Intercreditor Agreement; provided that, any
Affiliate of such Senior Lender with whom any Obligor has entered into an agreement creating Hedging Liability or Bank Product
Liability shall also be Senior Lender hereunder.

 

“Subordinated
Credit Agreement” shall mean the subordinate Credit Agreement, dated as of the date hereof, among Subordinate Agent,
Subordinated Lenders, Borrower and the other Obligors party thereto, as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed or restated to the extent not prohibited by Section 5.8 hereof.

 

“Subordinated
Creditors” shall mean, individually and collectively, Subordinate Agent and Subordinated Lenders.

 

“Subordinated
Debt Costs and Expenses” means reasonable out-of-pocket costs and expenses (including reasonable out-of-pocket legal
fees and expenses) payable by the Obligors to each Subordinated Creditor pursuant to the terms of the Subordinated Loan Documents
as in effect on the date of this agreement or as modified in accordance with the terms of this Agreement.

 

“Subordinated
Debt Maturity Date” mean the “Maturity Date” as defined in the Subordinated Credit Agreement as in effect
on the date hereof.

 

“Subordinated
Indebtedness” shall mean all obligations, liabilities and indebtedness of every kind, nature and description owing by
any Obligor to Subordinated Creditors evidenced by or arising under the Subordinated Loan Documents, whether direct or indirect,
absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, including principal,
interest (whether paid in cash or in kind), charges, fees, costs, indemnities and expenses, however evidenced, whether as principal,
surety, endorser, guarantor or otherwise, whether now existing or hereafter arising, whether arising before, during or after the
initial or any renewal term of the Subordinated Loan Documents or after the commencement of any Insolvency Proceeding with respect
to any Obligor (and including the payment of interest which would accrue and become due but for the commencement of such Insolvency
Proceeding, whether or not such interest is allowed or allowable in whole or in part in any such Insolvency Proceeding). The aggregate
principal amount of all Subordinated Indebtedness shall not exceed Thirteen Million Dollars ($13,000,000) plus Subordinated PIK
Payments.

 

    	 	-7-	 

     

    

 

“Subordinated
Lenders” shall mean, individually or collectively, the “Lenders” as defined in the Subordinated Credit Agreement.

 

“Subordinated
Loan” shall mean the unsecured term loan from Subordinated Lenders to Borrower under the Subordinated Credit Agreement.

 

“Subordinated
Loan Documents” shall mean the Subordinated Credit Agreement, the Subordinated Loan Notes, and all agreements, documents
and instruments at any time executed and/or delivered by any Obligor or any other Person with, to or in favor of Subordinated Lenders
in connection therewith or related thereto, as all of the foregoing now exist or may hereafter be amended, modified, supplemented,
extended, renewed or restated.

 

“Subordinated
Loan Notes” shall mean any and all senior subordinated notes issued from time to time to Subordinated Lenders to evidence
repayment of the Subordinated Indebtedness.

 

“Subordinated
PIK Payments” shall mean interest or other amounts paid in-kind or on an accretion basis (and not paid in cash) under
the Subordinated Loan Documents as in effect on the date hereof, or as otherwise modified from time to time in accordance with
the terms of this Agreement.

 

“Top Co”
means Limbach Holdings, Inc., a Delaware corporation, which entity was named 1347 Capital Corp. prior to the consummation of the
Required Merger (as defined in the Senior Facility Loan Agreement) or any of its Affiliates.

 

“Triggering
Event” means the occurrence of any one of the following events: (a) the acceleration of all or any portion of the
Senior Facility Debt, (b) the exercise of remedies by Senior Agent or Senior Creditors against the Obligors or the Collateral,
(c) the commencement of an Insolvency Proceeding with respect to any Obligor, and (d) any failure by the Borrower to
pay principal or interest in respect of the Subordinated Indebtedness which continues for a period of not less than 90 days.

 

“Unused Revolving
Credit Commitments” shall have the meaning assigned to such term in the Senior Facility Loan Agreement as in effect as
of the date hereof.

 

“U.S. Bankruptcy
Code” means Title 11 of the United States Code.

 

    	 	-8-	 

     

    

 

The definitions of
terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified to the extent not a violation of
Section 5.7 or Section 5.8 hereof, as the case may be, (b) any reference herein to any Person shall be construed
to include such Person’s successors and permitted assigns, (c) the words “herein,” “hereof”
and “hereunder,” and words of similar import, shall be construed to refer to this Subordination and Intercreditor Agreement
in its entirety and not to any particular provision hereof, (d) all references herein to Sections not otherwise identified
herein as referring to another agreement shall be construed to refer to Sections of this Subordination and Intercreditor Agreement,
(e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time, and any successor of such law or regulation and (f) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights. All terms that are used in this Subordination
and Intercreditor Agreement which are defined in the Uniform Commercial Code of the State of New York as in effect from time to
time (“UCC”) shall have the same meanings herein as such terms are defined in the UCC, unless this Subordination
and Intercreditor Agreement shall otherwise specifically provide. References “from” or “through” any date
mean, unless otherwise specified, “from and including” or “through and including”, respectively. References
to any statute or act, without additional reference, shall be deemed to refer to federal statutes and acts of the United States
of America.

 

Section 2.          Debt
Priorities

 

Obligors and Subordinate
Agent hereby covenant that until the Senior Facility Debt shall have been Paid In Full, each will comply with each of the following
provisions as are applicable to it:

 

Section 2.1.          Transfers.
Subordinate Agent covenants that any transferee of any Subordinated Indebtedness shall, prior to acquiring such interest, duly
execute and deliver a counterpart of this Subordination and Intercreditor Agreement to each other party hereto.

 

Section 2.2.          Subordination
to Senior Facility Debt. To induce Senior Creditors to enter into the Senior Facility Loan Agreement and to make loans and
advances thereunder, notwithstanding any other provision of the Subordinated Loan Documents to the contrary, any Distribution with
respect to the Subordinated Indebtedness is and shall be expressly junior and subordinated in right and time of payment as set
forth herein to all amounts due and owing upon all Senior Facility Debt outstanding from time to time. Until the Senior Facility
Debt is Paid In Full, unless an Insolvency Proceeding has commenced (as to which Sections 2.5, 2.7, 5.5 and 5.6 hereof shall
apply), Obligors will not make and Subordinate Agent shall not accept or retain any Distribution in respect of the Subordinated
Indebtedness other than, subject to Section 2.3 herein, Permitted Subordinated Debt Payments.

 

Section 2.3.          Payments.
(a) From and after receipt by Subordinate Agent of written notice from Senior Agent of the occurrence of a Payment Default
(such written notice, a “Payment Default Notice”), Obligors shall not make any Distribution on the Subordinated
Indebtedness and Subordinate Agent shall not be entitled to receive or retain any Distribution in respect of the Subordinated Indebtedness
received subsequent to such receipt of the Payment Default Notice (other than, in either case, Non-Blockable Items) until the earlier
to occur of (i) the date on which all Payment Defaults described in such Payment Default Notice shall have been waived in
writing by Senior Agent or (ii) the Senior Facility Debt is Paid In Full.

 

    	 	-9-	 

     

    

 

(b)         From
and after receipt by Subordinate Agent of written notice from Senior Agent of the occurrence of a Non-Payment Default (such written
notice, a “Non-Payment Default Notice”), Obligors shall not make any Distribution on the Subordinated Indebtedness
and Subordinate Agent shall not be entitled to receive or retain any Distribution in respect of the Subordinated Indebtedness received
subsequent to such receipt of the Non-Payment Default Notice (other than, in either case, Non-Blockable Items) until the earlier
to occur of (i) the date on which all Non-Payment Defaults described in such Non-Payment Default Notice shall have been waived
in writing by Senior Agent, (ii) the Senior Facility Debt is Paid In Full or (iii) subject to Section 2.6, the expiration
of a period of one hundred eighty (180) days from Subordinate Agent’s receipt of such Non-Payment Default Notice. Notwithstanding
any provision of this Section 2.3 to the contrary: (i) the Obligors shall not be prohibited from making, and the Subordinate Agent
shall not be prohibited from receiving, payments as a result of clause (b) of this Section 2.3 for more than an aggregate of one
hundred eighty (180) days within any period of three hundred sixty (360) consecutive days; (ii) no Non-Payment Default existing
on the date any Non-Payment Default Notice is given shall, unless the same shall have ceased to exist for a period of at least
thirty (30) consecutive days, be used as a basis for any subsequent Non-Payment Default Notice (for purposes of this paragraph,
breaches of the same financial covenant for consecutive periods shall constitute separate and distinct Non-Payment Defaults); and
(iii) no more than five (5) Non-Payment Default Notices may be sent in the aggregate.

 

(c)         After
the expiration of the applicable period described in Section 2.3(a) or 2.3(b), as the case may be, or the waiver in writing
of such Payment Default or Non-Payment Default referenced in such Non-Payment Default Notice or Payment Default Notice, as applicable,
and so long as another Non-Payment Default Notice or Payment Default Notice has not been duly given hereunder and is then in effect,
Obligors may make and Subordinate Agent may accept and retain (i) Permitted Subordinated Debt Payments, and (ii) any
Permitted Subordinated Debt Payments missed due to the application of paragraph Section 2.3(a) or 2.3(b). For the avoidance
of doubt, Non-Blockable Items may be paid and retained at any time.

 

Section 2.4.          Suspension
of Remedies. (a)          During any period described in Section 2.3
hereof in which a Distribution is not permitted to be made on Subordinated Indebtedness, Subordinated Creditors shall not be entitled
to (i) accelerate the maturity of any of the Subordinated Indebtedness, exercise any unsecured creditor remedies or other
suit, action or proceeding, recover any amounts due or to become due with respect to Subordinated Indebtedness, or exercise any
self-help remedies available at law, or (ii) join in, solicit any other Person to join in, or petition to cause the commencement
of, any case involving any Obligor under any state or federal bankruptcy or insolvency laws or seek the appointment of a receiver
for the affairs or property of such Obligor; provided, however, the foregoing limitations with respect to such unsecured
creditor remedies shall not be applicable following the earliest to occur of any of the following: (A) the occurrence of an
Insolvency Proceeding (as to which Sections 2.5, 2.7, 5.5 and 5.6 hereof shall apply), (B) the maturity or acceleration
of all Senior Facility Debt, (C) the expiration of a period of one hundred eighty (180) days following the date of Senior
Agent’s receipt of a Junior Default Notice if the Junior Event of Default described therein shall not have been cured or
waived within such period, or (D) the Subordinated Debt Maturity Date; and provided, further, that the commencement
and/or exercise of such unsecured creditor remedies by Subordinated Creditors shall at all times be subject to Section 3 hereof.

 

    	 	-10-	 

     

    

 

(b)          Notwithstanding
anything to the contrary set forth in this Subordination and Intercreditor Agreement, nothing herein shall prevent Subordinated
Creditors from (i) filing any proof of claim with respect to the Subordinated Indebtedness in any Insolvency Proceeding, (ii) taking
legal action against any Obligor for specific performance or injunctive relief to compel an Obligor to comply with (or not violate
or breach) an obligation under the Subordinated Loan Documents, provided that any such action does not require the making
of any payments on the Subordinated Indebtedness or otherwise directly affect the Collateral or Senior Creditors’ rights
to pursue Lien Enforcement Actions or other remedies, (iii) file any necessary responsive or defensive pleadings in opposition
to any motion, claim, adversary proceeding or other pleading objecting to or otherwise seeking the disallowance of the claims for
any Subordinated Indebtedness, so long as such filing is in accordance with, and in a manner that is consistent with, the terms
of this Agreement, (iv) any non-judicial procedural actions that may be required or desired as a precondition to acceleration
or relating to preservation of rights (such as giving a notice of default or reservation of rights (including reservation of acceleration
rights subject to the terms of this Subordination and Intercreditor Agreement)), or (v) upon the occurrence and during the
continuance of a Junior Event of Default, the delivery to Obligors of a notice of acceleration, provided such acceleration
is not effective until the earliest of the dates specified in Section 2.4(a).

 

Section 2.5.          Prior
Payment of Senior Facility Debt in Bankruptcy, Etc. In the event of an Insolvency Proceeding relative to any Obligor, the
Senior Facility Debt shall be Paid In Full before any Distribution (other than a Distribution of Reorganization Securities) shall
be made on account of any Subordinated Indebtedness. Any such Distribution (except Reorganization Securities) which would, but
for the provisions hereof, be payable or deliverable in respect of the Subordinated Indebtedness, shall be paid or delivered directly
to Senior Agent until all amounts owing upon Senior Facility Debt shall have been Paid In Full.

 

Section 2.6.          [Reserved].

 

Section 2.7.          Voting
Rights; Power of Attorney. Notwithstanding anything to the contrary herein, at any meeting of creditors of any Obligor or
with respect to any Insolvency Proceeding, Subordinated Creditors shall retain the right to vote and otherwise act with respect
to the Subordinated Indebtedness (including the right to vote to accept or reject any plan of partial or complete liquidation,
reorganization, arrangement, composition or extension); provided, however, that Subordinated Creditors shall not
vote with respect to any such plan or take any action in any way so as to contest (a) the validity of any Senior Facility
Debt or any collateral therefor or guaranties thereof, (b) the relative rights and duties of Senior Creditors established
in any instruments or agreements creating or evidencing any of the Senior Facility Debt or (c) the obligations and agreements
of Subordinate Agent set forth in this Subordination and Intercreditor Agreement; provided that nothing in this Subordination
and Intercreditor Agreement shall be construed to prevent or impair the rights of Subordinate Agent or Subordinated Lenders to
enforce this Subordination and Intercreditor Agreement or in general their rights as unsecured creditor, all of which rights are
expressly reserved.

 

    	 	-11-	 

     

    

 

Notwithstanding anything
to the contrary herein, Subordinate Agent hereby appoints Senior Agent as Subordinate Agent’s true and lawful attorney, with
full power of substitution, in the name of Subordinate Agent, without notice to Subordinate Agent or any of its respective representatives,
successors or assigns, at any meeting of creditors of any Obligor or any subsidiary of any Obligor or in connection with any Insolvency
Proceeding, solely to file an appropriate claim for and on behalf of Subordinate Agent and the Subordinated Lenders, if a proper
claim or proof of debt in respect of the Subordinated Indebtedness has not been filed by Subordinate Agent in the form required
at such meeting or with respect to any such Insolvency Proceeding, at least ten (10) Business Days prior to the expiration of the
final day for filing such claims.

 

Section 2.8.          Knowledge;
Delivery of Default Notice. Subordinate Agent shall not at any time be charged with knowledge of any of the events described
in Section 2 hereof or on such account be prohibited from receiving or retaining any payment of monies or from taking any
action regarding acceleration or the exercise of remedies, unless and until, when relevant, Subordinate Agent shall have received
a Default Notice.

 

Each Default Notice
shall be deemed to be properly given by Senior Creditors to and received by Subordinated Creditors if such Default Notice is delivered
in accordance with Section 5.9 hereof.

 

Section 2.9.          Payments
Held in Trust. Should any Distribution or the proceeds thereof, in respect of the Subordinated Indebtedness, be collected or
received by any Subordinated Creditors or any Affiliate (as such term is defined in Rule 405 of Regulation C adopted by the Securities
and Exchange Commission pursuant to the Securities Act of 1933, as amended) of such Subordinated Creditor at a time when Subordinated
Creditors are not permitted to receive any such Distribution or proceeds thereof, then such Subordinated Creditor shall forthwith
deliver, or cause to be delivered, the same to Senior Agent in precisely the form held by such Subordinated Creditor (except for
any necessary endorsement, which shall be without recourse to such Subordinated Creditor except as to the actions of such Subordinated
Creditor) and until so delivered, the same shall be held in trust by such Subordinated Creditor, or any such Affiliate, as the
property of Senior Creditors.

 

Section 2.10.        Scope
of Subordination. (a) The provisions of this Section 2 are solely to define the relative rights of Subordinated
Creditors and Senior Creditors. Nothing in this Subordination and Intercreditor Agreement shall impair, as between any Obligor
and Subordinated Creditor the unconditional and absolute obligation of Obligors to punctually pay the principal, interest and
any other amounts and obligations owing under the Subordinated Loan Documents in accordance with the terms thereof, subject to
the rights of Senior Creditors under this Subordination and Intercreditor Agreement.

 

    	 	-12-	 

     

    

 

(b)         Subject
to the Payment in Full of the Senior Facility Debt, in the event and to the extent cash, property or securities otherwise payable
or deliverable to the holders of the Subordinated Indebtedness shall have been applied pursuant to this Subordination and Intercreditor
Agreement to the payment of Senior Facility Debt, then and in each such event, the holders of the Subordinated Indebtedness shall
be subrogated to the rights of each holder of Senior Facility Debt to receive any further payment or distribution in respect of
or applicable to the Senior Facility Debt; and, for the purposes of such subrogation, no payment or distribution to the holders
of Senior Facility Debt of any cash, property or securities to which any holder of Subordinated Indebtedness would be entitled
except for the provisions of this Subordination and Intercreditor Agreement shall, and no payment pursuant to the provisions of
this Subordination and Intercreditor Agreement to the holders of Senior Facility Debt by the holders of the Subordinated Indebtedness
shall, as between any Obligor, its creditors other than the holders of Senior Facility Debt and the holders of Subordinated Indebtedness,
be deemed to be a payment by such Obligor to or on account of Senior Facility Debt.

 

Section 3.          Security
Interests; Priorities; Remedies.

 

Section 3.1.          Liens.
(a) Subordinate Agent hereby acknowledges that Senior Creditors have been granted Liens upon all of the Collateral pursuant
to the Senior Facility Loan Documents to secure the Senior Facility Debt. Subordinate Agent hereby acknowledges and agrees that
(i) the Subordinated Indebtedness is unsecured pursuant to the Subordinated Loan Documents and (ii) the Subordinated Indebtedness
shall not become secured by any assets or properties of, or interests in, any of the Obligors or any other Person other than as
a result of judgment Liens permitted under this Agreement.

 

(b)          Notwithstanding
the foregoing, any judgment Lien that arises in favor of the Subordinate Agent or any Subordinated Creditor as a result of enforcement
of rights available to the Subordinate Agent and/or the Subordinated Creditors in accordance with the terms of the Subordinated
Credit Agreement and this Agreement, shall (i) not attach to any assets or property of the Obligors other than the Collateral and
(ii) be subordinated to the Liens granted to the Senior Creditors pursuant to the terms of the Senior Facility Loan Documents.
So long as the Senior Facility Debt has not been Paid in Full, each Subordinated Creditor holding a judgment Lien agrees not to
enforce or take any steps to enforce such judgment Lien and not to take or receive any Collateral or any proceeds of Collateral
in connection with the exercise of any right or remedy in its capacity as a judgment creditor.

 

Section 3.2.          Priority;
Remedies. (a) Subordinate Agent hereby agrees that it is the intention of the parties hereto that Senior Creditors shall
have a first priority perfected security interest and Lien on the Collateral to secure the Senior Facility Debt. Subordinated
Creditors agree not to initiate, prosecute or participate in any claim, action or other proceeding challenging or contesting the
enforceability, validity, attachment, perfection or priority of the Senior Facility Debt or any Liens securing the Senior Facility
Debt. As between Senior Creditors and Subordinated Creditors, the terms of this Subordination and Intercreditor Agreement shall
govern even if all or a portion of the Senior Facility Debt or the Subordinated Indebtedness, as the case may be, or the Liens
securing payment of the Senior Facility Debt, are voided, disallowed, or otherwise invalidated or reduced in priority.

 

    	 	-13-	 

     

    

 

(b)             The
priority of the Liens granted to secure the Senior Facility Debt shall not be altered or otherwise affected by any amendment, modification,
supplement, extension, renewal or restatement of the Senior Facility Debt in compliance with the terms of this Subordination and
Intercreditor Agreement nor by any action or inaction which Senior Creditors may take or fail to take in respect of the Collateral.

 

Section 3.3.          No
Contest. The foregoing provisions of this Subordination and Intercreditor Agreement shall not impose on the Senior Lenders
any obligations in respect of the disposition of proceeds of any Collateral which would conflict with prior perfected claims therein
in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Subject to the
terms of this Subordination and Intercreditor Agreement, Subordinate Agent (on behalf of itself and the Subordinated Creditors)
agrees that it will not contest (and will not support any other Person in contesting) the validity, perfection, priority or enforceability
of the Liens of Senior Creditors in the Collateral. As between Senior Creditors and Subordinated Creditors (and each of the Obligors),
the terms of this Subordination and Intercreditor Agreement shall govern even if all or a portion of the Senior Facility Debt
or the Subordinated Indebtedness, as the case may be, or the Liens securing payment thereof, are voided, disallowed, or otherwise
invalidated or reduced in priority.

 

Section 3.4.          Exclusive
Right of Action with respect to the Collateral. (a) Subject to the terms and conditions set forth in this Subordination
and Intercreditor Agreement, Senior Creditors shall have the exclusive right to manage, perform and enforce their rights and remedies
under the Senior Facility Loan Documents with respect to the Collateral and exercise and enforce all privileges and rights with
respect thereto according to their discretion and the exercise of their business judgment and in a commercially reasonable manner,
including the exclusive right to take or retake control or possession of such Collateral and to hold, prepare for sale, process,
sell, lease, dispose of, or liquidate such Collateral.

 

(b)          Notwithstanding
anything to the contrary contained in any of the Agreements, prior to the time when Senior Creditors shall have received Payment
In Full of all Senior Facility Debt, during the continuance of a Release Event, only Senior Creditors shall have the right to restrict
or permit, or approve or disapprove, the sale, transfer, assignment, or other disposition of any or all of the Collateral.

 

(c)          Nothing
contained herein shall be construed in any way to limit or impair the right of any Lender to bid for (provided that such
bid may not include a credit bid in respect of any Subordinated Indebtedness unless in connection with such bid the Senior Facility
Debt is Paid in Full) or purchase Collateral at any private or judicial foreclosure upon such Collateral initiated by any Senior
Lender.

 

Section 3.5.          Limitation
of Liability. If Senior Creditors should honor a request by any Obligor for a loan, advance or other financial accommodation
under the Senior Facility Loan Documents, whether or not Senior Creditors have knowledge that such loan, advance or other financial
accommodation will be used for a purpose which would result in an event of default, or act, condition or event which with notice
or passage of time or both would constitute an event of default under the Subordinated Loan Documents, in no event shall Senior
Creditors have any liability to Subordinated Creditors as a result of such breach. As between Obligors and Subordinated Creditors,
nothing contained in this Section 3.5 shall limit or waive any right that Subordinated Creditors have to enforce any of the
provisions of the Subordinated Loan Documents against any Obligor.

 

    	 	-14-	 

     

    

 

Section 3.6.          Delivery
of Notices. Senior Agent and Subordinate Agent shall give to the other party, concurrently with the giving thereof to any
Obligor, a copy of any written notice by such party of (a) an event of default under its Agreements, (b) demand for
payment, or (c) such party’s intention to exercise any of its enforcement rights or remedies, including written notice
pertaining to any foreclosure on any of the Collateral or other judicial or non-judicial remedy in respect thereof to the extent
permitted hereunder, and the initial legal process served or filed in connection with any such judicial remedy; provided
that the failure of either party to give notice as required hereby shall not affect the validity or effectiveness of any such
notice as against any Obligor.

 

Section 4.          Waiver
of Marshaling and Priority of Recourse.

 

Each Lender hereby waives
any right to require the other Lender to marshal any security or collateral or otherwise to compel the other Lender to seek recourse
against or satisfaction of the indebtedness and obligations owed to it from one source before seeking recourse or satisfaction
from another source.

 

Section 5.          Miscellaneous

 

Section 5.1.          Representations.
(a) Subordinate Agent (on behalf of itself and the Subordinated Lenders) represents and warrants to Senior Agent as of
the date hereof, which representations and warranties shall survive the execution and delivery hereof, that:

 

(i)            the
execution, delivery and performance of this Subordination and Intercreditor Agreement by Subordinate Agent are within the powers
of Subordinate Agent, have been duly authorized by Subordinate Agent, and, to its knowledge without independent investigation,
do not contravene any law or any provision of any of the Subordinated Loan Documents or any agreement to which Subordinated Creditor
is a party or by which it is bound;

 

(ii)           this
Subordination and Intercreditor Agreement constitutes the legal, valid and binding obligation of Subordinate Agent, enforceable
in accordance with its terms, and shall be binding on it, subject to bankruptcy, insolvency and similar laws affecting creditors’
rights generally and principles of equity;

 

(iii)          Subordinate
Agent is authorized to enter into this Subordination and Intercreditor Agreement; and

 

(iv)         the
stated maturity date of the Subordinated Loan Notes is the Subordinated Debt Maturity Date.

 

    	 	-15-	 

     

    

 

(b)          Senior
Agent (on behalf of itself and the Senior Creditors) hereby represents and warrants to Subordinate Agent as of the date hereof,
which representations and warranties shall survive the execution and delivery hereof, that:

 

(i)          the
execution, delivery and performance of this Subordination and Intercreditor Agreement by Senior Agent are within the powers of
Senior Agent, have been duly authorized by Senior Agent, and, to its knowledge without independent investigation, do not contravene
any law or any provision of the Senior Facility Loan Documents or any agreement to which any Senior Creditor is a party or by which
it is bound;

 

(ii)         this
Subordination and Intercreditor Agreement constitutes the legal, valid and binding obligation of Senior Agent, enforceable in accordance
with its terms, and shall be binding on it, subject to bankruptcy, insolvency and similar laws affecting creditors’ rights
generally and principles of equity;

 

(iii)        Senior
Agent is authorized to enter into this Subordination and Intercreditor Agreement; and

 

(iv)        the
stated maturity date of the Senior Facility Debt is July 20, 2021.

 

Section 5.2.          Provisions
of Subordinated Loan Note. From and after the date hereof, Obligors and Subordinate Agent shall have caused each Subordinated
Loan Note to contain a provision to the following effect:

 

This Note is
subject to the Subordination and Intercreditor Agreement, dated as of July 20, 2016, among the maker of this Note, Alcentra Capital
Corporation, as Subordinate Agent and Fifth Third Bank, as Senior Agent, under which this Note and the maker’s obligations
hereunder are subordinated in the manner set forth therein to the prior payment of certain indebtedness and obligations to the
holders of Senior Facility Debt as defined in the Subordination and Intercreditor Agreement.

 

Proof of compliance
with the foregoing shall be promptly given to Senior Agent upon request for same.

 

Section 5.3.          Amendments.
Any waiver, permit, consent or approval by either Senior Agent or Subordinate Agent of or under any provision, condition or
covenant to this Subordination and Intercreditor Agreement must be in writing and shall be effective only to the extent it is
set forth in writing and as to the specific facts or circumstances covered thereby. Any amendment of this Subordination and Intercreditor
Agreement must be in writing and signed by Senior Agent and Subordinate Agent and acknowledged by the Obligors. Promptly after
the execution of any amendment to any of the Agreements, each of Senior Agent and Subordinate Agent agrees to use commercially
reasonable efforts to notify the other of such amendment, but the failure to so notify shall not in any way invalidate any term
or provision contained in this Subordination and Intercreditor Agreement.

 

    	 	-16-	 

     

    

 

Section 5.4.          Successors
and Assigns. (a)  Subject to this Section 5.4, this Subordination and Intercreditor Agreement shall be binding upon each
Senior Creditor and Subordinated Creditor and their respective successors and assigns and shall inure to the benefit of each of
them and their respective successors, participants and assigns.

 

(b)          To
the extent permitted in their respective Agreements, each of the Lenders reserves the right to grant participations in, or otherwise
sell, assign, transfer or negotiate all or any part of, or any interest in, the Senior Facility Debt or the Subordinated Indebtedness,
as the case may be; provided that neither Senior Creditors nor Subordinated Creditors shall be obligated to give any notices
to or otherwise in any manner deal directly with any participant in the Senior Facility Debt or the Subordinated Indebtedness,
as the case may be, and no participant shall be entitled to any rights or benefits under this Subordination and Intercreditor Agreement
except through the Lender with which it is a participant, and any sale of a participation in either the Senior Facility Debt or
the Subordinated Indebtedness shall be expressly made subject to the provisions of this Subordination and Intercreditor Agreement
(including Section 4); provided, further, that none of the Senior Facility Debt may be assigned, sold or otherwise
transferred to Top Co (other than in connection with a retirement of such debt by an Obligor).

 

(c)          In
connection with any participation or other transfer or assignment, a Lender (i) may, subject to its respective Agreement,
disclose to such assignee, participant or other transferee or assignee all documents and information which such Lender now or hereafter
may have relating to any Obligor or the Collateral and (ii) shall disclose to such participant or other transferee or assignee
the existence, and terms and conditions, of this Subordination and Intercreditor Agreement.

 

(d)          In
the case of an assignment or transfer, the assignee or transferee acquiring any interest in the Subordinated Indebtedness or the
Senior Facility Debt, as the case may be, shall execute and deliver to Senior Agent or Subordinate Agent, as applicable, at the
request of any of the parties, a written acknowledgment of receipt of a copy of this Subordination and Intercreditor Agreement
and the written agreement by such Person to be bound by the terms of this Subordination and Intercreditor Agreement; provided
that no acknowledgement shall be required in connection with the Subordinated Agent’s grant of a security interest in the
Subordinated Indebtedness under its credit facility unless and until the agent with respect to such credit facility elects to enforce
remedies thereunder.

 

(e)          Senior
Agent and Subordinate Agent hereby agree that any party that refinances the Senior Facility Debt shall execute and agree to be
bound by and subject to this Subordination and Intercreditor Agreement and may rely on and enforce this Subordination and Intercreditor
Agreement. Subordinate Agent further hereby agrees that it will, at the request of Senior Agent (or any party that refinances the
Senior Facility Debt pursuant to a Permitted Refinancing), enter into an agreement, in the form of this Subordination and Intercreditor
Agreement, mutatis mutandis, to subordinate the Subordinated Indebtedness, to the same extent as provided herein, to the
party refinancing all or a portion of such Senior Facility Debt; provided that the failure of Subordinate Agent to execute
such an agreement shall not affect such party’s right to rely on and enforce the terms of this Subordination and Intercreditor
Agreement.

 

    	 	-17-	 

     

    

 

Section 5.5.          Insolvency.
(a) This Subordination and Intercreditor Agreement shall be applicable both before and after any Insolvency Proceeding,
to include the filing of any petition by or against any Obligor under the U.S. Bankruptcy Code and all converted or succeeding
cases in respect thereof, and all references herein to an Obligor shall be deemed to apply to the trustee, receiver, etc., for
such Obligor and such Obligor as debtor-in-possession. The relative rights of Senior Creditors on the one hand, and Subordinated
Creditors, on the other hand, in or to any Distributions, including Distributions from or in respect of any Collateral or proceeds
of Collateral, shall continue after the filing thereof on the same basis as prior to the date of the petition.

 

(b)          Subordinated
Creditors shall not propose to provide, or provide, any financing arrangements to any Obligor after such Obligor is subject to
an Insolvency Proceeding, if (i) the Liens securing such financing arrangements shall be prior to the Liens of Senior Creditors
or any DIP Lender (as hereinafter defined); or (ii) the repayment of such financing arrangements benefits from a “super
priority” or other statutory or court-ordered priority over the financing arrangements provided by Senior Creditors (either
prior to or during the pendency of the Insolvency Proceeding) or any DIP Lender (as defined below).

 

Section 5.6.          Bankruptcy
Financing; Adequate Protection. (a) If any Obligor shall become subject to any Insolvency Proceeding, to include a case
under the U.S. Bankruptcy Code, and if as debtor(s)-in-possession it moves for approval of financing to be provided in good faith
by any Senior Creditor or another Person (the “DIP Lender”) under Section 364 of the U.S. Bankruptcy Code
or for the use of cash collateral with the consent of the DIP Lender under Section 363 of the U.S. Bankruptcy Code, Subordinated
Creditors agree that no objection will be raised by Subordinated Creditors to any such financing so long as (i) the aggregate
principal amount of loans and letter of credit accommodations outstanding under such post-petition financing, together with the
aggregate principal amount of the pre-petition Senior Facility Debt, shall not exceed the Maximum Senior Facility Debt, and (ii) as
between Senior Creditors, on the one hand, and Subordinated Creditors, on the other hand, such financing or use of cash collateral
is subject to the terms of this Subordination and Intercreditor Agreement. Subordinate Agent, on behalf of itself and the Subordinated
Creditors, agrees that none of them shall contest (or support any other Person contesting) (A) any request by the Senior Agent
or the Senior Creditors for adequate protection, or (B) any objection by the Senior Agent or the Senior Creditors to any motion,
relief, action or proceeding based on the Senior Agent or the Senior Creditors claiming a lack of adequate protection.

 

(b)          For
purposes of this Section 5.6, notice of a proposed financing or use of cash collateral shall be deemed given when given in
accordance with Section 5.9.

 

    	 	-18-	 

     

    

 

Section 5.7.          Amendments
to Senior Facility Loan Documents. Nothing contained in this Subordination and Intercreditor Agreement, or in any other agreement
or instrument binding upon any of the parties hereto, shall in any manner limit or restrict the ability of Senior Creditors from
increasing or changing the terms of the loans under the Senior Facility Loan Documents, or to otherwise waive, amend or modify
any of the terms and conditions of such Senior Facility Loan Documents, in such manner as Senior Creditors and the Obligors shall
mutually determine; provided that no such amendment shall (a) add any express prohibition on the (i) payment of the
Subordinated Indebtedness or (ii) amendment of the Subordinated Loan Documents, in each instance in (i) and (ii), which
is more restrictive than those contained herein, (b) increase the principal amount or amount of amortization payments, or shorten
the maturity of, any indebtedness or other obligations under the Senior Facility Loan Documents (other than in each case in connection
with an acceleration of the Senior Facility Debt), (c) increase, by any amount, the interest rate margins with respect to the
Senior Facility Debt by an amount exceeding two percent (2.0%) above that in effect under the Senior Facility Loan Documents in
effect on the date hereof (excluding, for the avoidance of doubt, the imposition of the default rate provided for in the Senior
Facility Loan Documents on the Closing Date), (d) add or make more restrictive any event of default or any covenant contained
in the Senior Facility Loan Documents, unless the Subordinated Creditors have the opportunity to make corresponding changes to
the Subordinated Loan Documents to provide for such additional covenants or events of default or such more restrictive covenants
or events of default, as the case may be, so long as, in each case, any applicable cushion is maintained (determined on a percentage
basis based on the relevant levels under the Senior Facility Loan Documents and the Subordinated Loan Documents on the date hereof),
(e) subordinate in right of payment any of, or Lien securing, the Senior Facility Debt prior to any Insolvency Proceeding, except
with respect to permitted Liens under the Senior Facility Loan Documents as in effect on the date hereof or (f) modify the provisions
of the Senior Facility Loan Agreement to permit Top Co to purchase, take assignment of, or otherwise acquire any of the Senior
Facility Debt (other than by an Obligor in connection with the retirement of such debt). Subordinated Creditors hereby agree that
no waivers, amendments, modifications or compromises, or any other renewals, extensions, indulgences, releases of collateral or
other accommodations granted by Senior Creditors from time to time in compliance herewith shall in any manner affect or impair
the relative lien priorities and subordination established by this Subordination and Intercreditor Agreement.

 

Section 5.8.          No
Amendment of Subordinated Loan Documents. So long as the Senior Facility Loan Agreement remains in effect, none of any Obligor,
Subordinate Agent or Subordinate Agent may enter into any amendment to or modification of any of the Subordinated Loan Documents
without the prior written consent of Senior Agent to the extent that any such amendment or modification (a) increases the
principal amount (beyond the maximum amount specified in the last sentence of the definition of Subordinated Indebtedness) or
amount of amortization payments, or shortens the maturity of, any indebtedness or other obligations under the Subordinated Loan
Documents during the term of the Senior Facility Loan Documents, (b) increases, by any amount, the rate of interest that
is payable in cash on any indebtedness outstanding under the Subordinated Loan Documents during the term of the Senior Facility
Loan Documents, (c) increases the rate of interest which accrues but is not paid in cash on any indebtedness outstanding
under the Subordinated Loan Documents during the term of the Senior Facility Loan Documents by an amount exceeding two percent
(2.0%) above that in effect under the Subordinated Loan Documents on the date hereof (excluding, for the avoidance of doubt, under
both clauses (a) and (c) of this Section 5.8, the imposition of the default rate provided for in the Subordinated Loan Documents
on the Closing Date), (d) increases the amount of any fees required to be paid in respect of the indebtedness evidenced by
the Subordinated Loan Documents above the rates or amounts set forth in the Subordinated Credit Agreement as in effect on the
date hereof, (e) modifies (or has the effect of modifying) any mandatory prepayment provision or adds any mandatory prepayment
event under the Subordinated Credit Agreement, or (f) adds or makes more restrictive any event of default or any covenant
contained in the Subordinated Loan Documents unless a corresponding change is made to the Senior Facility Loan Documents (subject
to any applicable cushions).

 

    	 	-19-	 

     

    

 

Section 5.9.          Notices.
All notices, requests and demands to or upon the respective parties hereto shall be in writing and shall be deemed duly given,
made or received: if delivered in person, immediately upon delivery; or, if delivered by nationally recognized overnight courier
service with instructions to deliver the next Business Day (with such service’s fees paid by sender), immediately upon delivery,
addressed to the parties at their addresses set forth below (or to such other addresses as the parties may designate in accordance
with the provisions of this Section 5.9); provided, however, if any notice is tendered to an addressee and
delivery thereof is refused by such addressee, such notice shall be effective upon such tender unless otherwise expressly set
forth in such notice:

 

To Senior Agent:

 

Fifth Third Bank

Fifth Third Center

38 Fountain Square Plaza

Cincinnati, Ohio 45263

Attention: Loan Syndications/Judy Huls

Telephone No: (513) 534-4224

Facsimile No: (513) 534-0875

 

To Subordinate Agent:

 

Alcentra Capital Corporation

200 Park Avenue, 7th Floor

New York, NY 10166

Attention: Branko Krmpotic

Telephone No.: (212) 922-8071

Email: branko.krmpotic@alcentra.com; mmreporting@alcentra.com

 

Either Senior Agent or Subordinate Agent
may change the address(es) to which all notices, requests and other communications are to be sent by giving written notice of such
address change to the other party in conformity with this Section 5.9, but such change shall not be effective until notice
of such change has been received by the other party.

 

Section 5.10.         Severability.
If any provision herein shall for any reason be held invalid or unenforceable, no other provision shall be affected thereby,
and this Subordination and Intercreditor Agreement shall be construed as if the invalid or unenforceable provision had never been
a part of it, and the affected provision shall be modified to the minimum extent permitted by applicable law so as to achieve
most fully the intention of this Subordination and Intercreditor Agreement.

 

    	 	-20-	 

     

    

 

Section 5.11.         Counterparts;
Faxes. This Subordination and Intercreditor Agreement may be executed in any number of counterparts, each of which shall be
deemed an original with the same force and effect as if the signatures thereto and hereto were upon the same instrument. A signature
hereto sent or delivered by facsimile or other electronic transmission shall be as legally binding and enforceable as a signed
original for all purposes.

 

Section 5.12.         Governing
Law. This Subordination and Intercreditor Agreement and any claims, controversy, dispute,
or cause of action (whether in contract or tort or otherwise) based on, arising out of, or relating to this Subordination and
Intercreditor Agreement shall be governed by, and construed in accordance with, the law of the State of New York, without regard
to conflicts of law provisions (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).

 

Section 5.13.         Consent
to Jurisdiction; Waiver of Venue; Waiver of Jury Trial. (a) Each party hereto irrevocably and unconditionally agrees that it
will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract
or in tort or otherwise, against any other party hereto in any way relating to this Subordination and Intercreditor Agreement,
in each case in any forum other than the courts of the State of the New York sitting in New York County, and of the United States
District Court for the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto
irrevocably and unconditionally submits to the non-exclusive jurisdiction of such courts and agrees that all claims in respect
of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent
permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action,
litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by applicable law.

 

(b)          Each
party hereto irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may
now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to the Subordination and Intercreditor
Agreement in any court referred to above. Each of the Parties hereto hereby irrevocably waives, to the fullest extent permitted
by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(c)          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 Subordination and Intercreditor Agreement
(whether based on contract, tort or any other theory). Each party hereto (I) 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 (II) acknowledges that it and the other parties hereto have been induced to enter into
this Subordination and Intercreditor Agreement by, among other things, the mutual waivers and certifications in this Section.

 

    	 	-21-	 

     

    

 

Section 5.14.         Complete
Agreement. This written Subordination and Intercreditor Agreement is intended by the parties as a final expression of their
agreement and is intended as a complete statement of the terms and conditions of their agreement with respect to the subject matter
hereof.

 

Section 5.15.         No
Third Parties Benefited. Except as expressly provided in Section 5.4, this Subordination and Intercreditor Agreement
is solely for the benefit of Senior Agent, Senior Creditors, Subordinate Agent and Subordinated Lenders and their respective successors,
participants and assigns, and no other Person (including any Borrower, any Obligor or any of their respective creditors) shall
have or be entitled to assert rights or benefits hereunder shall have any right, benefit, priority or interest under, or because
of the existence of, this Subordination and Intercreditor Agreement.

 

Section 5.16.         Disclosures;
Non-Reliance. Each of Senior Agent (on behalf of itself and the Senior Creditors) and Subordinate Agent (on behalf of itself
and the Subordinated Lenders) has the means to, and in the future intends to, remain fully informed as to the financial condition
and other affairs of the Obligors and neither party shall have any obligation or duty to disclose any such information to the
other party. Except as expressly set forth in this Subordination and Intercreditor Agreement, the parties hereto have not otherwise
made to each other nor do they hereby make to each other any warranties, express or implied, nor do they assume any liability
to each other with respect to: (a) the enforceability, validity, value or collectability of any of the Subordinated Indebtedness
or the Senior Facility Debt or any guarantee or security which may have been granted to any of them in connection therewith, (b) any
Obligor’s title to or right to transfer any of the Collateral, or (c) any other matter except as expressly set forth
in this Subordination and Intercreditor Agreement.

 

Section 5.17.         Term.
This Subordination and Intercreditor Agreement is a continuing agreement and shall remain in full force and effect until the
Senior Facility Debt is Paid In Full.

 

Section 5.18.         Further
Assurances. Senior Agent and Subordinate Agent at any time, and from time to time, after the execution and delivery of this
Subordination and Intercreditor Agreement, upon the reasonable request of the other party hereto and at the expense of Borrower,
promptly will execute and deliver such further documents and do such further acts and things as such requesting party reasonably
may request in order to effect fully the purposes of this Subordination and Intercreditor Agreement. Time for the performance
of all obligations hereunder is of the essence.

 

Section 5.19.         Cumulative
Remedies. Each and every right, remedy and power granted hereunder shall be cumulative and in addition to any other right,
remedy or power specifically granted herein, in the Senior Facility Loan Documents or in the Subordinated Loan Documents or now
or hereafter existing in equity, at law, by virtue of statute or otherwise, and may be exercised, from time to time, concurrently
or independently and as often and in such order as the party exercising such right may deem expedient, all subject to and in accordance
with this Subordination and Intercreditor Agreement.

 

    	 	-22-	 

     

    

 

Section 5.20.         Review
with Counsel. Each of the parties hereto acknowledges that (a) it has thoroughly read and reviewed the terms and provisions
of this Subordination and Intercreditor Agreement, (b) such terms and provisions are clearly understood by such party, and
(c) this Subordination and Intercreditor Agreement has been fully and unconditionally consented to by such party with the
full benefit and advice of counsel chosen by such party.

 

Section 5.21.         Purchase
Right. (a) Senior Agent, on behalf of itself and the Senior Creditors, agrees that, at any time following the occurrence of
a Triggering Event, Subordinate Agent shall have the right and option to purchase the entire (but not less than the entire) aggregate
amount of outstanding Senior Facility Debt (including unfunded commitments) at par without regard to any prepayment penalty or
premium, plus, to the extent not included in the definition of “Senior Facility Debt,” (i) accrued interest,
fees and expenses and (ii) the provision of cash collateral in an amount equal to the undrawn amount of all outstanding letters
of credit and similar instruments issued under the Senior Loan Facility Documents and the prepayment of letter of credit or similar
fees to accrue through expiration of all such letters of credit and similar instruments, without warranty or representation or
recourse other than that each Senior Lender shall represent and warrant (x) the amount shown in its books and records as
the amount owing to it with respect to the Senior Facility Debt, (y) that its owns, or has the right to transfer to the participating
Subordinated Lenders, the rights being transferred and such transfer will be free and clear of liens, and (z) that it has
the right to assign such Senior Facility Debt, and that such assignment has been duly authorized. Each Obligor shall be deemed
to consent to any such assignment notwithstanding anything to the contrary contained in the Senior Facility Debt Documents. Each
Subordinated Lender that elects to exercise such option shall have the option to purchase up to such Subordinated Lender’s
pro rata share of the Senior Facility Debt (such pro rata share being based on the principal amount of Subordinated Indebtedness
held by Subordinated Creditors participating in such purchase, with each Subordinated Lender’s right to purchase being automatically
proportionately increased by the amount not purchased by another Subordinated Lender).

 

(b)          On
the date specified by the participating Subordinated Creditor in such notice (which shall not be more than three (3) Business Days
after the receipt by Senior Agent of such notice), Senior Lenders shall sell to the participating Subordinated Creditor, and the
participating Subordinated Creditor shall purchase from Senior Lenders, the entire Senior Facility Debt. Upon consummation of the
purchase and sale, notwithstanding anything contained in the Senior Facility Loan Documents to the contrary, Senior Agent shall
have the right, but not the obligation, to immediately resign as agent under the Senior Facility Loan Documents, and the participating
Subordinated Creditor shall have the right, but not the obligation, to require the Senior Agent to immediately resign as agent
under the Senior Facility Loan Documents, and Senior Agent shall cooperate, at the expense of Borrower, with the successor agent
in the orderly transition of the agency functions.

 

[Signature Page Follows]

 

    	 	-23-	 

     

    

 

 

In
Witness Whereof, the parties have caused this Subordination and Intercreditor Agreement to be duly executed as of the day
and year first above written.

 

	 	Fifth Third Bank, as Senior Agent
	 	 	 
	 	By: 	/s/ David L. Mistic
	 	 	Name: David L. Mistic
	 	 	Title: Vice President
	 	 	 
	 	Alcentra Capital Corporation, as Subordinate Agent
	 	 
	 	By: Alcentra NY LLC, as Advisor to Alcentra Capital Corporation
	 	 	 
	 	By: 	/s/Branko Krmpotic
	 	 	Name: Branko Krmpotic
	 	 	Title: Senior Vice President

 

Signature Page to Subordination and Intercreditor
Agreement

 

    	 	-24-	 

     

    

 

For good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, each of the undersigned hereby acknowledges
and agrees to the foregoing terms and provisions of the Subordination and Intercreditor Agreement. By its signature below, each
of the undersigned agrees that it will, together with its successors and assigns, be bound by the provisions hereof.

 

Each of the undersigned
acknowledges and agrees that: (i) although it may sign this Subordination and Intercreditor Agreement it is not a party hereto
and does not and will not receive any right, benefit, priority or interest under or because of the existence of this Subordination
and Intercreditor Agreement, and (ii) it shall promptly execute and deliver such additional documents and take such additional
action as may be necessary or desirable in the reasonable opinion of either Senior Agent or Subordinate Agent to effectuate the
provisions and purposes of this Subordination and Intercreditor Agreement.

 

[Signature Page Follows]

 

Acknowledgment to Subordination and Intercreditor
Agreement

 

    	 	-25-	 

     

    

 

	 	Borrower
	 	 
	 	Limbach Facility Services LLC
	 	 	 
	 	By	/s/ John T. Jordan Jr.
	 	 	Name John T. Jordan Jr.
	 	 	Title Executive Vice President, Chief Financial Officer and Treasurer
	 	 	 
	 	Guarantors
	 	 
	 	Limbach Holdings LLC
	 	 	 
	 	By 	/s/ John T. Jordan Jr.
	 	 	Name John T. Jordan Jr.
	 	 	Title Executive Vice President, Chief Financial Officer and Treasurer
	 	 	 
	 	Limbach Company LLC
	 	 	 
	 	By	/s/ John T. Jordan Jr.
	 	 	Name John T. Jordan Jr.
	 	 	Title Executive Vice President, Chief Financial Officer and Treasurer
	 	 	 
	 	Harper Limbach LLC
	 	 	 
	 	By	/s/ John T. Jordan Jr.
	 	 	Name John T. Jordan Jr.
	 	 	Title Executive Vice President and Treasurer
	 	 	 
	 	Limbach Company LP
	 	 	 
	 	By	/s/ John T. Jordan Jr.
	 	 	Name John T. Jordan Jr.
	 	 	Title Executive Vice President, Chief Financial Officer and Treasurer

 

Signature Page to Subordination and Intercreditor
Agreement

 

     

     

    

 

	 	
        Harper
Limbach Construction LLC

	 	 
	 	By	/s/ John T. Jordan Jr.
	 	 	Name John T. Jordan Jr.
	 	 	Title Executive Vice President and Treasurer

 

Signature Page to Subordination and Intercreditor
AgreementExhibit 10.8

 

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of July 20, 2016, by and between LIMBACH HOLDINGS, INC.,
a Delaware corporation (the “Company”), and ALCENTRA CAPITAL CORPORATION, a Maryland corporation
(together with its permitted assigns, the “Holder”). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth in the Loan Agreement by and between certain subsidiaries of the Company
and the Holder as Agent, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time,
the “Loan Agreement”).

 

WHEREAS:

 

A.Upon the terms
and subject to the conditions of the Loan Agreement, the Company may, pursuant to Section 2.4 of the Loan Agreement, issue to the
Holder shares of the Company’s common stock (the “Common Stock” and such issued shares, the “Conversion
Shares”); and

 

B.To induce the
Holder to enter into the Loan Agreement, the Company has agreed to provide certain registration rights under the Securities Act
of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933
Act”), and applicable state securities laws.

 

NOW, THEREFORE,
in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Holder hereby agree as follows:

 

		1.	DEFINITIONS.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

a.“Person”
means any person or entity including any corporation, a limited liability company, an association, a partnership, an organization,
a business, an individual, a governmental or political subdivision thereof or a governmental agency.

 

b.“Register,”
“registered,” and “registration” refer to a registration effected by preparing
and filing one or more registration statements of the Company in compliance with the 1933 Act and pursuant to Rule 415 under the
1933 Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”),
and the declaration or ordering of effectiveness of such registration statement(s) by the U.S. Securities and Exchange Commission
(the “SEC”).

c.“Registrable
Securities” means all of the Conversion Shares and any shares of capital stock issued or issuable with respect to
the Conversion Shares as a result of any stock split, stock dividend, recapitalization, exchange or similar event.

 

d.“Registration
Statement” means a registration statement of the Company covering the sale of the Registrable Securities.

 

     

     

    

 

 

		2.	REGISTRATION.

 

a.Demand Registration.
Upon issuance of the Conversion Shares, Holder shall have the right, until the earlier of (i) one hundred-eighty (180) days following
the Holder’s election to accept Conversion Shares (subject to the Company’s rights under Section 2.4 of the Loan Agreement),
(ii) the date as of which the Holder may sell all of the Registrable Securities without restriction pursuant to Rule 144 promulgated
under the 1933 Act or (iii) the date on which the Holder shall have sold all the Registrable Securities (the “Registration
Period”), to cause the Company to register all, but not less than all, the Registrable Securities (a “Demand
Registration”). The Company shall, upon thirty (30) Business Days from the date of written notice of a Demand Registration,
file with the SEC the Registration Statement. The Holder and its counsel shall have a reasonable opportunity to review and comment
upon such Registration Statement or any amendment to such Registration Statement and any related prospectus prior to its filing
with the SEC. Holder shall furnish all information reasonably requested by the Company for inclusion therein. The Company shall
use its commercially reasonable efforts to have the Registration Statement or any amendment declared effective by the SEC as soon
as practicable. Subject to Section 4(e), the Company shall use commercially reasonable efforts to keep the Registration Statement
effective pursuant to Rule 415 promulgated under the 1933 Act and available for sales of all of the Registrable Securities at all
times until the end of the Registration Period. The Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein, or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading.

 

b.Rule 424 Prospectus.
In the event of a Demand Registration, the Company shall, as required by applicable securities regulations, from time to time file
with the SEC, pursuant to Rule 424 promulgated under the 1933 Act, a prospectus and prospectus supplements, if any, to be used
in connection with sales of the Registrable Securities under the Registration Statement. The Holder and its counsel shall have
two (2) Business Days to review and comment upon such prospectus prior to its filing with the SEC. The Holder shall use its commercially
reasonable efforts to comment upon such prospectus within two (2) Business Days from the date the Holder receives the final version
of such prospectus.

 

		3.	PIGGYBACK REGISTRATION.

 

a.Piggyback
Rights. In the event Conversion Shares are issued and the Holder has not exercised a Demand Registration, during the Registration
Period (and only during the Registration Period), the Company shall notify the Holder in writing at least thirty (30) days prior
to the filing of any registration statement under the Securities Act covering the sale of the Company’s securities to the
public, whether for its own account or for the account of other security holders or both and will afford to the Holder an opportunity
to include in such registration statement all or part of the Registrable Securities. If the Holder desires to include in any such
registration statement all or any part of the Registrable Securities it shall, within twenty (20) days after the Holder receives
the above-described notice from the Company, so notify the Company in writing, and the Company shall use its commercially reasonable
efforts to cause the Registrable Securities so requested by the Holder to be included in such registration statement. Such notice
shall state the intended method of disposition of the Registrable Securities by the Holder. If the Holder decides not to include
all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless
continue to have the right, during the Registration Period, to include any Registrable Securities in any subsequent registration
statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms
and conditions set forth herein.

 

    	 	2	 

     

    

 

b.Underwriting.
If the registration statement under which the Company gives notice under this Section 3(b) is for an underwritten offering,
the Company shall so advise the Holder. In such event, the right of the Holder to include its Registrable Securities in a registration
pursuant to this Section 3(b) shall be conditioned upon such Holder’s participation in such underwriting and the inclusion
of the Holder’s Registrable Securities in the underwriting to the extent provided herein. If the Holder proposes to distribute
its Registrable Securities through such underwriting, it shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement,
if the managing underwriter or underwriters determine in good faith that the proposed number of securities to be underwritten would
adversely affect the marketing of such securities, then the number of shares that may be included in the underwriting shall be
allocated, first, to the Company; second, to the Holder (on a pro rata basis based on the total number of Registrable Securities
held by the Holders’ permitted assigns); and third, to any stockholder of the Company (other than the Holder) on a pro
rata basis. No such reduction shall reduce the amount of Registrable Securities of the Holder included in the registration
below thirty percent (30%) of the total amount of securities included in such registration. In no event will shares of any other
selling stockholder be included in such registration that would reduce the number of shares which may be included by the Holder
without the written consent of the Holder. If the Holder disapproves of the terms of any such underwriting, the Holder may elect
to withdraw therefrom by written notice to the Company and the managing underwriter, delivered at least ten (10) Business Days
prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting
shall be excluded and withdrawn from the registration.

 

c.Withdrawal.
The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 3 prior to the
effectiveness of such registration, whether or not the Holder has elected to include securities in such registration. The Registration
Expenses of such withdrawn registration shall be borne by the Company.

 

		4.	RELATED OBLIGATIONS.

 

In the event that the
Company subsidiaries party to the Loan Agreement are unable to satisfy their obligations under Section 2.4(b) of the Loan Agreement
in cash, the Company hereby agrees to issue the Conversion Shares. In addition, with respect to the Registration Statement and
whenever any Registrable Securities are to be registered pursuant to Sections 2 and 3, the Company shall use its commercially reasonable
efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof
and, pursuant thereto, the Company shall have the following obligations:

 

a.The Company shall
prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any Registration Statement
and the prospectus used in connection with such Registration Statement, as may be necessary to keep the Registration Statement
effective at all times during the Registration Period, subject to Section 4(e) hereof and, during such period, comply with the
provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration
Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods
of disposition by the seller or sellers thereof as set forth in such Registration Statement. Should the Company file a post-effective
amendment to the Registration Statement, the Company will use its commercially reasonable efforts to have such filing declared
effective by the SEC within twenty (20) consecutive Business Days as of the date of filing, which such period shall be extended
for an additional twenty (20) Business Days if the Company receives a comment letter from the SEC in connection therewith.

 

    	 	3	 

     

    

 

b.The Company shall
submit to the Holder for review and comment any disclosure in the Registration Statement and all amendments and supplements thereto
(other than prospectus supplements that consist only of a copy of a filed Form 10-Q or a Current Report on Form 8-K) containing
information provided by the Holder for inclusion in such document and any descriptions or disclosure regarding the Holder or this
Agreement at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which the Holder
reasonably and timely objects. Upon request of the Holder, the Company shall provide to the Holder all disclosure in the Registration
Statement and all amendments and supplements thereto (other than prospectus supplements that consist only of a copy of a filed
Form 10-Q or Current Report on Form 8-K) at least one (1) Business Day prior to their filing with the SEC, and not file any document
in a form to which Holder reasonably and timely objects, which consent shall not be unreasonably withheld, conditioned or delayed.
 The Holder shall use its commercially reasonable efforts to comment upon the Registration Statement and any amendments
or supplements thereto within two (2) Business Days from the date the Holder receives the final version thereof. The Company shall
furnish to the Holder, without charge, any correspondence from the SEC or the staff of the SEC to the Company or its representatives
relating to the Registration Statement.

 

c.Upon request of
the Holder, the Company shall furnish to the Holder, (i) promptly after the same is prepared and filed with the SEC, at least one
copy of the Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated
therein by reference and all exhibits, (ii) upon the effectiveness of a Registration Statement, a copy of the prospectus included
in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the Holder may reasonably
request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Holder may reasonably
request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Holder.

 

d.The Company shall
use commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and qualification is available,
the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of such
jurisdictions in the United States as the Holder reasonably requests, (ii) prepare and file in those jurisdictions, such amendments
(including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain
the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations
and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary
or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not
be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would
not otherwise be required to qualify but for this Section 4(d), (y) subject itself to general taxation in any such jurisdiction,
or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Holder who
holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration
or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction
in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

e.As promptly as
practicable after becoming aware of such event or facts, the Company shall notify the Holder in writing if the Company has determined
that the prospectus included in any Registration Statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, and promptly prepare a prospectus supplement or amendment to such Registration Statement
to correct such untrue statement or omission, and, upon the Holder’s request, deliver a copy of such prospectus supplement
or amendment to the Holder. In providing this notice to the Holder, the Company shall not include any other information about the
facts underlying the Company’s determination and shall not in any way communicate any material nonpublic information about
the Company or the Common Stock to the Holder. The Company shall also promptly notify the Holder in writing (i) when a prospectus
or any prospectus supplement or post-effective amendment has been filed, and when a Registration Statement or any post-effective
amendment has become effective (notification of such effectiveness shall be delivered to the Holder by facsimile or e-mail on the
same day of such effectiveness), (ii) of any request by the SEC for amendments or supplements to any Registration Statement or
related prospectus or related information, and (iii) of the Company’s reasonable determination that a post-effective amendment
to a Registration Statement would be appropriate.

 

    	 	4	 

     

    

 

f.The Company shall
use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of any Registration
Statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order
or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest practical time and to notify the
Holder of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of
any proceeding for such purpose.

 

g.The Company shall
(i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same class or series
issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules
of such exchange, or (ii) secure designation and quotation of all the Registrable Securities if the Company’s principal trading
market is an automated quotation system. The Company shall pay all fees and expenses in connection with satisfying its obligation
under this Section.

 

h.The Company shall
cooperate with the Holder to facilitate the timely preparation and delivery of certificates or book entry shares (not bearing any
restrictive legend) representing the Registrable Securities to be offered pursuant to any Registration Statement and enable such
certificates to be in such denominations or amounts as the Holder may reasonably request and registered in such names as the Holder
may request.

 

i.The Company shall
at all times provide a transfer agent and registrar with respect to its Common Stock.

 

j.If reasonably requested
by the Holder, the Company shall (i) promptly incorporate in a prospectus supplement or post-effective amendment to the Registration
Statement such information as the Holder believes should be included therein relating to the sale and distribution of Registrable
Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase
price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of
such prospectus supplement or post-effective amendment promptly after being notified of the matters to be incorporated in such
prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement.

 

k.The Company shall
use its commercially reasonable efforts to cause the Registrable Securities covered by any Registration Statement to be registered
with or approved by such other governmental agencies or authorities in the United States as may be necessary to consummate the
disposition of such Registrable Securities.

l.Within
one (1) Business Day after any Registration Statement is ordered effective by the SEC, the Company shall deliver, and shall cause
legal counsel for the Company to deliver, to the Transfer Agent for such Registrable Securities (with copies to the Holder) confirmation
that such Registration Statement has been declared effective by the SEC. Thereafter, if reasonably requested by the Holder at
any time, the Company shall require its counsel to deliver to the Holder a written confirmation of whether or not the effectiveness
of such Registration Statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order)
and whether or not the Registration Statement is current and available to the Holder for sale of all of the Registrable Securities.

 

    	 	5	 

     

    

 

m.The Company agrees
to take all other reasonable actions as necessary and requested by the Holder to expedite and facilitate disposition by the Holder
of Registrable Securities pursuant to any Registration Statement.

 

		5.	OBLIGATIONS OF THE HOLDER.

 

a.The Holder will
furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition
of the Registrable Securities held by it as required to effect the registration of such Registrable Securities and shall execute
such documents in connection with such registration as the Company may reasonably request. The Company shall notify the Holder
in writing of any other information the Company reasonably requires from the Holder in connection with any Registration Statement
hereunder. The Holder will as promptly as practicable notify the Company of any material change in the information provided to
the Company.

 

b.The Holder agrees
to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any amendments
and supplements to any Registration Statement hereunder.

 

c.The Holder agrees
that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described in
Section 4(f) or any notice of the kind described in the first sentence of 4(e), the Holder will immediately discontinue disposition
of Registrable Securities pursuant to any registration statement(s) covering such Registrable Securities until the Holder’s
receipt (which may be accomplished through electronic delivery) of the copies of the filed supplemented or amended prospectus contemplated
by Section 4(f) or the first sentence of 4(e). In addition, upon receipt of any notice from the Company of the kind described in
the first sentence of Section 4(e), the Holder will immediately discontinue purchases or sales of any securities of the Company
unless such purchases or sales are in compliance with applicable U.S. securities laws.

 

		6.	EXPENSES OF REGISTRATION.

 

All reasonable expenses
of the Company, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting
fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

    	 	6	 

     

    

 

		7.	INDEMNIFICATION.

 

a.To the fullest
extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Holder, each Person, if any,
who controls the Holder, the members, the directors, officers, partners, employees, agents, representatives of the Holder and each
Person, if any, who controls the Holder within the meaning of the 1933 Act or the Securities Exchange Act of 1934, as amended (the
“1934 Act”) (each, an “Indemnified Person”), against any losses, claims, damages,
liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement (with the
consent of the Company, such consent not to be unreasonably withheld) or reasonable expenses, (collectively, “Claims”)
reasonably incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal
taken from the foregoing by or before any court or governmental, administrative or other regulatory agency or body or the SEC,
whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”),
to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the
Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the
offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered
(“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a
material fact contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement
thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made
therein, in light of the circumstances under which the statements therein were made, not misleading, or (iii) any violation or
alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities
law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration
Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”).
The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable
legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section 7(a): (A) shall not apply to
a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation
of the Registration Statement, or any such amendment thereof or supplement thereto, if such prospectus was timely made available
by the Company; (B) with respect to any superseded prospectus, shall not inure to the benefit of any such person from whom the
person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any other
Indemnified Person) if the untrue statement or omission of material fact contained in the superseded prospectus was corrected in
the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available by the Company pursuant
to Section 4(c) or Section 4(e), and the Holder was promptly advised in writing not to use the incorrect prospectus prior to the
use giving rise to a Violation; (C) shall not be available to the extent such Claim is based on a failure of the Holder to deliver
or to cause to be delivered the prospectus made available by the Company, if such prospectus was theretofore made available by
the Company pursuant to Section 4(c) or Section 4(e); and (D) shall not apply to amounts paid in settlement of any Claim if such
settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such
indemnity shall remain in full force and effect and shall survive the transfer of the Registrable Securities by the Holder pursuant
to Section 10.

 

    	 	7	 

     

    

 

b.In connection with
the Registration Statement, the Holder agrees to indemnify, hold harmless and defend, to the same extent and in the same manner
as is set forth in Section 7(a), the Company, each of its directors, each of its officers who signs the Registration Statement,
each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act (collectively and together with
an Indemnified Person, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them
may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or
are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and
in conformity with written information about the Holder set forth on Exhibit B attached hereto or updated from time to time
in writing by the Holder and furnished to the Company by the Holder expressly for use in the Registration Statement from
the failure of the Holder to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus
was timely made available by the Company pursuant to Section 4(c) or Section 4(e); and, subject to Section 7(d), the Holder will
reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Claim;
provided, however, that the indemnity agreement contained in this Section 7(b) and the agreement with respect to contribution contained
in Section 8 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written
consent of the Holder, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect and
shall survive the transfer of the Registrable Securities by the Holder pursuant to Section 10.

 

c.Promptly after
receipt by an Indemnified Person or Indemnified Party under this Section 7 of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim
in respect thereof is to be made against any indemnifying party under this Section 7, deliver to the indemnifying party a written
notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel
mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be, and upon
such notice, the indemnifying party shall not be liable to the Indemnified Person or Indemnified Party for any legal or other expenses
subsequently incurred by the Indemnified Person or Party in connection with the defense thereof; provided, however, that an Indemnified
Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the indemnifying
party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified
Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between
such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The Indemnified
Party or Indemnified Person shall cooperate with the indemnifying party in connection with any negotiation or defense of any such
action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the
Indemnified Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified
Party or Indemnified Person fully apprised as to the status of the defense or any settlement negotiations with respect thereto.
No indemnifying party shall be liable for any settlement of any action, claim or proceeding affected without its written consent,
provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying
party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into
any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following
indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or
Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has
been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any
such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this
Section 7, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

    	 	8	 

     

    

 

d.The indemnification
required by this Section 7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received or Indemnified Damages are incurred.

 

e.The indemnity agreements
contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person
against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

 

		8.	CONTRIBUTION.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 7 to the fullest extent permitted by law; provided, however,
that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
1933 Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation;
and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received
by such seller from the sale of such Registrable Securities.

 

		9.	REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With a view to making
available to the Holder the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the
SEC that may at any time permit the Holder to sell securities of the Company to the public without registration (“Rule
144”), the Company agrees, at the Company’s sole expense, to:

 

a.make and keep public
information available, as those terms are understood and defined in Rule 144;

 

b.file with the SEC
in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company
remains subject to such requirements and the filing of such reports and other documents is required to satisfy the current public
information requirements of Rule 144; and

 

c.furnish to the
Holder so long as the Holder owns Registrable Securities, as promptly as practicable at Holder’s request, (i) a written statement
by the Company that it has complied in all material respects with the requirements of Rule 144(c)(1)(i) and (ii), and (ii) such
other information, if any, as may be reasonably requested to permit the Holder to sell such securities pursuant to Rule 144 without
registration.

 

d.take such additional action as
is requested by the Holder to enable the Holder to sell the Registrable Securities pursuant to Rule 144, including, without limitation,
delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company’s Transfer Agent
as may be reasonably requested from time to time by the Holder and otherwise fully cooperate with the Holder and the Holder’s
broker to effect such sale of securities pursuant to Rule 144.

 

The Company agrees
that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 9 and that Investor shall,
whether or not it is pursuing any remedies at law, be entitled to seek, at its sole cost and expense, equitable relief in the form
of a preliminary or permanent injunctions, upon any breach or threatened breach of any such terms or provisions.

 

    	 	9	 

     

    

 

		10.	ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not
assign this Agreement or any rights or obligations hereunder without the prior written consent of the Holder. The Holder may not
assign its rights under this Agreement to any party that other than such entities or their affiliates as are parties to the Loan
Agreement without the prior written consent of the Company.

 

		11.	AMENDMENT OF REGISTRATION RIGHTS.

 

Provisions of this Agreement
may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the Holder.

 

		12.	MISCELLANEOUS.

 

a.Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will
be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1)
Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party
to receive the same. The addresses and facsimile numbers for such communications shall be:

 

If to the Company:

Limbach Holdings, Inc.

13261 Mid Atlantic Blvd

Laurel, MD 20708

Telephone: (301) 623-4799

Facsimile: (412) 359-2287

Attention: John T. Jordan,
Jr.

With a copy (which
shall not constitute notice) to:

Honigman
Miller Schwartz and Cohn LLP

2290 First
National Building

660 Woodward
Avenue

Detroit,
Michigan 48226

Telephone:
(313) 465-7456

Facsimile:(313)
465-7457

Attention:Joshua
F. Opperer, Esq.

 

If to the Holder:

Alcentra Capital Corporation

200 Park Avenue, 7th
Floor

New York, NY 10166

Telephone:(212) 922-8071

Attention:Branko
Krmpotic

E-mail: branko.krmpotic@alcentra.com;
mmreporting@alcentra.com

 

    	 	10	 

     

    

 

With a copy (which
shall not constitute notice) to:

 

Smith, Anderson, Blount,
Dorsett, Mitchell & Jernigan, L.L.P.

Wells Fargo Capitol Center

150 Fayetteville Street,
Suite 2300

P.O. Box 2611

Raleigh, NC 27602

Telephone: (919) 821-6658

Attention: Anne E. Croteau

E-mail: acroteau@smithlaw.com

 

or at such other address and/or facsimile
number and/or to the attention of such other person as the recipient party has specified by written notice given to each other
party. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically
or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an
image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively. Any party to this Agreement may give any notice or other communication hereunder
using any other means (including messenger service, ordinary mail or electronic mail), but no such notice or other communication
shall be deemed to have been duly given unless it actually is received by the party for whom it is intended.

 

b.No failure or delay
in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

c.This Agreement
shall be governed by Delaware law in all respects. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

d.This Agreement
and the Loan Agreement constitute the entire understanding among the parties hereto with respect to the subject matter hereof and
thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and
therein. This Agreement and the Loan Agreement supersede all other prior oral or written agreements between the Holder,
the Company, their affiliates and persons acting on their behalf with respect to the subject matter hereof and thereof.

 

e.Subject to the
requirements of Section 10, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns
of each of the parties hereto.

 

f.The headings in
this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

g.This Agreement
may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile or pdf (or
other electronic reproduction of a) signature shall be considered due execution and shall be binding upon the signatory thereto
with the same force and effect as if the signature were an original, not a facsimile or pdf (or other electronic reproduction of
a) signature.

 

    	 	11	 

     

    

 

h.Each party shall
do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents as the other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

i.The language used
in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict
construction will be applied against any party.

 

j.This Agreement
is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person.

 

* * * * *

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF, the parties have
caused this Registration Rights Agreement to be duly executed as of day and year first above written.

 

	 	THE COMPANY:
	 	 
	 	LIMBACH HOLDINGS, INC.
	 	 
	 	By:	/s/John T. Jordan, Jr.
	 	Name:	John T. Jordan, Jr.
	 	Title:	Executive Vice President, Chief Financial Officer and Treasurer
	 	 	 

 

 

	 	HOLDER:
	 	 
	 	Alcentra Capital Corporation
	 	 
	 	By: Alcentra NY LLC, as Advisor to Alcentra Capital Corporation
	 	 
	 	By:	/s/ Branko Krmpotic
	 	Name:	Branko Krmpotic
	 	Title:	Senior Vice President

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