Document:

Purchase and Assumption Agreement

 Exhibit 10.1 
 PURCHASE AND ASSUMPTION AGREEMENT 
 by and between 

LUMBEE GUARANTY BANK, 
 as Buyer 
 and 

NEW CENTURY BANK, 

as Seller 
 Dated
as of December 20, 2011 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE 1
	  	SALE AND PURCHASE OF CERTAIN ASSETS AND ASSUMPTION AND TRANSFER OF CERTAIN LIABILITIES	  	 	1	  
			
	 1.1
	  	 Sale of Assets
	  	 	1	  
	 1.2
	  	 Assets to be Retained by Seller
	  	 	2	  
	 1.3
	  	 Assumption of Liabilities of Seller
	  	 	3	  
	 1.4
	  	 Liabilities to be Retained by Seller
	  	 	3	  
	 1.5
	  	 Purchase Price and Cash Payment
	  	 	4	  
	 1.6
	  	 The Closing, the Closing Date and the Effective Time
	  	 	4	  
	 1.7
	  	 Preliminary and Final Lists of Deposits, Safe Deposit Contracts and Loans
	  	 	4	  
	 1.8
	  	 Adjustments
	  	 	5	  
	 1.9
	  	 Deliveries by Seller at the Closing
	  	 	5	  
	 1.10
	  	 Deliveries by Buyer at the Closing
	  	 	7	  
	 1.11
	  	 Real Property Matters
	  	 	7	  
	 1.12
	  	 Further Assurances
	  	 	9	  
			
	 ARTICLE 2
	  	 REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	9	  
			
	 2.1
	  	 Organization and Standing
	  	 	9	  
	 2.2
	  	 Execution and Delivery
	  	 	9	  
	 2.3
	  	 Compliance with Laws, Permits and Instruments
	  	 	10	  
	 2.4
	  	 Litigation
	  	 	10	  
	 2.5
	  	 Consents
	  	 	10	  
	 2.6
	  	 Title to and Condition of the Assets
	  	 	10	  
	 2.7
	  	 Financial Information
	  	 	11	  
	 2.8
	  	 Reserved
	  	 	11	  
	 2.9
	  	 Contracts
	  	 	11	  
	 2.10
	  	 Intentionally Omitted
	  	 	11	  
	 2.11
	  	 No Material Adverse Change With Respect to the Assets and Liabilities
	  	 	11	  
	 2.12
	  	 Reserved
	  	 	12	  
	 2.13
	  	 Books and Records
	  	 	12	  
	 2.14
	  	 Regulatory Compliance
	  	 	12	  
	 2.15
	  	 Brokerage Fees
	  	 	12	  
	 2.16
	  	 Employee Matters
	  	 	12	  
	 2.17
	  	 Safe Deposit Contracts
	  	 	12	  
	 2.18
	  	 Tax Matters
	  	 	13	  
	 2.19
	  	 Representations Not Misleading
	  	 	13	  
			
	 ARTICLE 3
	  	 REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	14	  
			
	 3.1
	  	 Organization and Standing
	  	 	14	  
	 3.2
	  	 Execution and Delivery
	  	 	14	  
	 3.3
	  	 Compliance with Laws, Permits and Instruments
	  	 	14	  
	 3.4
	  	 Litigation
	  	 	14	  

  
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	 3.5
	  	 Consents
	  	 	15	  
	 3.6
	  	 Brokerage Fees
	  	 	15	  
	 3.7
	  	 Regulatory Conditions
	  	 	15	  
	 3.8
	  	 Representations Not Misleading
	  	 	15	  
			
	 ARTICLE 4
	  	 COVENANTS OF SELLER
	  	 	15	  
			
	 4.1
	  	 Reasonable Efforts
	  	 	15	  
	 4.2
	  	 Regulatory Approvals
	  	 	15	  
	 4.3
	  	 Required Acts of Seller
	  	 	16	  
	 4.4
	  	 Prohibited Acts of Seller
	  	 	17	  
	 4.5
	  	 Access; Pre-Closing Investigation and Post-Closing Conversion
	  	 	18	  
	 4.6
	  	 Untrue Representations
	  	 	18	  
	 4.7
	  	 Notice of Adverse Changes, Litigation and Claims
	  	 	18	  
	 4.8
	  	 No Disclosure or Negotiation with Others
	  	 	18	  
	 4.9
	  	 Notices to Customers
	  	 	19	  
			
	 ARTICLE 5
	  	 COVENANTS OF BUYER
	  	 	19	  
			
	 5.1
	  	 Reasonable Efforts
	  	 	19	  
	 5.2
	  	 Regulatory Approvals
	  	 	19	  
	 5.3
	  	 Notice of Adverse Changes, Litigation and Claims
	  	 	19	  
	 5.4
	  	 Notice to Customers
	  	 	20	  
	 5.5
	  	 Use of Name
	  	 	20	  
			
	 ARTICLE 6
	  	 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF BUYER
	  	 	20	  
			
	 6.1
	  	 Compliance with Representations, Warranties and Agreements
	  	 	20	  
	 6.2
	  	 Necessary Corporate Actions
	  	 	21	  
	 6.3
	  	 Governmental Approvals
	  	 	21	  
	 6.4
	  	 No Litigation
	  	 	21	  
	 6.5
	  	 No Material Adverse Change With Respect to the Assets and Liabilities
	  	 	21	  
	 6.6
	  	 Consents of Third Parties
	  	 	21	  
	 6.7
	  	 Documentation
	  	 	22	  
			
	 ARTICLE 7
	  	 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLER
	  	 	22	  
			
	 7.1
	  	 Compliance with Representations, Warranties and Agreements
	  	 	22	  
	 7.2
	  	 Necessary Corporate Actions
	  	 	22	  
	 7.3
	  	 Governmental and Other Approvals
	  	 	22	  
	 7.4
	  	 No Litigation
	  	 	23	  
	 7.5
	  	 Consents of Third Parties
	  	 	23	  
	 7.6
	  	 Documentation
	  	 	23	  
			
	 ARTICLE 8
	  	SURVIVAL OF REPRESENTATIONS, WARRANTIES, AGREEMENT AND OBLIGATIONS; INDEMNIFICATION	  	 	23	  
			
	 8.1
	  	 Survival
	  	 	23	  
	 8.2
	  	 Indemnification by Seller
	  	 	23	  
	 8.3
	  	 Indemnification by Buyer
	  	 	24	  

  
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	 8.4
	  	 Limit on Indemnities
	  	 	25	  
	 8.5
	  	 Definitions
	  	 	26	  
			
	 ARTICLE 9
	  	 OPERATIONAL AGREEMENTS
	  	 	26	  
			
	 9.1
	  	 Replacement of Customer Check Stock and Debit Cards
	  	 	26	  
	 9.2
	  	 Payment of Checks, Drafts, and Orders
	  	 	26	  
	 9.3
	  	 Clearing Items
	  	 	27	  
	 9.4
	  	 Returned Items
	  	 	27	  
	 9.5
	  	 Data Processing
	  	 	28	  
	 9.6
	  	 Compliance with Garnishments and Similar Orders
	  	 	28	  
	 9.7
	  	 Direct Deposit Arrangements
	  	 	28	  
	 9.8
	  	 Continuing Cooperation
	  	 	28	  
	 9.9
	  	 Final Statements
	  	 	28	  
	 9.10
	  	 Interest Reporting and Withholding
	  	 	29	  
	 9.11
	  	 Reserved
	  	 	29	  
	 9.12
	  	 Other Items
	  	 	29	  
	 9.13
	  	 Safe Deposit Box and Safekeeping Business
	  	 	29	  
	 9.14
	  	 Non-Solicitation Agreement
	  	 	30	  
	 9.15
	  	 Books and Records
	  	 	30	  
	 9.16
	  	 Taxes
	  	 	31	  
	 9.17
	  	 Allocation of Purchase Price
	  	 	31	  
			
	 ARTICLE 10
	  	 EMPLOYEE MATTERS
	  	 	32	  
			
	 10.1
	  	 Notice to Employees and Information
	  	 	32	  
	 10.2
	  	 Offer of Employment
	  	 	32	  
	 10.3
	  	 Non-Assumed Employee; Costs of Termination
	  	 	33	  
	 10.4
	  	 Communications
	  	 	33	  
	 10.5
	  	 Seller’s Retention of Liabilities
	  	 	33	  
	 10.6
	  	 No Third Party Beneficiaries
	  	 	33	  
	 10.7
	  	 Non-Solicitation of Employees
	  	 	33	  
			
	 ARTICLE 11
	  	 TERMINATION AND ABANDONMENT
	  	 	33	  
			
	 11.1
	  	 Right of Termination
	  	 	33	  
	 11.2
	  	 Notice of Termination
	  	 	34	  
	 11.3
	  	 Effect of Termination
	  	 	34	  
			
	 ARTICLE 12
	  	 MISCELLANEOUS
	  	 	34	  
			
	 12.1
	  	 Entire Agreement
	  	 	34	  
	 12.2
	  	 Multiple Counterparts
	  	 	35	  
	 12.3
	  	 Amendment
	  	 	35	  
	 12.4
	  	 Notices
	  	 	35	  
	 12.5
	  	 Binding Effect
	  	 	36	  
	 12.6
	  	 Governing Law
	  	 	36	  
	 12.7
	  	 Attorneys’ Fees and Costs Upon Enforcement
	  	 	36	  

  
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	 12.8
	  	 Severability
	  	 	36	  
	 12.9
	  	 Assignability
	  	 	37	  
	 12.10
	  	 Rules of Construction
	  	 	37	  
	 12.11
	  	 Expenses
	  	 	37	  
	 12.12
	  	 Waiver
	  	 	37	  
	 12.13
	  	 Specific Performance
	  	 	37	  
	 12.14
	  	 Public Disclosure
	  	 	37	  
	 12.15
	  	 Confidential Information
	  	 	38	  

  
 - iv -

 PURCHASE AND ASSUMPTION AGREEMENT 

THIS PURCHASE AND ASSUMPTION AGREEMENT (this “Agreement”) is made and entered into as of the
20th day of December, 2011, by and between LUMBEE GUARANTY
BANK, a North Carolina banking corporation with its main office in Pembroke, North Carolina (“Buyer”), and NEW CENTURY BANK, a North Carolina banking corporation with its main office in Dunn, North Carolina
(“Seller”). 
 RECITALS: 
 WHEREAS, Seller desires to sell and transfer to Buyer, and Buyer desires to purchase and acquire from Seller, certain assets associated with two of Seller’s branch offices located at 410 E. Third
Street, Pembroke, North Carolina and 720 Harris Avenue Raeford, North Carolina (individually, a “Branch” and collectively, the “Branches”) and to assume certain deposit accounts and related liabilities of Seller
associated with the Branches on the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, for and in
consideration of the foregoing and of the mutual representations, warranties, covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to the
conditions herein set forth, the parties hereto, intending to be legally bound hereby, do undertake, promise, covenant and agree with each other as follows: 
 ARTICLE 1 
 SALE AND PURCHASE OF CERTAIN ASSETS 

AND ASSUMPTION AND TRANSFER OF CERTAIN LIABILITIES 
 1.1 Sale of Assets. On the terms and subject to the conditions contained in this Agreement, at the Closing (as defined in Section 1.6) Buyer shall purchase and acquire from Seller and
Seller shall sell, convey, assign, transfer and deliver to Buyer all of the right, title, and interest of Seller in and to the following assets associated with the Branches, free and clear of all liens, security interests, pledges, encumbrances,
adverse claims and demands of every kind, character and description whatsoever (other than liens for taxes not yet due, referred to herein as “Permitted Liens”), except as otherwise provided in this Agreement (all of which are
collectively referred to herein as the “Assets”): 
 A. All rights of Seller under safe deposit
contracts and leases set forth on Schedule 1.1(A) (as such Schedule may be updated in accordance with Section 1.7), for the safe deposit boxes located at the Branches as of the Effective Time (the “Safe Deposit
Contracts”); 
 B. All books, records (including computer records and core system information), files
and documentation relating to the Assets and the Liabilities (as defined in Section 1.3), in the form and manner kept by Seller, whether or not in electronic format (the “Records”), including, but not limited to:

 (i) Signature cards, orders and contracts between Seller and its depositors, and records of similar character;

 (ii) The Safe Deposit Contracts; and 

(iii) Account histories; 
 C. All cash on hand at the Branches as of the close of business on the Closing Date, including vault cash, petty cash, tellers’ cash, cash in automated teller machines, and cash items in the process
of collection (collectively, the “Cash on Hand”); 
 D. All real property, whether owned in fee
simple or leased, subleased, or rented by Seller where each of the Branches is located, including any easement, license, or real property right associated therewith, and all improvements to such property purchased, installed, or constructed by or on
behalf of Seller and used in connection with the operation or maintenance of each Branch, including, without limitation, buildings, structures, parking facilities, and drive-in teller facilities (collectively the “Real Property”);
and 
 E. all furniture, fixtures, equipment, and other tangible personal property owned or leased by Seller
relating to the Branches set forth on Schedule 1.1(E) (collectively, the “Branch Personal Property”), together with all assignable warranties and maintenance and service agreements pertaining to the Branch Personal Property,
to the extent such maintenance and service agreements are severable from Seller’s other branches. 
 Buyer shall succeed to
all rights, title, benefits and interests of Seller in and to the Assets as of the Effective Time, and shall be entitled to receive all benefits therefrom as if Buyer had itself acquired such assets. To the extent that any Safe Deposit Contract may
not be assigned without the consent of any person which has not been obtained as of Closing, this Agreement shall not constitute an agreement to assign the same if an attempted assignment would constitute a default thereof. If any consent applicable
to the Safe Deposit Contract is not obtained prior to the Closing, or if any attempted assignment would be ineffective so that Buyer would not in effect acquire the benefit of such rights, then Buyer and Seller shall enter into a commercially
reasonable arrangement for Seller to act after the Closing as Buyer’s agent in order to preserve and obtain for Buyer the benefits thereunder, and such commercially reasonable arrangement shall be designed to transfer the economic costs of such
benefits to Buyer. 
 1.2 Assets to be Retained by Seller. Seller shall retain all assets not expressly purchased by
Buyer pursuant to Section 1.1 (collectively, the “Excluded Assets”), including, but not limited to: 
 A. all investment securities owned by Seller relating to the Branches; 
 B. all other real estate owned by Seller or carried as in substance foreclosures that are associated with the Branches; 

C. all loans or participations in loans related to the Branches (the “Loans”), including any loans
previously charged-off by Seller; 
 D. allowance for loan losses on all loans (including the Loans); and

  
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 E. all customer and merchant credit card accounts. 

1.3 Assumption of Liabilities of Seller. At the Closing, subject to the conditions contained herein, Seller shall transfer and
assign to Buyer, and Buyer shall assume, pay for, perform and discharge from and after the Effective Time, as and when due and payable, the following liabilities of Seller associated with the Branches and reflected on the books and records of Seller
(all of which are collectively referred to herein as the “Liabilities”): 
 A. All deposits
associated with the Branches and listed on Schedule 1.3A) (as such Schedule may be updated in accordance with Section 1.7) as of the Effective Time (the “Deposits”), together with all rights, duties and
obligations of Seller associated therewith, including, but not limited to, the agreements with customers associated with such deposits (the “Deposit Agreements”; the holders of record of the Deposits are hereinafter referred to as
the “Depositors”); and 
 B. All liabilities, duties and obligations of Seller arising or to be
performed after the Effective Time under the Safe Deposit Contracts set forth on Schedule 1.1(A) (as such Schedule may be updated in accordance with Section 1.7). 

Buyer shall succeed to and assume all obligations and liabilities of Seller to the extent included in the Liabilities as of the Effective
Time, and shall be liable from then and thereafter to pay, discharge and perform all of the Liabilities as if Buyer had itself incurred such obligations and liabilities, and Buyer shall succeed to all rights, offsets and defenses of Seller in
connection therewith. For purposes of this Agreement, the term “deposit” shall have the meaning of such term as defined in section 3(l) of the Federal Deposit Insurance Act, 12 U.S.C. § 1813(l). 

1.4 Liabilities to be Retained by Seller. Seller shall retain all liabilities or obligations not expressly assumed by Buyer
pursuant to Section 1.3 (all of which are collectively referred to herein as the “Retained Liabilities”), including, but not limited to: 

A. All liabilities or obligations relating to the Excluded Assets; 

B. All real estate taxes on the Branches and the Real Property for calendar year 2011 and all preceding years; 

C. All liabilities or obligations with respect to any litigation, suits, claims, demands or governmental proceedings
asserted by third parties against Seller and arising, commenced or resulting from the operations of the Branches prior to the Effective Time; and 
 D. Any environmental liability arising out of or relating to (i) the Real Property, or (ii) in whole or in part with respect to operations, conditions, events, or activities at or any presence
or release of hazardous materials migrating from the Real Property, if any such claim, demand or proceeding, or any notice of the foregoing, is made or commenced prior to the Effective Time. 

  
 - 3 -

 1.5 Purchase Price and Cash Payment. 

A. At Closing, a cash payment shall be made by Seller to Buyer in an amount (the “Payment Amount”) equal
to (i) the net book value of the Deposits shown on the books and records of Seller as of the Closing Date, less (ii) One Million Eight Hundred Thousand Dollars ($1,800,000) (which amount represents a deposit premium in an amount equal to
the excess of $1,800,000 over the net book value of the Real Property and the Branch Personal Property as of the Closing Date), less (iii) an amount equal to all Cash on Hand as of the Closing Date. If the Payment Amount is an amount less than
zero, then Buyer shall pay to Seller an amount equal to such negative Payment Amount. If the Payment Amount is greater than zero, then Seller shall pay to Buyer an amount equal to such positive Payment Amount. 

B. Seller shall provide to Buyer, within five business days prior to the Closing Date, a preliminary schedule of Closing
settlement amounts substantially in the form attached hereto as Exhibit A showing in reasonable detail the calculation of the payments to be made at Closing. For the purposes of this Agreement, “business day” shall mean any day
other than a Saturday, Sunday or any other day on which commercial banks in North Carolina, are authorized or required to close. 
 C. The Payment Amount due at Closing from Seller to Buyer or from Buyer to Seller, as applicable, pursuant to this Section 1.5 shall be subject to adjustment as provided in
Section 1.8. 
 1.6 The Closing, the Closing Date and the Effective Time. The sale and purchase of the Assets
and the assumption of the Liabilities pursuant to this Agreement (the “Closing”) shall occur on the fifth business day following receipt of all necessary regulatory approvals, the expiration of any mandatory waiting periods and the
satisfaction or waiver of all conditions precedent set forth in Articles 6 and 7, or such other date as the parties may mutually agree. The Closing shall be held at 10:00 a.m. local time at the offices of Gaeta &
Eveson, P.A., 700 Spring Forest Road, Suite 335, Raleigh, North Carolina 27609, unless another place is mutually agreed upon by Buyer and Seller. The date of the Closing is referred to herein as the “Closing Date.” The effective
time (the “Effective Time”) shall be 5:00 p.m., local time, on the Closing Date or such other time as Buyer and Seller shall mutually agree, notwithstanding the actual time that the Closing occurs. Buyer and Seller specifically
agree that time is of the essence for all purposes with respect to this Agreement and the transactions contemplated hereby. 
 1.7 Preliminary and Final Lists of Deposits and Safe Deposit Contracts. On or before the 10th day of each month, beginning in January, 2012 and continuing until the Closing Date, Seller shall furnish to Buyer an
updated list (each a “Preliminary List”) of the Deposits and Safe Deposit Contracts as of the last day of the preceding month, together with a trial balance for each of the Branches as of the end of such month and the parties will
calculate all amounts payable on the Closing Date pursuant to Section 1.5 in accordance with the amounts reflected on the Preliminary List most recently furnished by Seller to Buyer. Within three business days following the Closing Date,
Seller shall furnish Buyer with an updated list (the “Final List”) of the Deposits and Safe Deposit Contracts as of the Effective Time, certified by the Chief Executive Officer or Chief Financial Officer of Seller (acting in his or
her official capacity, and 

  
 - 4 -

 
not individually) to be true and correct as of such date. In addition, Seller shall deliver to Buyer a list of all Safe Deposit Contracts purchased, which list shall be appended to the Bill of
Sale, and a list of all Deposits assumed, which list shall be appended to the Assignment and Assumption Agreement. Subject to rights of indemnification pursuant to Article 8, the Final List shall become final and binding on Buyer and Seller
five business days after its delivery to Buyer, unless Buyer gives written notice to Seller of its disagreement with respect to any item included in or excluded from such Final List. Seller and Buyer shall use commercially reasonable efforts to
resolve any such disagreement during the five business day period after receipt by Seller of any such notice. If the disagreement is not resolved within such five business day period, the Chief Executive Officer of Buyer and the Chief Executive
Officer of Seller shall meet or confer to resolve such dispute and cause the Final List to be modified, if appropriate, whereupon the Final List shall become final and binding. When the Final List becomes final and binding, an appropriate settlement
payment from Seller to Buyer or from Buyer to Seller, as applicable, will be made, adjusting the Payment Amount, together with accrued interest on the amount of such adjustment calculated at the federal funds rate in effect on the Closing Date for
the number of days elapsed between the Closing Date and the date of such settlement payment. 
 1.8 Adjustments. All
amounts prepaid relating to Safe Deposit Contracts or related agreements shall be prorated through the Effective Time, and all rental payments or deposits paid thereon, if any, shall be paid to Buyer. Utility charges, real property taxes and special
assessments, personal property taxes, and other ordinary operating expenses of the Branches shall be prorated between Seller and Buyer through the Effective Time such that Seller shall be responsible for all such costs and expenses incurred for
periods before the Effective Time and Buyer shall be responsible for all such costs and expenses incurred for periods after the Effective Time. 
 1.9 Deliveries by Seller at the Closing. At the Closing, Seller shall execute and acknowledge, where appropriate, and deliver to Buyer together with third party consents and releases of liens and
security interests when required, certificates and other instruments of sale, conveyance, transfer and assignment relating to all of the Assets, and containing solely warranties consistent with the representations and warranties contained in this
Agreement, including, without limitation, the following (all of such actions constituting conditions precedent to Buyer’s obligations to close hereunder): 
 A. The Records; 
 B. The Assets that are capable of physical
delivery; 
 C. A certificate duly executed by an authorized officer of Seller (acting in his or her official
capacity, and not individually), dated as of the Closing Date, pursuant to which such officer shall certify that (i) the representations and warranties of Seller as set forth in this Agreement are true and correct in all material respects as of
the Closing Date; and (ii) Seller has complied in all material respects with all covenants contained in Article 4 and its other agreements set forth herein ; 

D. A certificate duly executed by the Secretary of Seller (acting in his or her official capacity, and not individually)
pursuant to which such officer shall certify (i) the 

  
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due adoption by the board of directors of Seller and Seller’s parent corporation, New Century Bancorp, Inc., of corporate resolutions attached to such certificate authorizing the transaction
and the execution and delivery of this Agreement and the other agreements and documents contemplated hereby and the taking of all actions contemplated hereby and thereby; and (ii) the incumbency and true signatures of those officers of Seller
duly authorized to act on its behalf in connection with the transaction contemplated by this Agreement and to execute and deliver this Agreement and other agreements and documents contemplated hereby and the taking of all actions contemplated hereby
and thereby on behalf of Seller; 
 E. All documents, contracts, certificates, instruments, keys and records
necessary or appropriate to transfer the safe deposit and safekeeping businesses related to the Safe Deposit Contracts; 
 F. In addition to other information described in this Agreement regarding the Deposit accounts being transferred to Buyer and the related Depositors, a list, certified by an authorized officer of Seller
(acting in his or her official capacity, and not individually), setting forth all (i) garnishments, similar court orders, tax liens and orders of any governmental entity, (ii) “stop-payment” orders or instructions of deposit
customers, (iii) Depositors as to whom Seller has received a “back-up withholding” order from the Internal Revenue Service or any state or other taxing authority, and (iv) other “holds,” in either case as to which
Seller has received notice and which are in effect with respect to particular Deposit accounts or outstanding checks or other items on the business day immediately preceding the Closing Date, together with an identification of the Deposit account
and/or check or other item to which they apply and the terms thereof; 
 G. If the Payment Amount is an amount
greater than zero, Seller shall pay to Buyer at Closing an amount equal to such positive Payment Amount in immediately available funds (such payment to be made at a time no later than 2:00 p.m., North Carolina time, on the Closing Date);

 H. A bill of sale in the form of Exhibit B hereto by which Seller transfers the Assets to Buyer and an
assignment and assumption agreement in the form of Exhibit C hereto by which Seller assigns the Liabilities to Buyer and Buyer assumes the Liabilities from Seller; 

I. All personnel records and employee files with respect to all Assumed Employees (as defined in
Section 10.2); 
 J. A special warranty deed along with such other instruments of transfer as shall
be necessary or desirable to effect Seller’s conveyance to Buyer of good and marketable title to the Real Property in fee simple; 
 K. A list all recurring automated clearing house and Fed wire direct deposit or automatic draft or payment arrangements that are tied by agreement or other standing arrangement to any of the Deposits; and

  
 - 6 -

 L. Copies in writing of required consents of governmental bodies and third
parties described in Section 2.5 below. 
 1.10 Deliveries by Buyer at the Closing. At the Closing, Buyer shall
execute, acknowledge and deliver to Seller, in recordable form as appropriate, such documents and certificates necessary to carry out the terms and provisions of this Agreement, including, without limitation, the following (all of such actions
constituting conditions precedent to Seller’s obligations to close hereunder): 
 A. An executed assignment
and assumption agreement in the form of Exhibit C hereto by which Buyer assumes the Liabilities; 

B. A certificate duly executed by an authorized officer of Buyer (acting in his or her official capacity, and not
individually), dated as of the Closing Date, pursuant to which such officer shall certify that (i) the representations and warranties of Buyer as set forth in this Agreement are true and correct in all material respects as of the Closing Date
and (ii) Buyer has complied in all material respects with all covenants contained in Article 5 and its other agreements set forth herein; 
 C. A certificate duly executed by the Secretary of Buyer (acting in his or her official capacity, and not individually) pursuant to which such officer shall certify (i) the due adoption by the Board
of Directors of Buyer and Buyer’s parent corporation, if any, of corporate resolutions attached to such certificate authorizing the execution and delivery of this Agreement and the other agreements and documents contemplated hereby, the
consummation of the transactions contemplated hereby and thereby, and the taking of all actions contemplated hereby and thereby on behalf of Buyer, and (ii) the incumbency and true signatures of those officers of Buyer duly authorized to act on
its behalf in connection with the transactions contemplated by this Agreement and to execute and deliver this Agreement and the other agreements and documents contemplated hereby and thereby on behalf of Buyer; and 

D. If the Payment Amount is an amount less than zero, Buyer shall pay to Seller at Closing an amount equal to such
negative Payment Amount, in immediately available funds (such payment to be made at a time no later than 2:00 p.m., North Carolina time, on the Closing Date). 
 1.11 Real Property Matters. 
 A. At its option and expense,
following the date of this Agreement and until the date that is ten business days prior to the Closing Date, Buyer may cause to be conducted (i) a title examination of the Real Property (the “Title Examination”),
(ii) a physical survey, zoning compliance review, and structural inspection of any or all of the Real Property and improvements thereon (collectively, the “Property Examination”), and (iii) site inspections,
environmental assessments, historic reviews, and regulatory analyses of any or all of the Real Property, together with such other studies, testing and intrusive sampling and analyses as Buyer shall deem necessary or desirable (collectively, the
“Environmental Survey”); provided, however, that any investigation or reviews conducted by or on behalf of Buyer shall be performed in such a manner as will not interfere unreasonably with Seller’s normal operations.

  
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 If, in the course of the Title Examination, the Property Examination or the
Environmental Survey, Buyer identifies one or more “Material Defects” (as defined below), Buyer will give prompt written notice thereof to Seller describing the facts or conditions constituting each such Material Defect. 

B. For purposes of this Agreement, a “Material Defect” shall include any of the following: 

(i) the existence of any lien (other than the lien of real property taxes not yet due and payable), encumbrance, title
imperfection or title irregularity relating to any of the Real Property, which would be listed as an exception on the commitment for Buyer’s title insurance policy on that Real Property and to which Buyer reasonably objects; 

(ii) the existence of (a) any zoning or land use restriction, easement, covenant or other restriction or matter of
public record or revealed by survey, or (b) any other facts or conditions that constitute a breach of Seller’s representations and warranties contained in this Agreement, relating or with respect to any of the Real Property, in either such
case that Buyer reasonably believes will materially and adversely affect its use of that Real Property for the purpose, and in the manner, in which it currently is used by Seller or the value or marketability of that Real Property; 

(iii) the existence of any material structural defects or conditions of disrepair in the improvements on any parcel of the
Real Property (including any equipment, fixtures or other components related thereto) that would reasonably be expected to adversely affect the value of the Real Property in a manner that would cause Buyer to incur expenses in excess of Seven
Thousand Five Hundred Dollars ($7,500) to cure or correct; or 
 (iv) the existence of facts or circumstances
relating to any of the Real Property and indicating that (a) there likely has been a discharge, disposal, release, threatened release, or emission by any person of any Hazardous Substance on, from, under, at, or relating to that Real Property,
or (b) any action has been taken or not taken, or a condition or event likely has occurred or exists, with respect to that Real Property (including, without limitation, any removal or disposal of materials from the Real Property) which
constitutes or would constitute a violation of any Environmental Law or any contract or other agreement between Seller and any other person or entity, as to which, in either such case, Buyer reasonably believes, based on the advice of its legal
counsel or other consultants, that, after the Effective Time, Buyer, as the purchaser of that Real Property, could incur costs or become responsible or liable for assessment, removal, remediation, monetary damages (including without limitation any
liability to other persons for property damage or personal injury), or civil, criminal or administrative penalties or other corrective action. 

  
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 C. Following any such notice to Seller, Seller shall, within 30 days, notify
Buyer either that (i) Seller will correct the Material Defect to Buyer’s reasonable satisfaction, or (ii) that Seller will not correct the Material Defect. Seller shall have no obligation to correct any Material Defect. 

If Seller chooses to correct the Material Defect, completion of all corrective actions to Buyer’s reasonable
satisfaction prior to the Effective Time, or Buyer’s reasonable satisfaction with arrangements made by Seller to assure completion of necessary corrective actions following the Effective Time, shall be a condition precedent to Buyer’s
obligations under this Agreement. 
 If Seller chooses not to correct the Material Defect, then, notwithstanding
any other provision of this Agreement to the contrary, Buyer shall have the right and option to either (i) accept the Real Property with the Material Defect, or (ii) to terminate this Agreement. 

1.12 Further Assurances. From time to time following the Closing, at the request of any party hereto and without further
consideration, the other party hereto shall, at the reasonable expense of the requesting party (to the extent of any out of pocket costs incurred), execute and deliver to such requesting party such instruments and documents and take such other
action (but without incurring any additional financial obligation or liability) as such requesting party may reasonably request in order to consummate more fully and effectively the transactions contemplated hereby. 

ARTICLE 2 

REPRESENTATIONS AND WARRANTIES OF SELLER 
 Seller represents and warrants to Buyer as follows: 
 2.1 Organization and
Standing. Seller is a banking corporation, validly existing, and in good standing under the laws of the State of North Carolina, and Seller has full power and authority (including all licenses, franchises, permits and other governmental
authorizations as are legally required) to own, operate and lease its properties and to carry on the business and activities now conducted by it. Seller is an insured depository institution as defined in the Federal Deposit Insurance Act, and all of
the Deposits are insured by the Deposit Insurance Fund of the FDIC to the full extent provided by law. 
 2.2 Execution and
Delivery. Seller has all requisite corporate power to enter into this Agreement with Buyer, to carry out its obligations under this Agreement and to consummate the transactions contemplated hereby. Seller has taken all corporate and shareholder
action, if any, necessary to authorize the execution, delivery and (provided the required regulatory approvals are obtained) performance of this Agreement and the other agreements and documents

  
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contemplated hereby to which it is a party. This Agreement has been, and the other agreements and documents contemplated hereby have been or at Closing will be, duly executed by Seller, and each
constitutes the legal, valid, and binding obligation of Seller, enforceable in accordance with its respective terms and conditions, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or similar laws and judicial
decisions affecting the rights of creditors generally, by general principles of equity (whether applied in a proceeding at law or in equity), and by the orderly liquidation provisions of Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act. 
 2.3 Compliance with Laws, Permits and Instruments. The Branches have been operated in all material
respects in accordance with applicable federal and state laws, rules and regulations. The execution, delivery, and (provided the required regulatory and shareholder approvals, if any, are obtained) performance of this Agreement and the consummation
of the transactions contemplated hereby will not conflict with, or result, by itself or with the giving of notice or the passage of time, in any violation of or default under, any provision of the articles of incorporation or bylaws of Seller or any
material mortgage, indenture, lease, agreement or other instrument or any material permit, concession, grant, franchise, license, contract, authorization, judgment, order, decree, writ, injunction, statute, law, ordinance, rule, or regulation
applicable to Seller or its properties. 
 2.4 Litigation. Except as set forth in Schedule 2.4, there are no
actions, claims, suits, investigations, or proceedings pending or, to “Seller’s Knowledge” (as defined in Section 12.16 below), threatened (or any basis therefor known by Seller) affecting the Assets or Liabilities at law or in
equity, or by or before any governmental department, commission, board, bureau, agency, or instrumentality, that involve any claim not fully covered by insurance. No legal action, suit, or proceeding or judicial, administrative, or governmental
investigation is pending or, to Seller’s Knowledge, threatened against Seller that questions or might question the validity of this Agreement or any actions taken or to be taken by Seller pursuant hereto or seeks to enjoin or otherwise restrain
the transactions contemplated hereby. 
 2.5 Consents. Other than the approvals described in Section 7.3 and
except as set forth on Schedule 2.5, no approval, consent, authorization or action of, or filing or notice with, any governmental body (including any regulatory agency or body) is required on the part of Seller in connection with (a) the
execution, delivery or performance by Seller of this Agreement and the other agreements and documents contemplated hereby or (b) the consummation by Seller of the transactions contemplated hereby. 

2.6 Title to and Condition of the Assets. Seller has good and marketable title, free and clear of all security interests,
mortgages, encumbrances, pledges, trust agreements, liens, or other adverse claims to any of the Assets other than Permitted Liens. No person or entity other than Seller has any right, title, or interest in and to any of the Assets other than any
Permitted Lien. The Branch Personal Property is in good and serviceable condition and repair, reasonable wear and tear excepted. Upon payment by Buyer of the amounts contemplated by this Agreement, Buyer will acquire good and indefeasible title to
the Assets, free and clear of any lien, charge, encumbrance, option, or adverse claim other than, in the case of the Real Property, the Permitted Liens. With respect to the Real Property, the term “Permitted Liens” shall include

  
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the following (to the extent that the following do not otherwise prohibit the use of the Real Property as a bank branch): (i) easements, (ii) covenants, conditions and/or restrictions,
(iii) all matters of public record, (iv) zoning, and (v) all matters which would be revealed by a current and accurate survey of the Real Property, provided, however, that in the case of clauses (i), (ii), and (iii) above,
Permitted Liens with respect to any parcel of Real Property shall be limited to matters described in those clauses that are listed on Buyers title insurance commitments referenced in Section 1.11(B)(i) above and described by a specific book and
page number in the office of the Register of Deeds in the county in which the Real Property is located; and, provided further, that Permitted Liens shall not include any monetary liens affecting any parcel of the Real Property, other than liens for
current year’s taxes which shall be prorated to the date of Closing, and Seller shall pay all other such monetary liens. 

2.7 Financial Information. The financial and regulatory information set forth in (i) each of the Consolidated Reports of
Condition and Income (“Call Reports”) filed by Seller for the periods ending December 31, 2010, and September 30, 2011, (ii) the unaudited balance sheet and income statement relating to the Branches furnished by
Seller to Buyer for the period ending September 30, 2011, and (iii) each trial balance for the Branches furnished by Seller to Buyer pursuant to Section 1.7 as of the end of each month beginning as of December 31, 2011
are, in each case, true and correct in all material respects at such dates. 
 2.8 Reserved. 

2.9 Contracts. There are no agreements, contracts or commitments affecting the Assets to which Seller is a party and that require
consent by any other person or entity in connection with the consummation of the transactions contemplated hereby either to prevent a breach or to continue the effectiveness thereof, except for consents that will be provided to Buyer on the Closing
Date as set forth on Schedule 2.5. 
 2.10 Intentionally Omitted. 

2.11 No Material Adverse Change With Respect to the Assets and Liabilities. Since September 30, 2011, there has been no
Material Adverse Change. “Material Adverse Change”, as used in this Agreement, means (a) any decrease in Deposits by more than 25% in the aggregate, or (b) any condition, event, change or occurrence that, individually or
collectively, has or is reasonably likely to have a material adverse effect upon the Assets or the Liabilities in the hands of Buyer or the ability of Seller to perform its obligations under, and to consummate the transactions contemplated by, this
Agreement; provided, however, in the case of clause (b), none of the following, and no effect arising out of or resulting from the following, shall be deemed to be a Material Adverse Change with respect to clause (b): (i) any
conditions, events, changes or occurrences generally affecting the economy or the credit, financial or capital markets in the United States or elsewhere in the world, including changes in interest or exchange rates; (ii) conditions, events,
changes or occurrences arising out of, resulting from, or attributable to acts of sabotage, terrorism, war (whether or not declared), any escalation or worsening of such acts of sabotage, terrorism or war (whether or not declared) threatened or
underway as of the date of this Agreement, pandemics, earthquakes, hurricanes, tornados, tsunamis or other natural disaster occurring in the United States or elsewhere in the world, or (iii) conditions, events, changes or occurrences arising
out of, resulting from or attributable to changes in law, GAAP or other accounting standards, regulations or principles or any changes in the interpretation of enforcement of any of the foregoing, or changes in regulatory or political conditions.

  
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 2.12 Reserved. 

2.13 Books and Records. The Records are complete and correct in all material respects and have been maintained accurately in
accordance with good business practice in the ordinary course of business. Such books and records have been prepared, to the extent applicable, in accordance with generally accepted accounting principles consistently applied throughout the periods
involved (subject to normal year-end adjustments). The books and records accurately present the Liabilities and Assets as of the date hereof and will accurately present the same as of the Closing Date. Seller does not have any liabilities (absolute
or contingent) which are material to the Assets or the Liabilities that are not reflected or provided for in the books and records. 
 2.14 Regulatory Compliance. Seller is an “insured depository institution” as defined in 12 U.S.C. Section 1813(c)(2). Except as disclosed in writing to Buyer, all reports, records
and other documents or information involving any of the Assets or the Liabilities or the operation of the Branches that are required to be filed by Seller with any regulatory authority including, without limitation, the Federal Deposit Insurance
Corporation, the North Carolina Commissioner of Banks, and the Internal Revenue Service have been duly and timely filed and all information and data contained in such reports, records or other documents is true, accurate and correct in all material
respects. Seller has not received written notice from any governmental authority indicating it would oppose or not grant or issue its consent or approval, if required, with respect to the transactions contemplated by this Agreement. Except as
otherwise disclosed in writing to Buyer, Seller has no reason to believe that any condition or fact exists with respect to Seller that would impede or delay receipt of the necessary regulatory approvals with respect to the transactions contemplated
by this Agreement. 
 2.15 Brokerage Fees. Except as disclosed in Schedule 2.15, Seller has not paid or agreed to
pay any fee or commission to any agent, broker, finder or other person for or as a result of services rendered as a broker or finder in connection with this Agreement or the transactions covered and contemplated hereby. All negotiations relating to
this Agreement have been conducted by Seller directly and without the intervention of any person in such manner as to give rise to any valid claim against Seller for any brokerage commission or like payment. 

2.16 Employee Matters. Except as disclosed in Schedule 2.16, all Offer Employees (as defined in Section 10.2)
have been, or will have been prior to any such employee’s enrollment in Buyer’s group health plan (as that term is defined in section 607 of the Employee Retirement Income Security Act of 1974 (“ERISA”)) pursuant to
Section 10.2, covered by one or more group health plans for a period of not less than twelve consecutive months without a 63-day break in coverage. Seller has provided copies of employment files and records with respect to the Offer
Employees. 
 2.17 Safe Deposit Contracts. Each Safe Deposit Contract is in full force and effect. Neither Seller nor, to
Seller’s Knowledge, any other party has breached any provision or is in default of any Safe Deposit Contract. 

  
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 2.18 Tax Matters. 

A. With respect to all interest bearing accounts assigned to Buyer, the records of Seller transferred to Buyer contain or
will contain all information and documents (including without limitation properly completed IRS Forms W-9) necessary to comply with all information reporting and Tax withholding requirements under federal and state laws, rules and regulations, and
such records identify with specificity all accounts subject to backup withholding under the Internal Revenue Code of 1986, as amended (the “Code”). 

B. All Tax Returns (as defined below) required to be filed on or before the Closing Date (taking into account any properly
and timely filed extensions) by Seller with respect to any Taxes (as defined below) payable in respect of the Assets or Liabilities, and any interest paid or received by Seller on the Deposits or Liabilities, have been or will be timely filed with
the appropriate governmental body in all jurisdictions in which such Tax Returns are required to be filed. All Taxes owed by Seller with respect to the Assets or Liabilities have been or will be paid when due whether or not shown on such applicable
Tax Return. There are no claims, assessments, levies, administrative proceedings or lawsuits pending, or to Seller’s Knowledge, threatened by any taxing authority with respect to the Assets or Liabilities; and no audit or investigation of any
Tax Return of Seller with respect to the Assets or Liabilities is currently underway, or to Seller’s Knowledge, threatened. 
 C. As used in this Agreement, the term “Taxes” shall mean all taxes, however denominated, including any interest, penalties or other additions to tax that may become payable in respect thereof,
imposed by any federal, territorial, state, local or foreign government or any agency or political subdivision of any such government, which taxes shall include, without limiting the generality of the foregoing, all income or profits taxes
(including, but not limited to, federal income taxes and state income taxes), real property gains taxes, payroll and employee withholding taxes, unemployment insurance taxes, social security taxes, sales and use taxes, ad valorem taxes, excise
taxes, franchise taxes, gross receipts taxes, business license taxes, occupation taxes, real and personal property taxes, stamp taxes, environmental taxes, transfer taxes, workers’ compensation, and other governmental charges, and other
obligations of the same or of a similar nature to any of the foregoing, which Seller is required to pay, withhold or collect. As used in this Agreement, the term “Tax Returns” shall mean all reports, estimates, declarations of estimated
tax, information statements and returns (including Form 1099s) relating to, or required to be filed in connection with, any Taxes relating to the Assets or Liabilities, including information returns or reports with respect to backup withholding and
other payments to third parties. 
 2.19 Representations Not Misleading. No representation or warranty by Seller
contained in this Agreement or in any other agreement or document delivered to Buyer in accordance herewith, including the Schedules and Exhibits hereto, contains or will contain any untrue statement of material fact or omits or will omit to state
any material fact necessary to make the statements herein or therein, in light of the circumstances under which it was or will be made, not misleading. 

  
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 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES OF BUYER 
 Buyer represents and warrants to
Seller as follows: 
 3.1 Organization and Standing. Buyer is a banking corporation, validly existing, and in good
standing under the laws of the State of North Carolina, and Buyer has full power and authority (including all licenses, franchises, permits and other governmental authorizations that are legally required) to own, operate and lease its properties and
to carry on the business and activities now conducted by it. Buyer is an insured depository institution as defined in the Federal Deposit Insurance Act, and all of its deposits are insured by the Deposit Insurance Fund of the FDIC to the full extent
provided by law. 
 3.2 Execution and Delivery. Buyer has all requisite corporate power to enter into this Agreement and
carry out its obligations under this Agreement and to consummate the transactions contemplated hereby. Buyer has taken all corporate action (and shareholder action, if any) necessary to authorize the execution, delivery and (provided the required
regulatory approvals are obtained) performance of this Agreement and the other agreements and documents contemplated hereby to which it is a party. This Agreement has been, and the other agreements and documents contemplated hereby have been or at
Closing will be, duly executed by Buyer, and each constitutes the legal, valid and binding obligation of Buyer, enforceable in accordance with their respective terms and conditions, except as enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws and judicial decisions affecting the rights of creditors generally, by general principles of equity (whether applied in a proceeding at law or in equity) and by the orderly liquidation provisions of Title II of the
Dodd-Frank Wall Street Reform and Consumer Protection Act. 
 3.3 Compliance with Laws, Permits and Instruments. The
execution, delivery and (provided the required regulatory approvals are obtained) performance of this Agreement and the consummation of the transactions contemplated hereby will not conflict with, or result, by itself or with the giving of notice or
the passage of time, in any violation of or default under, any provision of the Articles of Incorporation or Bylaws of Buyer or any material mortgage, indenture, lease, agreement or other instrument or any permit, concession, grant, franchise,
license, contract, authorization, judgment, order, decree, writ, injunction, statute, law, ordinance, rule or regulation applicable to Buyer or its properties. No consent, approval, order or authorization of, or registration, declaration or filing
with, any governmental authority or other third party is required in connection with the execution and delivery of this Agreement by Buyer or the consummation by Buyer of the transactions contemplated hereby, except for filings required in order to
obtain the required regulatory approvals, as described in Section 6.3. 
 3.4 Litigation. No legal action,
suit or proceeding or judicial, administrative or governmental investigation is pending or, to “Buyer’s Knowledge” (as defined in Section 12.16 below), threatened (or any basis therefor known by Buyer) against Buyer that
questions or might question the validity of this Agreement or any actions taken or to be taken by Buyer pursuant hereto or seeks to enjoin or otherwise restrain the transactions contemplated hereby. 

  
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 3.5 Consents. Other than the approvals described in Section 6.3, no
approval, consent, authorization or action of, filing with, any governmental body or other third party is required on the part of Buyer in connection with (a) the execution, delivery or performance by Buyer of this Agreement and the other
agreements and documents contemplated hereby or (b) the consummation by Buyer of the transactions contemplated hereby. 

3.6 Brokerage Fees. Buyer has not paid or agreed to pay any fee or commission to any agent, broker, finder or other person for or
as a result of services rendered as a broker or finder in connection with this Agreement or the transactions covered and contemplated hereby. All negotiations relating to this Agreement have been conducted by Buyer directly and without the
intervention of any person in such manner as to give rise to any valid claim against Buyer for any other brokerage commission or like payment. 
 3.7 Regulatory Conditions. The only regulatory applications that Buyer is required to file and have approved to permit it to consummate the transactions contemplated hereby are the approvals of the
Federal Deposit Insurance Corporation and the North Carolina Commissioner of Banks. Buyer has not received written notice from any governmental authority indicating it would oppose or not grant or issue its consent or approval, if required, with
respect to the transactions contemplated by this Agreement. Buyer is not aware of any facts, and has no reason to believe that any condition or fact exists with respect to Buyer, that would materially delay or prevent Buyer from obtaining regulatory
approval with respect to the transactions contemplated hereby. 
 3.8 Representations Not Misleading. No representation
or warranty by Buyer contained in this Agreement, and no statement made by Buyer contained in any other agreement or document contemplated hereby, contains or will contain any untrue statement of material fact or omits or will omit to state any
material fact necessary to make the statements herein or therein, in light of the circumstances under which it was or will be made, not misleading. 
 ARTICLE 4 
 COVENANTS OF SELLER 

4.1 Reasonable Efforts. Seller agrees to use commercially reasonable efforts to cause the consummation of the transactions
contemplated hereby in accordance with the terms and conditions of this Agreement. 
 4.2 Regulatory Approvals. Seller
shall use commercially reasonable efforts to obtain all regulatory approvals required to be obtained by Seller, if any, in connection with the transactions contemplated by this Agreement at the earliest practicable time. Seller shall promptly, but
in no event later than 5 business days after receipt of a request by Buyer, furnish Buyer with all information concerning Seller reasonably required for inclusion in any application or statement required by law to be made by Buyer to or filed by
Buyer with any governmental body in connection with the transactions contemplated by this Agreement, and Seller represents and warrants that all information so furnished for such statements and applications shall be true and correct in all material
respects and shall not omit any material fact required to be stated therein or necessary to make the statements made, in light of the circumstances under which they were made, not misleading. Seller shall otherwise cooperate with Buyer in obtaining
all governmental and regulatory consents, approvals, licenses, waivers and the like required to be fulfilled or obtained for the completion of the transactions contemplated by this Agreement. 

  
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 4.3 Required Acts of Seller. Prior to the Closing, Seller shall, with respect to the
Branches, unless otherwise permitted in writing by Buyer: 
 A. Operate the Branches in the ordinary course of
business; 
 B. Use all commercially reasonable efforts to preserve its business organization intact and to
retain its present customers, depositors and Offer Employees; 
 C. Act in a commercially reasonable manner to
preserve or attempt to preserve its goodwill; 
 D. Perform all of its obligations under contracts, leases and
documents relating to or affecting its assets, properties and business associated with the Branches, except such obligations as Seller may in good faith reasonably dispute; 

E. Maintain all Real Property and Branch Personal Property in its current operating condition and repair, ordinary wear
and tear excepted, as reasonably necessary to preserve the value of the Assets and Liabilities; 
 F. Maintain in
full force and effect all insurance policies now in effect or renewals thereof and give all notices and present all claims under all insurance policies in due and timely fashion as reasonably necessary to preserve the value of the Assets and
Liabilities; 
 G. Timely file all reports required to be filed with governmental authorities (including
regulatory authorities) and observe and conform to all applicable laws, rules, regulations, ordinances, codes, orders, licenses and permits subject only to permitted extension periods; 

H. Timely file all Tax Returns required to be filed by it and promptly pay all Taxes, assessments, governmental charges,
duties, penalties, interest and fines that become due and payable with respect to the Assets and Liabilities subject only to permitted extension periods and to good faith disputes and protests; 

I. Withhold from each payment made to each of the Offer Employees (as defined in Article 10) the amount of all Taxes
(including, but not limited to, federal income taxes, FICA taxes and state and local income and wage taxes) required to be withheld therefrom and pay the same to the proper tax receiving officers; 

J. Continue to follow and, when necessary in Seller’s opinion, implement, policies, procedures and practices
regarding the identification, monitoring, classification and treatment of Assets and Liabilities in accordance with prudent banking practices; 

  
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 K. Cooperate with and reasonably assist Buyer in assuring the orderly
transition of the business of the Branches with respect to the Assets and Liabilities to Buyer from Seller; and 

L. On or prior to the Closing Date, Seller shall pay in full all production, incentive, performance or annual bonus to
Assumed Employees that have been earned through the Closing Date or that directly relate to achievement of employee goals. 

4.4 Prohibited Acts of Seller. Prior to the Closing, Seller shall not, without the prior written consent of Buyer: 

A. Introduce any new material method of management or operation of the Branches; 

B. Increase the rate of compensation of any Offer Employee or enter into any employment contracts with any Offer Employee,
or increase the permanent staffing levels at any Branch (excepting the temporary assignment of roving tellers and the like); 
 C. Take any action that would reasonably be likely to result in a Material Adverse Change; 
 D. Default with respect to any provision of any insurance policy now or hereafter in effect relating to the Branches; 

E. Enter into any transaction affecting any Asset or Liability other than in the ordinary course of business; 

F. Change the fees charged for any existing deposit accounts or other banking services at the Branches in any material
respect, except in the ordinary course of business and consistent with past practices and competitive conditions; 
 G. Prior to March 31, 2012, introduce any new deposit products at the Branches; 
 H. Offer any deposit products or other services at the Branches with terms, rates or conditions that are materially different from the terms, rates or conditions on deposits being offered by other
financial institutions in the relevant market areas (which shall not include any deposit products available in such market exclusively through the Internet) except in the ordinary course of business, and consistent with past practices, competitive
conditions, or the movement of interest rates generally; 
 I. Sell, transfer, assign, pledge, encumber or
otherwise dispose of any of the Assets or Liabilities, or enter into any agreement with respect to any such transaction; 
 J. Cause or permit the transfer to or from the Branches to or from Seller’s other operations of any fixed assets or any deposit accounts included in the Liabilities, provided, however,
that Seller may transfer deposit accounts to or from Seller’s other branch or offices upon a request of the depositors not solicited by Seller; or 

  
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 K. Acquire or dispose of any fixed assets with respect to the Branches,
except for replacement of furniture, furnishings and equipment and normal maintenance and refurbishing in the ordinary course of business of the Branches. 
 4.5 Access; Pre-Closing Investigation and Post-Closing Conversion. Prior to the Closing, upon prior written notice of at least two business days by Buyer, Seller shall afford the officers and
authorized representatives of Buyer access to the Branch properties and the books and records of Seller pertaining to the Assets and Liabilities and Offer Employees in order that Buyer may have full opportunity to make such reasonable investigation
as it shall desire to make of the Assets and Liabilities, sufficient to verify whether any Material Adverse Change may have occurred, and the satisfaction of the conditions precedent to Buyer’s obligations described in Article 6. Seller
agrees at any time, and from time to time, to furnish to Buyer as soon as reasonably practicable, any additional information pertaining to the Assets and Liabilities and Offer Employees as Buyer may reasonably request. In addition, Seller shall
provide Buyer reasonable access to the Branches for a mutually agreeable period of time preceding the Closing Date for the purpose of making preparations for systems conversion after the Closing Date. Buyer agrees to conduct its investigations
hereunder during normal business hours of Seller (or at such other times as may be mutually agreed) and in a manner which does not unreasonably interfere with the normal operations of Seller. 

4.6 Untrue Representations. Seller shall promptly notify Buyer in writing if Seller becomes aware of any fact, event, or condition
that makes untrue, or shows to have been untrue, in any material respect, any schedule or any other information furnished to Buyer or any representation or warranty made in or pursuant to this Agreement (except that with respect to those
representations and warranties specifically made as of an earlier date, only if such representation or warranty was untrue as of such earlier date) or that results in Seller’s failure to substantially comply with any material covenant,
condition or agreement contained in this Agreement. 
 4.7 Notice of Adverse Changes, Litigation and Claims. Seller shall
promptly notify Buyer in writing if Seller becomes aware of (i) any litigation, or any claim, controversy or contingent liability that might become the subject of litigation against Seller affecting, or reasonably expected to affect, the
Branches, if such litigation or potential litigation might, in the event of an unfavorable outcome, result in a Material Adverse Change, or (ii) any change that has occurred or has been threatened (or any development that has occurred or been
threatened involving a prospective change) in the business, financial condition, operations or prospects of Seller that is or may reasonably be expected to result in a Material Adverse Change. 

4.8 No Disclosure or Negotiation with Others. Seller shall not disclose, and shall use commercially reasonable efforts to prevent
the disclosure of, any of the terms or conditions hereof to any other person except for disclosure required by appropriate regulatory authorities and disclosure on a “need to know” basis to Seller’s directors, officers, employees,
agents, advisors, representatives, and affiliates (subject to Sections 12.14 and 12.15), and as long as this Agreement shall remain effective, Seller shall not, directly or indirectly, or through any of its affiliates, nor shall it knowingly
permit any of its officers, directors, employees, shareholders, representatives or agents to, directly or indirectly, encourage, solicit or initiate discussions or negotiations with, or discuss or negotiate with, or provide any information to, any
corporation, 

  
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partnership, limited liability company, person or other entity or group (other than Buyer or an affiliate or an associate of Buyer or an officer, partner, employee or other authorized
representative of Buyer or such affiliate or associate) concerning any sale of or similar transaction involving any portion of the Assets or the Liabilities, or any other possible transaction which would materially impair or otherwise interfere with
the consummation of the transactions contemplated hereby. Seller shall promptly cease and cause to be terminated any current negotiations conducted with any parties other than Buyer with respect to the acquisition or purchase of any portion of the
Assets or the Liabilities. 
 4.9 Notices to Customers. 

A. Buyer and Seller agree to jointly mail or cause to be jointly mailed to each of the Depositors, each holder of a safe
deposit box domiciled at the Branches and to such other customers as may be required by applicable law, such notice of the contemplated transfer of the Assets and the Liabilities as may be required as a condition of approval by any regulatory
authority, or as otherwise may be required by applicable law. 
 B. Buyer and Seller shall share equally the
costs and expenses incurred in complying with this Section 4.9. 
 ARTICLE 5 

COVENANTS OF BUYER 
 5.1 Reasonable Efforts. Buyer agrees to use commercially reasonable efforts to cause the consummation of the transactions contemplated hereby in accordance with the terms and conditions of this
Agreement. 
 5.2 Regulatory Approvals. Buyer shall use commercially reasonable efforts to obtain all regulatory
approvals required to be obtained by Buyer in connection with the transactions contemplated by this Agreement at the earliest practicable time. Buyer shall promptly, but in no event later than 5 business days after receipt of a request by Seller,
furnish Seller with all information concerning Buyer reasonably required for inclusion in any application or statement required by law to be made by Seller to or filed by Seller with any governmental body in connection with the transactions
contemplated by this Agreement, and Buyer represents and warrants that all information so furnished for such statements and applications shall be true and correct in all material respects and shall not omit any material fact required to be stated
therein or necessary to make the statements made, in light of the circumstances under which they were made, not misleading. Buyer shall otherwise cooperate with Seller in obtaining all governmental and regulatory consents, approvals, licenses,
waivers and the like required to be fulfilled or obtained for the completion of the transactions contemplated by this Agreement. 
 5.3 Notice of Adverse Changes, Litigation and Claims. Buyer shall promptly notify Seller in writing if Buyer becomes aware of (i) any fact or condition that makes untrue, or shows to have been
untrue, in any material respect, any schedule or any other information furnished to Buyer or any representation or warranty made in or pursuant to this Agreement or that results in Buyer’s failure to comply with any covenant, condition or
agreement contained in this 

  
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Agreement, or (ii) any litigation, or any claim, controversy or contingent liability that might become the subject of litigation, against Buyer if such litigation might impede, delay or
prevent consummation of the transactions contemplated by this Agreement. 
 5.4 Notice to Customers. 

A. Buyer and Seller agree to jointly mail or cause to be jointly mailed to each of the Depositors, each holder of a safe
deposit box domiciled at the Branches and to such other customers as may be required by applicable law, such notice of contemplated transfer of the Assets and the Liabilities as may be required as a condition of approval by any regulatory authority,
or as otherwise may be required by applicable law. 
 B. Buyer and Seller shall share equally the costs and
expenses incurred in complying with this Section 5.4. 
 5.5 Use of Name. It is understood that Seller is not
transferring to Buyer any right, title or interest in or to, or any right or license to use, Seller’s name in connection with the Assets or Liabilities or otherwise. Accordingly, Buyer shall not use, keep or claim any registered or unregistered
trademark, service mark or other identification commonly associated with Seller, or any sign, display or similar material of Seller or any banking or other forms, stationery, passbooks, checks, traveler’s checks, cashier’s checks,
manager’s checks or similar banking material of Seller or bearing Seller’s name or other similar marks or identification (except to the extent necessary to conduct business operations and with Seller’s prior consent following Closing,
and then only if Seller’s name, marks or identification are obliterated from such material, and such material is clearly identified as that of Buyer), or any proprietary material of Seller including, without limitation, operating manuals,
training manuals and public relations, explanatory or advertising materials. No agency relationship exists between the parties hereto. At no time, whether before or after the Closing Date, shall Buyer transact any business in the name of Seller or
in any way hold itself out as the actual or apparent agent of Seller; provided that nothing in this Section 5.5 will be construed to limit Buyer’s right to use Seller’s name, marks, banking materials or similar identification
in connection with actions permitted or contemplated by Article 9. 
 ARTICLE 6 

CONDITIONS PRECEDENT TO THE OBLIGATIONS OF BUYER 
 All obligations of Buyer under this Agreement are subject to the fulfillment, prior to or at the Closing, of each of the following conditions, any or all of which may be waived in whole or in part in
writing by Buyer: 
 6.1 Compliance with Representations, Warranties and Agreements. The representations and warranties
made by Seller in this Agreement or in any schedule delivered to Buyer pursuant hereto shall have been true and correct in all material respects when made and shall be true and correct in all material respects as of the Effective Time with the same
force and effect as if such representations and warranties were made at and as of the Effective Time, except with respect to those representations and warranties specifically made as of an earlier date (in which case such representations and
warranties shall be true and correct in all material 

  
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respects as of such earlier date). Seller shall have performed or complied in all material respects with all material agreements, terms, covenants and conditions required by this Agreement to be
performed or complied with by Seller prior to or at the Effective Time except as specifically provided to the contrary in this Agreement. 
 6.2 Necessary Corporate Actions. Seller shall have taken any and all requisite corporate actions and other steps and secured any other corporate approvals, including any requisite
shareholder’s approval, necessary to authorize and consummate this Agreement and the transactions contemplated hereby. 

6.3 Governmental Approvals. Buyer shall have received approvals, acquiescences or consents from all necessary governmental
agencies and authorities to the transactions contemplated by this Agreement, including but not limited to the approvals of the Federal Deposit Insurance Corporation and the North Carolina Commissioner of Banks, for Buyer to acquire the Assets and
assume the Liabilities, and all applicable waiting periods shall have expired or otherwise been terminated; provided, however, that no governmental or regulatory consent, approval or authorization shall have imposed any condition or
requirement that would result in a Material Adverse Change, or a material adverse effect on the consummation of the transactions contemplated hereby, or that Buyer’s management believes, in its reasonable discretion and good faith judgment,
would (i) be materially burdensome on Buyer or (ii) substantially reduce the benefit of the transactions contemplated by this Agreement. Such approvals and the transactions contemplated hereby shall not have been contested or
threatened to be contested by any federal or state governmental authority by formal proceedings. 
 6.4 No Litigation. No
action shall have been taken, and no statute, rule, regulation or order shall have been promulgated, enacted, entered, enforced or deemed applicable to the acquisition by any federal, state or foreign government or governmental authority or by any
court, domestic or foreign, including the entry of a preliminary or permanent injunction, that would (a) make this Agreement or the transactions contemplated hereby illegal, invalid or unenforceable, (b) require the divestiture of a
material portion of the Assets or the Liabilities once acquired by Buyer, (c) impose material limits on the ability of Buyer to consummate this Agreement, or the transactions contemplated hereby, (d) if this Agreement, or the transactions
contemplated hereby, is consummated, subject Buyer or any officer, director or employee of Buyer to criminal penalties or to civil liabilities, or (e) otherwise materially and adversely affect the business of the Branches or the Assets or
Liabilities. No action or proceeding before any court or governmental authority, domestic or foreign, by any government or governmental authority or by any other person, domestic or foreign, shall be threatened, instituted or pending that would
reasonably be expected to result in any of the consequences referred to in clauses (a) through (e) above. 
 6.5 No
Material Adverse Change With Respect to the Assets and Liabilities. There shall have been no Material Adverse Change since September 30, 2011. 
 6.6 Consents of Third Parties. Seller shall have obtained all consents of third parties in form and substance reasonably satisfactory to Buyer, necessary to consummate the transactions contemplated
by this Agreement. 

  
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 6.7 Documentation. The form and substance of all instruments of assumption and other
documents delivered pursuant to this Agreement by Seller shall conform to the provisions of this Agreement or otherwise be reasonably satisfactory in all respects to Buyer. 
 6.8 Title to Real Property. There shall have been no change in the status of Seller’s title to any of the Real Property as reflected in Buyer’s title insurance commitments referenced in
Section 1.11(B)(i) above after the dates of those commitments, nor shall there have been any material change in the physical condition of the Real Property or any improvements thereon (including any equipment, fixtures or other components
related thereto) after completion of the Property Examination. 
 ARTICLE 7 

CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLER 
 All obligations of Seller under this Agreement are subject to the fulfillment, prior to or at the Closing, of each of the following conditions, any or all of which may be waived in whole or in part by
Seller. 
 7.1 Compliance with Representations, Warranties and Agreements. The representations and warranties made by
Buyer in this Agreement or in any schedule delivered to Seller pursuant hereto shall have been true and correct in all material respects when made and shall be true and correct in all material respects as of the Effective Time with the same force
and effect as if such representations and warranties were made at and as of the Effective Time, except with respect to those representations and warranties specifically made as of an earlier date (in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date). Buyer shall have performed or complied in all material respects with all material agreements, terms, covenants and conditions required by this Agreement to be performed or
complied with by Buyer prior to or at the Effective Time except as specifically provided to the contrary in this Agreement. 

7.2 Necessary Corporate Actions. Buyer shall have taken any and all requisite corporate actions and other steps and secured any
other corporate approvals, necessary to authorize and consummate this Agreement and the transactions contemplated hereby. 
 7.3
Governmental and Other Approvals. Seller shall have received approvals, acquiescences or consents from all necessary governmental agencies and authorities, if any, to the transactions contemplated by this Agreement, including but not limited
to the approval of the Federal Deposit Insurance Corporation and the North Carolina Commissioner of Banks, for Buyer to acquire the Assets and assume the Liabilities, and all applicable waiting periods shall have expired or otherwise been
terminated; provided, however, that no governmental or regulatory consent, approval or authorization shall have imposed any condition or requirement that would result in a material adverse effect on the consummation of the transactions
contemplated hereby. Such approvals and the transactions contemplated hereby shall not have been contested or threatened to be contested by any federal or state governmental authority or by any other third party by formal proceedings. 

  
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 7.4 No Litigation. No action shall have been taken, and no statute, rule, regulation
or order shall have been promulgated, enacted, entered, enforced or deemed applicable to the acquisition by any federal, state or foreign government or governmental authority or by any court, domestic or foreign, including the entry of a preliminary
or permanent injunction, that would (a) make this Agreement or the transactions contemplated hereby illegal, invalid or unenforceable, (b) if this Agreement, or the transactions contemplated hereby, is consummated, subject any officer,
director or employee of Seller to criminal or civil liability, or (c) impose material limits on the ability of Seller to consummate this Agreement, or the transactions contemplated hereby. No action or proceeding before any court or
governmental authority, domestic or foreign, by any government or governmental authority or by any other person, domestic or foreign, shall be threatened, instituted or pending that would reasonably be expected to result in any of the consequences
referred to in clauses (a) through (c) above. 
 7.5 Consents of Third Parties. Buyer shall have obtained all
consents of third parties in form and substance reasonably satisfactory to Seller, necessary to consummate the transactions contemplated by this Agreement. 
 7.6 Documentation. The form and substance of all instruments of assumption and other documents delivered pursuant to this Agreement by Buyer shall conform to the provisions of this Agreement or
otherwise be reasonably satisfactory in all respects to Seller. 
 ARTICLE 8 

SURVIVAL OF REPRESENTATIONS, WARRANTIES, 
 AGREEMENT AND OBLIGATIONS; INDEMNIFICATION 
 8.1 Survival. The
representations and warranties of Seller and Buyer contained in this Agreement shall survive the Closing Date and shall continue thereafter for a period of three years after the Closing Date. Such representations and warranties shall not be affected
by, and shall remain in full force and effect notwithstanding, any investigation at any time made by or on behalf of any party hereto or any information any party may have with respect thereto. All of the post–closing covenants contained in
this Agreement shall survive the Closing and the consummation of the transactions contemplated hereby until the date on which all such covenants are satisfied. 
 8.2 Indemnification by Seller. Seller agrees, effective as of the Closing, to pay, and to indemnify, save, defend and hold harmless Buyer and each of its Insiders (as defined in
Section 8.5) from and against, and shall reimburse Buyer and its Insiders with respect to, any and all Losses (as defined in Section 8.5) imposed on, incurred by or asserted against Buyer or its Insiders (or any of them) in
any way relating to or arising from or out of: 
 A. A material breach of or material inaccuracy in any
representation or warranty of Seller contained in this Agreement, or any schedule, certificate or other document delivered pursuant hereto or as part of the transactions contemplated hereby; 

B. Ownership or operation of the Branches and its businesses and properties prior to the Effective Time; 

  
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 C. Liabilities of Seller that are not expressly assumed by Buyer under this
Agreement, including the Retained Liabilities; 
 D. A material breach of any covenant of Seller or the failure
of Seller to perform any agreement, covenant or obligation of Seller contained in this Agreement or in any other agreement or document executed pursuant to this Agreement; 

E. Any Taxes, including interest and penalties, required to be paid by Seller or its successor, which relate to
Seller’s business or assets at or prior to the Effective Time; and 
 F. Claims or causes of action by any
individual who is or was an officer or employee of Seller involving compensation, benefits or other employment matters, or events or circumstances that occur, while such person was an officer or employee of Seller prior to the Effective Time.

 Any claim for indemnification shall be applicable to each covenant or representation independently, irrespective of whether
such claim is consistent with any other covenant or representation contained in this Agreement, except for those matters disclosed on Schedule 4.7, which disclosure shall be deemed given with respect to each covenant and representation
to which it is relevant. 
 8.3 Indemnification by Buyer. Buyer hereby agrees, effective as of the Closing, to pay, and
to indemnify, save and hold harmless Seller and each of its Insiders from and against, and shall reimburse Seller and its Insiders with respect to, any and all Losses imposed on, incurred by or asserted against Seller or its Insiders (or any of
them) in any way relating to or arising from or out of: 
 A. A material breach of any statement, representation
or warranty of Buyer contained in this Agreement, or any schedule, certificate or other document delivered pursuant hereto or as part of the transactions contemplated hereby; 

B. Liabilities of Seller that are expressly assumed by Buyer under this Agreement; 

C. A material breach of any covenant of Buyer or the failure of Buyer to perform any agreement, covenant or obligation of
Buyer contained in this Agreement or in any other agreement or document executed pursuant to this Agreement, 

D. Any Taxes, including interest and penalties, required to be paid by Buyer or its successor, which relate to the Assets
or Liabilities after the Effective Time; and 
 E. Except as otherwise expressly provided in this Agreement,
employment claims related to events or circumstances that occur after the Closing Date by any Assumed Employee (as defined in Section 10.2). 

  
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 Any claim for indemnification shall be applicable to each covenant or representation
independently, irrespective of whether such claim is consistent with any other covenant or representation contained in this Agreement. 
 8.4 Limit on Indemnities. Notwithstanding any other provision hereof, the rights of any party to be indemnified shall be subject to the following limitations: 

A. The indemnifying party shall pay claims arising by virtue of claims asserted by third parties against the indemnified
party hereunder when a claim against the indemnified party has been established by a final, non-appealable judgment in litigation or by settlement consented to in writing by Seller and Buyer; 

B. In the event that any third party shall make any demand or claim or file or threaten to file any lawsuit, which demand,
claim or lawsuit may result in any liability, damage or loss to one party hereto or its Insider of the kind for which such party or its Insider is entitled to indemnification under Sections 8.2A or 8.3A, then, after written notice is
provided by the indemnified party to the indemnifying party of such demand, claim or lawsuit, the indemnifying party shall have the option, at its cost and expense, to retain counsel for the indemnified party, reasonably satisfactory to the
indemnified party, to defend any such demand, claim or lawsuit. In the event that the indemnifying party shall fail to respond within ten (10) Business Days after receipt of such notice of any such demand, claim, or lawsuit, then the
indemnified party shall have the option to retain counsel and conduct the defense of such demand, claim, or lawsuit as it may in its discretion deem proper, at the cost and expense of the indemnifying party. In effecting the settlement of any such
demand, claim, or lawsuit, an indemnified party shall act in good faith, shall consult with the indemnifying party, and shall enter into only such settlement as the indemnifying party shall approve in advance in writing (the indemnifying
party’s approval shall be implied if it does not respond within ten (10) calendar days of its receipt of the notice of such settlement offer); 
 C. Notwithstanding anything contained herein to the contrary, in no event shall any party hereto be liable for lost profits or for any indirect, special, consequential, incidental, exemplary or punitive
damages, including lost profits or lost revenues arising out of a breach of this Agreement, even if advised at the time of the breach of the possibility of such damages; 

D. To the extent any claim for indemnification brought under this Agreement involves a claim of one party against the
other, the parties shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement promptly by negotiations. A party shall give the other party written notice of any dispute not resolved in the normal course of
business; 
 E. Notwithstanding any other provision in this Agreement, the indemnifying party shall not be
obligated to defend, indemnify, and hold harmless the other party and its Insiders for breaches of representations and warranties unless and until the aggregate amount of damages incurred by such other party and its Insiders for all such breaches as
to which they are entitled to indemnification from the indemnifying party exceeds an 

  
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amount equal to $10,000 (the “Threshold”), in which event the indemnifying party thereafter shall be obligated to defend, indemnify, and hold harmless the indemnified party and
its Insiders from and against all such damages incurred by the indemnified party and its Insiders, including damages included in reaching the Threshold; provided, however, that the indemnifying party shall not be obligated to indemnify the
indemnified party for breaches of representations and warranties resulting in damages in excess of a maximum amount equal to the sum of $500,000; and 
 F. The indemnifying party shall not be liable for any claim covered by the indemnities under Sections 8.2A or 8.3A unless the indemnifying party has been promptly notified in writing of such
claim prior to the third anniversary of the Closing Date. Such written notice shall set forth in reasonable detail the basis upon which such claim for indemnity is made. In the event that any such claim is made within such three-year period, the
indemnity relating to such claim shall survive until such claim is resolved. Claims not made within such three-year period shall cease and no indemnity shall be made therefor. 
 8.5 Definitions. For the purposes of this Article 8, the term “Insiders” means the officers, directors, representatives, and agents of a business entity, and the term
“Losses” means damages, liabilities, losses, obligations, actions, suits, disbursements, claims, deficiencies, penalties, interest, expenses, fines, assessments, charges and costs (including, without limitation, reasonable attorneys’
and expert witness’ fees, costs of investigation and court costs) of every kind except as otherwise limited herein. 

ARTICLE 9 

OPERATIONAL AGREEMENTS 
 9.1 Replacement of Customer Check Stock and Debit Cards. The parties will use reasonable efforts to develop procedures (i) that will cause checks drawn on Seller’s form of check stock
against Deposits that are received after the Effective Time to be cleared through Buyer’s then current clearing procedures and (ii) to provide for the delivery of new debit cards by Buyer and the orderly processing of debit card
transactions. 
 9.2 Payment of Checks, Drafts, and Orders. After the Effective Time, Buyer agrees (i) to pay in
accordance with applicable law, the Deposit agreements and customary banking practice all properly payable checks, drafts and withdrawal orders properly drawn by Depositors and properly presented to Buyer, whether drawn on the checks, withdrawal or
draft forms provided by Seller or by Buyer, to the extent that the Deposit balances to the credit of the respective makers or drawers assumed by Buyer under this Agreement are sufficient to permit the payment thereof (after taking into account any
overdraft protection rights of the Depositors under arrangements with Buyer), and (ii) in all other respects to discharge, in accordance with applicable law, the depository agreements and customary banking practice in the usual course of its
banking business, all duties and obligations of Seller with respect to the balances due and owing to the Depositors. Except as described in Section 9.3 below, if any of the Depositors shall demand payment from Seller for all or any part of any
Deposit, Seller shall not be liable or responsible for making such payment. 

  
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 9.3 Clearing Items. During the 45-day period following the Closing Date, if any
checks, drafts or other debit items on a Deposit account are presented to or received by Seller through the banking system, Seller will make provisional settlement to the presenting institution for any such debit item and will deliver such checks
and other items on such Deposit to Buyer no later than the next business day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement within three business days. Upon timely presentation to Buyer, Buyer will assume all
responsibility for such items (except for such items that have not been handled by Seller in accordance with applicable law or regulation, or with ordinary care), including but not limited to determining whether to honor or dishonor such items and
giving any required notification for the return of items. 
 During the 60-day period following the Closing Date, if any
automated clearing house or other automatic credits or deposits to a Deposit account are received by Seller through the banking system, Seller shall accept any such credit item and pay the amount thereof to Buyer no later than the next business day.
During the 60-day period following the Closing Date, if any automated clearing house or other automatic debits from a Deposit account are received by Seller through the banking system, Seller will make provisional settlement thereof no later than
the next business day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement within three business days. 
 Seller shall provide to Buyer each day an electronic listing of all debit and credit items received and settled for that day as described in this Section 9.3, and Seller and Buyer shall cooperate to
establish reasonable procedures for content and transmittal of those daily listings and for payments to each other of amounts due under this Section 9.3 by credit to the deposit accounts established as described in Section 9.12 below.

 Upon the expiration of such 45-day period (and with respect to automated clearing house or other automatic credits or debits
to a Deposit account, upon expiration of a 60-day period), Seller may cease forwarding to Buyer checks and other debit items against the Deposit accounts and return them to the originators marked “Account Closed,” and may cease accepting
any such credit items. During the 60-day period, Seller and Buyer agree to cooperate to communicate with Customers and automated clearing house originators in an effort to avoid the continuing presentment of debit and credit items to Seller and to
establish reasonable procedures for the handling of any such debit or credit items following the transitional time periods set forth in this Section 9.3, so as to avoid, to the extent practicable, the return of any Customer’s debit or
credit items and the resulting inconvenience or harm to that Customer. 
 9.4 Returned Items. Buyer agrees, no later than
the start of the second business day after demand by Seller, to pay to Seller an amount equivalent to the amount of any uncollected item included in a Depositor’s balance on the Closing Date that is timely returned to Seller within 60 days
after Closing as not collected; provided, however, that Buyer shall have no obligation to pay Seller for any such returned item if the item was returned late to Seller or if Seller otherwise has to right to reject or refuse to accept the
return. Buyer shall be required to make such payment for an item only up to the balance of any funds on deposit with Buyer and any balance available to the customer under any overdraft plan the Depositor has with Buyer at the time Seller makes the
demand as aforesaid. 

  
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 9.5 Data Processing. Following the receipt of all required regulatory approvals,
Seller shall provide reasonable cooperation to Buyer in converting the current data processing activities of the Branches with respect to the Assets and Liabilities to Buyer’s data processing system to the extent necessary to facilitate
the transfer of the Assets and Liabilities to Buyer. As soon as practicable at the request of Buyer after receipt of all required regulatory approvals, Seller shall deliver to Buyer, at Buyer’s expense, a list of the Deposits (customer names,
addresses and tax identification numbers, current balances and maturities of all certificates of deposits), grouped by deposit type, and original or duplicate copies (including electronic copy, magnetic tape, disc storage, card forms and printed
copy) and upon Closing shall deliver all customer information files and customer records, ACH items, application files, machine operating and application software, full documentation of all application and processing routines, and any other
documentation in the possession of Seller and necessary to the orderly operation and conversion to Buyer’s system of the Branches’ data processing operations to the extent necessary to facilitate the transfer of the Assets and Liabilities
to Buyer. 
 9.6 Compliance with Garnishments and Similar Orders. After the Effective Time, Buyer will comply in all
material respects with any and all garnishments, similar court orders, tax liens and order of any governmental entity, and any “stop-payment orders or instructions of deposit customers, as to which Seller has notified Buyer as provided in
Section 1.9 above and which are in effect with respect to the Deposits, and Buyer will not pay any Deposits in violation of such garnishments, orders or tax liens of which it has received notice or otherwise take any actions not
permitted pursuant thereto or pursuant to applicable law. 
 9.7 Direct Deposit Arrangements. Seller will use reasonable
efforts to transfer to Buyer on the Closing Date all of those automated clearing house and Fed wire direct deposit or automatic draft or payment arrangements that are tied by agreement or other standing arrangement to the Deposits. 

9.8 Continuing Cooperation. 
 A. On and after the Closing Date, Seller shall cooperate with Buyer regarding the Assets, Liabilities and Retained Liabilities, as reasonably requested by Buyer from time to time. This cooperation may
include executing documents and instruments to vest in Buyer full legal and equitable title to the Assets and Liabilities and researching processed items in connection with the Assets and Liabilities 

B. On and after the Closing Date, Buyer shall cooperate with Seller regarding the Excluded Assets, Retained Liabilities
and Liabilities, as reasonably requested by Seller from time to time. This cooperation may include executing documents and instruments to relieve and discharge Seller from its obligations with respect to the Liabilities and making Assumed Employees
available on a reasonable basis to assist in Seller’s defense against Retained Liabilities. 
 9.9 Final Statements.
Seller will render a final statement to each Depositor of an account assumed under this Agreement as to transactions occurring through the Effective Time and will comply with all laws, rules and regulations regarding tax reporting of transactions of
such accounts through the Effective Time; provided, however, that Seller shall not be obligated 

  
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to render a final statement on any account not ordinarily receiving periodic statements in the ordinary course of Seller’s business. Seller will be entitled to impose normal fees and service
charges on a per-item basis, but Seller will not impose periodic fees or blanket charges in connection with such final statements unless such final statement is made as of a date that would ordinarily carry such periodic fees or blanket charges.

 9.10 Interest Reporting and Withholding. Seller shall be responsible for all tax information reporting and filing
requirements (including Forms 1099 and 5498 reporting), and all tax withholding requirements (including remittances and reporting), as to all interest paid or withheld, and contributions received, by Seller on or before the Closing Date with respect
to the Deposit accounts (including IRA and Keogh Plan Deposits accounts), without regard to when any such reporting, filings or remittances are required to be made. Buyer shall be responsible for information reporting and filing requirements and all
tax withholding requirements as to all interest paid or withheld, and contributions received, by Buyer following the Closing Date with respect to the Deposit accounts (including IRA and Keogh Plan Deposit accounts) transferred to Buyer. 

9.11 Reserved. 
 9.12 Other Items. After the Effective Time, Seller agrees to deliver immediately, but in no event later than 2 business days after receipt by Seller, to Buyer (i) any collected funds accepted
by Seller for credit to any account included in the Deposits, (ii) any refunds or reimbursements of prepaid expenses included in the acquired Assets for which an adjustment to the purchase price was made pursuant to Section 1.8 and
which are accepted by Seller, and (iii) any written notices or correspondence received by Seller relating to the Deposits. Buyer shall pay to Seller immediately, but in no event later than 2 business days after receipt by Buyer, any refunds or
reimbursements of accrued expenses for which an adjustment to the purchase price was made pursuant to Section 1.8 and which are accepted by Buyer. Notwithstanding the foregoing provisions of this Article 9, each of Seller and
Buyer shall as soon as practicable following the Closing establish demand deposit accounts in favor of the other, and shall credit such accounts with any amounts payable to the other pursuant to this Article 9. The party in whose favor such
account is established shall be entitled to draw upon such account by wire transfer at any time. All amounts shall be credited on or before the time that such amounts would otherwise be payable pursuant to the applicable section of this Article
9. Each of Buyer and Seller shall maintain the accounts so established for a period of 90 days after the Closing Date. 

9.13 Safe Deposit Box and Safekeeping Business. From and after the Effective Time, Buyer agrees to assume and discharge, in the
usual course of banking business, the duties and obligations of Seller with respect to all safe deposit boxes associated with any Safe Deposit Contracts assumed by Buyer pursuant to this Agreement, and to maintain all necessary facilities for the
use of such boxes by the renters thereof during the period for which such persons have paid rent therefor in advance to Seller, subject to the provisions of the rental agreements between Seller and the respective renters of such boxes. From and
after the Closing, Buyer shall assume, honor, and discharge the duties and obligations of Seller with respect to all safekeeping items obtained from Seller pursuant to such assumed Safe Deposit Contracts and shall be entitled to any right or benefit
thereafter. At the Closing, Seller shall provide Buyer with a true and correct 

  
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list of all Safe Deposit Contracts with respect to the Branches in effect as of the Closing Date that Buyer assumes hereunder, together with the rentals or other amounts paid on such Safe Deposit
Contracts and the expiration dates of such Safe Deposit Contracts. 
 9.14 Non-Solicitation Agreement. For and in
consideration of the purchase by Buyer of the Assets and the assumption of the Liabilities, the payment of the Premium and the other agreements and covenants contained in this Agreement, from the date hereof and for a period of 12 months following
the Closing Date, Seller will not solicit the banking business of any current customers of the Branches whose banking business or any part thereof is transferred to Buyer as part of the Assets or Liabilities pursuant to the terms of this Agreement.
If any court of competent jurisdiction should determine that any term or terms of this covenant are too broad in terms of time, geographic area, lines of commerce or otherwise, such court shall modify and revise any such term or terms so that they
comply with applicable law. Seller hereby acknowledges and agrees that Buyer will be irreparably damaged if the provisions of this Section 9.14 are not specifically enforced. Accordingly, Buyer shall be entitled to an injunction
restraining any violation of this Section 9.14 by Seller (without any bond or other security being required), or any other appropriate decree of specific performance. Such remedies shall not be exclusive and shall be in addition to any
other remedy that Buyer may have at law or in equity. 
 9.15 Books and Records; Deposit Histories. 

A. Buyer shall allow Seller and its authorized agents and representatives to inspect any of the Records for any proper
purpose during regular business hours after the Closing Date upon reasonable notice to Buyer (which notice shall specify the purpose of such inspection), and Seller may, at its own expense, make such copies of and excerpts from such books and
records as it may deem desirable; provided, however, that all information, including copies of books and records, obtained by Seller from Buyer pursuant to this Section 9.15 shall be and remain confidential information
known to Seller or otherwise contained in Seller’s books and records. Buyer shall maintain all material books and records relating to the Assets and the Liabilities for a period that is not less than the greater of (i) the period required
by applicable law, rule or regulation or (ii) 3 years from the Closing Date. 
 B. In the case of any
dispute with or inquiry by a customer whose Deposit or other account is transferred to Buyer pursuant to this Agreement, which dispute or inquiry relates to the servicing of or transactions affecting such Deposit or other account prior to the
Closing, at Buyer’s request Seller will cooperate with Buyer by researching the account history and transactions and provide to Buyer the appropriate information regarding the Deposit account or transactions, together with copies of pertinent
documents or instruments, necessary to permit Buyer to respond to the customer within ten business days following Buyer’s request and in a manner consistent with standard banking practices and customs. Seller shall be entitled to charge
Buyer, or any other appropriate party, reasonable and customary fees in connection with any such account history and transaction research, which fees shall be in accordance with its standard customer fee schedule for such services. 

  
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 9.16 Taxes. Buyer shall be responsible for the payment of all taxes (including
transfer taxes), recording fees, Uniform Commercial Code filing fees and the like arising as a result of the purchase of the Assets; except that Seller shall pay for revenue stamps required on deeds transferring the Real Property to Buyer, and Buyer
shall not be responsible for, or have any liability with respect to, taxes on any income to Seller arising out of this transaction or its operation of the Branches. Seller shall cooperate with Buyer in Buyer’s efforts to minimize all taxes and
fees payable by Buyer, if any, as a result of the transactions contemplated by this Agreement, provided that Seller can do so without incurring any out-of-pocket costs or expenses or additional tax liability. 

9.17 Allocation of Purchase Price. The purchase price of the Assets and Liabilities hereunder shall be allocated on an allocation
schedule to be agreed to by Buyer and Seller prior to the Closing. Within 60 days after the Closing, Seller shall prepare an IRS Form 8594 reflecting the allocation of the purchase price as agreed to by Seller and Buyer and shall submit such
Form 8594 to Buyer for review. Buyer shall inform Seller in writing of any disagreements with the amounts allocated on Form 8594 within 45 days after receipt. Buyer and Seller agree that they will not take, nor will they permit any affiliated
person to take, for income tax reporting purposes a position inconsistent with such allocation. 
 9.18 Actions With Respect
to IRA and Keogh Plan Deposit Liabilities. Seller shall (i) resign as of the Effective Time as the Trustee/Custodian of each IRA Deposit and as the Trustee/Custodian of each Keogh Plan Deposit of which it is the Trustee/Custodian, if any,
(ii) to the extent permitted by the documentation governing each such IRA or Keogh Plan, appoint Buyer as successor Trustee/Custodian of each such IRA or Keogh Plan, and (iii) deliver to the grantor or named fiduciary of each such IRA or
Keogh Plan, respectively, such notice of the foregoing as is required by the documentation governing such IRA or Keogh Plan. 

In the event that the documentation governing Seller’s IRA or Keogh Plans do not permit Seller to appoint Buyer as successor
Trustee/Custodian, then prior to the Closing Date Seller and Buyer will cooperate in an effort to obtain any required approval or consent of each individual grantor or named fiduciary of the Plan to the appointment of Buyer as successor
Trustee/Custodian. In the event that an approval or consent necessary for Buyer to become successor Trustee/Custodian of an IRA or Keogh Plan is not obtained, Seller will retain that Plan and the Deposit associated with that Plan. Buyer agrees
to act as successor Trustee/Custodian of the IRA or Keogh Plans as to which it is appointed by Seller as described above and to assume all duties of Seller under the agreements relating to those Plans. 

With respect to each IRA or Keogh Plan Deposit transferred to Buyer, on the Closing Date Seller shall provide to
Buyer a listing of the balances of those Deposits as of December 31, 2011, and, with respect to any IRA or Keogh Plan Depositor who was age
70 1/2 on December 31, 2011, or who will attain
age 70 1/2 during 2012, Seller will provide to Buyer
a listing of those Depositors’ required minimum distributions from their accounts during 2012 simultaneous with reporting that information to the Depositors. 

  
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 ARTICLE 10 
 EMPLOYEE MATTERS 
 The parties shall follow the following procedure in
dealing with employees of the Branches regarding employment after the Closing: 
 10.1 Notice to Employees and
Information. With respect to all employees of Seller affiliated with the Branches (the “Branch Employees”), as soon as reasonably practicable after the signing of this Agreement, Seller shall notify each Branch Employee that
Seller and Buyer have entered into an agreement with respect to Buyer’s acquisition of the Assets and Liabilities. 
 10.2
Offer of Employment. Buyer currently intends to employ those Branch Employees listed on Schedule 10.2 (the “Offer Employees”) in substantially their then current positions with substantially the same remuneration and
benefits generally equivalent to current levels; provided, however, that nothing herein shall (i) obligate Buyer to employ any Offer Employee or consider any other Branch Employee for employment, (ii) require Buyer to provide
any Assumed Employee (as defined below) the same remuneration or benefit levels as such Assumed Employee’s remuneration or benefits immediately prior to the Closing Date, or (iii) prohibit Buyer from terminating any Assumed Employee for
any reason. No later than 30 days prior to the Closing Date, Buyer shall give Seller written notice (the “Decline Notice”) as to which, if any, of the Offer Employees will not be offered employment by Buyer. Any Offer Employees that
are listed on the Decline Notice shall not be offered employment by Buyer. No later than 10 days prior to the Closing Date, Buyer will offer employment to the Offer Employees other than those identified in the Decline Notice. Buyer shall permit each
Offer Employee who accepts employment with Buyer (each an “Assumed Employee”) to participate in the same health, vacation, and other benefits as Buyer provides to its other employees who are in positions that are substantially the
same as those occupied by the respective Assumed Employees in their employment with Buyer, provided that Buyer shall not be obligated to make any contribution to any plan or program on behalf of any of such Branch employees, with respect to any
period prior to the Closing. Buyer shall not be obligated to provide any Assumed Employee with credit for service with the Seller or any of its affiliates for purposes of participation, vesting or qualification under any of Buyer’s benefit
plans and programs (including without limitation its vacation and other paid leave programs). Pre-existing condition restrictions of Buyer’s health plan shall be waived with regard to the Assumed Employees; provided, however, that
to the extent a pre-existing exclusion applied to such Assumed Employee under Seller’s health plan, such pre-existing condition exclusion shall continue to apply under Buyer’s health plan. For purposes of determining each Assumed
Employee’s vacation benefit with Buyer for the year in which the Effective Time occurs under Buyer’s vacation program, any vacation taken by an Assumed Employee while employed with Seller preceding the Closing Date for the year in which
the Effective Time occurs will be deducted from the total buyer vacation benefit for which such Assumed Employee is eligible for such year under Buyer’s vacation program. Except as provided above, after the Closing Date Assumed Employees will
be employed on an at-will basis by Buyer as newly-hired employees subject to Buyer’s normal employment policies and procedures. Buyer shall not be liable for any claims that any Branch employee may have against Seller and Buyer may request a
release from each Assumed Employee with respect thereto. 

  
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 10.3 Non-Assumed Employee; Costs of Termination. Seller shall be solely responsible
for the management, reassignment, relocation or termination of any Branch employees that are not Assumed Employees, and Seller shall pay any and all costs (including, without limitation, severance pay and accrued vacation pay) associated with
termination of any Branch employee, other than the Assumed Employees, who is terminated by Seller. 
 10.4
Communications. Seller shall coordinate all communications to Branch employees, after consultation with Buyer; provided, however, this Section 10.4 shall not be construed to require Buyer and Seller to act jointly at
any time. 
 10.5 Seller’s Retention of Liabilities. Seller shall retain all liabilities and obligations (including,
without limitation, the liability and obligation for all wages, salary, vacation pay and unemployment, medical, dental, vision, health, disability and retirement benefits), for any claims incurred by any Branch employee prior to the Effective Time.
Buyer shall not at any time assume any liability for the benefits of any Branch employee under any of Seller’s benefit plans. Seller shall be responsible for providing any Branch employee whose “qualifying event,” within the meaning
of section 4980B(f)(3) of the Code, occurs on or prior to the Effective Time (and such Branch Employee’s “qualified beneficiaries” within the meaning of section 4980B(g)(1) of the Code) with the continuation of group health coverage
required by section 4980B(f) of the Code under the terms of the health plan maintained by Seller. 
 10.6 No Third Party
Beneficiaries. Nothing in this Article 10 is intended, nor shall it be construed, to confer any rights or benefits upon any person other than Buyer and Seller, including any rights to be employed or respecting the terms and duration of
employment. 
 10.7 Non-Solicitation of Employees. From the date of this Agreement until the Closing Date, Seller shall
not (a) terminate any Offer Employee, except for cause, or (b) relocate, or agree to relocate, any Offer Employee to another branch or office of Seller or any affiliate of Seller unless Buyer has notified Seller that such Offer Employee
has declined or intends to decline Buyer’s offer of employment. From and after the Effective Time, and for a period of twelve months after the Closing Date, Seller and its respective successors and assigns shall not directly or indirectly hire
any Assumed Employee, without the prior consent of Buyer, unless such Assumed Employee’s employment was terminated by Buyer. 
 ARTICLE 11 
 TERMINATION AND ABANDONMENT 

11.1 Right of Termination. This Agreement and the transactions contemplated hereby may be terminated and abandoned at any time
prior to or at the Closing as follows, and in no other manner: 
 A. By the mutual written consent of Seller and
Buyer; 
 B. By either Buyer or Seller, if the Closing has not occurred within ninety (90) calendar days
following receipt of all necessary regulatory approvals and the expiration of any mandatory waiting period or such other date as Seller and Buyer shall agree in writing as necessary to accommodate the data conversion, unless the failure to so
consummate by such time is due to a breach of this Agreement by the party seeking to terminate; 

  
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 C. By either Buyer or Seller if (i) any of the transactions
contemplated by this Agreement are disapproved by any regulatory authority whose approval is required to complete such transactions, or (ii) if either party reasonably determines in good faith after consultation with outside counsel that there
is substantial likelihood that any requisite regulatory approval will not be obtained or will be obtained only upon a condition or conditions that make it inadvisable for the terminating party to proceed with the transactions contemplated by this
Agreement; 
 D. By Buyer if there shall be any actual or threatened litigation to restrain or invalidate the
sale of the Assets to, or the assumption of the Liabilities by, Buyer that, in the good faith judgment of Buyer, after consultation with outside counsel and Seller, makes it inadvisable to proceed with such transaction; 

E. By Seller if there shall be any actual or threatened litigation to restrain or invalidate the sale of the Assets to, or
the assumption of the Liabilities by, Buyer that, in the good faith judgment of Seller, after consultation with outside counsel and Buyer, makes it inadvisable to proceed with such transaction; 

F. By Buyer if any Material Adverse Change with respect to the Assets or Liabilities has occurred since September 30,
2011; 
 G. By either Buyer or Seller in the event of a material breach by the other of any representation,
warranty or agreement contained herein, or the failure of any condition to a party’s obligation to consummation the transaction, that is not cured or cannot be cured within 30 days after written notice of such termination has been delivered to
the breaching party; provided, however, that termination pursuant to this provision shall not relieve the breaching party of liability for such breach; or 

H. By Buyer as provided in Section 1.11 of this Agreement. 

11.2 Notice of Termination. The power of termination provided for by Section 11.1 may be exercised only by a notice
given in writing, as provided in Section 12.4. 
 11.3 Effect of Termination. Without limiting any other
relief to which either party hereto may be entitled, in the event of the termination and abandonment of this Agreement pursuant to the provisions of Section 11.1, no party to this Agreement shall have any further liability or obligation
in respect of this Agreement, except for (a) liability of a party for expenses pursuant to Section 12.11, and (b) the provisions of Section 12.15 shall remain applicable. 

ARTICLE 12 

MISCELLANEOUS 
 12.1 Entire Agreement. This Agreement and the other agreements, documents and instruments executed and delivered by the parties to each other at the Closing constitute the full understanding of the
parties, a complete allocation of risks between them and a complete and 

  
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exclusive statement of the terms and conditions of their agreement relating to the subject matter hereof and supersede any and all prior agreements, whether written or oral, that may exist
between the parties with respect thereto. 
 12.2 Multiple Counterparts. For the convenience of the parties hereto, this
Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all counterparts hereof so executed by the parties hereto, whether or not such counterpart shall bear the execution of each of the parties hereto,
shall be deemed to be, and shall be construed as, one and the same Agreement. A telecopy or facsimile transmission of a signed counterpart of this Agreement shall be sufficient to bind the party or parties whose signature(s) appear thereon.

 12.3 Amendment. This Agreement may be amended, modified or supplemented only by a written instrument signed by each
party hereto. 
 12.4 Notices. Any and all notices and other communications required or permitted to be given under this
Agreement by any party hereto to the other party may be delivered personally or by overnight courier service or sent by mail, electronic mail or facsimile transmission, at the respective addresses or transmission numbers set forth below and shall be
effective upon the earlier of actual receipt or (a) in the case of mail, upon the earlier of actual receipt or 3 business days after deposit in the United States Postal Service, first class certified or registered mail, postage prepaid, return
receipt requested; and (b) in the case of overnight courier service, one business day after delivery to such courier service with instructions to deliver the next business day. The parties may change their respective addresses and transmission
numbers by written notice to all other parties, sent as provided in this Section 12.4. All communications must be in writing and addressed as follows: 
  

							
	If to Seller:	 	New Century Bank
		 	700 West Cumberland Street
		 	Dunn, NC 28334
		 	Attn:	 	William L. Hedgepeth II
		 		 	President and Chief Executive Officer
		 		 	Email Address:	 	billh@newcenturybanknc.com
		 		 	Facsimile No.:	 	(910) 897-2469
		
	With a Copy to:	 	Gaeta & Eveson, P.A.
		 	700 Spring Forest Road
		 	Suite 335
		 	Raleigh, NC 27609
		 	Attn:	 	Todd H. Eveson
		 		 	Email Address:	 	teveson@banklawnc.com
		 		 	Facsimile No.:	 	(919) 518-2146
		
	If to Buyer:	 	Lumbee Guaranty Bank
		 	403 East Third Street
		 	Pembroke, NC 28372
		 	Attn:	 	Larry R. Chavis
		 		 	President and Chief Executive Officer
		 		 	Email Address:	 	LarryRChavis@lumbeeguarantybank.com
		 		 	Facsimile No.:	 	(910) 521-6102

  
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	With a Copy to:	 	Ward and Smith, P.A.
		 	1001 College Court
		 	P.O. Box 867
		 	New Bern, NC 28563-0867
		 	Attn:	 	William R. Lathan, Jr.
		 		 	Email Address:	 	wrl@wardandsmith.com
		 		 	Facsimile No.:	 	(252) 672-5477

 12.5 Binding Effect. All of the terms, covenants, representations, warranties and conditions of
this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties hereto and their respective successors, representatives and permitted assigns. Nothing expressed or referred to herein is intended or shall be
construed to give any person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provision herein contained, it being the intention of the parties hereto that this Agreement, the
assumption of obligations and statements of responsibilities hereunder, and all other conditions and provisions hereof are for the sole benefit of the parties to this Agreement and for the benefit of no other person. Nothing in this Agreement shall
act to relieve or discharge the obligation or liability of any third party to any party to this Agreement, nor shall any provision give any third party any right of subrogation or action over or against any party to this Agreement. 

12.6 Governing Law. This Agreement will be construed in accordance with and governed by the laws of the State of North Carolina
without giving effect to any choice or conflict of law provision or rule (whether of the State of North Carolina or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of North Carolina.

 12.7 Attorneys’ Fees and Costs Upon Enforcement. In the event attorneys’ fees or other costs are incurred to
secure performance of any of the obligations herein provided for, or to establish damages for the breach thereof, or to obtain any other appropriate relief, whether by way of prosecution or defense, the prevailing party shall be entitled to recover
reasonable attorneys’ fees and costs incurred therein. 
 12.8 Severability. In the event that any provision of
this Agreement is held to be illegal, invalid or unenforceable under present or future laws, then (a) such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable
provision were not a part hereof; (b) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid or unenforceable provision or by its severance from this Agreement; and
(c) there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and still be legal, valid and enforceable. 

  
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 12.9 Assignability. No party to this Agreement shall assign this Agreement, by
operation of law or otherwise, in whole or in part, without the prior written consent of the other party. Any assignment made or attempted in violation of this Section 12.9 shall be void and of no effect. 

12.10 Rules of Construction. All sections referred to herein are sections of this Agreement and all exhibits and schedules
referred to herein are exhibits and schedules, respectively, attached to this Agreement. Descriptive headings as to the contents of particular sections are for convenience only and shall not control or affect the meaning, construction or
interpretation of any provision of this Agreement. The exhibits and schedules to this Agreement (and any appendices thereto) referred to in this Agreement and attached hereto are and shall be incorporated herein and made a part hereof for all
purposes as though set forth herein verbatim. Each use herein of the masculine, neuter or feminine gender shall be deemed to include the other genders. Each use herein of the plural shall include the singular and vice versa, in each case as the
context requires or as it is otherwise appropriate. The word “or” is used in the inclusive sense. 
 12.11
Expenses. Seller shall pay all of its expenses and costs (including, without limitation, all attorneys’ fees and expenses and application fees), and Buyer shall pay all of its expenses and costs (including, without limitation, all
attorneys’ fees and expenses, data processing conversion fees, and application fees), in connection with this Agreement and the consummation of the transactions contemplated hereby. 

12.12 Waiver. Any of the terms or conditions of this Agreement may be waived at any time by the party that is entitled to the
benefit thereof. No party to this Agreement shall by any act (except by a written instrument signed by the party to be charged) be deemed to have waived any right or remedy hereunder or to have acquiesced in any breach of any of the terms and
conditions hereof. Neither failure to exercise, nor any delay in exercising any right, power or privilege hereunder by any party hereto shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall
preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver of any party of any right or remedy on any one occasion shall not be construed as a bar to any right or remedy that such party would
otherwise have on any future occasion or to any right or remedy that any other party may have hereunder. 
 12.13 Specific
Performance. Each of the parties hereto acknowledges that the other parties would be irreparably damaged and would not have an adequate remedy at law for money damages in the event that any of the covenants contained in this Agreement were not
performed in accordance with its terms or otherwise were materially breached. Each of the parties hereto therefore agrees that, without the necessity of proving actual damages or posting bond or other security, the other party shall be entitled to
temporary and/or permanent injunction or injunctions to prevent breaches of such performance and to specific enforcement of such covenants in addition to any other remedy to which they may be entitled, at law or in equity. 

12.14 Public Disclosure. Seller and Buyer will consult with each other regarding the content of any press release or other public
disclosure concerning this transaction (including any notice or instructions given to the customers of the Branches) and obtain the prior written 

  
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approval of the other party hereto; provided, however, that notwithstanding anything else contained in this Section 12.14, Seller and Buyer shall be permitted to make
any public disclosure or governmental filings as its counsel may deem necessary to maintain compliance with or to prevent violations of applicable federal or state laws or regulations. 

12.15 Confidential Information. Except as may be required by applicable securities laws or as may be necessary to obtain the
regulatory approvals as described in Sections 6.3 and 7.3, Seller and Buyer will treat as confidential any information related to the transactions described herein obtained from the other party. Seller and Buyer will use such
information, and not disclose it to others, except their employees, advisors, directors and agents, expressly for the purposes of evaluating the potential of consummating the transactions proposed herein. The term “information” does not
include any information that (a) at the time of disclosure or thereafter is generally available to and known by the public, (b) was available on a nonconfidential basis from a source other than Seller or Buyer or (c) was independently
acquired or developed without violating any laws or obligations under this Agreement. In the event of termination of this Agreement, each party shall redeliver all documents, work papers and other material of the other party relating to the
transactions contemplated hereby, whether so obtained before or after the execution hereof, to the party furnishing the same. Notwithstanding the return of such documents, work papers and other materials, each party shall be bound by the obligations
of confidentiality set forth herein for a period of two (2) years following the effective date of the termination of this Agreement. 
 12.16 “Knowledge.” As used in this Agreement, the terms “Seller’s Knowledge” and “Buyer’s Knowledge” shall mean the actual knowledge of any of their
respective executive officers after reasonable and due inquiry) 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized officers as of the date first above written. 
  

			
	BUYER:
	
	LUMBEE GUARANTY BANK
		
	By:	 	 /s/ Larry R. Chavis

		 	Larry R. Chavis
		 	President & Chief Executive Officer
	
	SELLER:
	
	NEW CENTURY BANK
		
	By:	 	 /s/ William L. Hedgepeth II

		 	William L. Hedgepeth II
		 	President & Chief Executive OfficerEX-10.1

 Exhibit 10.1 
 RESTRUCTURING SUPPORT AGREEMENT 
 This RESTRUCTURING
SUPPORT AGREEMENT (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), dated as of December 23, 2011, is entered into by and among (i) Aquilex
Acquisition Sub III, LLC (“Aquilex Acquisition Sub”), its subsidiary, Aquilex Holdings LLC (“Holdings” and, together with Aquilex Acquisition Sub and certain other of its subsidiaries, the
“Company”),1 (ii) the undersigned beneficial holders, or investment advisors or managers for the account of beneficial holders
(the “Noteholders” and, together with their respective successors and permitted assigns and any subsequent Noteholder that becomes party hereto in accordance with the terms hereof, the “Consenting
Noteholders”) of the 11.125% Senior Notes due 2016 (the “Senior Notes”) issued by Aquilex Holdings LLC and Aquilex Finance Corp., (iii) Royal Bank of Canada, as administrative agent and collateral agent
under the First Lien Credit Agreement (defined below) (“RBC” or the “First Lien Agent”), (iv) certain beneficial holders of the First Lien Loans (as defined below) (together with RBC as a
beneficial lender, the “First Lien Lenders”, and together with their respective successors and permitted assigns and any subsequent First Lien Lender that becomes party hereto in accordance with the terms hereof, the
“Consenting First Lien Lenders”), (v) U.S. Bank National Association, as administrative agent and collateral agent under the Second Lien Credit Agreement (defined below) (“U.S. Bank” or the
“Second Lien Agent”), (vi) certain beneficial holders of the Second Lien Loans (as defined below) (together with U.S. Bank, the “Second Lien Lenders”, and together with their respective successors
and permitted assigns and any subsequent Second Lien Lender that becomes party hereto in accordance with the terms hereof, the “Consenting Second Lien Lenders”, and together with the Consenting Noteholders and the Consenting
First Lien Lenders the “Consenting Creditors”) (vii) Aquilex HoldCo L.P. (the “Parent”) and (viii) the Ontario Teachers’ Pension Plan Board, in its capacity as holder of 98.5% of the
equity interests in Parent (the “Equity Sponsor”). The Company, each Consenting Creditor, the Parent, the Equity Sponsor and any subsequent person or entity that becomes a party hereto in accordance with the terms hereof are
referred herein as the “Parties” and individually as a “Party.” Capitalized terms used but not defined herein shall have the meanings ascribed to them in the term sheet attached hereto as Exhibit
A (the “Term Sheet,” including any schedules and exhibits attached thereto, and as may be modified in accordance with Section 9 hereof); 

WHEREAS, the Parties have agreed to a restructuring of the Company (the “Restructuring”) that will be
implemented either through (a) an out of court restructuring or (b) the Plan. The Restructuring (a) will be consummated in accordance with the Term Sheet (provided that if there is any inconsistency between the terms of the Plan and
the Term Sheet, the Plan shall control) and (b) will include a Rights Offering as contemplated in the Backstop Purchase Agreement attached hereto as Exhibit B (the “Backstop Agreement”). The Term Sheet and the
Backstop Agreement are the product of arm’s length, good faith discussions between the Parties and their respective professionals; 

 

	1 	The entities included in the definition of “Company” are as follows: Aquilex Acquisition Sub III, LLC; Aquilex Holdings LLC; Aquilex Corporation; Aquilex
Finance Corp.; Aquilex HydroChem, Inc; Aquilex HydroChem Industrial Cleaning, Inc; Aquilex Specialty Repair and Overhaul, Inc.; Aquilex WSI, Inc.; Aquilex SMS, Inc.; Aquilex Welding Services B.V. and Aquilex Welding Services Poland Sp. Z.o.o.

 WHEREAS, as of the date hereof, the Consenting First Lien Lenders hold, in the
aggregate, 100% of the aggregate outstanding principal amount of the First Lien Loans under that certain Amended and Restated Credit Agreement, dated as of April 1, 2010, by and among Holdings, as borrower, each of the guarantors named therein,
the lenders party thereto, and RBC as administrative agent and collateral agent (as amended, modified or otherwise supplemented from time to time prior to the date hereof, the “First Lien Credit Agreement”); 

WHEREAS, as of the date hereof, the Consenting Second Lien Lenders hold, in the aggregate, 100% of the aggregate outstanding
principal amount of the term loans (collectively, the “Second Lien Loans”) under that certain Credit Agreement, dated as of November 15, 2011, by and among Holdings, as borrower, each of the guarantors named therein, the
lenders party thereto, and U.S. Bank as administrative agent and collateral agent (as amended, modified or otherwise supplemented from time to time prior to the date hereof, the “Second Lien Credit Agreement”); 

WHEREAS, as of the date hereof, the Consenting Noteholders hold, in the aggregate, approximately 92% of the aggregate outstanding
principal amount of the Senior Notes issued by Holdings and Aquilex Finance Corp. under that certain Indenture, dated as of December 23, 2009, by and among Holdings and Aquilex Finance Corp., as issuers, each of the guarantors named therein and
Wilmington Trust FSB as the indenture trustee (as amended, modified or otherwise supplemented from time to time prior to the date hereof, the “Indenture”); 

WHEREAS, the Parties desire to express to each other their mutual support and commitment in respect of the matters discussed in
the Term Sheet and hereunder. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 

 

	 	1.	Certain Definitions. 

 As used in this Agreement, the following terms have the following meanings: 
 (a)
“Closing” means the consummation of the Exchange Offer or the Plan, as applicable. 
 (b) “Definitive
Documents” means the documents (including any related orders, agreements, instruments, schedules or exhibits) that are contemplated by the Term Sheet and that are otherwise necessary or desirable to implement, or otherwise relate to the
Restructuring, the Plan, the Term Sheet and the Exchange Offer (as defined in the Term Sheet), including the Plan, the documents to be filed in the supplement to the Plan, including LLC Agreements (collectively, the “Plan
Supplement”), the offering memorandum describing the terms of the Restructuring, containing details about the Company and the securities being offered as part of the Restructuring (and intended to satisfy section 1125 of the Bankruptcy
Code, to the extent applicable) (the “Offering Memorandum” and, to the extent applicable, the “Disclosure Statement”), the Backstop Agreement, the equity term sheet attached hereto as Exhibit C
(the “Equity Term Sheet”), the rights offering procedures attached hereto as Exhibit D (the “Rights  

  
 2 

 
Offering Procedures”) and this Agreement (together with any voting and solicitation related materials), and any motion seeking the approval thereof, the Confirmation Order, and
definitive documentation relating to the Company’s DIP Financing (as defined herein), use of cash collateral, any exit financing, organizational documents, management services agreements, shareholder and member related agreements or other
related documents, which shall contain terms and conditions consistent in all material respects with this Agreement and the Term Sheet and shall otherwise be reasonably satisfactory in all respects to the Company and the Requisite Noteholders (and,
to the extent a Definitive Document contains provisions that materially adversely affect the Consenting First Lien Lenders (which determination shall be made in good faith by the First Lien Agent), such Definitive Documents shall also be reasonably
acceptable to the First Lien Agent), in accordance with Section 6 hereof. 
 (c) “DIP Commitment”
means the commitment letter attached as Exhibit G hereto (including the DIP Term Sheet attached as Exhibit A thereto) 

(d) “DIP Financing” means the debtor-in-possession financing provided in accordance with the terms, and subject in all
respects to the conditions, set forth in the DIP Commitment (including the DIP Term Sheet attached as Exhibit A thereto). 
 (e)
“Exit Term Loan Term Sheet” means the term sheet attached hereto as Exhibit E. 
 (f) “First
Lien Lender Claims” means any and all claims arising under the First Lien Credit Agreement or the First Lien Loans. 

(g) “First Lien Loans” means the Total Outstandings (as defined in the First Lien Credit Agreement). 

(h) “Knowledge” means, with respect to the Company, the actual knowledge of L.W. Varner, Jr., Jay W. Ferguson, Gregory
M. Birge, Pedro E Amador, Douglas J. Vail, Douglas M. Jacobs, Roger L. Raney and Michael Pregent. 
 (i) “Material
Adverse Effect” means a material adverse effect on (i) the business, assets, properties, results of operations or financial condition of the Aquilex Parties (as defined in the Backstop Agreement) (taken as a whole) or (ii) the
ability of the Aquilex Parties, subject to the approvals and other authorizations set forth in Section 2.4(a) of the Backstop Agreement, to consummate the transactions contemplated by the Backstop Agreement, this Agreement or the Plan,
other than, with respect to clauses (i) and (ii), the effect: (A) of any change in the United States or foreign economies or securities or financial markets in general; (B) of any change that generally affects any industry in which
the Aquilex Parties operate; (C) of any change arising in connection with earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage or
terrorism or military actions; (D) of any changes in applicable laws or accounting rules; (E) resulting from the filing of the Chapter 11 Cases, any reasonably anticipated effects thereof or from any action approved by the Bankruptcy
Court; or (F) resulting from the public announcement of this Agreement, compliance with terms of this Agreement or the consummation of the transactions contemplated hereby, but only, in the case of each of clauses (A) and (B), if such
effect or change does not have a materially disproportionate effect on the Company, considered as one enterprise, relative to other participants in the industry in which the Company operates. 

  
 3 

 (j) “Noteholder Claims” means any and all claims arising under the
Indenture or the Senior Notes. 
 (k) “Plan Support Effective Date” means the date on which
counterpart signature pages to this Agreement shall have been executed and delivered by (i) the Company, (ii) Consenting Noteholders holding at least 91% in aggregate principal amount outstanding of the Senior Notes, (iii) Consenting
First Lien Lenders holding at least 66- 2/3% in
aggregate principal amount outstanding of the First Lien Loans and (iv) Consenting Second Lien Lenders holding 100% in aggregate principal amount outstanding of the Second Lien Loans. 

(l) “Plan Support Period” means the period commencing on the Plan Support Effective Date and ending on the earlier of
the (i) date on which this Agreement is terminated in accordance with Section 5 hereof and (ii) the Effective Date of the Exchange Offer or Plan, as applicable. 

(m) “Requisite Creditors” means (i) the Requisite First Lien Lenders, (ii) the Requisite Second Lien Lenders
and (iii) the Requisite Noteholders. 
 (n) “Requisite First Lien Lenders” means, as of the date of
determination, Consenting First Lien Lenders holding at least a majority of the aggregate outstanding principal amount of the First Lien Loans held by the Consenting First Lien Lenders as of such date. 

(o) “Requisite Noteholders” means, as of the date of determination, Consenting Noteholders holding
at least a majority of the aggregate outstanding principal amount of the Senior Notes held by the Consenting Noteholders as of such date; provided, however, the term “Requisite Noteholders” shall mean, as of the date of
determination, Consenting Noteholders holding at least 66- 2/3% of the aggregate outstanding principal amount of the Senior Notes held by the Consenting Noteholders as of such date, for purp1oses of any waiver, change in the effect of, consent, amendment, or
modification to each of the following: (1) the definitions of, and the form and substance of, each of the Offering Memorandum, the Term Sheet, the Plan, the Disclosure Statement, the order approving the Disclosure Statement, the Confirmation
Order, the Agreement Motion, the Agreement Order and the Backstop Commitment Fee; (2) the definition of, and the form and substance of, and any requirement to execute and/or deliver, the Amended LLC Agreement and the Definitive Documents (as it
relates to the Amended LLC Agreement); (3) any change to the definition of Outside Petition Date to extend such date beyond February 27, 2012; (4) the treatment of the Second Lien Lenders in the Term Sheet and the Plan;
(5) Section 5(c)(xii) hereof; (6) Section 8 hereof; (7) Annex 2 to the Term Sheet (it being understood that the operation of the formulas included therein may result in variability with respect to certain recoveries
as contemplated in Annex 2); (8) Section 3(c) hereof; and (9) any covenants, rights of termination or conditions in this Agreement (including any exhibits or schedules hereto), the Term Sheet or the Plan, which would have the
effect of any waiver, change in the effect of, consent, amendment or modification to the items referenced in (1)-(8) hereof. 

  
 4 

 (p) “Requisite Second Lien Lenders” means, as of the date of determination,
Consenting Second Lien Lenders holding at least a majority of the aggregate outstanding principal amount of the Second Lien Loans held by the Consenting Second Lien Lenders as of such date. 

(q) “Second Lien Lender Claims” means any and all claims arising under the Second Lien Credit Agreement or the Second
Lien Loans. 
 (r) “Tax” or “Taxes” means any federal, state, local, or non-U.S. income, gross
receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under §59A of the Internal Revenue Code of 1986, as amended), customs duties, capital stock, franchise,
profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including
any interest, penalty, or addition thereto, whether disputed or not, and including any liability under Treasury Regulation § 1.1502-6 or any analogous or similar state, local or non-U.S. law or regulation. 

(s) “Tax Return” means any return, declaration, report, claim for refund, or information return or statement relating to
Taxes, including any schedule or attachment thereto, and including any amendment thereof. 
  

	 	2.	Term Sheet. 

 The
Term Sheet is expressly incorporated herein by reference and made part of this Agreement as if fully set forth herein. The Term Sheet sets forth the material terms and conditions of the transactions contemplated by the Plan and the Exchange Offer
(the “Restructuring Transactions”); provided, however, the Term Sheet is supplemented by the terms and conditions of this Agreement. In the event of any inconsistency between the Term Sheet and this Agreement,
this Agreement shall control. For the avoidance of doubt, the obligations of the First Lien Agent and any First Lien Lender, whether as an agent, an arranger or as a lender, in respect of the DIP Financing or the Exit Financing shall be governed by
the terms and conditions of any commitment letter (including the DIP Commitment) and Definitive Documents executed in connection therewith and shall not be governed by this Agreement. 

 

	 	3.	Agreements of the Consenting Creditors. 

 (a) Agreement to Support and Tender. Each of the Parties to this Agreement agrees to support the Restructuring and the Plan, as applicable, and to act in good faith and take all reasonable actions
necessary to consummate the Restructuring and the Plan, as applicable, in a timely manner, including the following: 
 (i) Subject to the terms and conditions hereof, each Consenting Noteholder irrevocably agrees to (A) promptly tender in the Exchange Offer, and not withdraw its tender or support from the Exchange
Offer, all Senior Notes held by the Consenting Noteholder, unless the Exchange Offer shall have been terminated and (B) provide its consent in favor of proposed amendments to the Indenture to eliminate substantially all of the restrictive
covenants and certain of the events of default contained 

  
 5 

 
therein and agrees to execute and deliver such documents as may be reasonably requested by the Company to evidence such consent; provided, further that consent to amend the
Indenture to remove section 9.07 thereto in its entirety is hereby given by each Consenting Noteholder and such amendment shall be effectuated promptly following execution of this Agreement; provided however, that such Consenting
Noteholder may withdraw such Senior Notes from the Exchange Offer and with respect to clause (ii) below, withdraw its consent (1) in order to effect a Transfer (as defined below) of such Senior Notes in compliance with
Section 3(c) hereof so long as any transferee of such Senior Notes shall promptly thereafter tender such Senior Notes in the Exchange Offer and (2) at any time following the termination of this Agreement in accordance with
Section 5 hereof. 
 (ii) Subject to the terms and conditions hereof, each Consenting First Lien
Lender irrevocably (A) agrees to the treatment of its First Lien Lender Claims contemplated in the Term Sheet, both in an out-of-court Restructuring and in the Chapter 11 Cases and (B) provides its consent in favor of the proposed
amendment and restatement of the First Lien Credit Agreement as described in the Term Sheet and the Definitive Documents, and agrees to execute and deliver such amended and restated agreement and such other documents as may be reasonably requested
by the Company or the Requisite Noteholders and reasonably acceptable to the Requisite Lenders (as defined in the First Lien Credit Agreement) to evidence such consent, it being understood that all such documents shall be consistent with the Exit
Term Loan Term Sheet and otherwise as mutually agreed between the Requisite Noteholders, the Company and the Requisite Lenders. 
 (iii) Subject to the terms and conditions hereof, each Consenting Second Lien Lender irrevocably agrees to the treatment of its Second Lien Lender Claims contemplated in the Term Sheet, both in an
out-of-court Restructuring and in the Chapter 11 Cases. 
 (iv) Subject to the terms and conditions hereof and
the terms and conditions of the Backstop Agreement, each Consenting Noteholder irrevocably agrees to backstop the Rights Offering. 
 (v) Subject to the terms and conditions hereof, and in accordance with the terms and conditions set forth on the Term Sheet, the DIP Commitment (including the DIP Term Sheet attached thereto), the Exit
Term Loan Term Sheet and the Exit Revolver Term Sheet, the Company and each Consenting Creditor consents to, and agrees to support, the DIP Financing, the Exit Term Loan and the Exit Revolver (on the terms and by the dates set forth herein and in
the Term Sheet). 
 (b) Voting. Each Consenting Creditor agrees that, for the duration of the Plan Support Period, such
Consenting Creditor shall: 
 (i) (A) timely vote or cause to be voted its First Lien Lender Claims, Second Lien
Lender Claims, or Noteholder Claims (as applicable) to accept the Plan by delivering its duly executed and completed ballot or ballots, as applicable, accepting the 

  
 6 

 
Plan on a timely basis following commencement of the solicitation of acceptances of the Plan in accordance with sections 1125(g) and 1126 of the Bankruptcy Code, (B) not change or
withdraw such vote (or cause or direct such vote to be changed or withdrawn); provided, however, that such vote may, upon written notice to the Company and the other Parties, be revoked (and, upon such revocation, deemed void ab
initio) by any Consenting Creditor at any time following the expiration of the Plan Support Period, and (C) timely vote (or cause to be voted) its First Lien Lender Claims, Second Lien Lender Claims, or Noteholder Claims (as applicable)
against, and shall not directly or indirectly, through any person or entity, seek, solicit, propose, support, assist, engage in negotiations in connection with or participate in the formulation, preparation, filing or prosecution of, any plan, plan
proposal, restructuring proposal, offer of dissolution, winding up, liquidation, sale or disposition, reorganization, merger or restructuring of the Company other than the Plan, or take any other action that is inconsistent with or that would
reasonably be expected to prevent, interfere with, delay or impede the solicitation of votes on the Plan, approval of the Disclosure Statement, and the confirmation and consummation of the Plan and the Restructuring; and 

(ii) support and take all reasonable actions necessary or reasonably requested by the Company to facilitate the
solicitation of votes on the Plan, approval of the Disclosure Statement, and confirmation and consummation of the Plan and the Restructuring (it being understood that the Consenting Creditors shall not be required to incur any material costs,
expense or liability in connection therewith). 
 (c) Transfers. Each Consenting Creditor agrees that, for the duration
of the Plan Support Period, such Consenting Creditor shall not sell, transfer, loan, issue, pledge, hypothecate, assign or otherwise dispose of (other than ordinary course pledges and/or swaps) (each, a “Transfer”), directly
or indirectly, in whole or in part, any of the Noteholder Claims, First Lien Lender Claims or Second Lien Lender Claims, as applicable, or any option thereon or any right or interest therein or any other claims against or interests in the Company
(including grant any proxies, deposit any Senior Notes, First Lien Loans, Second Lien Loans or any other claims against or interests in the Company into a voting trust or entry into a voting agreement with respect to any such Senior Notes, First
Lien Loans, Second Lien Loans or such other claims against or interests in the Company), unless the transferee thereof either (i) is a Consenting Creditor or (ii) prior to such Transfer, agrees in writing for the benefit of the Parties to
become a Consenting Creditor and to be bound by all of the terms of this Agreement applicable to Consenting Creditors (including with respect to any and all claims or interests it already may hold against or in the Company prior to such Transfer) by
executing a joinder agreement, a form of which is attached hereto as Exhibit F (a “Joinder Agreement”), and delivering an executed copy thereof within two (2) business days of such execution, to (i) Richards,
Layton & Finger (“RLF”), as counsel to the Company, (ii) Stroock & Stroock & Lavan LLP (“Stroock”), as counsel to the Ad Hoc Committee, (iii) Kirkland &
Ellis LLP (“Kirkland”), as counsel to a member of the Ad Hoc Committee and (iv) Latham & Watkins LLP (“Latham”), as counsel to the First Lien Agent, in which event (a) the transferee
(including the Consenting Creditor transferee, if applicable) shall be deemed to be a Consenting Creditor hereunder to the extent of such transferred rights and obligations and (b) the transferor shall be deemed to relinquish its rights (and be
released from its obligations) under this Agreement to the extent of such transferred rights and obligations; provided, however, that such Transfer shall not, in and of 

  
 7 

 
itself, release any Consenting Noteholder who is also a Backstop Party from its obligations under such Backstop Party’s Backstop Commitment, it being understood that the Transfer of Backstop
Commitments shall be governed by the Backstop Agreement. Each Consenting Creditor agrees that any Transfer of any Noteholder Claims, First Lien Lender Claims and/or Second Lien Lender Claims that does not comply with the terms and procedures set
forth herein shall be deemed void ab initio, and the Company and each other Consenting Creditor shall have the right to enforce the voiding of such Transfer. Notwithstanding anything contained herein to the contrary, during the Plan Support
Period, a Consenting Creditor may offer, sell or otherwise Transfer any or all of its Noteholder Claims, First Lien Lender Claims and/or Second Lien Lender Claims to any entity that, as of the date of Transfer, controls, is controlled by or is under
common control with such Consenting Creditor; provided, however, that such entity shall automatically be subject to the terms of this Agreement and deemed a Party hereto and shall execute a Joinder Agreement hereto. 

(d) Additional Claims or Equity Interests. To the extent any Consenting Creditor (i) acquires additional Noteholder Claims,
First Lien Lender Claims and/or Second Lien Lender Claims, (ii) holds or acquires any other claims against the Company entitled to vote on the Plan, or (iii) holds or acquires any equity interests in the Company entitled to vote on the
Plan, then, in each case, each such Consenting Creditor shall promptly notify RLF, Stroock, Kirkland and Latham, and each such Consenting Creditor agrees that such Noteholder Claims, First Lien Lender Claims, Second Lien Lender Claims or other
claims or equity interests shall be subject to this Agreement, and that, for the duration of the Plan Support Period, it shall vote and tender in the Exchange Offer (or cause to be voted and tendered) any such additional Noteholder Claims, First
Lien Lender Claims, Second Lien Lender Claims or other claims or equity interests entitled to vote on the Plan (in each case, to the extent still held by it or on its behalf at the time of such vote) and tender in the Exchange Offer in a manner
consistent with Section 3(a) hereof. 
 (e) First Lien Agent Consent to Backstop Commitment Fee. Pursuant to
section 5.03(b) of the Intercreditor Agreement entered into on November 15, 2011 among the Company, the First Lien Agent and the Second Lien Agent, each Consenting Lender shall be deemed to consent to the increase in the principal amount of the
Second Lien Loan in the amount of the Backstop Commitment Fee (which Backstop Commitment Fee shall convert into equity on the Effective Date) in accordance with the terms and conditions set forth in the Term Sheet. 

(f) Backstop Party Commitment to Noteholder Cash Options. As contemplated in, and subject to the terms and conditions of, the
Backstop Agreement, the Backstop Parties agree to provide cash (on a pro rata basis) to the Company on the Effective Date in an amount necessary to fund the Noteholder Cash Options (as defined in the Term Sheet) for those Noteholders who elect the
Noteholder Cash Options. The cash funded by the Backstop Parties (through the Company) necessary to satisfy the Noteholder Cash Options shall be in return for the Backstop Parties’ receipt, on a pro rata basis, of such Noteholder’s pro
rata share of New Participating Preferred Units issued to such Backstop Parties at the same price as the Rights Offering Units. 

  
 8 

	 	4.	Agreements of the Company. 

 (a) Affirmative Covenants. The Company agrees that, for the duration of the Plan Support Period, the Company shall, and shall cause each of its subsidiaries included in the definition of Company,
(and for purposes of section 4(a)(iii) herein, the Equity Sponsor agrees to cause Aquilex Holdco GP, LLC and Aquilex Holdco L.P.) to: 
 (i) (A) use its commercially reasonable efforts to consummate the Restructuring, including, without limitation, (1) launching the Exchange Offer and commencing solicitation on the Plan on or before
December 23, 2011, (2) using commercially reasonable efforts to effect the Restructuring through the Exchange Offer, (3) to the extent the Minimum Participation Threshold has not been obtained (as determined in good faith by the
Company and the Requisite Noteholders), commencing the Chapter 11 Cases on or before January 27, 2012 (the “Outside Petition Date,” and the actual commencement date, the “Petition Date”) and
completing and filing, within the timeframes contemplated herein, the Plan, Disclosure Statement and the other Definitive Documents, which documents shall contain terms and conditions consistent in all material respects with the Term Sheet and shall
otherwise be reasonably acceptable to the Requisite Noteholders (and, to the extent a Definitive Document contains provisions that materially adversely affect the Consenting First Lien Lenders (which determination shall be made in good faith by the
First Lien Agent), such Definitive Documents shall also be reasonably acceptable to the First Lien Agent), and distributing such documents to the respective legal and financial advisors for the Ad Hoc Committee and the First Lien Agent and afford
reasonable opportunity to comment and review in advance of any filing thereof and (4) use commercially reasonable efforts to obtain orders of the Bankruptcy Court approving the Disclosure Statement and confirming the Plan within the timeframes
contemplated by this Agreement; (B) use commercially reasonable efforts to obtain any and all required regulatory and/or third-party approvals for the Restructuring embodied in the Plan, if any; and (C) not take any action that is
inconsistent with, or is intended or is reasonably likely to interfere with, consummation of the Restructuring; 

(ii) continue to operate its businesses in accordance with its business judgment, and confer with the Consenting Creditors
and their representatives, as reasonably requested, to report on operational matters and the general status of ongoing operations. Notwithstanding the generality of the foregoing, the Company shall, except as expressly contemplated by this Agreement
or with the prior written consent of the Requisite Creditors and, subject to applicable bankruptcy law, use commercially reasonable efforts consistent with the Restructuring to, except to the extent permitted by Section 4.13 of the Backstop
Agreement (A) continue to operate its businesses in compliance with all applicable laws, rules and regulations in all material respects, (B) maintain its physical assets, properties and facilities in their current working order, condition
and repair as of the date hereof, ordinary wear and tear excepted, (C) not take any action, or omit to take any action, the intent of which is to cause the termination of its current officers, other than a termination for cause (in accordance
with the definition of “Cause” in any applicable contract or agreement) or if the failure to do so would be inconsistent with the exercise of applicable fiduciary duties, (D) perform all obligations required to be performed by the
Company under any assumed executory contracts, (E)

  
 9 

 
maintain its books and records on a basis consistent with prior practice, (F) bill for products sold or services rendered and pay accounts payable in a manner generally consistent with past
practice, but taking into account the Restructuring, (G) maintain all insurance policies, or suitable replacements therefor, in full force and effect through the close of business on the Effective Date, (H) provide the Consenting Creditors
with updated monthly financial information concerning the Company, (I) not encumber nor enter into any material new leases, licenses or other use or occupancy agreements for real property or any part thereof that would constitute a Material
Contract (as defined in the Backstop Agreement), other than as expressly permitted by the DIP Financing and the Bridge Facility (as defined in the Backstop Agreement), (J) timely pay any and all required fees and taxes with respect to patents
(if any), patent applications (if any), any trademark applications and any registered trademarks, (K) not enter into any collective bargaining agreement, works council or similar agreement with any labor union or labor organization representing
employees of the Company, except as a result of an automatic renewal or annual rate modifications or as required by applicable law or existing contract and (L) not enter into or amend any executive employment agreements or any management
compensation or incentive plans, including any equity arrangements (except as provided in Sections 4.13(n) and 4.13(q) of the Backstop Agreement); 
 (iii) (A) support and take all reasonable actions necessary or reasonably requested by the Consenting Creditors to facilitate the solicitation, confirmation and consummation of the Restructuring, the
Plan and the transactions contemplated thereby, (B) not take any action that is inconsistent with, or that would reasonably be expected to prevent, interfere with, delay or impede the approval of the Disclosure Statement, the solicitation of
votes on the Plan, and the confirmation and consummation of the Plan and the Restructuring, and (C) support, execute and deliver the mutual release and exculpation provisions described in the Term Sheet; 

(iv) (A) file on the Petition Date such first day motions and pleadings that are reasonably acceptable, in form and
substance, to the Consenting Creditors; 
 (B) (i) file a motion with the Bankruptcy Court on the Petition
Date seeking approval of the DIP Financing consistent in all material respects with the DIP Commitment and otherwise reasonably acceptable to the Requisite Creditors, and (ii) use its commercially reasonable efforts to obtain interim and final
DIP Orders (which DIP Orders shall be in form and substance acceptable to the Requisite Creditors) as soon as reasonably practicable; 
 (C) (i) file a motion with the Bankruptcy Court on the Petition Date seeking authorization for the assumption of the Backstop Agreement and the approval of the Backstop Commitment Fee and such other
fees, expenses and indemnities provided for therein (the “Agreement Motion”) (which motion shall be in form and substance reasonably satisfactory to the Requisite Creditors), (ii) use their commercially reasonable
efforts to (a) have the Agreement Motion approved at the first day hearing or as soon as practicable thereafter, (b) obtain a waiver of Bankruptcy Rule 6004(h) and request that an order approving the Agreement Motion (the
“Agreement Order”) be effective immediately upon its entry by the Bankruptcy Court, which Agreement Order 

  
 10 

 
shall not be revised, modified or amended by the Confirmation Order or any other further order of the Bankruptcy Court and (c) fully support the Agreement Motion and any application seeking
Bankruptcy Court approval and authorization to pay the fees and expenses under the Backstop Agreement, including Transaction Expenses (as defined in the Backstop Agreement) and the Backstop Commitment Fee, as an administrative expense of the
Debtors’ estates; 
 (D) (i) file the Plan and the Disclosure Statement with the Bankruptcy Court on
the Petition Date and (ii) use its commercially reasonable efforts to obtain approval of the Disclosure Statement and obtain confirmation of the Plan by entry of an order of the Bankruptcy Court (which order shall be in form and substance
reasonably acceptable to the Requisite Creditors) as soon as reasonably practicable and in no event later than the date that is fifty (50) calendar days after the Petition Date (such date that the confirmation order is entered, the
“Confirmation Date”); 
 (F) use its commercially reasonable efforts to cause the
Confirmation Order to become effective and enforceable immediately upon its entry and to have the period in which an appeal thereto must be filed commence immediately upon its entry, and, in any event, satisfy all conditions to the effectiveness of
the Plan and consummate the Plan as soon as reasonably practicable and in no event later than the date that is twenty-five (25) calendar days after the Confirmation Date; 

(v) provide, for each month, beginning December 2011 until the Effective Date, (a) upon written request of any of the
Consenting Creditors or the Backstop Parties, to such Consenting Creditors or the Backstop Parties, an unaudited consolidated balance sheet and related unaudited consolidated statements of operations, consolidated statements of unitholders’
equity and consolidated statements of cash flows for the month then ended within thirty (30) days of the end of such month (the “Monthly Financial Statements”). The Monthly Financial Statements, except as indicated
therein and, except for the absence of footnotes, shall be prepared in accordance with GAAP and shall present fairly in all material respects the financial position, results of operations and cash flows of the Company as of the dates indicated and
for the periods specified, subject to year-end audit adjustments. 
 (vi) provide draft copies of all “first
day” motions or applications and other documents the Company intends to file with the Bankruptcy Court to Stroock, Kirkland, and Latham at least three (3) business days prior to the date when the Company intends to file such document and
shall consult in good faith with such counsel regarding the form and substance of any such proposed filing with the Bankruptcy Court. The Company will use commercially reasonable efforts to provide draft copies of all other material pleadings the
Company intends to file with the Bankruptcy Court to Stroock, Kirkland, and Latham within a reasonable time prior to filing such pleading to the extent reasonably practicable and shall consult in good faith with such counsel regarding the form and
substance of any such proposed pleading; 
 (vii) maintain their good standing under the laws of the state in
which they are incorporated or organized; 

  
 11 

 (viii) timely file with the Bankruptcy Court a formal written objection to
any motion filed with the Bankruptcy Court by a third party seeking the entry of an order (A) directing the appointment of an examiner with expanded powers or a trustee, (B) converting any of the Chapter 11 Cases to cases under
chapter 7 of the Bankruptcy Code, (C) dismissing any of the Chapter 11 Cases or (D) modifying or terminating the Company’s exclusive right to file and/or solicit acceptances of a plan of reorganization; 

(ix) provide to Stroock, Kirkland and Latham, no later than five calendar days before the Petition Date, a schedule of
executory contracts and unexpired leases the Company intends to reject, which schedule shall be in form and substance reasonably acceptable to the Requisite Noteholders; 

(x) provide to the Consenting Creditors and/or their respective professionals, upon reasonable advance notice to the
Company, (A) reasonable access (without any material disruption to the conduct of the Company’s business) during normal business hours to the Company’s books, records and facilities, (B) reasonable access to the respective
management and advisors of the Company for the purposes of evaluating the Company’s finances and operations and participating in the planning process with respect to the Restructuring and (C) prompt access to any information provided to
any lenders (including the First Lien Lenders, the Second Lien Lenders and lenders under the DIP Financing or any exit financing); 
 (xi) convene a call on the second and fourth Tuesday of each month with the Backstop Parties, the First Lien Lenders and their respective advisors, which calls will include the Company’s management
and financial and legal advisors; provided, however, to the extent such call is missed or needs to be rescheduled by the Company, the Company shall have until the immediate Tuesday thereafter to convene the call; 

(xii) in the event that the Company (including all subsidiaries and representatives) receives a written proposal or offer
(binding or nonbinding) with respect to any transaction proposed as an alternative to the Restructuring, provide written notice thereof to the Consenting Creditors within two (2) Business Days following receipt of such offer, and provide such
proposal or offer to the Consenting Creditors within seven (7) Business Days following receipt of such offer; 
 (xiii) use their commercially reasonable efforts to preserve intact in all material respects their current business organizations, keep available the services of their current officers and material
employees (in each case, other than voluntary resignations, terminations for cause or terminations consistent with applicable fiduciary duties) and preserve in all material respects their relationships with customers, sales representatives,
suppliers, distributors and others, in each case, having material business dealings with the Company (other than terminations for cause or consistent with applicable fiduciary duties); 

(xiv) provide prompt written notice to the Consenting Creditors between the date hereof and the Effective Date of
(A) the occurrence, or failure to occur, of any event of which the Company has Knowledge which occurrence or failure would be likely 

  
 12 

 
to cause (1) any representation or warranty of the Company contained in this Agreement to be untrue or inaccurate in any material respect, (2) any covenant of any of the Company
contained in this Agreement not to be satisfied in any material respect or (3) any condition precedent contained in the Plan, the Term Sheet, the Backstop Agreement or this Agreement not to occur or become impossible to satisfy,
(B) receipt of any written notice from any third party alleging that the consent of such party is or may be required in connection with the transactions contemplated by the Restructuring, (C) receipt of any written notice from any
governmental body in connection with this Agreement or the transactions contemplated by the Restructuring, (D) receipt of any written notice of any proceeding commenced, or, to the Knowledge of the Company, threatened against the Company,
relating to or involving or otherwise affecting in any material respect the transactions contemplated by the Restructuring, and (E) any failure of the Company to comply, in any material respect, with or satisfy any covenant, condition or
agreement to be complied with or satisfied by it hereunder; 
 (xv) unless otherwise agreed by the Company and
the applicable firm, on the date that is at least one (1) calendar day prior to the Petition Date, pay in cash to (A) each of the Consenting Noteholders, (B) Stroock (and its local counsel), as counsel to the Ad Hoc Committee,
(C) Kirkland (and its local counsel), as counsel to Centerbridge, (D) Latham (and its local counsel), as counsel to the First Lien Agent, (E) the financial advisors to the Noteholders and (F) the financial advisors to the First
Lien Lenders, in each case, all reasonable and documented fees and expenses then due, outstanding and payable in connection with this matter; 
 (xvi) reimburse Weil, Gotshal & Manges LLP (“Weil”) (as counsel to Ontario Teachers’ Pension Plan Board) in cash for all reasonable and documented fees and expenses
incurred in connection with the Company; 
 (xvii) promptly notify the other Parties in writing following the
receipt, in writing, of notice of any governmental or third party complaints, litigations, investigations or hearings (or communications indicating that the same may be contemplated or threatened), in any such case which would reasonably be
anticipated to have a Material Adverse Effect; 
 (xviii) comply in all material respects with all covenants
contained in the DIP Commitment and the Exit Revolver commitment attached hereto as Exhibit H (together with the term sheet attached therto, the “Exit Revolver Commitment”), to the extent applicable, and otherwise use
commercially reasonable efforts to enforce the terms of the DIP Financing and Exit Financing; 
 (xix) comply in
all material respects with all covenants contained in the DIP Financing (without giving effect to any amendment thereof, unless such amendment is consented to by the Requisite Creditors); provided, however, that no such consent shall
be required for any amendment that (a) requires no increase in rate or the payment of fees or (b) contemplates an increase in rate or the payment of fees that do not exceed 100 basis points on a one time basis or in the aggregate (if as a
result of multiple amendments); and 

  
 13 

 (xx) comply in all material respects with any “clear market”
provisions set forth in the final commitment letters to be entered into with respect to the DIP Commitment and the Exit Revolver Commitment. 
 (b) Negative Covenants. The Company agrees that, for the duration of the Plan Support Period, the Company shall not do or permit to occur any of the following without the prior written consent of
the Requisite Creditors (or, with respect to clause (i) below, the prior written consent of the Requisite Noteholders): 
 (i) fail to comply with sections 4.13(a) through (v) of the Backstop Agreement (including the Schedules related thereto); provided however that no amendments shall be made to sections
4.13(a) through (v) of the Backstop Agreement in a manner materially adverse to the First Lien Agent and the First Lien Lenders (which determination shall be made in good faith by the First Lien Agent) without the prior written consent of the
First Lien Agent and Requisite First Lien Lenders; 
 (ii) take any action inconsistent with, or omit to take any
action required by, this Agreement, the Backstop Agreement or the Term Sheet; 
 (iii) fail to take any steps or
actions, or fail to omit to take any steps or actions, the result of which would be reasonably likely to result in the inability to satisfy each of the conditions to closing or effectiveness under the commitment letters or term sheets, as
applicable, relating to the DIP Financing or Exit Financing; or 
 (iv) from the date of execution of the Exit
Revolver Commitment until the later of the Closing Date (as defined in the Exit Revolver Commitment) and the completion of syndication as determined by the Arranger (as defined in the Exit Revolver Commitment) (but not later than a date that is 20
days after the Closing Date) syndicate or issue, attempt to syndicate or issue, announce or authorize the announcement of the syndication or issuance of, any debt facility (including any debtor-in-possession facility), or debt or preferred equity
security of the Company or any of its subsidiaries, including any renewals or refinancings of any existing debt facility, without the prior written consent of the Arranger (other than the syndication of the Exit Revolver and the replacement or
restatement of the Existing Credit Obligations (as defined in the Exit Revolver Commitment), the DIP Financing and the Rights Offering and any debt refinanced in the ordinary course not in excess of $2 million). 

(c) Automatic Stay. The Company acknowledges and agrees and shall not dispute that after the commencement of the Chapter 11
Cases, the giving of notice of termination by any Party pursuant to this Agreement shall not be a violation of the automatic stay of section 362 of the Bankruptcy Code (and the Company hereby waives, to the greatest extent possible, the
applicability of the automatic stay to the giving of such notice). 
  

	 	5.	Termination of Agreement. 

 (a) This Agreement shall terminate upon the receipt of written notice to the other Parties, delivered in accordance with Section 19 hereof, from (i) the Requisite Noteholders at any time
after the occurrence and during the continuance of any Noteholder Termination Event (as 

  
 14 

 
defined below) or (ii) the Requisite First Lien Lenders or the Requisite Second Lien Lenders at any time after the occurrence and during the continuance of any Lender Termination Event (as
defined below); provided, however, that termination by the Requisite Noteholders shall only be effective as to the Consenting Noteholders, termination by the Requisite First Lien Lenders shall only be effective as to the
Consenting First Lien Lenders and termination by the Requisite Second Lien Lenders shall only be effective as to the Consenting Second Lien Lenders. In addition, this Agreement shall terminate upon the receipt of written notice, delivered in
accordance with Section 19 hereof, from the Company to the Consenting Creditors at any time after the occurrence and during the continuance of any Company Termination Event (defined below). 

(b) A “Lender Termination Event” shall mean any of the following: 

(i) the breach by the Company of (a) any affirmative or negative covenant contained in this Agreement or (b) any
other obligations of the Company set forth in this Agreement, in each case, in any material respect (without giving effect to any “materiality” qualifiers set forth therein), and, in either respect, such breach remains uncured for a period
of ten (10) business days following the Company’s receipt of notice pursuant to Sections 5(a) and 19 hereof (as applicable); 
 (ii) any representation or warranty in this Agreement made by the Company shall have been untrue in any material respect when made or shall have become untrue in any material respect, and such breach
remains uncured for a period of ten (10) business days following the Company’s receipt of notice pursuant to Sections 5(a) and 19 hereof (as applicable); 

(iii) any material term or condition of any of the Restructuring Documents that are filed with the Bankruptcy Court shall
be (whether due to an order of the Bankruptcy Court or otherwise) materially different and adverse to any of the Consenting Creditors than as contemplated by the Term Sheet, and such event remains unremedied for a period of ten (10) business
days following the Company’s receipt of notice pursuant to Sections 5(a) and 19 hereto (as applicable); 
 (iv) the Company shall have (A) incurred any indebtedness, (B) sold, leased, mortgaged, pledged, granted a lien on or disposed of any of its properties or assets, (C) declared, set aside or
paid any dividends on, or made any other distributions in respect of, any of the capital stock of the Company or (D) entered into any investments, to the extent any such action results in an event of default under the First Lien Credit
Agreement; 
 (v) the issuance by any governmental authority, including any regulatory authority or court of
competent jurisdiction, of any ruling, judgment or order enjoining the consummation of or rendering illegal the Plan or the Restructuring, and either (A) such ruling, judgment or order has been issued at the request of or with the acquiescence
of the Company, or (B) in all other circumstances, such ruling, judgment or order has not been not stayed, reversed or vacated within fifteen (15) calendar days after such issuance; 

  
 15 

 (vi) the Company shall have failed to file with the Securities and Exchange
Commission (the “SEC”) by the Petition Date a Current Report on Form 8-K (or other form permitted by the SEC) to which this Agreement (including all exhibits) (with such redactions as may be reasonably requested by counsel to
the Consenting Creditors to the extent permitted by law) and the Term Sheet are attached; provided, however, that the principal amount of Senior Notes, First Lien Loans and/or Second Lien Loans listed on each Consenting Creditors’
signature page shall be redacted and shall not be filed publicly, except as required by law; 
 (vii) as of 11:59
p.m. Eastern Time on the Outside Petition Date, as such date may be extended with the consent of the First Lien Agent, neither the Exchange Offer (to the extent the Minimum Participation Threshold has been obtained) shall have been
consummated nor the Chapter 11 Cases shall have been filed; 
 (viii) the Bankruptcy Court grants relief
terminating, annulling or modifying the automatic stay (as set forth in section 362 of the Bankruptcy Code) with regard to a request to proceed to foreclose on any assets of the Company having an aggregate fair market value in excess of $1,750,000
in the aggregate; provided, however, that any modification of the automatic stay expressly provided by an interim or final order approving the DIP Financing (each, a “DIP Order”) shall not constitute a Lender
Termination Event; 
 (ix) the Company shall not have commenced the Exchange Offer and solicitation of the plan
on or before December 23, 2011; 
 (x) the Bankruptcy Court enters an order authorizing or directing the
assumption, assumption and assignment, or rejection of a material executory contract (including any employment agreement, severance agreement or other employee benefit plan) or unexpired lease other than in accordance with the Term Sheet or the
Plan; 
 (xi) the Bankruptcy Court enters an order (A) directing the appointment of an examiner with
expanded powers or a trustee, (B) converting any of the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code, or (C) dismissing any of the Chapter 11 Cases; 

(xii) the Backstop Agreement shall have been terminated in accordance with its terms or shall have otherwise been amended
or modified in a manner materially adverse to the First Lien Agent and the Requisite First Lien Lenders without their consent; or 
 (xiii) the Effective Date of the Plan, to the extent applicable, shall not have occurred on or before April 30, 2012, unless such deadline is otherwise extended with the consent of the First Lien
Agent. 
 (c) A “Noteholder Termination Event” shall mean any of the following: 

(i) the breach by the Company of (a) any affirmative or negative covenant contained in this Agreement or (b) any
other obligations of the Company set 

  
 16 

 
forth in this Agreement, in each case, in any material respect (without giving effect to any “materiality” qualifiers set forth therein) and, in either respect, such breach remains
uncured for a period of ten (10) business days following the Company’s receipt of notice pursuant to Sections 5(a) and 19 hereto (as applicable); 

(ii) any representation or warranty in this Agreement made by the Company shall have been untrue in any material respect
when made or shall have become untrue in any material respect, and such breach remains uncured for a period of ten (10) business days following the Company’s receipt of notice pursuant to Sections 5(a) and 19 hereto (as
applicable); 
 (iii) any material term or condition of any of the Restructuring Documents that are filed with
the Bankruptcy Court shall be (whether due to an order of the Bankruptcy Court or otherwise) materially different and adverse to the Consenting Creditors than as contemplated by the Term Sheet, and such event remains unremedied for a period of ten
(10) business days following the Company’s receipt of notice pursuant to Sections 5(a) and 19 hereto (as applicable); 
 (iv) the issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any ruling, judgment or order enjoining the consummation of or rendering illegal
the Plan or the Restructuring, and either (A) such ruling, judgment or order has been issued at the request of or with the acquiescence of the Company, or (B) in all other circumstances, such ruling, judgment or order has not been not
stayed, reversed or vacated within fifteen (15) calendar days after such issuance; 
 (v) the Company shall
have failed to file with the SEC by the Petition Date a Current Report on Form 8-K (or other form permitted by the SEC) to which this Agreement (including all exhibits) (with such redactions as may be reasonably requested by counsel to the
Consenting Creditors to the extent permitted by law) and the Term Sheet are attached; provided, however, that the principal amount of Senior Notes, First Lien Loans and/or Second Lien Loans listed on each Consenting Creditors’
signature page shall be redacted and shall not be filed publicly, except as required by law; 
 (vi) since the
date hereof, the occurrence of any event, change, effect, occurrence, development, circumstance or change of fact that has or would reasonably be expected to have a Material Adverse Effect; 

(vii) the Company shall not have received a fully underwritten commitment agreement for the DIP Financing, in form and
substance reasonably acceptable to the Requisite Noteholders, on or before December 23, 2011 (which, for purposes of the satisfaction of this condition, the Noteholders agree that the terms of the DIP Commitment are acceptable); 

(viii) the Company shall not have received a fully underwritten commitment agreement for $15 million of the Exit Revolver
(the “Initial Exit Revolver Commitment”), in form and substance reasonably acceptable to the Requisite 

  
 17 

 
Noteholders on or before December 23, 2011, and a fully underwritten commitment agreement for the remaining $25 million of the Exit Revolver, on terms equal to or better than those contained
in the Initial Exit Revolver Commitment on or before January 23, 2012 (which, for purposes of the satisfaction of this condition as to the Initial Exit Revolver Commitment, the Consenting Noteholders agree that the terms of the Exit Revolver
Commitment are acceptable); 
 (ix) the DIP Commitment or the Exit Revolver Commitment is terminated; 

(x) the Company shall not have commenced the Exchange Offer and solicitation of the Plan in accordance with section
1126(b) of the Bankruptcy Code on or before December 23, 2011; 
 (xi) the Company shall not have obtained
votes accepting the Plan from holders of Senior Notes, First Lien Loans and Second Lien Loans sufficient to satisfy the conditions for acceptance set forth in section 1126(c) of the Bankruptcy Code on or before January 26, 2012; 

(xii) as of 11:59 p.m. Eastern Time on the Outside Petition Date, as such date may be extended with the consent of the
First Lien Agent, neither the Exchange Offer (to the extent the Minimum Participation Threshold has been obtained) shall have been consummated nor the Chapter 11 Cases shall have been filed; 

(xiii) the Effective Date of the Plan, to the extent applicable, shall not have occurred on or before April 30, 2012;

 (xiv) the Bankruptcy Court enters an order modifying or terminating the Company’s exclusive right to file
and/or solicit acceptances of a plan of reorganization; 
 (xv) the Bankruptcy Court grants relief terminating,
annulling or modifying the automatic stay (as set forth in section 362 of the Bankruptcy Code) with regard to any assets of the Company having an aggregate fair market value in excess of $1,750,000 in the aggregate; provided, however,
that any modification of the automatic stay expressly provided by a DIP Order shall not constitute a Noteholder Termination Event; 
 (xvi) the Bankruptcy Court enters an order authorizing or directing the assumption, assumption and assignment, or rejection of an executory contract (including any employment agreement, severance
agreement or other employee benefit plan) or unexpired lease other than in accordance with the Plan; 
 (xvii) an
event of default under the DIP Financing shall have occurred and such default shall not have been waived, cured or amended within ten (10) days thereof; provided however that any amendment to the DIP Financing requires the consent
of the Requisite Noteholders; provided further, however, that no such consent shall be required for any amendment that (a) requires no increase in rate or the payment of fees or (b) contemplates an increase in rate or the
payment of fees that do not exceed 100 basis points on a one time basis or in the aggregate (if as a result of multiple amendments); 

  
 18 

 (xviii) the Bankruptcy Court enters an order (A) directing the
appointment of an examiner with expanded powers or a trustee, (B) converting any of the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code, or (C) dismissing any of the Chapter 11 Cases; 

(xix) the Backstop Agreement shall have been terminated in accordance with its terms; or 

(xx) the Company fails to obtain Bankruptcy Court approval of the Backstop Commitment Fee. 

(d) A “Company Termination Event” shall mean any of the following: 

(i) the breach by one or more of the Consenting Noteholders representing in excess of 50% of the aggregate principal
amount of the Senior Notes held by the Consenting Noteholders of any of the representations, warranties or covenants of such Consenting Noteholders set forth in this Agreement to the extent such breach would have a material adverse impact on the
consummation of the Restructuring, and which breach remains uncured for a period of ten (10) business days after the receipt by the applicable Consenting Noteholder from the Company of written notice of such breach, a copy of which shall be
provided to the other Parties; 
 (ii) the breach by one or more of the Consenting First Lien
Lenders representing in excess of 66 2/3% of the
aggregate principal amount of the First Lien Loans held by the Consenting First Lien Lenders of any of the representations, warranties or covenants of such Consenting First Lien Lenders set forth in this Agreement to the extent such breach would
have a material adverse impact on the consummation of the Restructuring, and which breach remains uncured for a period of ten (10) business days after the receipt by the applicable Consenting First Lien Lender from the Company of written notice
of such breach, a copy of which shall be provided to the other Parties; 
 (iii) the breach by one or more
of the Consenting Second Lien Lenders representing in excess of 50% of the aggregate principal amount of the Second Lien Loans held by the Consenting Second Lien Lenders of any of the representations, warranties or covenants of such Consenting
Second Lien Lenders set forth in this Agreement to the extent such breach would have a material adverse impact on the consummation of the Restructuring, and which breach remains uncured for a period of ten (10) business days after the receipt
by the applicable Consenting Second Lien Lender from the Company of written notice of such breach, a copy of which shall be provided to the other Parties; 
 (iv) the issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any ruling, judgment or order enjoining the consummation of or rendering illegal
the Plan or the Restructuring, and such ruling, judgment or order has not been not stayed, reversed or vacated within fifteen (15) calendar days after such issuance; 

  
 19 

 (v) subject in all respects to the Company’s compliance (up to and
including the date of such determination) with Sections 4.13(a) and 4.13(v) of the Backstop Agreement (which Sections are incorporated by reference in Section 4(b)(i) hereof)), the sole member of the Parent or the Board of Directors of
Aquilex Corporation (on behalf of the Company and each its respective boards) reasonably determines in good faith based upon the advice of outside counsel that continued performance under this Agreement would be inconsistent with the exercise of its
fiduciary duties to all stakeholders under applicable law; or 
 (vi) the Backstop Agreement shall have been
terminated in accordance with its terms. 
 (e) Mutual Termination. This Agreement may be terminated by mutual
agreement of the Company and the Requisite Creditors upon the receipt of written notice delivered in accordance with Section 19 hereof. 
 (f) Effect of Termination. Subject to the proviso contained in Section 5(a) hereof, upon the termination of this Agreement in accordance with this Section 5, and except as
provided in Section 13 hereof, this Agreement shall forthwith become void and of no further force or effect and each Party shall, except as provided otherwise in this Agreement, be immediately released from its liabilities, obligations,
commitments, undertakings and agreements under or related to this Agreement and shall have all the rights and remedies that it would have had and shall be entitled to take all actions, whether with respect to the Restructuring or otherwise, that it
would have been entitled to take had it not entered into this Agreement, including all rights and remedies available to it under applicable law, the Indenture, the First Lien Credit Agreement, the Second Lien Credit Agreement and any ancillary
documents or agreements thereto; provided, however, that in no event shall any such termination relieve a Party from liability for its breach or non-performance of its obligations hereunder prior to the date of such termination. Upon
any such termination of this Agreement, each Consenting Creditor may, upon written notice to the Company and the other Parties, revoke its vote or any consents given by such Consenting Creditor prior to such termination, whereupon any such vote or
consent shall be deemed, for all purposes, to be null and void ab initio and shall not be considered or otherwise used in any manner by the Parties in connection with the Restructuring and this Agreement. If this Agreement has been terminated
as to any Consenting Creditor in accordance with Section 5 hereto at a time when permission of the Bankruptcy Court shall be required for a Consenting Creditor to change or withdraw (or cause to change or withdraw) its vote to accept the
Plan, the Company shall support and not oppose any attempt by such Consenting Creditor to change or withdraw (or cause to change or withdraw) such vote at such time, subject to all remedies available to the Company at law, equity, or otherwise,
including those remedies set forth in Section 12 hereof. The Consenting Creditor shall have no liability to the Company or to each other in respect of any termination of this Agreement in accordance with the terms of this
Section 5 and Section 19 hereof. 

  
 20 

 (g) This Agreement and the Term Sheet are part of a proposed settlement of a dispute among
the Parties. If the transactions contemplated herein are not consummated following the date of termination of this Agreement, nothing herein shall be construed as a waiver by any Party of any or all of such Party’s rights and the Parties
expressly reserve any and all of their respective rights. Pursuant to Federal Rule of Evidence 408 and any other applicable rules of evidence, this Agreement and all negotiations relating hereto shall not be admissible into evidence in any
proceeding other than a proceeding to enforce its terms. 
  

	 	6.	Definitive Documents; Good Faith Cooperation; Further Assurances. 

 Each Party hereby covenants and agrees to cooperate with each other in good faith in connection with, and shall exercise commercially efforts with respect to the pursuit, approval, implementation and
consummation of the Plan, the Backstop Agreement and the Restructuring, as well as the negotiation, drafting, execution and delivery of the Definitive Documents. Furthermore, subject to the terms hereof, each of the Parties shall take such action as
may be reasonably necessary or reasonably requested by the other Parties to carry out the purposes and intent of this Agreement, including making and filing any required regulatory filings and voting any claims against or securities of the Company
in favor of the Restructuring (provided, however, that no Consenting Creditor shall be required to incur any material cost, expense or liability in connection therewith), and shall refrain from taking any action that would frustrate the purposes and
intent of this Agreement. 
  

	 	7.	Representations and Warranties. 

 (a) Each Party, severally and not jointly, represents and warrants to the other Parties that the following statements are true, correct and complete as of the date hereof (or as of the date a Consenting
Creditor becomes a party hereto): 
 (i) such Party is validly existing and in good standing under the laws of
its jurisdiction of incorporation or organization, and has all requisite corporate, partnership, limited liability company or similar authority to enter into this Agreement and carry out the transactions contemplated hereby and perform its
obligations contemplated hereunder; and the execution and delivery of this Agreement and the performance of such Party’s obligations hereunder have been duly authorized by all necessary corporate, limited liability company, partnership or other
similar action on its part; 
 (ii) the execution, delivery and performance by such Party of this Agreement does
not and will not (A) violate any provision of law, rule or regulation applicable to it or any of its subsidiaries or its charter or bylaws (or other similar governing documents) or those of any of its subsidiaries, or (B) conflict with,
result in a breach of or constitute (with due notice or lapse of time or both) a default under any material contractual obligation to which it or any of its subsidiaries is a party; 

(iii) the execution, delivery and performance by such Party of this Agreement does not and will not require any
registration or filing with, consent or approval of, or notice to, or other action, with or by, any federal, state or governmental authority or regulatory body, except such filings as may be necessary and/or required by the SEC; and 

  
 21 

 (iv) this Agreement is the legally valid and binding obligation of such
Party, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or limiting creditors’ rights generally or by equitable
principles relating to enforceability or a ruling of the Bankruptcy Court. 
 (b) Each Consenting Creditor severally (and not
jointly), represents and warrants to the Company that, as of the date hereof (or as of the date such Consenting Creditor becomes a party hereto), such Consenting Creditor (i) is the beneficial owner of the aggregate principal amount of Senior
Notes, First Lien Loans and/or Second Lien Loans (as applicable) set forth below its name on the signature page hereof (or below its name on the signature page of a Joinder Agreement for any Consenting Creditor that becomes a party hereto after the
date hereof), and/or (ii) has, with respect to the beneficial owners of such Senior Notes, First Lien Loan and/or Second Lien Loans, (A) sole investment or voting discretion with respect to such Senior Notes, First Lien Loans and/or Second
Lien Loans, (B) full power and authority to vote on and consent to matters concerning such Senior Notes and/or Loans or to exchange, assign and transfer such Senior Notes, First Lien Loans and/or Second Lien Loans, and (C) full power and
authority to bind or act on the behalf of, such beneficial owners. 
 (c) Each Consenting Creditor severally (and not jointly)
makes the representations and warranties set forth in Section 22(c) hereof, in each case, to the other Parties. 

(d) The Company represents and warrants that there are no existing agreements with, and no other obligations (contractual or otherwise)
due and owing to, either Aquilex Holdco GP, LLC or Aquilex Holdco L.P. 
  

	 	8.	Disclosure; Publicity. 

 (a) On or before the launch of the Exchange Offer, subject to the provisions set forth in Section 8(b) hereof, the Company shall disseminate a press release disclosing the existence of this
Agreement and the terms hereof and of the Term Sheet (including any schedules and exhibits thereto that are filed with the Bankruptcy Court on the Petition Date) with such redactions as may be reasonably requested by any Consenting Creditor’s
counsel to maintain the confidentiality of the items identified in Section 8(b) hereof, except as otherwise required by law. In the event that the Company fails to make the foregoing disclosures in compliance with the terms specified
herein, any such Consenting Creditor may publicly disclose the foregoing, including, without limitation, this Agreement and all of its exhibits and schedules (subject to the redactions called for by Section 8 hereof), and the Company
hereby waives any claims against the Consenting Creditors arising as a result of such disclosure by a Consenting Creditor in compliance with this Agreement. 
 (b) The Company shall submit drafts to Stroock, Kirkland and Latham of any press releases, public documents and any and all filings with the SEC that constitute disclosure of the existence or terms of
this Agreement or any amendment to the terms of this Agreement at least 

  
 22 

 
one (1) business day prior to making any such disclosure, and shall afford them a reasonable opportunity under the circumstances to comment on such documents and disclosures and shall
consider any such comments in good faith. Except as required by law or otherwise permitted under the terms of any other agreement between the Company and any Consenting Creditor, no Party or its advisors shall disclose to any person (including, for
the avoidance of doubt, any other Consenting Creditor), other than advisors to the Company, the principal amount or percentage of any Senior Notes, First Lien Loans, Second Lien Loans or any other securities of the Company held by any Consenting
Creditor, in each case, without such Consenting Creditor’s prior written consent; provided, however, that (i) if such disclosure is required by law, subpoena, or other legal process or regulation, the disclosing Party shall
afford the relevant Consenting Creditor a reasonable opportunity to review and comment in advance of such disclosure and shall take all reasonable measures to limit such disclosure (the expense of which, if any, shall be borne by the relevant
Consenting Creditor) and (ii) the foregoing shall not prohibit the disclosure of the aggregate percentage or aggregate principal amount of Senior Notes, First Lien Loans or Second Lien Loans held by all the Consenting Creditors collectively.
Notwithstanding the provisions in this Section 8, any Party may disclose, to the extent consented to in writing by a Consenting Creditor, such Consenting Creditor’s individual holdings. 

 

	 	9.	Amendments and Waivers. 

 This Agreement, including any exhibits or schedules hereto, may not be waived, modified, amended or supplemented except in a writing signed by the Company and the Requisite Creditors; provided,
however, that any waiver, modification, amendment or supplement to this Section 9 shall require the written consent of all of the Parties; provided, further, that any modification, amendment or change to the
definition of Requisite Noteholders, Requisite First Lien Lenders or Requisite Second Lien Lenders shall require the written consent of each Consenting Creditor included in such definition; provided, further, that any change,
modification or amendment to this Agreement, the Term Sheet or the Plan that treats or affects any Consenting Creditor in a manner that is disproportionately adverse, on an economic or non-economic basis, to the manner in which any of the other
Consenting Creditors are treated (after taking into account each of the Consenting Creditors’ respective holdings and interests in the Aquilex Parties and the recoveries contemplated by the Term Sheet (as in effect on the date hereof)) shall
require the written consent of such Consenting Creditor; provided, further, that the Equity Term Sheet shall not be amended, modified or supplemented in any way except in a writing signed by each of the Consenting Noteholders;
provided, further, that the Backstop Purchase Agreement shall not be amended, modified or supplemented in any way except in accordance with its terms. 
  

	 	10.	Effectiveness. 

This Agreement shall become effective and binding on the Parties on the Plan Support Effective Date, and not before such date;
provided, however, that signature pages executed by Consenting Creditors shall be delivered to (a) other Consenting Creditors in a redacted form that removes such Consenting Creditors’ holdings of the Senior Notes, First Lien
Loans and/or Second Lien Loans (as applicable) and (b) the Company, RLF, Weil, Stroock, Kirkland, and Latham in an unredacted form (to be held by RLF, Weil, Stroock, Kirkland and Latham on a professionals’ eyes only basis). 

  
 23 

	 	11.	GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL. 

 (a) This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, without giving effect to the conflicts of law
principles thereof. 
 (b) Each of the Parties irrevocably agrees that any legal action, suit or proceeding arising out of or
relating to this Agreement brought by any party or its successors or assigns shall be brought and determined in any federal or state court in the Borough of Manhattan, the City of New York, and each of the Parties hereby irrevocably submits to the
exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such proceeding arising out of or relating to this Agreement or the Restructuring Transactions. Each of the
Parties agrees not to commence any proceeding relating hereto or thereto except in the courts described above in New York, other than proceedings in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such
court in New York as described herein. Each of the Parties further agrees that notice as provided herein shall constitute sufficient service of process and the Parties further waive any argument that such service is insufficient. Each of the Parties
hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any proceeding arising out of or relating to this Agreement or the Restructuring Transactions, (i) any
claim that it is not personally subject to the jurisdiction of the courts in New York as described herein for any reason, (ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced
in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) that (A) the proceeding in any such court is brought in an
inconvenient forum, (B) the venue of such proceeding is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. Notwithstanding the foregoing, during the pendency of the Chapter 11 Cases, all
proceedings contemplated by this Section 11(b) shall be brought in the Bankruptcy Court. 
 (c) EACH PARTY HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

 

	 	12.	Specific Performance/Remedies. 

 It is understood and agreed by the Parties that money damages would not be a sufficient remedy for any breach of this Agreement by any Party and each non-breaching Party shall be entitled to specific
performance and injunctive or other equitable relief (including attorneys fees 

  
 24 

 
and costs) as a remedy of any such breach, without the necessity of proving the inadequacy of money damages as a remedy, including an order of the Bankruptcy Court requiring any Party to comply
promptly with any of its obligations hereunder. 
  

	 	13.	Survival. 

Notwithstanding the termination of this Agreement pursuant to Section 5 hereof, the agreements and obligations of the Parties
in this Section 13, the proviso set forth in Section 3(a)(i) hereof, and Sections 4(a)(xv), 5(f), 8, 10, 11, 12, 14, 15, 16, 17, 18, 19, 20, 21 and 22 hereof (and any defined terms used in any such Sections) shall
survive such termination and shall continue in full force and effect for the benefit of the Consenting Creditors in accordance with the terms hereof; provided, however, that any liability of a Party for failure to comply with the terms
of this Agreement shall survive such termination. 
  

	 	14.	Headings. 

 The
headings of the sections, paragraphs and subsections of this Agreement are inserted for convenience only and shall not affect the interpretation hereof or, for any purpose, be deemed a part of this Agreement. 

 

	 	15.	Successors and Assigns; Severability; Several Obligations. 

 This Agreement is intended to bind and inure to the benefit of the Parties and their respective successors, permitted assigns, heirs, executors, administrators and representatives; provided,
however, that nothing contained in this Section 15 shall be deemed to permit Transfers of the Senior Notes, First Lien Loans, Second Lien Loans or claims arising under the Senior Notes, First Lien Loans or Second Lien Loans other
than in accordance with the express terms of this Agreement. If any provision of this Agreement, or the application of any such provision to any person or entity or circumstance, shall be held invalid or unenforceable in whole or in part, such
invalidity or unenforceability shall attach only to such provision or part thereof and the remaining part of such provision hereof and this Agreement shall continue in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon any such determination of invalidity, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
Parties as closely as possible in a reasonably acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. The agreements, representations and obligations of the
Parties are, in all respects, ratable and several and neither joint nor joint and several. 
  

	 	16.	No Third-Party Beneficiaries. 

 Unless expressly stated herein, this Agreement shall be solely for the benefit of the Parties and no other person or entity shall be a third-party beneficiary hereof. 

 

	 	17.	Prior Negotiations; Entire Agreement. 

 This Agreement, including the exhibits and schedules hereto (including the Term Sheet and the Backstop Agreement) constitutes the entire agreement of the Parties, and supersedes all

  
 25 

 
other prior negotiations, with respect to the subject matter hereof and thereof, except that the Parties acknowledge that any confidentiality agreements (if any) heretofore executed between the
Company and each Consenting Creditor shall continue in full force and effect. 
  

	 	18.	Counterparts. 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all of which together shall
be deemed to be one and the same agreement. Execution copies of this Agreement may be delivered by facsimile or otherwise, which shall be deemed to be an original for the purposes of this paragraph. 

 

	 	19.	Notices. 

 All
notices hereunder shall be deemed given if in writing and delivered, if contemporaneously sent by electronic mail, facsimile, courier or by registered or certified mail (return receipt requested) to the following addresses and facsimile numbers:

  

			
	(1) If to the Company, to:
	
	 Aquilex Corporation

3344 Peachtree Road NE, Suite 2100
 Atlanta,
Georgia 30326

	Fax:	  	(770) 368-9584
	Attention:	  	Gregory M. Birge
		  	Senior Vice President, General Counsel and Secretary
		  	Greg.Birge@aquilex.com
	
	With a copy to:
	
	Richards, Layton & Finger (as counsel to the Company)
	One Rodney Square
	920 North King Street
	Wilmington, DE 19801
	Fax: (302) 651-7701
	Attention:	  	 Mark D. Collins, Esq.

(Collins@rlf.com)

		
	-and-	  	
	
	Weil, Gotshal & Manges LLP (as counsel to the Equity Sponsor)
	767 Fifth Avenue
	New York, NY 10153
	Fax: (212) 310-8007
	Attention:	  	 Gary T. Holtzer, Esq

(gary.holtzer@weil.com)
 - and -

Ted S. Waksman, Esq.

(ted.waksman@weil.com)

  
 26 

			
	(2) If to a Consenting Noteholder, a Consenting Second Lien Lender, or a transferee thereof, to the addresses or facsimile numbers set forth below following the
Consenting Noteholder’s of Consenting Second Lien Lender’s signature (or as directed by any transferee thereof), as the case may be, with copies to:
	
	 Stroock & Stroock & Lavan LLP (as counsel to the Ad Hoc Committee)

180 Maiden Lane
 New York, New York
10038
 Fax: (212) 806-6006

	Attention:	  	Kristopher M. Hansen, Esq.
		  	 (khansen@stroock.com)
 - and
-

		  	 Erez Gilad, Esq.

(egilad@stroock.com)

		
	-and-	  	
	
	 Kirkland & Ellis LLP (as counsel to Centerbridge)
 300 North LaSalle
 Chicago, IL 60654
 Fax: (312) 862-2200

	Attention:	  	 Anup Sathy, P.C.

(anup.sathy@kirkland.com)

		
		  	-and-
	
	 Kirkland & Ellis LLP (as counsel to Centerbridge)
 601 Lexington Avenue
 New York, New York 10022

Fax: (212) 446-6460

	Attention:	  	 Joshua A. Sussberg, Esq.

(joshua.sussberg@kirkland.com)

	
	(3) If to a Consenting First Lien Lender or a transferee thereof, to the addresses or facsimile numbers set forth below following the Consenting First Lien Lender’s
signature (or as directed by any transferee thereof), as the case may be, with copies to:
	
	 Latham & Watkins LLP (as counsel to the First Lien Agent)
 233 South Wacker Drive, Suite 5800
 Chicago IL 60606

Fax: (312) 993-9767

	Attention:	  	Richard Levy, Esq.
		  	(richard.levy@lw.com)

  
 27 

 Any notice given by delivery, mail or courier shall be effective when received. Any notice
given by facsimile or electronic mail shall be effective upon oral, machine or electronic mail (as applicable) confirmation of transmission. 
  

	 	20.	Reservation of Rights; No Admission. 

 (a) Nothing contained herein shall (i) limit (A) the ability of any Consenting Creditor to consult with other Consenting Creditors or the Company or (B) the rights of any Consenting
Creditor under any applicable bankruptcy, insolvency, foreclosure or similar proceeding, including, without limitation, the right to appear as a party in interest in any matter to be adjudicated in order to be heard concerning any matter arising in
the Chapter 11 Cases, in each case, so long as such consultation or appearance is consistent with such Consenting Creditor’s obligations hereunder or under the terms of the Plan and are not for the purpose of hindering, delaying or
preventing the confirmation or consummation of the Plan or the Restructuring; (ii) limit the ability of any Consenting Creditor to sell or enter into any transactions in connection with the Senior Notes, First Lien Loans, Second Lien Loans or
any other claims against or interests in the Company, subject to the terms of Sections 3(c) and 3(d) hereof; (iii) limit the rights of any Consenting Creditor under the Indenture, the First Lien Credit Agreement or the Second
Lien Credit Agreement (as applicable), or any agreements executed in connection with the Indenture, First Lien Credit Agreement or Second Lien Credit Agreement or (iv) constitute a waiver or amendment of any provision of the Indenture, the
First Lien Credit Agreement or the Second Lien Credit Agreement (as applicable), or any agreements executed in connection with the Indenture, First Lien Credit Agreement or Second Lien Credit Agreement subject to the terms of
Section 3(a) hereof. 
 (b) Except as expressly provided in this Agreement, nothing herein is intended to, or does,
in any manner waive, limit, impair or restrict the ability of each of the Parties to protect and preserve its rights, remedies and interests, including without limitation, its claims against any of the other Parties (or their respective affiliates
or subsidiaries) or its full participation in any bankruptcy case filed by the Company or any of its affiliates and subsidiaries. This Agreement and the Term Sheet are part of a proposed settlement of matters that could otherwise be the subject of
litigation among the Parties. Pursuant to Rule 408 of the Federal Rule of Evidence, any applicable state rules of evidence and any other applicable law, foreign or domestic, this Agreement and all negotiations relating thereto shall not be
admissible into evidence in any proceeding other than a proceeding to enforce its terms. This Agreement shall in no event be construed as or be deemed to be evidence of an admission or concession on the part of any Party of any claim or fault or
liability or damages whatsoever. Each of the Parties denies any and all wrongdoing or liability of any kind and does not concede any infirmity in the claims or defenses which it has asserted or could assert. 

(c) Notwithstanding anything herein to the contrary, nothing in this Agreement shall vitiate or restrict any consent or approval rights
that any party to the DIP Commitment or the Exit Revolver Commitment may have with respect to any terms, amendments or modifications under the DIP Commitment or the Exit Revolver Commitment, as applicable. 

  
 28 

	 	21.	Relationship Among Parties/Committee Membership. 

 (a) It is understood and agreed that no Consenting Creditor has any duty of trust or confidence in any kind or form with any other Consenting Creditor, and, except as expressly provided in this Agreement,
there are no commitments among or between them. In this regard, it is understood and agreed that any Consenting Creditor may trade in the Senior Notes, First Lien Loans, Second Lien Loans or other debt or equity securities of the Company without the
consent of the Company or any other Consenting Creditor, subject to applicable securities laws, the terms of this Agreement and any confidentiality agreement entered into with the Company; provided, however, that no Consenting Creditor
shall have any responsibility for any such trading to any other entity by virtue of this Agreement. No prior history, pattern or practice of sharing confidences among or between the Consenting Creditors shall in any way affect or negate this
understanding and agreement. 
 (b) Notwithstanding anything to the contrary herein, nothing in this Agreement shall require any
Consenting Noteholder or representative of a Consenting Noteholder that becomes a member of a statutory committee that may be established in the Chapter 11 Cases to take any action, or to refrain from taking any action, in such person’s
capacity as a statutory committee member; provided, however, that nothing in this Agreement shall be construed as requiring any Consenting Noteholder to serve on any statutory committee in the Chapter 11 Cases. 

 

	 	22.	No Solicitation; Representation by Counsel; Adequate Information. 

 (a) This Agreement is not and shall not be deemed to be a solicitation for votes in favor of the Plan in the Chapter 11 Cases or a solicitation to tender or exchange any of the Senior Notes, First Lien
Loans or Second Lien Loans. The acceptances of the Consenting Creditors with respect to the Plan will not be solicited until such Consenting Creditor has received the Disclosure Statement and related ballots and solicitation materials, each as
approved by the Bankruptcy Court. 
 (b) Each Party acknowledges that it has had an opportunity to receive information from the
Company and that it has been represented by counsel in connection with this Agreement and the transactions contemplated hereby. Accordingly, any rule of law or any legal decision that would provide any Party with a defense to the enforcement of the
terms of this Agreement against such Party based upon lack of legal counsel shall have no application and is expressly waived. 

(c) Although none of the Parties intends that this Agreement should constitute, and they each believe it does not constitute, a
solicitation or acceptance of a chapter 11 plan of reorganization or an offering of securities, each Consenting Creditor acknowledges, agrees and represents to the other Parties that it (i) is an “accredited investor” as such term is
defined in Rule 501(a) of the Securities Act of 1933, (ii) understands that the securities to be acquired by it pursuant to the Restructuring Transactions have not been registered under the Securities Act and that such securities are, to the
extent not acquired pursuant to section 1145 of the Bankruptcy Code, being offered and sold pursuant to an exemption from registration contained in the Securities Act, based in part upon such Consenting Creditor’s representations contained in
this Agreement and cannot be sold unless subsequently registered under the Securities Act or an 

  
 29 

 
exemption from registration is available and (iii) has such knowledge and experience in financial and business matters that such Consenting Creditor is capable of evaluating the merits and
risks of the securities to be acquired by it pursuant to the Restructuring Transactions and understands and is able to bear any economic risks with such investment. 
  

	 	23.	Confidential Information. 

 Notwithstanding anything in this Agreement to the contrary, if the Company determines that any information (whether written or oral) required to be delivered under this Agreement is material non-public
information within the meaning of Regulation FD of the Exchange Act (“MNPI”), the Company shall not be obligated to deliver any such MNPI to any Party unless and until, such Party has executed a confidentiality agreement, in a form
reasonably satisfactory to the Company, under which such recipient has agreed to hold as confidential, subject to customary exceptions, and not disclose, subject to customary exceptions, any such MNPI for a period ending no earlier than
April 11, 2013 (which confidentiality agreement shall contain confidentiality arrangements substantially similar to the arrangements set forth in those certain confidentiality agreements between the Company and Centerbridge Advisors II, LLC,
dated as of October 13, 2011, the Company and Redwood Capital Management, LLC, dated as of October 17, 2011, and the Company and Platinum Equity Advisors, LLC, dated as of November 22, 2011, other than with respect to the release date
of April 11, 2013). 
  

	 	24.	Cancellation of Equity. 

 The Parent and the Equity Sponsor agree that it shall, on the Effective Date, cause Aquilex Acquisition Sub to submit to Holdings for cancellation all of the membership interests of Holdings held by
Aquilex Acquisition Sub, which represents all of the outstanding membership interests of Holdings and which membership interests shall be cancelled by Holdings upon receipt thereof. 

 

	 	25.	Tax Matters. 

 (a)
Assumption of Tax Liability. On the Effective Date, Holdings shall assume the liability for all Taxes of Aquilex Acquisition Sub for all taxable periods including through dissolution, and shall indemnify and hold harmless the officers,
directors and employees of Aquilex Acquisition Sub for any liability arising out of or otherwise related to Aquilex Acquisition Sub’s Taxes; provided, however that such indemnification shall not extend to any act or omission that
is a criminal act or constitutes intentional fraud. 
 (b) Responsibility for Filing Tax Returns. Holdings shall prepare
or cause to be prepared and file or cause to be filed all Tax Returns for the Company that are filed after the Effective Date, including consolidated returns for the affiliated group of which Aquilex Acquisition Sub was the parent. 

(c) Refunds. Any Tax refunds belonging to Aquilex Acquisition Sub or received by it on behalf of the Company, shall be for the
account of Holdings, and Aquilex Acquisition Sub shall pay over to Holdings any such refund within 15 days of its receipt. 

  
 30 

 (d) Cooperation on Tax Matters. Each of the Aquilex Acquisition Sub, Holdings and
Holdings’ subsidiaries shall cooperate fully, as and to the extent reasonably requested by any other Party, in connection with the filing of Tax Returns pursuant to this Section 25 and any audit, litigation or other proceeding with respect
to Taxes. Aquilex Acquisition Sub agrees to transfer to Holdings all of its books and records with respect to Tax matters pertinent to the Company. Without limiting the generality of the foregoing, Aquilex Acquisition Sub shall execute on or prior
to the Effective Date a power of attorney authorizing Holdings to correspond, sign, collect, negotiate, settle and administer Tax payments and Tax Returns for all taxable periods ending on or prior to, or including, the Effective Date. 

(e) LLC Conversion. Prior to the Closing, each of Aquilex Corporation, Aquilex Finance Corp., Aquilex Hydrochem, Inc., Aquilex
HydroChem Industrial Cleaning, Inc., Aquilex Specialty Repair and Overhaul, Inc., Aquilex WSI, Inc. and Aquilex SMS, Inc. shall convert to a single-member limited liability company treated as a disregarded entity for U.S. federal income tax
purposes. 
 (f) Aquilex Acquisition Sub Liquidation. Immediately following the Effective Date or as soon as practicable
thereafter, Aquilex Acquisition Sub will dissolve under state law. As of the Closing, one or more of the new officers of Holdings will be appointed as officers of Aquilex Acquisition Sub, and Holdings will fund and effectuate the dissolution of
Aquilex Acquisition Sub as provided above. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 31 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and
delivered by their respective duly authorized officers, solely in their respective capacity as officers of the undersigned and not in any other capacity, as of the date first set forth above. 

 

													
	AQUILEX ACQUISITION SUB III, LLC
		
	By:	 	AQUILEX HOLDCO L.P., its sole member
			
		 	 By:
	 	AQUILEX HOLDCO GP, LLC, its general partner
				
		 		 	By:	 	ONTARIO TEACHERS’ PENSION PLAN BOARD, its sole member
					
		 		 		 	By:	 	 /s/ Darren Smart

		 		 		 		 	Name:	 	Darren Smart
		 		 		 		 	Title:	 	Portfolio Manager
	
	AQUILEX HOLDINGS LLC
		
	By:	 	AQUILEX ACQUISITION SUB III, LLC
			
		 	By:	 	 AQUILEX HOLDCO L.P.,

its sole member

				
		 		 	By:	 	 AQUILEX HOLDCO GP, LLC,
 its general partner

					
		 		 		 	By:	 	 ONTARIO TEACHERS’ PENSION PLAN BOARD, its sole member

						
		 		 		 		 	By:	 	 /s/ Darren Smart

		 		 		 		 		 	Name:	 	Darren Smart
		 		 		 		 		 	Title:	 	Portfolio Manager

  
 32 

 
									
	AQUILEX CORPORATION (on behalf of itself and its subsidiaries included in the definition of Company)
		
	By:	 	 /s/ Jay W. Ferguson

		 	Name:	 	Jay W. Ferguson
	
	AQUILEX HOLDCO L.P.
		
	By:	 	 AQUILEX HOLDCO GP, LLC,
 Its general partner

			
		 	 By:
	 	 ONTARIO TEACHERS’ PENSION PLAN BOARD,
 its sole member

				
		 		 	By:	 	 /s/ Darren Smart

		 		 		 	Name:	 	Darren Smart
		 		 		 	Title:	 	Portfolio Manager
	
	ONTARIO TEACHERS’ PENSION PLAN BOARD
	(as holder of 98.5% of the equity interests in Aquilex HoldCo L.P.)
				
		 		 	By:	 	 /s/ Darren Smart

		 		 		 	Name:	 	Darren Smart
		 		 		 	Title:	 	Portfolio Manager
	
	ROYAL BANK OF CANADA, as administrative and collateral agent under the First Lien Credit Agreement
		
	By:	 	 /s/ Ann Hurley

	Name:	 	Ann Hurley
	Title:	 	Manager, Agency
	
	U.S. BANK NATIONAL ASSOCIATION, as administrative and collateral agent under the Second Lien Credit Agreement
		
	By:	 	 /s/ Michael M. Hopkins

	Name:	 	Michael M. Hopkins
	Title:	 	Vice President

  
 33 

 CCP II DEBT AQLX II LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

  
 34 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX III LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX IV LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX V LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX VI LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX VII LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX VIII LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX IX LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX X LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX XI LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX XII LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX XIII LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX XIV LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX XV LLC 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT ACQUISITION, L.P. 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

 CENTERBRIDGE CAPITAL PARTNERS SBS II, L.P. 

 

			
	By:	  	 /s/ Jeff Gelfand

		
	Name:	  	Jeff Gelfand
		
	Title:	  	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Ave, 12 Fl. 
 New York,
NY 10152 
 Attention: Kyle Cruz 
 With
a copy to: 
 Centerbridge Partners, L.P. 
 375 Park Ave, 12 Fl. 
 New York, NY 10152 
 Attention: Susanne Clark, General Counsel 

 EXECUTION VERSION 

 

	
	REDWOOD MASTER FUND, LTD.

  

			
	By:	    	 REDWOOD CAPITAL MANAGEMENT, LLC, its
 Investment Manager

			
		  	 /s/ Jonathan Kolatch

		
	Name:	  	Jonathan Kolatch
		
	Title:	  	Managing Member

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Redwood Capital
Management, LLC 
 910 Sylvan Ave. 

Englewood Cliffs, NJ 07632 
  

			
	 Fax:
 Attention:

Email:
	    	 201-568-1340
 Jed
Nussbaum
 jnussbaum@redwoodcap.com

 EXECUTION VERSION 

 

 SPHERE CAPITAL, LLC - SERIES D. 

 

			
	By:	  	 /s/ Eva Kalawski

		
	Name:	  	Eva Kalawski
		
	Title:	  	Vice President & Secretary

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 c/o Platinum Equity,
LLC 
 360 North crescent Drive 

Beverly Hills, CA 90210 
  

			
	 Fax:
 Attention:

Email:
	    	 310-712-1863
 Eva
Kalawski
 ekalawski@platinumequity.com

 EXECUTION VERSION 

 

			
	LOCUST STREET FUNDING LLC

 

			
	By:	    	GSO / BLACKSTONE DEBT FUNDS
		    	MANAGEMENT LLC,
		    	as Sub-Adviser

			
		  	 /s/ Daniel H. Smith

		
	Name:	  	Daniel H. Smith
		
	Title:	  	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 GSO / Blackstone Debt
Funds Management LLC 
 280 Park Avenue, 11th Floor 
 New York, NY 10017 
  

			
	 Fax:
 Attention:

Email:
	    	 (212) 503-6961
 Lee
Shaiman or Doug Paolillo
 Lee.Shaiman@gsocap.com
 Paolillo@blackstone.com

 EXECUTION VERSION 

 

			
	CCP CREDIT ACQUISITION HOLDINGS, LLC

 

			
	By:	    	CCP Credit Acquisition Holdings, LLC

			
		  	 /s/ Jeffrey Gelfand

		
	Name:	  	Jeffrey Gelfand
		
	Title:	  	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 375 Park Avenue

 New York, NY 10152 
  

			
	 Fax:
 Attention:

Email:
	    	 212-672-4616

Centerbridge

mkazanlieva@centerbridge.com

bankdebt@centerbridge.com

 EXECUTION VERSION 

 

			
	CENTERBRIDGE SPECIAL CREDIT PARTNERS, LP

 

			
	By:	    	Centerbridge Special Credit, Partners, LP

			
		  	 /s/ Jeffrey Gelfand

		
	Name:	  	Jeffrey Gelfand
		
	Title:	  	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 375 Park Avenue

 New York, NY 10152 
  

			
	 Fax:
 Attention:

Email:
	    	 212-672-4616

Centerbridge

mkazanlieva@centerbridge.com

bankdebt@centerbridge.com

 EXECUTION VERSION 

 

			
	BLACKSTONE SPECIAL FUNDING (IRELAND)

 

			
	By:	    	Blackstone Special Funding (Ireland)
		    	By” GSO Capital Partners LP, as Manager
		    	/s/ Marisa Beeney

			
		
	Name:	  	Marisa Beeney
		
	Title:	  	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 280 Park Avenue

 11th Floor East 
 New York, NY 10017

  

			
	 Fax:
 Attention

Email:
	    	 212.503.6961

GSO

 EXECUTION VERSION 

 

 280 FUNDING I 
  

			
	By:	    	280 Funding I
		    	By” GSO Capital Partners LP, as Portfolio Manager
		    	/s/ Marisa Beeney
		
	Name:	    	Marisa Beeney
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $     
 Principal Amount of Term Loans: $     
 Principal Amount of Revolving Loans:
$     
 Principal Amount of Second Lien Loans: $     

Notice Address: 
 280 Park Avenue

 11th Floor East 
 New York, NY 10017

  

			
	Fax:	    	212.503.6961
	Attention	    	GSO
	Email:	    	

 EXECUTION VERSION 

 

 GALE FORCE 1 CLO, LTD. 

 

			
	By:	    	Gale Force 1 CLO, LTD.
		    	GSO/BLACKSTONE Debt Funds Management LLC as Collateral Manager
		    	/s/ Daniel H. Smith
		
	Name:	    	Daniel H. Smith
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 280 Park Avenue

 11th Floor East 
 New York, NY 10017

  

			
	Fax:	    	212.503.6961
	Attention	    	GSO
	Email:	    	

 EXECUTION VERSION 

 

 GALE FORCE 2 CLO, LTD. 

 

			
	By:	    	Gale Force 2 CLO, LTD.
		    	GSO/BLACKSTONE Debt Funds Management LLC as Collateral Manager
		    	/s/ Daniel H. Smith
		
	Name:	    	Daniel H. Smith
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 280 Park Avenue

 11th Floor East 
 New York, NY 10017

  

			
	Fax:	    	212.503.6961
	Attention	    	GSO
	Email:	    	

 EXECUTION VERSION 

 

 GALE FORCE 4 CLO, LTD. 

 

			
	By:	    	Gale Force 4 CLO, LTD.
		    	GSO/BLACKSTONE Debt Funds Management LLC as Collateral Manager
		    	/s/ Daniel H. Smith
		
	Name:	    	Daniel H. Smith
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 280 Park Avenue

 11th Floor East 
 New York, NY 10017

  

			
	Fax:	    	212.503.6961
	Attention	    	GSO
	Email:	    	

 EXECUTION VERSION 

 

 INWOOD PARK CDO LTD. 

 

					
	By:	    	Inwood Park CDO LTD.
		    	Blackstone Deb Advisors L.P. as Collateral Manager
		    	/s/ Daniel H. Smith
		
	Name:	    	Daniel H. Smith
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 280 Park Avenue

 11th Floor East 
 New York, NY 10017

  

			
	Fax:	    	212.503.6961
	Attention	    	GSO
	Email:	    	

 EXECUTION VERSION 

 

 MORNINGSIDE PARK CLO, LTD. 

 

					
	By:	    	Morningside Park CLO, LTD.
		    	By: GSO / Blackstone Deb Funds Management LLC as Portfolio Manager
		    	/s/ Daniel H. Smith
		
	Name:	    	Daniel H. Smith
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 280 Park Avenue

 11th Floor East 
 New York, NY 10017

  

			
	Fax:	    	212.503.6961
	Attention	    	GSO
	Email:	    	

 EXECUTION VERSION 

 

 CENTRAL PARK CLO, LTD. 

 

					
	By:	    	Central Park CLO, LTD.
		    	By: GSO / Blackstone Deb Funds Management LLC as Collateral Manager
		    	/s/ Daniel H. Smith
		
	Name:	    	Daniel H. Smith
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $              

Notice Address: 
 280 Park Avenue

 11th Floor East 
 New York, NY 10017

  

			
	Fax:	    	212.503.6961
	Attention	    	GSO
	Email:	    	

 EXECUTION VERSION 

 

 REDWOOD MASTER FUND, LTD. 

 

					
	By:	    	Redwood Capital Management, LLC, its Investment Manager.
		    	/s/ Jonathan Kolatch
		
	Name:	    	Jonathan Kolatch
		
	Title:	    	Managing Member

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $              

Notice Address: 
 910 Sylvan Avenue

 Englewood Cliffs, NJ 07632 
  

			
	Fax:	    	201-568-1340
	Attention	    	Jed Nussbaum
	Email:	    	jnussbaum@redwoodcap.com

 EXECUTION VERSION 

 

 Nob Hill CLO, Limited 

 

			
	By:	    	Nob Hill CLO, Limited
		    	/s/ Bradley Kane
		
	Name:	    	Bradley Kane
		
	Title:	    	Portfolio Manager

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Nob Hill CLO, Limited

 c/o Newfleet Asset Management, LLC 

909 Montgomery Street 
 Suite 500 

San Francisco, CA 94133 
  

			
	Fax:	    	
	Attention	    	Bradley Kane
	Email:	    	Bradley.kane@newfleet.com

 EXECUTION VERSION 

 

 Nob Hill CLO II, Limited 

 

					
	By:	    	Nob Hill CLO II, Limited
		    	/s/ Bradley Kane
		
	Name:	    	Bradley Kane
		
	Title:	    	Portfolio Manager

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Nob Hill CLO, Limited

 c/o Newfleet Asset Management, LLC 

909 Montgomery Street 
 Suite 500 

San Francisco, CA 94133 
  

			
	Fax:	    	
	Attention	    	Bradley Kane
	Email:	    	Bradley.kane@newfleet.com

 EXECUTION VERSION 

 

 Black Diamond CLO 2006-1 (CAYMAN) LTD. 

 

			
	By:	    	Black Diamond CLO 2006-1 (CAYMAN) LTD.
		    	Black Diamond CLO 2006-1 Adviser, L.L.C.
		    	As Its Collateral Manager
		    	/s/ Stephen H. Deckoff
		
	Name:	    	Stephen H. Deckoff
		
	Title:	    	Managing Principal

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
  

			
	Fax:	    	
	Attention	    	
	Email:	    	

 EXECUTION VERSION 

 

 CARLYLE ARNAGE CLO, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE AZURE CLO, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE BRISTOL CLO, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE DAYTONA CLO, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE GLOBAL MARKET STRATEGIES CLO 2011-1, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE HIGH YIELD PARTNERS VII, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE HIGH YIELD PARTNERS VI, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE HIGH YIELD PARTNERS X, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE HIGH YIELD PARTNERS IX, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE HIGH YIELD PARTNERS VIII, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE MCLAREN CLO, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE VANTAGE CLO, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 CARLYLE VEYRON CLO, LTD. 

 

			
	By:	    	/s/ Glori H. Graziano
		
	Name:	    	Glori H. Graziano
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

 EXECUTION VERSION 

 

 ING PIONEER HIGH YIELD PORTFOLIO. 

 

			
	By:	    	Pioneer Investment Management, Inc., its advisor
		    	/s/ Margaret C. Begley
		
	Name:	    	Margaret C. Begley
		
	Title:	    	Secretary and Associate General Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 c/o Pioneer Investment
Management, Inc. 
 60 State Street 

Boston, MA 02109 
  

			
	Fax:	    	617-528-6845
	Attention	    	Keith Hogan
	Email:	    	Keith.hogan@pioneerinvestments.com

 EXECUTION VERSION 

 

 MET INVESTORS SERIES TRUST - 
     PIONEER STRATEGIC INCOME PORTFOLIO 
  

					
	By:	    	Pioneer Investment Management, Inc., its advisor
		    	/s/ Margaret C. Begley
		
	Name:	    	Margaret C. Begley
		
	Title:	    	Secretary and Associate General Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 c/o Pioneer Investment
Management, Inc. 
 60 State Street 

Boston, MA 02109 
  

			
	Fax:	    	617-528-6845
	Attention	    	Keith Hogan
	Email:	    	Keith.hogan@pioneerinvestments.com

 EXECUTION VERSION 

 

 PIONEER HIGH YIELD FUND 

 

			
	By:	    	Pioneer Investment Management, Inc., its advisor
		    	/s/ Margaret C. Begley
		
	Name:	    	Margaret C. Begley
		
	Title:	    	Secretary and Associate General Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 c/o Pioneer Investment
Management, Inc. 
 60 State Street 

Boston, MA 02109 
  

			
	Fax:	    	617-528-6845
	Attention	    	Keith Hogan
	Email:	    	Keith.hogan@pioneerinvestments.com

 EXECUTION VERSION 

 

 PIONEER FLOATING RATE FUND 

 

			
	By:	    	Pioneer Investment Management, Inc., its advisor
		    	/s/ Margaret C. Begley
		
	Name:	    	Margaret C. Begley
		
	Title:	    	Secretary and Associate General Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 c/o Pioneer Investment
Management, Inc. 
 60 State Street 

Boston, MA 02109 
  

			
	Fax:	    	617-528-6845
	Attention	    	Keith Hogan
	Email:	    	Keith.hogan@pioneerinvestments.com

 EXECUTION VERSION 

 

 PIONEER GLOBAL HIGH YIELD FUND 

 

			
	By:	    	Pioneer Investment Management, Inc., its advisor
		    	/s/ Margaret C. Begley
		
	Name:	    	Margaret C. Begley
		
	Title:	    	Secretary and Associate General Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 c/o Pioneer Investment
Management, Inc. 
 60 State Street 

Boston, MA 02109 
  

			
	Fax:	    	617-528-6845
	Attention	    	Keith Hogan
	Email:	    	Keith.hogan@pioneerinvestments.com

 EXECUTION VERSION 

 

 PIONEER STRATEGIC INCOME FUND 

 

			
	By:	    	Pioneer Investment Management, Inc., its advisor
		    	/s/ Margaret C. Begley
		
	Name:	    	Margaret C. Begley
		
	Title:	    	Secretary and Associate General Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 c/o Pioneer Investment
Management, Inc. 
 60 State Street 

Boston, MA 02109 
  

			
	Fax:	    	617-528-6845
	Attention	    	Keith Hogan
	Email:	    	Keith.hogan@pioneerinvestments.com

 EXECUTION VERSION 

 

 PIONEER FLOATING RATE FUND 

 

			
	By:	    	Pioneer Investment Management, Inc., its advisor
		    	/s/ Margaret C. Begley
		
	Name:	    	Margaret C. Begley
		
	Title:	    	Secretary and Associate General Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 c/o Pioneer Investment
Management, Inc. 
 60 State Street 

Boston, MA 02109 
  

			
	Fax:	    	617-528-6845
	Attention	    	Keith Hogan
	Email:	    	Keith.hogan@pioneerinvestments.com

 EXECUTION VERSION 

 

 ColumbusNova CLO Ltd. 2006-I 

 

			
	By:	    	/s/ Stephen J. Vaccaro
		
	Name:	    	Stephen J. Vaccaro
		
	Title:	    	Chief Investment Officer

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 CIFC Asset Management
LLC 
 250 Park Avenue, 5th Floor 
 New
York, NY 20177 
  

			
	Fax:	    	212-624-1199
	Attention	    	Elizabeth Chow
	Email:	    	echow@cifc.com

 EXECUTION VERSION 

 

 ColumbusNova CLO Ltd. 2006-II 

 

			
	By:	    	/s/ Stephen J. Vaccaro
		
	Name:	    	Stephen J. Vaccaro
		
	Title:	    	Chief Investment Officer

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 CIFC Asset Management
LLC 
 250 Park Avenue, 5th Floor 
 New
York, NY 20177 
  

			
	Fax:	    	212-624-1199
	Attention	    	Elizabeth Chow
	Email:	    	echow@cifc.com

 EXECUTION VERSION 

 

 ColumbusNova CLO Ltd. 2007-I 

 

			
	By:	    	/s/ Stephen J. Vaccaro
		
	Name:	    	Stephen J. Vaccaro
		
	Title:	    	Chief Investment Officer

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 CIFC Asset Management
LLC 
 250 Park Avenue, 5th Floor 
 New
York, NY 20177 
  

			
	Fax:	    	212-624-1199
	Attention	    	Elizabeth Chow
	Email:	    	echow@cifc.com

 EXECUTION VERSION 

 

 ColumbusNova CLO Ltd. 2007-II 

 

			
	By:	    	/s/ Stephen J. Vaccaro
		
	Name:	    	Stephen J. Vaccaro
		
	Title:	    	Chief Investment Officer

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 CIFC Asset Management
LLC 
 250 Park Avenue, 5th Floor 
 New
York, NY 20177 
  

			
	Fax:	    	212-624-1199
	Attention	    	Elizabeth Chow
	Email:	    	echow@cifc.com

 EXECUTION VERSION 

 

 Bridgeport CLO II Ltd. 

 

			
	By:	    	/s/ Stephen J. Vaccaro
		
	Name:	    	Stephen J. Vaccaro
		
	Title:	    	Chief Investment Officer

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 CIFC Asset Management
LLC 
 250 Park Avenue, 5th Floor 
 New
York, NY 20177 
  

			
	Fax:	    	212-624-1199
	Attention	    	Elizabeth Chow
	Email:	    	echow@cifc.com

 EXECUTION VERSION 

 

 Cumberland II CLO Ltd. 

 

			
	By:	    	/s/ Stephen J. Vaccaro
		
	Name:	    	Stephen J. Vaccaro
		
	Title:	    	Chief Investment Officer

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 CIFC Asset Management
LLC 
 250 Park Avenue, 5th Floor 
 New
York, NY 20177 
  

			
	Fax:	    	212-624-1199
	Attention	    	Elizabeth Chow
	Email:	    	echow@cifc.com

 EXECUTION VERSION 

 

 DFR Middle Market CLO Ltd. 

 

			
	By:	    	/s/ Stephen J. Vaccaro
		
	Name:	    	Stephen J. Vaccaro
		
	Title:	    	Chief Investment Officer

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 CIFC Asset Management
LLC 
 250 Park Avenue, 5th Floor 
 New
York, NY 20177 
  

			
	Fax:	    	212-624-1199
	Attention	    	Elizabeth Chow
	Email:	    	echow@cifc.com

 EXECUTION VERSION 

 

 Schiller Park CLO Ltd. 

 

			
	By:	    	/s/ Stephen J. Vaccaro
		
	Name:	    	Stephen J. Vaccaro
		
	Title:	    	Chief Investment Officer

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 CIFC Asset Management
LLC 
 250 Park Avenue, 5th Floor 
 New
York, NY 20177 
  

			
	Fax:	    	212-624-1199
	Attention	    	Elizabeth Chow
	Email:	    	echow@cifc.com

 EXECUTION VERSION 

 

 Second Street Holdings 1, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 2, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 3, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 4, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 5, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 6, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 7, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 8, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 9, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 10, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 11, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Blackrock Senior Income Series 

 

			
	By:	    	/s/ C. Adrian Marshall
		
	Name:	    	C. Adrian Marshall
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Blackrock 

c/o Colleen Wade (2nd floor) 
 100 Bellevue
Parkway 
 Wilmington, DE 19809-3700 
  

			
	Fax:	    	
	Attention	    	
	Email:	    	colleen.wade@blackrock.com
		    	ann.marie.smith@blackrock.com

 EXECUTION VERSION 

 

 Second Street Holdings 12, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 13, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 14, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Second Street Holdings 15, L.P. 

 

			
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	PF5 GP, LLC Its: General Partner
		    	Oaktree Capital Management, L.P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Oaktree Power Opportunities Fund III 
 Delaware, L.P. 
  

			
	By:	    	Oaktree Fund GP, LLC Its: General Partner
		    	Oaktree Fund GP I, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Oaktree Fund GP, LLC Its: General Partner
		    	Oaktree Fund GP I, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 333 S. Grand Avenue,
28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 1, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $                     

Principal Amount of Second Lien Loans:
$                     
 Notice
Address: 
 333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 2, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $                     

Principal Amount of Second Lien Loans:
$                     
 Notice
Address: 
 333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 3, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $                     

Principal Amount of Second Lien Loans:
$                     
 Notice
Address: 
 333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 4, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $                     

Principal Amount of Second Lien Loans:
$                     
 Notice
Address: 
 333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA 90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 5, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 6, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 7, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 8, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 9, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 10, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 11, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 12, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 13, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 14, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 Melbourne Holdings 15, L.P. 

 

			
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Adam Pierce
		
	Name:	    	Adam Pierce
		
	Title:	    	Senior Vice President
		
	By:	    	Melbourne Holdings GP, LLC Its: General Partner
		    	Oaktree Capital Management, L/P. Its: Managing Member
		    	/s/ Jim Ford
		
	Name:	    	Jim Ford
		
	Title:	    	Managing Director

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

333 S. Grand Avenue, 28th Floor 
 Los Angeles, CA
90071 
  

			
	Fax:	    	213-830-6394
	Attention	    	Adam Pierce
	Email:	    	apierce@oaktreecapital.com

 EXECUTION VERSION 

 

 ABS Loans 2007 Limited, a subsidiary of Goldman Sachs Institutional Funds II PLC 

 

			
	By:	    	/s/ Frances Johnson
		
	Name:	    	Frances Johnson
		
	Title:	    	Authorized Signatory
		
	By:	    	/s/ Keith Rothwell
		
	Name:	    	Keith Rothwell
		
	Title:	    	Authorized Signatory

 Principal Amount of Term Loans:
$                     
 Principal Amount of
Revolving Loans: $             
 Principal Amount of Second Lien Loans:
$             
 Notice Address: 

GSAM Portfolio Control & Analysis 
 30
Hudson Street, 37th floor 
 Jersey City, NH 07302 
  

			
	Fax:	    	212-651-2311
	Attention	    	N/A
	Email:	    	12142914357@tls.ldsprod.com

 EXECUTION VERSION 

 

 GOLDMAN SACHS ASSET MANAGEMENT CLO, PUBLIC LIMITED COMPANY By: 

Goldman Sachs Asset Manager, L.P., as Manager 
  

					
	By:	    	/s/ Sorubh Chandani
		
	Name:	    	Sorubh Chandani
		
	Title:	    	Vice President

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Nancy Eichhorst

 The Bank of New York 
 601 Travis
Street, 17th Street 
 Houston, TX 77002 
  

			
	Fax:	    	281-657-9057
	Attention	    	Nancy Eichhorst
	Email:	    	12816579057@tls.ldsprod.com

 EXECUTION VERSION 

 

 CETUS CAPITAL II, LLC 

 

			
	By:	    	/s/ Richard Maybaum
		
	Name:	    	Richard Maybaum
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Nancy Cetus Capital II,
LLC 
 8 Sound Shore Drive 
 Suite 303

 Greenwich, CT 06830 
  

			
	Fax:	    	203-552-3595
	Attention	    	Alanna DiSanzo
	Email:	    	adisanzo@cetuscap.om

 EXECUTION VERSION 

 

 Littlejohn Opportunities Master Fund LP 

 

			
	By:	    	/s/ Richard Maybaum
		
	Name:	    	Richard Maybaum
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Littlejohn
Opportunities Master Fund LP 
 8 Sound Shore Drive 
 Suite 303 
 Greenwich, CT 06830 

 

			
	Fax:	    	203-552-3595
	Attention	    	Alanna DiSanzo
	Email:	    	adisanzo@cetuscap.om

 EXECUTION VERSION 

 

 TELOS CLO 2006-1, Ltd., as Lender 
 Managed by Tricadia Loan Management LLC 
  

			
	By:	    	/s/ Ro Toyoshima
		
	Name:	    	Ro Toyoshima
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 780 Third Avenue

 22nd Floor 
 New York, NY 10017

 212-758-8396 
  

			
	Fax:	    	212-758-8431
	Attention	    	Ro Toyoshima
	Email:	    	rtoyoshima@tricadiacapital.com

 EXECUTION VERSION 

 

 TELOS CLO 2007-2, Ltd., as Lender 
 Managed by Tricadia Loan Management LLC 
  

			
	By:	    	/s/ Ro Toyoshima
		
	Name:	    	Ro Toyoshima
		
	Title:	    	Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 780 Third Avenue

 22nd Floor 
 New York, NY 10017

 212-758-8396 
  

			
	Fax:	    	212-758-8431
	Attention	    	Ro Toyoshima
	Email:	    	rtoyoshima@tricadiacapital.com

 EXECUTION VERSION 

 

 First Trust Senior Floating Rate 
 Income Fund II 
  

					
	By:	    	First Trust Advisors L.P. its investment
		    	manager or its investment advisor
		    	/s/ Scott D. Fries
		
	Name:	    	Scott D. Fries
		
	Title:	    	Vice President

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 First Trust Advisors
L.P. 
 120 E. Liberty Drive 
 Wheaton,
IL 60187 
 Attn: Bill Housey 
  

			
	Fax:	    	630-517-7223
	Attention	    	Ryan Kommers
	Email:	    	rkommers@ftadvisors.com

 EXECUTION VERSION 

 

 AUSTRALIANSUPER 
 Credit Suisse Asset Management, LLC, as sub-advisor to Bentham Asset 
 Management Ply
Ltd. in its capacity as agent and investment manager for 
 AustralianSuper Ply Ltd. in its capacity as trustee of AustralianSuper

  

					
	By:	    	/s/ Louis Farano
		
	Name:	    	Louis Farano
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 11 Madison Avenue

 13th floor 
 New York, NY 10010

  

			
	Fax:	    	
	Attention	    	Edward B. DeBruyn
	Email:	    	Edward.debruyn@suisse.com

 EXECUTION VERSION 

 

 Atrium V 
 Credit Suisse Asset Management, LLC, as collateral manager 
  

					
	By:	    	/s/ Louis Farano
		
	Name:	    	Louis Farano
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 11 Madison Avenue

 13th floor 
 New York, NY 10010

  

			
	Fax:	    	
	Attention	    	Edward B. DeBruyn
	Email:	    	Edward.debruyn@suisse.com

 EXECUTION VERSION 

 

 Atrium III 
  

					
	By:	    	/s/ Louis Farano
		
	Name:	    	Louis Farano
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 11 Madison Avenue

 13th floor 
 New York, NY 10010

  

			
	Fax:	    	
	Attention	    	Edward B. DeBruyn
	Email:	    	Edward.debruyn@suisse.com

 EXECUTION VERSION 

 

 Madison Park Funding II, Ltd. 
 Credit Suisse Asset Management, LLC, as collateral manager 
  

					
	By:	    	/s/ Louis Farano
		
	Name:	    	Louis Farano
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 11 Madison Avenue

 13th floor 
 New York, NY 10010

  

			
	Fax:	    	
	Attention	    	Edward B. DeBruyn
	Email:	    	Edward.debruyn@suisse.com

 EXECUTION VERSION 

 

 Madison Park Funding III, Ltd. 
 Credit Suisse Asset Management, LLC, as collateral manager 
  

			
	By:	    	/s/ Louis Farano
		
	Name:	    	Louis Farano
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 11 Madison Avenue

 13th floor 
 New York, NY 10010

  

			
	Fax:	    	
	Attention	    	Edward B. DeBruyn
	Email:	    	Edward.debruyn@suisse.com

 EXECUTION VERSION 

 

 Alterra Bermuda Limited, as Lender 

 

			
	By:	    	Wellington Management Company, LLP,
		    	as its Investment Adviser
		    	/s/ Steven M. Hoffman
		
	Name:	    	Steven M. Hoffman
		
	Title:	    	Vice President and Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Alterra Bermuda Limited

 c/o Wellington Management Company, LLP 
 280 Congress Street 
 Boston, MA 02210 

 

			
	Fax:	    	
	Attention	    	Karen Canisius
	Email:	    	FILegal@wellington.com

 EXECUTION VERSION 

 

 Global Indemnity (Cayman) Limited, as Lender 

 

					
	By:	    	Wellington Management Company, LLP,
		    	as its Investment Adviser
		    	/s/ Steven M. Hoffman
		
	Name:	    	Steven M. Hoffman
		
	Title:	    	Vice President and Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Global Indemnity
(Cayman) Limited 
 c/o Wellington Management Company, LLP 
 280 Congress Street 
 Boston, MA 02210 

 

			
	Fax:	    	
	Attention	    	Karen Canisius
	Email:	    	FILegal@wellington.com

 EXECUTION VERSION 

 

 Stellar Performer Global Series W - Global Credit, as Lender 

 

					
	By:	    	Wellington Management Company, LLP,
		    	as its Investment Adviser
		    	/s/ Steven M. Hoffman
		
	Name:	    	Steven M. Hoffman
		
	Title:	    	Vice President and Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Stellar Performer
Global Series W - Global Credit 
 c/o Wellington Management Company, LLP 
 280 Congress Street 
 Boston, MA 02210 

 

			
	Fax:	    	
	Attention	    	Karen Canisius
	Email:	    	FILegal@wellington.com

 EXECUTION VERSION 

 

 SunAmerica Senior Floating Rate Fund, Inc., as Lender 

 

					
	By:	    	Wellington Management Company, LLP,
		    	as its Investment Adviser
		    	/s/ Steven M. Hoffman
		
	Name:	    	Steven M. Hoffman
		
	Title:	    	Vice President and Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 SunAmerica Senior
Floating Rate Fund, Inc. 
 c/o Wellington Management Company, LLP 
 280 Congress Street 
 Boston, MA 02210 

 

			
	Fax:	    	
	Attention	    	Karen Canisius
	Email:	    	FILegal@wellington.com

 EXECUTION VERSION 

 

 U.A.I. (Luxembourg) Investment S.a.r.l., as Lender 

 

					
	By:	    	Wellington Management Company, LLP,
		    	as its Investment Adviser
		    	/s/ Steven M. Hoffman
		
	Name:	    	Steven M. Hoffman
		
	Title:	    	Vice President and Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 U.A.I. (Luxembourg)
Investment S.a.r.l. 
 c/o Wellington Management Company, LLP 
 280 Congress Street 
 Boston, MA 02210 

 

			
	Fax:	    	
	Attention	    	Karen Canisius
	Email:	    	FILegal@wellington.com

 EXECUTION VERSION 

 

 UMC Benefit Board, Inc., as Lender 

 

					
	By:	    	Wellington Management Company, LLP,
		    	as its Investment Adviser
		    	/s/ Steven M. Hoffman
		
	Name:	    	Steven M. Hoffman
		
	Title:	    	Vice President and Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 UMC Benefit Board, Inc.

 c/o Wellington Management Company, LLP 
 280 Congress Street 
 Boston, MA 02210 

 

			
	Fax:	    	
	Attention	    	Karen Canisius
	Email:	    	FILegal@wellington.com

 EXECUTION VERSION 

 

 Wellington Trust Company, National Association Multiple Common Trust Funds Trust-Opportunistic Fixed
Income Allocation Portfolio, as Lender 
  

					
	By:	    	Wellington Management Company, LLP,
		    	as its Investment Adviser
		    	/s/ Steven M. Hoffman
		
	Name:	    	Steven M. Hoffman
		
	Title:	    	Vice President and Counsel

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Wellington Trust
Company, National 
 Association Multiple Common Trust Funds 
 Trust - Opportunistic Fixed Income Allocation 
 Portfolio 

c/o Wellington Management Company, LLP 
 280
Congress Street 
 Boston, MA 02210 
  

			
	Fax:	    	
	Attention	    	Karen Canisius
	Email:	    	FILegal@wellington.com

 EXECUTION VERSION 

 

 Aviva Life and Annuity Company 

 

					
	By:	    	/s/ Christopher Langs
		
	Name:	    	Christopher Langs
		
	Title:	    	Vice President

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Aviva Life and Annuity
Company 
 215 10th Street, Suite 1000 

Des Moines, IA 50317 
  

			
	Fax:	    	515-697-6958
	Attention	    	Troy Lewis
	Email:	    	hybank@avivainvestors.com

 EXECUTION VERSION 

 

 CCP II DEBT ACQUISITION, L.P. 

 

			
	By:	    	/s/ Jeff Gelfand
		
	Name:	    	Jeff Gelfand
		
	Title:	    	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Avenu, 12Fl. 
 New
York, NY 10152 
 Attention: Kyle Cruz 

With a copy to: 
 Centerbridge Partners, L.P.

 375 Park Avenu, 12Fl. 
 New York, NY
10152 
 Attention: Susanne Clark, General 
 Counsel 

 EXECUTION VERSION 

 

 CCP II DEBT AQLX I, LLC. 

 

			
	By:	    	/s/ Jeff Gelfand
		
	Name:	    	Jeff Gelfand
		
	Title:	    	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Avenu, 12Fl. 
 New
York, NY 10152 
 Attention: Kyle Cruz 

With a copy to: 
 Centerbridge Partners, L.P.

 375 Park Avenu, 12Fl. 
 New York, NY
10152 
 Attention: Susanne Clark, General 
 Counsel 

 EXECUTION VERSION 

 

 CENTERBRIDGE CAPITAL PARTNERS SBS II, L.P. 

 

			
	By:	    	/s/ Jeff Gelfand
		
	Name:	    	Jeff Gelfand
		
	Title:	    	Senior Managing Director

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Centerbridge Partners,
L.P. 
 375 Park Avenu, 12Fl. 
 New
York, NY 10152 
 Attention: Kyle Cruz 

With a copy to: 
 Centerbridge Partners, L.P.

 375 Park Avenu, 12Fl. 
 New York, NY
10152 
 Attention: Susanne Clark, General 
 Counsel 

 EXECUTION VERSION 

 

 Royal Bank of Canada, as a CONSENTING CREDITOR 

 

			
	By:	    	/s/ Leslie P. Vowell
		
	Name:	    	Leslie P. Vowell
		
	Title:	    	Attorney-in-Face

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 Royal Bank of Canada

 3 World Financial Center 
 200 Vesey
Street 
 New York, NY 10281 
  

					
	Fax:	    	212-428-2319
	Attention	    	Les Vowell
	Email:	    	Les.vowell@rbccm.com

 EXECUTION VERSION 

 

 Morgan Stanley Senior Funding, Inc 

 

			
	By:	    	/s/ Su Yeo
		
	Name:	    	Su Yeo
		
	Title:	    	Vice President

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 1585 Broadway

 New York, NY 10036 
  

			
	Fax:	    	212-507-0467
	Attention	    	Su Yeo
	Email:	    	su.yeo@morganstanley.com

 EXECUTION VERSION 

 

 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH 
 As CONSENTING CREDITOR 
  

			
	By:	    	/s/ Megan Kane
		
	Name:	    	Megan Kane
		
	Title:	    	Authorized Signatory
		
	By:	    	/s/ Didier Siffer
		
	Name:	    	Didier Siffer
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 11 Madison Avenue

 10th Floor 
 New York, NY 10010

  

			
	Fax:	    	212-322-7674
	Attention	    	Michael Searles
	Email:	    	Michael..searles@credit-suisse.com

 EXECUTION VERSION 

 

 FS INVESTMENT CORPORATION 

 

					
	By:	    	GSO / BLACKSTONE DEBT FUNDS
		    	MANAGEMENT LLC,
		    	as Sub-Adviser
		    	/s/ Daniel H. Smith
		
	Name:	    	Daniel H. Smith
		
	Title:	    	Authorized Signatory

 Principal Amount of Senior Notes: $             

Principal Amount of Term Loans: $             

Principal Amount of Revolving Loans: $             

Principal Amount of Second Lien Loans: $             

Notice Address: 
 GSO / Blackstone Debt
Funds Management LLC 
 280 Park Avenue, 11th Floor 
 New York, NY 10017 
  

			
	Fax:	    	212-503-6961
	Attention	    	Lee Shaiman or Doug Paolillo
	Email:	    	Lee.Shaiman@gsocap.com
		    	Paolillo@blackstone.com

 EXHIBIT A 

Term Sheet 

 AQUILEX HOLDINGS LLC 

TERM SHEET 

DECEMBER 23, 2011 
 This term sheet (the “Term Sheet”) sets forth the principal terms of a proposed financial restructuring (the “Restructuring”) of the existing debt and other
obligations of Aquilex Acquisition Sub III, LLC (“Acquisition Sub”) and Aquilex Holdings LLC (together, with certain of their subsidiaries, the “Company”),1 which Restructuring will be consummated either
(a) out-of-court2 or, to the extent the Minimum
Participation Threshold (as defined herein) is not obtained, (b) by commencing cases under chapter 11 of title 11 of the Bankruptcy Code in the Bankruptcy Court to pursue the Plan3 containing the terms set forth herein. As reflected in the Restructuring Support Agreement dated December 23,
2011, the Restructuring is supported by the Company, the Consenting First Lien Lenders, the First Lien Agent, the Second Lien Agent, the Consenting Second Lien Lenders, the Consenting Noteholders, Aquilex HoldCo L.P. (the
“Parent”) and the Ontario Teachers’ Pension Plan Board, in its capacity as a holder of 98.5% of the equity interests in Aquilex Holdco L.P., the parent of Acquisition Sub (“Ontario”). 

THIS TERM SHEET DOES NOT CONSTITUTE (NOR SHALL IT BE CONSTRUED AS) AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OR REJECTIONS
AS TO ANY PLAN OF REORGANIZATION, IT BEING UNDERSTOOD THAT SUCH A SOLICITATION, IF ANY, ONLY WILL BE MADE IN COMPLIANCE WITH APPLICABLE PROVISIONS OF SECURITIES, BANKRUPTCY AND/OR OTHER APPLICABLE LAWS. THIS TERM SHEET DOES NOT ADDRESS ALL TERMS
THAT WOULD BE REQUIRED IN CONNECTION WITH ANY POTENTIAL RESTRUCTURING AND ENTRY INTO OR THE CREATION OF ANY BINDING AGREEMENT IS SUBJECT TO THE EXECUTION OF DEFINITIVE DOCUMENTATION IN FORM AND SUBSTANCE CONSISTENT WITH THIS TERM SHEET AND OTHERWISE
ACCEPTABLE TO THE COMPANY, THE LENDERS AND THE BACKSTOP PARTIES. THIS TERM SHEET HAS BEEN PRODUCED FOR DISCUSSION AND SETTLEMENT PURPOSES ONLY AND IS SUBJECT TO THE PROVISIONS OF RULE 408 OF THE FEDERAL RULES OF EVIDENCE AND OTHER SIMILAR APPLICABLE
STATE AND FEDERAL RULES. THIS TERM SHEET AND THE INFORMATION CONTAINED HEREIN IS STRICTLY CONFIDENTIAL AND SHALL NOT BE SHARED WITH ANY OTHER PARTY ABSENT THE PRIOR WRITTEN CONSENT OF THE COMPANY, THE FIRST LIEN AGENT, THE REQUISITE FIRST LIEN
LENDERS, THE REQUISITE NOTEHOLDERS AND THE REQUIRED BACKSTOP INTEREST, EXCEPT AS REQUIRED BY LAW AND AS CONTEMPLATED BY THE RESTRUCTURING SUPPORT AGREEMENT. 

 

	1 	 The entities included in the definition of “Company” are as follows: Aquilex Acquisition Sub III, LLC; Aquilex Holdings LLC; Aquilex
Corporation; Aquilex Finance Corp.; Aquilex HydroChem, Inc.; Aquilex HydroChem Industrial Cleaning, Inc.; Aquilex Specialty Repair and Overhaul, Inc.; Aquilex WSI, Inc.; Aquilex SMS, Inc.; Aquilex Welding Services B.V. and Aquilex Welding Services
Poland Sp. Z.o.o. 

	2 	 To consummate the Restructuring out-of-court, the Minimum Participation Threshold (as defined below) must be obtained. As part of the out-of-court
Restructuring, the Backstop Parties hereby agree, severally and jointly, subject to the terms and conditions set forth in the Backstop Agreement, to pay to the Company on the Effective Date its Total Commitment Percentage of an amount of up to
$561,450.00 in the aggregate in order to fund a cash consent fee of $30.00 per $1,000 principal amount of Senior Notes (as set forth in the Backstop Agreement) for those Noteholders (as defined below) that (a) are not Backstop Parties and
(b) agree to tender their respective Senior Notes (as defined below) as part of the Exchange Offer (as defined below) (the “Consent Fee”). In exchange therefor, on the Effective Date the Company will issue to each of the
Backstop Parties such Backstop Party’s Total Commitment Percentage of a percentage of New Participating Preferred Units (such percentage to be described approximately in the Offering Memorandum). 

	3 	 Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in either Annex 1 attached hereto or the
Restructuring Support Agreement (as defined below). To the extent of any inconsistency, the Restructuring Support Agreement shall govern. 

			
	 Transaction Overview

 

	Debtors:	  	Acquisition Sub, Aquilex Holdings LLC (“Holdings”); Aquilex Corporation; Aquilex Finance Corp.; Aquilex HydroChem, Inc.; Aquilex HydroChem Industrial
Cleaning, Inc.; Aquilex Specialty Repair and Overhaul, Inc.; Aquilex WSI, Inc.; and Aquilex SMS, Inc. (collectively, the “Debtors”).
		
	Creditors:	  	 First Lien Claims: consisting of the $212.8 million in unpaid principal, plus interest, fees and other expenses, which includes
$13.2 million in undrawn letters of credit, arising under or in connection with that certain Amended and Restated Credit Agreement, dated as of April 1, 2010, by and among Holdings, as borrower, each of the guarantors named therein, the lenders
party thereto, and RBC as administrative agent and collateral agent (as amended, modified or otherwise supplemented from time to time prior to the date hereof, the “First Lien Facility” or the “First Lien Credit
Agreement”);
  
 Second Lien Claims: consisting of the
$15 million (subject to adjustment for the Incremental Second Lien Debt (as defined below)) in unpaid principal, plus accrued and capitalized interest, capitalized fees and other fees and expenses or other amounts, arising under or in connection
with that certain Credit Agreement, dated as of November 15, 2011, by and among Holdings, as borrower, each of the guarantors named therein, the lenders party thereto, and U.S. Bank as administrative agent and collateral agent (as amended, modified
or otherwise supplemented from time to time prior to the date hereof, the “Second Lien Loan” or the “Second Lien Credit Agreement”);

 
 Noteholder Claims: consisting of the $225 million in unpaid principal, plus
interest, fees and other expenses of the 11.125% Senior Notes (the “Senior Notes,” and the respective holders, the “Noteholders”) under that certain indenture, dated as of December 23, 2009, by and
among Holdings and Aquilex Finance Corp., as issuers, each of the guarantors named therein and Wilmington Trust FSB as the indenture trustee (as amended, modified or otherwise supplemented from time to time prior to the date hereof, the
“Indenture”);
  
 General Unsecured Claims:
consisting of any Claim against the Company (other than the Noteholder Claims) that is neither secured nor entitled to priority under the Bankruptcy Code or any order of the Bankruptcy Court (the “General Unsecured Claims”);
and
  
 Equity Interests: consisting of any Interests held in
Holdings, including common units, preferred units and any options, warrants or rights to acquire any Interests in Holdings.

	  
 Transaction
Overview
  

	Restructuring Summary:	  	The Restructuring shall be implemented through the simultaneous commencement of (1) an out-of-court offer to exchange the Senior Notes for New Common Units (the “Exchange
Offer”) pursuant to Regulation D under the Securities Act of 1933, as amended and (2) the solicitation of votes for the Plan.

  
 2 

			
		  	 In connection with the Restructuring, the Company will launch a rights offering (the “Rights Offering”) with an
aggregate offering amount of up to $80 million, pursuant to which Eligible Noteholders will be entitled to receive their pro rata share of subscription rights to acquire New Participating Preferred Units (the “Rights Offering
Units”) that will represent a percentage interest of the New Units on a Fully Diluted Basis (as defined herein) (such percentage as set forth in Annex 24 attached hereto). In the event the Restructuring is consummated pursuant to the Plan, and as set forth in the Backstop
Agreement, each of the Backstop Parties will pay, severally and not jointly, to the Company, on the Effective Date, its Total Commitment Percentage of $5.0 million, and in exchange therefor, on the Effective Date the Company will issue to each of
the Backstop Parties such Backstop Party’s Total Commitment Percentage of the Plan Additional Units (as defined in the Backstop Agreement). In addition, the Backstop Agreement contemplates the Backstop Parties potentially providing to the
Company on the Effective Date (1) up to $561,450 in cash to fund potential consent payments to Noteholders in connection with the Exchange Offer, in exchange for the Consent Payment Units (as defined in the Backstop Agreement), (2) $5,000,000 in
cash to fund expenses of the Company in the event the Chapter 11 Cases commence, in exchange for the Plan Additional Units (as defined in the Backstop Agreement) and (3) up to $5,000,000 in cash, if the Required Backstop Interest and the Company
determine that the working capital and cash flow needs of the Company are such that it would be desirable to provide additional cash resources to the Company, in exchange for the Cash Flow Shortfall Units (as defined in the Backstop Agreement) (each
such amount as set forth in Annex 2 attached hereto). The Consent Payment Units, Plan Additional Units and Cash Flow Shortfall Units will represent a percentage of the New Units on a Fully Diluted Basis equal to the aggregate
amount of such cash payments divided by the Equity Value. The material terms of the Rights Offering shall be described in more detail in the Equity Term Sheet, dated December 23, 2011, attached to the Restructuring Support Agreement as
Exhibit C (the “Equity Term Sheet”) and the Rights Offering Procedures attached to the Restructuring Support Agreement as Exhibit D (the “Rights Offering
Procedures”).
  
 On the Effective Date, the Company will obtain
financing in the form of (a) a revolving credit facility in the principal amount of $40 million (the “Exit Revolver”), the proceeds of which will be used to fund seasonal increases in working capital and for general
working capital and general corporate purposes, and (b) an amendment and restatement of the First Lien Credit Agreement (or replacement financing) in the aggregate principal amount of approximately $132,762,500.00 (the “Exit Term
Loan” and, together with the Exit Revolver, the “Exit Financing”). The term sheet for the Exit Term Loan is attached to the Restructuring Support Agreement as Exhibit E and is acceptable to the
Lenders and the Consenting Noteholders. The term sheet for the Exit Revolver is attached to the Restructuring Support Agreement as Exhibit H and is acceptable to the Lenders and the Requisite Noteholders. The final form of the Exit
Financing shall be in form and substance reasonably satisfactory to the Requisite Noteholders, the First Lien Agent and the Requisite First Lien Lenders.
  

The proceeds from the Rights Offering and the Exit Financing, plus cash on hand, will be used by the Company to (A) (1) if the First Lien Facility is
not otherwise satisfied in full in cash, pay down the First Lien Facility by $65 million, such that the Exit Term Loan will total approximately $132,762,500.00 in principal amount; (2) provide additional liquidity for working capital and
general corporate purposes;

  

	4 	 In the event of any conflict between this term sheet and Annex 2, this Term Sheet will
control.

  
 3 

			
		  	 and (3) pay all reasonable and documented fees and expenses incurred by each of the Company, the First Lien Agent, the First Lien
Lenders, the Second Lien Agent, the Second Lien Lenders, the Ad Hoc Committee, Ontario Teachers’ Pension Plan Board (solely with respect to the reasonable and documented fees and expenses charged by Weil, Gotshal & Manges LLP), Centerbridge
Advisors II, LLC and certain of its affiliates in connection with the Restructuring or the Company, including the fees (including transaction fees) and expenses of their respective legal and financial advisors (but no more than one legal counsel,
one local counsel and one financial advisor for the First Lien Agent and the First Lien Lenders) (collectively, the “Restructuring Expenses”), and (B) to the extent the Chapter 11 Cases are commenced, (1) repay the DIP
Financing (as defined below) in full in cash (if applicable); (2) fund Plan distributions, including the paydown of the First Lien Facility in an amount equal to $65 million less the amount of the First Lien Facility rolled up into the DIP
Financing, if applicable; and (3) fund the administration of the Chapter 11 Cases.
  
 The Rights Offering will be backstopped by the Backstop Parties as contemplated in, and subject to the terms and conditions of, the Backstop Agreement attached to the Restructuring Support Agreement as
Exhibit B.
  
 In exchange for providing the backstop
commitment for the Rights Offering, the Backstop Parties will receive the Backstop Commitment Fee. Upon execution of the Backstop Agreement and the DIP Commitment, the Backstop Commitment Fee shall immediately and automatically be deemed earned and
payable in the form of an increase in the principal amount of the Second Lien Loan such that the principal amount of the Second Lien Loan shall be increased as of such date, dollar for dollar, by the amount of the Backstop Commitment Fee (the
“Incremental Second Lien Debt”) and the parties to the Second Lien Credit Agreement shall amend the Second Lien Credit Agreement accordingly; provided, however, in the event that any Backstop Party is not a
lender under the Second Lien Loan as of such date (such Backstop Party, a “Specified Second Lien Lender”), each of the Second Lien Agent, the Second Lien Lenders and the Company agree that the borrower and each of the
guarantors under the Second Lien Loan shall issue and deliver notes (or other instruments) under the Second Lien Loan to such non-lender Backstop Party in an amount equal to such non-lender Backstop Party’s Total Commitment Percentage of the
Backstop Commitment Fee. In the event the Restructuring is consummated, on the Effective Date each of the Backstop Parties shall, in exchange for cancellation of the Incremental Second Lien Debt, receive a percentage of the New Participating
Preferred Units (such percentage as set forth in Annex 2 attached hereto), it being understood that in the event the Restructuring is not consummated, the Incremental Second Lien Debt shall be payable in full in cash in accordance with
its terms (unless the holders of the Second Lien Debt agree to different treatment) and shall continue to be included as part of the Second Lien Claims; provided, further, that under no circumstances shall the Incremental Second Lien Debt be payable
from proceeds of the DIP Financing (and the parties to the Intercreditor Agreement (as defined below) and Side Letter (as defined below) agree to amend the Intercreditor Agreement and the Side Letter accordingly, to the extent necessary.

 
 As part of the Restructuring, on the Effective Date:

 
 •      At
the option of the Company and the Requisite Noteholders, each First Lien Lender shall be entitled to receive its pro rata share of (a)(1) $65 million in cash, less, in the event that the Chapter 11 Cases are commenced, the amount of the First
Lien Facility rolled up into the DIP Financing, if applicable; and

  
 4 

			
		  	 (2) the Exit Term Loan or, (b) cash in an amount equal to the amount necessary to repay the First Lien Facility in
full in cash, it being understood that outstanding letters of credit issued by RBC under the First Lien Facility or, if applicable, the DIP Financing shall be deemed issued under and as part of the Exit Revolver;

 

•      each Second Lien Lender shall be entitled to receive (a) New
Participating Preferred Units that will represent a percentage of the New Units on a Fully Diluted Basis (such percentage as set forth in Annex 2 attached hereto) (provided, that a Specified Second Lien Lender shall not be
entitled to receive any such New Participating Preferred Units referred to in this clause (a) unless such Specified Second Lien Lender holds a portion of the Second Lien Loan (other than the Incremental Second Lien Debt)), and (b) on account of the
Backstop Commitment Fee, New Participating Preferred Units that will represent a percentage of the New Units on a Fully Diluted Basis (such percentage as set forth in Annex 2 attached hereto);

 

•      each Eligible Noteholder that properly complies with the Exchange Offer
procedures and elects to exchange its Senior Notes in the Exchange Offer, shall be entitled to receive, at its option, either (a) (1) its pro rata share of the New Common Units that will represent a percentage of the New Units on a Fully
Diluted Basis (such percentage as set forth in Annex 2 attached hereto), plus (2) to the extent such holder properly complies with the Rights Offering Procedures, the right to participate in the Rights Offering and share, on a pro
rata basis, New Participating Preferred Units that will represent a percentage of the New Units on a Fully Diluted Basis (such percentage as set forth in Annex 2 attached hereto), or (b) cash in an amount equal to a percentage of the
par value of the principal amount of such Eligible Noteholder’s Senior Notes as of the Record Date (as defined in the Rights Offering Procedures) (such percentage as set forth in Annex 2 attached hereto) (the
“Eligible Noteholder Cash Option”);
  
 •      each Non-Tendering Noteholder (a) shall retain its Senior Notes if the Restructuring is consummated through the Exchange Offer or (b) shall receive cash in
an amount equal to a percentage of the par value of the principal amount of such Noteholder’s Senior Notes as of the Record Date if the Restructuring is consummated pursuant to the Plan (such percentage as set forth in
Annex 2 attached hereto) (the “Non-Tendering Noteholder Cash Option”), subject to the terms set forth in sixth bullet point of this “Restructuring Summary” section;

 

•      each Non-Eligible Noteholder that properly complies with the Exchange
Offer procedures and elects to exchange its Senior Notes in the Exchange Offer shall be entitled to receive cash in an amount equal to 37.5% of the par value of the principal amount of such Non-Eligible Noteholder’s Senior Notes as of the
Record Date (the “Non-Eligible Noteholder Cash Option,” and together with the Eligible Noteholder Cash Option and the Non-Tendering Noteholder Cash Option, the “Noteholder Cash Options”) unless such
Non-Eligible Noteholder acquired its Senior Notes after December 23, 2011, in which case it will be entitled to the same percentage provided under the Eligible Noteholder Cash Option;

 

•      each Non-Eligible Noteholder (other than Non-Eligible Noteholders
described in the foregoing bullet) shall be entitled to retain its Senior Notes if the Restructuring is consummated through the Exchange Offer; provided, however, that if the Debtors commence the Chapter 11 Cases, each
such

  
 5 

			
		  	 Non-Eligible Noteholder shall receive cash in the amount set forth in the foregoing bullet unless such Non-Eligible
Noteholder informs the Company in writing no less than 5 business days prior to the Confirmation Date that it would like to receive its distribution in the form of New Common Units rather than in cash (in which case, such Non-Eligible Noteholder
shall receive a number of New Common Units as determined by clause (a)(1) in the third bullet point of this “Restructuring Summary” section);
  

•      the cash payments to any of the Noteholders described in the third,
fourth, fifth and sixth bullet points of this “Restructuring Summary” section (the “Cash Out Payments”) will be funded by the Backstop Parties (through the Company) in return for the Backstop Parties’ receipt,
on a pro rata basis, of New Participating Preferred Units that will represent a percentage of the New Units on a Fully Diluted Basis equal to the aggregate amount of the Cash Out Payments divided by the Equity Value (such percentage to be set forth
in Annex 2 attached hereto); provided, however, that the Backstop Parties, for the avoidance of doubt, shall not be eligible for the Eligible Noteholder Cash Option;

 

•      each holder of a General Unsecured Claim shall be entitled to receive,
in full and final satisfaction of such allowed General Unsecured Claim, payment in full in cash in the ordinary course of business as and when due and payable; and
  

•      the Parent and Ontario, in exchange for treatment as Released Parties
and, with respect to Ontario, the reimbursement of the reasonable and documented fees and expenses charged by Weil, Gotshal & Manges LLP as provided herein, will agree to (a) cause all of the Existing Equity Interests to be canceled, and such
Interests shall be deemed canceled on the Effective Date, and (b) terminate all of their management services agreements with the Company, if any, and waive and relinquish any rights or claims thereunder, if any.

		
	Use of Cash Collateral and DIP Financing:	  	 In the event the Restructuring is consummated through the Plan, the Company will seek authority promptly upon commencement of the
Chapter 11 Cases to enter into debtor-in-possession financing (the “DIP Financing”), which DIP Financing, together with cash on hand, will be used to fund the administration of the Chapter 11 Cases. The DIP Financing shall be
provided on the terms and conditions set forth in the commitment agreement and term sheet attached to the Restructuring Support Agreement as Exhibit G (the “DIP Term Sheet”) and shall otherwise be acceptable to
the Company, the First Lien Agent, the Requisite First Lien Lenders, and the Requisite Noteholders, each in their reasonable discretion.
  

In connection with the Company’s use of cash collateral, the Debtors shall provide “adequate protection” (as such term is defined in
sections 361 and 363 of the Bankruptcy Code) to the First Lien Lenders and the Second Lien Lenders on the terms set forth in the DIP Term Sheet and shall otherwise be reasonably acceptable to the Company, the First Lien Agent, the Requisite First
Lien Lenders, the Requisite Second Lien Lenders and the Requisite Noteholders.
  
 Any order approving the DIP Financing and/or the use of cash collateral shall be consistent with the DIP Term Sheet and shall otherwise be acceptable to the Company, the First Lien Agent, the Requisite
First Lien Lenders and the Requisite Noteholders, each in their reasonable discretion.

  
 6 

			
		  	In connection with the Restructuring, the Second Lien Lenders will, concurrently with the execution of the Restructuring Support Agreement, enter into an amendment to the Second
Lien Credit Agreement pursuant to which the maturity date of the Second Lien Loans will be extended to the earlier of (a) consummation of the Restructuring and (b) February 15, 2012.
	  
 Classification and Treatment of
Claims and Interests
  

	Administrative, Priority Tax, and Other Priority Claims:	  	On or as soon as practicable after the Effective Date, each holder of an administrative, priority tax or other priority claim shall be paid in full in cash or otherwise receive
treatment consistent with the provisions of section 1129(a)(9) of the Bankruptcy Code.
		
	DIP Claims:	  	In the event the Chapter 11 Cases are commenced, as soon as practicable after the Effective Date, each holder of an Allowed DIP Claim shall receive payment in full in
cash.
		
	First Lien Claims:	  	 On the Effective Date, at the option of the Company and the Requisite Noteholders, each holder of an Allowed First Lien Claim shall be
entitled to receive, in full and final satisfaction of such Allowed First Lien Claim, a pro rata share of:
  
 (a)(1) $65 million in cash, less, in the event that the Chapter 11 Cases are commenced, the amount of the First Lien Facility rolled up into the DIP Financing, to the extent provided for and as
contemplated in the DIP Term Sheet, if applicable; and (2) the Exit Term Loan (it being understood that outstanding letters of credit issued by RBC under the First Lien Facility or, if applicable, the DIP Financing shall be deemed issued under and
as part of the Exit Revolver); or
  
 (b) cash in an amount equal to the
amount necessary to repay the First Lien Facility in full in cash.

		
	Second Lien Claims:	  	On the Effective Date, each Second Lien Lender shall be entitled to receive its pro rata share of (a) New Participating Preferred Units that will represent a percentage of the New
Units on a Fully Diluted Basis (such percentage as set forth in Annex 2 attached hereto) (provided, that a Specified Second Lien Lender shall not be entitled to receive any such New Participating Preferred Units referred to
in this clause (a) unless such Specified Second Lien Lender holds a portion of the Second Lien Loan (other than the Incremental Second Lien Debt)), and (b) on account of the Backstop Commitment Fee, New Participating Preferred Units that will
represent a percentage of the New Units on a Fully Diluted Basis (such percentage as set forth in Annex 2 attached hereto).

  
 7 

			
	Noteholder Claims:	  	 On the Effective Date,
  

•      each Eligible Noteholder that properly complies with the Exchange Offer
procedures and elects to exchange its Senior Notes in the Exchange Offer, shall be entitled to receive, at its option, either (a) (1) its pro rata share of the New Common Units that will represent a percentage of the New Units on a Fully
Diluted Basis (such percentage as set forth in Annex 2 attached hereto), plus (2) to the extent such holder properly complies with the Rights Offering Procedures, the right to participate in the Rights Offering and share, on a pro
rata basis, New Participating Preferred Units that will represent a percentage of the New Units on a Fully Diluted Basis (such percentage as set forth in Annex 2 attached hereto), or (b) cash in an amount equal to a percentage of
the par value of the principal amount of such Eligible Noteholder’s Senior Notes as of the Record Date (as defined in the Rights Offering Procedures) (such percentage as set forth in Annex 2 attached hereto);

 

•      each Non-Tendering Noteholder (a) shall retain its Senior Notes if the
Restructuring is consummated through the Exchange Offer or (b) shall receive cash in an amount equal to a percentage of the par value of the principal amount of such Noteholder’s Senior Notes as of the Record Date if the Restructuring is
consummated pursuant to the Plan (such percentage as set forth in Annex 2 attached hereto), subject to the terms set forth in fourth bullet point of this “Noteholder Claims” section;

 

•      each Non-Eligible Noteholder that properly complies with the Exchange
Offer procedures and elects to exchange its Senior Notes in the Exchange Offer shall be entitled to receive cash in an amount equal to 37.5% of the par value of the principal amount of such Non-Eligible Noteholder’s Senior Notes as of the
Record Date unless such Non-Eligible Noteholder acquired its Senior Notes after December 23, 2011, in which case it will be entitled to the same percentage provided under the Eligible Noteholder Cash Option;

 

•      each Non-Eligible Noteholder (other than Non-Eligible Noteholders
described in the foregoing bullet) shall be entitled to retain its Senior Notes if the Restructuring is consummated through the Exchange Offer; provided, however, that if the Debtors commence the Chapter 11 Cases, each such
Non-Eligible Noteholder shall receive cash in the amount set forth in the foregoing bullet unless such Non-Eligible Noteholder informs the Company in writing no less than 5 business days prior to the Confirmation Date that it would like to receive
its distribution in the form of New Common Units rather than in cash (in which case, such Non-Eligible Noteholder shall receive a number of New Common Units as determined by clause (a)(1) in the first bullet point of this “Noteholder
Claims” section);
  

•      the Cash Out Payments will be funded by the Backstop Parties (through
the Company) in return for the Backstop Parties’ receipt, on a pro rata basis, of New Participating Preferred Units that will represent a percentage of the New Units on a Fully Diluted Basis (such percentage as set forth in
Annex 2 attached hereto); provided, however, that the Backstop Parties, for the avoidance of doubt, shall not be eligible for the Eligible Noteholder Cash
Option;

  
 8 

			
	Other Secured Claims:	  	On the Effective Date, to the extent any other secured Claims exist, all such secured claims of the Debtors allowed as of the Effective Date, if not previously, shall be satisfied
by either (a) payment in full in cash, (b) reinstatement pursuant to section 1124 of the Bankruptcy Code or (c) such other recovery necessary to satisfy section 1129 of the Bankruptcy Code. For the avoidance of doubt, if the Restructuring is
consummated out-of-court, all such secured claims will be unimpaired.
		
	General Unsecured Claims:	  	Each holder of an Allowed General Unsecured Claim shall be unimpaired under the Plan, and shall receive, in full and final satisfaction of such Allowed General Unsecured Claim,
payment in full in cash in the ordinary course of business, as and when due and payable. For the avoidance of doubt, if the Restructuring is consummated out-of-court, General Unsecured Claims shall be entitled to receive, in full and final
satisfaction of such General Unsecured Claims, payment in full in cash in the ordinary course of business as and when due and payable.
		
	Intercompany Claims:	  	All intercompany Claims will be paid, adjusted, reinstated or discharged to the extent reasonably determined to be appropriate by the Company in consultation with the Requisite
Noteholders.
		
	Section 510(b) Claims:	  	Any holder of a claim against any of the Debtors that is described in section 510(b) of the Bankruptcy Code shall not receive a distribution under the Plan and such section 510(b)
claims shall be extinguished.
		
	Existing Equity Interests:	  	On the Effective Date, all Existing Equity Interests will be deemed cancelled and will not be entitled to any distribution.
	  
 General
Provisions
  

	Executory Contracts and Unexpired Leases:	  	In the event the Chapter 11 Cases are commenced, the Debtors reserve the right to reject certain executory contracts and unexpired leases subject to the express consent of the
Requisite Noteholders. All executory contracts and unexpired leases not expressly rejected shall be deemed assumed pursuant to the Plan. In the event the Restructuring is consummated out-of-court, all executory contracts and unexpired leases shall
remain in full force and effect.

  
 9 

			
	Management Incentive Program:	  	A post-emergence management incentive program (the “Management Incentive Program”) to be approved and implemented by the New Board (as defined below) under
which 10% of the units on a Fully Diluted Basis and after giving effect to the Management Incentive Program shall be reserved for issuance by the New Board to management employees as profit interests for federal income tax purposes as of the date of
grant and shall vest based on (1) the performance of Reorganized Aquilex and (2) passage of time. The New Board also will implement a cash bonus program for 2012 based upon performance targets set in 2012 (the “Cash Bonus
Program”). The Management Incentive Program shall be implemented by the New Board and communicated to the participants thereunder within 60 days of the Effective Date. The Cash Bonus Program shall be implemented by New Board by the
earlier of March 31, 2012 and 60 days following the Effective Date; provided that if the Effective Date has not occurred by March 31, 2012, then the Cash Bonus Program shall be implemented by the Debtors, the terms of which shall be
subject to the express consent of the Requisite Noteholders.
		
	Board of Directors or Managers:	  	The Board of Directors or Managers shall be as set forth in the Equity Term Sheet.
		
	Charter; Bylaws:	  	The charter, bylaws, limited liability company agreements and other organizational documents of each of the Reorganized Debtors shall have been amended or amended and restated in a
manner reasonably satisfactory to the Requisite Noteholders and consistent with section 1123(a)(6) of the Bankruptcy Code, if applicable.
		
	Corporate Structure and Governance:	  	Post-restructuring Certificates of Incorporation, if applicable, By-Laws, the Amended LLC Agreement (which shall contain stockholder agreement provisions) and other corporate
governance documents shall be considered Definitive Documents and shall be in form and substance reasonably acceptable to the Company and the Requisite Noteholders and subject to the consent of the First Lien Agent and the Requisite First Lien
Lenders, which consent shall not be unreasonably withheld. The Company and the Backstop Parties shall work together in good faith to determine the optimal post-Effective Date corporate structure for Reorganized Aquilex.
		
	Cancellation of Notes, Instruments, Certificates and other Documents:	  	Except as provided herein and in connection with the Exit Term Loan, on the Effective Date, all notes, instruments, certificates evidencing debt to, or equity interests in, the
Company (including, without limitation, in connection with that certain Intercreditor Agreement executed by the First Lien Lenders and Second Lien Lenders on November 15, 2011 in connection with closing the Second Lien Loan (the
“Intercreditor Agreement”), and that certain Side Letter executed on November 15, 2011 between the Company, the First Lien Lender and the Consenting Noteholders (the “Side Letter”)) shall be cancelled
and obligations of the Company thereunder shall be discharged.
		
	Vesting of Assets:	  	On the Effective Date, and if applicable, pursuant to sections 1141(b) and (c) of the Bankruptcy Code, all operating assets of the Company’s estates shall vest in Reorganized
Aquilex free and clear of all claims, liens, encumbrances, charges and other interests, except as otherwise provided in the Plan.

  
 10 

			
	Compromise and Settlement:	  	The Plan shall contain customary provisions for the compromise and settlement of claims stating that, notwithstanding anything in the Plan to the contrary, the allowance,
classification and treatment of allowed claims and equity interests and their respective distributions take into account and conform to the relative priority and rights of such claims and interests in connection with any contractual, legal and
equitable subordination rights relating thereto, whether arising under general principles of equitable subordination, section 510 of the Bankruptcy Code or otherwise.
		
	Compensation and Benefit Plans:	  	All material employee compensation and benefit plans of the Debtors in effect as of December 23, 2011 are set forth on Schedule 2.15 of the Backstop Agreement and shall be deemed to
be assumed under the Plan. Other than as permitted pursuant to Section 4.13 of the Backstop Agreement, no new employee compensation and benefit plans (if any) shall be entered into without the express written consent of the Requisite Noteholders and
Requisite First Lien Lenders and the Requisite Second Lien Lenders.
		
	Survival of Indemnification Obligations and D&O Insurance:	  	Any obligations of the Debtors pursuant to their corporate charters, bylaws, limited liability company agreements or other organizational documents to indemnify current and former
officers, directors, agents, and/or employees with respect to all present and future actions, suits, and proceedings against the Debtors or such directors, officers, agents, and/or employees, based upon any act or omission for or on behalf of the
Debtors shall not be discharged or impaired by confirmation of the Plan. All such obligations shall be deemed and treated as executory contracts to be assumed by the Debtors under the Plan and shall continue as obligations of the Reorganized
Debtors. In addition, after the Effective Date, the Reorganized Debtors shall not terminate or otherwise reduce the coverage under any directors’ and officers’ insurance policies (including any “tail policy”) in effect as of
December 23, 2011, and all members, managers, directors and officers of the Debtors who served in such capacity at any time prior to the Effective Date shall be entitled to the full benefits of any such policy for the full term of such policy
regardless of whether such members, managers, directors, and/or officers remain in such positions after the Effective Date.
		
	Director and Officer Liability Policy:	  	To the extent the Company plans to extend existing insurance coverage or purchase new insurance coverage covering its current and former officers and directors from claims and
causes of action of any third party (including without limitation any holder of a claim) that remain unreleased as of the Effective Date, such extended or newly purchased insurance shall be in such amounts, for such terms or periods of time, and
placed with such insurers as are determined by the Company and the Requisite Noteholders to be reasonable under the circumstances.
		
	Conditions to Effectiveness:	  	 The Exchange Offer or the Plan (as applicable) shall be subject to usual and customary conditions to confirmation and effectiveness (as
applicable), as well as such other conditions that are reasonably satisfactory to the Requisite Noteholders, including the following:
  

1.      the Definitive Documents shall contain terms and conditions consistent in
all material respects with this Term Sheet and the Restructuring Support Agreement and shall otherwise be reasonably satisfactory in all respects to the Company and the Requisite Noteholders (and, to the extent a Definitive Document (other than the
Backstop Agreement, the Amended LLC Agreement, or any charter, bylaws or other organizational documents of the Company) contains provisions that materially adversely affect the rights and interests of the Consenting First
Lien

  
 11 

			
		  	 Lenders (which determination shall be made in good faith by the First Lien Agent), such Definitive Documents shall
also be reasonably acceptable to the First Lien Agent);
  
 2.      the Amended LLC Agreement shall be entered into in accordance with the terms of the Equity Term Sheet and shall be in force and effect and shall have been executed by
all entities that will receive New Common Units or New Participating Preferred Units;
  

3.      (a) with respect to the Exchange Offer, the Minimum Participation Threshold
shall have been obtained (and not revoked) or (b) with respect to the Chapter 11 Cases, the Bankruptcy Court shall have entered the Confirmation Order, and such Confirmation Order shall not have been stayed or modified or subject to an
appeal;
  

4.      the conditions to effectiveness of the Backstop Agreement shall have been
satisfied or waived in accordance with the terms thereof, and such Backstop Agreement shall be in full force and effect and such conditions shall not have been amended without the consent of the Company and the Requisite Noteholders and, if such
waiver or amendment materially adversely affects the rights and interests of the First Lien Agent and the Requisite First Lien Lenders (which determination shall be made in good faith by the First Lien Agent), the First Lien Agent and the Requisite
First Lien Lenders;
  

5.      the Restructuring Support Agreement shall not have been terminated, and
shall be in full force and effect;
  

6.      all Restructuring Expenses shall have been paid in full in cash;
provided that, if the Chapter 11 Cases are commenced, all Restructuring Expenses incurred prior to the commencement of such cases shall have been paid in full in cash;

 
 7.      the
Exit Financing, including all documentation related thereto, shall each be in form and substance reasonably satisfactory to the First Lien Agent, the Requisite First Lien Lenders and the Requisite Noteholders, and shall have been consummated;
and
  

8.      all governmental and third party approvals and consents, including
Bankruptcy Court approval, necessary in connection with the transactions contemplated by this Term Sheet shall have been obtained, not be subject to unfulfilled conditions and be in full force and effect, and all applicable waiting periods shall
have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose materially adverse conditions on such transactions.

 
 The conditions to effectiveness may be waived in writing by the Company together
with the Requisite Noteholders, and, solely with respect to conditions that materially adversely affect the rights and interests of the First Lien Agent and the Requisite First Lien Lenders (which determination shall be made in good faith by the
First Lien Agent), the First Lien Agent and the Requisite First Lien Lenders.

  
 12 

			
	Releases:	  	To the extent the Exchange Offer is consummated, the Released Parties will enter into a stand-alone agreement effectuating a global release between all such parties substantially
similar to those described below. To the extent the Chapter 11 Cases are commenced, the Plan will provide for standard releases (including from the holders of Claims and from the Debtors) with language substantially to the effect of the
following:
		
		  	Releases by the Debtors. As of the Effective Date, except for the right to enforce the Plan and the Definitive Documents that remain in effect after the Effective Date, for
good and valuable consideration, including the service of the Released Parties to facilitate the reorganization of the Debtors and the implementation of the restructuring contemplated by the Restructuring and the Plan, if applicable, on and after
the Effective Date, the Released Parties are deemed released and discharged by the Debtors, the Reorganized Debtors and the Estates from any and all Claims, obligations, rights, suits, damages, Causes of Action, remedies and liabilities whatsoever,
including any derivative claims, asserted or assertable on behalf of the Debtors, whether known or unknown, foreseen or unforeseen, existing or hereinafter arising, in law, equity or otherwise, that the Debtors, the Reorganized Debtors, the Estates
or their affiliates would have been legally entitled to assert in their own right (whether individually or collectively) or on behalf of the holder of any Claim or Interest or other entity, based on or relating to, or in any manner arising from, in
whole or in part, the Debtors, the Chapter 11 Cases, the purchase, sale or rescission of the purchase or sale of any security of the Debtors or the Reorganized Debtors, the subject matter of, or the transactions or events giving rise to, any Claim
or Interest that is treated in the Restructuring and the Plan, if applicable, the business or contractual arrangements between any Debtor and any Released Party, the restructuring of Claims and Interests before or during the Chapter 11 Cases, the
negotiation, formulation or preparation of the Plan, Disclosure Statement, or related agreements, instruments or other documents, the solicitation of votes with respect to the Plan, the Backstop Agreement or the Rights Offering, upon any other act
or omission, transaction, agreement, event or other occurrence taking place on or before the Effective Date, other than Claims or liabilities arising out of or relating to any act or omission of a Released Party that is a criminal act or constitutes
intentional fraud.

  
 13 

			
		  	Releases by Holders of Claims and Interests. As of the Effective Date, except for the right to enforce the Plan and the Definitive Documents that remain in effect after the
Effective Date, each holder of a Claim or an Interest shall be deemed to have conclusively, absolutely, unconditionally, irrevocably and forever, released and discharged the Debtors, the Reorganized Debtors and the Released Parties from any and all
Claims, Interests, obligations, rights, suits, damages, Causes of Action, remedies and liabilities whatsoever, including any derivative Claims asserted on behalf of a Debtor, whether known or unknown, foreseen or unforeseen, existing or hereafter
arising, in law, equity or otherwise, that such entity would have been legally entitled to assert (whether individually or collectively), based on or relating to, or in any manner arising from, in whole or in part, the Debtors, the Debtors’
restructuring, the Chapter 11 Cases, the purchase, sale or rescission of the purchase or sale of any security of the Debtors or the Reorganized Debtors, the subject matter of, or the transactions or events giving rise to, any Claim or Interest that
is treated in the Plan, the business or contractual arrangements between any Debtor and any Released Party, the restructuring of Claims and Interests before or during the Chapter 11 Cases, the negotiation, formulation or preparation of the Plan,
Disclosure Statement or related agreements, instruments or other documents, the solicitation of votes with respect to the Plan, the Backstop Agreement or the Rights Offering, upon any other act or omission, transaction, agreement, event or other
occurrence taking place on or before the Effective Date, other than Claims or liabilities arising out of or relating to any act or omission of a Released Party that is a criminal act or constitutes intentional fraud.
		
	Exculpation:	  	 The Plan will contain standard exculpation provisions with language substantially to the effect of the following:

 
 Exculpation. No Exculpated Party shall have or incur, and each Exculpated
Party is hereby released and exculpated from any claim, obligation, cause of action or liability for any claim in connection with or arising out of, the administration of the Chapter 11 Cases, the negotiation and pursuit of the Disclosure Statement,
the Plan, or the solicitation of votes for, or confirmation of, the Plan, the funding of the Plan, the consummation of the Plan, or the administration of the Plan or the property to be distributed under the Plan, the conducting of the Rights
Offering and the issuance of securities under or in connection with the Plan or the transactions contemplated by the foregoing, except for willful misconduct or gross negligence, but in all respects such entities shall be entitled to reasonably rely
upon the advice of counsel with respect to their duties and responsibilities pursuant to the Plan. The Debtors, the Reorganized Debtors, the DIP Lenders, the administrative agent under the DIP Financing, the First Lien Agent, the First Lien Lenders,
the Second Lien Agent, the Second Lien Lenders, the Parent, Ontario and the Noteholders (and each of their respective affiliates, agents, directors, officers, employees, advisors, and attorneys) have participated in compliance with the applicable
provisions of the Bankruptcy Code with regard to the solicitation and distribution of the securities pursuant to the Plan, and, therefore, are not, and on account of such distributions shall not be, liable at any time for the violation of any
applicable law, rule, or regulation governing the solicitation of acceptances or rejections of the Plan or such distributions made pursuant to the Plan, including the issuance of securities thereunder.

  
 14 

			
	Discharge of Debtors:	  	 The Plan will contain standard discharge provisions with language substantially to the effect of the following:

 
 Effective as of the Effective Date: (a) the rights afforded in the Plan and the
treatment of all claims and interests shall be in exchange for and in complete satisfaction, discharge, and release of all claims and interests of any nature whatsoever, including any interest accrued on such claims from and after the Petition Date,
against the Debtors or any of their assets, property, or estates; (b) the Plan shall bind all holders of claims and interests, notwithstanding whether any such holders failed to vote to accept or reject the Plan or voted to reject the Plan; (c) all
claims and interests shall be satisfied, discharged, and released in full, and the Debtors’ liability with respect thereto shall be extinguished completely, including any liability of the kind specified under section 502(g) of the Bankruptcy
Code; and (d) all entities shall be precluded from asserting against the Debtors, the Debtors’ estates, the Reorganized Debtors, their successors and assigns, and their assets and properties any other claims or interests based upon any
documents, instruments, or any act or omission, transaction, or other activity of any kind or nature that occurred prior to the Effective Date.

		
	Injunction:	  	 The Plan will contain standard injunction provisions with language substantially to the effect of the following:

 
 From and after the Effective Date, all entities are permanently enjoined from
commencing or continuing in any manner, any suit, action, or other proceeding, on account of or respecting any claim, demand, liability, obligation, debt, right, cause of action, interest, or remedy released or to be released pursuant to the Plan or
the Confirmation Order.

		
	Definitive Documents and Due Diligence:	  	This Term Sheet is indicative, and any final agreement shall be subject to the Definitive Documents (other than the Amended LLC Agreement), which Definitive Documents (other than
the Amended LLC Agreement) shall be substantially consistent with the terms of this Term Sheet. The Definitive Documents (other than the Amended LLC Agreement) shall contain terms, conditions, representations, warranties, and covenants, each
customary for the transactions described herein consistent with the terms of this Term Sheet. The Amended LLC Agreement reflecting the terms in the Equity Term Sheet shall be entered into and in effect by all entities that will be receiving New
Common Units or New Participating Preferred Units.
		
	Tax Structure:	  	Notwithstanding anything herein to the contrary, the Restructuring contemplated by this Term Sheet shall be structured so as to obtain the most beneficial structure for the Debtors
and its equity holders post-transaction as determined by the Requisite Noteholders including pursuant to a taxable asset sale, a tax-free reorganization, or some other alternative structures. The Debtors shall cooperate fully with the Requisite
Noteholders to determine the Debtors’ current tax attributes and to identify the preferred transaction structure, and to take such other actions as are reasonably necessary or required by the Requisite Noteholders to implement the Requisite
Noteholders’ preferred transaction structure.
		
	Avoidance Actions:	  	Reorganized Aquilex shall retain all rights to commence and pursue any causes of action that are expressly preserved and not released under the Plan, it being understood that
Reorganized Aquilex shall not retain any claims or causes of action against the Released Parties, subject to the carveout for any act or omission of a Released Party that is a criminal act or constitutes intentional fraud.

  
 15 

			
	Fees and Expenses:	  	Reorganized Aquilex agrees to pay on the Effective Date, to the extent not already paid, all Restructuring Expenses. The Consenting Noteholders, the First Lien Agent, the Consenting
First Lien Lenders, the Second Lien Agent and the Consenting Second Lien Lenders are familiar with, and, where applicable and requested, have been provided with a copy of the engagement agreements signed by the Company with Rothschild Inc. and
Alvarez & Marsal, Inc. The Consenting Noteholders, the First Lien Agent, the Consenting First Lien Lenders, the Second Lien Agent and the Consenting Second Lien Lenders acknowledge the terms of these engagements as in effect as of the date
hereof, including any transaction fees contained therein, and will support the structure and the amount of such transaction fees and will waive any objection thereto.
		
	Retention of Jurisdiction:	  	The Plan shall provide for a broad retention of jurisdiction by the Bankruptcy Court including for (a) resolution of claims, (b) allowance of compensation and expenses for
pre-Effective Date services, (c) resolution of motions, adversary proceedings or other contested matters, (d) entering such orders as necessary to implement or consummate the Plan and any related documents or agreements and (e) other
purposes.
		
	Resolution of Disputed Claims:	  	The Plan shall provide customary procedures for the resolution of disputed Claims, including the ability (but not requirement) to establish a claims bar date pursuant to an order of
the Bankruptcy Court. Once resolved, the claimants shall receive distributions, if any, in accordance with the provisions of the Plan and the classification of their Allowed Claim.

  
 16 

 ANNEX 1 

Defined Terms 

			
	Defined Terms
		
	 Party/Term
	  	 Description

		
	“Administrative Expense Claim”	  	A Claim for costs and expenses of administration during the Chapter 11 Cases pursuant to sections 328, 330, 363, 364(c)(1), 365, 503(b) or 507(a)(2) of the Bankruptcy Code,
including, (a) the actual and necessary costs and expenses incurred after the Petition Date and through the Effective Date of preserving the Estates and operating the businesses of the Debtors (such as wages, salaries or commissions for services,
and payments for goods and other services and leased premises); (b) Fee Claims; (c) DIP Claims; (d) the Restructuring Expenses; and (e) all fees and charges assessed against the Estates pursuant to sections 1911 through 1930 of chapter 123 of the
title 28 of the United States Code, 28 U.S.C. §§1-1401 (i.e., the “Judicial Code”).
		
	“Ad Hoc Committee”	  	The ad hoc committee of Noteholders represented by Stroock & Stroock & Lavan LLP.
		
	“Allowed”	  	With reference to any Claim or Interest, (a) any Claim or Interest arising on or before the Effective Date (i) as to which no objection to allowance has been interposed within the
time period set forth in the Plan, or (ii) as to which any objection has been determined by a final order of the Bankruptcy Court to the extent such objection is determined in favor of the respective holder, (b) any Claim or Interest as to which the
liability of the Debtors and the amount thereof are determined by a final order of a court of competent jurisdiction other than the Bankruptcy Court, or (c) any Claim or Interest expressly allowed under the Plan; provided, however, that
notwithstanding the foregoing, the Reorganized Debtors shall retain all claims and defenses with respect to Allowed Claims that are reinstated or otherwise unimpaired pursuant to the Plan.
		
	“Amended LLC Agreement”	  	The Third Amended and Restated Limited Liability Company Agreement of Reorganized Aquilex to be entered into as of the Effective Date and having the terms set forth in the Equity
Term Sheet and in form and substance acceptable to the Requisite Noteholders.
		
	“Backstop Agreement”	  	The Backstop Purchase Agreement attached to the Restructuring Support Agreement as Exhibit B setting forth the terms and conditions of the Rights Offering and the
Backstop Commitment of the Backstop Parties, which is acceptable to the Requisite Noteholders, the First Lien Agent and the Requisite First Lien Lenders.
		
	“Backstop Commitment”	  	The commitment by the Backstop Parties, subject to the terms and conditions set forth in the Backstop Agreement, to purchase that number of Rights Offering Units that are not
acquired in the Rights Offering equal to their respective proportionate ownership of the Senior Notes (up to a 100% of the unsubscribed Rights Offering Units).
		
	“Backstop Commitment Fee”	  	$3,631,753, paid in the form of Incremental Second Lien Debt.
		
	“Backstop Parties”	  	Centerbridge Advisors II, LLC; Redwood Capital Management, LLC; GSO Capital Partners LP and Platinum Equity Advisors, LLC (together with one or more affiliates or managed accounts
of each of the foregoing).
		
	“Bankruptcy Code”	  	Title 11 of the United States Code, 11 U.S.C. §§ 101, et seq., as amended.
		
	“Bankruptcy Rules”	  	The Federal Rules of Bankruptcy Procedure.

			
	Defined Terms
		
	“Bankruptcy Court”	  	The United States Bankruptcy Court for the District of Delaware.
		
	“Cause of Action”	  	Any action, claim, cause of action, controversy, demand, right, lien, indemnity, guaranty, suit, obligation, liability, damage, judgment, account, defense, offset, power, privilege,
license and franchise of any kind or character whatsoever, known, unknown, contingent or non-contingent, matured or unmatured, suspected or unsuspected, liquidated or unliquidated, disputed or undisputed, secured or unsecured, assertable directly or
derivatively, whether arising before, on, or after the Petition Date, in contract or in tort, in law or in equity, or pursuant to any other theory of law. Cause of Action also includes: (a) any right of setoff, counterclaim or recoupment and
any claim for breach of contract or for breach of duties imposed by law or in equity; (b) the right to object to Claims or Interests; (c) any claim pursuant to sections 362 or chapter 5 of the Bankruptcy Code; (d) any claim or defense including
fraud, mistake, duress and usury and any other defenses set forth in section 558 of the Bankruptcy Code; and (e) any state law fraudulent transfer claim.
		
	“Chapter 11 Cases”	  	The Debtors’ chapter 11 cases to be filed promptly following a determination by the Company and the Requisite Noteholders that the Minimum Participation Threshold has not been
obtained, which chapter 11 cases would be jointly administered in the Bankruptcy Court under chapter 11 of the Bankruptcy Code.
		
	“Claim”	  	A “claim,” as defined in section 101(5) of the Bankruptcy Code.
		
	“Confirmation Order”	  	The order of the Bankruptcy Court confirming the Plan in the Chapter 11 Cases, which order shall be in form and substance reasonably satisfactory to the First Lien Agent, the
Requisite First Lien Lenders and the Requisite Noteholders.
		
	“Definitive Documents”	  	The documents (including any related orders, agreements, instruments, schedules or exhibits) that are contemplated herein and that are otherwise necessary or desirable to implement,
or otherwise relate to the Restructuring, the Plan, and the Exchange Offer, including, the Plan, the documents to be filed in the supplement to the Plan (including the Amended LLC Agreement), the offering memorandum describing the terms of the
Restructuring, containing details about the Company and the securities being offered as part of the Restructuring (and intended to satisfy section 1125 of the Bankruptcy Code, to the extent applicable) (the “Offering
Memorandum”), the Backstop Agreement, the Equity Term Sheet, the Rights Offering Procedures and the Restructuring Support Agreement (together with any voting and solicitation related materials), and any motion seeking the approval
thereof, the Confirmation Order, and definitive documentation relating to the Company’s DIP Financing, use of cash collateral, any exit financing, organizational documents, management services agreements, shareholder and member related
agreements or other related documents, which shall contain terms and conditions consistent in all material respects with this Term Sheet and shall otherwise be reasonably satisfactory in all respects to the Company and the Requisite Noteholders
(and, to the extent a Definitive Document (other than the Backstop Agreement, the Amended LLC Agreement, the registration rights agreement or any charter, bylaws or other organizational documents of the Company)) contains provisions that materially
adversely affect the rights and interests of the Consenting First Lien Lenders, such Definitive Document shall also be reasonably acceptable to the First Lien Agent, in accordance with Section 6 of the Restructuring Support
Agreement.
		
	“DIP Claim”	  	A Claim of the DIP Lenders arising under the DIP Financing and the DIP Order.

  
 2 

			
	Defined Terms
		
	“DIP Lenders”	  	The lenders under the DIP Financing.
		
	“DIP Order”	  	The order(s) of the Bankruptcy Court authorizing the Debtors to enter into and make borrowings under the DIP Financing, and granting certain rights, protections and liens to and for
the benefit of the DIP Lenders.
		
	“Disputed or Disallowed Claim or Interest”	  	Any Claim or Interest that is not yet Allowed.
		
	“Effective Date”	  	The date that (a) the Exchange Offer is consummated or (b) if the Chapter 11 Cases are filed, the date on which all conditions to the effectiveness of the Plan have been
satisfied or waived in accordance with its terms.
		
	“Eligible Noteholder”	  	A holder of Noteholder Claims that, as of a certain date set forth in the Rights Offering Procedures, is an Accredited Investor (as defined in Rule 501 of the Securities Act) and
certifies to that effect in the Rights Exercise Form (as defined in the Rights Offering Procedures), or that the Company reasonably believes to be an Accredited Investor.
		
	“Estate(s)”	  	Individually or collectively, the estate or estates of the Debtors created under section 541 of the Bankruptcy Code.
		
	“Exculpated Parties”	  	Collectively: (a) the Company; (b) the First Lien Agent; (c) the First Lien Lenders; (d) the other Secured Parties under and as defined in the First Lien Credit Agreement; (e) the
DIP Lenders; (f) the administrative agent under the DIP Financing; (g) the arrangers under each of the DIP Financing and Exit Financing; (h) the Second Lien Agent; (i) the Second Lien Lenders; (j) the Backstop Parties; (k) the Noteholders; (l) the
Parent; (m) Ontario and (n) with respect to each of the foregoing entities in clauses (a) through (m), such entities’ predecessors, successors and assigns, subsidiaries, affiliates, managed accounts or funds, current and former officers,
directors, principals, shareholders, members, partners, employees, agents, advisory board members, financial advisors, attorneys, accountants, investment bankers, consultants, representatives, management companies, fund advisors and other
professionals, and such persons’ respective heirs, executors, estates, servants and nominees, in each case in their capacity as such.
		
	“Existing Equity Interests”	  	All membership/equity interests in Holdings, including common units, preferred units and any options, warrants or rights to acquire any equity interests.
		
	“Fee Claim”	  	A Claim for professional services rendered or costs incurred on or after the Petition Date and on or prior to the Effective Date by professional persons retained by the Debtors or
any statutory committee appointed in the Chapter 11 Cases pursuant to sections 327, 328, 329, 330, 331, 503(b), or 1103 of the Bankruptcy Code in the Chapter 11 Cases.
		
	“First Lien Agent”	  	The Royal Bank of Canada, in its capacity as administrative agent, collateral agent and letter of credit issuer under the First Lien Credit
Agreement.

  
 3 

			
	Defined Terms
		
	“First Lien Lenders”	  	The lenders from time to time party to the First Lien Credit Agreement as lenders thereunder, including former lenders and any applicable assignees and participants
thereof.
		
	“Fully Diluted Basis”	  	After taking into account all New Units (including all New Participating Preferred Units) issued pursuant to the Restructuring, but excluding any New Units issued pursuant to the
Management Incentive Program.
		
	“Interest”	  	Any common unit, preferred unit or other ownership interest in any of the Debtors, whether or not transferable, and any option, warrant or right, contractual or otherwise, to
acquire any such interest in a Debtor that existed immediately prior to the Effective Date.
		
	“Lenders”	  	The First Lien Lenders and the Second Lien Lenders, collectively.
		
	“Minimum Participation Threshold”	  	The date and time upon which (a) the minimum participation threshold for the holders of Senior Notes Claims in connection with the Exchange Offer of 99% of the principal amount
outstanding of the Senior Notes is met, and (b) the minimum consent threshold for First Lien Lenders in connection with the Restructuring of 90% of the aggregate principal amount of the First Lien Claims is met, in each case, as determined by the
Company, the Requisite Noteholders, the First Lien Agent and the Requisite First Lien Lenders; provided, however, that the Company, the First Lien Agent, and the Requisite Noteholders may agree in writing to amend, modify or supplement
the Minimum Participation Threshold as it applies to the holders of Senior Notes Claims; provided, further, however, that the Company, the First Lien Agent, the Requisite First Lien Lenders, and the Requisite Noteholders may
agree in writing to amend, modify or supplement the Minimum Participation Threshold as it applies to the First Lien Claims.
		
	“New Board”	  	The board of directors and/or managers of Reorganized Aquilex.
		
	“New Common Units”	  	Common equity interests or membership interests in Reorganized Aquilex having the rights and obligations of the Class A Common Units described in the Equity Term Sheet and as set
forth in the Amended LLC Agreement.
		
	“New Participating Preferred Units”	  	Participating preferred units to be issued by Reorganized Aquilex having the rights and obligations of the Class B Participating Preferred Units described in the Equity Term Sheet
and as forth in the Amended LLC Agreement.
		
	“New Units”	  	The combined amount of the New Common Units and the New Participating Preferred Units.
		
	“Non-Eligible Noteholder”	  	A holder of Noteholder Claims that, as of a certain date set forth in the Rights Offering Procedures, is not an Accredited Investor (as defined in Rule 501 of the Securities Act)
and certifies to that effect in the Rights Exercise Form or that the Company reasonably believes is not an Accredited Investor.
		
	“Non-Tendering Noteholder”	  	A holder of Noteholder Claims that does not elect to exchange its Senior Notes in the Exchange Offer, does not comply with the procedures for the Exchange Offer or, as of a certain
date set forth in the Rights Offering Procedures, has not returned a Rights Exercise Form that certifies whether or not it is an Accredited Investor (as defined in Rule 501 of the Securities Act).

  
 4 

			
	Defined Terms
		
	“Noteholder Claim”	  	Any Claim derived from or based upon the Indenture with respect to the Senior Notes; provided that Noteholder Claims shall not include any Section 510(b) Claims.
		
	“Other Secured Claim”	  	A secured Claim, other than an Administrative Expense Claim, a Priority Tax Claim, a First Lien Claim or a Second Lien Claim.
		
	“Petition Date”	  	The date of commencement of the potential Chapter 11 Cases.
		
	“Plan”	  	The prepackaged plan of reorganization for the Debtors pursuant to Sections 1125, 1126 and 1145 of the Bankruptcy Code (as applicable), to be implemented in the Chapter 11 Cases in
the event that the Minimum Participation Threshold is not obtained, which Plan shall be (i) consistent in all material respects with the terms of this Term Sheet, (ii) included in the solicitation package sent with the Offering Memorandum upon the
launch of the Exchange Offer, (iii) filed with the Bankruptcy Court on the Petition Date, and (iv) otherwise reasonably acceptable to the Company, the First Lien Agent, the Requisite First Lien Lenders and the Requisite Noteholders.
		
	“Priority Non-Tax Claim”	  	Any Claim other than an Administrative Expense Claim or a Priority Tax Claim that is entitled to priority in payment as specified in section 507(a) of the Bankruptcy
Code.
		
	“Priority Tax Claim”	  	Any secured or unsecured Claim of a governmental unit of the kind entitled to priority in payment as specified in sections 502(i) and 507(a)(8) of the Bankruptcy
Code.
		
	“Released Parties”	  	Collectively: (a) the Company; (b) the First Lien Agent; (c) the First Lien Lenders; (d) the other Secured Parties under and as defined in the First Lien Credit Agreement; (e) the
DIP Lenders; (f) the administrative agent under the DIP Financing; (g) the arrangers under each of the DIP Financing and Exit Financing; (h) the Second Lien Agent; (i) the Second Lien Lenders; (j) the Backstop Parties; (k) the Noteholders; (l) the
Parent; (m) Ontario; (n) Aquilex Holdco L.P.; (o) Aquilex Holdco GP, LLC and (p) with respect to each of the foregoing entities in clauses (a) through (o), such entities’ predecessors, successors and assigns, subsidiaries, affiliates, managed
accounts or funds, current and former officers, directors, principals, shareholders, members, partners, employees, agents, advisory board members, financial advisors, attorneys, accountants, investment bankers, consultants, representatives,
management companies, fund advisors and other professionals, and such persons’ respective heirs, executors, estates, servants and nominees.
		
	“Reorganized Aquilex”	  	Holdings after giving effect to consummation of either the Exchange Offer or the restructuring transactions under the Plan, as applicable.
		
	“Reorganized Debtors”	  	The Debtors as reorganized under the Plan, if applicable.
		
	“Requisite First Lien Lenders”	  	As of the date of determination, Consenting First Lien Lenders holding at least
66- 2/3% of the aggregate outstanding principal
amount of the First Lien Loans held by the Consenting First Lien Lenders as of such date.

  
 5 

			
	Defined Terms
		
	“Requisite Noteholders”	  	As of the date of determination, Consenting Noteholders holding at least a majority of the aggregate outstanding principal amount of the Senior Notes held by the Consenting
Noteholders as of such date; provided, however, the term “Requisite Noteholders” shall mean, as of the date of determination, Consenting Noteholders holding at least 66- 2/3% of the aggregate outstanding principal amount of the Senior Notes
held by the Consenting Noteholders as of such date, for purposes of any waiver, change in the effect of, consent, amendment, or modification to each of the following: (1) the definitions of, and the form and substance of, each of the Offering
Memorandum, this Term Sheet, the Plan, the Disclosure Statement, the order approving the Disclosure Statement, the Confirmation Order, the Agreement Motion, the Agreement Order and the Backstop Commitment Fee; (2) the definition of, and the form and
substance of, and any requirement to execute and/or deliver, the Amended LLC Agreement and the Definitive Documents (as it relates to the Amended LLC Agreement); (3) any change to the definition of Outside Petition Date to extend such date beyond
February 27, 2012; (4) the treatment of the Second Lien Lenders in this Term Sheet and the Plan; (5) Section 5(c)(xii) to the Restructuring Support Agreement; (6) Section 8 to the Restructuring Support Agreement; (7) Annex
2 to this Term Sheet (it being understood that the operation of the formulas included therein may result in variability with respect to certain recoveries as contemplated in Annex 2); (8) Section 3(c) to the Restructuring
Support Agreement; and (9) any covenants, rights of termination or conditions in the Restructuring Support Agreement (including any exhibits or schedules hereto or thereto), this Term Sheet or the Plan, which would have the effect of any waiver,
change in the effect of, consent, amendment or modification to the items referenced in (1)-(8) hereof.
		
	“Restructuring Support Agreement”	  	That certain Restructuring Support Agreement by and among the Company, the First Lien Agent, the First Lien Lenders party thereto, the Second Lien Agent, the Second Lien Lenders
party thereto, the Noteholders party thereto, the Parent, and Ontario.
		
	“Rights Offering Agent”	  	Epiq Systems, Inc.
		
	“Second Lien Agent”	  	U.S. Bank National Association in its capacity as agent to the Second Lien Credit Agreement, and its successors and assigns.
		
	“Second Lien Lenders”	  	The lenders from time to time party to the Second Lien Credit Agreement as lenders thereunder (including any Specified Second Lien Lender), including their successors and any
applicable permitted assignees and participants thereof.

  
 6 

  
	

	 

Strictly private and confidential

Annex 2

December 22, 2011

EXHIBIT 10.1
 

  
	

	 

Out-of-court exchange offer
 

  
	

	 

Strictly private and confidential

3  

455014

Transaction summary ($ in MM)

3  

Proposed transaction sources & uses ($ in MM)

The tables below illustrate the S&U of funds and PF capitalization of the
recapitalized Company assuming an out-of-court 
 exchange offer
closing on January 31, 2012
 Exchange offer analysis –

final agreement

Out-of-court exchange offer

Estimated emergence fees ($ in MM)

Professional fees

Exit financing fees

$4.4

Backstop fee

-

          

A&M Houston

0.3

Rothschild

3.4

Houlihan Lokey

1.3

        

Other

2.0

        

Total professional fees

11.4

      

Sources

Uses

New Exit Revolver

$0.0

Bridge/DIP paydown

$0.0

New money commitment

80.0

        

Pre-petition 1st lien debt paydown

65.0

        

Backstop fee for RO (non-cash)

3.6

          

Backstop fee for RO (non-cash)

3.6

          

Paydown of accrued 1st lien interest

0.6

          

Net cash at WSI BV 

(1)

-

              

Transaction fees 

11.4

        

Cash on the balance sheet

2.9

          

Total sources

$83.6

      

Total uses

$83.6

      

31-Jan-12

Inflow /

31-Jan-12

Transaction

Equitized

(Retired)

Pro-forma

Revolver

36.1

               

-

               

(36.1)

        

-

                

 Term Loan

162.3

             

-

               

(29.5)

        

132.8

          

DIP

-

                 
   
 -

               

-

               

-

                

 Bridge

15.8

               

(15.8)

        

-

               

-

                

 Secured debt

$214.1

           

($15.8)

      

($65.6)

      

$132.8

        

Secured debt + LCs

227.3

             

145.9

          

11.125% Unsecured Notes

225.0

             

(225.0)

      

-

               

-

                

 Unsecured debt

$225.0

           

($225.0)

    

-

               

-

                 

Total debt

$439.1

           

($240.8)

    

($65.6)

      

$132.8

        

Total debt + LCs

452.3

             

145.9

          

Liquidity

Cash

$13.6

             

$2.9

         

$16.5

          

Revolver availability

-

                 
   
 26.8

            

Total liquidity

$13.6

             

$43.4

          

LTM Adj. EBITDA

43.0

               

43.0

            

Capex

24.1

               

24.1

            

Cash interest

41.5

               

12.6

            

Total funded debt / LTM Adj. EBITDA

10.2x

3.1x

(Total funded debt + unfunded RC & LCs) / LTM Adj. EBITDA

10.5x

4.0x

Net funded debt /  LTM Adj. EBITDA

9.9x

2.7x

(Net funded debt + unfunded RC & LCs) /  LTM Adj. EBITDA

10.2x

3.6x

LTM Adj. EBITDA / Cash interest

1.0x

3.4x

LTM Adj. EBITDA - Capex / Cash interest

0.5x

1.5x
 

  
	

	 

Strictly private and confidential

4  

455014

4  

Analysis

of

the

final

agreement

(1)

Analysis

of

the

final

agreement

($

in

MM)

(2)(3)(4)(5)

Out-of-court exchange offer

Final Deal

12/12/11

Size of Rights Offering

$80.000

Gross TEV

$320.000

Rights Offering Discount

20.000%

Post-discount Set-up TEV

$282.553

Backstop Fee

4.000%

Senior Noteholders cash election (accredited)

27.684%

Senior Noteholders cash election (non-accredited)

37.500%

Working Capital Adjustment

None

Pro Forma Equity Ownership:

Existing Bondholders

33.268%

Rights Offering Investors

53.408%

Bridge Lenders

10.525%

Backstop Fee

2.425%

Additional Backstop

0.000%

Consent Fee

0.375%

Total

100.000%

(1) 

All figures, except for the Backstop Commitment Fee, are based on certain assumptions as to the
Settlement Date for the Exchange Offer and the final calculation of accrued interest expense on the 

Second Lien Loans. The calculations presented herein assume a closing date of January 31, 2012 for the
out-of-court Exchange Offer and a closing date of March 31, 2012 for the Prepackaged Plan, 

each of which are forward estimates that are subject to change, including final accrued interest
calculations 

(2) 

Pro forma equity splits assume none of the Non-BP Notes participate in the rights offering or
choose the cash out option 

(3) 

Final deal includes a 3.0% consent fee paid to all Non-BP Notes 

(4) 

All equity ownership figures are before dilution from the new MIP that will be implemented after
closing. 

(5) 

In the event the Cash Flow Shortfall Units are issued, existing bondholders’ pro forma equity
ownership could be reduced by up to approximately 3.3% if existing bondholders elect not to participate in the 

opportunity to purchase additional Participating Preferred Units on the same terms as the Cash Flow
Shortfall Units 
 

  
	

	 

Strictly private and confidential

5  

455014

5  

Accredited

Non-BP

Notes

Recovery

(1)

The Backstop Parties would 

have the right (but not the 

obligation) to invest additional 

funds at closing in the form of 

new preferred stock units on the 

same terms as the Rights 

Offering investors. No Backstop 

Fee would be payable if such 

additional funds are invested. 

The Non-BP Notes would have 

the right (but not the obligation) 

to invest on the same terms on 

a pro-rata basis.

(2)

Assumes a paydown of $65 MM 

of the principal balance and 

approximately $0.6 MM of 

accrued 1     lien interest at 

closing.

(3)

The amount of the Backstop 

Fee is equal to the sum of the 

rights offering amount, the 

maximum amount of the 

consent fee, the additional 

funds provided by the backstop 

parties to fund the cash out 

option assuming a 100% cash 

out participation and $5 MM of 

additional liquidity in a 

prepackaged scenario.

(4)

Consent Fee is equal to 3% of 

Non-BP Notes of $18.7 MM.

Analysis of final agreement 

(1)

Final agreement analysis ($ in MM)

Out-of-court exchange offer

RO TEV

Setup TEV

Setup TEV

$320.000

$320.000

Less: PF Debt 

(2)

(132.763)

(132.763)

Implied Equity Value

$187.238

$187.238

RO discount

20.000%

0.000%

Implied RO Equity Value

$149.790

$187.238

Implied Setup TEV

$282.553

$320.000

Less: PF Debt

(132.763)

(132.763)

Plus: Cash

-

-

Less: NWC Adjustments

-

-

Implied Equity Value

$149.790

A

$187.238

Rights Offering Amount

$80.000

B

$80.000

Bridge Loan Amount

15.765

C

15.765

Backstop Fee

3.632

D 

(3)

3.632

Additional Backstop

0.000

E

0.000

Consent Fee

0.561

F 

(4)

0.561

PF Ownership Split:

Existing Bondholders

33.268%

= 100%-G-H-I-J-K

33.268%

Rights Offering Investors

53.408%

G = B/A

53.408%

Bridge Lenders

10.525%

H = C/A

10.525%

Backstop Fee

2.425%

I = D/A

2.425%

Additional Backstop

0.000%

J = E/A

0.000%

Consent Fee

0.375%

K = F/A

0.375%

Total PF Ownership Split

100.000%

100.000%

PF Equity Value Split:

Existing Bondholders

$49.832

$62.290

L

PF Equity Value to Senior Notes

$62.290

L

Rights Offering Investors

80.000

100.000

Total Non-BP Notes

$18.715

M

Bridge Lenders

15.765

19.706

Total Non-BP Notes %

8.318%

N

Backstop Fee

3.632

4.540

PF Equity Value to Non-BP Notes

$5.181

O=L*N

Additional Backstop

0.000

0.000

Estimated Recovery

27.684%

P=O/M

Consent Fee

0.561

0.702

Total PF Equity Value Split

$149.790

$187.238

st
 

  
	

	 

Strictly private and confidential

6  

455014

6  

PF

equity

ownership

sensitivity

analysis

–

based

on

cash

option

participation

(1)

Excludes the consent 

fee; see description of 

the formula on the last 

page

Out-of-court

exchange

offer

Amount

of

Rights

Offering

Calculation

($

in

MM)

(1)

Cash Option Recovery %

0.000%

20.000%

40.000%

60.000%

80.000%

100.000%

Accredited 

(1)

27.684%

27.067%

26.469%

25.888%

25.325%

24.778%

Non-Accredited 

(1)

37.500%

37.500%

37.500%

37.500%

37.500%

37.500%

Cash Option Recovery $

Accredited 

(1)

$0.000

$0.760

$1.486

$2.180

$2.844

$3.478

Non-Accredited 

(1)

0.000

0.351

0.702

1.053

1.404

1.755

Total additional RO

$0.000

$1.111

$2.188

$3.233

$4.247

$5.232

Additional Backstop 

(1)

$0.000

$1.111

$2.188

$3.233

$4.247

$5.232

Non-BP Notes Participation in Cash Out Option

Sensitivity Analysis -

PF Equity Splits ($ in MM)

Non-BP Notes Participation in Cash Out Option

0.000%

20.000%

40.000%

60.000%

80.000%

100.000%

Total RO+Additional Backstop 

(1)

$80.000

$81.111

$82.188

$83.233

$84.247

$85.232

Implied Equity Ownership Splits

Senior Notes

33.268%

32.526%

31.807%

31.110%

30.432%

29.775%

Rights Offering Investors

53.408%

53.408%

53.408%

53.408%

53.408%

53.408%

Bridge Lenders

10.525%

10.525%

10.525%

10.525%

10.525%

10.525%

Backstop Fee

2.425%

2.425%

2.425%

2.425%

2.425%

2.425%

Additional Backstop

0.000%

0.742%

1.461%

2.158%

2.836%

3.493%

Consent Fee

0.375%

0.375%

0.375%

0.375%

0.375%

0.375%

Total

100.000%

100.000%

100.000%

100.000%

100.000%

100.000%

Sensitivity analysis below assumes the following:

–

Non-BP Notes

are

estimated

at

$18.7

million,

or

8.3%

of

total

Senior

Notes

–

75% of the Non-BP Notes are assumed to be accredited investors and 25%
non-accredited based on a preliminary assumption
 –

Non-BP Notes that are non-accredited investors would have an option to
cash out at 37.5% of par plus the 3% consent fee
 –

Non-BP Notes that are accredited

investors 

would have an option to cash out at 24.8% -

27.7% of par depending on the number of 

holders

taking

the

cash

out

option

plus

the

3%

consent

fee
 

  
	

	 

Prepackaged exchange offer
 

  
	

	 

Strictly private and confidential

8  

455014

Transaction summary ($ in MM)

Proposed transaction sources & uses ($ in MM)

Prepackaged

exchange

offer

Estimated emergence fees ($ in MM)

The tables below illustrate the S&U of funds and PF capitalization of the
recapitalized Company assuming a prepackaged  
 exchange offer closing
on March 31, 2012
 Prepackaged

offer

analysis

–

final

agreement

Professional fees

Exit financing fees

$4.4

Backstop fee

-

          

A&M Houston

0.3

Rothschild

3.1

Houlihan Lokey

1.1

        

Other

2.0

        

Total professional fees

10.9

Sources

Uses

New Exit Revolver

$0.0

Bridge/DIP paydown

$2.5

New money commitment

85.0

        

Pre-petition 1st lien debt paydown

65.0

        

Backstop fee for RO (non-cash)

3.6

          

Paydown of accrued 1st lien interest

1.0

          

Backstop fee for RO (non-cash)

3.6

          

Net cash at WSI BV 

Transaction fees 

10.9

        

Cash on the balance sheet

5.6

          

Total sources

$88.6

      

Total uses

$88.6

      

31-Mar-12

Inflow /

31-Mar-12

Transaction

Equitized

(Retired)

Pro-forma

Revolver

36.2

-

(36.2)

-

Term Loan

162.5

-

(29.8)

132.8

DIP

2.5

-

(2.5)

-

Bridge

16.1

(16.1)

-

-

Secured debt

$217.2

($16.1)

($68.4)

$132.8

Secured debt + LCs

230.4

145.9

11.125% Unsecured Notes

225.0

(225.0)

-

-

Unsecured debt

$225.0

($225.0)

-

-

Total debt

$442.2

($241.1)

($68.4)

$132.8

Total debt + LCs

455.4

145.9

Liquidity

Cash

-

$5.6

$5.6

Revolver availability

-

26.8

Total liquidity

-

$32.4

LTM Adj. EBITDA

43.7

43.7

Capex

24.1

24.1

Cash interest

44.1

12.6

Total funded debt / LTM Adj. EBITDA

10.1x

3.0x

(Total funded debt + unfunded RC & LCs) / LTM Adj. EBITDA

10.4x

3.9x

Net funded debt /  LTM Adj. EBITDA

10.1x

2.9x

(Net funded debt + unfunded RC & LCs) /  LTM Adj. EBITDA

10.4x

3.8x

LTM Adj. EBITDA / Cash interest

1.0x

3.5x

LTM Adj. EBITDA -

Capex / Cash interest

0.4x

1.6x
 

  
	

	 

Strictly private and confidential

9  

455014

9  

(1)

All

figures,

except

for

the

Backstop

Commitment

Fee,

are

based

on

certain

assumptions

as

to

the

Settlement

Date

for

the

Exchange

Offer

and

the

final

calculation

of

accrued

interest

expense

on

the

Second

Lien 

Loans. The calculations presented herein assume a closing date of January 31, 2012
for the out-of-court Exchange Offer and a closing date of March 31, 2012 for the Prepackaged Plan, each of which are forward 

estimates that are subject to change, including final accrued interest
calculations
 (2)

Pro forma equity splits assume none of the Non-BP Notes participate in the
rights offering or choose the cash out option
 (3)

All equity ownership figures are before dilution from the new MIP that will be
implemented after closing
 (4)

In

the

event

the

Cash

Flow

Shortfall

Units

are

issued,

existing

bondholders’

pro

forma

equity

ownership

could

be

reduced

by

up

to

approximately

3.3%

if

existing

bondholders

elect

not

to

participate

in

the

opportunity 

to

purchase

additional

Participating

Preferred

Units

on

the

same

terms

as

the

Cash

Flow

Shortfall

Units

Analysis

of

the

final

agreement

(1)

Analysis

of

the

final

agreement

($

in

MM)

(2)(3)(4)

Prepackaged

exchange

offer

Final Deal

12/12/11

Size of Rights Offering

$80.000

Gross TEV

$320.000

Rights Offering Discount

20.000%

Post-discount Set-up TEV

$282.553

Backstop Fee

4.000%

Senior Noteholders cash election (accredited)

25.056%

Senior Noteholders cash election (non-accredited)

37.500%

Working Capital Adjustment

None

Pro Forma Equity Ownership:

Existing Bondholders

30.110%

Rights Offering Investors

53.408%

Bridge Lenders

10.719%

Backstop Fee

2.425%

Additional $5MM Backstop

3.338%

Consent Fee

0.000%

Total

100.000%
 

  
	

	 

Strictly private and confidential

10  

455014

10  

Accredited Non-BP Notes Recovery

Final agreement analysis ($ in MM)

(1)

The Backstop Parties would 

have the right (but not the 

obligation) to invest additional 

funds at closing in the form of 

new preferred stock units on the 

same terms as the Rights 

Offering investors. No Backstop 

Fee would be payable if such 

additional funds are invested. 

The Non-BP Notes would have 

the right (but not the obligation) 

to invest on the same terms on 

a pro-rata basis.

(2)

Assumes a paydown of $65 MM 

of the principal balance and 

approximately $1.0 MM of 

accrued 1   lien interest at 

closing.

(3)

The amount of the Backstop 

Fee is equal to the sum of the 

rights offering amount, the 

maximum amount of the 

consent fee, the additional 

funds provided by the backstop 

parties to fund the cash out 

option assuming a 100% cash 

out participation and $5 MM of 

additional liquidity in a 

prepackaged scenario.

Analysis of final agreement

(1)

Prepackaged

exchange

offer

RO TEV

Setup TEV

Setup TEV

$320.000

$320.000

Less: PF Debt 

(2)

(132.763)

               

(132.763)

               

Implied Equity Value

$187.238

$187.238

RO discount

20.000%

0.000%

Implied RO Equity Value

$149.790

$187.238

Implied Setup TEV

$282.553

$320.000

Less: PF Debt

(132.763)

               

(132.763)

               

Plus: Cash

-

                 
           
 -

                 
           
 Less: NWC Adjustments

-

                 
           
 -

                 
           
 Implied Equity Value

$149.790

A

$187.238

Rights Offering Amount

$80.000

B

$80.000

Bridge Loan Amount

16.057

C

16.057

Backstop Fee

3.632

D 

(3)

3.632

Additional $5MM Backstop

5.000

E

5.000

Consent Fee

0.000

F

0.000

PF Ownership Split:

Existing Bondholders

30.110%

= 100%-G-H-I-J-K

30.110%

Rights Offering Investors

53.408%

G = B/A

53.408%

Bridge Lenders

10.719%

H = C/A

10.719%

Backstop Fee

2.425%

I = D/A

2.425%

Additional $5MM Backstop

3.338%

J = E/A

3.338%

Consent Fee

0.000%

K = F/A

0.000%

Total PF Ownership Split

100.000%

100.000%

PF Equity Value Split:

Existing Bondholders

$45.102

$56.377

L

PF Equity Value to Senior Notes

$56.377

L

Rights Offering Investors

80.000

100.000

Total Non-BP Notes

$18.715

M

Bridge Lenders

16.057

20.071

Total Non-BP Notes %

8.318%

N

Backstop Fee

3.632

4.540

PF Equity Value to Non-BP Notes

$4.689

O=L*N

Additional $5MM Backstop

5.000

6.250

Estimated Recovery

25.056%

P=O/M

Consent Fee

0.000

0.000

Total PF Equity Value Split

$149.790

$187.238

st
 

  
	

	 

Strictly private and confidential

11  

455014

11  

PF

equity

ownership

sensitivity

analysis

–

based

on

cash

option

participation

Sensitivity analysis below assumes the following:

–

Non-BP

Notes

are

estimated

at

$18.7

million,

or

8.3%

of

total

Senior

Notes

–

75% of the Non-BP Notes are assumed to be accredited investors and 25%
non-accredited based on a preliminary assumption
 –

Non-BP Notes that are non-accredited investors would have an option to
cash out at 37.5% of par
 –

(1)

Includes the additional 

$5 MM backstop for 

additional liquidity; see 

description of the formula 

on the last page

Prepackaged exchange offer

Sensitivity Analysis -

PF Equity Splits ($ in MM)

Non-BP Notes Participation in Cash Out Option

0.000%

20.000%

40.000%

60.000%

80.000%

100.000%

Total RO+Additional Backstop

$85.000

$86.038

$87.045

$88.022

$88.970

$89.890

Implied Equity Ownership Splits

Senior Notes

30.110%

29.417%

28.745%

28.093%

27.460%

26.845%

Rights Offering Investors

53.408%

53.408%

53.408%

53.408%

53.408%

53.408%

Bridge Lenders

10.719%

10.719%

10.719%

10.719%

10.719%

10.719%

Backstop Fee

2.425%

2.425%

2.425%

2.425%

2.425%

2.425%

Additional Backstop

3.338%

4.031%

4.703%

5.355%

5.988%

6.603%

Consent Fee

0.000%

0.000%

0.000%

0.000%

0.000%

0.000%

Total

100.000%

100.000%

100.000%

100.000%

100.000%

100.000%

Amount of Rights Offering Calculation

Cash Option Recovery %

0.000%

20.000%

40.000%

60.000%

80.000%

100.000%

Accredited

25.056%

24.480%

23.920%

23.378%

22.851%

22.340%

Non-Accredited

37.500%

37.500%

37.500%

37.500%

37.500%

37.500%

Cash Option Recovery $

Accredited

$0.000

$0.687

$1.343

$1.969

$2.566

$3.136

Non-Accredited

0.000

0.351

0.702

1.053

1.404

1.755

Total additional RO

$0.000

$1.038

$2.045

$3.022

$3.970

$4.890

Additional Backstop 

(1)

$5.000

$6.038

$7.045

$8.022

$8.970

$9.890

Non-BP Notes Participation in Cash Out Option

Non-BP Notes that are accredited investors would have an option to cash out at 22.3% - 25.1%
of par depending on the number of  holders  
 taking the cash out option 
 

  
	

	 

Cash Out Payments formula (for both in and 

out-of-court scenarios)
 

  
	

	 

Strictly private and confidential

13  

455014

13  

Cash Out Payments formula (for both in and out-of-court scenarios)

The amount of cash to be paid to the Non-Backstop Parties (“Non-BP
Notes”) that accept the cash out option would be equal to the sum of:

(1) The face amount of Senior

Notes

held

by

the

non-accredited

holders

that

accept

the

cash

out

option

multiplied

by

37.5%,

plus

(2) The face amount of Senior Notes held by the accredited holders that accept the
cash out option multiplied by the accredited Non-BP Notes cash offer (the 

“Accredited Notes Cash Offer”)

The Accredited Notes Cash Offer is calculated as follows:

–

Set-up equity value of $187,237,500 (equal to Set-up TEV of $320,000,000
minus pro forma indebtedness of $132,762,500),
 –

multiplied by pro forma equity ownership of Senior Noteholders (see calculation
below),
 –

divided by the aggregate face amount of Senior Notes of $225,000,000

Pro forma equity ownership of Senior Noteholders is equal to:

–

100.0%,

–

Less pro forma equity ownership of the Rights Offering participants of 53.408%
(equal to the Aggregate Rights Offering Amount divided by the Equity 
 Value
of $149,790,000)
 –

Less pro forma equity ownership of Bridge Facility lenders of 10.525% (in an out of
court scenario) or 10.719% (in an in-court scenario). Pro forma 
 equity
ownership of Bridge Facility lenders in an out-of-court scenario is equal to the Bridge Facility amount of $15,764,909 divided by the Equity 

Value of $149,790,000. Pro forma equity ownership of Bridge Facility lenders in an
in-court scenario is equal to the Bridge Facility amount of 
 $16,056,553
divided by the Equity Value of $149,790,000
 –

Less pro forma equity ownership of the Backstop Parties

Pro forma equity ownership of the Backstop Parties is equal to the sum of (i),(ii),
(iii) and (iv) below, divided by the Equity Value of $149,790,000:

–

(i) the Backstop

Fee

of

$3,631,753

(equal

to

4.0%

multiplied

by

the

Total

Backstop

Commitment

of

$90,793,818

(see

calculation

below)),

–

(ii) the Consent Fee (only applicable in the out-of-court scenario),

–

(iii) the total amount of additional funds contributed by the Backstop Parties at
closing equal to the sum of (i) the face amount of Senior Notes held by 
 the
non-accredited
 holders

that

accept

the

cash

out

option

multiplied

by

37.5%,

plus

(ii)

the

face

amount

of

Senior

Notes

held

by

the

accredited 

holders that accept the cash out option multiplied by the Accredited Notes Cash
Offer, and
 –

(iv) the Plan Additional Units Purchase Price (only applicable in the in-court
scenario)
 Total Backstop Commitment of $90,793,818 is calculated as the sum
of (a) the Aggregate Rights Offering Amount, plus (b) the maximum amount of the 

Consent Fee of $561,450, plus (c) $5,000,000 (Plan Additional Units Purchase
Price), plus (d) $5,232,368 (maximum Noteholder Cash Option Amount 
 assuming
75% of the Non-BP Notes is held by accredited investors and 25% by non-accredited investors)

Consent Fee is equal to the sum of the face value of Senior Notes held by the
Non-BP Notes that elect to participate in the Exchange Offer or chose the 

cash out option, multiplied by 3.0%
 

 EXHIBIT B 

Backstop Agreement 

 EXHIBIT C 

Equity Term Sheet 

 Exhibit C 

AQUILEX HOLDINGS LLC 
 CERTAIN POST-RESTRUCTURING EQUITY TERMS 
 Capitalized terms used but not defined herein shall have the meanings given to such terms in the Backstop Purchase Agreement 
 to which this term sheet is attached as an Exhibit. 
  

			
	THE COMPANY	  	Aquilex Holdings LLC (the “Company”).
		
	TAX STATUS	  	The Company shall be classified as a partnership for U.S. federal income, state and local tax purposes (and not as a publicly traded partnership within the meaning of Section 7704
of the Internal Revenue Code), and neither the Company nor any Unitholder (as defined below) shall make any election to the contrary.
		
	CAPITAL STRUCTURE	  	 The limited liability company interests of the Company shall be represented by units. As of the Effective Date, there shall be two
classes of units: (i) the Class A Units (the “Class A Units”) and (ii) the Class B Units1 (the “Class B Units” and, together with the Class A Units and any other limited liability
company interests issued pursuant to a Third Amended & Restated Limited Liability Company Agreement of the Company (the “Amended LLC Agreement”), the “Units”), each having the terms described below and which
will be set forth in the Amended LLC Agreement (by which all holders of Units will be bound as a condition of issuance and delivery of their Units).
  

The holders of Class A Units and Class B Units are referred to herein collectively, as the “Unitholders”, and as applicable, as
the “Class A Unitholders” or the “Class B Unitholders”.
  
 The “Initial Units” shall be the Offering Units, the Bridge Conversion Units, the Exchange Units, the Consent Fee Units, the Additional Plan Units, the Cash Flow Shortfall Units and the
Noteholder Cash Option Units (in each case, as defined below). The “Aggregate Initial Unit Amount” shall be a fixed number of Units equal to 1,000,000, which shall also be equal to the sum of (A) the aggregate number of
Offering Units plus (B) the aggregate number of Bridge Conversion Units plus (C) the aggregate number of Exchange Units plus (D) the aggregate number of Noteholder Cash Option Units plus (E) the
aggregate number of Consent Fee Units, plus (F) the aggregate number of Additional Plan Units plus (G) the aggregate number of Cash Flow Shortfall Units.

 

	1 	 NTD: The Class A Units are the New Common Units, and the Class B Units are the New Participating Preferred Units.

			
		  	 Those who elect to participate in the Rights Offering will be issued an aggregate number of Class B Units equal to the product of
(A) the Aggregate Initial Unit Amount multiplied by (B) the quotient of (i) the Aggregate Rights Offering
Amount2 divided by (ii) the Equity Value (the
“Offering Units”).
  
 The aggregate number of Class B
Units to be issued upon conversion of the Bridge Facility in accordance with the Restructuring Support Agreement will equal the product of (A) the Aggregate Initial Unit Amount multiplied by (B) the quotient of (i) the dollar amount of
all outstanding obligations under the Bridge Facility as of the Effective Date (including all accrued and unpaid interest and the portion of the Backstop Commitment Fee payable in obligations under the Bridge Facility) divided by
(ii) the Equity Value (the “Bridge Conversion Units”).
  
 The aggregate amount of cash required to fund payments to the holders of Senior Notes that are entitled, or elect, to receive cash in respect of their Senior Notes shall be fully funded by the Backstop
Parties that agree to do so in the Backstop Purchase Agreement in exchange for Class B Units (the “Noteholder Cash Option Units”. The aggregate number of Noteholder Cash Option Units to be issued at the Effective Date will
equal the product of (A) the Aggregate Initial Unit Amount multiplied by (B) the quotient of (i) the dollar amount necessary to fund cash payments to holders of Senior Notes that are entitled, or elect, to receive cash in
respect of their Senior Notes on the Effective Date divided by (ii) the Equity Value.
  
 In the event any Consent Payment Amount is funded, the aggregate number of Class B Units to be issued in exchange therefor shall equal the product of (A) the Aggregate Initial Unit Amount
multiplied by (B) the quotient of (i) the Consent Payment Amount3 divided by (ii) the Equity Value (the “Consent Payment Units”).
  

In the event the Plan Additional Units Purchase Price is funded, the aggregate number of Class B Units to be issued in exchange therefor shall equal
the product of (A) the Aggregate Initial Unit

  

	2 	 NTD: $80/$85 million, as applicable. 

	3 	 NTD: An amount not to exceed $561,450 without the consent of the Required Backstop Interest.

  
 2 

			
		  	 Amount multiplied by (B) the quotient of (i) the Plan Additional Units Purchase Price 4 divided by (ii) the Equity Value (the “Plan Additional
Units”).
  
 In the event any Cash Flow Shortfall Amount is funded,
the aggregate number of Class B Units to be issued in exchange therefor shall equal the product of (A) the Aggregate Initial Unit Amount multiplied by (B) the quotient of (i) the Cash Flow Shortfall Amount5 divided by (ii) the Equity Value (the “Cash Flow
Shortfall Units”).
  
 Holders of Senior Notes that validly tender
and do not withdraw their Senior Notes (and who elect the equity option) in accordance with the terms of the Exchange Offer (or that are to receive equity in respect of their Senior Notes pursuant to the Plan, if applicable) will be issued an
aggregate number of Class A Units (the “Exchange Units”) equal to (A) the Aggregate Initial Unit Amount minus (B) the aggregate number of Offering Units minus (C) the aggregate number of Bridge
Conversion Units minus (D) the aggregate number of Noteholder Cash Option Units minus (E) the aggregate number of Consent Fee Units minus (F) the aggregate number of Additional Plan Units minus (G) the
aggregate number of Cash Flow Shortfall Units.
  
 After the Closing, the
Initial Investors will not be obligated to make any further capital contributions.

		
	PARTIES TO THE AMENDED LLC AGREEMENT	  	 At the Closing, or immediately prior to the Closing, the Company will enter into the Amended LLC Agreement with certain entities (and/or
their investment advisors, managers, managed funds or accounts, intermediaries or nominees) affiliated with or under management by the following:
  

(i) Centerbridge Advisors II, LLC (together with their respective Affiliates and Related Funds,
“Centerbridge”);
  
 (ii) Platinum Equity
Advisors, LLC (together with their respective Affiliates and Related Funds, “Platinum”);
  

(iii) GSO Capital Partners (together with their respective Affiliates and Related Funds, “GSO”); and

 
 (iv) Redwood Capital Management, LLC (together with their
respective Affiliates and Related Funds, “Redwood”).

  

	4 	 NTD: $5,000,000. 

	5 	 NTD: An amount not to exceed $5,000,000 without the consent of the Required Backstop Interest and the Company. 

  
 3 

			
		  	 The term “Initial Investor” means each Person who is entitled to receive Units on the Effective Date that is included
in the definition of any of Centerbridge, Platinum, GSO and Redwood; and the term “Initial Investors” means all of the Initial Investors collectively. Platinum, GSO and Redwood are referred to herein, individually, as a
“Minority Investor” and, collectively, as the “Minority Investors.”
  
 The Amended LLC Agreement shall be in form and substance consistent with this term sheet and otherwise reasonably satisfactory to the Supermajority Investors. The term “Supermajority
Investors” means, at the time of determination, Initial Investors holding at least 66 2/3% of the aggregate Commitments (if such time of determination is on or prior to the Effective Date) or Units (if such time of determination is after the Effective Date) committed to or held by all Initial
Investors (taken together as a single class) at such time.

		
	CLASS B LIQUIDATION VALUE	  	In the event of (i) any voluntary or involuntary bankruptcy, liquidation, dissolution, Corporate Conversion (as defined below) or winding up of the Company or (ii) a Sale of
the Company (as defined herein) (each, a “Liquidation Event”), each of the Class B Unitholders will be entitled to receive, prior to and in preference to the Class A Unitholders (but after payment in full of any other
liquidation preference in respect of any other series or class of Units subsequently approved by the Board (as defined below) in accordance with the terms of the Amended LLC Agreement that have a preference in liquidation to the Class B Units),
an amount in cash equal to the greater of (i) the aggregate capital contributions made by such Class B Unitholder with respect to the Class B Units of such Class B Unitholder (the “Liquidation Value”) and (ii) the
amount payable with respect to each Class B Unit of such Class B Unitholder assuming the Class A Units and the Class B Units share in the aggregate proceeds payable to the holders thereof on a pro rata basis. Distributions
made to Class B Unitholders in connection with a Liquidation Event shall be made on a pro rata basis (based on the aggregate Liquidation Value of the Class B Units held by the Class B Unitholders).
		
	OTHER DISTRIBUTIONS	  	Except in the event of a distribution in connection with a Liquidation Event, distributions shall be made, if at all, at such times and in such amounts as determined by the Board of
Managers of the Company (the “Board”), and all such distributions shall be made with respect to the Class B Units and the Class A Units on a pro rata basis.

  
 4 

			
		  	Notwithstanding the foregoing, to the extent of available cash and to the extent not prohibited by the Company’s or its Subsidiaries’ financing agreements with lenders
that are not Unitholders, the Company shall make pro rata quarterly distributions to its Unitholders with respect to the taxable income generated by the Company and its Subsidiaries allocable to the Unitholders in a manner to be set forth in
the Amended LLC Agreement, assuming the highest applicable tax rates.
		
	CLASS B COMPANY SALE	  	On and after the fifth anniversary of the Effective Date, the holders of a majority of the then outstanding Class B Units shall have the right, at any time, to require the
Company to undertake a process to consummate a Sale of the Company.
		
	MANAGEMENT/INDEPENDENT BOARD MEMBER EQUITY	  	The Company will establish, for the benefit of members of the Board (other than members of the Board that are employed by any of the Unitholders) and members of senior management of
the Company and its Subsidiaries, an incentive equity plan pursuant to which Units6 representing up to 10% of the Post-Effective Fully-Diluted Units (as defined below) may be issued to members of senior management and Units representing up to 1% of the Post-Effective Fully-Diluted Units
may be issued to members of the Board (other than members of the Board that are employed by any of the Unitholders), in each case, on terms and subject to conditions acceptable to the Board and to Centerbridge (the “Incentive Equity
Plan”). The Units issuable under the Incentive Equity Plan are referred to herein as “Incentive Equity Plan Units”. The “Post-Effective Fully-Diluted Units” shall mean the sum of (A) the Aggregate Initial
Unit Amount plus (B) the aggregate number of Incentive Equity Plan Units.
		
	TRANSFER RESTRICTIONS	  	Subject to certain customary exceptions to be agreed upon by the Supermajority Investors, such as transfers to Affiliates, Related Funds and family members (“Permitted
Transfers”), and except for transfers made pursuant to Tag-Along rights and Drag-Along obligations, prior to the date that is the earliest to occur of (i) a Sale of the Company, (ii) an IPO and (iii) the first anniversary of
the Effective Date, no Unitholder (other than Centerbridge) may transfer any Units without the prior approval of the Board, and any such transfers (or potential transfers) will be subject to securities law compliance, reasonable and customary
confidentiality obligations in favor of the Company, regulatory restrictions,

  

	6 	 NTD: To be a new class of limited voting units representing profits interests. 

  
 5 

			
		  	restrictions on transfers to competitors or holders of more than a 5% interest in a competitor (but no such restriction shall apply to any such holder who holds not more than a 10%
interest in any such competitor so long as such holder is a passive investor in such competitor (e.g., such holder or its controlled affiliates have no board membership, observer rights or veto rights over material decisions of such competitor, does
not provide services or advice to such competitor and does not have any other material business relationship with such competitor besides its passive investment therein)), and certain other reasonable restrictions designed to keep the Company from
being required to be a public reporting company or publicly traded partnership prior to an IPO.
		
	RIGHT OF FIRST OFFER	  	Subject to certain customary exceptions to be agreed upon by the Supermajority Investors, prior to the date that is the earlier to occur of (i) a Sale of the Company and (ii) an
IPO, if any holder of the Company’s Units (other than Centerbridge) seeks to transfer such Units (other than in a Permitted Transfer or pursuant to Tag-Along rights, Drag-Along obligations or the Class B Put Right), such Units contemplated
to be transferred shall be subject to a right of first offer in favor of the Company and, if the Company elects not to exercise such right, the Initial Investors.
		
	DRAG-ALONG	  	 Subject to customary limitations and conditions to be agreed upon by the Supermajority Investors, for so long as Centerbridge is
entitled to designate members of the Board as set forth below in clause (i) under “Board Representation,” in the event that, prior to an IPO, Centerbridge agrees to a Sale of the Company, upon Centerbridge’s request, all other
Unitholders (the “Dragged Unitholders”) shall be required to consent to, and raise no objection against, such Sale of the Company, and to reasonably cooperate with Centerbridge in the negotiation, documentation and consummation of
such Sale of the Company, which may include (x) selling a percentage of such Dragged Unitholder’s Units to the purchaser in such Sale of the Company corresponding to the aggregate percentage of the Units held by Centerbridge that are proposed
to be included in such Sale of the Company at the per Unit price negotiated by and applicable to Centerbridge and (y) signing all documents reasonably necessary to consummate such Sale of the Company (to the same extent as executed by
Centerbridge, but subject to the immediately succeeding paragraph).
  

Dragged Unitholders shall receive the same form and amount of consideration per Unit that is being paid to Centerbridge in connection with the Sale of the
Company (subject to the terms set forth in “Class B Liquidation Value” above). The terms and

  
 6 

			
		  	 conditions applicable to the Dragged Unitholders in connection with the Sale of the Company shall not be less favorable than those terms
and conditions applicable to Centerbridge. No Dragged Unitholder shall be liable for any indemnification, or be required to participate in any escrow arrangement, relating to the Sale of the Company in excess of the amount of proceeds payable to
such Dragged Unitholder in connection with such Sale of the Company (or in an amount that is disproportionate to Centerbridge or the other Dragged Unitholders).
  

If any Dragged Unitholder holds Units through a “blocker” corporation (a “Blocker Corporation”), then, in connection with any
sale of Units contemplated under this “Drag-Along” section, Centerbridge shall request the buyer in such transaction to allow such Dragged Unitholder to sell the shares of, or interests in, such Blocker Corporation (the “Blocker
Corporation Shares”) so long as such sale would not result in any adverse economic impact to, or the imposition of any liabilities on, any Person (including the Company or any Unitholder) other than the Blocker Corporation, its
pre-transaction shareholders or the buyer; provided, however, that if any Unitholder that is included in the definition of Centerbridge is entitled to sell Blocker Corporation Shares in connection with any such sale, then all Dragged
Unitholders who hold Units through a Blocker Corporation shall be entitled to sell Blocker Corporation Shares in connection with any such sale on the same basis as such Centerbridge Unitholder. For the avoidance of doubt, the buyer in any such
transaction shall be free, in its sole discretion, to purchase or not to purchase the Blocker Corporation Shares.

		
	TAG-ALONG RIGHTS	  	 Prior to the date that is the earlier to occur of (i) a Sale of the Company and (ii) an IPO, in connection with any transfer by
Centerbridge of any Units to a purchaser (other than a transfer that constitutes a Permitted Transfer) (a “Tag-Along Sale”), each other Unitholder (collectively, the “Tag-Along Unitholders”) shall have the option to
include in such Tag-Along Sale a corresponding percentage of the Units owned by such Tag-Along Unitholder.
  
 Tag-Along Unitholders shall receive the same form and amount of consideration per Unit that is being paid to Centerbridge in connection with the Tag-Along Sale (subject to any differences between a
Class A Unit and a Class B Unit to take into account the Liquidation Value). The terms and conditions applicable to the Tag-Along Unitholders in connection with the Tag-Along Sale shall not be less favorable than those terms and conditions
applicable to Centerbridge. No Tag-Along Unitholder shall be liable for any indemnification, or be required to participate in any

  
 7 

			
		  	 escrow arrangement, relating to the Tag-Along Sale in excess of the amount of proceeds payable to such Tag-Along Unitholder in
connection with such Tag-Along Sale (or in an amount that is disproportionate to Centerbridge or the other Tag-Along Unitholders).
  

If any Tag-Along Unitholder holds Units through a Blocker Corporation, then, in connection with any sale of Units contemplated under this “Tag-Along
Rights” section, Centerbridge shall request the buyer in such transaction to allow such Tag-Along Unitholder to sell Blocker Corporation Shares so long such sale would not result in any adverse economic impact to, or the imposition of any
liabilities on, any Person (including the Company or any Unitholder) other than the Blocker Corporation, its pre-transaction shareholders or the buyer; provided, however, that if any Unitholder that is included in the definition of
Centerbridge is entitled to sell Blocker Corporation Shares in connection with any such sale, then all Tag-Along Unitholders who hold Units through a Blocker Corporation shall be entitled to sell Blocker Corporation Shares in connection with any
such sale on the same basis as such Centerbridge Unitholder. For the avoidance of doubt, the buyer in any such transaction shall be free, in its sole discretion, to purchase or not to purchase the Blocker Corporation Shares.

		
	PREEMPTIVE RIGHTS	  	Subject to exceptions to be agreed upon by the Supermajority Investors, if, after the Effective Date, the Company or any Subsidiary of the Company issues Units or other equity
securities (or any options, warrants or other securities (including debt securities) that are convertible into, or exchangeable or exercisable for, Units or other equity securities) and Centerbridge participates in such issuance, then holders of
more than 5% of the then outstanding Units shall be entitled to participate in such issuance on a pro rata basis. GSO shall be entitled to the foregoing rights described in this “Preemptive Rights” section so long as GSO holds, at
the time of such issuance, at least 100% of the Units held by GSO on the Effective Date (subject to adjustment for splits, recapitalizations and similar events, “Adjustments”).
		
	INITIAL PUBLIC OFFERING	  	If the Board determines to effect an IPO, and in connection therewith determines that it is appropriate to reorganize the Company as a corporation (a “Corporate
Conversion”), the Unitholders will take such actions as shall be reasonably necessary to reorganize the Company (or organize its successor) as a corporation (the reorganized Company or its successor, the “Reorganized
Issuer”). In connection therewith, holders of Units will receive shares of common stock of the Reorganized Issuer

  
 8 

			
		  	 with an aggregate value (based on the initial per share price to the public) equal to the aggregate fair market value of their Units
(based on the implied value of the Company immediately prior to consummation of such IPO and taking into account the Liquidation Value).
  

In connection with any Corporate Conversion, any Initial Investor that holds Units through a Blocker Corporation shall be entitled to merge such Blocker
Corporation into the Reorganized Issuer and/or contribute the equity securities of such Blocker Corporation into the Reorganized Issuer, in any such case in a tax-free transaction (a “Roll-Up Transaction”), pursuant to which Roll-Up
Transaction the holders of any equity securities in the Blocker Corporation that is so merged or the equity securities in which are so contributed shall receive in exchange for such equity securities the same aggregate number and type of shares of
capital stock of the Reorganized Issuer as would be issuable pursuant to the Corporate Conversion in respect of the Units held directly or indirectly by the Blocker Corporation immediately prior to such Roll-Up Transaction; provided,
however, that no Initial Investor shall be entitled to effect a Roll-Up Transaction if (x) such Roll-Up Transaction would result in an adverse tax consequence to any Person (including the Company, the Reorganized Issuer or any Unitholder)
other than the pre-transaction shareholders of the Blocker Corporation or (y) such Initial Investor’s Blocker Corporation has any liabilities at the time of such Roll-Up Transaction (other than immaterial liabilities relating to maintaining its
corporate existence or activities incidental thereto).

		
	REGISTRATION RIGHTS	  	 Unitholders shall have the following registration rights:

 
 Piggyback Registration: Each Unitholder will have the right to participate on
a pro rata basis in registered public offerings initiated by the Company, Centerbridge (which shall have unlimited demand registration rights) or any other Person, subject to underwriter cutbacks, lockups and other customary exceptions or
limitations to be agreed upon by the Supermajority Investors.
  
 Demand
Rights: Following the first anniversary of the consummation of an IPO, (x) Platinum shall be entitled to one (1) demand registration (other than a registration on Form S-3 or any equivalent successor form) and (y) each of the Minority Investors
shall be entitled to unlimited demand registration rights for non-underwritten, resale shelf registrations on Form S-3 or any equivalent successor form (provided, that any such demand registration on Form S-3 (or any equivalent successor
form) shall be an underwritten offering if the demanding Minority Investor

		
		  	

  
 9 

			
		  	 agrees to pay its pro rata share of all out-of-pocket expenses incurred by the Company to deliver opinions, comfort letters and other
deliverables that the underwriters require under the underwriting agreement), subject to customary exceptions or limitations to be agreed upon by the Supermajority Investors (including with respect to the number and frequency of any such
underwritten offerings).
  
 Except with the prior approval of Supermajority
Investors, the Company shall not grant to any Person the right to request the Company to register any Units or other equity securities unless such registration rights also permit the Minority Investors the right to participate in any such
registration on a pro rata basis (based on the number of Units or other equity securities requested to be included in such registration) on a basis no less favorable to the Minority Investors than that of the party being granted such
registration rights.
  
 The registration rights agreement (whether as a
separate agreement or an agreement that is included directly into the Amended LLC Agreement) shall be in form and substance consistent with this term sheet and otherwise reasonably satisfactory to the Supermajority Investors.

		
	BOARD REPRESENTATION	  	 The Company shall be governed by the Board. Upon and following the Effective Date, the Board shall comprise such number of managers as
determined by the Majority Unitholders (as defined below); provided that:
  
 (i) for so long as Centerbridge holds (A) at least seventy-five (75%) of the Units held by Centerbridge as of the Effective Date (subject to Adjustments), and (B) a greater percentage of the
Units than any other Unitholder and its Affiliates and Related Funds, Centerbridge shall be entitled to appoint a majority of the members of the Board;
  

(ii) the Board shall include the Chief Executive Officer (or equivalent) of the Company, and

 
 (iii) for so long as Platinum continues to hold at least
seventy-five (75%) of the Units held by Platinum as of the Effective Date, the Board shall include one (1) member designated by the Majority Minority Investors (as defined below)(the “Majority Minority Designee”).

 
 Any committee of the Board shall include the Majority Minority
Designee.

  
 10 

			
		  	 The Board shall meet at least once per calendar quarter.

 
 Managers (acting in their capacity as such) shall have the same fiduciary duties as
directors of a Delaware corporation; provided, however, that, subject to customary confidentiality (but not non-use) obligations in favor of the Company, the Unitholders (who are not also employees or officers of the Company or any of
its Subsidiaries) and their Affiliates, directors, principals, officers, employees and/or other representatives (including any of the foregoing that may be a manager of the Company or a member of any Subsidiary Governing Body (as defined below)) may
engage in, and have no duty or obligation to refer or offer to the Company or any of its Affiliates, any corporate (or analogous) or business opportunity, and the Company and each Subsidiary of the Company will renounce any interest or expectancy in
any corporate (or analogous) or business opportunity which may be an opportunity for any of the foregoing Persons.
  
 Except for any decision-making powers that the managers in their good faith and informed judgment deem appropriate to delegate to any (x) committee of the Board or any committee of a Subsidiary Governing
Body or (y) officer of the Company or any Subsidiary of the Company, all decisions with respect to matters that are not in the ordinary course of business of the Company or any Subsidiary of the Company, or that are material to the business and
affairs of the Company or any Subsidiary of the Company (as applicable), shall be made by the Board or the applicable Subsidiary Governing Body.
  

Each manager shall be reimbursed for reasonable expenses incurred in the performance of his or her duties as a manager.

 
 In the event the Majority Minority Investors (as defined below) reasonably determine
that the governance of the Company and its Subsidiaries is not being conducted by the Board as contemplated by this Agreement, at their election, the composition of the board of managers or other governing body of any Subsidiary of the Company
(each, a “Subsidiary Governing Body”) shall include the Majority Minority Designee, subject in the case of non-U.S. Subsidiaries, to any applicable non-U.S. laws.

 
 The Amended LLC Agreement will contain a customary voting agreement obligating each
Unitholder to vote its voting Units in accordance with these terms.

  
 11 

			
		  	The “Majority Unitholders” means, at the time of determination, Unitholders holding more than fifty percent (50%) of the then-issued and outstanding Class A
Units and Class B Units (taken together as a single class) at such time. The term “Majority Minority Investors” means, at the time of determination, Minority Investors holding more than fifty percent (50%) of the Units held by
all Minority Investors (taken together as a single class) at such time.
		
	BOARD OBSERVER	  	So long as Redwood holds at least of 100% of the Units held by Redwood on the Effective Date (subject to Adjustments), Redwood shall have the right to have one designated
representative attend, as an observer in a non-voting capacity (an “Observer”), each meeting of the Board, each Subsidiary Governing Body and each committee of the Board and each Subsidiary Governing Body (each such meeting, a
“Meeting”). The Observer shall be entitled to participate in discussions of any matters presented at any Meeting, but shall not be entitled to vote on any such matters. The Company or the applicable Subsidiary of the Company shall
give the Observer advance notice of all Meetings and all materials given to members of the Board, any Subsidiary Governing Body and any such committee. So long as Redwood shall have the right to designate an Observer (as described above), Redwood
may from time to time, in its sole discretion and by providing the Company or any applicable Subsidiary of the Company with prior written notice thereof, (a) remove and replace an Observer with a new Observer and (b) designate a substitute
representative to attend any Meeting if the Observer is unable or unwilling to attend any such Meeting. The right of Redwood to have an Observer shall not be transferable or otherwise assignable to any other Person.
		
	VOTING OF UNITHOLDERS	  	Except as set forth in this term sheet with respect to matters that require the consent or approval of a specific Unitholder or a group of Unitholders (e.g., the Minority Investors,
the Supermajority Investors, the Supermajority Minority Investors or the Majority Minority Investors), and except for any Units whose terms restrict their voting rights (such as the Incentive Equity Plan Units), Unitholders shall vote their Units
together as a single class on any matters required under the Amended LLC Agreement to be submitted to a vote of Unitholders, and each such Unit shall have one vote on any such matter.
		
	INFORMATION RIGHTS	  	Holders of Units representing more than 5% of the then outstanding Units will be entitled to receive or participate in (as applicable): (i) quarterly unaudited financial statements
and a management’s discussion and analysis of financial condition and

  
 12 

			
		  	 results of operations with respect to such financial statements (an “MD&A”) as soon as available (and the Company
shall use its commercially reasonable efforts to make such delivery no later than 45 days) after the end of each of the Company’s first three fiscal quarters during each fiscal year; (ii) audited annual financial statements and an MD&A
with respect to such financial statements as soon as available (and the Company shall use its commercially reasonable efforts to make such delivery no later than 120 days) after the end of the Company’s fiscal year; (iii) annual
budgets with respect to each of the Company’s fiscal years as soon as available (and the Company shall use its commercially reasonable efforts to make such delivery no later than 30 days prior to the commencement of each such fiscal year); and
(iv) a quarterly informational telephone conference call each fiscal quarter.
  
 In addition, holders of Units representing more than 5% of the then outstanding Units will be entitled to receive, in connection with a proposed bona fide sale by such holder of securities under
Rule 144A(d)(4) (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”), a brief description of the nature of the business of the Company and its products and services and any other
information required to be delivered pursuant to such Rule 144A. The Amended LLC Agreement shall provide that the provision of any such information to a third party shall be subject to the prior execution of a reasonable and customary written
confidentiality agreement with respect thereto satisfactory in form and substance to the Company.
  
 GSO shall be entitled to the foregoing rights described in this “Information Rights” section so long as GSO holds, at the applicable time, at least 100% of the Units held by GSO on the Effective
Date (subject to Adjustments).

		
	ADVISORY AGREEMENT	  	The Company (or one of its Subsidiaries) will enter into a customary advisory agreement with Centerbridge (the “Advisory Agreement”) providing for reimbursement of
its reasonable expenses and containing customary indemnification provisions. The Advisory Agreement will not provide for any monitoring, financing, transaction or other fees. The Advisory Agreement shall be in form and substance consistent with this
term sheet and otherwise reasonably satisfactory to Centerbridge and the Majority Minority Investors. The Company (or its applicable Subsidiary) shall not amend, supplement or otherwise modify the Advisory Agreement without the prior written consent
of the Majority Minority Investors.

  
 13 

			
	AFFILIATE TRANSACTIONS	  	Neither the Company nor any Subsidiary of the Company will enter into any transactions or any other arrangement with Centerbridge or any of its related persons (any such transaction
or arrangement, an “Affiliate Transaction”) other than (i) the Advisory Agreement, (ii) securities offerings in which the “Preemptive Rights” apply, and (iii) Affiliate Transactions (w) that are entered into on an
arms’ length basis, (x) that are on terms that are at least as favorable to the Company or such Subsidiary as could reasonably be obtained from an independent third party, (y) all material terms and conditions of which (including the facts
relating to the nature of Centerbridge’s or its Affiliates’ Related Funds’ or related persons’, interest in such Affiliate Transaction) are disclosed to the Board or any Subsidiary Governing Body (as applicable) prior to the
Company or such Subsidiary authorizing and/or entering into such Affiliate Transaction, and (z) that are approved by a majority of the managers on the Board that are disinterested with respect to such Affiliate Transaction.
		
	AMENDMENTS	  	Any amendments to the Amended LLC Agreement (including any amendments made pursuant to or in connection with a merger of the Company) will require approval of holders of more than
66 2/3% the then-issued and outstanding Class A
Units and Class B Units (voting as a single class). Notwithstanding the foregoing, any amendment of the provisions of the Amended LLC Agreement (including any amendments made pursuant to or in connection with a merger of the Company) relating
to (including defined terms that will be used therein) (a) the rights of GSO set forth in “Preemptive Rights” and “Information Rights” shall require the consent of GSO, (b) clause (x) of “Registration Rights”
shall require the consent of Platinum, (c) clause (y) of “Registration Rights” shall require the consent of all of the Minority Investors, (d) the rights of Redwood under “Board Observer” shall require the consent of
Redwood, (e) clause (iii) of “Board Representation” shall require the consent of Platinum, (f) “Transfer Restrictions” and “Right of First Offer” shall require the consent of each Initial Investor whose rights or
obligations are adversely affected in any way (economic or non-economic) by such amendment, if any, (g) this “Amendments” section shall require the consent of the Unitholder or the requisite percentage or number of Unitholders that would
be required to amend the underlying provision to which such amendment relates, (h) any provisions described herein that require actions or approvals of the Company or any Subsidiary of the Company to be approved by the Supermajority Investors or the
Majority Minority Investors shall require the consent of the Supermajority Investors or the Majority Minority Investors, respectively, (i) any of the provisions listed

  
 14 

			
		  	 and/or described in Schedule 1 hereto shall require the consent of the Supermajority Minority Investors (as defined below), and
(j) certain provisions or other matters to be reasonably agreed upon by the Supermajority Investors shall require the consent of all Unitholders (e.g., no requirement to make additional capital contributions, increasing or extending the liability of
Unitholders, no capital account deficit restoration obligation, etc.). In addition, no amendment of the provisions of the Amended LLC Agreement that would adversely affect the rights or increase the obligations or liabilities of any Unitholder set
forth in the Amended LLC Agreement in a manner that is different or disproportionate in any material respect from the effect on the rights or the obligations or liabilities (as applicable) of any of the other Unitholders set forth in the Amended LLC
Agreement (other than in proportion to the number and relative preferences of Units) shall be effective without the written consent of such affected Unitholder.
  

The term “Supermajority Minority Investors” means, at the time of determination, Minority Investors holding at least 66 2/3% of the aggregate Units held by all Minority Investors (taken
together as a single class) at such time.

		
	CERTAIN DEFINITIONS	  	 “Sale of the Company” means (i) any transaction or series of related transactions (whether pursuant to an equity
issuance, transfer of equity, merger or otherwise) that results in any person or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) acquiring Units that represent more than 50% of the combined voting
power of the then outstanding Units or other voting securities of the Company or (ii) a sale or disposition of all or substantially all of the assets of the Company and its subsidiaries on a consolidated basis (other than to an entity with
respect to which, following such sale or other disposition, at least 50% of the combined voting power of the then outstanding voting securities of such entity is then beneficially owned, directly or indirectly, by all or substantially all of the
individuals and entities (or affiliates of such individuals and entities) who were the beneficial owners, respectively, of the Units immediately prior to such sale or other disposition); provided that, the acquisition by an independent
third party or parties, in any single transaction or series of related transactions, of only either the Company’s SRO Business or the Company’s IC Business (whether structured as a sale of assets or a sale of the equity interests of the
subsidiaries carrying on such businesses or otherwise) shall not constitute a “Sale of the Company.”
  
 “IPO” means an initial public offering, following the Effective Date, of the Company’s (or the Reorganized Issuer’s) Units,

  
 15 

			
		  	common stock or equity securities pursuant to an offering registered under the Securities Act, other than any such offerings that are registered on Form S-4 or Form S-8 under the
Securities Act.

  
 16 

 Schedule 1 
 Any amendment to the following provisions of the Amended LLC Agreement (including any amendments made pursuant to or in connection with a merger of the Company) that in any way (economic or non-economic)
adversely affects the rights or obligations of any Initial Investor thereunder shall require the consent of the Supermajority Minority Investors (in addition to any other consents required as set forth in the “Amendments” section of the
Term Sheet): 
 1. the provisions described in the following sections of the Term Sheet: “Class B Liquidation Value,”
“Other Distributions,” “Drag-Along,” “Tag-Along Rights,” “Preemptive Rights,” “Initial Public Offering,” “Registration Rights,” “Board Representation,” “Voting of
Unitholders,” “Information Rights,” “Affiliate Transactions,” and “Certain Definitions”; 

2. provisions relating to the dissolution or liquidation of the Company; and 

3. provisions relating to establishment and maintenance of capital accounts for each of the Unitholders, and the allocation of items of
income, gain, loss and deduction; 
 provided, however, that the consent of the Supermajority Minority Investors shall not be
required solely in connection with admission of new Unitholders to the Company, or the granting of rights to, or imposition of obligations on, any other Person under or related to any of the foregoing provisions so long as the Company has complied
with such provisions, if applicable, and the rights or obligations of the Minority Investors under such provisions are not affected or are affected solely as a result of pro rata dilution or the granting of rights or imposition of obligations on a
pari passu basis. 

  
 17 

 EXHIBIT D 

Rights Offering Procedures 

 RIGHTS OFFERING PROCEDURES 

 

	I.	Introduction 

 Aquilex
Acquisition Sub III, LLC and Aquilex Holdings LLC (together, with certain of their subsidiaries, the “Company”)1 are pursuing a proposed financial restructuring (the “Restructuring”) of the
Company’s existing debt and other obligations in accordance with the terms and conditions set forth in the Restructuring Support Agreement, dated as of December 23, 2011, by and among the Company, the Consenting Noteholders, the First Lien
Agent, the Consenting First Lien Lenders, the Second Lien Agent, the Consenting Second Lien Lenders, the Parent and the Equity Sponsor (the “Restructuring Support Agreement”).2 
 In connection with the Restructuring, the Company will launch a rights offering (the “Rights Offering”) with an aggregate offering amount of up to $80 million, pursuant to which
Eligible Noteholders will be entitled to receive their pro rata share of subscription rights to acquire New Participating Preferred Units (the “Rights Offering Units”) that will represent a percentage interest of the New
Units on a Fully Diluted Basis (such percentage as set forth in Annex 2 of the Term Sheet). 
 The procedures that follow will
govern the ability of Eligible Noteholders to participate in the Rights Offering (such procedures, the “Rights Offering Procedures”). 
 All questions relating to these Rights Offering Procedures (including the ability to participate in the Exchange Offer, the process for consenting to the amendment to the Indenture, and the process for
voting in favor of the Plan), other documents associated with the Rights Offering or the requirements to participate in the Rights Offering should be directed to Epiq Systems, Inc., the subscription agent (the “Subscription
Agent”) retained by the Company at: 
 Epiq Systems, Inc. 

757 Third Avenue, Third Floor 
 New York, New York 10017 
 Attention: Aquilex Processing 

Tel: (866) 734-9393 or (646) 282-1800 
  

 

	1 	 The entities included in the definition of “Company” are as follows: Aquilex Acquisition Sub III, LLC; Aquilex Holdings LLC; Aquilex
Corporation; Aquilex Finance Corp.; Aquilex HydroChem, Inc.; Aquilex HydroChem Industrial Cleaning, Inc.; Aquilex Specialty Repair and Overhaul, Inc.; Aquilex WSI, Inc.; Aquilex SMS, Inc.; Aquilex Welding Services B.V. and Aquilex Welding Services
Poland Sp. Z.o.o. 

	2 	 Capitalized terms used but not otherwise defined herein shall have the meanings set forth for such terms in the Restructuring Support Agreement.

 THE OFFERING MEMORANDUM SETS FORTH IMPORTANT INFORMATION THAT SHOULD BE CAREFULLY READ AND CONSIDERED
BY EACH ELIGIBLE NOTEHOLDER PRIOR TO MAKING A DECISION TO PARTICIPATE IN THE EXCHANGE OFFER AND RIGHTS OFFERING. 
  

	II.	Rights Offering 

 To exercise its right to
participate in the Rights Offering (the “Subscription Rights”), an Eligible Noteholder must complete the enclosed rights offering subscription exercise form (the “Rights Exercise Form”), which is being
sent concurrently to each Eligible Noteholder entitling such holder to exercise its Subscription Rights. To fully exercise their Subscription Rights, the purchase price equals an Eligible Noteholder’s pro rata share of $80 million (the
“Rights Exercise Price”), and each Eligible Noteholder may exercise all, some or none of that pro rata share. When any distribution of New Participating Preferred Units pursuant to the Rights Offering would otherwise result
in the issuance of a number of New Participating Preferred Units that does not equal a number with a one-hundredths fraction, the actual distribution of New Participating Preferred Units will be rounded as follows: (a) units ending in .005 or
greater shall be rounded to the next higher hundredths number; and (b) units ending in less than .005 shall be rounded to the next lower hundredths number with no further payment therefor and no cash shall be distributed in lieu of such
fractional amounts. 
 The Subscription Rights shall not be transferable, assignable or detachable. 

 

	III.	The Equity Backstop 

 The Rights Offering
will be backstopped by the Backstop Parties. Each of the Backstop Parties, severally and not jointly, has agreed, pursuant to the Backstop Agreement, to subscribe for, and purchase, all New Participating Preferred Units that are not purchased by
other Eligible Noteholders pursuant to the Rights Offering (the “Unsubscribed Units”) on a pro rata basis in accordance with the percentages set forth in Schedule 1(c) to the Backstop Agreement. As consideration for their
commitment under the Backstop Agreement, the Backstop Parties will receive the Backstop Commitment Fee set forth in the Backstop Agreement. 

There will be no over-subscription privilege in the Rights Offering. The Unsubscribed Units will not be offered to other Eligible Noteholders but will be
purchased by the Backstop Parties in accordance with the Backstop Agreement. 
  

	IV.	Commencement/Expiration of the Rights Offering 

 The Rights Offering shall commence no later than December 23, 2011 (the “Rights Commencement Date”). The Rights Offering shall expire at 5:00 p.m. (prevailing Eastern Time) on
January 26, 2012, unless extended by the Company in its sole discretion (such date, as may be amended, the “Rights Expiration Date”). 
 The Company will furnish or cause to be furnished Rights Exercise Forms to the record holders of the Senior Notes, to the extent applicable, including, without limitation, brokers, banks, dealers, or
other agents or nominees (the “Subscription Nominees”). Each Subscription Nominee will be entitled to receive sufficient copies of the Rights Exercise Form and the Offering Memorandum for distribution to the beneficial owners
of the Senior Notes for whom such Subscription Nominee holds such Senior Notes. 

  
 2 

	V.	Exercise of Subscription Rights 

 Each
Eligible Noteholder that elects to participate in the Rights Offering (in such capacity, a “Participating Eligible Noteholder”) must affirmatively make a binding, irrevocable election to exercise its Subscription Rights (the
“Binding Rights Election”) before the Rights Expiration Date. 
 The Binding Rights Election, upon
receipt by the Subscription Agent, cannot be withdrawn and will be applicable in both the out-of-court restructuring and any chapter 11 case (to the extent the Plan is confirmed). 
 Each Eligible Noteholder (other than the Backstop Parties) is entitled to participate in the Rights Offering solely to the extent provided in these Rights Offering Procedures. The Company will accept a
Binding Rights Election by delivery of written notice to each Participating Eligible Noteholder and the Subscription Agent (the “Acceptance Notice”). 

 

	 	A.	Exercise by Eligible Noteholders 

 To
exercise the Subscription Rights, each Eligible Noteholder must (i) return a duly completed Rights Exercise Form to the Subscription Agent so that the duly completed Rights Exercise Form is actually received by the Subscription Agent on
or before the Rights Expiration Date and (ii) pay to the Subscription Agent, by wire transfer of immediately available funds, the Rights Exercise Price, so that payment of the Rights Exercise Price is actually received by the
Subscription Agent on or before 5:00 p.m. (prevailing Eastern time) on January 26, 2012 (the “Rights Offering Funding Deadline”); provided, that the Backstop Parties (in their capacities as Eligible Noteholders)
shall not be required to pay their respective Rights Exercise Prices until the earlier of (A) the closing of the Rights Offering and (B) the effective date of the Plan, in each case, in accordance with the Restructuring Support Agreement
(the “Effective Date”). Eligible Noteholders who exercise their Rights by returning a Rights Exercise Form and paying the Rights Exercise Price will become members of the reorganized Company and will be deemed to become party
to, and be bound by, the Amended LLC Agreement at Closing. 
 In order to exercise its Subscription Rights, any Eligible Noteholder who owns its
Senior Notes through a Subscription Nominee must return a duly completed Rights Exercise Form to its Subscription Nominee or otherwise instruct its Subscription Nominee as to its instructions for the Subscription Rights in accordance with procedures
established by its Subscription Nominee, which, in turn, must comply with clauses (i) and (ii) of the immediately preceding paragraph. 
 For purposes of this Rights Offering, Wilmington Trust, N.A. (as successor to Wilmington Trust FSB), in its capacity as Indenture Trustee for the Senior Notes, shall not constitute a Subscription Nominee
and shall have no responsibility with respect to sending any Rights Offering information or collecting any Rights Exercise Forms. 

  
 3 

	 	B.	Deemed Representations and Acknowledgements 

 Any Eligible Noteholder that participates in the Rights Offering is deemed to have made the following representations and acknowledgements: 

 

	 	(i)	Such Noteholder recognizes and understands that the Subscription Rights are not transferable (see Section II above for details) and that the benefits of the
Subscription Rights are not separable from the claim or securities with respect to which the Subscription Rights have been granted. Such Noteholder represents and acknowledges that it is an Eligible Noteholder. 

 

	 	(ii)	Such Noteholder represents and warrants that it will not accept a distribution of New Participating Preferred Units, if at such time, it does not own the Senior Notes
and, by accepting a distribution of New Common Units or New Participating Preferred Units, such Noteholder will be deemed to be the owner thereof. 

  

	 	(iii)	Such Noteholder recognizes and understands that it has agreed to be bound by the Amended LLC Agreement. 

 

	 	C.	Failure to Exercise Subscription Rights 

Unexercised Subscription Rights will be relinquished on the Rights Expiration Date. If, on or prior to the Rights Expiration Date, the
Subscription Agent for any reason does not receive from an Eligible Noteholder or its Subscription Nominee a duly completed Rights Exercise Form and counterpart signature page to the Amended LLC Agreement, such Eligible Noteholder shall be deemed to
have irrevocably relinquished and waived its right to participate in the Rights Offering. 
 Any attempt to exercise Subscription Rights after
the Rights Expiration Date shall be null and void and the Company shall not be obligated to honor any such purported exercise received by the Subscription Agent after the Rights Expiration Date regardless of when the documents relating thereto were
sent. 
 The method of delivery of the Rights Exercise Form and any other required documents is at each Eligible Noteholder’s option and
sole risk, and delivery will be considered made only when actually received by the Subscription Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is encouraged and strongly recommended. In all cases, you
should allow sufficient time to ensure timely delivery prior to 5:00 p.m. (prevailing Eastern Time) on the Rights Expiration Date. 
  

	 	D.	Payment for Subscription Rights 

 If, on
or prior to the Rights Offering Funding Deadline, the Subscription Agent for any reason does not receive on behalf of the Eligible Noteholder immediately available funds by wire transfer or bank cashier’s check in an amount equal to the total
Rights Exercise Price for such Eligible Noteholder’s Subscription Rights, such Eligible Noteholder shall be deemed to have relinquished and waived its Subscription Rights; provided, that the Backstop Parties (in their capacities as
Eligible Holders) shall not be required to pay their respective Rights Exercise Prices until the Effective Date. 

  
 4 

	 	E.	Disputes, Waivers, and Extensions 

 Any
and all disputes concerning the timeliness, viability, form and eligibility of any exercise of Subscription Rights shall be addressed in good faith by the Company in consultation with the Backstop Parties, the determinations of which shall be final
and binding. The Company, with the approval of the Required Backstop Interest and subject to Bankruptcy Court approval (if applicable), may (i) waive any defect or irregularity, or permit a defect or irregularity to be corrected, within such
times as it may determine in good faith to be appropriate or (ii) reject the purported exercise of any Subscription Rights for which the Rights Exercise Form and/or payment includes defects or irregularities. Rights Exercise Forms shall be
deemed not to have been properly completed until all irregularities have been waived or cured. The Company reserves the right, with the approval of the Required Backstop Interest, to give notice to any Eligible Noteholder regarding any defect or
irregularity in connection with any purported exercise of Subscription Rights by such Eligible Noteholder and the Company may, with the approval of the Required Backstop Interest, permit such defect or irregularity to be cured; it being understood,
that none of the Company, the Subscription Agent or the Backstop Parties (or any of their respective officers, directors, employees, agents or advisors) shall incur any liability for failure to give such notification. 

The Company, with the approval of the Bankruptcy Court (if applicable) and the Required Backstop Interest, may (i) extend the duration of the Rights
Offering or adopt additional detailed procedures to more efficiently administer the distribution and exercise of the Subscription Rights; and (ii) make such other changes to the Rights Offering, including changes that affect which parties
constitute Eligible Noteholders. 
  

	 	F.	Funds 

 The payments made to acquire New
Participating Preferred Units pursuant to the Rights Offering (the “Rights Offering Funds”) shall be deposited when made and held by the Subscription Agent in escrow pending the consummation of the Restructuring in an account
or accounts (i) which shall be separate and apart from the Subscription Agent’s general operating funds and any other funds subject to any lien, encumbrance or any cash collateral arrangements and (ii) which segregated account or
accounts will be maintained for the purpose of holding the money for administration of the Rights Offering until the date of the consummation of the Restructuring. The Subscription Agent shall not use the Rights Offering Funds for any purpose other
than to release the funds as directed by the Company on the date of the consummation of the Restructuring or as otherwise set forth in these Rights Offering Procedures or in the Plan and shall not permit the Rights Offering Funds to be encumbered by
any lien, encumbrance or cash collateral obligation. No interest will be paid to Participating Eligible Noteholders on account of any amounts paid in connection with their exercise of Subscription Rights under any circumstances. 

  
 5 

 Notwithstanding anything to the contrary herein, each Backstop Party shall make all payments in connection
with the Rights Offering directly to the Company on the date of the consummation of the Restructuring. 
  

	 	G.	Participating Eligible Noteholder Release 

Upon the Effective Date of the Plan or date of the consummation of the Restructuring, each Eligible Noteholder that participates in the Rights Offering
shall be deemed, by virtue of such election, to have conclusively, absolutely, unconditionally, irrevocably and forever, released, acquitted and discharged the Company, the Released Parties (as such terms are defined in the Plan and Offering
Memorandum) and the Subscription Agent to the same extent as set forth in the Term Sheet. The release set forth above does not release any post-Effective Date obligations of any party under the Plan or any document, instrument or agreement executed
to implement the Plan. 
  

	VI.	Registration 

 The New Common Units will
be issued to the Eligible Noteholders participating in the Exchange Offer and New Participating Preferred Units will be issued to the Eligible Noteholders participating in the Rights Offering, in each case, without registration under the Securities
Act of 1933, as amended, in reliance upon an exemption from registration thereunder. There is not and there may never be a public market for the New Common Units or New Participating Preferred Units, and there are no guarantees that the Company will
seek or be able to meet the eligibility requirements of any stock exchange or that a public market for the New Common Units or New Participating Preferred Units will ever develop. As a result, the New Common Units or New Participating Preferred
Units issued in connection with the Exchange Offer and the Rights Offering, respectively, to the extent a certificate is issued in conjunction therewith, at the option of the Backstop Parties, may contain a restricted securities legend in form and
substance substantially similar to the following: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND ACCORDINGLY THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH
IN THE LIMITED LIABILITY COMPANY AGREEMENT OF THE ISSUER OF SUCH SECURITIES, AND COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST. 

On the date of the consummation of the Restructuring, the Company and the Backstop Parties will execute the Amended LLC Agreement (as defined in the
Backstop Agreement), which shall provide, among other things, that all holders of New Common Units and New Participating 

  
 6 

 
Preferred Units shall be entitled to certain registration rights. The Plan, as applicable, will provide that such Amended LLC Agreement shall constitute a valid and binding obligation of
Reorganized Aquilex with respect to certain holders of New Common Units and New Participating Preferred Units intended to benefit therefrom. All participating Eligible Noteholders will execute the Amended LLC Agreement and agree to be party thereto,
which shall provide for certain rights, privileges and restrictions for the members of Reorganized Aquilex. 
  

	VII.	Rights Offering Conditioned Upon Consummation of the Restructuring; Reservation of Subscription Rights; Return of Rights Offering Amount

 All exercises of Subscription Rights are subject to and conditioned upon the consummation of the Restructuring. The Company will
accept a Binding Rights Election only upon (i) the successful closing of the Exchange Offer and Rights Offering pursuant to the out-of-court restructuring or (ii) the confirmation and consummation of the Plan. Notwithstanding anything
contained herein, in the Offering Memorandum or in the Plan to the contrary, the Company reserves the right, with the approval of the Required Backstop Interest, to modify these Rights Offering Procedures or adopt additional detailed procedures if
necessary in the Company’s business judgment to more efficiently administer the distribution and exercise of the Subscription Rights or comply with applicable law. 
 In the event that the Restructuring is consummated through chapter 11 proceedings, and the Company revokes or withdraws the Plan, or the Effective Date of the Plan does not occur on or before
April 30, 2012 (unless such date is extended in accordance with the terms of the Restructuring Support Agreement) or the conditions precedent to the occurrence of the Effective Date shall not have been satisfied or waived in accordance with the
Plan, the Subscription Agent shall, within five (5) Business Days of such event, return all amounts received from Eligible Noteholders, without any interest. 
 In the event that the Restructuring is not consummated out-of-court or through the Plan or the Company does not accept the Binding Rights Election, the Subscription Agent shall, as soon as reasonably
practicable, return all amounts received from Eligible Noteholders, without any interest. 

  
 7 

 EXHIBIT E 

Exit Term Loan Term Sheet 

 SUMMARY OF TERMS OF TERM LOAN FACILITY 

Set forth below is a summary of the key terms of the Term Loan Facility and the documentation related thereto. The Term Loan Facility
may, subject to the receipt of the requisite consents under the Existing Credit Agreement (as defined below), be consummated either through (a) an amendment and restatement of the Existing Credit Agreement (the
“Amendment”), in connection with an out-of-court restructuring (the “Out-of-Court Restructuring”) including the Exchange Offer (as defined in the Restructuring Support Agreement referred
to in Exhibit A) or (ii), to the extent the Exchange Offer is not consummated, the confirmation and consummation of the Pre-Packaged Plan of Reorganization (as defined in Exhibit A). As used herein, the term
“Restructuring” shall mean the consummation of the transactions in either clause (a) or (b) and the term “Required Paydown” shall refer to the $65.0 million repayment applied to
reduce the outstanding principal amount of Loans outstanding under the Existing Credit Agreement, as required by the Restructuring Support Agreement. 
  

			
	 1.      Parties
	 	
		
	Borrower	 	Aquilex Holdings LLC or another directly or indirectly wholly-owned subsidiary of the Borrower designated by the Borrower and acceptable to the Administrative Agent and the Required
Lenders on or before the Effective Date (the “Borrower”).
		
	Guarantors	 	The direct parent of the Borrower to the extent such entity survives the closing (the “Parent”) and each of the Borrower’s existing and subsequently
acquired or formed direct and indirect domestic (and, to the extent no material adverse tax consequences to the Borrower would result therefrom, foreign) subsidiaries (the “Guarantors;” the Borrower and the Guarantors,
collectively, the “Credit Parties”).
		
	 Lead Arranger and
Lead Bookrunner
	 	RBC Capital Markets1 (in such capacity, the “Arranger”).
		
	 Administrative Agent and
	 	
	 Collateral Agent
	 	Royal Bank of Canada (in such capacities, the “Administrative Agent” and together with any collateral, syndication or documentation agent, the
“Agents”).
		
	Lenders	 	The Existing Lenders (as defined below) (collectively, in such capacity, the “Lenders”).

  

	1 	 RBC Capital Markets is the global brand name for the corporate and investment banking business of Royal Bank of Canada. 

  
 1 

			
	 2.      Term Loan Facility

		
	Term Loan Facility	 	Approximately four-year senior secured second-lien term loan facility (the “Term Loan Facility”) in an aggregate principal amount equal to the Term Loans and
Revolving Credit Loans outstanding on the Effective Date under that certain Amended and Restated Credit Agreement, dated as of April 1, 2010 (the “Existing Credit Agreement”, and the claims in respect of loans and
liabilities under the Existing Credit Agreement, the “Existing Credit Obligations”), by and among the Borrower, as borrower, certain of its related entities, as guarantors, Royal Bank of Canada, as administrative agent (in
such capacity, the “Existing Agent”) and the lenders party thereto (the “Existing Lenders”) after giving effect to the Required Paydown (the loans thereunder, the “Term
Loans”).
		
	Maturity Date	 	April 1, 2016 (the “Maturity Date”).
		
	Effective Date	 	The date on which the conditions to effectiveness set forth herein, including those set forth on Exhibit A, are satisfied (the “Effective
Date”).
	
	 3.      Certain Payment Provisions

		
	Fees and Interest Rates	 	As set forth on Annex A-I.
		
	Amortization	 	The Loans will be payable in equal quarterly installments of 1% per annum prior to the Maturity Date with the remaining balance, together with all other amounts owed with respect
thereto, payable on the Maturity Date.
		
	Optional Prepayments	 	Loans may be prepaid, without premium or penalty (other than customary breakage costs), in minimum amounts to be agreed upon. Optional prepayments shall be applied to the Term
Loans, ratably, as directed by the Borrower.
		
	Mandatory Prepayments	 	The Borrower will make the following mandatory prepayments (subject to certain thresholds and basket amounts to be negotiated in the Credit Documentation):
		
		 	(a) Asset Sales: Prepayments in an amount equal to 100.0% of the net cash proceeds of the sale or other disposition of any property or assets of the Parent, the Borrower or
any of its subsidiaries (including the sale by the Borrower of any equity

  
 2 

			
		 	interests in any of its subsidiaries and the issuance by any such subsidiary of any equity interests) payable no later than the business day following the date of receipt, other
than net cash proceeds of sales or other dispositions of inventory in the ordinary course of business and net cash proceeds that are reinvested in property or assets useful in the business of the Borrower or any of its subsidiaries within 360 days
of such sale or disposition.
		
		 	(b) Insurance Proceeds: Prepayments in an amount equal to 100.0% of the net cash proceeds of insurance or condemnation proceeds paid on account of any loss of any property or
assets of the Parent, the Borrower or any of its subsidiaries payable no later than the business day following the date of receipt, other than net cash proceeds that are reinvested in property or assets useful in the business of the Borrower or any
of its subsidiaries (or used to replace damaged or destroyed assets) within 360 days of receipt of such net cash proceeds.
		
		 	(c) Incurrence of Indebtedness: Prepayments in an amount equal to 100.0% of the net cash proceeds received from the incurrence of indebtedness by the Parent the Borrower or
any of its subsidiaries (other than indebtedness otherwise permitted under the Credit Documentation) payable no later than the business day following the date of receipt.
		
	 4.      Collateral
	 	The obligations of each Credit Party in respect of the Term Loan Facility will be secured by a perfected second-priority security interest (subject, with respect to priority only,
to permitted liens) in substantially all of its tangible and intangible assets (including, without limitation, intellectual property, real property, licenses, permits, deposit and securities accounts, and all of the capital stock of the Borrower and
each of its direct and indirect domestic and first tier foreign subsidiaries; provided that, with respect to any foreign subsidiaries, if such security interest will cause material adverse tax consequences, then the Lenders will be secured by
a perfected first priority security interest in 65% of the voting stock and 100% of the non-voting stock of such subsidiaries). All such security interests will be perfected on the Effective Date except as otherwise expressly agreed by the Required
Lenders (as defined below).

  
 3 

			
		 	The Administrative Agent will enter into an Intercreditor Agreement on customary terms for a Term Loan Facility of this type with the collateral agent under that certain Revolving
Credit Facility to be entered into by the Borrower on the Effective Date (such Revolving Credit Facility and any replacements and refinancings thereof, the “Revolving Credit Facility”). The obligations under the Revolving
Credit Facility shall be secured by liens that are senior to the liens securing the Term Loan Facility. The Intercreditor Agreement will provide that the sum of (i) the amounts of Indebtedness for borrowed money constituting principal outstanding
under the Revolving Credit Facility plus (ii) the aggregate face amount of any letters of credit issued but not reimbursed under the Revolving Credit Facility, shall not be in excess of $50.0 million in the aggregate.
		
	 5.      Certain Conditions
	 	
		
	Conditions	 	The agreements of the Existing Lenders with respect to the Term Loan Facility on the Effective Date are subject solely to the conditions set forth on Exhibit A to this Term
Sheet.
		
	 6.      Certain Documentation Matters
	 	The definitive documentation with respect to the Term Loan Facility (the “Credit Documentation”) will contain representations, warranties, covenants and
events of default customary for financings of this type in light of market conditions on the Effective Date for credits of this type and other terms deemed appropriate by the Arranger for this transaction in particular, consistent with the items set
forth in this term sheet and including:
		
	Representations and Warranties	 	Corporate existence; compliance with law; corporate power and authority; enforceability of Credit Documentation; no conflict with law, material agreements or charter documents;
financial statements; absence of material adverse change; no material litigation; no default; ownership of property; intellectual property; taxes; Federal Reserve regulations; ERISA; Investment Company Act; licenses; permits; consents; franchises
and regulatory approvals; subsidiaries; environmental

  
 4 

			
		 	matters; solvency; labor matters; insurance; accuracy of disclosure; creation, perfection and priority of security interests; use of proceeds; Patriot Act and similar money
laundering or anti terrorism laws and real estate (in each case, subject to materiality thresholds and exceptions to be agreed).
		
	Affirmative Covenants	 	Delivery of quarterly and annual financial statements, as well as reports, accountants’ letters, projections, annual capital expenditure budgets (such budget, as may be
modified by the Borrower as reasonably agreed to by the Administrative Agent, the “Capex Budget”) (at least 30 days prior to the start of each fiscal year), officers’ certificates and other information requested by the
Administrative Agent or the Lenders; payment of other obligations; continuation of business and maintenance of existence and material rights and privileges; compliance with laws and material contractual obligations; maintenance of property and
insurance; maintenance of books and records; maintenance of ratings (but not a minimum rating and provided that no ratings shall be required until 60 days after the Effective Date); right of the Administrative Agent and the Lenders to inspect
property and books and records; notices of defaults, litigation and other material events; compliance with environmental laws; security interests in after-acquired property; further assurances.
		
	Financial Covenants	 	Financial covenants consisting of minimum Liquidity (as defined below) of $7.5 million at any time subject to a three Business Day grace period, minimum fixed charge coverage ratio
(to be defined as EBITDA divided by the sum of capex plus interest, principal and fees on debt plus fees on letters of credit) and maximum total net senior secured leverage ratio (to be defined as senior funded debt less
unrestricted cash at the Credit Parties divided by EBITDA), in each case with a cushion in EBITDA above the EBITDA levels set forth in the agreed model delivered to the Arranger on December 9, 2011 and attached hereto as Exhibit B, such
cushions to be equal to 30% in 2012, 25% in 2013 and 20% in 2014 and thereafter. The definition of EBITDA shall have the meaning agreed in the Credit Documentation, but in any event shall include include customary add-backs for one-time charges
including severance and restructuring costs.

  
 5 

			
		 	“Liquidity” shall mean the sum of unrestricted cash plus availability under the Revolving Credit Facility, less (i) “stretched payables” (the
definition of which is to be agreed), (ii) proceeds from asset sales which have not yet been reinvested and (iii) the excess, if any, of (x) 80% of the Capex Budget for the then applicable fiscal year to date less (y) actual capital
expenditures for such fiscal year to date (it being understood that cash utilized to satisfy the minimum Liquidity financial covenant set forth below does not constitute restricted cash).
		
		 	The financial ratio covenants will be measured commencing with the first fiscal quarter end after the Effective Date.
		
	Negative Covenants	 	Limitations on: liens; investments; indebtedness (including preferred stock) (provided that, (i) after the one year anniversary of the Effective Date, subordinated unsecured
indebtedness shall be permitted subject to customary conditions (including customary subordination terms and no default or event of default pro forma for such incurrence) and provided that consolidated net leverage (pro forma for such incurrence)
shall not exceed 3.50 to 1.00 and (ii) the Borrower may assume debt acquired in connection with an acquisition (but not incurred in contemplation thereof) provided that pro forma for such acquisition and assumption, (a) no default or event of
default exists and (b) the Borrower’s interest coverage ratio for the trailing twelve-month period exceeds 2.0 to 1.0); mergers and acquisitions, consolidations, liquidations and dissolutions; sales of assets; leases; dividends and other
payments in respect of capital stock (with certain ordinary course exceptions to be agreed); capital expenditures (requiring that the Borrower spend at least 80% of the CapEx Budget per year); optional payments and modifications of subordinated and
other debt instruments; amendments to governing documents; transactions with affiliates; sale and leasebacks; changes in fiscal year; negative pledge clauses; restrictions on subsidiary distributions; changes in lines of business; and changes in the
passive holding company status of the Parent and any other holdco guarantor (subject, in each case, to thresholds, exceptions and qualifications to be agreed upon).

  
 6 

			
	Events of Default	 	Nonpayment of principal when due; nonpayment of interest, fees or other amounts after a grace period to be agreed upon; material inaccuracy of representations and warranties;
violation of covenants (subject, in the case of certain affirmative covenants, to a grace period to be agreed upon or as expressly set forth herein); cross-default; bankruptcy events; certain ERISA events; material judgments; actual or asserted
invalidity of any guarantee or security document, subordination provisions or security interest; and a change of control (the definition of which is to be agreed). Events of Default arising under the Minimum Liquidity Covenant may be cured by an
equity contribution made to the Borrower within 10 business days of such Event of Default.
		
	Voting	 	Amendments and waivers will require the approval of Lenders holding not less than a majority of the aggregate amount of the Term Loans (the “Required
Lenders”), except that (a) the consent of each Lender directly and adversely affected thereby will be required with respect to (i) reductions in the amount or extensions of the final maturity or amortization payment of any loan and
(ii) reductions in the rate of interest or any fee or extensions of any due date thereof and (b) the consent of 100% of the Lenders will be required with respect to (i) modifications to any of the voting percentages; (ii) releases of (A) all or
substantially all of the collateral or (B) any of the Guarantors other than in accordance with the provisions of the Credit Documentation; (iii) modifications to the pro rata provisions of the Credit Documentation; and (iv) modifications to
the assignment and participation provisions of the Credit Documentation which further restrict assignments thereunder. Notwithstanding the foregoing, if the restructuring is consummated through an Out-of-Court Restructuring, the Voting Provisions of
the Existing Credit Agreement shall not be amended in a manner that would require a consent threshold greater than that actually obtained in respect of the Restructuring Support Agreement.
		
		 	The Credit Documentation shall contain customary provisions for replacing non-consenting Lenders in connection with amendments and waivers requiring the consent of all Lenders or of
all Lenders directly

  
 7 

			
		 	affected thereby so long as the Required Lenders shall have consented thereto and any “increased cost” Lenders.
		
	Assignments and Participations	 	Lenders will be permitted to make assignments in a minimum amount of $1.0 million (unless such assignment is of a Lender’s entire interest) to banks, financial institutions or
other entities acceptable to the Administrative Agent (not to be unreasonably withheld, conditioned or delayed and provided that no such acceptance shall be required in connection with assignments to the Agents or to other Lenders (or to affiliates
or approved funds of the Agents or Lenders)).
		
	Yield Protection	 	The Credit Documentation will contain customary provisions (i) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, tax, capital
adequacy and other requirements of law and from the imposition of or changes in withholding or other taxes and (ii) indemnifying the Lenders for actual “breakage costs” incurred in connection with, among other things, any prepayment
of a LIBOR Loan (as defined in Annex A-I) on a day other than the last day of an interest period with respect thereto.
		
	Expenses and Indemnification	 	The Borrower will pay (i) all reasonable, documented out-of-pocket expenses of the Agents and the Arranger (collectively, the “Agent Parties”) associated
with the preparation, negotiation, execution, delivery and administration of the Credit Documentation and any amendment or waiver with respect thereto (including the reasonable fees, disbursements and other charges of one firm of attorneys (plus any
additional local attorneys as may be reasonably necessary) and the documented charges of IntraLinks) and (ii) all reasonable, documented out-of-pocket expenses of the Administrative Agent, the Agents and the Lenders in connection with the
enforcement of the Credit Documentation or in any bankruptcy case or insolvency proceeding commenced after the Effective Date.
		
		 	The Administrative Agent, the other Agents, the Arranger and the Lenders (and their affiliates and each of their respective officers, directors, partners, trustees, employees,
shareholders, advisors, agents,

  
 8 

			
		 	attorneys and controlling persons and each of their respective heirs, successors and assigns) will have no liability for, and will be indemnified and held harmless against, any
loss, liability, cost or expense, including the reasonable and documented fees, disbursements and other charges of counsel incurred, in respect of the Term Loan Facility, the use or the proposed use of proceeds thereof or the Restructuring
Transactions (as defined in Exhibit A) (except to the extent resulting from the gross negligence, bad faith or willful misconduct of the indemnified party as determined by a final, non-appealable judgment of a court of competent
jurisdiction).
		
	Governing Law and Forum	 	State of New York.
		
	 Counsel to the Administrative
Agent and the Arranger
	 	Latham & Watkins LLP.

  
 9 

 Annex A-I 

Interest and Certain Fees 
  

			
	Interest Rate Options	 	The Borrower may elect that the loans comprising each borrowing bear interest at a rate per annum equal to:
		
		 	(i) the Base Rate plus the Applicable Margin % (“Base Rate Loans”); or
		
		 	 (ii) the LIBOR Rate plus the Applicable Margin (“LIBOR Loans”);

 
 “Applicable Margin” means a per annum rate as set
forth in the pricing grid below:

  

									
	 Consolidated Net Senior Secured Leverage Ratio
	  	Applicable
Margin-
LIBOR Loans	 	 	Applicable Margin-
Base Rate Loans	 
			
	 > 3.5 to 1.00
	  	 	7.75	% 	 	 	6.75	% 
			
	 < 3.5 to 1.00 but > 2.5 to 1.00
	  	 	7.25	% 	 	 	6.25	% 
			
	 < 2.5 to 1.00 but > 2.0 to 1.00
	  	 	6.25	% 	 	 	5.25	% 
			
	 < 2.0 to 1.00
	  	 	5.50	% 	 	 	4.50	% 

  

			
		 	Notwithstanding the foregoing grid, the Applicable Margin for the period from the Closing Date until the date of delivery to the Administrative Agent of the Borrower’s
financial statements for the four-fiscal-quarter period ending March 31, 2013 will be 7.25% (LIBOR Loans), 6.25% (Base Rate Loans), respectively.
		
		 	If any financial statements are not delivered within the required time periods as set forth in the Credit Documentation, then until the date that is one Business Day after the date
on which such financial statements are delivered the highest rate set forth in each column of each pricing grid shall apply. At all times after maturity or acceleration of the maturity of the Loans or occurrence and continuance of a default or an
event of default, the highest rate set forth in each column shall apply.
		
		 	“Base Rate” means the higher of (i) the rate of interest per annum announced by RBC from time to time as its prime commercial lending rate for United
States Dollar loans in the United States for such day (the “Prime Rate”), and (ii) the

  
 A-I-1

			
		  	federal funds effective rate as in effect from time to time plus 0.50%. In no event shall the Base Rate be less than the sum of the one-month LIBOR Rate (after giving effect
to any floor) plus 1.00%.
		
		  	“LIBOR Rate” means the higher of (i) the rate (adjusted for statutory reserve requirements for eurocurrency liabilities) at which eurodollar deposits for
one, two, three, six or, if available to all Lenders, nine or twelve months (as selected by the Borrower) appearing on the Reuters Screen LIBOR01 Page and (ii) 1.50%.
		
		  	No new LIBOR interest period may be selected when any event of default is continuing.
		
	 Interest Payment Dates
	  	For Base Rate Loans, quarterly in arrears.
		
		  	For LIBOR Loans, on the last day of each relevant interest period and, in the case of any interest period longer than three months, on each successive date three months after the
first day of such interest period.
		
	 Fees
	  	The Borrower will pay on the Effective Date a fee to each Existing Lender that executed the Restructuring Support Agreement in an amount equal to 2.00% of the aggregate amount of
such Lender’s Term Loans after giving effect to the Restructuring.
		
	 Default Rate
	  	After the occurrence and during the continuance of an Event of Default interest on all outstanding amounts will bear interest at a rate equal to 2.00% per annum above the
rate applicable to Base Rate Loans.
		
	 Rate and Fee Basis
	  	All per annum rates will be calculated on the basis of a year of 360 days (or 365 days, in the case of Base Rate Loans the interest rate payable on which is then based on the
Prime Rate) and the actual number of days elapsed.
		
	 Administrative Agency Fee:
	  	$200,000 per annum, payable in advance on the Effective Date and each anniversary thereof.
		
	 Arranger Fee:
	  	On the Effective Date, the Borrower will pay a fee equal to .25% of the aggregate amount of the Term Loans to the Arranger.

  
 A-I-2

 EXHIBIT A TO TERM SHEET 

FUNDING CONDITIONS 

The availability of the Term Loan Facility is conditioned upon satisfaction of, among other things, the conditions precedent summarized below.

  

	(a)	Restructuring Transactions. 

  

	 	(i)	The Borrower or a holding company entity formed by the Backstop Parties shall have received the gross cash proceeds of a preferred equity rights offering to be made
available to the Senior Noteholders in an amount sufficient to meet the requirements of clause (iv) below (the “Rights Offering”), and if received by such holding company, the holding company shall have contributed the
same (less any expenses to be paid by such holding company in connection with the Restructuring) to the Borrower as cash common equity or preferred equity on the terms set forth in the Restructuring Support Agreement or otherwise reasonable
acceptable to the Arranger and the Required Lenders. 

  

	 	(ii)	 The Restructuring shall have been consummated either (i) substantially upon the Exchange Offer having been consummated (or shall be consummated
substantially contemporaneously with the occurrence of the Effective Date) in accordance with the terms of the Restructuring Support Agreement, or (ii) if the Chapter 11 Cases (as defined in the Restructuring Support Agreement) shall have been
commenced, then substantially upon the effective date of the Borrower’s Pre-Packaged Plan of Reorganization (as defined below) (which shall occur substantially contemporaneously with the occurrence of the Effective Date). The Borrower’s
pre-packaged plan of reorganization constituting the “Plan” as defined in that certain Aquilex Holdings LLC Restructuring Support Agreement, dated as of December 20, 2011 (such restructuring support agreement, together with all
exhibits, schedules and all related documents, in each case, as amended, supplemented or modified from time to time in accordance with the terms thereof, collectively, the “Restructuring Support Agreement”) by and among
(a) the Company, (b) certain of the Company’s subsidiaries and affiliates, (c) the holders or investment advisors or managers for the account of the holders of at least two-thirds in principal amount of 11  1/8% Senior Notes due 2016 of the Company (such Notes, the
“Senior Notes”, and any holder of Senior Notes, a “Senior Noteholder”), (d) certain Senior Noteholders, as Backstop Parties (as defined below), (e) the Existing Agent, (f) the holders of
at least two-thirds in principal amount of the loans under the Existing Credit Agreement, (g) U.S. Bank National Association, in its capacity as administrative agent and collateral agent (in such capacity, the “Existing Second Lien
Agent”) under that certain Credit Agreement, dated as of November 15, 2011 (the “Existing Second Lien Credit Agreement”), by and among the Company, as the borrower, the Existing Second Lien Agent and the
lenders party thereto (the “Existing Second Lien Lenders”), (h) the holders of at least two-thirds in principal amount of the loans under the Existing Second Lien Credit Agreement, (i) Aquilex HoldCo L.P., and
(j) the Ontario Teachers 

  
 A-1

	 	
Pension Plan Board, in its capacity as indirect holder of 98.5% of the equity interests in the Borrower, as in effect on the date hereof (such pre-packaged plan, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with the terms of the Restructuring Support Agreement, together with all exhibits, schedules, annexes, supplements and other attachments thereto that are consistent with the terms of
the Plan (as defined in the Restructuring Support Agreement as in effect on the date hereof) or do not materially and adversely affect the rights and interests of any or all of the Applicable Parties, without the consent of the Arranger, each as
determined in good faith by the Arranger, the “Pre-Packaged Plan of Reorganization”) and the disclosure statement relating to the Pre-Packaged Plan of Reorganization and other solicitation materials, the Confirmation Order
(as defined below) and all documents to be executed and/or delivered in connection with implementation of the Pre-Packaged Plan of Reorganization or the consummation thereof (collectively, the “Plan Documents”) shall be in
form and substance consistent with this Term Sheet and the Restructuring Support Agreement and otherwise reasonably satisfactory to the Arranger, and no provision of any Plan Document shall have been waived, amended, supplemented or otherwise
modified in any respect that is materially adverse to the rights and interest of any or all of the Applicable Parties, each as determined in good faith by the Arranger. The Bankruptcy Court shall have entered a final and non-appealable (unless the
Arranger consents to permit the Effective Date to occur notwithstanding the appeal period shall have not lapsed) order (the “Confirmation Order”) confirming the Pre-Packaged Plan of Reorganization and approving the
Pre-Packaged Plan of Reorganization-related solicitation procedures, and the Confirmation Order shall approve the Term Loan Facility and all other transactions contemplated by the Term Loan Facility, shall be in full force and effect and shall not
have been stayed, reversed or vacated, or otherwise amended or modified in any manner that is materially adverse to the rights or interests of any or all of the Applicable Parties, each as determined in good faith by the Arranger. All conditions
precedent to the effectiveness of the Pre-Packaged Plan of Reorganization (other than (I) the occurrence of the Effective Date of the Term Loan Facility and any other conditions that are to be satisfied simultaneously with the occurrence of the
Effective Date and (II) any other conditions precedent that are waived in accordance with the terms of the Pre-Packaged Plan of Reorganization and do not materially adversely affect the rights and interest of any or all of the Applicable Parties,
each as determined in good faith by the Arranger, shall have been satisfied, and the Pre-Packaged Plan of Reorganization shall have, or contemporaneously with the effectiveness of the Term Loan Facility the Pre-Packaged Plan of Reorganization shall,
become effective, and all transactions contemplated by the Pre-Packaged Plan of Reorganization to be consummated on the effective date thereof (other than any transactions that do not materially adversely affect the rights and interest of any or all
of the Applicable Parties, each as determined in good faith by the Arranger) shall have been substantially consummated (as used herein, the term “Applicable Parties” shall mean the Arranger, the Administrative Agent and the
Lenders and the term “Backstop Parties” shall mean, collectively, Centerbridge Advisors II, LLC, Redwood Capital Management, LLC, GSO Capital Partners LP, and Platinum Equity Advisors, LLC (and any of their affiliates and
managed funds or accounts) each in their capacity as a backstopper of the Rights Offering). 

  
 A-2

	 	(iii)	The Restructuring Support Agreement shall remain in full force and effect, and all actions or transactions required to have been taken or consummated on or prior to the
Effective Date shall have been taken or consummated (except to the extent waived by the requisite parties), and to the extent the Chapter 11 Cases were commenced, the transactions contemplated by the Pre-Packaged Plan of Reorganization or the
Out-of-Court Restructuring, as applicable, to occur on the effective date of the Pre-Packaged Plan of Reorganization or the Out-of-Court Restructuring, as applicable, shall have been consummated on the Effective Date. 

 

	 	(iv)	The gross proceeds of the Rights Offering shall be in an amount equal to (x) in the case of an Out-of-Court Restructuring, not less than $80 million or (y) in
the case of a proceeding under the Bankruptcy Code, not less than $85 million, such amounts plus cash on hand to be sufficient to (a) provide for a $65 million pay-down of the loans outstanding under the Existing Credit Agreement (less, in the
event the cases are commenced, the amount of loans under the Existing Credit Agreement that are rolled up into any debtor-in-possession financing repaid pursuant to the following clause (b)), (b) in the event the Chapter 11 Cases are
consummated, repay any debtor-in-possession financing in full in cash, and (c) pay all Restructuring Expenses (as defined in the Restructuring Support Agreement) and other distributions under the Pre-Packaged Plan of Reorganization, and all
other fees and expenses payable in cash in connection with the Restructuring Transactions, including funding the administration of the Chapter 11 Cases. If any cash payments are required to be made to second lien lenders that elect to receive cash
on account of the second lien loans outstanding under that certain Second Lien Credit Agreement dated as of November 15, 2011, by and among the Company, as borrower, U.S. Bank National Association, as the Second Lien Agent, each of the
guarantors named therein and the lenders party thereto, the gross proceeds of the Rights Offering shall be increased to yield an equivalent amount. 

  

	 	(v)	The Arranger shall be satisfied in its reasonable judgment that (a) concurrently with the consummation of the Restructuring, all pre-existing indebtedness of the
Parent, the Borrower and their respective subsidiaries (other than indebtedness represented by the Term Loans and certain other indebtedness to be agreed) shall have been satisfied or otherwise discharged, and all liens and security interests
related thereto shall have been terminated or released, (b) the respective indebtedness of the Parent, the Borrower and their respective subsidiaries and any liens securing same that are outstanding immediately after the consummation of the
Restructuring shall not exceed an amount to be agreed prior to the Effective Date, (c) to the extent the Borrower has commenced the Chapter 11 Cases, no event of default shall have occurred and be continuing under any debtor in possession
facilities immediately prior to the Effective Date and (d) there shall not occur as a result of, and after giving effect to, the effectiveness of the Restructuring, an event of default (or any event which with the giving of notice or lapse of
time or both will be an event of default) under any of the reorganized Parent’s, Borrower’s or their respective subsidiaries’ debt instruments and other material agreements including the Credit Documentation. 

  
 A-3

	 	(vi)	All conditions precedent to the effectiveness of the Revolving Credit Facility shall have been satisfied and the Revolving Credit Facility in an amount not less than
$40 million shall have, or contemporaneously with the effectiveness of the Term Loan Facility shall, become effective and all of the letters of credit issued and outstanding under the Existing Credit Agreement (or if applicable, any
debtor-in-possession facilities) shall have been replaced by letters of credit issued thereunder. 

 The
transactions described above are collectively referred to herein as the “Restructuring Transactions.” 
  

	(b)	Fees and Expenses. The Borrower shall have paid to the Lenders and Agents all fees and out of pocket expenses required to be paid on the Effective Date pursuant
to the Restructuring Support Agreement, the Credit Agreement or the Amendment. The Borrower shall have paid all outstanding pre-petition and post-petition interest, fees, expenses and other costs under the Existing Credit Agreement and other Loan
Documents (as defined in the Existing Credit Agreement), including, for the avoidance of doubt, the Forbearance Interest (as defined in the Existing Credit Agreement). 

 

	(c)	Lien and Judgment Searches. The Arranger shall have received the results of recent lien and judgment searches with respect to the Credit Parties, and such
searches shall not reveal any liens or judgments other than liens and judgments permitted by the Credit Documentation or liens and judgments to be discharged substantially concurrently with the Effective Date. 

 

	(d)	Customary Closing Conditions: The Arranger shall be reasonably satisfied that each Credit Party has complied with the following customary closing conditions:
(i) the delivery of customary legal opinions, corporate records and documents from public officials and officer’s certificates; (ii) delivery of evidence of authority; (iii) execution of the Credit Documentation, which shall be
in full force and effect; (iv) satisfactory insurance (together with a customary insurance broker’s letter); (v) solvency of the Borrower and each Guarantor pro forma for the Restructuring Transactions and the delivery of a solvency
certificate to that effect from the chief financial officer of the Borrower in form and substance reasonably satisfactory to the Arranger; and (vi) creation and perfection of liens securing the Term Loan Facility (provided that foreign law
security documents and real estate security documentation to be agreed may be perfected within a period of time after the Effective Date to be agreed). Each Lender shall have received at least five days prior to the Effective Date, all documentation
and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act. 

 

	(e)	Amendment Considerations: If the proposed Credit Agreement is consummated by means of the Amendment, the requisite consents required by the Existing Credit
Agreement shall have been obtained and shall be in full force and effect. 

  
 A-4

 EXHIBIT F 

FORM OF JOINDER AGREEMENT FOR CONSENTING CREDITORS 

This Joinder Agreement to the Restructuring Support Agreement, dated as of December 23, 2011 (as amended,
supplemented or otherwise modified from time to time, the “Agreement”), by and among Aquilex Acquisition Sub III, LLC (“Aquilex Acquisition Sub”), its subsidiary, Aquilex Holdings LLC
(“Holdings” and, together with Aquilex Acquisition Sub and certain other of its subsidiaries, the “Company”),1 the holders of the Senior Notes, First Lien Loans and Second Lien Loans, the Parent and the Equity Sponsor (each as
defined in the Agreement) signatory thereto (together with their respective successors and permitted assigns, the “Consenting Creditors” and each, a “Consenting Creditor”) is executed and delivered by
[                            ] (the “Joining Party”) as of
[                ], 201    . Each capitalized term used herein but not otherwise defined shall have the meaning set forth in the Agreement.

 1. Agreement to be Bound. The Joining Party hereby agrees to be bound by all of the terms of the Agreement, a copy of
which is attached to this Joinder Agreement as Annex I (as the same has been or may be hereafter amended, restated or otherwise modified from time to time in accordance with the provisions hereof). The Joining Party shall hereafter be deemed
to be a “Consenting Creditor” and a “Party” for all purposes under the Agreement and with respect to any and all claims held by such Joining Party. 
 2. Representations and Warranties. With respect to the aggregate principal amount of Senior Notes, First Lien Loans and/or Second Lien Loans set forth below its name on the signature page hereof,
the Joining Party hereby makes the representations and warranties of the Consenting Creditors set forth in Section 7 and Section 22(c) thereof to each other Party to the Agreement. 

3. Governing Law. This Joinder Agreement shall be governed by and construed in accordance with the internal laws of the State of
New York, without regard to any conflicts of law provisions which would require the application of the law of any other jurisdiction. 
 * * * * * 
 [THE REMAINDER OF
THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 

	1 	 The entities included in the definition of “Company” are as follows: Aquilex Acquisition Sub III, LLC; Aquilex Holdings LLC; Aquilex
Corporation; Aquilex Finance Corp.; Aquilex HydroChem, Inc; Aquilex HydroChem Industrial Cleaning, Inc; Aquilex Specialty Repair and Overhaul, Inc.; Aquilex WSI, Inc.; Aquilex SMS, Inc.; Aquilex Welding Services B.V. and Aquilex Welding Services
Poland Sp. Z.o.o. 

 IN WITNESS WHEREOF, the Joining Party has caused this Joinder to be executed as of the date
first written above. 
  

			
	[CONSENTING CREDITOR]
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 

			
	Principal Amount of Senior Notes:
$                            
	
	Principal Amount of Term Loans:
$                            
	
	 Principal Amount of Revolving Loans:
$                            

 
 Principal Amount of Second Lien Loans:
$                            

 

			
	Notice Address:
	
	  

	  

	  

	Fax:	 	  

			
	Attention:	 	  

	Email:	 	

  

			
	Acknowledged:
	
	AQUILEX CORPORATION
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 2 

 EXHIBIT G 

DIP Commitment (with DIP Term Sheet attached thereto) 

 EXHIBIT H 

Exit Revolver Commitment

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