Document:

Exhibit

Execution Version

TRANSITION AND RESIGNATION AGREEMENT 
AND MUTUAL RELEASE OF CLAIMS
This Transition and Resignation Agreement and Mutual Release of Claims (this “Agreement”) is entered into by and between Gil Melman (“Employee”) and Spark Energy, Inc. (the “Company”).  
WHEREAS, Employee and the Company are parties to that certain Amended and Restated Employment Agreement dated August 1, 2018 (the “Employment Agreement”); 
WHEREAS, Employee is currently employed by the Company and wishes to resign from such employment; 
WHEREAS, the Company seeks to retain Employee for a period of time, as set forth below, for the purpose of transitioning his duties prior to his separation from employment; 
WHEREAS, Employee’s employment with the Company will end as of the Separation Date (as defined below); 
WHEREAS, the parties agree that Employee shall receive severance pay and additional consideration as set forth in this Agreement, which pay and consideration is conditioned upon Employee’s timely execution (and non-revocation) of this Agreement and Employee’s compliance with the terms of this Agreement; and
WHEREAS, the parties wish to resolve any and all claims that Employee has or may have against the Company or any of the other Company Parties (as defined below), including any claims that Employee may have arising out of Employee’s employment or the end of such employment, as well as claims the Company may have against Employee as set forth herein.
NOW, THEREFORE, in consideration of the promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:
1.Transition Services; Separation from Employment. Employee promises that, between the date he signs this Agreement and his final day of employment with the Company, he will assist the Company in transitioning the duties of the General Counsel, Corporate Secretary, Chief Compliance Officer and Data Protection Officer positions, and otherwise provide those services that the Company may reasonably request of him from time to time.  Employee’s employment with the Company will end at 11:59 p.m. on December 31, 2018 (the “Separation Date”), and the parties acknowledge and agree that Employee’s separation shall be pursuant to his voluntary resignation.  The parties further agree that the provisions set forth herein shall in all respects supersede the provisions of the Employment Agreement pertaining to the separation or termination of Employee’s employment (including such provisions with respect to any severance pay).  Following the Separation Date, Employee will not have any further employment relationship with the Company or any other Company Party (as defined below), and Employee will no longer serve as an officer of the Company or any other Company Party.

2.    Separation Payment.  Provided that Employee (i) executes this Agreement and returns it to the Company, care of Grae Griffin at 12140 Wickchester Lane, Suite 100, Houston, TX 77079 (e-mail: ggriffin@sparkenergy.com) so that it is received by Mr. Griffin no later than December 17, 2018; (ii) provides the assistance and services described in Section 1 above; (iii) timely executes and returns the Confirming Release (as defined below) to the Company as set forth in Section 7 below (and does not exercise his revocation right as described in the Confirming Release); and (iv) abides by each of Employee’s commitments set forth herein, then the Company will provide Employee with a total severance payment equal to $525,000, less ordinary withholdings for federal income, Social Security, and Medicare taxes (the “Separation Payment”).  The Separation Payment will be paid in twenty-six substantially equal bi-weekly installments (twenty-five installments of $20,192.30 and one installment of $20,192.50), less applicable withholdings.  Notwithstanding the foregoing, the parties agree that the gross amount of $39,775.29 shall be deducted from the first two installment payments (and Employee expressly authorizes such deductions), which deductions shall be in the amounts of: (a) $20,000.00 from the first installment and (b) $19,775.29 from the second installment, which deductions the parties acknowledge are in exercise of the right of setoff set forth in Section 6 of that certain Promissory Note dated June 30, 2015 (the “Promissory Note”) between Employee and NuDevco Partners Holdings, LLC (“NuDevco”).  The Company represents that neither the Company nor any Company Party has any other right of set-off in connection with the Separation Payment or the Accelerated Shares except as expressly provided in this Agreement.  The first installment payment of the Separation Payment shall be due on the first regularly scheduled bi-weekly pay date of the Company that falls on or after the tenth (10th) business day following the date on or after January 1, 2019, that Employee returns to Company an executed copy of the Confirming Release. Each of the remaining installments shall be paid on the Company’s regular bi-weekly payroll dates thereafter.   
3.    Acceleration of Vesting.   Provided that Employee satisfies (through the date he returns the Confirming Release) the requirements to receive the Separation Payment as set forth in Section 2 above (and so long as Employee does not exercise his revocation right with respect to the Confirming Release), then as of the Separation Date, the Company shall accelerate the vesting of all outstanding unvested long-term incentive awards (excluding those awards granted pursuant to a Notice of Grant of Change in Control Restricted Stock Unit) granted to Employee pursuant to the Company’s Amended and Restated Long Term Incentive Plan (the “LTIP”) such that a total of 103,930 Restricted Stock Units (as defined in the LTIP) that were unvested as of the date immediately before the Separation Date shall become vested as of the Separation Date (such Restricted Stock Units subject to this accelerated vesting are referred to herein as the “Accelerated Shares”); provided, however 40,896 (39.35%) of the Accelerated Shares will be withheld by the Company as withholding towards Employee’s federal income tax obligations.  The Company agrees that it will timely remit to the U.S. Treasury on Employee’s behalf such income tax withholding in an amount equal to the value of 40,896 shares of the Company’s publicly-traded stock as of the Separation Date.  The Company expressly promises and agrees that, no later than the first (1st) business day following the date that the Confirming Release has been executed by Employee and returned to the Company pursuant to Section 7 below and become no longer revocable, it shall initiate the process to cause the remaining 63,034 Accelerated Shares to be fully settled and freely tradeable by Employee in his personal trading account as currently designated to the Company as his repository 

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for all vested LTIP grants.  Employee expressly agrees and promises that, following the Separation Date, he shall not sell more than 15,000 of the Accelerated Shares in any one day.  
4.    Satisfaction of All Leaves and Payment Amounts; Prior Rights and Obligations.  In consideration of the promises made in this Agreement, Employee expressly acknowledges and agrees that, following the date he signs this Agreement, Employee shall be entitled to receive only Employee’s base salary and benefits for services performed through the Separation Date and the other consideration set forth in this Agreement.  Employee further acknowledges that he has received all leaves (paid and unpaid) to which he has been entitled through the date he signs this Agreement.  Notwithstanding the foregoing, Employee remains entitled to receive Employee’s base salary and benefits for services performed between the date that Employee signs this Agreement and the Separation Date, as well as reimbursement for any expenses properly incurred prior to the date of this Agreement (which reimbursement shall be paid within thirty (30) days after the Separation Date).  
5.    General Release of Claims.
(a)    In exchange for good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged by Employee, Employee hereby releases, discharges and forever acquits the Company, NuDevco, their respective parents, subsidiaries and affiliates, and each of the foregoing entities’ respective shareholders, members, partners, officers, managers, directors, fiduciaries, employees, representatives, agents and benefit plans (and fiduciaries of such plans), in their personal and representative capacities (collectively, the “Company Parties” or any one, individually, a “Company Party”), from liability for, and Employee hereby waives, any and all claims, damages, demands, or causes of action of any kind that Employee has or could have, whether known or unknown, against any Company Party, including any and all claims, damages, demands, or causes of action relating to his employment, engagement or affiliation with any Company Party, the termination of such employment, engagement or affiliation, Employee’s status as a shareholder of a Company Party, or any other acts or omissions related to any matter occurring or existing on or prior to the date that Employee executes this Agreement, including, (i) any alleged violation through such date of:  (A) Title VII of the Civil Rights Act of 1964; (B) the Civil Rights Act of 1991; (C) Sections 1981 through 1988 of Title 42 of the United States Code; (D) the Americans with Disabilities Act of 1990; (E) the Employee Retirement Income Security Act of 1974 (“ERISA”); (F) the Immigration Reform Control Act; (G) the Americans with Disabilities Act of 1990; (H) the Occupational Safety and Health Act; (I) the Sarbanes-Oxley Act of 2002; (J) the Dodd-Frank Wall Street Reform and Consumer Protection Act; (K) any federal, state, municipal or local anti-discrimination or anti-retaliation law, including the Texas Labor Code (including the Texas Payday Law, the Texas Anti-Retaliation Act, Chapter 21 of the Texas Labor Code, and the Texas Whistleblower Act); (L) any federal, state, municipal or local wage and hour law; (M) any other local, municipal, state, or federal law, regulation or ordinance; and (N) any public policy, contract, tort, or common law claim, including claims for breach of fiduciary duty, fraud, breach of implied or express contract, breach of implied covenant of good faith and fair dealing, wrongful discharge or termination, promissory estoppel, infliction of emotional distress,  or tortious interference; (ii) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in, or with respect to, a Released Claim; (iii) any and all rights, benefits or claims Employee may have under any 

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employment contract (including the Employment Agreement), incentive compensation plan (including the LTIP and any award agreement thereunder), equity-based plan, or other agreement with any Company Party; (iv) any claim, whether direct or derivative, arising from, or relating to, Employee's status as a member or holder of any interests in the Company, the Parent, or any of their subsidiaries; and (v) any claim for compensation, benefits, or damages of any kind not expressly set forth in this Agreement (collectively, the “Released Claims”). THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.
(b)    The Released Claims do not include any claims arising out of this Agreement, to the Separation Payment, for reimbursement of properly incurred expenses that are outstanding as of the date Employee signs this Agreement or are properly incurred after the date Employee signs this Agreement, or any rights or claims that first arise after Employee’s execution of this Agreement.  Further, in no event shall the Released Claims include any right of Employee to indemnification under the Employment Agreement, the Company’s by-laws and amended and restated certificate of incorporation, or the Indemnification Agreement between Employee and the Company dated August 1, 2014 (the “Indemnification Agreement”).  The Company expressly reaffirms its obligation to indemnify Employee following the Separation Date to the extent required by these instruments.  
(c)    In no event shall the Released Claims include any claim to vested benefits under an employee benefit plan of the Company that is subject to ERISA (including any rights to vested benefits under health and retirement plans). Further notwithstanding this release of liability, nothing in this Agreement prevents Employee from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission, National Labor Relations Board, Occupational Safety and Health Administration, Securities and Exchange Commission, or other federal, state or local governmental agency or commission (collectively “Governmental Agencies”) or participating in any investigation or proceeding conducted by any Governmental Agencies or communicating or cooperating with such an agency; however, Employee understands and agrees that, to the extent permitted by law, Employee is waiving any and all rights to recover any monetary or personal relief from any Company Party as a result of such Governmental Agency proceeding or subsequent legal actions.  Nothing herein waives Employee’s right to receive an award for information provided to a Governmental Agency.
(d)    Employee hereby represents and warrants that, as of the time Employee executes this Agreement, Employee has not brought or joined any lawsuit or filed any charge or claim against any of the Company Parties in any court or before any government agency or arbitrator for or with respect to a matter, claim or incident that occurred or arose out of one or more occurrences that took place on or prior to the time at which Employee signs this Agreement.  Employee hereby further represents and warrants that Employee has not: (i) assigned, sold, delivered, transferred or conveyed any rights Employee has asserted or may have against any of the Company Parties to any person or entity, in each case, with respect to any Released Claims; or (ii) assisted or advised any employee, officer or agent of any Company Party with respect to his or her pursuit or evaluation of any claim or cause of action against a Company Party.

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(e)    Employee represents that he has not engaged in any breach of fiduciary duty, breach of any duty of loyalty or disclosure, breach of contract, fraudulent activity, tortious activity, or illegal activity, in each instance: (i) towards or with respect to the Company or its subsidiaries; or (ii) with respect to any action or omission undertaken (or that was failed to be undertaken) in the course of his employment or engagement with the Company or its subsidiaries.  In express reliance on Employee’s representations set forth herein, including those in the previous sentence, the Company, for itself and its subsidiaries, hereby releases, discharges and forever acquits Employee (including all immediate family members) from liability for, and waives, any and all claims, damages, demands, or causes of action of any kind that the Company or any of its subsidiaries has or could have, whether known or unknown, against Employee, including any and all claims, damages, demand, or causes of action relating to Employee’s employment, engagement or affiliation with any Company Party, the termination of his employment, engagement or affiliation, his status as a shareholder of a Company Party, or any other acts or omissions related to any matter occurring or existing on or prior to Employee’s execution of this Agreement.  For the avoidance of doubt, the claims released in the previous sentence do not include any claims arising out of this Agreement or any rights or claims that first arise after Employee’s execution of this Agreement.  
6.    Acknowledgements.  
(a)    By executing and delivering this Agreement, Employee expressly acknowledges that:
		
	(1)
	Employee has carefully read this Agreement;

		
	(2)
	Employee is not otherwise entitled to the consideration set forth in this Agreement, but for his entry into this Agreement;

		
	(3)
	Employee has had sufficient time to consider this Agreement before the execution and delivery to Company;

		
	(4)
	Employee has been advised, and hereby is advised in writing, to discuss this Agreement with an attorney of Employee’s choice and Employee has had adequate opportunity to do so prior to executing this Agreement;

		
	(5)
	Employee fully understands the final and binding effect of this Agreement; the only promises made to Employee to sign this Agreement are those stated within the four corners of this document; and Employee is signing this Agreement knowingly, voluntarily and of Employee’s own free will, and that Employee understands and agrees to each of the terms of this Agreement; and

		
	(6)
	No Company Party has provided any tax or legal advice regarding this Agreement and Employee has had an adequate opportunity to receive sufficient tax and legal advice from advisors of Employee’s own choosing such that Employee enters into this Agreement with full understanding of the tax and legal implications thereof.

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7.    Confirming Release.  Within twenty-one (21) days following the Separation Date, and no later than January 21, 2019, Employee shall execute the Confirming Release Agreement that is attached as Exhibit A (the “Confirming Release”) and return the executed Confirming Release to the Company such that it is received by Grae Griffin at 12140 Wickchester Lane, Suite 100, Houston, TX 77079 (e-mail: ggriffin@sparkenergy.com).  
8.    Affirmation of Restrictive Covenants; Continued Cooperation.  
(a)    Employee acknowledges that he has made certain commitments with respect to confidentiality and non-disclosure of Confidential Information (as defined in the Employment Agreement), non-competition, non-solicitation and non-disparagement, as set forth in Sections 3 and 4 of the Employment Agreement.  Employee recognizes the continuing effectiveness and enforceability of such provisions of the Employment Agreement and reaffirms his promise to abide by such provisions following the Separation Date.  
(b)    The parties acknowledge and agree that Section 4 of the Employment Agreement shall not be interpreted or applied in a manner to prevent or restrict Employee from practicing law; provided, however, Employee acknowledges and agrees that Employee shall continue to be bound by all ethical and professional obligations (including those with respect to conflicts and confidentiality) that arise from Employee’s provision of legal services to, and acting as legal counsel for, the Company.
(c)    Notwithstanding the foregoing, nothing in this Agreement (including in Sections 9 and 10 below) shall prohibit or restrict Employee from lawfully (A) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any Governmental Agency regarding a possible violation of any law; (B) responding to any inquiry or legal process directed to Employee from any such Governmental Agency; (C) testifying, participating or otherwise assisting in any action or proceeding by any such Governmental Agency relating to a possible violation of law, or (D) making any other disclosures that are protected under the whistleblower provisions of any applicable law.  Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made (a) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (b) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made to the individual’s attorney in relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law or (3) is made in a complaint or other document filed in a law suit or proceeding, if such filing is made under seal.  Nothing in this Agreement requires Employee to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the Company that Employee has engaged in any such conduct.
(d)    Employee agrees to provide reasonable cooperation and assistance to the Company and the other Company Parties that it may designate with respect to any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Employee’s employment or affiliation with the Company or any other Company Party.  Such cooperation and assistance following the Separation Date shall be furnished at mutually agreeable times and 

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Employee will be compensated by the Company at the rate of $250 per complete hour (pro-rated for partial hours) that he provides such cooperation and assistance following the Separation Date.  Employee agrees that when providing such cooperation he shall provide full and complete information to the best of his ability or recollection, and only truthful testimony.  
9.    Non-Disparagement; Resignation Announcement.  
(a)    As a material inducement for the Company to enter into this Agreement, Employee agrees to refrain from making any statements that are critical, disparaging, or derogatory about, or which injure the reputation of, the Company or any other Company Party. The Company agrees that (i) it will not make any statement that is critical, disparaging, or derogatory about, or that injure the reputation of, Employee, and (ii) it will instruct its officers, directors and human resources representatives to refrain from making any statements that are critical, disparaging, or derogatory about, or which injure the reputation of, Employee.  
(b)    The parties agree to the release of the statement attached as Exhibit B (with the date of such statement modified, as applicable) in order to communicate Employee’s resignation from employment.  
10.    Entire Agreement.  This Agreement (and Sections 3 and 4 of the Employment Agreement, the “Indemnity and D&O Insurance” section in Exhibit A to the Employment Agreement, and the Indemnification Agreement) constitutes the entire agreement between the parties with respect to the matters herein provided.   No modifications or waiver of any provision hereof shall be effective unless in writing and signed by each party.
11.    Governing Law; Jurisdiction.  The validity, interpretation, construction, performance and enforcement of this Agreement shall be governed by the laws of the State of Texas, without giving effect to the principles of conflicts of law. With respect to any claim arising out of or relating to this Agreement or Employee’s employment or the termination thereof, the parties hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts (as applicable) located in Houston, Texas.
12.    Headings; Interpretation.  Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof.  Unless the context requires otherwise, all references herein to laws, regulations, contracts, agreements, instruments and other documents shall be deemed to refer to such laws, regulations, agreements, instruments and other documents as they may be amended, supplemented, modified and restated from time to time, and references to particular provisions of laws or regulations include a reference to the corresponding provisions of any succeeding law or regulation.  The word “or” as used herein is not exclusive and is deemed to have the meaning “and/or.”  The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement, including all exhibits, and not to any particular provision hereof.  The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer 

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to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter.  Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or otherwise.  On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties.
13.    Third Party Beneficiaries.  Each Company Party that is not a signatory hereto shall be a third-party beneficiary of Employee’s release and representations as set forth in Section 5, and entitled to enforce such provisions as if it was a party hereto.
14.    Return of Property.  Employee expressly represents and warrants that he has complied, or as of the Separation Date he will comply, with the requirements of Section 3 of the Employment Agreement, and Employee further represents and warrants that he has, or as of the Separation Date he will have returned to the Company all property belonging to the Company and any other Company Party, including all documents, computer files and other electronically stored information, electronically stored information and other materials provided to Employee by the Company or any other Company Party in the course of his employment or affiliation. Employee further represents and warrants that he has not maintained (or, after the Separation Date, he will not maintain) a copy of any such materials in any form.
15.    No Waiver.  No failure by any party at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
16.    Severability and Modification.  To the extent permitted by applicable law, the parties agree that any term or provision of this Agreement (or part thereof) that renders such term or provision (or part thereof) or any other term or provision (or part thereof) of this Agreement invalid or unenforceable in any respect shall be severable and shall be modified or severed to the extent necessary to avoid rendering such term or provision (or part thereof) invalid or unenforceable, and such severance or modification shall be accomplished in the manner that most nearly preserves the benefit of the parties’ bargain hereunder.
17.    Withholding of Taxes and Other Employee Deductions.  The Company may withhold from any payments made pursuant to this Agreement all federal, state, local, and other taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling.  Employee shall satisfy all of his tax obligations arising from his receipt of the consideration and benefits set forth herein, and shall indemnify and hold harmless the Company and the other Company Parties for any costs, expenses or liabilities arising from his failure to do so.  The Company shall satisfy all of its tax obligations arising out of this Agreement, including its obligation to remit to the U.S. Treasury: (i) all amounts withheld from the Separation Pay; and (ii) the amounts that the Company has agreed to remit as described in Section 3 above; the Company shall indemnify and hold harmless Employee for any costs, expenses or liabilities arising from its failure to do so. 

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18.    Counterparts.  This Agreement may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together will constitute one and the same agreement.
19.    Section 409A.  Neither this Agreement nor the payments provided hereunder are intended to constitute “deferred compensation” subject to the requirements of Section 409A of the Internal Revenue Code of 1986 and the Treasury regulations and interpretive guidance issued thereunder (collectively, “Section 409A”), and this Agreement shall be construed and administered in accordance with such intent. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Notwithstanding the foregoing, the Company makes no representations that this Agreement or the payments provided under this Agreement complies with or is exempt from the requirements of Section 409A and in no event shall the Company or any other Company Party be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.  
20.    No Assignment.  Company shall not assign its obligations under this Agreement to any other person or entity.  Company further agrees that in the event of a Change in Control of the Company (as defined in the LTIP), all of Company’s payment obligations set forth herein shall accelerate and shall be paid on or before the effective date of such Change in Control.  In the event that Company merges or otherwise combines with any other entity, Company agrees that such merger or combination agreement shall require the successor entity to assume all of Company’s obligations under the terms of this Agreement.
21.    Employee’s Attorney’s Fees.  Provided that Employee satisfies (through the date he returns the Confirming Release) the requirements to receive the Separation Payment as set forth in Section 2 above (and so long as Employee does not exercise his revocation right with respect to the Confirming Release), Company agrees that it will pay Employee’s attorney’s fees and expenses incurred in connection with this Resignation Agreement (including the negotiation thereof) in an amount up to $20,000.00.  Such payment will be made payable to “Dow Golub Remels & Gilbreath, PLLC IOLTA” and shall be delivered to the attention of Andrew S. Golub, Dow Golub Remels & Gilbreath, PLLC, 2700 Post Oak Blvd., Suite 1750, Houston, Texas, 77056, by no later than the tenth business day after an invoice for such fees and expenses has been transmitted to Company, which invoice must be provided by Employee within fifteen (15) days after the Separation Date.  Such invoice may be transmitted to the Company by sending it to Company’s attorney, Sean Becker, Vinson & Elkins, sbecker@velaw.com. Company acknowledges and agrees that Employee may submit such invoice with redactions to protect privileged information from disclosure.  
[Signatures begin on the following page]

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IN WITNESS WHEREOF, the parties have executed this Agreement with the intent to be legally bound.
Gil Melman

/s/ Gil Melman    
 Gil Melman

Date: 12/12/2018    

Spark Energy, Inc.

By: /s/ Nathan Kroeker    

Name: Nathan Kroeker    

Title: CEO    
Date: 12/13/2018    

SIGNATURE PAGE TO
TRANSITION AND RESIGNATION AGREEMENT AND 
GENERAL RELEASE OF CLAIMS

EXHIBIT A

CONFIRMING RELEASE AGREEMENT 

This Confirming Release Agreement (this “Confirming Release”) is that certain Confirming Release referenced in Section 7 of the Transition and Resignation Agreement and Mutual Release of Claims (the “Resignation Agreement”) entered into by and between Gil Melman (“Employee”) and Spark Energy, Inc. (the “Company”).  Capitalized terms used herein that are not otherwise defined have the meanings assigned to them in the Resignation Agreement.
1.    General Release of Claims.
(a)    For good and valuable consideration, including Employee’s receipt of the consideration described in Sections 2 or 3 of the Resignation Agreement (and any portion thereof), Employee hereby forever releases, discharges and acquits the Company, NuDevco, their respective parents, subsidiaries and affiliates, and each of the foregoing entities’ respective shareholders, members, partners, officers, managers, directors, fiduciaries, employees, representatives, agents and benefit plans (and fiduciaries of such plans), in their personal and representative capacities (collectively, the “Confirming Release Company Parties” or any one, individually, a “Confirming Release Company Party”), from liability for, and Employee hereby waives, any and all claims, damages, demands, or causes of action of any kind that Employee has or could have, whether known or unknown, against any Confirming Release Company Party, including any and all claims, damages, demands, or causes of action relating to his employment, engagement or affiliation with any Confirming Release Company Party, the termination of such employment, engagement or affiliation, his status as a shareholder of any Company Party, or any other acts or omissions related to any matter occurring or existing on or prior to the date that Employee executes this Confirming Release, including, (i) any alleged violation through such date of:  (A) Title VII of the Civil Rights Act of 1964; (B) the Civil Rights Act of 1991; (C) Sections 1981 through 1988 of Title 42 of the United States Code; (D) the Americans with Disabilities Act of 1990; (E) the Employee Retirement Income Security Act of 1974 (“ERISA”); (F) the Immigration Reform Control Act; (G) the Americans with Disabilities Act of 1990; (H) the Occupational Safety and Health Act; (I) the Age Discrimination in Employment Act of 1967 (including as amended by the Older Workers Benefit Protection Act); (J) the Sarbanes-Oxley Act of 2002; (K) the Dodd-Frank Wall Street Reform and Consumer Protection Act; (L) any federal, state, municipal or local anti-discrimination or anti-retaliation law, including the Texas Labor Code (including the Texas Payday Law, the Texas Anti-Retaliation Act, Chapter 21 of the Texas Labor Code, and the Texas Whistleblower Act); (N) any federal, state, municipal or local wage and hour law; (M) any other local, municipal, state, or federal law, regulation or ordinance; and (N) any public policy, contract, tort, or common law claim, including claims for breach of fiduciary duty, fraud, breach of implied or express contract, breach of implied covenant of good faith and fair dealing, wrongful discharge or termination, promissory estoppel, infliction of emotional distress,  or tortious interference; (ii) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in, or with respect to, a Confirming Released Claim; (iii) any and all rights, benefits or claims Employee may have under any employment contract (including the Employment Agreement), incentive compensation plan (including the LTIP), equity-based plan, or 

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other agreement with any Confirming Release Company Party; (iv) any claim, whether individual or derivative, arising from, or relating to, Employee's status as a member or holder of any interests in the Company, the Parent, or any of their subsidiaries; and (v) any claim for compensation, benefits, or damages of any kind not expressly set forth in this Agreement (collectively, the “Confirming Released Claims”). THIS  RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE CONFIRMING RELEASE COMPANY PARTIES.
(b)    The Released Claims do not include any claims arising out of this Agreement, to the Separation Payment, for reimbursement of properly incurred expenses that are outstanding as of the date Employee signs this Agreement, or any rights or claims that first arise after Employee’s execution of this Agreement.  Further, in no event shall the Released Claims include any right of Employee to indemnification under the Employment Agreement, the Company’s by-laws and amended and restated certificate of incorporation, or the Indemnification Agreement between Employee and the Company dated August 1, 2014 (“the Indemnification Agreement”).  The Company expressly reaffirms its obligation to indemnify Employee following the Separation Date to the extent required by these instruments.  
(c)    In no event shall the Confirming Released Claims include any claim to vested benefits under an employee benefit plan of the Company that is subject to ERISA (including any rights to vested benefits under health and retirement plans). Further notwithstanding this release of liability, nothing in this Confirming Release prevents Employee from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with a Governmental Agency or participating in any investigation or proceeding conducted by any Governmental Agencies or communicating or cooperating with such agency; however, Employee understands and agrees that, to the extent permitted by law, Employee is waiving any and all rights to recover any monetary or personal relief from any Confirming Release Company Party as a result of such Governmental Agency proceeding or subsequent legal actions. Nothing herein waives Employee’s right to receive an award for information provided to a Governmental Agency.
(d)    Employee hereby represents and warrants that, as of the time Employee executes this Confirming Release, Employee has not brought or joined any lawsuit or filed any charge or claim against any of the Confirming Release Company Parties in any court or before any government agency or arbitrator for or with respect to a matter, claim or incident that occurred or arose out of one or more occurrences that took place on or prior to the time at which Employee signs this Confirming Release.  Employee hereby further represents and warrants that Employee has not: (i) assigned, sold, delivered, transferred or conveyed any rights Employee has asserted or may have against any of the Confirming Release Company Parties to any person or entity, in each case, with respect to any Confirming Released Claims; or (ii) assisted or advised any employee, officer or agent of any Confirming Release Company Party with respect to his or her pursuit or evaluation of any claim or cause of action against a Confirming Release Company Party.
2.    Satisfaction of All Leaves and Payment Amounts; Prior Rights and Obligations.  In signing this Confirming Release, Employee expressly acknowledges and agrees that since his 

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execution of the Resignation Agreement he has received all leaves (paid and unpaid) to which Employee has been entitled following his execution of the Resignation Agreement, and that he has also received all wages (including the value of any accrued but unused vacation days), bonuses and other compensation owed or that has been owed or ever could be owed by the Company or any other Confirming Release Company Party (with the exception of the consideration set forth in Sections 2 and 3 of the Resignation Agreement), including all payments arising out of all incentive plans and any other bonus arrangements.  Notwithstanding the foregoing, Employee remains entitled to receive, if still unpaid, any unpaid base salary and benefits for services performed in the pay period in which the Separation Date occurred.  For the avoidance of doubt, Employee acknowledges and agrees that he has no further or future right to severance pay or benefits pursuant to the Employment Agreement.
3.    Employee’s Acknowledgments; Binding Effect.  Employee has been advised, and hereby is advised in writing, to consult with an attorney of his choice regarding the form and content of this Confirming Release, and he represents that he has had a sufficient opportunity (and a full 21 days) to do so before execution and return, and that he has read this Confirming Release and enters into it voluntarily and of his own free will.  This Confirming Release and the releases and covenants contained herein shall be binding upon Employee, his heirs, executors, administrators, assigns, agents, attorneys in fact, attorneys at law, and representatives.  This Confirming Release and the releases and covenants contained herein shall inure to the benefit of all Confirming Release Company Parties and each of their respective predecessors, successors, and assigns.
4.    Revocation Right. Notwithstanding the initial effectiveness of this Confirming Release, Employee may revoke the delivery (and therefore the effectiveness) of this Confirming Release within the seven-day period beginning on the date Employee executes this Confirming Release (such seven day period being referred to herein as the “Confirming Release Revocation Period”).  To be effective, such revocation must be in writing signed by Employee and must be received by the Company, care of Grae Griffin at 12140 Wickchester Lane, Suite 100, Houston, TX 77079 (e-mail: ggriffin@sparkenergy.com) so that it is received by Mr. Griffin no later than 11:59 p.m. Houston, Texas time, on the last day of the Confirming Release Revocation Period.  In the event Employee exercises his revocation right as set forth herein, this Confirming Release will be of no force or effect, and Employee will not be entitled to receive the consideration set forth in Sections 2 or 3 of the Resignation Agreement.
IN WITNESS WHEREOF, Employee has executed this Confirming Release with the intent to be legally bound.
Gil Melman

    
 

Date:

4

EXHIBIT B 

Spark Energy, Inc. Announces Management Changes
HOUSTON, December [17], 2018 (GLOBE NEWSWIRE) -- Spark Energy, Inc. ("Spark" or the "Company") (NASDAQ: SPKE), an independent retail energy services company, today announced the resignation of Gil Melman, Spark’s Vice President, General Counsel, and Corporate Secretary.  Mr. Melman is resigning to pursue other opportunities, effective December 31, 2018.
“It is with mixed feelings that we have accepted Gil’s resignation,” said Nathan Kroeker, Spark’s President and Chief Executive Officer.  “He has been an important member of Spark’s management team for the past five years, and has been instrumental in our growth, our acquisitions, and our initial public offering.  We wish him the best of luck in his future endeavors.”
C. Alexis Keene, currently Spark’s Deputy General Counsel, will be Spark’s Interim General Counsel and Corporate Secretary.  Spark has begun a process to appoint a permanent successor for Mr. Melman.
“We are very fortunate to have Alexis here at Spark,” continued Kroeker.  “With nearly three decades of experience, a deep knowledge of our business, and the trust and respect of her colleagues within the organization and throughout the industry, we expect a very smooth transition.”
About Spark Energy, Inc.
Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 19 states and serves 94 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.
We use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should note that new materials, including press releases, updated investor presentations, and financial and other filings with the Securities and Exchange Commission are posted on the Spark Energy Investor Relations website at ir.sparkenergy.com. Investors are urged to monitor our website regularly for information and updates about the Company.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. These forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) can be identified by the use of forward-looking terminology including “may,” “should,” “likely,” “will,” “believe,” “expect,” “anticipate,” “estimate,” 

5

“continue,” “plan,” “intend,” “projects,” or other similar words. All statements, other than statements of historical fact included in this press release, regarding strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, objectives and beliefs of management are forward-looking statements. Forward-looking statements appear in a number of places in this press release and may include statements about business strategy and prospects for growth, customer acquisition costs, ability to pay cash dividends, cash flow generation and liquidity, availability of terms of capital, competition and government regulation and general economic conditions. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurance that such expectations will prove correct.
The forward-looking statements in this press release are subject to risks and uncertainties. Important factors that could cause actual results to materially differ from those projected in the forward-looking statements include, but are not limited to:
		
	•
	changes in commodity prices and the sufficiency of risk management and hedging policies;

		
	•
	extreme and unpredictable weather conditions, and the impact of hurricanes and other natural disasters;

		
	•
	federal, state and local regulation, including the industry's ability to address or adapt to potentially restrictive new regulations that may be enacted by the New York Public Service Commission;

		
	•
	our ability to borrow funds and access credit markets and restrictions in our debt agreements and collateral requirements;

		
	•
	credit risk with respect to suppliers and customers;

		
	•
	changes in costs to acquire customers and actual customer attrition rates;

		
	•
	accuracy of billing systems; 

		
	•
	whether our majority stockholder or its affiliates offer us acquisition opportunities on terms that are commercially acceptable to us;

		
	•
	ability to successfully identify and complete, and efficiently integrate acquisitions into our operations;

		
	•
	competition; and

		
	•
	the “Risk Factors” in our latest Annual Report on Form 10-K, and in our quarterly reports, other public filings and press releases.

You should review the risk factors and other factors noted throughout or incorporated by reference in this press release that could cause our actual results to differ materially from those contained in any forward-looking statement. All forward-looking statements speak only as of the date of this press release. Unless required by law, we disclaim any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise. It is not possible for us to predict all risks, nor can we assess the impact of all factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

6

Contact: Spark Energy, Inc.
Investors:
Christian Hettick, 832-200-3727
Media:
Kira Jordan, 832-255-7302

7Exhibit

EXHIBIT 10.1

Confidential information has been omitted in places marked “*****” and has been filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to this omitted information. 

THIRD AMENDMENT TO CREDIT AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AGREEMENT dated as of December 13, 2018 (this “Amendment”) is entered into among Aegion Corporation, a Delaware corporation (the “Borrower”), the Guarantors, the Lenders party hereto and Bank of America, N.A., as Administrative Agent. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the Borrower, the Guarantors, the Lenders and Bank of America, N.A., as Administrative Agent entered into that certain Amended and Restated Credit Agreement dated as of October 30, 2015 (as amended by that First Amendment to Credit Agreement dated as of November 30, 2017 and that Second Amendment to Credit Agreement dated as of February 27, 2018 and as further amended and modified from time to time, the “Credit Agreement”); and

WHEREAS, the Borrower has requested that the Lenders further amend the Credit Agreement as set forth below.

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

1.    Amendments.  The Credit Agreement is hereby amended as follows:

(a)    The following definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order to read as follows:

“2019 Strategic Cash Restructuring Charges” means the cash portion of pre-tax charges relating to office closures, employee terminations, contract settlements, relocation expenses, write-down/reserve of receivables and other assets, and payments for taxes and external resources related thereto primarily incurred by the Borrower and its Subsidiaries in connection with the restructuring of the Borrower and its Subsidiaries in fiscal years 2018 and 2019 under the restructuring program publicly announced by the Borrower in October 2018 but excluding, for the avoidance of doubt, non-cash charges for asset write-downs or similar matters which are otherwise applicable and included in clause (v) of the definition of Consolidated EBITDA. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership with respect to the Borrower as required by the Beneficial Ownership Regulation.

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

“Third Amendment” means that certain Third Amendment to Credit Agreement, dated as of the Third Amendment Effective Date, among the Borrower, the Guarantors, the Lenders party thereto and the Administrative Agent.

“Third Amendment Effective Date” means December 13, 2018.

(b)    The following definitions in Section 1.01 of the Credit Agreement are hereby amended to read as follows:

“Aggregate Revolving Commitments” means the Revolving Commitments of all the Lenders.  The aggregate principal amount of the Aggregate Revolving Commitments in effect on the Third Amendment Effective Date is TWO HUNDRED TWENTY-FIVE MILLION DOLLARS ($225,000,000).

“Consolidated EBITDA” means, for any period, for the Borrower and its Subsidiaries on a consolidated basis and without duplication, an amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for taxes based on income (including federal, state, local, foreign, and withholding) for Borrower and its Subsidiaries for such period, (iii) depreciation and amortization expense for such period, (iv) non-cash stock based compensation expense for such period, (v) non-recurring expenses of the Borrower and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, (vi) to the extent recorded on or before December 31, 2016, the 2014 Strategic Restructuring Charges, (vii) any losses on sales of assets or Equity Interests outside the ordinary course of business for such period, (viii) to the extent incurred on or before December 31, 2018, transaction costs (not including any costs that will be capitalized) in respect of closing the Second Amendment and the Bayou Disposition (whether or not consummated) in an aggregate amount not to exceed $10,000,000, (ix) transaction costs (not including any costs that will be capitalized) incurred by the Borrower, any Loan Party or any Person acquired in respect of any Permitted Acquisition in an aggregate amount not to exceed $5,000,000 for any Permitted Acquisition and $25,000,000 after the Second Amendment Effective Date, in each case, to the extent such costs are incurred no later than twelve months following the consummation of such Permitted Acquisition, (x) to the extent recorded on or before September 30, 2018, the 2017 Strategic Cash Restructuring Charges in an aggregate amount not to exceed $25,000,000, (xi) to the extent recorded on or before December 31, 2019, the 2019 Strategic Cash Restructuring Charges in an aggregate amount not to exceed $27,000,000, and (xii) to the extent incurred on or before December 31, 2018, transaction costs (not including any costs that will be capitalized) in respect of closing the Third Amendment in an aggregate amount not to exceed $1,000,000, and minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) all non-cash items increasing Consolidated Net Income for such period (including but not limited to gains or income items for reversal or reduction of Earn Out Obligations or similar contingent consideration amounts), and (ii) any gains on sales of assets or Equity Interests outside the ordinary course of business, all as determined in accordance with GAAP and without duplication of any other income statement items used in calculating Consolidated EBITDA on a Pro Forma Basis.

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback Transaction) of any property by any Loan Party or any Subsidiary (including the Equity Interests of any Subsidiary), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith, but excluding (a) the sale, lease, license, transfer or other disposition of inventory or equipment in the ordinary course of business; (b)  the sale, lease, license, transfer or other disposition in the ordinary course of business of surplus, obsolete or worn out property no longer used or useful in the conduct of business of any Loan Party and its Subsidiaries; (c) any sale, lease, license, transfer or other disposition of property to any Loan Party or any Subsidiary; provided, that if the transferor of such property is a Loan Party (i) the transferee thereof must be a Loan Party or (ii) to the extent such transaction constitutes an Investment, such transaction is permitted under Section 8.02; (d) the sale of Equity Interests in or the sale of substantially all of the assets of the Persons identified on Schedule 8.05; and (e) any Involuntary Disposition.

“Equity Issuance” means any issuance by any Loan Party or any Subsidiary to any Person of its Equity Interests, other than (a) any issuance of its Equity Interests pursuant to the exercise of options or warrants, (b) any issuance of its Equity Interests pursuant to the conversion of any debt securities to equity or the conversion of any class equity securities to any other class of equity securities, (c) any issuance of options or warrants relating to its Equity Interests, (d) any issuance by the Borrower of its Equity Interests as consideration for a Permitted Acquisition, (e) any issuance by the Borrower of its Equity Interests pursuant to any employee or director stock purchase plan, stock option plan or stock incentive plan and (f) any issuance by a Loan Party or any Subsidiary of its Equity Interests to another Loan Party or another Subsidiary.  The term “Equity Issuance” shall not be deemed to include any Disposition or the dissolution of, liquidation of, sale of Equity Interests in or sale of substantially all of the assets of any Person listed on Schedule 8.05.

(c)    A new clause (d) is hereby added to Section 1.02 of the Credit Agreement to read as follows:

(d)    Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

(d)    The introductory paragraph of Section 2.02(f) is hereby amended to read as follows:

(f)    The Borrower may at any time and from time to time, upon prior written notice by the Borrower to the Administrative Agent, increase the Commitments (but not the Letter of Credit Sublimit, the Swing Line Sublimit or the Alternative Currency Sublimit) by a maximum aggregate amount of up to THREE HUNDRED MILLION DOLLARS ($300,000,000) as follows:

(e)    The following sentence is hereby added to the end of Section 6.15 of the Credit Agreement:

As of the Third Amendment Effective Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

(f)    In Section 7.02 of the Credit Agreement, clause (h) is hereby amended to be clause (i), clause (i) is hereby amended to be clause (j) and a new clause (h) is hereby added after clause (g) to read as follows:

(h)    Promptly following any request therefor, provide information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Act and the Beneficial Ownership Regulation;

(g)    Clause (j) of Section 8.02 of the Credit Agreement is hereby amended to read as follows:

(j)    Investments received (i) as consideration in connection with Dispositions permitted pursuant to Section 8.05 and (ii) in connection with the sale of Equity Interests in 

or sale of substantially all of the assets of any Person listed on Schedule 8.05; provided, that, in the case of this clause (ii), the amount of any Investments received in connection with any such sale shall not exceed $5,000,000; provided, further, that, the aggregate amount of all Investments outstanding pursuant to this clause (ii) at any time shall not exceed $15,000,000; and

(h)    Clause (e) of Section 8.04 of the Credit Agreement is hereby amended to read as follows:

(e)    each of the Subsidiaries listed on Schedule 8.05 and any non-operating Subsidiary may be dissolved or liquidated by the Borrower, provided, that, in the case of a Loan Party listed on Schedule 8.05, any assets of such Person are transferred to a Loan Party prior to or in connection with such dissolution,

(i)    Section 8.06(d) of the Credit Agreement is hereby amended to read as follows:

(d)    the Borrower shall be permitted to make additional Restricted Payments so long as (i) no Default or Event of Default exists immediately prior to and after giving effect to such Restricted Payment and (ii) the Consolidated Leverage Ratio (calculated on a Pro Forma Basis after giving effect to such Restricted Payment) is less than 2.50 to 1.0; provided, that, if the Consolidated Leverage Ratio is greater than or equal to 2.50 to 1.0, then the Borrower shall only be permitted to make additional Restricted Payments in an aggregate amount not to exceed (A) $30,000,000 for fiscal year 2018, (B) $32,000,000 for fiscal year 2019, and (C) $40,000,000 in any fiscal year thereafter.

(j)    Section 8.11(a) of the Credit Agreement is hereby amended to read as follows:

(a)    Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than (i) 3.75 to 1.0 as of the end of any fiscal quarter ending during the period from December 31, 2017 to and including June 30, 2018, (ii) 3.50 to 1.0 as of the end of any fiscal quarter ending during the period from September 30, 2018 to and including December 31, 2018, (iii) 3.75 to 1.0 as of the end of any fiscal quarter ending during the period from March 31, 2019 to and including June 30, 2019, (iv) 3.50 to 1.0 as of the end of the fiscal quarter ending September 30, 2019, (v) 3.25 to 1.0 as of the end of any fiscal quarter ending during the period from December 31, 2019 to and including June 30, 2020, and (vi) 3.00 to 1.0 as of the end of any fiscal quarter ending thereafter; provided, that, (A) during a Material Acquisition Period, the applicable Consolidated Leverage Ratio permitted above shall increase by 0.25 (the “Material Acquisition Temporary Increase”), (B) no more than one Material Acquisition Temporary Increase shall be in effect at any time (it being understood that following a Material Acquisition Period, the Consolidated Leverage Ratio permitted shall revert to the ratio set forth above (without any such increase)), and (C) there shall be no more than two (2) Material Acquisition Temporary Increases after the Second Amendment Effective Date.

(k)    Section 8.11(b) of the Credit Agreement is hereby amended to read as follows:

(b)    Consolidated Fixed Charge Coverage Ratio.  Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than (i) 1.25 to 1.0 as of the end of the fiscal quarter ended during the period December 31, 2018, (ii) 1.15 to 1.0 as of the end of any fiscal quarter ending during the period from March 31, 2019 to and including September 30, 2019, and (iii) 1.25 to 1.0 as of the end of any fiscal quarter ending thereafter.

(l)    A new Section 11.23 is hereby added to the Credit Agreement to read as follows:

11.23    Release.  

Each of the Lenders, the L/C Issuer and the Administrative Agent hereby agree to (a) the automatic release of any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document upon the sale, transfer or other disposition of such Collateral that is sold, transferred or otherwise disposed of as part of or in connection with any sale, transfer or other disposition permitted hereunder or under any other Loan Document (it being understood that the Administrative Agent’s Lien on the proceeds received by the Loan Parties in connection with such sale, transfer or other disposition shall not be released) and (b) the automatic release of any Guarantor ceasing to be a Guarantor as a result of a transaction permitted under the Loan Documents.  The Administrative Agent will, at the Borrower’s expense, promptly, and the Lenders and the L/C Issuer authorize the Administrative Agent to, (x) deliver to the applicable Loan Party any Collateral in the Administrative Agent’s possession following the release of such Collateral and (y) execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents.

(m)    Schedule 2.01 to the Credit Agreement is hereby amended to reflect the Revolving Commitments and Applicable Percentages set forth on Schedule 2.01 attached hereto.

(o)    Schedule 8.05 to the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 8.05 attached hereto.

(p)    Exhibit F to the Credit Agreement is hereby deleted in its entirety and replaced with Exhibit F attached hereto.

2.    Conditions Precedent.   This Amendment shall be effective as of the date hereof upon satisfaction of the conditions set forth below:

(a)    Loan Documents.   Receipt by the Administrative Agent of counterparts of this Amendment executed by the Borrower, the Guarantors, the Required Lenders and the Administrative Agent.

(b)    KYC Information.

(i)   Upon the reasonable request of any Lender made at least 5 days prior to the Third Amendment Effective Date, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Act, in each case at least 3 days prior to the Third Amendment Effective Date.  

(ii)   At least 3 days prior to the Third Amendment Effective Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, it shall deliver, to each Lender that so requests, a Beneficial Ownership Certification in relation to the Borrower.

(c)    Amendment Fee.  Receipt by the Administrative Agent and Bank of America of any fees required to be paid on or before the Third Amendment Effective Date, including, without limitation, receipt by the Administrative Agent, for the account of each Lender executing this 

Amendment, a fee in an amount equal to 0.10% of the sum of such Lender’s (i) Revolving Commitment (following the effectiveness of this Amendment) and (ii) outstanding Term Loan.

(d)    Legal Fees.  Payment by the Loan Parties of the reasonable out-of-pocket costs and expenses of the Administrative Agent, including without limitation, the reasonable fees and expenses of Moore & Van Allen PLLC.

4.    Miscellaneous.

(a)    The Credit Agreement and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Amendment is a Loan Document.

(b)    Each Guarantor (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Loan Documents and (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Loan Documents.  Each Loan Party confirms that, after giving effect to this Amendment, the security interests in the Collateral created pursuant to the Collateral Documents (i) remain in full force and effect, and (ii) continue to secure all Obligations.

(c)    The Borrower and the Guarantors hereby represent and warrant as follows:

(i)    Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

(ii)    This Amendment has been duly executed and delivered by the Loan Parties and constitutes each of the Loan Parties’ legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, examinership, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

(iii)    No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by any Loan Party of this Amendment.

(d)    The Loan Parties represent and warrant to the Lenders that (i) the representations and warranties of the Loan Parties set forth in Article VI of the Credit Agreement and in each other Loan Document are true and correct in all material respects (or if such representation and warranty is qualified by materiality or Material Adverse Effect, it shall be true and correct in all respects) as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or an Event of Default.

(e)    This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by telecopy or other secure electronic format (.pdf) shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(f)    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
	
		
	BORROWER:
	AEGION CORPORATION,

	 
	a Delaware Corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	GUARANTORS:
	INSITUFORM TECHNOLOGIES USA, LLC,

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	INA ACQUITION CORP.,

	 
	a Delaware Corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: President

	 
	 

	 
	AEGION INTERNATIONAL SERVICES, INC.

	 
	(f/k/a ITI INTERNATIONAL SERVICES, INC.),

	 
	a Delaware corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: President

	 
	 

	 
	MANUFACTURED TECHNOLOGIES CORPORATION,

	 
	a Mississippi corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	
		
	 
	TBC INDUSTRIES, LLC,

	 
	(f/k/a THE BAYOU COMPANIES, LLC)

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	AEGION COATING SERVICES, LLC

	 
	(F/K/A Commercial Coating Services International, LLC),

	 
	a Texas limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	INFRASTRUCTURE GROUP HOLDINGS, LLC,

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: President

	 
	 

	 
	FIBRWRAP CONSTRUCTION SERVICES, INC., 

	 
	a Delaware Corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	FIBRWRAP CONSTRUCTION SERVICES USA, INC.,

	 
	a Delaware corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	FYFE CO. LLC,

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	
		
	 
	UNITED PIPELINE SYSTEMS INTERNATIONAL, INC.,

	 
	a Delaware corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	UNITED PIPELINE MIDDLE EAST, INC.,

	 
	a Delaware corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	AEGION HOLDING COMPANY, LLC,

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: President

	 
	 

	 
	CORRPRO COMPANIES, INC.,

	 
	an Ohio corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	CORRPRO COMPANIES INTERNATIONAL, INC.,

	 
	a Nevada corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	CORRPRO CANADA HOLDINGS, INC.,

	 
	a Delaware corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: President

	
		
	 
	CORRPRO HOLDINGS, LLC,

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: President

	 
	 

	 
	INSITUFORM TECHNOLOGIES, LLC,

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	UNITED PIPELINE SYSTEMS, INC.,

	 
	a Nevada corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	BRINDERSON, LLC, 

	 
	(f/k/a Brinderson, L.P.)

	 
	a California limited partnership

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	BRINDERSON CONSTRUCTORS, INC.

	 
	a California corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	AEGION ENERGY SERVICES, LLC,

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	
		
	 
	 

	 
	INSITUFORM NETHERLANDS HOLDINGS, LLC,

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: President

	 
	 

	 
	AEGION REHABILITATION SERVICES LIMITED,

	 
	a company incorporated in England and Wales

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Director

	 
	 

	 
	CORRPRO COMPANIES ENGINEERING LTD.,

	 
	a company incorporated in England and Wales

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Director

	 
	 

	 
	SCHULTZ INDUSTRIAL SERVICES, INC.

	 
	(f/k/a Schultz Mechanical Contractors, Inc.)

	 
	a California corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	UNDERGROUND SOLUTIONS, INC.,

	 
	a Delaware corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	 
	 

	 
	ALLSAFE SERVICES, INC.,

	 
	a Delaware corporation

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	
		
	 
	AEGION CYPRUS LIMITED,

	 
	a Cyprus private company limited by shares

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Director

	 
	 

	 
	P2S SERVTECH, LLC

	 
	a Delaware limited liability company

	 
	 

	 
	By: /s/ David F. Morris

	 
	Name: David F. Morris

	 
	Title: Executive Vice President

	
		
	ADMINISTRATIVE AGENT:
	BANK OF AMERICA, N.A.,

	 
	as Administrative Agent

	 
	 

	 
	By: /s/ Felicia Brinson

	 
	Name: Felicia Brinson

	 
	Title: Assistant Vice President

	
		
	LENDERS:
	BANK OF AMERICA, N.A.,

	 
	as a Lender, Swing Line Lender and L/C Issuer

	 
	 

	 
	By: /s/ Eric A. Escagne

	 
	Name: Eric A. Escagne

	 
	Title: Senior Vice President

	 
	 

	 
	U.S. BANK NATIONAL ASSOCIATION,

	 
	as a Lender and L/C Issuer

	 
	 

	 
	By: /s/ Amanda A. Schmitt

	 
	Name: Amanda A. Schmitt

	 
	Title: SVP

	 
	 

	 
	PNC BANK, NATIONAL ASSOCIATION,

	 
	as a Lender

	 
	 

	 
	By: /s/ Matt Concannon

	 
	Name: Matt Concannon

	 
	Title: Senior Vice President

	 
	 

	 
	COMPASS BANK

	 
	as a Lender

	 
	 

	 
	By: /s/ Jay S. Tweed

	 
	Name: Jay S. Tweed

	 
	Title: SVP

	 
	 

	 
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

	 
	as a Lender and L/C Issuer

	 
	 

	 
	By: /s/ Helen D. Davis

	 
	Name: Helen D. David

	 
	Title: Authorized Officer

	 
	 

	 
	FIFTH THIRD BANK,

	 
	as a Lender

	 
	 

	 
	By: Lafayette J. Ford

	 
	Name: Lafayette J. Ford

	 
	Title: Director

	
		
	 
	BRANCH BANKING AND TRUST COMPANY,

	 
	as a Lender

	 
	 

	 
	By: /s/ John P. Malloy

	 
	Name: John P. Malloy

	 
	Title: Senior Vice President

	 
	 

	 
	BMO HARRIS BANK, N.A.,

	 
	as a Lender

	 
	 

	 
	By: /s/ Michael Gift

	 
	Name: Michael Gift

	 
	Title: Director

	 
	 

SCHEDULE 2.01

REVOLVING COMMITMENTS AND APPLICABLE PERCENTAGES

	
			
	Lender
	Revolving Commitment
	Applicable Percentage of Revolving Commitment

	Bank of America, N.A.
	$38,499,614.80
	17.110939911%

	U.S. Bank National Association
	$38,499,614.79
	17.110939907%

	PNC Bank, National Association
	$38,499,614.79
	17.110939907%

	Compass Bank
	$38,499,614.79
	17.110939907%

	JPMorgan Chase Bank, N.A.
	$22,187,981.51
	9.861325116%

	Fifth Third Bank
	$22,187,981.51
	9.861325116%

	Branch Banking and Trust Company
	$14,052,388.29
	6.245505907%

	BMO Harris Bank, N.A.
	$12,573,189.52
	5.588084231%

	TOTAL
	$225,000,000.00
	100.000000000%

SCHEDULE 8.05

DISPOSITIONS, DISSOLUTIONS AND LIQUIDATIONS

		
	•
	Insituform Asia Limited (Hong Kong)

		
	•
	Insituform Hong Kong Limited (Hong Kong)

		
	•
	Insituform Pipeline Rehabilitation Private Limited (India)

		
	•
	Insituform SPML JV (India)

		
	•
	Insituform Linings Asia Sdn Bhd (Malaysia)

		
	•
	Insitu Envirotech (S.E. Asia) Pte. Ltd. (Singapore)

		
	•
	Insituform Singapore Pte. Ltd. (Singapore)

		
	•
	Technologie & Art Pte. Ltd. (Singapore)

*****

		
	•
	Insituform sp. z.o.o. (Poland)

		
	•
	Aegion Corrosion Protection Holdings Limited (UK)

		
	•
	Nu Pipe Limited (UK)

		
	•
	Sewer Services Limited (UK)

		
	•
	UPS-Aptec Limited (UK)

		
	•
	Wilson Walton Overseas Holding Ltd. (UK)

*****

		
	•
	Fibrwrap Construction Services Ltd. (Canada)

		
	•
	Fyfe Latin America, SA de C.V. (El Salvador)

		
	•
	Fyfe Latin America, S.A. (Panama)

		
	•
	Brinderson Constructors Inc. (USA)

		
	•
	Corrpro Companies International, Inc. (USA)

		
	•
	DEH Services, LLC (USA)

		
	•
	Fibrwrap Construction Services USA, INC., (USA)

		
	•
	Ocean City Research Corp. (USA)

*****

		
	•
	Fibrwrap Construction Colombia S.A.S (Columbia)

*****

Exhibit F

[FORM OF]
COMPLIANCE CERTIFICATE

Financial Statement Date: __________, 20___   

Date: __________, 20___ 

To:    Bank of America, N.A., as Administrative Agent

		
	Re:
	Amended and Restated Credit Agreement dated as of October 30, 2015 (as amended, modified, supplemented or extended from time to time, the “Credit Agreement”) among Aegion Corporation, a Delaware corporation (the “Borrower”), the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer.  Capitalized terms used but not otherwise defined herein have the meanings provided in the Credit Agreement.

 ̈ Check for distribution to Public Lenders and private-side Lenders.1 

Ladies and Gentlemen:

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the _______________ of the Borrower, and that, in his/her capacity as such, he/she is authorized to execute and deliver this Compliance Certificate to the Administrative Agent on the behalf of the Borrower, and that:

[Use following paragraph 1 for fiscal year-end financial statements:]

		
	1.
	[Attached hereto as Schedule 1 are the][The] year-end audited financial statements required by Section 7.01(a) of the Credit Agreement for the fiscal year of the Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section [have been electronically delivered to the Administrative Agent pursuant to the conditions set forth in Section 7.02 of the Credit Agreement].

[Use following paragraph 1 for fiscal quarter-end financial statements:]

		
	1.
	[Attached hereto as Schedule 1 are the][The] unaudited financial statements required by Section 7.01(b) of the Credit Agreement for the fiscal quarter of the Borrower ended as of the above date [have been electronically delivered to the Administrative Agent pursuant to the conditions set forth in Section 7.02 of the Credit Agreement].  Such financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.

		
	2.
	The undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made, a detailed review of the transactions and condition (financial or otherwise) of the Borrower during the accounting period covered by the attached financial statements.

_________________________
1If this box is not checked, this Compliance Certificate will only be posted to private-side Lenders.

		
	3.
	A review of the activities of the Borrower during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Borrower performed and observed all its Obligations under the Loan Documents, and 

[select one:]

[during such fiscal period, the Borrower performed and observed each covenant and condition of the Loan Documents applicable to it, and no Default has occurred and is continuing.]

[or:]

[the following covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]

		
	4.
	The representations and warranties of the Loan Parties contained in the Credit Agreement or any other Loan Document, are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Compliance Certificate, the representations and warranties contained in subsections (a) and (b) of Section 6.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01 of the Credit Agreement, including the statements in connection with which this Compliance Certificate is delivered.

		
	5.
	Set forth on Schedule [1][2] hereto are true and accurate calculations demonstrating compliance with Section 8.11 of the Credit Agreement on and as of the date of this Compliance Certificate.

		
	6.
	The Consolidated Leverage Ratio for purposes of determining the Applicable Rate is ______: 1.0.

		
	[7.
	The following is a summary of the material changes in GAAP and in the consistent application thereof that materially impact the Borrower’s financial statements and are not disclosed therein: ___________________.]

[signature page follows]

IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of the date set forth above.

AEGION CORPORATION,
a Delaware corporation

By:                
Name:
Title:

Schedule [1][2]
to Compliance Certificate

Capitalized terms used but not defined herein have the meanings set forth in the Credit Agreement.  In the event of conflict between the provisions and formulas set forth herein and the provisions and formulas set forth in the Credit Agreement, the provisions and formulas of the Credit Agreement shall prevail.

1.    Consolidated Leverage Ratio

(a)    Consolidated Funded Indebtedness             $____________        

(b)    Consolidated EBITDA

(i)    Consolidated Net Income            $____________

(ii)    Consolidated Interest Charges            $____________

(iii)    taxes based on income (including federal, 
state, local, foreign and withholding)        $____________
        
(iv)    depreciation and amortization expense        $____________        

(v)    non-cash stock based compensation expense     $____________

(vi)    non-recurring expenses of the Borrower
and its Subsidiaries reducing Consolidated Net
Income which do not represent a cash item    $____________        

		
	(vii)
	to the extent recorded on or before December 

31, 2016, the 2014 Strategic Restructuring 
Charges                        $____________        

(viii)    any losses on sales of assets or Equity 
Interests outside the ordinary course of 
business for such period                $____________        

(ix)    to the extent incurred on or before December 
31, 2018, transaction costs (not including any 
costs that will be capitalized) in respect of 
closing the Second Amendment and the Bayou 
Disposition (whether or not consummated) in an 
aggregate amount not to exceed $10,000,000    $____________        

(x)    transaction costs (not including any costs that
will be capitalized) incurred by the Borrower,
any Loan Party or any Person acquired in respect
of any Permitted Acquisition in an aggregate
amount not to exceed $5,000,000 for any
Permitted Acquisition and $25,000,000 after 
the Second Amendment Effective Date, in each 
case, to the extent such costs are incurred no later 
than twelve months following the consummation 
of such Permitted Acquisition            $____________        

(xi)    to the extent recorded on or before September 
30, 2018, the 2017 Strategic Cash Restructuring 
Charges in an aggregate amount not to exceed 
$25,000,000                    $____________        

(xii)    to the extent recorded on or before December 
31, 2019, the 2019 Strategic Cash Restructuring 
Charges in an aggregate amount not to exceed 
$27,000,000                    $____________        

(xiii)    to the extent incurred on or before December 31, 
2018, transaction costs (not including any costs 
that will be capitalized) in respect of closing the 
Third Amendment in an aggregate amount not to 
exceed $1,000,000                $____________        

, and minus

(xiv)    all non-cash items increasing Consolidated
Net Income                    $____________        
        
(xv)    any gains on sales of
assets or Equity Interests outside the ordinary
course of business                $____________    

(xvi)    Consolidated EBITDA
[sum of (i) though (xiii) above minus (xiv)
and (xv))]                    $____________        

(c)    Consolidated Leverage Ratio        
[(a)/(b)(xvi)]                        __________:1.0

2.    Consolidated Fixed Charge Coverage Ratio

(a)    Consolidated Adjusted EBITDAR            $____________        

(i)    Consolidated EBITDA                 $____________
[1(b)(xvi) above]

(ii)    rent and lease expense                $____________

(iii)    Consolidated Capital Expenditures        $____________

(iv)    Consolidated Taxes                $____________        

(v)    Consolidated Adjusted EBITDAR
[(i) + (ii) - (iii) - (iv)]                $____________    

(b)    Consolidated Fixed Charges                

(i)    Consolidated Interest Charges            $____________

(ii)    Consolidated Scheduled Funded 
Debt Payments                    $____________

(iii)    the amount of cash dividends and
other cash distributions relating to the
Borrower’s Equity Interests            $____________

(iv)    rent and lease expense                 $____________    

(v)    Consolidated Fixed Charges
[sum of (i) though (iv) above]            $____________        

(c)    Consolidated Fixed Charge Coverage Ratio
[(a)(v)/(b)(v)]                        __________:1.0

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