Document:

Exhibit 10.3

 

FIRST AMENDMENT
 TO THE
  NEFF CORPORATION 2014 INCENTIVE AWARD PLAN

 

Pursuant to the authority reserved to it in Section 14.1 of the Neff Corporation 2014 Incentive Award Plan, adopted November 7, 2014 (the “Plan”), the Board of Directors of Neff Corporation (the “Board”) hereby amends the Plan as follows, effective immediately prior to the consummation of the transactions contemplated by the Agreement and Plan of Merger  by and among Neff Corporation (the “Company”), H&E Equipment Services, Inc., a Delaware corporation (“Parent”), and Yellow Iron Merger Co., a Delaware corporation and a direct, wholly-owned subsidiary of Parent (“Merger Sub”), pursuant to which, among other things Merger Sub shall be merged with and into the Company with the Company as the surviving corporation (the “Surviving Corporation”) and becoming a wholly-owned subsidiary of Parent (the “Merger”):

 

1.             Article 2 of the Plan is hereby amended to add the following definitions, with the definitions that follow such terms to be appropriately renumbered:

 

“2.9 “Cause” means:

 

1. if the Holder is party to an effective employment, consulting, severance or other similar agreement with the Company, or a Subsidiary or Affiliate thereof, and such term is defined therein, “Cause” shall have the meaning given in such other agreement;

 

2. if the Holder is not a party to an effective employment, consulting, severance or similar agreement or if no definition of “Cause” is set forth in such agreement, “Cause” shall have the meaning provided in the applicable Award Agreement; or

 

3. if neither 1 nor 2 applies, the Holder’s (i) willful misconduct or gross negligence in connection with the performance of the Holder’s duties for the Company, its Subsidiaries or Affiliates; (ii) conviction of, or a plea of nolo contendere to, a felony or a crime involving fraud or moral turpitude; (iii) engaging in any business that directly or indirectly competes with the Company, or any Subsidiary or Affiliate thereof; (iv) fraud, misappropriation, embezzlement or other theft or dishonesty relating to the Company, or any Subsidiary or Affiliate thereof, (v) acts or omissions constituting a material failure to perform substantially and adequately the Holder’s duties with respect to the Company, its Subsidiaries or Affiliates or (vi) disclosure of trade secrets, customer lists or confidential information of the Company, its Subsidiaries or Affiliates to a competitor or unauthorized person.”

 

2.29  “First Amendment Effective Time”  means immediately prior to the consummation of the transactions contemplated by the Agreement and Plan of Merger  by and among Neff Corporation (the “Company”), H&E Equipment Services, Inc., a Delaware corporation (“Parent”), and Yellow Iron Merger Co., a Delaware corporation and a direct, wholly-owned subsidiary of Parent (“Merger Sub”), pursuant to which, among other things Merger Sub shall be merged with and into the Company with the Company as the surviving corporation (the “Surviving Corporation”) and becoming a wholly-owned subsidiary of Parent.

 

 

“2.31      “Good Reason” means:

 

(A)  with respect to any portion of an Award that would become vested upon a Termination of Service for Good Reason regardless of this First Amendment to the Neff Corporation 2014 Incentive Award Plan:

 

1. if the Holder is party to an effective employment, consulting, severance or other similar agreement with the Company, or a Subsidiary or Affiliate thereof, and such term is defined therein, “Good Reason” shall have the meaning given in such other agreement;

 

2. if the Holder is not a party to an effective employment, consulting, severance or similar agreement or if no definition of “Good Reason” is set forth in such agreement, “Good Reason” shall have the meaning provided in the applicable Award Agreement; or

 

3. if neither 1 nor 2 applies, (i) a substantial reduction in the duties or responsibilities of Holder (excluding any such reduction if after such reduction, Holder’s duties and responsibilities are substantially similar as those of employees of the acquirer in the Change in Control (or its subsidiaries) with a similar position to Holder’s position with the Company or a Subsidiary thereof on the date immediately preceding the date the agreement giving rise to the Change in Control is executed) or (ii) a material reduction in Holder’s base salary; provided, however, that in order for Holder’s Termination of Service to be treated as being for Good Reason, Holder must provide written notice to the Company of the events alleged to constitute Good Reason within 30 days after the later of the occurrence thereof and the date on which Holder was aware or should have been aware of such occurrence, the Company must have failed to cure such alleged events within 30 days after its receipt of such written notice and Holder must resign within 30 days after the expiration of the Company’s 30 day cure period.

 

(B)  with respect to any portion of an Award that would not have become vested upon or after a Termination of Service but for the First Amendment to the Neff Corporation 2014 Incentive Award Plan, “Good Reason” shall mean:  (i) a substantial reduction in the duties or responsibilities of Holder (excluding any such reduction if after such reduction, Holder’s duties and responsibilities are substantially similar as those of employees of the acquirer in the Change in Control (or its subsidiaries) with a similar position to Holder’s position with the Company or a Subsidiary thereof on the date immediately preceding the date the agreement giving rise to the Change in Control is executed) or (ii) a material reduction in Holder’s base salary; provided, however, that in order for Holder’s Termination of Service to be treated as being for Good Reason, Holder must provide written notice to the Company of the events alleged to constitute Good Reason within 30 days after the later of the occurrence thereof and the date on which Holder was aware or should have been aware of such occurrence, the Company must have failed to cure such alleged events within 30 days after its receipt of such written notice and Holder must resign within 30 days after the expiration of the Company’s 30 day cure period.”

 

2.             Section 14.2(d) of the Plan is hereby amended by adding the following to the end thereof:

 

“In the event that an Award is cancelled in connection with a Change in Control and a substitute award is granted in respect thereof by the successor corporation or a parent or subsidiary of the successor corporation, then if the Holder incurs a Termination of Service by the Company or an Affiliate without Cause (and not due to death or disability) or as the result of 

 

 

Holder’s resignation for Good Reason, in either case, following the occurrence of such Change in Control, then such substitute award granted in connection with such Change in Control, to the extent not vested as of the date of such Termination of Service, shall (i) in the case of a substitute award in the form of restricted stock units (A) become vested on the date of such Termination of Service with respect to the percentage of such restricted stock units equal to a fraction, the numerator of which is the number of days from the date of grant of the Restricted Stock Units in respect of which such substitute restricted stock units were granted until the date of such Termination of Service and the denominator of which is the number of days in the Performance Period relating to the Restricted Stock Units in respect of which such substitute restricted stock units were granted, with such substitute restricted stock units that become so vested to be settled within 60 days after such Termination of Service (or such later date required by Code Section 409A) and (B) with respect to any substitute restricted stock units that do not become vested under clause (A), as a severance benefit, which Holder had no legally binding right to prior to the First Amendment Effective Time, such substitute restricted stock units shall be settled on the date on which the Performance Period for the Restricted Stock Units in respect of which such substitute restricted stock units were granted was scheduled to end (or within 15 days thereafter), but only if the Holder has complied with any applicable restrictive covenants through and including the applicable vesting date and (ii) in the case of a substitute award in the form of a stock option, remain outstanding and continue to vest on its regularly scheduled dates if, and only if, the Holder has complied with any applicable restrictive covenants through and including the applicable vesting date.  Any substitute awards that do not become vested on or following a Termination of Service in accordance with the immediately preceding sentence shall be forfeited with no compensation or payment due to Holder.  With respect to any such substituted option, (i) any portion of such option which is vested and exercisable as of the date of such Termination of Service shall remain exercisable in accordance with the terms of the relevant award agreement and (ii) any portion of such option that becomes vested and/or exercisable on or after the date of such Termination of Service shall be exercisable for the same period as if the applicable vesting date was the date of Holder’s Termination of Service without Cause (and not due to death or disability).”

 

3.             Section 14.10 of the Plan is hereby amended by adding the following to the end thereof:

 

“In the event that a Holder is a “specified employee” within the meaning of Section 409A of the Code, and a payment or benefit provided for under the Plan would be subject to additional tax under Section 409A of the Code if such payment or benefit is paid within six (6) months after such Holder’s separation from service (within the meaning of Section 409A of the Code), then such payment or benefit shall not be paid (or commence) during the six (6) month period immediately following such Holder’s separation from service except as provided in the immediately following sentence. In such an event, any payments or benefits that would otherwise have been made or provided during such six (6) month period and which would have incurred such additional tax under Section 409A of the Code shall instead be paid to the Holder in a lump-sum, without interest, on the earlier of (i) the first business day of the seventh month following such Holder’s separation from service or (ii) the tenth business day following such Holder’s death.”

 

 

To record the adoption of this Amendment to the Plan, the Board has caused its authorized officer to execute this Amendment this 14th day of July, 2017.

 

 

	
 
    	
NEFF CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Irion
    
	
 
    	
 
    	
Name:
    	
Mark Irion
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    

 

(Signature Page to 2014 Plan Amendment)EX-10.1

 Exhibit 10.1 
  

			
	  
 General
Agreement
	  	TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA
	Of Indemnity	  	Hartford, Connecticut 06183

 We the undersigned, individually and for and on behalf of all other Indemnitors, enter into this General Agreement of
Indemnity (“Agreement”) in favor of Company. Witnesseth: 
 WHEREAS, in the transaction of business, Bonds have heretofore been and/or may
hereafter be executed by Company. In connection with the execution, delivery and/or assumption of obligations of such Bonds, Company requires complete indemnification. 

NOW, THEREFORE, as an inducement to Company and in consideration of Company’s execution and/or delivery of one or more Bonds, refraining from
canceling one or more Bonds, and/or assumption of obligations by Company of one or more Bonds, and for other good and valuable consideration, the Indemnitors jointly and severally agree with Company as follows: 

1. Definitions: For purposes of this Agreement, the following definitions apply, which definitions shall be equally
applicable to both the singular and plural forms of such terms: 
 Bond - Any and all bonds, undertakings, guarantees, contractual obligations, and
writings or statements of prequalification or commitment, including Modifications thereof, which Company has executed or procured for or on behalf of NEXT Electric, Inc., or its successor in interest NEXT Electric, LLC, whether
executed or procured before, on, or after the execution of this Agreement. For the purpose of this definition, “Modifications” shall include but not be limited to renewals, substitutions, riders, endorsements, reinstatements, replacements,
increases or decreases in penal sum, continuations, and extensions. 
 Company - Travelers Casualty and Surety Company of America, St. Paul Fire and
Marine Insurance Company, any of their present or future direct or indirect parent companies, any of the respective present or future direct or indirect affiliates or subsidiaries of such companies and parent companies, and/or any of the
aforementioned entities’ successors or assigns. 
 Contract - Any contract or obligation the performance of which is guaranteed or covered
either in whole or in part under a Bond. 
 Default - Any of the following shall constitute a Default, following receipt of notice from the Company
by IES Holdings, Inc., or NEXT Electric, LLC, and three (3) business days for Indemnitors to cure such event: (a) a declaration of Contract default by any Obligee; (b) actual breach or abandonment of any Contract; (c) a material
breach of any provision of this Agreement; (d) failure to make payment of a properly due and owing bill in connection with any Contract; (e) Company’s good faith establishment of a reserve with respect to a Bond; (f) improper
diversion of Contract funds or any Indemnitor’s assets to the detriment of Contract obligations; (g) any Indemnitor’s becoming the subject of any proceeding or agreement of bankruptcy, receivership, insolvency, or creditor assignment,
or actually becoming insolvent; (h) any Indemnitor’s dying, becoming legally incompetent, being imprisoned, being convicted of a felony, or disappearing and being unable to be located; (i) any representation furnished to Company by or
on behalf of any Indemnitor proving to have been materially false or misleading when made; and/or (j) any change in control or existence of any Indemnitor other than one which results in another Indemnitor remaining the controlling party.
Change in control means the addition or departure of any person or entity having a fifty-one percent (51%) or greater ownership interest in any Indemnitor. 

Indemnitors - Undersigned, all new indemnitors added to this Agreement by rider, their present and future direct and indirect subsidiaries, affiliates,
and parent companies (other than shareholders of IES Holdings, Inc.), and all of their successors and assigns, and any joint venture, co-venture, consortium, partnership, trust, association, limited liability company or other legal entity in which
one or more of them are involved, whether in existence now or formed or acquired hereafter, and any entity that obtains Bonds from Company at the request of any of the aforementioned parties, or any combination of the above. 

Loss - All loss and expense of any kind or nature, including attorneys’ and other professional fees, which Company incurs in connection with any
Bond or this Agreement, including but not limited to all loss and expense incurred by reason of Company’s: (a) making any investigation in connection with any Bond; (b) prosecuting or defending any action in connection with any Bond,
including any expenses incurred by Company to defend any extra-contractual claim where there has been no final adverse determination /adjudication of liability against Company on such claim; (c) obtaining
the release of any Bond; (d) recovering or attempting to recover Property in connection with any Bond or this Agreement; (e) enforcing by litigation or otherwise any of the provisions of this Agreement; and (f) all interest accruing
thereon at the maximum legal rate. 
 Obligee - Any person or entity in whose favor a Bond has been issued, and that person’s or entity’s
successors and assigns. 
 Property - Indemnitors’ rights, title and interest, whether now held or hereafter acquired in: (a) any Contract
or contract, including but not limited to subcontracts let; (b) any and all sums due or which may hereafter become due under any Contract or contract, and all damage claims and proceeds related thereto; (c) all rights arising under any
surety bonds or insurance policies in connection with a Contract; and (d) any and all of the following property relating to any individual Contract: accounts receivable, letters of credit, documents of title, bills of lading, warehouse
receipts, machinery, plants, equipment, tools, materials, supplies, inventory, vehicles, hardware, software, machine tools, fixtures, office equipment, books, records, designs, licenses, patents, intellectual property,
as-builts, construction drawings and documents, and all electronically stored information. 
 2.
Payment of Premium: Indemnitors shall pay to Company all premiums for each Bond executed and all renewals and extensions thereof. 

3. Indemnification and Hold Harmless: Indemnitors shall exonerate, indemnify and save Company harmless from and against all
Loss. An itemized, sworn statement by an employee of Company, or other evidence of payment, shall be prima facie evidence of the propriety, amount and existence of Indemnitors’ liability. Amounts due to Company shall be payable upon demand.

 4. Claim Settlement: Company shall have the right, in its sole discretion, to determine for itself and
Indemnitors whether any claim, demand or suit brought against Company or any Indemnitor in connection with or relating to any Bond shall be paid, compromised, settled, tried, defended or appealed, and its determination shall be final, binding and
conclusive upon the Indemnitors. Company shall be entitled to immediate reimbursement for any and all Loss incurred under the belief it was necessary or expedient to make such payments. 

  

			
	S-5007 (9-2016) NEXT Electric, Inc.	  	Page 1

 5. Collateral Security: Indemnitors agree to deposit with Company, upon
demand, an amount as determined by Company sufficient to discharge any Loss or anticipated Loss. Indemnitors further agree to deposit with Company, upon demand, an amount equal to the value of any assets or Contract funds improperly diverted by any
Indemnitor. Sums deposited with Company pursuant to this paragraph may be used by Company to pay such claim or be held by Company as collateral security against any Loss or unpaid premium on any Bond. Company shall have no duty to invest, or provide
interest on, the deposit. Indemnitors agree that Company would suffer irreparable damage and would not have an adequate remedy at law if Indemnitors fail to comply with the provisions of this paragraph. Any payments made by an Indemnitor hereunder
that are not used by the Company for the purpose of satisfying Loss shall be returned to the Indemnitors upon Company’s receipt of competent written evidence that there is no further liability under any Bond. 

6. Remedies: In the event of a Default, Indemnitors assign, convey and transfer to Company all of their rights, title and
interests in Collateral, and Company shall have a right in its sole discretion to: (a) take possession of the work under any Contract and to complete said Contract, or cause, or consent to, the completion thereof; (b) immediately take
possession of Indemnitors’ Collateral, and utilize the Collateral for the completion of the work under the Contracts without payment for such use; (c) assert or prosecute any right or claim in the name of any Indemnitor and to settle any
such right or claim as Company sees fit to remediate a Loss; (d) execute in the name of any Indemnitor, any instruments deemed necessary or desirable by Company to: (i) provide Company with title to Collateral, (ii) take immediate
possession of Contract funds whether earned or unearned, (iii) collect such Contract sums as may be due Indemnitors and to endorse in the name of Indemnitors, and (iv) collect on any negotiable instruments; (e) require any Obligee to
withhold payment of Contract funds unless and until Company consents to its release; and/or (f) be subrogated to all the rights, remedies, properties, funds, securities and receivables relating to Indemnitors’ Contracts or contracts and
have the right to offset losses on any Contract or Bond against proceeds, funds, or property due from another Contract, bond or contract. Further, in the event of Default and upon demand Indemnitors shall direct that all payments, monies, and
properties that are due or may become due on any Contract or contract be made payable to, and/or sent directly to, Company, and shall issue whatever writing or notices as deemed necessary by Company to effectuate the default and/or termination of
any Contract. 
 7. Joint and Several Liability: The obligations of Indemnitors hereunder are joint and several. Company is
authorized to settle with any one or more of the Indemnitors individually, and without reference to the others, and any such settlements shall not bar or prejudice actions by Company against or affect the liability of the other Indemnitors
hereunder. 
 8. Decline Execution: Company has the right, for any reason, to decline to execute: (a) any Bond, including
final Bonds where Company provided a bid Bond; (b) any Bond rider or consent authorizing any change to any Bond; and/or (c) any other consent of surety, without incurring any liability or waiving any right. 

9. Trust Fund: All payments due or received for or on account of any Contract, whether or not in the possession of
any Indemnitor, shall be held in trust as trust funds by Indemnitors for the benefit and payment of all obligations for which Company as beneficiary may be liable under any Bond. Company may open a trust account or accounts with a bank for the
deposit of the trust funds. Upon demand, Indemnitors shall deposit therein all trust funds received. Withdrawals from such trust accounts shall require the express consent of Company. 

10. Books, Records and Credit: Indemnitors shall furnish upon demand, and Company shall have the right of free access to, at
reasonable times, the records of Indemnitors including, but not limited to, books, papers, records, documents, contracts, reports, financial information, accounts and electronically stored information, for the purpose of examining and copying them.
Indemnitors expressly authorize Company to access their credit records, including, but not limited to, account numbers and/or account balances from financial institutions. To the extent required by law, Indemnitors, upon request, shall be informed
whether or not a consumer report has been requested by Company, and if so, of the name and address of the consumer reporting agency furnishing the report. 

11. Attorney in Fact: Indemnitors irrevocably constitute, appoint and designate Company as their attorney in fact with the right,
but not the obligation, to exercise all rights of Indemnitors assigned or granted to Company and to execute and deliver any other assignments, documents, instruments or agreements deemed necessary by Company to exercise its rights under this
Agreement in the name of any Indemnitor. 
 12. Security Interest: As security for their obligations hereunder, Indemnitors
hereby grant to Company a security interest in the Property of Indemnitors, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof (the “Collateral”). This Agreement shall for all
purposes constitute a Security Agreement for the benefit of Company in accordance with the Uniform Commercial Code (“UCC”) and all similar statutes. Indemnitors hereby irrevocably authorize Company, without notice to any Indemnitor, in
order to perfect the security interest granted herein, to file either: (a) this Agreement or a copy or other reproduction of this Agreement; or (b) any initial financing statements or amendments thereto that indicate the Collateral as all
assets of Indemnitors or words of similar effect, as being of an equal or lesser scope or with greater detail and that contain any other information relating to any Indemnitor required by Part 5 of Article 9 of the UCC for the jurisdiction where
such financing statement or amendment is filed. Company may add schedules or other documents to this Agreement as necessary to perfect its rights. The failure to file or record this Agreement or any financing statement shall not release or excuse
any of the obligations of Indemnitors under this Agreement. 
 13. Termination: This is a continuing Agreement, which remains in
full force and effect until terminated. The sole method available to Indemnitors to terminate their participation in this Agreement is by giving written notice to Company of Indemnitors’ intent to terminate. Such notice shall be sent to
Travelers Bond & Specialty Insurance, Attention: Construction Services – Bond, One Tower Square, Hartford, Connecticut 06183. The termination shall take effect thirty (30) days after Company receives such notice (“Termination
Date”). The notice shall not relieve Indemnitor from its obligations for any Bond executed prior to the Termination Date or with respect to any Bond executed after the Termination Date: (a) upon the award of a Contract to any Indemnitor on
a bid or proposal in respect of which Company has executed or procured a bid Bond prior to the Termination Date; or (b) which Company has become committed to execute or procure prior to the Termination Date; or (c) in connection with any
maintenance, guarantee, claim, lien, litigation, or other matter involving or relating to any Bond executed prior to the Termination Date or thereafter executed or procured as provided in sub- paragraphs
(a) or (b) above. 

  

			
	S-5007 (9-2016) NEXT Electric, Inc.	  	Page 2

 14. Jurisdiction: In any legal proceeding brought by or against Company that in any
way relates to this Agreement, each Indemnitor, for itself and its property, irrevocably and unconditionally submits to the exclusive jurisdiction, at the sole and exclusive option of 

Company, of the courts in any state in which any Indemnitor resides, has property, or in which any Contract is performed. Indemnitors hereby irrevocably and
unconditionally submit to the jurisdiction of said courts and waive and agree not to assert any claim that they are not subject to the jurisdiction of any such court, that such proceeding is brought in an inconvenient forum or that the venue of such
proceeding is improper. 
 15. Other Sureties: If Company procures the execution of Bonds by other sureties, executes Bonds with
co-sureties or obtains reinsurance, the provisions of this Agreement inure to the benefit of such other surety, co-surety or reinsurer, but only as to such Bonds. 

16. Nature of Rights: If any provision or portion of this Agreement is or becomes unenforceable, this Agreement shall not be void,
but shall be construed and enforced with the same effect as though such provision or portion were omitted. Subject to the terms of the partial release of prior indemnity agreements provided by Company to Indemnitors via letter dated on or around
July 14, 2017, this Agreement is in addition to and not in lieu of any other agreement of indemnity, whether now existing or entered into hereafter. Company shall be entitled to specific performance of the terms of this Agreement in addition to any
other remedy at law or equity. Time is of the essence in this Agreement. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine and neuter forms. The rights and remedies afforded to
Company by the terms of this Agreement can only be modified by a written rider to this Agreement signed by an authorized representative of Company. If any Indemnitor fails to execute or improperly executes this Agreement or is otherwise found not to
be bound under this Agreement, such failure or finding shall not affect the obligations of the other Indemnitors. The failure to sign or the improper execution of a Bond shall not affect Company’s rights under this Agreement, and Indemnitors
waive any claim they may have, now or at any time in the future, arising out of the failure to sign or properly execute a Bond. Termination and/or limitation of any Indemnitors’ obligations under this Agreement shall in no way affect the
obligations of any of the other Indemnitors whose obligations have not been terminated and/or limited. Indemnitors acknowledge this Agreement can be amended via rider to add another person, entity or entities as Indemnitor(s) to this Agreement and
Indemnitors waive any and all notice in connection with the addition of additional Indemnitors and further acknowledge the rights and obligations provided herein shall apply to all Indemnitors whenever made a party to the Agreement. 

17. Jury Waiver: Indemnitors hereby waive and covenant that they will not assert any right to trial by jury in respect to any
legal proceeding arising out of this Agreement. 
 18. Resolution: Indemnitors have a substantial, material and beneficial
interest: (a) in the obtaining of Bonds by any of the Indemnitors; and (b) in the transaction(s) for which any Indemnitor has applied or will apply to Company for Bonds pursuant to this Agreement. Indemnitors have the full power and
authority to execute, deliver and perform this Agreement and to carry out the obligations stated herein. Indemnitors further acknowledge and agree that: (x) the execution, delivery and performance of this Agreement by such Indemnitors;
(y) the compliance with the terms and provisions hereof; and (z) the carrying out of the obligations contemplated herein, do not, and will not, conflict with and will not result in a breach or violation of any terms, conditions or
provisions of the charter documents or bylaws of such Indemnitors, or any law, governmental rule or regulation, or any applicable order, writ, injunction, judgment or decree of any court or governmental authority against Indemnitors, or any other
agreement binding upon Indemnitors, or constitute a default thereunder. 
 19. Date of Agreement: The date of this Agreement
shall be the earliest date any Indemnitor executes this Agreement. 

 

WE HAVE READ THIS INDEMNITY AGREEMENT CAREFULLY. THERE ARE NO SEPARATE AGREEMENTS OR UNDERSTANDINGS WHICH IN ANY WAY LESSEN OUR OBLIGATIONS
AS ABOVE SET FORTH. IN TESTIMONY HEREOF, WE THE INDEMNITORS HAVE SET OUR HANDS AND FIXED OUR SEALS AS SET FORTH BELOW. 

  

					
	  IMPORTANT:	  	1.	  	PRINT OR TYPE NAMES UNDER EACH SIGNATURE.
	 	  	2.	  	ALL PERSONAL INDEMNITORS MUST PROVIDE A RESIDENTIAL ADDRESS AND SOCIAL
SECURITY NUMBER AND EACH SIGNATURE MUST BE NOTARIZED.
	 	  	3.	  	ALL ENTITY INDEMNITORS MUST PROVIDE AN ADDRESS AND FEDERAL TAX
IDENTIFICATION NUMBER, IF APPLICABLE, AND EACH SIGNATURE MUST BE NOTARIZED.

  

If Indemnitor a Corporation, Limited Liability Company, Partnership, or Trust, sign below: 

Instructions: All signatures must be notarized. If the entity is: 1) a corporation, the secretary and an authorized officer should sign on behalf of the
corporation; 2) a limited liability company, the manager(s) or member(s) should sign on behalf of the LLC; 3) a partnership, the partner(s) should sign on behalf of the partnership; or 4) a trust, all trustees should sign. Two signatures are
required for all entities except where otherwise instructed by Company. 
 Each of the undersigned hereby affirms to Company as follows: I am a duly
authorized official of the business entity Indemnitor on whose behalf I am executing this Agreement. In such capacity I am familiar with all of the documents which set forth and establish the rights which govern the affairs, power and authority of
such business entity including, to the extent applicable, the certificate or articles of incorporation, bylaws, corporate resolutions, and/or partnership, operating or limited liability agreements of such business entity. Having reviewed all such
applicable documents and instruments and such other facts as deemed appropriate, I hereby affirm that such entity has the power and authority to enter into this Agreement and that the individuals executing this Agreement on behalf of such entity are
duly authorized to do so. 

  

			
	S-5007 (9-2016) NEXT Electric, Inc.	  	Page 3

									
	 IES Holdings, Inc.
	 		 	 76-0542208

	Indemnitor – Corporation	 		 	(Federal Tax ID)	 	Month/Day/Year
				
	By 	  		 		 	By /s/ Tracy A. McLauchlin
	 (Seal)
	 		 	 (Seal)

	(Signature of Authorized Official)	 		 	(Signature of Authorized Official)
			
	  
	 		 	 Tracy A. McLauchlin, Sr. VP, CFO, Treasurer

	(Print or Type Name and Title)	 		 	(Print or Type Name and Title)
			
	 5433 Westheimer Road, Suite 500, Houston, TX 77056
	 		 	 Delaware

		  	(Address)	 		 	(State of Incorporation / Formation)
					
	ACKNOWLEDGEMENT	  		 		 		 	
	STATE OF     Texas    	  	County of     Harris    	 		 		 	
		  		 		 		 	
	  
 On this
    11     day of     July    ,     2017    , before me personally appeared     Tracy
A. McLauchlin    , known or proven to me to be the     SVP, CEO & Treasurer     of the entity executing the foregoing instrument (“Entity”), and known or proven to
me to be the     SVP, CEO & Treasurer     of the Entity, and they acknowledged said instrument to be the free and voluntary act and deed of Entity for the uses and purposes therein mentioned and on
oath stated that the seal affixed is the seal of Entity and that it was affixed and that they executed said instrument by authority of Entity. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my OFFICIAL SEAL the day and year first above
written.
  

		  		 		 	 /s/ Danelle Andel

		  		 		 	Notary Public	 	(signature)
				
		  		 		 	 Danelle Andel

		  		 		 	Notary Public	 	(print or type)
				
		  		 		 	Notary Public residing at: Harris County
				
		  		 		 	Commission expires: 10/01/2019
	
	  

			
	 NEXT Electric, LLC
	 		 	 45-4876996

	Indemnitor – Limited Liability Company	 		 	(Federal Tax ID)	 	Month/Day/Year
					
	By 	  		 		 	By /s/ Thomas E. Santoni	 	
	 (Seal)
	 		 	 (Seal)

	(Signature of Authorized Official)	 		 	(Signature of Authorized Official)
			
	  
	 		 	 Thomas E. Santoni, CEO

	(Print or Type Name and Title)	 		 	(Print or Type Name and Title)
			
	 1121 Marlin Court, Waukesha, Wisconsin 53186
	 		 	 Wisconsin

		  	(Address)	 		 	(State of Incorporation / Formation)
					
	ACKNOWLEDGEMENT	  		 		 		 	
	STATE OF     Texas    	  	County of     Harris    	 		 		 	
	  
 On this
    11     day of     July    ,     2017    , before me personally appeared
    Thomas E. Santoni    , known or proven to me to be the     CEO     of the entity executing the foregoing instrument (“Entity”), and known or
proven to me to be the     CEO     of the Entity, and they acknowledged said instrument to be the free and voluntary act and deed of Entity for the uses and purposes therein mentioned and on oath stated
that the seal affixed is the seal of Entity and that it was affixed and that they executed said instrument by authority of Entity. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my OFFICIAL SEAL the day and year first above written.

 

		  		 		 	 /s/ Danelle Andel

		  		 		 	Notary Public	 	(signature)
				
		  		 		 	 Danelle Andel

		  		 		 	Notary Public	 	(print or type)
				
		  		 		 	Notary Public residing at: Harris County
				
		  		 		 	Commission expires: 10/01/2019

  

									
	 IES Holdings, Inc.
	 		 	 76-0542208

	Indemnitor – Corporation	 		 	(Federal Tax ID)	 	Month/Day/Year
				
	By /s/ Gail D. Makode	  		 		 	By
	 (Seal)
	 		 	 (Seal)

	(Signature of Authorized Official)	 		 	(Signature of Authorized Official)
			
	 Gail D. Makode, Sr. VP, General Counsel, Secretary
	 		 	  

	(Print or Type Name and Title)	 		 	(Print or Type Name and Title)
			
	 5433 Westheimer Road, Suite 500, Houston, TX 77056
	 		 	 Delaware

		  	(Address)	 		 	(State of Incorporation / Formation)
					
	ACKNOWLEDGEMENT	  		 		 		 	
	STATE OF     Connecticut    	  	County of     Fairfield    	 		 		 	
		  		 		 		 	
	  
 On this
    11     day of     July    ,     2017    , before me personally appeared     Gail
D. Makode    , known or proven to me to be the     SVP, General Counsel, Secretary     of the entity executing the foregoing instrument (“Entity”), and known or proven
to me to be the     SVP, General Counsel, Secretary     of the Entity, and they acknowledged said instrument to be the free and voluntary act and deed of Entity for the uses and purposes therein
mentioned and on oath stated that the seal affixed is the seal of Entity and that it was affixed and that they executed said instrument by authority of Entity. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my OFFICIAL SEAL the day and
year first above written.
  

		  		 		 	 /s/ Rebecca Tomsky

		  		 		 	Notary Public	 	(signature)
				
		  		 		 	 Rebecca Tomsky

		  		 		 	Notary Public	 	(print or type)
					
		  		 		 	Notary Public residing at:	 	 1165 Riverbank Rd,
 Stamford, CT
06903

				
		  		 		 	Commission expires: 07/31/2018
	
	  

			
	 NEXT Electric, LLC
	 		 	 45-4876996

	Indemnitor – Limited Liability Company	 		 	(Federal Tax ID)	 	Month/Day/Year
					
	By /s/ Gail D. Makode	  		 		 	By	 	
	 (Seal)
	 		 	 (Seal)

	(Signature of Authorized Official)	 		 	(Signature of Authorized Official)
			
	 Gail D. Makode, Sr. VP, General Counsel, Secretary
	 		 	  

	(Print or Type Name and Title)	 		 	(Print or Type Name and Title)
			
	 1121 Marlin Court, Waukesha, Wisconsin 53186
	 		 	 Wisconsin

		  	(Address)	 		 	(State of Incorporation / Formation)
					
	ACKNOWLEDGEMENT	  		 		 		 	
	STATE OF     Connecticut    	  	County of     Fairfield    	 		 		 	
	  
 On this
    11     day of     July    ,     2017    , before me personally appeared     Gail
D. Makode    , known or proven to me to be the     VP and Secretary     of the entity executing the foregoing instrument (“Entity”), and known or proven to me to be the
    VP and Secretary     of the Entity, and they acknowledged said instrument to be the free and voluntary act and deed of Entity for the uses and purposes therein mentioned and on oath stated that the
seal affixed is the seal of Entity and that it was affixed and that they executed said instrument by authority of Entity. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my OFFICIAL SEAL the day and year first above written.

 

		  		 		 	 /s/ Rebecca Tomsky

		  		 		 	Notary Public	 	(signature)
				
		  		 		 	 Rebecca Tomsky

		  		 		 	Notary Public	 	(print or type)
					
		  		 		 	Notary Public residing at:	 	 1165 Riverbank Rd,
 Stamford, CT
06903

					
		  		 		 	Commission expires:	 	07/31/2018

  

			
	S-5007 (9-2016) NEXT Electric, Inc.	  	Page 4

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