Document:

Amendment #1 to Credit Agreement

 Exhibit 10.2 

AMENDMENT NO. 1 

TO 

CREDIT AGREEMENT 

THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (the “Amendment”), effective as of April 24, 2008, is made by and among
GLOBAL POWER EQUIPMENT GROUP INC., a corporation formed under the laws of Delaware (the “Company” or the “Borrower”), the other Credit Parties party hereto, the Lenders party hereto, MORGAN STANLEY SENIOR FUNDING,
INC., a corporation formed under the laws of Delaware, as lead arranger and bookrunner and as administrative agent for the Lenders (in such capacity, together with its successors and assigns, if any, the “Administrative Agent”),
MORGAN STANLEY & CO. INCORPORATED, a corporation formed under the laws of Delaware, as collateral agent for the Secured Parties (in such capacity, together with its successors and assigns, if any, the “Collateral Agent”),
THE CIT GROUP/BUSINESS CREDIT, INC. a corporation formed under the laws of Delaware, as syndication agent and as revolving agent for the Revolving Lenders (in such capacity, together with its successors and assigns, if any, the “Revolving
Agent”) and GENERAL ELECTRIC CAPITAL CORPORATION, a corporation formed under the laws of Delaware, as documentation agent (in such capacity, the “Documentation Agent”, together with the Administrative Agent and the
Collateral Agent, the “Agents”). 
 WHEREAS, the Borrower, the other Credit Parties party thereto, the Lenders
party thereto and the Agents are parties to that certain Credit Agreement, dated as of January 22, 2008 (as it may be further amended, supplemented or otherwise modified, the “Credit Agreement”), pursuant to which the Lenders
and the Agents provide the Borrower with certain financial accommodations; and 
 WHEREAS, the Credit Agreement shall be amended
as set forth herein on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Definitions. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Credit
Agreement. 
 2. Amendment to Credit Agreement. The Credit Agreement is hereby amended as follows: 

(a) Section 3.06(c) is hereby deleted and replaced in its entirety with the following: 

(c) the Revolving Agent, for the account of the Revolving Lenders, a Letter of Credit fee in an amount equal to the Applicable Margin for
Revolving Loans that are LIBOR Rate Loans times the undrawn amount of all outstanding Letters of Credit, payable quarterly in arrears and on the date of the termination or expiration of the Revolving Commitments; and 

 (b) Section 3.06(d) is hereby deleted and replaced in its entirety with the following:

 (d) to the Revolving Agent for the benefit of the L/C Issuer, (i) payable quarterly upon notice from the Revolving Agent,
an additional fee equal to 0.33% per annum times the average aggregate face amount of all Letters of Credit issued and outstanding during such three-month period plus, (ii) payable quarterly, applicable standard bank issuance and
amendment charges, not to exceed, for each Letter of Credit issuance or amendment, $500. 
 (c) Section 14.01 of the
Credit Agreement is hereby amended by (i) deleting the defined term “Letter of Credit Issuance Fee” and (ii) deleting the defined term “Consolidated EBITDA” in its entirety and replacing it with the following:

 “Consolidated EBITDA” means, for any period, for the Credit Parties, determined on a consolidated basis, an
amount equal to Consolidated Net Income for such period, plus (a) the following (without duplication) to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Expense for such period;
(ii) the provision for federal, state, local and foreign income taxes for such period; (iii) depreciation and amortization expense; (iv) cash restructuring charges and associated professional fee expenses taken on or after
December 1, 2007 and prior to December 31, 2008 in an amount not to exceed $14,000,000 (fourteen million Dollars); (v) extraordinary cash expenses associated with tax and audit work incurred on or after December 1, 2007 and prior
to the first anniversary of the Closing Date in an amount not to exceed $4,000,000 (four million Dollars); (vi) cash expenses resulting from a draw of a Letter of Credit issued for the benefit of Air Liquide and associated with the Air Liquide
settlement in an amount not to exceed $5,700,000 (five million seven hundred thousand Dollars); (vii) any non-cash write downs or non-cash write-offs including fixed asset impairments or write-downs, intangible asset impairments, deferred tax
asset write-offs and non-cash stock compensation expenses; (viii) all extraordinary, non-recurring, non-cash items decreasing Consolidated Net Income for such period; (ix) cash costs and expenses not to exceed $1,000,000 (one million
Dollars), incurred with respect to defending and/or prosecuting the SNC Litigation during the period from the Closing Date to December 31, 2009; and (x) all extraordinary, non-recurring, cash expenditures associated with approved
bankruptcy claims and professional fees decreasing Consolidated Net Income for such period in an aggregate amount not to exceed $4,000,000 (four million Dollars); and minus (b) the following (without duplication) to the extent included
in calculating such Consolidated Net Income: (i) all items constituting interest income; (ii) Federal, state, local and foreign income tax benefits for such period; (iii) write ups, reevaluations and non-Cash gains resulting from the
marking or reevaluation of any asset; and (iv) all extraordinary, non-recurring, non-Cash items increasing Consolidated Net Income for such period; provided that Consolidated EBITDA for each monthly period ending on or prior to
November 30, 2007 shall be the amount specified for such period on Schedule C-1 hereto. 
  

 2 

 3. Conditions Precedent. The amendments set forth in Section 2 above
shall become effective as of April 24, 2008, but only once each of the following conditions is satisfied: 
 (a) (i) the
Administrative Agent shall have received an amendment fee in an amount equal to $25,000, (ii) the Term Lenders shall have received an amendment fee in an amount equal to $177,750, (iii) the Revolving Lenders shall have received an
amendment fee in an amount equal to $45,000, and (iv) the Borrower shall have paid all other Participating Lender Expenses required to be paid under the Loan Documents; 

(b) the Administrative Agent shall have received this Amendment, duly executed by the Required Lenders, Administrative Agent, Revolving
Agent and Borrower, and the same shall be in full force and effect; 
 (c) The representations and warranties in this
Amendment, the Credit Agreement, as amended by this Amendment, and the other Loan Documents shall be true and correct in all material respects on and as of the date hereof, as though made on such date; 

(d) After giving effect to this Amendment, no Default, Event of Default or event that, with the giving of notice or passage of time,
would constitute an Event of Default shall have occurred and be continuing on the date hereof, nor shall result from the consummation of the transactions contemplated herein; and 

(e) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the
transactions contemplated herein shall have been issued and remain in force by any Governmental Authority against Borrower, any Guarantor or any Lender. 

4. Representations and Warranties. Borrower hereby represents and warrants as follows: 

(a) This Amendment and the Credit Agreement, as amended hereby, constitute legal, valid and binding obligations of Borrower and are
enforceable against Borrower in accordance with their respective terms. 
  

 3 

 (b) The Borrower has the legal power and authority to execute and deliver this Amendment.

 (c) The officers executing this Amendment have been duly authorized to execute and deliver the same and bind the Borrower
with respect to the provisions hereof. 
 (d) The execution and delivery of this Amendment by the Borrower and the performance
and observance by the Borrower of the provisions hereof do not violate or conflict with the organizational documents of the Borrower or any law applicable to the Borrower or result in a breach of any provisions of or constitute a default under any
other agreement, instrument or document binding upon or enforceable against the Borrower. 
 (e) No Event of Default or Default
has occurred and is continuing or would exist after giving effect to this Amendment. 
 5. Effect on the Credit
Agreement. 
 (a) Except as specifically amended herein, the Credit Agreement, and all other documents, instruments and
agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 

(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any
Lender or the Agents, or constitute a waiver of any provision of the Credit Agreement, or any other documents, instruments or agreements executed and/or delivered under or in connection therewith. 

6. Governing Law. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns and shall be construed in accordance with and governed by the law of the State of New York, without regard to principles of conflicts of law (other than Section 5-1401 of the General Obligations Law of the State of New
York). 
 7. Captions. The captions herein are included for convenience of reference only and shall be ignored in the
construction or interpretation hereof 
 8. Counterparts; Effectiveness. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument; provided no party shall be bound unless and until the parties hereto have each signed a counterpart
hereof. Facsimile transmissions of any executed original documents and/or retransmission of any executed facsimile transmission shall be deemed to be the same as the delivery of an executed original. At the written request of any party hereto, the
other parties hereto shall confirm facsimile transmissions by executing duplicate original documents and delivering the same to the requesting party or parties. 
  

 4 

 [Remainder of Page Intentionally Left Blank] 

 

 5 

 IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the day
and year first above written. 
  

					
	 GLOBAL POWER EQUIPMENT GROUP

INC., a Delaware corporation, as Borrower

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	President and Chief Executive Officer
	
	 DELTAK CONSTRUCTION SERVICES, INC.,

a Wisconsin corporation, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Director
	
	 DELTAK, L.L.C., A Delaware limited liability

company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Director
	
	 BRADEN CONSTRUCTION SERVICES, INC.,

A Delaware corporation, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Director
	
	 BRADEN MANUFACTURING L.L.C., A

Delaware limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Director

  

 [SIGNATURE PAGE – AMENDMENT NO. 1 TO CREDIT AGREEMENT] 

					
	
	GLOBAL POWER PROFESSIONAL SERVICES, L.L.C., A Delaware limited liability company, as a Guarantor
		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Manager
	
	WILLIAMS INDUSTRIAL SERVICES GROUP, L.L.C., a Delaware limited liability company, as a Guarantor
		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Manager
	
	 WILLIAMS INDUSTRIAL SERVICES, LLC, a

Georgia limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	David Willis
		 	Title:	 	Manager
	
	 WILLIAMS SPECIALTY SERVICES, LLC, a

Georgia limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Manager
	
	 WILLIAMS PLANT SERVICES, LLC, a

Georgia limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Manager

  

 [SIGNATURE PAGE – AMENDMENT NO. 1 TO CREDIT AGREEMENT] 

 Schedule C-1 

Consolidated EBITDA for certain months prior to November 2007 

[See separate Schedule] 

 Schedule C1 

 

																																													
	 Global Power Equipment Group

North America Monthly 2007 P&I.

($ in thousands)
	  	CONFIDENTIAL
FOR DISCUSSION PURPOSES
ONLY	 
	  	Month of	 
	  	Jan-07	 	 	Feb-07	 	 	Mar-07	 	 	Apr-07	 	 	May-07	 	 	Jun-07	 	 	Jul-07	 	 	Aug-07	 	 	Sep-07	 	 	Oct-07	 	 	Nov-07	 
	 Revenue
	  				 				 				 				 				 				 				 				 				 				 			
	 Heat Recovery Equipment
	  	$	2,238	  	 	$	2,169	  	 	$	2,404	  	 	$	3,277	  	 	$	3,398	  	 	$	4,486	  	 	$	4,962	  	 	$	8,618	  	 	$	7,235	  	 	$	9,106	  	 	$	6,496	  
	 Auxiliary Power Equipment
	  	 	5,618	  	 	 	7,096	  	 	 	6,854	  	 	 	5,988	  	 	 	7,138	  	 	 	8,628	  	 	 	6,657	  	 	 	9,642	  	 	 	6,470	  	 	 	16,817	  	 	 	11,569	  
	 Industrial Services
	  	 	9,835	  	 	 	17,748	  	 	 	20,859	  	 	 	22,145	  	 	 	29,083	  	 	 	18,445	  	 	 	8,713	  	 	 	10,707	  	 	 	13,065	  	 	 	19,012	  	 	 	14,809	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Revenue
	  	 	17,691	  	 	 	27,013	  	 	 	30,117	  	 	 	31,410	  	 	 	39,619	  	 	 	31,559	  	 	 	20,332	  	 	 	28,967	  	 	 	26,770	  	 	 	44,935	  	 	 	32,874	  
												
	 Total Gross Profit
	  				 				 				 				 				 				 				 				 				 				 			
	 Heat Recovery Equipment
	  	 	1,101	  	 	 	597	  	 	 	601	  	 	 	873	  	 	 	906	  	 	 	1,143	  	 	 	982	  	 	 	1,011	  	 	 	1,628	  	 	 	1,901	  	 	 	1,484	  
	 Auxiliary Power Equipment
	  	 	1,105	  	 	 	823	  	 	 	1,260	  	 	 	1,699	  	 	 	2,091	  	 	 	1,404	  	 	 	1,041	  	 	 	3,257	  	 	 	1,460	  	 	 	4,791	  	 	 	4,029	  
	 Industrial Services
	  	 	1,185	  	 	 	2,298	  	 	 	3,315	  	 	 	3,141	  	 	 	2,472	  	 	 	1,774	  	 	 	1,066	  	 	 	1,309	  	 	 	2,376	  	 	 	2,027	  	 	 	2,181	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Gross Profit
	  	 	3,391	  	 	 	3,718	  	 	 	5,176	  	 	 	5,713	  	 	 	5,469	  	 	 	4,321	  	 	 	3,089	  	 	 	5,577	  	 	 	5,464	  	 	 	8,719	  	 	 	7,694	  
												
	 Operating Expense
	  				 				 				 				 				 				 				 				 				 				 			
	 General & Administrative
	  	 	3,934	  	 	 	4,381	  	 	 	4,148	  	 	 	3,769	  	 	 	3,764	  	 	 	3,515	  	 	 	9,560	  	 	 	6,047	  	 	 	5,333	  	 	 	5,434	  	 	 	7,054	  
	 Selling & Marketing
	  	 	265	  	 	 	238	  	 	 	349	  	 	 	236	  	 	 	279	  	 	 	305	  	 	 	394	  	 	 	280	  	 	 	166	  	 	 	229	  	 	 	382	  
	 Commissions
	  	 	57	  	 	 	29	  	 	 	36	  	 	 	36	  	 	 	37	  	 	 	33	  	 	 	36	  	 	 	91	  	 	 	74	  	 	 	80	  	 	 	90	  
	 Profit Sharing / MIC
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Amortization
	  	 	147	  	 	 	146	  	 	 	147	  	 	 	147	  	 	 	146	  	 	 	147	  	 	 	147	  	 	 	146	  	 	 	147	  	 	 	147	  	 	 	146	  
	 Other (Income) Expense - including LC Fees
	  	 	1	  	 	 	—  	  	 	 	—  	  	 	 	(1	) 	 	 	(39	) 	 	 	—  	  	 	 	—  	  	 	 	(2	) 	 	 	(12	) 	 	 	(4	) 	 	 	(4	) 
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Operating Expenses
	  	 	4,404	  	 	 	4,794	  	 	 	4,680	  	 	 	4,187	  	 	 	4,187	  	 	 	4,000	  	 	 	10,137	  	 	 	6,562	  	 	 	5,708	  	 	 	5,886	  	 	 	7,668	  
												
	 Operating Profit (Loss)
	  	$	(1,013	) 	 	$	(1,076	) 	 	$	496	  	 	$	1,526	  	 	$	1,282	  	 	$	321	  	 	$	(7,048	) 	 	$	(985	) 	 	$	(244	) 	 	$	2,833	  	 	$	26	  
												
	 Restructuring Fees
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Financing Fees
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Discontinued Operations
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Interest Income
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Net Interest Expense
	  	 	439	  	 	 	295	  	 	 	1,005	  	 	 	1,290	  	 	 	823	  	 	 	1,181	  	 	 	1,559	  	 	 	(189	) 	 	 	854	  	 	 	876	  	 	 	957	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Income (Loss) Before Taxes and Minority Interest
	  	 	(1,452	) 	 	 	(1,371	) 	 	 	(509	) 	 	 	236	  	 	 	459	  	 	 	(860	) 	 	 	(8,607	) 	 	 	(796	) 	 	 	(1,098	) 	 	 	1,957	  	 	 	(931	) 
												
	 Income Tax Provision (benefit)
	  	 	50	  	 	 	28	  	 	 	47	  	 	 	58	  	 	 	(717	) 	 	 	50	  	 	 	14	  	 	 	52	  	 	 	30	  	 	 	44	  	 	 	57	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Income (Loss) Before Minority Interest
	  	 	(1,502	) 	 	 	(1,399	) 	 	 	(556	) 	 	 	178	  	 	 	1,176	  	 	 	(910	) 	 	 	(8,621	) 	 	 	(848	) 	 	 	(1,128	) 	 	 	1,913	  	 	 	(988	) 
												
	 Minority Interest Income/(Loss)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Net Income (Loss)
	  	$	(1,502	) 	 	$	(1,399	) 	 	$	(556	) 	 	$	178	  	 	$	1,176	  	 	$	(910	) 	 	$	(8,621	) 	 	$	(848	) 	 	$	(1,128	) 	 	$	1,913	  	 	$	(988	) 
												
	 Add Back:
	  				 				 				 				 				 				 				 				 				 				 			
	 Income Tax Provision (Benefit)
	  	 	50	  	 	 	28	  	 	 	47	  	 	 	58	  	 	 	(717	) 	 	 	50	  	 	 	14	  	 	 	52	  	 	 	30	  	 	 	44	  	 	 	57	  
	 Depreciation & Amortization Included Above
	  	 	181	  	 	 	172	  	 	 	266	  	 	 	180	  	 	 	179	  	 	 	178	  	 	 	179	  	 	 	161	  	 	 	134	  	 	 	153	  	 	 	150	  
	 Net Interest Included Above
	  	 	439	  	 	 	295	  	 	 	1,005	  	 	 	1,290	  	 	 	823	  	 	 	1,181	  	 	 	1,559	  	 	 	(189	) 	 	 	854	  	 	 	877	  	 	 	957	  
	 Amortization Included Above
	  	 	147	  	 	 	146	  	 	 	148	  	 	 	147	  	 	 	146	  	 	 	147	  	 	 	147	  	 	 	146	  	 	 	147	  	 	 	147	  	 	 	146	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 EBITDA
	  	 	(685	) 	 	 	(758	) 	 	 	910	  	 	 	1,853	  	 	 	1,607	  	 	 	646	  	 	 	(6,722	) 	 	 	(678	) 	 	 	37	  	 	 	3,134	  	 	 	322	  
												
	 Non-cash FX loss (gain)
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Consol Interest - LC fees not included above
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Restructuring Fees
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Empower/Consulting/Bankruptcy professionals
	  	 	1,645	  	 	 	1,954	  	 	 	1,631	  	 	 	1,563	  	 	 	1,267	  	 	 	1,264	  	 	 	7,021	  	 	 	2,426	  	 	 	3,212	  	 	 	2,797	  	 	 	3,702	  
	 Loss (gain) from sale of Global Power Asia Ltd
	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 Stock Based Compensation
	  	 	49	  	 	 	49	  	 	 	133	  	 	 	49	  	 	 	49	  	 	 	132	  	 	 	49	  	 	 	49	  	 	 	132	  	 	 	49	  	 	 	49	  
		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Adjusted EBITDA
	  	$	1,009	  	 	$	1,245	  	 	$	2,674	  	 	$	3,465	  	 	$	2,923	  	 	$	2,042	  	 	$	348	  	 	$	1,797	  	 	$	3,381	  	 	$	5,980	  	 	$	4,073Amendment #2 to Credit Agreement

 Exhibit 10.3 

EXECUTION VERSION 

*** TEXT OMITTED AND 

FILED SEPARATELY 

CONFIDENTIAL TREATMENT 

REQUESTED 

AMENDMENT NO. 2 

TO 

CREDIT AGREEMENT 

THIS AMENDMENT NO. 2 TO CREDIT AGREEMENT (the “Amendment”), effective as of July 30, 2008, is made by and among
GLOBAL POWER EQUIPMENT GROUP INC., a corporation formed under the laws of Delaware (the “Company” or the “Borrower”), the other Credit Parties party hereto, the Lenders party hereto, MORGAN STANLEY SENIOR FUNDING,
INC., a corporation formed under the laws of Delaware, as lead arranger and bookrunner and as administrative agent for the Lenders (in such capacity, together with its successors and assigns, if any, the “Administrative Agent”),
MORGAN STANLEY & CO. INCORPORATED, a corporation formed under the laws of Delaware, as collateral agent for the Secured Parties (in such capacity, together with its successors and assigns, if any, the “Collateral Agent”),
THE CIT GROUP/BUSINESS CREDIT, INC. a corporation formed under the laws of Delaware, as syndication agent and as revolving agent for the Revolving Lenders (in such capacity, together with its successors and assigns, if any, the “Revolving
Agent”) and GENERAL ELECTRIC CAPITAL CORPORATION, a corporation formed under the laws of Delaware, as documentation agent (in such capacity, the “Documentation Agent”, together with the Administrative Agent and the
Collateral Agent, the “Agents”). 
 WHEREAS, the Borrower, the other Credit Parties party thereto, the Lenders
party thereto and the Agents are parties to that certain Credit Agreement, dated as of January 22, 2008 and as amended on April 24, 2008 (as it may be further amended, supplemented or otherwise modified, the “Credit
Agreement”), pursuant to which the Lenders and the Agents provide the Borrower with certain financial accommodations; and 

WHEREAS, the Credit Agreement shall be amended as set forth herein on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Credit Agreement. 
 2. Amendment to Credit Agreement. The Credit
Agreement is hereby amended as follows: 
 (a) Subsection 1.01(a)(i) is hereby deleted and replaced in its
entirety with the following: 
 (i) Twenty-five million Dollars ($25,000,000) or 

(b) Section 3.06(b) is hereby amended by deleting the last sentence thereof and replacing it with the following:
“The Unused Commitment Fee shall be non-refundable and paid monthly in arrears and on the date of the termination or expiration of the Revolving Commitments.” 

 (c) Section 3.06(c) is hereby deleted and replaced in its entirety with
the following: 
 (c) the Revolving Agent, for the account of the Revolving Lenders, a Letter of Credit fee in an amount equal
to the Letter of Credit Applicable Margin times the undrawn amount of all outstanding Letters of Credit, payable monthly in arrears and on the date of the termination or expiration of the Revolving Commitments; 

(d) Section 3.06(d) is hereby deleted and replaced in its entirety with the following: 

(d) to the Revolving Agent for the benefit of the L/C Issuer, (i) payable monthly upon notice from the Revolving Agent, an
additional fee equal to 0.32% per annum times the average aggregate face amount of all Letters of Credit issued and outstanding during such one-month period plus, (ii) payable monthly, applicable standard bank issuance and amendment
charges, not to exceed, for each Letter of Credit issuance or amendment, $500. 
 (e) Section 7.15(a) is
hereby deleted and replaced in its entirety with the following: 
 (a) No Credit Party shall have any Deposit Account (other
than the accounts listed on Schedule 5.01(t)(iii)), commodities account or Securities Account other than accounts subject to Control Agreements and the Credit Parties shall cause the Collateral Agent, on behalf of the Secured Parties, to have
a valid, perfected, first-priority security interest in such accounts (other than those accounts listed on Schedule 5.01(t)(iii)). The Credit Parties shall not permit the balance in the accounts listed on Schedule 5.01(t)(iii) to
exceed $500,000 at any time. 
 (f) Section 7.15(c) is hereby deleted and replaced in its entirety with the
following: 
 (c) Each Credit Party shall take all reasonable steps necessary from time to time to deposit or cause to be
deposited promptly all of its Collections (including those sent in cash or otherwise directly to any Credit Party) into an account subject to a Control Agreement (other than with respect to those accounts listed on Schedule 5.01(t)(iii)).

 (g) Section 8.01(m) is hereby deleted in its entirety. 

(h) Section 8.03 is hereby amended by (i) deleting the “and” at the end of clause (k) thereof,
(ii) deleting the period at the end of clause (l) thereof and replacing it with “; and” and (iii) inserting a new clause (m) at the end thereof which shall read as follows: 

“(m) Indebtedness of the Company and its Subsidiaries in an amount not to exceed $3,000,000.00 to be used to finance the renewal of
insurance coverage for itself and its domestic and foreign Subsidiaries under its existing insurance plans.” 
  

 2 

 (i) Section 9.01 is hereby amended by deleting the table therein in its
entirety and replacing it with the following: 
  

			
	 Measurement Period Ending
	  	Ratio
	 March 31, 2008
	  	3.00x
	 June 30, 2008
	  	2.50x
	 September 30, 2008
	  	3.00x
	 December 31, 2008
	  	3.00x
	 March 31, 2009
	  	3.00x
	 June 30, 2009
	  	3.25x
	 September 30, 2009
	  	3.50x
	 December 31, 2009
	  	3.75x
	 March 31, 2010
	  	3.75x
	 June 30, 2010
	  	3.50x
	 September 30, 2010
	  	3.25x
	 December 31, 2010
	  	3.00x
	 March 31, 2011
	  	3.00x
	 June 30, 2011
	  	2.75x
	 September 30, 2011
	  	2.75x
	 December 31, 2011
	  	2.50x
	 March 31, 2012
	  	2.50x
	 June 30, 2012
	  	2.25x
	 September 30, 2012, and each period thereafter
	  	2.00x

 (j)
Section 9.02 is hereby amended by deleting the table therein in its entirety and replacing it with the following: 
  

			
	 Measurement Period Ending
	  	Ratio
	 June 30, 2008
	  	2.00x
	 September 30, 2008
	  	1.75x
	 December 31, 2008
	  	1.75x
	 March 31, 2009
	  	1.75x
	 June 30, 2009
	  	1.60x
	 September 30, 2009
	  	1.50x
	 December 31, 2009
	  	1.40x
	 March 31, 2010
	  	1.45x
	 June 30, 2010
	  	1.50x
	 September 30, 2010
	  	1.55x
	 December 31, 2010
	  	1.60x

  

 3 

			
	 Measurement Period Ending
	  	Ratio
	 March 31, 2011
	  	1.60x
	 June 30, 2011
	  	1.70x
	 September 30, 2011
	  	1.70x
	 December 31, 2011
	  	1.80x
	 March 31, 2012
	  	1.80x
	 June 30, 2012
	  	1.90x
	 September 30, 2012
	  	1.90x
	 December 31, 2012, and each period thereafter
	  	2.00x

 (k)
Section 9.03 is hereby amended by deleting the table therein in its entirety and replacing it with the following: 
  

				
	 Fiscal Month Ending
	  	Minimum
Liquidity
	 January 31, 2008
	  	$	15,000,000
	 February 29, 2008
	  	$	15,000,000
	 March 31, 2008
	  	$	15,000,000
	 April 30, 2008
	  	$	15,000,000
	 May 31, 2008
	  	$	15,000,000
	 June 30, 2008
	  	$	15,000,000
	 July 31, 2008
	  	$	0
	 August 31, 2008
	  	$	0
	 September 30, 2008
	  	$	0
	 October 31, 2008
	  	$	0
	 November 30, 2008
	  	$	0
	 December 31, 2008
	  	$	0
	 January 31, 2009
	  	$	2,500,000
	 February 28, 2009
	  	$	2,500,000
	 March 31, 2009
	  	$	2,500,000
	 April 30, 2009
	  	$	5,000,000
	 May 31, 2009
	  	$	5,000,000
	 June 30, 2009
	  	$	5,000,000
	 July 31, 2009, and each period thereafter
	  	$	10,000,000

(l) Section 14.01 of the Credit Agreement is hereby amended by: 

(i) adding the following defined term in appropriate alphabetical order: 

“Letter of Credit Applicable Margin” means a percentage per annum equal to 2.75%. 

 

 4 

 (ii) deleting the defined term “Applicable Margin” in its
entirety and replacing it with the following: 
 “Applicable Margin” means a percentage per annum, as set forth
below: 
  

							
	 	  	Alternate Base
Rate Loan	 	 	LIBOR Rate Loan	 
	 Revolving Loans
	  	2.50	% 	 	3.50	% 
	 Term Loans
	  	6.50	% 	 	7.50	% 

 ; and

 (iii) deleting the defined term “Excluded Account” in its entirety. 

(iv) deleting the defined term “Interest Payment Date” in its entirety and replacing it with the following:

 “Interest Payment Date” means (i) for the Revolving Loans the last Business Day of each Fiscal Month
and (ii) for the Term Loans, the last Business Day of each Fiscal Quarter, in each case commencing on the first such date to occur after the Closing Date, and the Maturity Date; provided that, with respect to the amount of any Loan prepaid, the
Interest Payment Date shall be the date of such prepayment. 
 (m) The Schedules to the Credit Agreement are
hereby amended by: 
 (i) deleting the existing Schedule 5.01(t)(i) and inserting Schedule 5.01(t)(i) in the
form attached hereto as Exhibit A. 
 (ii) inserting Schedule 5.01(t)(iii) in the form attached hereto as
Exhibit B in appropriate numerical order. 
 3. Modification of Post-Closing Obligations. 

(a) The obligations set forth in Schedule 4.03 of the Credit Agreement are hereby modified as follows: 

(i) the obligation set forth in paragraph 1(e)(iii) of such Schedule is hereby waived, provided that in lieu of such
obligation, on or before the date falling 30 days after the date of this Amendment, the Credit Parties shall deliver to the Collateral Agent a stock certificate (and related stock power) representing 65% of the Capital Stock of Global Power
Equipment Group Inc. in Global Power Equipment Group (Hong Kong) Limited, the owner of 100% of the Capital Stock of Braden Power Equipment (Shanghai) Co. Ltd; and 

 

 5 

 (ii) the time to satisfy the obligation set forth in paragraph 1(e)(iii) of
such Schedule is hereby extended to the date falling 30 days after the date of this Amendment, 
 it being agreed
and understood that the provisions of paragraphs 2, 3 and 4 of such Schedule shall apply to the above obligations, as if such obligations were set forth in such Schedule. 

4. Conditions Precedent. The amendments set forth in Section 2 above shall become effective as of July
    , 2008, but only once each of the following conditions is satisfied: 
 (a) (i) the
Administrative Agent shall have received an amendment fee in an amount equal to $250,000, (ii) the Term Lenders shall, in aggregate have received an amendment fee in an amount equal to $437,500, (iii) the Revolving Lenders shall, in
aggregate have received an amendment fee in an amount equal to $150,000, and (iv) the Borrower shall have paid all other Participating Lender Expenses required to be paid under the Loan Documents; 

(b) the Administrative Agent shall have received this Amendment, duly executed by the Required Lenders, Administrative
Agent, Revolving Agent and Borrower, and the same shall be in full force and effect; 
 (c) The representations
and warranties in this Amendment, the Credit Agreement, as amended by this Amendment, and the other Loan Documents shall be true and correct in all material respects on and as of the date hereof, as though made on such date (except to the extent
such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); 

(d) After giving effect to this Amendment, no Default, Event of Default or event that, with the giving of notice or
passage of time, would constitute an Event of Default shall have occurred and be continuing on the date hereof, nor shall result from the consummation of the transactions contemplated herein; and 

(e) No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the
consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority against Borrower, any Guarantor or any Lender. 

5. Representations and Warranties. Borrower hereby represents and warrants as follows: 

(a) This Amendment and the Credit Agreement, as amended hereby, constitute legal, valid and binding obligations of
Borrower and are enforceable against Borrower in accordance with their respective terms. 
  

 6 

 (b) The Borrower has the legal power and authority to execute and deliver
this Amendment. 
 (c) The officers executing this Amendment have been duly authorized to execute and deliver the
same and bind the Borrower with respect to the provisions hereof. 
 (d) The execution and delivery of this
Amendment by the Borrower and the performance and observance by the Borrower of the provisions hereof do not violate or conflict with the organizational documents of the Borrower or any law applicable to the Borrower or result in a breach of any
provisions of or constitute a default under any other agreement, instrument or document binding upon or enforceable against the Borrower. 

(e) No Event of Default or Default has occurred and is continuing (save as contemplated in Section 3 above) or would
exist after giving effect to this Amendment. 
 6. Effect on the Credit Agreement. 

(a) Except as specifically amended herein, the Credit Agreement, and all other documents, instruments and agreements
executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 

(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or
remedy of any Lender or the Agents, or constitute a waiver of any provision of the Credit Agreement, or any other documents, instruments or agreements executed and/or delivered under or in connection therewith. 

7. Governing Law. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns and shall be construed in accordance with and governed by the law of the State of New York, without regard to principles of conflicts of law (other than Section 5-1401 of the General Obligations Law of the State of New
York). 
 8. Captions. The captions herein are included for convenience of reference only and shall be ignored in the
construction or interpretation hereof 
 9. Counterparts; Effectiveness. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument; provided no party shall be bound unless and until the parties hereto have each signed a counterpart
hereof. Facsimile transmissions of any executed original documents and/or retransmission of any executed facsimile transmission shall be deemed to be the same as the delivery of an executed original. At the written request of any party hereto, the
other parties hereto shall confirm facsimile transmissions by executing duplicate original documents and delivering the same to the requesting party or parties. 
  

 7 

 [Remainder of Page Intentionally Left Blank] 

 

 8 

 IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the day
and year first above written. 
  

					
	 GLOBAL POWER EQUIPMENT GROUP

INC., a Delaware corporation, as Borrower

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	President and Chief Executive Officer
	
	 DELTAK CONSTRUCTION SERVICES, INC.,

a Wisconsin corporation, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Director
	
	 DELTAK, L.L.C., A Delaware limited liability

company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Director
	
	 BRADEN CONSTRUCTION SERVICES, INC.,

A Delaware corporation, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Director
	
	 BRADEN MANUFACTURING L.L.C., A

Delaware limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Director

  

 [SIGNATURE PAGE – AMENDMENT NO. 2 TO CREDIT AGREEMENT] 

					
	 GLOBAL POWER PROFESSIONAL

SERVICES, L.L.C., A Delaware limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Manager
	
	 WILLIAMS INDUSTRIAL SERVICES

GROUP, L.L.C., a Delaware limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Manager
	
	 WILLIAMS INDUSTRIAL SERVICES, LLC, a

Georgia limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	David Willis
		 	Title:	 	Manager
	
	 WILLIAMS SPECIALTY SERVICES, LLC, a

Georgia limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Manager
	
	 WILLIAMS PLANT SERVICES, LLC, a

Georgia limited liability company, as a Guarantor

		
	By:	 	
 

		 	Name:	 	John M. Matheson
		 	Title:	 	Manager

  

 [SIGNATURE PAGE – AMENDMENT NO. 2 TO CREDIT AGREEMENT] 

 Exhibit A 

Schedule 5.01(t)(i) 

Cash Management Banks / Location of Existing Bank Accounts 

Schedule 5.01(t)(i) 
  

					
	 Global Power Equipment Group Inc.:
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Wells Fargo	  	Master account	  	***
	Wells Fargo	  	A/P account	  	***
			
	 Braden Manufacturing, L.L.C.:
	  		  	
			
	 Rank
	  	 Account Description
	  	 Account Number

	Wells Fargo	  	Master account	  	***
	Wells Fargo	  	A/P account	  	***
	Wells Fargo	  	Payroll	  	***
			
	 Deltak, L.L.C.:
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Wells Fargo	  	Master account	  	***
	Wells Fargo	  	A/P account	  	***
	Wells Fargo	  	Payroll	  	***
			
	 Deltak Construction Services, Inc.
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Wells Fargo	  	A/P account	  	***
	Wells Fargo	  	Payroll	  	***
		
	 Williams Industrial Services Group, L.L.C.:
	  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Bank of America	  	Escrow Account	  	***
	Bank of America	  	Concentration Account	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Depository / Lockbox	  	***
			
	 Williams Industrial Services, LLC
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
			
	 Williams Specialty Services, LLC
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Depository / Lockbox	  	***
			
	 Williams Plant Services, LLC
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Depository / Lockbox	  	***

*** TEXT OMITTED AND FILED SEPARATELY 

CONFIDENTIAL TREATMENT REQUESTED 

 Exhibit B 

Schedule 5.01(t)(iii) 

Accounts Not Subject to Control Agreements 
  

					
	 Williams Industrial Services Group, L.L.C.:
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
			
	 Williams Industrial Services, LLC
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
			
	 Williams Specialty Services, LLC
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
			
	 Williams Plant Services, LLC
	  		  	
			
	 Bank
	  	 Account Description
	  	 Account Number

	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***
	Bank of America	  	Disbursement	  	***

 *** TEXT OMITTED AND FILED
SEPARATELY 
 CONFIDENTIAL TREATMENT REQUESTED

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