Document:

Exhibit 10.6

 

	 	
    11100 Santa Monica Blvd.,
    Suite 800

    Los Angeles, CA 90025

    www.brileyfin.com

 

B. RILEY FINANCIAL, INC.

 

Amended and
Restated 2009 Stock Incentive Plan

 

NOTICE OF Performance
Restricted Stock Unit AWARD

 

Participant’s Name: [_____________________________]

 

You (the “Participant”)
have been granted an award of Performance Restricted Stock Units (the “Award”), subject to the terms and conditions of this
Notice of Performance Restricted Stock Unit Award (the “Notice”), the B. Riley Financial, Inc. Amended and Restated 2009 Stock
Incentive Plan, as amended from time to time (the “Plan”), and the Performance Restricted Stock Unit Agreement (the “Agreement”)
attached hereto, as follows. Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in
the Plan.

 

	 	Grant Date:	[___________________]
	 	 	 
	 	Total Number of Performance	 
	 	Restricted Stock Units	 
	 	Awarded (the “Units”): 	[___________________]

 

Vesting:

 

Subject to the Participant’s
Continuous Service and other limitations set forth in this Notice, the Agreement and the Plan, the Units will “vest” during
the three-year period following the Grant Date (the “Performance Period”) upon the earlier to occur of: (a) the determination
and approval by the Plan administrator that the Adjusted Stock Price Hurdle (as set forth below) has been achieved during the Performance
Period; provided however, that in no event shall the Units vest prior to the second annual anniversary of the Grant Date (i.e. as continuous
service is required through the second anniversary of the Grant Date; otherwise, this will be deemed a forfeiture event), or (b) immediately
prior to the effective time of a Change of Control.

 

The “Adjusted Stock
Price Hurdle” will be considered achieved if the Adjusted Closing Price (as defined below) equals or exceeds $[___]. “Adjusted
Closing Price” means the consecutive five trading day average closing price of one share of B. Riley Financial, Inc. common stock
(“Common Stock”), plus the aggregate amount of dividends paid with respect to such share of Common Stock prior to the Vesting
Date (defined below) assuming the dividends had been reinvested in Common Stock as of the ex-dividend date (in each case appropriately
adjusted for any stock splits or other corporate transaction affecting shares of Common Stock). The Plan administrator shall have sole
authority to determine whether or not the Adjusted Stock Price Hurdle is achieved. All unvested Units shall automatically expire and shall
not be eligible for vesting after the last day of the Performance Period.

 

2021 Management PRSU Agreement

 

     

     

    

 

In addition, the Participant
shall have the right to receive promptly following the date on which the Units vest (the “Vesting Date”) and no later than
sixty (60) days following the Vesting Date, an amount equal to the product of (i) the number of Units that vested on the Vesting Date,
multiplied by (ii) the total dividends declared and paid per share of common stock since the Grant Date.

 

In the event of the Participant’s
change in status as an Employee, Consultant or Director, the determination of whether such change in status results in a termination of
Continuous Service will be determined in accordance with the Plan (except as set forth above); provided however, in no event shall the
Participant’s death or being Disabled be deemed a termination of Continued Service for purposes of this agreement.

 

For purposes of this Notice
and the Agreement, the term “vest” shall mean, with respect to any Units, that such Units are no longer subject to forfeiture
to the Company. If the Participant would become vested in a fraction of a Unit, such Unit shall not vest until the Participant becomes
vested in the entire Unit.

 

Except as set forth above,
vesting shall cease upon the date the Participant terminates Continuous Service for any reason and any unvested Units held by the Participant
immediately upon such termination of the Participant’s Continuous Service shall be forfeited and deemed reconveyed to the Company.
The Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related
thereto without further action by the Participant.

 

IN WITNESS WHEREOF, the Company
and the Participant have executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice, the
Plan, and the Agreement.

 

	 	B. Riley Financial, INC.
	 	a Delaware corporation
	 	 
	 	By:	 
	 	Name:	Phillip J. Ahn
	 	Title:	Chief Financial Officer & Chief Operating Officer

 

THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE
UNITS SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE PARTICIPANT’S CONTINUOUS SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED
HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE PARTICIPANT FURTHER ACKNOWLEDGES
AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL CONFER UPON THE PARTICIPANT ANY RIGHT WITH RESPECT TO CONTINUATION
OF THE PARTICIPANT’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE PARTICIPANT’S RIGHT OR THE COMPANY’S
RIGHT TO TERMINATE THE PARTICIPANT’S CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE PARTICIPANT
ACKNOWLEDGES THAT UNLESS THE PARTICIPANT HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE PARTICIPANT’S
STATUS IS AT WILL.

 

2021 Management PRSU Agreement

 

    2

     

    

 

Participant Acknowledges and Agrees:

 

The Participant acknowledges
receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and provisions thereof, and hereby
accepts the Award subject to all of the terms and provisions hereof and thereof. The Participant has reviewed this Notice, the Agreement
and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands
all provisions of this Notice, the Agreement and the Plan. The Participant further agrees and acknowledges that this Award is a non-elective
arrangement pursuant to Section 409A of the Code.

 

The Participant further acknowledges
that, from time to time, the Company may be in a “blackout period” and/or subject to applicable federal securities laws that
could subject the Participant to liability for engaging in any transaction involving the sale of the Company’s Shares (as defined
below). The Participant further acknowledges and agrees that, prior to the sale of any Shares acquired under this Award, it is the Participant’s
responsibility to determine whether or not such sale of Shares will subject the Participant to liability under insider trading rules or
other applicable federal securities laws.

 

The Participant understands
that the Award is subject to the Participant’s consent to access this Notice, the Agreement, the Plan and the Plan prospectus (collectively,
the “Plan Documents”) in electronic form on the Company’s intranet or the website of the Company’s designated
brokerage firm, if applicable. By signing below (or providing an electronic signature by clicking below) and accepting the grant of the
Award, the Participant: (i) consents to access electronic copies (instead of receiving paper copies) of the Plan Documents via the
Company’s intranet or the website of the Company’s designated brokerage firm, if applicable; (ii) represents that the
Participant has access to the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable;
(iii) acknowledges receipt of electronic copies, or that the Participant is already in possession of paper copies, of the Plan Documents;
and (iv) acknowledges that the Participant is familiar with and accepts the Award subject to the terms and provisions of the Plan
Documents.

 

The Company may, in its sole
discretion, decide to deliver any Plan Documents by electronic means or request the Participant’s consent to participate in the
Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in
the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

 

The Participant hereby agrees
that all questions of interpretation and administration relating to this Notice, the Plan and the Agreement shall be resolved by the Committee
in accordance with Section 8 of the Agreement. The Participant further agrees to the venue and jurisdiction selection in accordance
with Section 9 of the Agreement. The Participant further agrees to notify the Company upon any change in his or her residence address
indicated in this Notice.

 

[Remainder of Page Left Intentionally Blank]

 

 2021 Management PRSU Agreement

 

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    11100 Santa Monica Blvd.,
    Suite 800

    Los Angeles, CA 90025

    www.brileyfin.com

 

B.
RILEY FINANCIAL, INC.

 

Amended and
Restated 2009 Stock Incentive Plan

 

PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT

 

1. Issuance
of Units. B. Riley Financial, Inc., a Delaware corporation (the “Company”), hereby issues to the Participant (the “Participant”)
named in the Notice of Performance Restricted Stock Unit Award (the “Notice”) an award (the “Award”) of the Total
Number of Performance Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the Notice, this Performance
Restricted Stock Unit Agreement (the “Agreement”) and the terms and provisions of the B. Riley Financial, Inc. Amended and
Restated 2009 Stock Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference.
Unless otherwise provided herein, the terms in this Agreement shall have the same meaning as those defined in the Plan.

 

2. Transfer
Restrictions. The Units may not be transferred in any manner other than by will or by the laws of descent and distribution.

 

3.  Conversion
of Units and Issuance of Shares.

 

(a) General.
Subject to Sections 3(b) and 3(c), one Share shall be issuable for each Unit subject to the Award (the “Shares”) upon
vesting. Immediately following vesting, or as soon as administratively feasible, the Company will transfer the appropriate number of Shares
to the Participant after satisfaction of any required tax or other withholding obligations. Any fractional Unit remaining after the Award
is fully vested shall be discarded and shall not be converted into a fractional Share. Notwithstanding the foregoing, the relevant number
of Shares shall be issued no later than sixty (60) days following the date on which the Award vests. The Company may however, in its sole
discretion, make a cash payment in lieu of the issuance of the Shares in an amount equal to the value of one Share multiplied by the number
of Units subject to the Award.

 

(b) Delay
of Conversion. The conversion of the Units into the Shares under Section 3(a) above, may be delayed in the event the Company
reasonably anticipates that the issuance of the Shares would constitute a violation of federal securities laws or other Applicable Law.
If the conversion of the Units into the Shares is delayed by the provisions of this Section 3(b), the conversion of the Units into
the Shares shall occur at the earliest date at which the Company reasonably anticipates issuing the Shares will not cause a violation
of federal securities laws or other Applicable Law. For purposes of this Section 3(b), the issuance of Shares that would cause inclusion
in gross income or the application of any penalty provision or other provision of the Code is not considered a violation of Applicable
Law.

 

(c) Delay
of Issuance of Shares. The Company shall delay the issuance of any Shares under this Section 3 solely to the extent necessary
to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain
publicly-traded companies); in such event, any Shares to which the Participant would otherwise be entitled during the six (6) month period
following the date of the Participant’s termination of Continuous Service will be issuable on the first business day following the
expiration of such six (6) month period.

 

2021 Management PRSU Agreement

 

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4. Right
to Shares. The Participant shall not have any right in, to or with respect to any of the Shares (including any voting rights or rights
with respect to dividends paid on the Shares) underlying the Award until the Award is settled by the issuance of such Shares to the Participant.

 

5. Taxes.

 

(a) Tax
Liability. The Participant is ultimately liable and responsible for all Withholding Taxes owed by the Participant in connection with
the Award, regardless of any action the Company or any Affiliate takes with respect to any Withholding Taxes that arise in connection
with the Award. Neither the Company nor any Affiliate makes any representation or undertaking regarding the treatment of any tax withholding
in connection with any aspect of the Award, including the grant, vesting, assignment, release or cancellation of the Units, the delivery
of Shares, the subsequent sale of any Shares acquired upon vesting and the receipt of any dividends or dividend equivalents. The Company
does not commit and is under no obligation to structure the Award to reduce or eliminate the Participant’s tax liability.

 

(b) Payment
of Withholding Taxes. Prior to any event in connection with the Award (e.g., vesting) that the Company determines may result in any
Withholding Taxes, the Participant must arrange for the satisfaction of the minimum amount of such Withholding Taxes in a manner acceptable
to the Company.

 

(i) By
Share Withholding. If permissible under Applicable Law and upon the exercise of the Company’s sole discretion, the Participant
authorizes the Company to withhold from those Shares otherwise issuable to the Participant the whole number of Shares sufficient to satisfy
the minimum applicable Withholding Taxes. The Participant acknowledges that the withheld Shares may not be sufficient to satisfy the Participant’s
minimum Withholding Taxes. Accordingly, the Participant agrees to pay to the Company or any Affiliate as soon as practicable, including
through additional payroll withholding, any amount of the Withholding Taxes that are not satisfied by the withholding of Shares described
above.

 

(ii) By
Sale of Shares. Upon the exercise of the Company’s sole discretion and unless the Participant determines to satisfy the Withholding
Taxes by some other means in accordance with clause (iii) below, the Participant’s acceptance of this Award constitutes the Participant’s
instruction and authorization to the Company and any brokerage firm determined acceptable to the Company for such purpose to sell on the
Participant’s behalf a whole number of Shares from those Shares issuable to the Participant as the Company determines to be appropriate
to generate cash proceeds sufficient to satisfy the minimum applicable Withholding Taxes. Such Shares will be sold on the day such Withholding
Taxes arise (e.g., a vesting date) or as soon thereafter as practicable. The Participant will be responsible for all broker’s fees
and other costs of sale, and the Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses
relating to any such sale. To the extent the proceeds of such sale exceed the Participant’s minimum Withholding Taxes, the Company
agrees to pay such excess in cash to the Participant. The Participant acknowledges that the Company or its designee is under no obligation
to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the Participant’s
minimum Withholding Taxes. Accordingly, the Participant agrees to pay to the Company or any Affiliate as soon as practicable, including
through additional payroll withholding, any amount of the Withholding Taxes that is not satisfied by the sale of Shares described above.

 

2021 Management PRSU Agreement

 

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(iii) By
Check, Wire Transfer or Other Means. At any time not less than five (5) business days (or such fewer number of business days as determined
by the Committee) before any Withholding Taxes arise (e.g., a vesting date), the Participant may elect to satisfy the Participant’s
Tax Withholding Taxes by delivering to the Company an amount that the Company determines is sufficient to satisfy the Withholding Taxes
by (x) wire transfer to such account as the Company may direct, (y) delivery of a certified check payable to the Company, or
(z) such other means as specified from time to time by the Committee.

 

Notwithstanding the foregoing,
the Company or an Affiliate also may satisfy any Withholding Taxes by offsetting any amounts (including, but not limited to, salary, bonus
and severance payments) payable to the Participant by the Company and/or an Affiliate. Furthermore, in the event of any determination
that the Company has failed to withhold a sum sufficient to pay all Withholding Taxes due in connection with the Award, the Participant
agrees to pay the Company the amount of such deficiency in cash within five (5) days after receiving a written demand from the Company
to do so, whether or not the Participant is an employee of the Company at that time.

 

6. Entire
Agreement; Governing Law. The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect
to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed
by the Company and the Participant. These agreements are to be construed in accordance with and governed by the internal laws of the State
of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than
the internal laws of the State of Delaware to the rights and duties of the parties. Should any provision of the Notice or this Agreement
be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.

 

7. Construction.
The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the Award for construction
or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include
the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

8. Administration
and Interpretation. Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Agreement
shall be submitted by the Participant or by the Company to the Committee. The resolution of such question or dispute by the Committee
shall be final and binding on all persons.

 

2021 Management PRSU Agreement

 

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9. Venue
and Jurisdiction. The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this
Agreement shall be brought exclusively in the United States District Court for the Central District of California (or should such court
lack jurisdiction to hear such action, suit or proceeding, in a California state court in the County of Los Angeles) and that the parties
shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the
party may have to the laying of venue for any such suit, action or proceeding brought in such court. If any one or more provisions of
this Section 9 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions
shall be modified to the minimum extent necessary to make it or its application valid and enforceable.

 

10. Notices.
Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon
deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified
mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown
in these instruments, or to such other address as such party may designate in writing from time to time to the other party.

 

11. Data
Privacy.

 

(a) The
Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s
personal data as described in the Notice and this Agreement by and among, as applicable, the Participant’s employer, the Company
and any Affiliate for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan.

 

(b) The
Participant understands that the Company and the Participant’s employer may hold certain personal information about the Participant,
including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social insurance or other
identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Units or any other
entitlement to Shares awarded, canceled, vested, unvested or outstanding in the Participant’s favor, for the exclusive purpose of
implementing, administering and managing the Plan (“Data”).

 

2021 Management PRSU Agreement

 

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(c) The
Participant understands that Data will be transferred to any third party assisting the Company with the implementation, administration
and management of the Plan. The Participant understands that the recipients of the Data may be located in the Participant’s country,
or elsewhere, and that the recipients’ country may have different data privacy laws and protections than the Participant’s
country. The Participant understands that the Participant may request a list with the names and addresses of any potential recipients
of the Data by contacting the Participant’s local human resources representative. The Participant authorizes the Company and any
other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the
Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering
and managing the Participant’s participation in the Plan. The Participant understands that Data will be held only as long as is
necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that the
Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary
amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant’s
local human resources representative. The Participant understands, however, that refusal or withdrawal of consent may affect the Participant’s
ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal
of consent, the Participant understands that the Participant may contact the Participant’s local human resources representative.

 

12. Language.
If the Participant has received this Agreement or any other document related to the Plan translated into a language other than English
and if the translated version is different than the English version, the English version will control, unless otherwise prescribed by
Applicable Law.

 

13. Amendment
and Delay to Meet the Requirements of Section 409A. The Participant acknowledges that the Company, in the exercise of its sole
discretion and without the consent of the Participant, may amend or modify this Agreement in any manner and delay the issuance of any
Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the requirements of Section 409A of the Code as
amplified by any Treasury regulations or guidance from the Internal Revenue Service as the Company deems appropriate or advisable. In
addition, the Company makes no representation that the Award will comply with Section 409A of the Code and makes no undertaking to prevent
Section 409A of the Code from applying to the Award or to mitigate its effects on any deferrals or payments made in respect of the Units.
The Participant is encouraged to consult a tax adviser regarding the potential impact of Section 409A of the Code.

 

END OF AGREEMENT

 

2021 Management PRSU Agreement 

 

8Exhibit
10.7

 

EXECUTION
VERSION

 

AMENDMENT
NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This
AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT
(this “Amendment”), dated as of February 8, 2021, is among BABCOCK & WILCOX ENTERPRISES, INC., a Delaware
corporation (the “Borrower”), BANK OF AMERICA, N.A., in its capacity as administrative agent for the Lenders
(as defined in the Credit Agreement described below) (in such capacity, the “Administrative Agent”), and each of the
Lenders party hereto, for purposes of Sections 1, 2, 5(a), 6, and 8 hereof, acknowledged and agreed
by certain Subsidiaries of the Borrower, as Guarantors, and, for purposes of Section 5(b), B. Riley Financial, Inc., as Limited
Guarantor.

 

W
I T N E S S E T H:

 

WHEREAS,
the Borrower, the Administrative Agent and the Lenders have entered into that certain Amended and Restated Credit Agreement, dated as
of May 14, 2020 (as amended through Amendment No. 1, dated as of October 30, 2020, and from time to time further amended, supplemented,
restated, amended and restated or otherwise modified the “Credit Agreement”; capitalized terms used in this Amendment
not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement (as amended hereby)), pursuant
to which the Revolving Credit Lenders have provided the Revolving Credit Facility to the Borrower and the Term Loan Lenders have provided
the Term Loan Facility to the Borrower; and

 

WHEREAS,
the Borrower has requested that (i) the Administrative Agent and the Required Lenders agree to, among other items, amend Section 7.01
(Indebtedness) to permit the incurrence of unsecured bonds in a principal amount of up to $165,000,000 (plus additional deemed
issued amounts) and (ii) the Administrative Agent, the Required Lenders and the Term Loan Lenders agree to a decrease in the interest
rate applicable to Term Loans upon the incurrence of such unsecured bonds; and

 

WHEREAS,
the Borrower, the Administrative Agent and the Lenders signatory hereto are willing to effect such amendments on the terms and conditions
contained in this Amendment.

 

NOW,
THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

 

		1.	Amendments
to the Credit Agreement.

 

The
Credit Agreement is, effective as of the Amendment No. 2 Effective Date, hereby amended as follows:

 

		(a)	Section
1.01 (Defined Terms) of the Credit Agreement shall be amended by inserting the following new definitions in the appropriate alphabetical
order in Section 1.01:

 

“Amendment
No. 2” means that certain Amendment No. 2, dated as of the Amendment No. 2 Effective Date, by and among the Loan Parties, the
Administrative Agent and the Lenders party thereto.

 

     

     

    

  

“Amendment
No. 2 Effective Date” means February 8, 2021, the date on which the conditions precedent to the effectiveness of Amendment
No. 2 were satisfied.

 

“Cashless
Term Loan Prepayment” means the deemed optional prepayment of the principal amount of Term Loans by the Borrower pursuant
to Section 2.05(a)(i), which prepayments shall be effectuated by the conversion or exchange (x) on or prior to February 28,
2021 (which date, upon written notice to the Administrative Agent, may be extended to permit a shareholder vote with respect to the
Borrower, as needed to obtain required regulatory approvals or allow for the expiration of any regulatory waiting period (including
under the Hart-Scott-Rodino Act), in each case, as necessary to effectuate all or any portion of such conversion or exchange) of
Term Loans in an aggregate principal amount deemed purchased not to exceed $50,000,000 into Stock or Stock Equivalents (other than
Disqualified Stock) of the Borrower by reducing the principal amount of Term Loans on a dollar-for dollar basis based on a price
determined by the Borrower and the Team Loan Lenders, which generally will be based on the market price of common stock of the
Borrower (or such other price as may be required by the applicable rules and regulations of the NYSE) and/or (y) on or prior to
February 17, 2021 of Term Loans in an aggregate principal amount deemed purchased not to exceed $35,000,000 into Notes Indebtedness
permitted pursuant to Section 7.01(q) on a dollar-for dollar basis based on the principal amount of such deemed purchased
Notes Indebtedness.

 

“Fixed
Rate Decrease Certificate” means a certificate of a Responsible Officer certifying (i) the first date of issuance of Notes
Indebtedness, (ii) the interest rate per annum applicable to such Notes Indebtedness and (iii) the new rate per annum applicable to Fixed
Rate Loans, which shall be the rate per annum described in clause (ii), less 1.50%.

 

“Notes
Indebtedness” means obligations of the Borrower in respect to unsecured bonds.

 

		(b)	The
proviso at the end of clause (a) of the definition of “Change of Control” in Section 1.01 (Defined Terms) of
the Credit Agreement shall be amended by inserting the text underlined below to read in its entirety as follows:

 

provided
that it shall not be deemed to be a Change of Control if Vintage Capital Management, LLC, B. Riley FBR, Inc. or a related “person”
or “group” acceptable to the Administrative Agent and the Required Lenders becomes the beneficial owner of more than 30%
of such equity securities of the Borrower pursuant simultaneously with or after the 2020 Refinancing or any Cashless Term Loan Prepayment;
or

 

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		(c)	The
definition of “Commitment Reduction Amount” in Section 1.01 (Defined Terms) of the Credit Agreement shall be
amended by inserting the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

“Commitment
Reduction Amount” means (x) for reductions under the Revolving Credit Commitments, (a) with respect to any Prepayment
Event under clause (a) of the definition thereof, the Net Cash Proceeds of such event required to be utilized pursuant to Section
2.05(b) to make such a prepayment (including any amount that may be retained by the Borrower pursuant to Section 2.05(b)(iv)),
provided that with respect to any Prepayment Event under clause (a)(iii), such Commitment Reduction Amount shall be only an amount
equal to 50% of the Net Cash Proceeds of such event required to be utilized pursuant to Section 2.05(b) to make such a prepayment, and (b)
with respect to the issuance or other incurrence by the Borrower or any of its Subsidiaries of any unsecured Indebtedness pursuant
to either (x) Section 7.01(i) in an aggregate principal amount outstanding in excess of $25,000,00015,000,000 or
(y) Section 7.01(o), in each case other than any such Indebtedness that constitutes Subordinated Debt, an amount equal to 50% of the
aggregate principal amount of the incurrence of such Indebtedness and (c) with respect to the issuance or other incurrence
by the Borrower or any of its Subsidiaries of any Notes Indebtedness (other than as a result of a Cashless Term Loan Prepayment), an
amount equal to 75% of the aggregate principal amount of the incurrence of such Indebtedness and (y) for reductions under the
Term Loan Working Capital Commitments, with respect to any Prepayment Event under clause (a)(iii) of the definition thereof in
connection with Prepayment Events, an amount equal to 50% of the Net Cash Proceeds of such event required to be utilized pursuant to
Section 2.05(b) to make such a prepayment.

 

		(d)	The
                                            definition of “Fixed Rate” in Section 1.01 (Defined Terms) of the
                                            Credit Agreement shall be amended by inserting the text underlined below to read in its entirety
                                            as follows:

 

“Fixed
Rate” means a fixed rate per annum equal to 12.00%; provided that, upon the delivery of a Fixed Rate Decrease Certificate
to the Administrative Agent, the Fixed Rate shall be decreased to the rate set forth therein effective on the date immediately after
the date of issuance of any Notes Indebtedness as specified therein (provided that, if the Administrative Agent receives a Fixed Rate
Decrease Certificate after the date of issuance of any Notes Indebtedness as described in such certificate, such certificate shall be
deemed to have been delivered on the later of (A) the date of issuance of any Notes Indebtedness as described in such certificate and
(B) the most recent Interest Payment Date with respect to the Fixed Rate Loans).

 

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		(e)	Clause
                                            (b) of the definition of “Prepayment Event” in Section 1.01 (Defined
                                            Terms) of the Credit Agreement shall be amended by inserting the text underlined below
                                            to read in its entirety as follows:

 

(b) the
incurrence by the Borrower or any of its Subsidiaries of any Indebtedness, other than Indebtedness permitted under Section 7.01, but
including any Notes Indebtedness permitted pursuant to Section 7.01(q).

 

		(f)	The
definition of “Restricted Payment” in Section 1.01 (Defined Terms) of the Credit Agreement shall be amended
by inserting the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

“Restricted
Payment” means (a) any dividend, distribution or any other payment whether direct or indirect, on account of any Stock or Stock
Equivalents of the Borrower or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in Stock or Stock
Equivalents (other than Disqualified Stock) or a dividend or distribution payable solely to the Borrower or one or more Guarantors, (b)
any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any
Stock or Stock Equivalents of the Borrower or any of its Subsidiaries now or hereafter outstanding other than one payable solely to the
Borrower or one or more Guarantors, (c) any payment or prepayment of principal, premium (if any), interest, fees (including fees to obtain
any waiver or consent in connection with any Indebtedness) or other charges on, or redemption, purchase, retirement, defeasance, sinking
fund or similar payment with respect to, any Subordinated Debt of the Borrower or any other Loan Party, other than any Intercompany Subordinated
Debt Payment, COVID-19 Relief Indebtedness permitted under Section 7.01 or any required (in each case) payment, prepayment, redemption,
retirement, purchases or other payments, in each case to the extent permitted to be made by the terms of such Subordinated Debt, and(d)
any payment in connection with matured or drawn obligations with respect to the AECI Letter of Credit or Tranche A-7 Letters of Credit,
except in the form of payments or prepayments of Tranche A-5 Term Loans or Tranche A-7 Term Loans, as applicable, in each case subject
to the provisions of Article XI and any other subordination terms set forth herein and (e) any payment or prepayment of principal,
premium (if any), interest, fees (including fees to obtain any waiver or consent in connection with any Indebtedness, but excluding customary
fees payable on the date of incurrence of Note Indebtedness) or other charges on, or redemption, purchase, retirement, defeasance, sinking
fund or similar payment with respect to, any Note Indebtedness of the Borrower or any other Loan Party, other than, so long as no Event
of Default shall have occurred and be continuing on the date of payment thereof, regularly scheduled payments of interest required to
be made on any Notes Indebtedness. For the avoidance of doubt, any Cashless Term Loan Prepayment (including any payment of outstanding
interest on the date of such prepayment) and payments to any Term Loan Lender, in its capacity as such, under the B. Riley Fee Letter
shall not be considered “Restricted Payments” under this definition.

 

    4

     

    

 

		(g)	The
second sentence of clause (a)(i) of Section 2.05 (Prepayments) of the Credit Agreement shall be amended by inserting the text
underlined below and deleting the text stricken below to read in its entirety as follows:

 

Each
such notice shall (x) specify the date and amount of such prepayment and the Facility, Type(s) and, if applicable, Tranche, of
Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Loans and (y) in the case of
a prepayment that is a Cashless Term Loan Prepayment, such notice shall be accompanied by (I) a certificate of a Responsible Officer
to the Administrative Agent, countersigned by each of the Term Loan Lenders, certifying that the requirements for such Cashless Term
Loan Prepayment have been satisfied and the amount of any Cashless Term Loan Prepayment and (II) any other tax documentation reasonably
requested by the Administrative Agent from the Borrower or any applicable Term Loan Lender.

 

		(h)	The
fifth and sixth sentences of clause (a)(i) of Section 2.05 (Prepayments) of the Credit Agreement shall be further amended by inserting
the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

Any Additional Cashless
Term Loan Prepayment of a Fixed Rate Loan shall be accompanied by all accrued interest on the amount prepaid (including the
capitalization of any interest to be paid in kind) to the extent that such interest is permitted to be paid under Section
11.01. Subject to Section 2.16, each such prepayment shall be paid to the Lenders in accordance with their respective Applicable
Percentages in respect of each of the relevant Facilities and Tranches; provided that, if a joint notice signed by each Term Loan
Lender in form reasonably satisfactory to the Administrative Agent is delivered to the Administrative Agent at least one Business Day
prior to the date of a Cashless Term Loan Prepayment, such prepayment shall be applied among the Term Loan Lenders as directed by such
joint notice.

 

		(i)	Section
                                            2.05 (Prepayments) of the Credit Agreement shall be further amended by inserting a
                                            new clause (iv) to subsection (a) to read in its entirety as follows:

 

(iv)
The Administrative Agent shall apply a Cashless Term Loan Prepayment by reducing the principal of the outstanding Term Loans to be prepaid
as set forth in the relevant notice described in clause (i) of this Section 2.05(a).

 

		(j)	Section
                                            2.08 (Interest) of the Credit Agreement shall be further amended by inserting a new
                                            clause (iii) to subsection (d) to read in its entirety as follows:

 

(iii)
The Borrower shall deliver to the Administrative Agent and the Term Loan Lenders a Fixed Rate Decrease Certificate on the date of the
first issuance of Notes Indebtedness. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any Fixed Rate Decrease Certificate. The Administrative Agent shall not be responsible for or have any duty to request
any Fixed Rate Decrease Certificate or ascertain or inquire into any Fixed Rate Decrease Certificate or the contents of any Fixed Rate
Decrease Certificate.

 

    5

     

    

 

		(k)	Section
                                            6.15 (Payment of Taxes, Etc.) of the Credit Agreement shall be amended by inserting
                                            the text underlined below and deleting the text stricken below to read in its entirety as
                                            follows:

 

Payment
of Taxes, Etc. The Borrower shall, and shall cause each of its Subsidiaries to, pay and discharge (or cause to be paid and discharged)
before the same shall become delinquent, all lawful governmental claims, taxes, assessments, charges and levies made, assessed, filed
or otherwise imposed on or against any of them, except where (a) contested in good faith, by proper proceedings and adequate reserves
therefor have been established on the books of the Borrower or the appropriate Subsidiary in conformity with GAAP or (b) the failure
to so pay and discharge would not, (i) in the aggregate, reasonably be expected to have a Material Adverse Effect,
and (ii) with respect to any such claims, taxes, assessments, charges and levies made, assessed, filed or otherwise imposed on or against
the Borrower, reasonably be expected to have a material adverse change in, or a material adverse effect upon, the operations, business,
assets, properties, liabilities (actual or contingent), or condition (financial or otherwise) of the Borrower.

 

		(l)	Clause
                                            (o) of Section 7.01 (Indebtedness) of the Credit Agreement shall be amended by inserting
                                            the text underlined below to read in its entirety as follows:

 

(o)
unsecured Indebtedness incurred prior to the Amendment No. 2 Effective Date of any Loan Party so long as at the time of incurrence
of such Indebtedness (i) no Default has occurred and is continuing or would result therefrom and (ii) the Borrower and its Subsidiaries
are in pro forma compliance with the financial covenants set forth in Section 7.16 immediately before and after giving
effect to the incurrence of such Indebtedness;

 

		(m)	Clause
                                            (q) of Section 7.01 (Indebtedness) of the Credit Agreement shall be amended by inserting
                                            the text underlined below and deleting the text stricken below to read in its entirety as
                                            follows:

 

(q) [reserved]Notes
Indebtedness of the Borrower issued on or prior to February 17, 2021 in an aggregate principal amount not to exceed $165,000,000
(plus the principal amount of Term Loans converted or exchanged into Notes Indebtedness pursuant to a Cashless Term Loan
Prepayment) at any time outstanding; provided that (i) at the time of any issuance thereof, no Default or Event of Default shall
have occurred and be continuing or may result therefrom, (ii) such Notes Indebtedness shall mature no earlier than February 8, 2026
and shall not have any scheduled amortization or payments of principal prior to such maturity date, (iii) the documentation
governing such Notes Indebtedness shall not require any mandatory prepayments, redemptions or sinking fund obligations prior to the
Revolving Credit Facility Termination Date, other than a customary acceleration right after an event of default, (iv) the interest
rate applicable to such Notes Indebtedness shall not exceed the rate in effect on the date of issuance of such Notes Indebtedness
(which shall in no event exceed 9.00% per annum), plus the default rate in effect on the date of issuance of such Notes
(which shall in no event exceed 4.00% per annum), provided that such default interest shall only accrue and not be paid in cash, (v)
the documentation governing such Notes Indebtedness shall not be modified to add any event of default or add or make more
restrictive to the Borrower or any Loan Party or its subsidiaries any covenant as set forth in the form of base Indenture, as
supplemented by the form of First Supplemental Indenture, in each case, delivered to the Administrative Agent on February 7, 2021,
and (vi) such Notes Indebtedness shall continue to be unsecured and shall not be guaranteed by any Person;

 

    6

     

    

 

		(n)	Section
                                            7.08 (Transactions with Affiliates) of the Credit Agreement shall be amended as follows:

 

		(i)	deleting
                                            the word “and” after current clause (h) thereof;

 

		(ii)	inserting
                                            the text “;” in replacement of the text “.” at the end of current
                                            clause (i) thereof; and

 

		(iii)	inserting
                                            new clauses (j) and (k) to read in their entirety as follows:

 

(j) any
Cashless Term Loan Prepayment, including the incurrence of the Notes Indebtedness and issuance of Stock and Stock Equivalents that is
converted or exchanged from Term Loans; and

 

(k) the
issuance of Stock and Stock Equivalents (other than Disqualified Stock) of the Borrower and not otherwise constituting or giving rise
to a Change of Control.

 

		(o)	Clause
                                            (e) of Section 8.01 (Events of Default) of the Credit Agreement shall be amended by
                                            inserting the text underlined below and deleting the text stricken below to read in its entirety
                                            as follows:

 

(e) Cross-Default.
(i) the Borrower or any of its Subsidiaries shall fail to make any payment on any recourse Indebtedness of the Borrower or any such
Subsidiary (other than the Obligations (except Obligations under Secured Cash Management Agreements and Secured Hedge Agreements,
which are expressly covered by this clause (e))) or any Guaranty Obligation in respect of Indebtedness of any other Person, and, in
each case, such failure relates to Indebtedness (x) having a principal amount in excess of $25,000,000 when the same becomes due and
payable (whether by scheduled maturity, required prepayment, acceleration, demand, early termination event or otherwise), or (y)
under any foreign revolving credit facility, whether committed or uncommitted or (z) that is Notes Indebtedness, (ii) any
other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness, if the effect
of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness or (iii) any such
Indebtedness shall become or be declared to be due and payable, or required to be prepaid or repurchased (other than by a regularly
scheduled required prepayment), prior to the stated maturity thereof; provided that clauses (ii) and (iii) above shall not
apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness; or

 

    7

     

    

 

		(p)	Section
                                            11.01 (Payment Subordination) of the Credit Agreement shall be amended by inserting
                                            the text underlined below and deleting the text stricken below to read in its entirety as
                                            follows:

 

11.01
Payment Subordination. The Term Loan Lenders agree that the Obligations with respect to the Term Loan Facility continue to be expressly
subordinate and junior in right of payment to all Obligations with respect to the Revolving Credit Facility (including any interest or
entitlement to fees or expenses or other charges with respect to the Revolving Credit Facility accruing after the commencement of any
proceeding under any Debtor Relief Law, whether or not such amounts are allowed in any proceeding), except for any payment of (a) any
payment expressly permitted to be made prior to the Restatement Effective Date under Section 11.01 of the Existing Credit Agreement,
(b) the 2020 Refinancing Term Loan Lender Expenses, (c) Cashless Term Loan Prepayments and (dc) other
than upon and during the continuance of an Event of Default, any interest on the Term Loans due on the applicable Interest Payment Date
or on any Cashless Term Loan Prepayment on the date that such prepayment is deemed made, and payments made in lieu of interest
pursuant to the B. Riley Fee Letter and any fees paid in connection with the Term Loans pursuant to the B. Riley Fee Letter.

 

		(q)	Clause
                                            (a) of Section 11.02 (Turnover) of the Credit Agreement shall be amended by inserting
                                            the text underlined below to read in its entirety as follows:

 

(a)
Any payment or distribution (whether in cash, property or securities) that may be received by any Term Loan Lender or its Affiliate (including,
in each case, in its capacity as a holder of Note Indebtedness) on account of any Obligations with respect to the Term Loan
Facility, the Note Indebtedness, the B. Riley Fee Letter or the 2020 Refinancing in violation of this Agreement (including
Section 7.05) shall be segregated and held in trust and promptly paid over to the Administrate Agent, for the benefit of the
Secured Parties, in each case, in the same form as received, with any necessary endorsements, and each of the Term Loan Lenders
hereby authorizes the Administrative Agent to make any such endorsements as agent for such Term Loan Lender or its respective
Affiliate (in each case, which authorization, being coupled with an interest, is irrevocable). All such payments paid over to the
Administrative Agent shall be, as applicable, used to prepay Revolving Credit Loans and, if the Revolving Credit Loans are paid in
full, Cash Collateralize Letters of Credit or applied in accordance with the provisions of Section 8.03. For purposes of this
Agreement, each Term Loan Lender agrees that in an any proceeding under any Debtor Relief Law or any other judicial proceeding
relative to any Loan Party of the Borrower, any debt or equity securities issued or to be issued by the reorganized or liquidating
Borrower or any reorganized or liquidating Loan Party that is allocated to any Term Loan Lender or Affiliate thereof on account of
the Term Loan Facility, the Notes Indebtedness, the B. Riley Fee Letter or the 2020 Refinancing in a plan of reorganization
or liquidation shall be deemed to be payments that are subject to the turnover provisions hereunder.

 

		(r)	Clause
                                            (a) of Section 11.03 (Financing Matters) of the Credit Agreement shall be amended
                                            by inserting the text underlined below and deleting the text stricken below to read in its
                                            entirety as follows:

 

(a)
If the Administrative Agent or the Revolving Credit Lenders consent (or do not object) to the use of cash collateral under the Bankruptcy
Code or provide debtor- in-possession financing to any Loan Party under the Bankruptcy Code or consent (or do not object) to the provision
of such financing to any Loan Party by any third party, then each Term Loan Lender agrees that it (i) it and, in
any capacity as a holder of Note Indebtedness, any of its Affiliates will be deemed to have consented to, will raise no objection
to, nor support any other Person objecting to, the use of such cash collateral or to such debtor-in-possession financing and (ii) it
will not request or accept adequate protection or any other relief in connection with the use of such cash collateral or such DIP Financing
except as set forth in Section 11.04 below.

 

		(s)	Section
                                            11.06 (Right to Appear) of the Credit Agreement shall be amended by inserting the
                                            text underlined below to read in its entirety as follows:

 

11.06
Right to Appear. Prior to the occurrence of the Revolving Credit Facility Termination Date, each of the Term Loan Lenders and
its Affiliates may appear in any proceeding under any Debtor Relief Law; provided, however, that no Term Loan Lender
nor, in any capacity as a holder of Note Indebtedness, any of its Affiliates may oppose any action or position taken or relief
sought by the Administrative Agent.

 

		2.	Additional
                                            Agreements and Acknowledgments

 

		(a)	The
                                            Borrower agrees to pay, or cause to be paid, to the Administrative Agent, for the account
                                            of each Revolving Credit Lender, for application to the “Deferred Facility Fee”
                                            (as defined in the Existing Credit Agreement) described in Section 2.09(d)(i) of the Credit
                                            Agreement (i) $1,000,000 in immediately available funds upon the Amendment No. 2 Effective
                                            Date (the payment under this Section 2(a)(i), the “Prepaid Deferred Facility Fee”)
                                            and (ii) $4,000,000 in immediately available funds with the first $4,000,000 of proceeds
                                            of Notes Indebtedness received by the Borrower immediately upon receipt thereof.

 

		(b)	The
                                            Borrower and the other Loan Parties each acknowledge and agree that the breach or failure
                                            to comply in any respect with the terms and conditions of this Section 2 shall constitute
                                            an immediate Event of Default under Section 8.01 of the Credit Agreement.

 

    8

     

    

 

		3.	Effectiveness;
Conditions Precedent.

 

The
amendments contained herein shall only be effective upon the satisfaction or waiver of each of the following conditions precedent (the
date of satisfaction or waiver, the “Amendment No. 2 Effective Date”):

 

		(a)	the
                                            Administrative Agent shall have received each of the following documents or instruments in
                                            form and substance acceptable to the Administrative Agent:

 

		(i)	counterparts
                                            of this Amendment executed by the Loan Parties, the Limited Guarantor, the Administrative
                                            Agent, the Required Lenders and each Term Loan Lender;

 

		(ii)	a
                                            certificate of the chief financial officer or treasurer of the Borrower certifying that as
                                            of the Amendment No. 2 Effective Date (A) all of the representations and warranties in this
                                            Amendment are true and correct in all material respects (or, to the extent any such representation
                                            and warranty is modified by a materiality or Material Adverse Effect standard, in all respects)
                                            as of such date (except to the extent that such representations and warranties expressly
                                            relate to an earlier date, in which case they shall be true and correct in all material respects
                                            (or, to the extent any such representation and warranty is modified by a materiality or Material
                                            Adverse Effect standard, in all respects) as of such earlier date), (B) no Default shall
                                            exist, or would result from the occurrence of the Amendment No. 2 Effective Date and (C)
                                            that since December 31, 2019, there have not occurred any facts, circumstances, changes,
                                            developments or events which, individually or in the aggregate, have constituted or would
                                            reasonably be expected to result in, a Material Adverse Effect; and

 

		(iii)	a
                                            solvency certificate, executed by a Responsible Officer of the Borrower in form and substance
                                            reasonably acceptable to the Administrative Agent, which, among other things, shall certify
                                            that the Borrower will be Solvent as of the date hereof and after giving effect to any incurrence
                                            of Notes Indebtedness permitted under the Credit Agreement (as amended hereby) on a pro forma
                                            basis;

 

		(b)	the
                                            Administrative Agent shall have received on account of each Revolving Credit Lender, the
                                            Prepaid Deferred Facility Fee;

 

		(c)	without
                                            prejudice to, or limiting the Borrower’s obligations under, Section 10.04 (Expenses;
                                            Indemnity; Damage Waiver) of the Credit Agreement, all outstanding fees, costs and expenses
                                            due to the Administrative Agent and the Lenders, including on account of Agent’s Legal
                                            Advisor and FTI, shall have been paid in full to the extent that the Borrower has received
                                            an invoice therefor (with reasonable and customary supporting documentation) at least two
                                            Business Days prior to the Amendment No. 2 Effective Date (without prejudice to any post-closing
                                            settlement of such fees, costs and expenses to the extent not so invoiced); and

 

    9

     

    

 

		(d)	each
                                            of the representations and warranties made by the Borrower in Section 4 hereof shall
                                            be true and correct.

 

The
Administrative Agent agrees that it will, upon the satisfaction or waiver of the conditions contained in this Section 3, promptly
provide written notice to the Borrower, and the Lenders of the effectiveness of this Amendment.

 

		4.	Representations
and Warranties.

 

In
order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrower represents and warrants to the Administrative
Agent and the Lenders, for itself and for each other Loan Party, as follows:

 

		(a)	that
                                            both immediately prior to and immediately after giving effect to this Amendment, no Default
                                            or Event of Default exists;

 

		(b)	the
representations and warranties contained in the Credit Agreement are true and correct in all material respects on and as of the date
hereof (except to the extent that such representations and warranties (i) specifically refer to an earlier date, in which case they shall
be true and correct in all material respects as of such earlier date and (ii) contain a materiality or Material Adverse Effect qualifier,
in which case such representations and warranties shall be true and correct in all respects);

 

		(c)	the
                                            execution, delivery and performance by the Borrower and the other Loan Parties of this Amendment
                                            and the consummation of the transactions contemplated hereby have been duly authorized by
                                            all necessary corporate, limited liability company or partnership action, including the consent
                                            of shareholders, partners and members where required, do not contravene any Loan Party or
                                            any of its Subsidiaries’ respective Constituent Documents, do not violate any Requirement
                                            of Law applicable to any Loan Party or any order or decree of any Governmental Authority
                                            or arbiter applicable to any Loan Party and do not require the consent of, authorization
                                            by, approval of, notice to, or filing or registration with, any Governmental Authority or
                                            any other Person in order to be effective and enforceable;

 

		(d)	this
                                            Amendment has been duly executed and delivered on behalf of the Borrower and the other Loan
                                            Parties;

 

		(e)	this
Amendment constitutes a legal, valid and binding obligation of the Borrower and the other Loan Parties enforceable against the Borrower
and the other Loan Parties in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, Debtor Relief Laws or similar laws affecting the enforcement of creditors’ rights generally and by general principles
of equity; and

 

    10

     

    

 

		(f)	as
of the date hereof, all Liens, security interests, assignments and pledges encumbering the Collateral, created pursuant to and/or referred
to in the Credit Agreement or the other Loan Documents, are valid, enforceable, duly perfected to the extent required by the Loan Documents,
non-avoidable, first priority liens, security interests, assignments and pledges (subject to Liens permitted by Section 7.02 of the Credit
Agreement), continue unimpaired, are in full force and effect and secure and shall continue to secure all of the obligations purported
to be secured in the respective Security Instruments pursuant to which such Liens were granted.

 

		5.	Consent,
Acknowledgement and Reaffirmation of Indebtedness and Liens.

 

		(a)	By
                                            its execution hereof, each Loan Party, in its capacity under each of the Loan Documents to
                                            which it is a party (including the capacities of debtor, guarantor, grantor and pledgor,
                                            as applicable, and each other similar capacity, if any, in which such party has granted Liens
                                            on all or any part of its properties or assets, or otherwise acts as an accommodation party,
                                            guarantor, indemnitor or surety with respect to all or any part of the Obligations), hereby:

 

		(i)	expressly
                                            consents to the amendments and modifications to the Credit Agreement effected hereby;

 

		(ii)	expressly
                                            confirms and agrees that, notwithstanding the effectiveness of this Amendment, each Loan
                                            Document to which it is a party is, and all of the obligations and liabilities of such Loan
                                            Party to the Administrative Agent, the Lenders and each other Secured Party contained in
                                            the Loan Documents to which it is a party (in each case, as amended and modified by this
                                            Amendment), are and shall continue to be, in full force and effect and are hereby reaffirmed,
                                            ratified and confirmed in all respects and, without limiting the foregoing, agrees to be
                                            bound by and abide by and operate and perform under and pursuant to and comply fully with
                                            all of the terms, conditions, provisions, agreements, representations, undertakings, warranties,
                                            indemnities, guaranties, grants of security interests and covenants contained in the Loan
                                            Documents;

 

    11

     

    

 

		(iii)	to
the extent such party has granted Liens or security interests on any of its properties or assets pursuant to any of the Loan Documents
to secure the prompt and complete payment, performance and/or observance of all or any part of its Obligations to the Administrative
Agent, the Lenders, and/or any other Secured Party, acknowledges, ratifies, remakes, regrants, confirms and reaffirms without condition,
all Liens and security interests granted by such Loan Party to the Administrative Agent for their benefit and the benefit of the Lenders,
pursuant to the Credit Agreement and the other Loan Documents, and acknowledges and agrees that all of such Liens and security interests
are intended and shall be deemed and construed to continue to secure the Obligations under the Loan Documents, as amended, restated,
supplemented or otherwise modified and in effect from time to time, including but not limited to, the Loans made by, and Letters of Credit
provided by, the Administrative Agent and the Lenders to the Borrower and/or the other Loan Parties under the Credit Agreement, and all
extensions renewals, refinancings, amendments or modifications of any of the foregoing;

 

		(iv)	agrees
                                            that this Amendment shall in no manner impair or otherwise adversely affect any of the Liens
                                            and security interests granted in or pursuant to the Loan Documents; and

 

		(v)	acknowledges
                                            and agrees that: (i) the Guaranty and any obligations incurred thereunder, have been provided
                                            in exchange for “reasonably equivalent value” (as such term is used under the
                                            Bankruptcy Code and applicable state fraudulent transfer laws) and “fair consideration”
                                            (as such term is used under applicable state fraudulent conveyance laws) and (ii) each grant
                                            or perfection of a Lien or security interest on any Collateral provided in connection with
                                            Loan Documents, this Amendment and/or any negotiations with the Administrative Agent and/or
                                            the Lenders in connection with a “workout” of the Obligations is intended to
                                            constitute, and does constitute, a “contemporaneous exchange for new value” (as
                                            such term is used in Section 547 of the Bankruptcy Code).

 

		(b)	By
                                            its execution hereof, the Limited Guarantor, in its capacity under the Limited Guarantor,
                                            hereby:

 

		(i)	expressly
                                            consents to the amendments and modifications to the Credit Agreement effected hereby and
                                            any amendments and modifications to the Credit Agreement effected prior to the date hereof;

 

		(ii)	expressly
                                            confirms and agrees that, notwithstanding the effectiveness of this Amendment and the effectiveness
                                            of any amendments and modifications to the Credit Agreement effected prior to the date hereof,
                                            the Limited Guaranty, is and shall continue to be, in full force and effect and are hereby
                                            reaffirmed, ratified and confirmed in all respects and, without limiting the foregoing, agrees
                                            to be bound by and abide by and operate and perform under and pursuant to and comply fully
                                            with all of the terms, conditions, provisions, agreements, representations, undertakings,
                                            warranties, indemnities, guaranties, grants of security interests and covenants contained
                                            in the Limited Guaranty; and

 

		(iii)	acknowledges
and agrees that the Limited Guaranty and any obligations incurred thereunder, have been provided in exchange for “reasonably equivalent
value” (as such term is used under the Bankruptcy Code and applicable state fraudulent transfer laws) and “fair consideration”
(as such term is used under applicable state fraudulent conveyance laws).

 

    12

     

    

 

		6.	Releases;
Waivers.

 

		(a)	By
its execution hereof, each Loan Party (on behalf of itself and its Affiliates) and its successors-in-title, legal representatives and
assignees and, to the extent the same is claimed by right of, through or under any Loan Party, for its past, present and future employees,
agents, representatives, officers, directors, shareholders, and trustees (each, a “Releasing Party” and collectively,
the “Releasing Parties”), does hereby remise, release and discharge, and shall be deemed to have forever remised,
released and discharged, the Administrative Agent, the Lenders and each of the other Secured Parties, and the Administrative Agent’s,
each Lenders’ and each other Secured Party’s respective successors-in-title, legal representatives and assignees, past, present
and future officers, directors, affiliates, shareholders, trustees, agents, employees, consultants, experts, advisors, attorneys and
other professionals and all other persons and entities to whom any of the foregoing would be liable if such persons or entities were
found to be liable to any Releasing Party, or any of them (collectively hereinafter, the “Lender Parties”), from any
and all manner of action and actions, cause and causes of action, claims, charges, demands, counterclaims, suits, covenants, controversies,
damages, judgments, expenses, liens, claims of liens, claims of costs, penalties, attorneys’ fees, or any other compensation, recovery
or relief on account of any liability, obligation, demand or cause of action of whatever nature, whether in law, equity or otherwise
(including, without limitation, any so called “lender liability” claims, claims for subordination (whether equitable or otherwise),
interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses and incidental, consequential
and punitive damages payable to third parties, or any claims arising under 11 U.S.C.§§ 541-550 or any claims for avoidance
or recovery under any other federal, state or foreign law equivalent), whether known or unknown, fixed or contingent, joint and/or several,
secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or
derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or which may
heretofore have accrued against any of the Lender Parties under the Credit Agreement or any of the other Loan Documents, whether held
in a personal or representative capacity, and which are based on any act, fact, event or omission or other matter, cause or thing occurring
at or from any time prior to and including the date hereof, in all cases of the foregoing in any way, directly or indirectly arising
out of, connected with or relating to the Credit Agreement or any other Loan Document and the transactions contemplated thereby, and
all other agreements, certificates, instruments and other documents and statements (whether written or oral) related to any of the foregoing
(each, a “Claim” and collectively, the “Claims”), in each case, other than Claims arising from
Lender Parties’ gross negligence, fraud, or willful misconduct. Each Releasing Party further stipulates and agrees with respect
to all Claims, that it hereby waives, to the fullest extent permitted by applicable law, any and all provisions, rights, and benefits
conferred by any applicable U.S. federal or state law, or any principle of common law, that would otherwise limit a release or discharge
of any unknown Claims pursuant to this Section 6.

 

    13

     

    

 

		(b)	By
its execution hereof, each Loan Party hereby (i) acknowledges and confirms that there are no existing defenses, claims, subordinations
(whether equitable or otherwise), counterclaims or rights of recoupment or setoff against the Administrative Agent, the Lenders or any
other Secured Parties in connection with the Obligations or in connection with the negotiation, preparation, execution, performance or
any other matters relating to the Credit Agreement, the other Loan Documents or this Amendment and (ii) expressly waives any setoff,
counterclaim, recoupment, defense or other right that such Loan Party now has against the Administrative Agent, any Lender or any of
their respective affiliates, whether in connection with this Amendment, the Credit Agreement and the other Loan Documents, the transactions
contemplated by this Amendment or the Credit Agreement and the Loan Documents, or any agreement or instrument relating thereto.

 

		7.	Entire
Agreement.

 

This
Amendment, the Credit Agreement (including giving effect to the amendments set forth in Section 1 above), and the other Loan Documents
(collectively, the “Relevant Documents”), set forth the entire understanding and agreement of the parties hereto in
relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject
matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any
party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges
that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied,
have been made by any party to any other party in relation to the subject matter hereof or thereof. None of the terms or conditions of
this Amendment may be changed, modified, waived or cancelled orally or otherwise, except in writing and in accordance with Section
10.01 of the Credit Agreement.

 

    14

     

    

 

		8.	Full
Force and Effect of Credit Agreement.

 

This
Amendment is a Loan Document (and the Borrower and the other Loan Parties agree that the “Obligations” secured by the Collateral
shall include any and all obligations of the Loan Parties under this Amendment). Except as expressly modified hereby, all terms and provisions
of the Credit Agreement and all other Loan Documents remain in full force and effect and nothing contained in this Amendment shall in
any way impair the validity or enforceability of the Credit Agreement or the Loan Documents, or alter, waive, annul, vary, affect, or
impair any provisions, conditions, or covenants contained therein or any rights, powers, or remedies granted therein. This Amendment
shall not constitute a modification of the Credit Agreement or any of the other Loan Documents or a course of dealing with Administrative
Agent or the Lenders at variance with the Credit Agreement or the other Loan Documents such as to require further notice by Administrative
Agent or any Lender to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future, except
in each case as expressly set forth herein. The Borrower acknowledges and expressly agrees that Administrative Agent and the Lenders
reserve the right to, and do in fact, require strict compliance with all terms and provisions of the Credit Agreement and the other Loan
Documents (subject to any qualifications set forth therein), as amended herein.

 

		9.	Counterparts;
Effectiveness.

 

This
Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Except as provided in Section 3 above, this
Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Amendment by facsimile, electronic email or other electronic imaging means (e.g., “pdf”
or “tif”), including DocuSign, shall be effective as delivery of a manually executed counterpart of this Amendment.

 

		10.	Governing
Law; Jurisdiction; Waiver of Jury Trial.

 

THIS
AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT
OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK. Sections 10.04, 10.14 and 10.15 of the Credit Agreement are hereby incorporated herein by this
reference.

 

    15

     

    

 

		11.	Severability.

 

If
any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavour in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible
to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

		12.	References.

 

All
references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
referring to the Credit Agreement and each reference to the “Credit Agreement”, (or the defined term “Agreement”,
“thereunder”, “thereof” of words of like import referring to the Credit Agreement) in the other Loan Documents
shall mean and be a reference to the Credit Agreement as amended hereby and giving effect to the amendments contained in this Amendment.

 

		13.	Successors
and Assigns.

 

This
Amendment shall be binding upon the Borrower, the Lenders and the Administrative Agent and their respective successors and assigns, and
shall inure to the benefit of the Borrower, the Lenders and the Administrative Agent and the respective successors and assigns of the
Borrower, the Lenders and the Administrative Agent.

 

[Signature
pages follow]

 

    16

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers
as of the day and year first above written.

 

	 	BABCOCK & WILCOX ENTERPRISES, INC.
	 	 	 
	 	By: 	/s/ Rodney E. Carlson
	 	Name:  	Rodney E. Carlson 
	 	Title:	Treasurer

 

[Babcock
& Wilcox Enterprises, Inc. 

Amendment No.2 Signature Page]

 

     

     

    

 

	 	Acknowledged and Agreed for purposes of Sections 1, 2, 5(a), 6 and 8 of the Amendment:
	 	 
	 	AMERICON EQUIPMENT SERVICES, INC. 
	 	AMERICON, LLC
	 	BABCOCK & WILCOX CONSTRUCTION CO., LLC 
	 	BABCOCK & WILCOX EBENSBURG POWER, LLC 
	 	BABCOCK & WILCOX EQUITY INVESTMENTS, LLC
	 	BABCOCK & WILCOX HOLDINGS, LLC 
	 	BABCOCK & WILCOX INDIA HOLDINGS, INC. 
	 	BABCOCK & WILCOX INTERNATIONAL SALES AND SERVICE CORPORATION
	 	BABCOCK & WILCOX INTERNATIONAL, INC. 
	 	BABCOCK & WILCOX CANADA CORP. 
	 	BABCOCK & WILCOX SPIG, INC.
	 	BABCOCK & WILCOX TECHNOLOGY, LLC 
	 	BABCOCK & WILCOX DE MONTERREY, S.A. DE C.V.
	 	DELTA POWER SERVICES, LLC 
	 	DIAMOND OPERATING CO., INC.
	 	DIAMOND POWER AUSTRALIA HOLDINGS, INC. 
	 	DIAMOND POWER CHINA HOLDINGS, INC. 
	 	DIAMOND POWER EQUITY INVESTMENTS, INC. 
	 	DIAMOND POWER INTERNATIONAL, LLC 
	 	EBENSBURG ENERGY, LLC
	 	O&M HOLDING COMPANY
	 	POWER SYSTEMS OPERATIONS, INC. 
	 	SOFCO EFS HOLDINGS LLC
	 	THE BABCOCK & WILCOX COMPANY

 

	 	By: 	/s/ Rodney E. Carlson
	 	Name:  	Rodney E. Carlson 
	 	Title:	Treasurer

 

[Babcock
& Wilcox Enterprises, Inc. 

Amendment No.2 Signature Page] 

 

     

     

    

 

	 	EBENSBURG INVESTORS LIMITED PARTNERSHIP
	 	 
	 	By:
BABCOCK & WILCOX EBENSBURG POWER, LLC, as General Partner
	 	 	 
	 	By: 	/s/ Rodney E. Carlson
	 	Name:  	Rodney E. Carlson 
	 	Title:	Treasurer

 

 

[Babcock
& Wilcox Enterprises, Inc. 

Amendment No.2 Signature Page] 

 

     

     

    

 

	 	Acknowledged and Agreed for purposes of
	 	Section 5(b) of the Amendment:
	 	 	 
	 	B. RILEY FINANCIAL, INC.
	 	 	 
	 	By:	/s/ Phil
Ahn
	 	Name:	Phil
Ahn
	 	Title:	CFO

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	Administrative Agent:
	 	 	 
	 	BANK OF AMERICA, N.A., as
	 	Administrative Agent
	 	 	 
	 	By:	/s/ Bridgett J.Manduk Mowry
	 	Name:	Bridgett J.Manduk Mowry
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

  

     

     

    

 

	 	BANK OF AMERICA, N.A.,
  as Lender
	 	 
	 	By:	/s/ Stefanie Tanwar
	 	Name:	Stefanie Tanwar
	 	Title:	Director

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

  

     

     

    

 

	 	B. RILEY SECURITIES, INC. (f/k/a B. Riley FBR, Inc.),
  as Term Loan Lender
	 		 
	 	By:	/s/ Michael McCoy
	 	Name:	Michael McCoy
	 	Title:	CFO

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	B. RILEY FINANCIAL, INC.,
  as Term Loan Lender
	 	 
	 	By: 	/s/ Phil Ahn
	 	Name:	 Phil Ahn
	 	Title:	CFO

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	Banc of America Credit Products, Inc, as Lender
	 	 	 
	 	By:	/s/ Miles Hanes
	 	Name:	Miles Hanes
	 	Title:	Authorized Signatory

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as Lender
	 	 	 
	 	By:	/s/ Antje Focke
	 	Name:	Antje Focke
	 	Title:	Executive Director

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 -
Signature Page]

 

     

     

    

 

	 	PNC Bank, National Association, as Lender
	 	 	 
	 	By:	/s/ Linda J McCalmont
	 	Name:	Linda J McCalmont
	 	Title	Vice President

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 -
Signature Page]

 

     

     

    

 

	 	Wells Fargo Bank, N.A., as Lender
	 	 
	 	By:	/s/ Teddy Koch
	 	Name: 	Teddy Koch
	 	Title:	Managing Director

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	The Bank of Nova Scotia, as Lender
	 	 	 
	 	By:
	/s/ Hiliary Lai
	 	Name:	Hiliary Lai
	 	Title:	Senior Manager

 

	 	By:	/s/ Justin Mitges
	 	Name:	Justin Mitges
	 	Title:	Director

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	CRÉDIT AGRICOLE CORPORATE AND
	 	INVESTMENT BANK, as Lender
	 	 	 
	 	By:	/s/ Yuriy A. Tsyganov
	 	Name:	Yuriy A. Tsyganov
	 	Title: 	Director

 

	 	By:	/s/ Kathleen Sweeney
	 	Name: 	Kathleen Sweeney
	 	Title: 	Managing Director

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	MUFG Bank, Ltd., as Lender
	 	 	 
	 	By:	/s/ David Helffrich
	 	Name: 	David Helffrich
	 	Title: 	Director

 

 

[Babcock & Wilcox Enterprises,
Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	The Northern Trust Co, as Lender

 

	 	By: 	/s/ Robert R. Veltman
	 	Name:  	Robert R. Veltman
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 Signature Page]

 

     

     

    

 

	 	TD Bank, N.A., as Lender

 

	 	By: 	/s/ Bethany Buitenhuys
	 	Name:  	Bethany Buitenhuys
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 Signature Page]

 

     

     

    

 

	 	US Bank, N.A., as Lender

 

	 	By: 	/s/ David C. Heyson
	 	Name:  	David C. Heyson
	 	Title:	Senior Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 Signature Page]

 

     

     

    

 

	 	BNP Paribas, as Lender
	 	 	 
	 	By: 	/s/ Pierre Nicholas Rogers
	 	Name: 	Pierre Nicholas Rogers
	 	Title:	Managing Director

 

	 	By: 	/s/ Amy Kirschner
	 	Name:  	Amy Kirschner
	 	Title:	Managing Director

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 Signature Page]

 

     

     

    

 

	 	UniCredit Bank, AG New York Branch, as Lender
	 	 
	 	/s/ Michael D. Novellino
	 	Michael D. Novellino
	 	Director:
	 	 
	 	/s/ Scott Obeck
	 	Scott Obeck
	 	Director:

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 Signature Page]

 

     

     

    

 

	 	HANCOCK WHITNEY BANK, as Lender
	 	 	 
	 	By: 	/s/ Eric K. Sander
	 	Name:  	Eric K. Sander
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 Signature Page]

 

     

     

    

 

	 	CITIZENS BANK, N.A., as Lender
	 	 	 
	 	By: 	/s/ David W. Stack
	 	Name:  	David W. Stack
	 	Title:	Senior Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 Signature Page]

 

     

     

    

 

	 	BBVA USA, as Lender
	 	 	 
	 	By: 	/s/ Bruce Bingham
	 	Name:  	Bruce Bingham
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 Signature Page]

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