Document:

Exhibit 10.2

 

FORM
OF INDEMNIFICATION AGREEMENT

 

This
Indemnification Agreement (“Agreement”) is made as of ________, by and between Nesco Holdings, Inc., a Delaware corporation
(the “Company”) and __________ (“Indemnitee” and, together with the Company, the “Parties”).

 

RECITALS:

 

WHEREAS,
managers, directors, officers and other persons in service to corporations and other business enterprises are subjected to expensive
and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against
the Company or the business enterprise itself;

 

WHEREAS,
highly competent persons have become more reluctant to serve as managers, directors, officers or in other capacities unless they
are provided with adequate protection through insurance and adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the business enterprise;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that the increased difficulty in attracting and
retaining such persons is detrimental to the best interests of the Company and its shareholders, and that the Company should act
to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS,
the Bylaws of the Company (as they may be amended, the “Bylaws”) expressly require that the Company indemnify its
directors and officers, and empowers the Company to indemnify its employees and agents, as authorized by the Delaware General
Corporation Law, as amended (the “DGCL”), under which the Company is organized and such Bylaws expressly provide that
the indemnification provisions set forth therein are not exclusive and thereby contemplate that contracts may be entered into
between the Company and directors, officers and other persons with respect to indemnification;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the protections provided in applicable law, the Bylaws and any resolutions
adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder; and

 

WHEREAS,
(i) Indemnitee does not regard the protection available under the Bylaws, the Company’s other governing documents, and available
insurance as adequate in the present circumstances, (ii) the Company has determined that Indemnitee may not be willing to serve
or continue to serve as a director, manager, officer, employee, fiduciary or agent of the Company or its Affiliates without adequate
protection, (iii) the Company desires and has requested Indemnitee to serve or continue to serve as a director, manager, officer,
employee, fiduciary or agent of the Company or its Affiliates , as the case may be, and has proffered this Agreement to Indemnitee
as additional inducement to serve in such capacity, and (iv) Indemnitee is willing to serve, or continue to serve, as a director,
manager, officer, employee, fiduciary or agent of the Company or its Affiliates, as the case may be, on the condition that he
or she be furnished the indemnity provided for herein by the Company.

 

    

     

    

 

AGREEMENT:

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Parties do hereby covenant and agree as follows:

 

Section
1 Definitions.

 

(a) As
used in this Agreement:

 

“Affiliate”
of any specified Person shall mean any other Person directly or indirectly controlling, controlled by or under common control
with such specified Person.

 

“Agreement”
shall have the meaning set forth in the preamble.

 

“Board”
shall have the meaning set forth in the recitals.

 

“Bylaws”
shall have the meaning set forth in the recitals.

 

“Company”
shall have the meaning set forth in the preamble.

 

“Corporate
Status” describes the status of a person who is or was a Director, officer, employee, partner, trustee, member, fiduciary
or agent of the Indemnitor or any Enterprise.

 

“Director”
shall mean, with respect to a corporation, a member of a board of directors or, with respect to, a limited liability company or
partnership, a member of the board of managers or similar board.

 

“Disinterested
Director” shall mean a Director of Indemnitor who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

“Effectiveness
Date” shall have the meaning set forth in the recitals.

 

“Enterprise”
shall mean Indemnitor or any Affiliate of Indemnitor and any other corporation, limited liability company, partnership (general
or limited), joint venture, trust, employee benefit plan, company, foundation, association, organization or other legal enterprise
of which Indemnitee is or was serving at the request of Indemnitor as a Director, officer, employee, fiduciary or agent.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

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“Expenses”
shall mean all reasonable costs, expenses, fees and charges, including, without limitation, all attorneys’ fees and costs,
disbursements and retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, and all other fees, disbursements or expenses of
the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being
or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include, without limitation,
(i) expenses incurred in connection with any appeal resulting from, incurred by Indemnitee in connection with, arising out of,
or in respect of or relating to, any Proceeding, including, without limitation, the premium, security for, and other costs relating
to any cost bond, supersedes bond, injunction bond, appraisal bond, or other appeal bond or its equivalent, (ii) for purposes
of Section 12(d) hereof only, expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of
Indemnitee’s rights under this Agreement, by litigation or otherwise, (iii) any federal, state, local or foreign taxes imposed
on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, and (iv) any interest, assessments
or other charges in respect of the foregoing. Notwithstanding anything to the contrary in this Agreement, “Expenses”
shall not include either (x) “Liabilities” or (y) with respect to Indemnitee, amounts paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee.

 

“Governing
Documents” shall mean the governing documents of an Enterprise, including a limited liability company agreement, partnership
agreement, certificate of incorporation, bylaws or any other similar document.

 

“Indemnitor”
shall mean the Company.

 

“Indemnity
Obligations” shall mean all obligations of Indemnitor to Indemnitee under this Agreement, including Indemnitor’s obligations
to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

 

“Independent
Counsel” shall mean a law firm of fifty (50) or more attorneys, or a member or partner of, or person of equivalent seniority
in a law firm of fifty (50) or more attorneys, that is experienced in matters of corporation and limited liability company law
and neither presently is, nor in the past five (5) years has been, retained to represent: (i) Indemnitor or Indemnitee in any
matter material to either such Party (other than with respect to matters concerning Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder; provided, however, that the term “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either
Indemnitor or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

“Liabilities”
shall mean all claims, liabilities, damages, losses, judgments, orders, fines, penalties and other amounts payable in connection
with, arising out of, or in respect of or relating to any Proceeding, including, without limitation, amounts paid in settlement
in any Proceeding and all costs and expenses in complying with any judgment, order or decree issued or entered in connection with
any Proceeding or any settlement agreement, stipulation or consent decree entered into or issued in settlement of any Proceeding.

 

“Parties”
shall have the meaning set forth in the preamble.

 

“Person”
shall mean any individual, corporation, partnership, limited partnership, limited liability company, trust, governmental agency
or body or any other legal entity.

 

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“Proceeding”
shall mean any threatened, pending or completed action, completed or reasonably likely claim, government, regulatory and self-regulatory
action, suit, arbitration, mediation, alternate dispute resolution mechanism, formal or informal hearing, inquiry or investigation
(including any internal investigation), litigation, inquiry, administrative hearing, appeal or any other actual, pending threatened
or completed judicial, administrative or arbitration proceeding (including, without limitation, any such proceeding under the
Securities Act of 1933, as amended, or the Exchange Act or any other federal law, state law, statute or regulation), whether brought
in the right of Indemnitor or any Affiliate thereof or otherwise, and whether of a civil (including intentional or unintentional
tort claims), criminal, administrative, arbitrative or investigative nature, in each case, in or to which Indemnitee was, is,
may or will be, or is threatened to become subject or, involved, directly or indirectly, as a party, potential party, non-party
witness or otherwise by reason of Indemnitee’s Corporate Status or otherwise in connection with or by reason of Indemnitee’s
involvement with Indemnitor or any Affiliate of Indemnitor, by reason of any actual or alleged action taken by Indemnitee (or
failure to take action by Indemnitee) or of any action or failure to take action on Indemnitee’s part while acting in his
or her Corporate Status, or by reason of the fact that he is or was serving at the request of Indemnitor or any Affiliate thereof
as a Director, officer, trustee, general partner, managing member, employee, fiduciary or agent of another corporation, limited
liability company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity
at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement may be sought as provided
under this Agreement.

 

“Spousal
Equivalent” shall mean a person who meets the following conditions: (i) irrespective of whether or not the relevant person
and the Spousal Equivalent are the same sex, they are the sole spousal equivalent of the other for the last 12 months, (ii) they
intend to remain so indefinitely, (iii) neither are married to anyone else, (iv) both are at least 18 years of age and mentally
competent to consent to contract, (v) they are not related by blood to a degree of closeness that would prohibit legal marriage
in the state in which they legally reside, (vi) they are jointly responsible for each other’s common welfare and financial
obligations, and (vii) they have resided together in the same residence for the last 12 months and intend to do so indefinitely.

 

(b) For
the purpose hereof, references to “fines” shall include any excise tax assessed with respect to any employee benefit
plan; references to “serving at the request of Indemnitor” shall include any service as a Director, officer, employee,
fiduciary or agent of Indemnitor or any enterprise which imposes duties on, or involves services by, such Director, officer, employee,
fiduciary or agent with respect to an employee benefit plan, its participants or beneficiaries; and a Person who acted in good
faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee
benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of Indemnitor” as referred
to in this Agreement.

 

Section
2 Indemnity in Third-Party Proceedings. Subject to Section 7 below, Indemnitor shall indemnify and hold harmless Indemnitee
(including Indemnitee’s spouse or Spousal Equivalent) to the maximum extent permitted by applicable law, from and against
any and all Liabilities and Expenses (including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses and Liabilities) suffered or reasonably incurred (and, in the case of retainers, reasonably expected
to be incurred) by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding (other than any Proceeding brought
by or in the right of Indemnitor to procure a judgment in its favor), or any claim, issue or matter therein, if Indemnitee acted
in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and,
in the case of a criminal proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

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Section
3 Indemnity in Proceedings by or in the Right of Indemnitor. Subject to Section 7 below, Indemnitor shall indemnify and
hold harmless Indemnitee, to the maximum extent permitted by applicable law, from and against any and all Expenses (including
all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses) suffered or incurred
(and, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s behalf in connection
with any Proceeding brought by or in the right of Indemnitor to procure a judgment in its favor, or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company; provided, however no indemnification for Expenses shall be made under this Section 3 in
respect of any claim, issue or matter between Indemnitor on the one hand and Indemnitee on the other hand as to which Indemnitee
shall have been finally adjudged by a court of competent jurisdiction to be liable to Indemnitor, unless and only to the extent
that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to
such indemnification.

 

Section
4 Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this
Agreement, and without limiting the rights of Indemnitee under any other provision hereof, including any rights to indemnification
pursuant to Sections 2 or 3 hereof, to the maximum extent permitted by applicable law, to the extent that Indemnitee is successful,
on the merits or otherwise, in defense of any Proceeding or any claim, issue or matter therein, in whole or in part, Indemnitor
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf
in connection with each successfully resolved Proceeding, claim, issue or matter. For purposes of this Section 4 and without limitation,
the termination of any Proceeding or claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall
be deemed to be a successful result as to such claim, issue or matter.

 

Section
5 Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the maximum extent
permitted by applicable law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status or otherwise
in connection with or by reason of Indemnitee’s involvement with Indemnitor or any Affiliate of Indemnitor, a witness or
otherwise a participant in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses
suffered or incurred (or, in the case of retainers, reasonably expected to be incurred) by Indemnitee or on Indemnitee’s
behalf in connection therewith.

 

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Section
6 Additional Indemnification. Notwithstanding any limitation in Sections 2, 3 or 4 hereof, Indemnitor shall indemnify Indemnitee
to the maximum extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to or a participant
in any Proceeding (including a Proceeding by or in the right of Indemnitor to procure a judgment in its favor) against all Expenses
suffered or reasonably incurred by Indemnitee in connection with such Proceeding, including but not limited to:

 

(a) the
fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL; and

 

(b) the
fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a limited liability company or a corporation, as applicable, may indemnify its officers and
Directors.

 

Section
7 Exclusions. Notwithstanding any provision in this Agreement, Indemnitor shall not be obligated under this Agreement to
indemnify or hold harmless Indemnitee in connection with any Proceeding (or any part of any Proceeding):

 

(a) for
which payment has actually been made to or on behalf of Indemnitee under any statute, indemnity, insurance policy, vote or otherwise,
except with respect to any excess beyond the amount paid, subject to any subrogation rights set forth in Section 13;

 

(b) for
a disgorgement or accounting of profits made pursuant to Section 16(b) of the Exchange Act or similar provisions of federal, state
or local statutory law or common law, if Indemnitee is held liable therefor (including pursuant to any settlement arrangements);

 

(c) except
as provided in Section 12(d) of this Agreement, initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against Indemnitor or its Directors, officers, employees, agents or other indemnitees, unless (i) the
Board authorized the Proceeding (or the relevant part of any Proceeding) prior to its initiation; (ii) Indemnitor provides the
indemnification, in its sole discretion, pursuant to the powers vested in Indemnitor under applicable law; (iii) such Proceeding
is being brought by Indemnitee to assert, interpret or enforce Indemnitee’s rights under this Agreement (for the avoidance
of doubt, Indemnitee shall not be deemed, for purposes of this subsection, to have initiated or brought any claim by reason of
(A) having asserted any affirmative defenses in connection with a claim not initiated by Indemnitee or (B) having made any counterclaim
(whether permissive or mandatory) in connection with any claim not initiated by Indemnitee); or (iv) otherwise required by applicable
law;

 

(d) if
a final, non-appealable decision by a court of competent jurisdiction in the matter shall determine that such indemnification
is not lawful; or

 

(e) for
any claim, issue or matter as to which Indemnitee shall have (i) entered a plea of guilty or nolo contendere to a felony or (ii)
received a final, non-appealable judgment or verdict of guilty or its equivalent in any criminal proceeding.

 

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Section
8 Advancement. Indemnitor shall advance, to the maximum extent not prohibited by applicable law, the Expenses reasonably
incurred by Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee (other than
pursuant to Section 7(c)(iii) or any Proceeding initiated by Indemnitee with the prior approval of the Board as provided in Section
7(c)), and such advancement shall be made within thirty (30) days after the receipt by Indemnitor of a statement or statements
requesting such advances from time to time (which shall include invoices received by Indemnitee in connection with such Expenses
but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made
that would cause Indemnitee to waive any privilege accorded by applicable law shall not be required to be included with the invoice),
whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be
made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement
to indemnification under the other provisions of this Agreement or otherwise than under this Agreement. Advances shall include
any and all Expenses reasonably incurred pursuing an action to enforce this right of advancement, including Expenses incurred
preparing and forwarding statements to Indemnitor to support the advances claimed. Indemnitee shall qualify for advances upon
the execution and delivery to Indemnitor of this Agreement, which shall hereby constitute an undertaking providing that Indemnitee
undertakes to repay any and all amounts advanced to the extent that it is ultimately determined by final judicial decision from
which there is no further right to appeal that Indemnitee is not entitled to be indemnified by Indemnitor under the terms of this
Agreement, and no other form of undertaking shall be required other than the execution of this Agreement. Nothing in this Section
8 shall limit Indemnitee’s right to advancement pursuant to Section 12(d) of this Agreement. This Section 8 shall not apply
to any claim made by Indemnitee for which indemnification of Expenses is excluded pursuant to Section 7 hereof.

 

Section
9 Procedure for Notification and Defense of Claim.

 

(a) Indemnitee
shall promptly notify Indemnitor in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification
hereunder following the receipt by Indemnitee of written notice thereof. The written notification to Indemnitor shall include
a description of the nature of the Proceeding and, to the extent known, the facts underlying the Proceeding. To obtain indemnification
under this Agreement, Indemnitee shall submit to Indemnitor a written request, including therein or therewith such documentation
and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee
is entitled to indemnification following the final disposition of a Proceeding. Any delay or failure by Indemnitee to notify Indemnitor
hereunder will not relieve Indemnitor from any liability which it may have to Indemnitee hereunder or otherwise than under this
Agreement, and any delay or failure in so notifying Indemnitor shall not constitute a waiver by Indemnitee of any rights under
this Agreement. The Secretary of Indemnitor shall, promptly upon receipt of such a request for indemnification, advise the Board
in writing that Indemnitee has requested indemnification.

 

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(b) In
the event Indemnitee is entitled to indemnification and/or advancement of Expenses with respect to any Proceeding, Indemnitee
may, at Indemnitee’s option, (i) retain counsel (including local counsel) selected by Indemnitee and approved (which approval
shall not be unreasonably withheld, conditioned or delayed) by Indemnitor to defend Indemnitee in such Proceeding, at the sole
expense of Indemnitor, or (ii) have Indemnitor assume the defense of Indemnitee in such Proceeding, in which case Indemnitor shall
assume the defense of such Proceeding with counsel selected by Indemnitor and approved by Indemnitee (which approval shall not
be unreasonably withheld, conditioned or delayed) within ten (10) days of Indemnitor’s receipt of written notice of Indemnitee’s
election to cause Indemnitor to do so. If Indemnitor is required to assume the defense of any such Proceeding, it shall engage
legal counsel (including local counsel) for such defense, and Indemnitor shall be solely responsible for all fees and expenses
of such counsel and otherwise of such defense. Such counsel may represent both Indemnitee and Indemnitor (and any other party
or parties entitled to be indemnified by Indemnitor with respect to such matter) unless, in the reasonable opinion of counsel
to Indemnitee, joint representation of all such parties could give rise to a conflict of interest between Indemnitee and Indemnitor
(or any other such party or parties) or there may be legal defenses available to Indemnitee that are not available to Indemnitor
(or any such other party or parties). Notwithstanding a Party’s assumption of responsibility for defense of a Proceeding,
each Party shall have the right to engage separate counsel at its own expense. If Indemnitor has responsibility for defense of
a Proceeding, Indemnitor shall provide the Indemnitee and its counsel with all copies of pleadings and material correspondence
relating to the Proceeding. Indemnitee and Indemnitor shall reasonably cooperate in the defense of any Proceeding with respect
to which indemnification is sought hereunder, regardless of whether Indemnitor or Indemnitee assumes the defense thereof. Indemnitee
may not settle or compromise any Proceeding without the prior written consent of Indemnitor, which consent shall not be unreasonably
withheld, conditioned or delayed. Indemnitor may not settle or compromise any Proceeding without the prior written consent of
Indemnitee.

 

Section
10 Procedure Upon Application for Indemnification.

 

(a) Upon
written request by Indemnitee for indemnification pursuant to Section 9(a) hereof, if any determination by Indemnitor is required
by applicable law with respect to Indemnitee’s entitlement thereto, such determination shall be made (i) if Indemnitee shall
request such determination be made by Independent Counsel, by Independent Counsel, and (ii) in all other circumstances, (A) by
a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested
Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there
are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to Indemnitee, or (D) if so directed by the Board, by the members or stockholders
of Indemnitor; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and
which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Expenses incurred by Indemnitee
in so cooperating with the person, persons or entity making such determination shall be borne by Indemnitor (irrespective of the
determination as to Indemnitee’s entitlement to indemnification) and Indemnitor hereby indemnifies and agrees to hold Indemnitee
harmless therefrom and agrees to pay such Expenses as they are incurred. Indemnitor will not deny any written request for indemnification
hereunder made in good faith by Indemnitee unless a determination as to Indemnitee’s entitlement to such indemnification
described in this Section 10(a) has been made. Indemnitor agrees to pay the reasonable fees and expenses of the Independent Counsel
referred to above and to fully indemnify such counsel against any and all Liabilities and Expenses arising out of or relating
to this Agreement or its engagement pursuant hereto.

 

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(b) In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(a) hereof,
(i) the Independent Counsel shall be selected by Indemnitor within ten (10) days of the Submission Date (the cost of such Independent
Counsel to be paid by Indemnitor), (ii) Indemnitor shall give written notice to Indemnitee advising it of the identity of the
Independent Counsel so selected and (iii) Indemnitee may, within ten (10) days after such written notice of selection shall have
been given, deliver to Indemnitor Indemnitee’s written objection to such selection. Such objection by Indemnitee may be
asserted only on the ground that the Independent Counsel selected does not meet the requirements of “Independent Counsel”
as defined in this Agreement. If such written objection is made, the Independent Counsel selected shall not serve as Independent
Counsel unless and until Indemnitee withdraws the objection or a court has determined that such objection is without merit. Absent
a timely objection, the person so selected shall act as Independent Counsel. If no Independent Counsel shall have been selected
and not objected to before the later of (i) thirty (30) days after the later of submission by Indemnitee of a written request
for indemnification pursuant to Section 10(a) hereof (the “Submission Date”) and (ii) ten (10) days after the final
disposition of the Proceeding, each of Indemnitor and Indemnitee shall select a law firm or member of a law firm meeting the qualifications
to serve as Independent Counsel, and such law firms or members of law firms shall select the Independent Counsel. Upon the due
commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, Independent Counsel shall
be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

Section
11 Presumptions and Effect of Certain Proceedings.

 

(a) In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall, to the fullest extent not prohibited by applicable law, presume that Indemnitee is entitled to indemnification under this
Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and Indemnitor
shall, to the fullest extent not prohibited by applicable law, have the burden of proof to overcome that presumption by clear
and convincing evidence in connection with the making by any person, persons or entity of any determination contrary to that presumption.
Neither (i) the failure of Indemnitor (including by its Directors, the Board, any committee or subgroup of the Board, Independent
Counsel or stockholders) to have made a determination that indemnification is proper in the circumstances because Indemnitee has
met the applicable standard of conduct, nor (ii) an actual determination by Indemnitor (including by its Directors, the Board,
any committee or subgroup of the Board, Independent Counsel or stockholders) that Indemnitee has not met such applicable standard
of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

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(b) Subject
to Section 12(e) hereof, if the person, persons or entity empowered or selected under Section 10 of this Agreement to determine
whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by
Indemnitor of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent
not prohibited by applicable law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed
an additional thirty (30) days, if (i) the determination is to be made by Independent Counsel and Indemnitee objects to Indemnitor’s
selection of Independent Counsel and (ii) the Independent Counsel ultimately selected requires such additional time for the obtaining
or evaluating of documentation or information relating thereto; provided further, however, that such 60-day period
may also be extended for a reasonable time, not to exceed an additional sixty (60) days, if the determination of entitlement to
indemnification is to be made by the members or stockholders of Indemnitor.

 

(c) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification under this Agreement or create a presumption that Indemnitee did not act in
good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of Indemnitor or, with respect
to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(d) For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee relied in good
faith on (i) the records or books of account of the Enterprise, including financial statements, (ii) information supplied to Indemnitee
by the officers of the Enterprise in the course of their duties, (iii) the advice of legal counsel for the Enterprise, or its
board of directors or counsel selected by any committee of the board of directors, (iv) information or records given or reports
made to the Enterprise by an independent certified public accountant, appraiser, investment banker or other expert selected with
reasonable care by the Enterprise or its board of directors or any committee thereof or (v) if the Indemnitee has met any other
related standard set forth in the Governing Documents. The provisions of this Section 11(d) shall not be deemed to be exclusive
or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct
set forth in this Agreement or otherwise.

 

(e) The
knowledge or actions, or failure to act, of any Director, officer, employee or agent of the Enterprise shall not be imputed to
Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

    10

     

    

 

Section
12 Remedies of Indemnitee.

 

(a) Subject
to Section 12(e) hereof, in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement is not timely made pursuant to Section 8 or 12(d) of
this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(a) of this
Agreement within sixty (60) days after the later of receipt by Indemnitor of the request for indemnification or the final disposition
of the Proceeding, (iv) payment of indemnification pursuant to this Agreement is not made (A) within thirty days after a determination
has been made that Indemnitee is entitled to indemnification or (B) pursuant to Sections 4 or 5 or the last sentence of Section
10(a) of this Agreement within ten (10) days after receipt by Indemnitor of a written request therefor, (v) payment of indemnification
pursuant to Sections 2, 3 or 6 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee
is entitled to indemnification, or (vi) in the event that Indemnitor or any other Person takes or threatens to take any action
to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny,
or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled
to an adjudication by the Delaware Court of Chancery of Indemnitee’s entitlement to such indemnification or advancement.
Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration with respect to his or her entitlement
to such indemnification or advancement of Expenses, to be conducted by a single arbitrator pursuant to the Commercial Arbitration
Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in
arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to
this Section 12(a). Indemnitor shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b) In
the event that a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects
as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
In any judicial proceeding or arbitration commenced pursuant to this Section 12 Indemnitor shall, to the fullest extent not prohibited
by law, have the burden of proving Indemnitee is not entitled to indemnification or advancement, as the case may be.

 

(c) If
a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to indemnification,
Indemnitor shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d) Indemnitor
shall, to the fullest extent not prohibited by applicable law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable
and shall stipulate in any such court or before any such arbitrator that Indemnitor is bound by all the provisions of this Agreement.
It is the intent of Indemnitor that Indemnitee not be required to incur Expenses associated with the interpretation, enforcement
or defense of Indemnitee’s rights under this Agreement (or under any directors’ and officers’ liability insurance
policies maintained by Indemnitor or any Affiliate of Indemnitor) by litigation or otherwise because the cost and expense thereof
would substantially detract from the benefits intended to be extended to Indemnitee hereunder. Indemnitor shall indemnify Indemnitee
against any and all such Expenses and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event
no later than within thirty (30) days after receipt by Indemnitor of a written request therefor) advance, to the maximum extent
not prohibited by applicable law, such Expenses to Indemnitee, as they are incurred by Indemnitee in connection with any action
brought by Indemnitee for indemnification or advancement from Indemnitor under this Agreement or under any directors’ and
officers’ liability insurance policies maintained by Indemnitor or any Affiliate of Indemnitor, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, advancement or insurance recovery, as the case may be.

 

    11

     

    

 

(e) Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding, including any appeal thereof; provided that, for
the avoidance of doubt, in the absence of any such determination as to indemnification prior to the final disposition of such
Proceeding, Indemnitor shall advance Expenses as they are incurred with respect to such Proceeding.

 

Section
13 Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a) The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under applicable law, Indemnitor’s Governing Documents,
any agreement, a vote of members or stockholders or a resolution of Directors, or otherwise. No amendment, alteration or repeal
of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of
any action taken or omitted by such Indemnitee by reason of Indemnitee’s Corporate Status prior to such amendment, alteration
or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification
or advancement than would be afforded currently under Indemnitor’s Governing Documents or this Agreement, it is the intent
of the Parties that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy
herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy.

 

    12

     

    

 

(b) Indemnitor
hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and insurance provided
by one or more Persons with whom or which Indemnitee may be associated. To the extent not in contravention of any insurance policy
or policies providing liability or other insurance for the Company or any director, trustee, general partner, managing member,
officer, employee, agent or fiduciary of the Company or any other Enterprise, Indemnitor hereby acknowledges and agrees that (i)
Indemnitor shall be the indemnitor of first resort with respect to any Proceeding, Expense, Liability or matter that is the subject
of the Indemnity Obligations, (ii) Indemnitor shall be primarily liable for all Indemnity Obligations and any indemnification
afforded to Indemnitee in respect of any Proceeding, Expense, Liability or matter that is the subject of Indemnity Obligations,
whether created by applicable law, organizational or constituent documents, contract (including this Agreement) or otherwise,
(iii) any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee or advance Expenses
or Liabilities to Indemnitee in respect of any Proceeding shall be secondary to the obligations of Indemnitor hereunder, (iv)
Indemnitor shall be required to indemnify Indemnitee and advance Expenses or Liabilities to Indemnitee hereunder to the fullest
extent provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee
may be associated or insurer of any such Person and (v) Indemnitor irrevocably waives, relinquishes and releases any other Person
with whom or which Indemnitee may be associated from any claim of contribution, subrogation or any other recovery of any kind
in respect of amounts paid by Indemnitor hereunder. In the event any other Person with whom or which Indemnitee may be associated
or their insurers advances or extinguishes any liability or loss which is the subject of any Indemnity Obligation owed by Indemnitor
or payable under any Company insurance policy, the payor shall have a right of subrogation against Indemnitor or its insurer or
insurers for all amounts so paid which would otherwise be payable by Indemnitor or its insurer or insurers under this Agreement.
In no event will payment of an Indemnity Obligation by any other Person with whom or which Indemnitee may be associated or their
insurers affect the obligations of Indemnitor hereunder or shift primary liability for any Indemnity Obligation to any other Person
with whom or which Indemnitee may be associated. Any indemnification, insurance or advancement provided by any other Person with
whom or which Indemnitee may be associated with respect to any Liability arising as a result of Indemnitee’s Corporate Status
or capacity as an officer or Director of any Person is specifically in excess over any Indemnity Obligation of Indemnitor or any
collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance)
provided by Indemnitor under this Agreement. The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise
actually received payment for such amounts under any insurance policy, contract, agreement or otherwise, subject to any subrogation
right set forth in this Section 13.

 

(c) To
the extent that Indemnitor maintains an insurance policy or policies providing liability insurance for Directors, officers, trustees,
general partners, managing members, employees, fiduciaries, or agents of Indemnitor or of any other Enterprise, Indemnitee shall
be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for
any such Director, officer, trustee, general partner, managing member, employee, fiduciary or agent under such policy or policies
and such policies shall provide for and recognize that the insurance policies are primary to any rights to indemnification, advancement
or insurance proceeds to which Indemnitee may be entitled from one or more Persons with whom or which Indemnitee may be associated
to the same extent as Indemnitor’s indemnification and advancement obligations set forth in this Agreement. If, at the time
of the receipt of a notice of a claim pursuant to the terms hereof, Indemnitor has director and officer liability insurance in
effect, Indemnitor shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures
set forth in the respective policies. Indemnitor shall thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

    13

     

    

 

(d)
In the event of any payment under this Agreement, Indemnitor shall not be subrogated to the rights of recovery of Indemnitee,
including rights of indemnification provided to Indemnitee from any other person or entity with whom Indemnitee may be associated;
provided, however, that Indemnitor shall be subrogated to the extent of any such payment of all rights of recovery
of Indemnitee under insurance policies of Indemnitor or any of its subsidiaries.

 

(e)
The indemnification and contribution provided for in this Agreement will remain in full force and effect regardless of any investigation
made by or on behalf of Indemnitee.

 

Section
14 Duration of Agreement; Not Employment Contract. This Agreement shall continue until and terminate upon the latest of:
(a) ten (10) years after the date that Indemnitee shall have ceased to serve as a Director, officer, employee, fiduciary or agent
of Indemnitor or any other Enterprise and (b) for so long as any Proceeding, including any appeal thereof, is pending in respect
of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding, including any appeal
thereof, commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto, even after Indemnitee has ceased to
serve as a director or officer of the Company or as a director, officer, trustee, general partner, managing member, officer, employee,
agent or fiduciary of any other Enterprise, as applicable, and for one (1) year after the final termination of any such Proceeding,
including any appeal, and of any proceeding commenced by Indemnitee pursuant to Section 12 relating thereto. This Agreement shall
be binding upon Indemnitor and its successors and assigns, including, without limitation, any corporation or other entity which
may have acquired all or substantially all of Indemnitor’s assets or business or into which Indemnitor may be reorganized,
consolidated or merged or into which Indemnitor may elect to convert, and shall inure to the benefit of Indemnitee and Indemnitee’s
heirs, executors and administrators. This Agreement shall not be deemed an employment contract between Indemnitor (or any of its
subsidiaries or any other Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment
with Indemnitor (or any of its subsidiaries or any other Enterprise), if any, is at will, and Indemnitee may be discharged at
any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between
Indemnitee and Indemnitor (or any of its subsidiaries or any other Enterprise), other applicable formal severance policies duly
adopted by the Board, or, with respect to service as a Director or officer of Indemnitor, by Indemnitor’s Governing Documents
or Delaware law.

 

Section
15 Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by applicable law; (b) such provision or provisions shall be deemed reformed
to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the Parties; and (c) to the
fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this
Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

 

    14

     

    

 

Section
16 Enforcement.

 

(a)
Indemnitor expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a Director, officer, employee, fiduciary or agent of Indemnitor, and Indemnitor acknowledges
that Indemnitee is relying upon this Agreement in serving as a Director, officer, employee, fiduciary or agent of Indemnitor.

 

(b)
This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, among the Parties with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Governing Documents and applicable law, and shall
not be deemed a substitute therefore, nor diminish or abrogate any rights of Indemnitee thereunder.

 

Section
17 Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by the Parties thereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee
under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such
amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute
a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

 

Section
18 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed
by registered or certified mail, postage prepaid, sent by electronic mail or otherwise delivered by hand, messenger or courier
service addressed:

 

(a)
if to Indemnitee, to Indemnitee’s address or electronic mail address as shown on the signature page of this Agreement or
in the Company’s records, as may be updated in accordance with the provisions hereof; or

 

(b)
if to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at Nesco Holdings,
Inc., 6714 Pointe Inverness Way, Suite 220, Fort Wayne, IN, or at such other current address of Indemnitor as Indemnitor shall
have furnished to Indemnitee for such purposes.

 

Each
such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if
delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service,
freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via
mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the
deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via electronic mail, upon confirmation
of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if
not sent during normal business hours of the recipient, then on the recipient’s next business day.

 

    15

     

    

 

Section
19 Contribution.

 

(a)
Whether or not the indemnification provided in Sections 2, 3, 4, 5 and 6 hereof is available, in respect of any threatened, pending
or completed action, suit or proceeding in which Indemnitor is jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), Indemnitor shall pay, in the first instance, the entire amount of any judgment or settlement of such action,
suit or proceeding without requiring Indemnitee to contribute to such payment and, to the fullest extent permitted by law, Indemnitor
hereby waives and relinquishes any right of contribution it may have against Indemnitee. Indemnitor shall not enter into any settlement
of any action, suit or proceeding in which Indemnitor is jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding) unless such settlement provides for a full and final and unconditional release of all claims asserted against
Indemnitee.

 

(b)
To the maximum extent permitted by applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, Indemnitor, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee,
whether for Liabilities or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement,
in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect
(i) the relative benefits received by Indemnitor and Indemnitee as a result of the event(s) and transaction(s) giving cause to
such Proceeding; and (ii) the relative fault of Indemnitor (and its Directors, officers, employees and agents) and Indemnitee
in connection with such event(s) and transaction(s).

 

Section
20 Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the Parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.
Except with respect to any arbitration commenced by Indemnitee pursuant to Section 12(a) of this Agreement, the Parties hereby
irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall
be brought only in the Delaware Court of Chancery, and not in any other state or federal court in the United States of America
or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery for purposes
of any action or proceeding arising out of or in connection with this Agreement, (c) waive any objection to the laying of venue
of any such action or proceeding in the Delaware Court of Chancery, and (d) waive, and agree not to plead or to make, any claim
that any such action or proceeding brought in the Delaware Court of Chancery has been brought in an improper or inconvenient forum.

 

Section
21 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed
to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the
Party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

Section
22 Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part
of this Agreement or to affect the construction thereof.

 

[Remainder
of page intentionally left blank; signatures follow]

 

    16

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be signed as of the day and year first above written.

 

	 	NESCO HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name: 	[_________________]
	 	Title: 	[____________________________]
	 	 	 
	 	INDEMNITEE
	 	 
	 	Name: 	[_________________]
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	Email address:
	 	 

 

Signature Page
to Indemnification Agreement

 

 

17Exhibit 10.3

 

STOCKHOLDERS’
AGREEMENT

 

This Stockholders’
Agreement (this “Agreement”), dated as of July 31, 2019 (the “Effective
Time”), is entered into by and among (i) Nesco Holdings, Inc., a Delaware corporation (the “Company”);
(ii) NESCO Holdings, LP, a Delaware limited partnership (the “NESCO Holder”,
and together with its successors and assigns, the “NESCO Holders”);
(iii) Energy Capital Partners III, LP, a Delaware limited partnership, Energy Capital Partners III-A, LP, a Delaware limited partnership,
Energy Capital Partners III-B, LP, a Delaware limited partnership, Energy Capital Partners III-C, LP, a Delaware limited partnership,
Energy Capital Partners III-D, LP, a Delaware limited partnership, and Energy Capital Partners III (NESCO Co-Invest), LP, a Delaware
limited partnership (collectively, “ECP”); and (iv) Capitol Acquisition
Management IV LLC, a Delaware limited liability company, Capitol Acquisition Founder IV LLC, a Delaware limited liability company,
and the other Persons included on the signature pages hereto as “Sponsors” (collectively, the “Sponsors”).
Each of the Company, NESCO Holders, ECP and the Sponsors may be referred to herein as a “Party”
and collectively as the “Parties”. Except as otherwise indicated, capitalized
terms used but not defined herein shall have the meanings set forth in Section 6 of this Agreement.

 

WHEREAS, the Company
has agreed to permit the NESCO Holder, who Beneficially Owns certain of the issued and outstanding common stock of the Company,
par value $0.0001 per share (the “Common Stock”), as of the Effective
Time, to designate up to four persons for nomination for election to the board of directors of the Company (the “Board”)
and to provide certain ongoing rights with respect to the nomination of directors on the terms and conditions set forth herein;
and

 

WHEREAS, in connection
with that certain Agreement and Plan of Merger, dated as of April 7, 2019, by and between the Company, the NESCO Holder and the
other parties thereto (the “Merger Agreement”), the Sponsors have agreed
to certain transfer restrictions and forfeiture terms with respect to the Sponsor Earnout Shares (as defined below).

 

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

 

Section 1. Board
of Directors.

 

(a) Subject to the terms
and conditions of this Agreement, from and after the Effective Time and until a Termination Event (as defined below) shall have
occurred, the NESCO Holders holding a majority of the NESCO Shares shall have the right to designate up to four persons to be appointed
or nominated, as the case may be, for election to the Board (including any successor, each, a “Nominee”)
by giving written notice to the Company not later than ten days after receiving notice of the date of the applicable meeting of
shareholders provided to the NESCO Holders; provided, however, the initial Nominees shall be appointed as
set forth in Section 1(b).

 

     

     

    

 

(b) The Company shall
take all necessary and desirable actions within its control such that, as of the Effective Time: (i) the size of the Board shall
be set at seven members; and (ii) the following persons, including the two NESCO Directors, shall form the composition of the Board:
(A) Lee Jacobson and L. Dyson Dryden shall be appointed as Class A Directors with terms ending at the Company’s 2020 Annual
Meeting; (B) Jeff Stoops and Rahman D’Argenio shall be appointed as Class B Directors with terms ending at the Company’s
2021 Annual Meeting; and (C) Mark Ein, Doug Kimmelman and William Plummer shall be appointed as Class C Directors with terms ending
at the Company’s 2022 Annual Meeting; provided, that if, as of the Effective Time, the NESCO Holders (together with
their Affiliates) Beneficially Own a number of shares of Common Stock equal to or greater than 35% of the total number of shares
of Common Stock issued and outstanding (on a non-fully diluted basis), then, subject to Section 1(c), the Company shall
take all necessary and desirable actions within its control such that: (1) the size of the Board shall be set at eight members
and (2) the NESCO Holders shall be entitled to designate one additional person (who shall qualify as “independent”
pursuant to listing standards of the Approved Stock Exchange) to be appointed as a Class B Director with his or her term ending
at the Company’s 2021 Annual Meeting; provided, further, that if, as of the Effective Time, the NESCO Holders
(together with their Affiliates) Beneficially Own a number of shares of Common Stock equal to or greater than 45% of the total
number of shares of Common Stock issued and outstanding (on a non-fully diluted basis; provided, that the Sponsor Earnout
Shares shall not be included in such calculation of the total number of shares of Common Stock issued and outstanding), then, subject
to Section 1(c), the Company shall take all necessary and desirable actions within its control such that: (1) the size of
the Board shall be set at nine members and (2) the NESCO Holders shall be entitled to designate one additional person (who shall
qualify as “independent” pursuant to listing standards of the Approved Stock Exchange) to be appointed as a Class A
Director with his or her term ending at the Company’s 2020 Annual Meeting and one additional person to be appointed as a
Class B Director with his or her term ended at the Company’s 2021 Annual Meeting.

 

(c) Subject to the terms
and conditions of this Agreement, from and after the Effective Time and until a Termination Event shall have occurred, the Company
shall, as promptly as practicable, take all necessary and desirable actions within its control (including, without limitation,
calling special meetings of the Board and the shareholders and recommending, supporting and soliciting proxies), so that:

 

(i) for so
long as the NESCO Holders (together with their Affiliates) Beneficially Own a number of shares of Common Stock equal to or greater
than 45% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis; provided, that
the Sponsor Earnout Shares shall not be included in such calculation of the total number of shares of Common Stock issued and outstanding),
the NESCO Holders holding a majority of the NESCO Shares shall have the right to nominate, in the aggregate, a number of Nominees
equal to four (less the number of NESCO Directors who are not up for election), and the size of the Board shall be set at nine
members;

 

(ii) for so
long as the NESCO Holders (together with their Affiliates) Beneficially Own a number of shares of Common Stock equal to or greater
than 35% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), but less than 45%
of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), the NESCO Holders holding
a majority of the NESCO Shares shall have the right to nominate, in the aggregate, a number of Nominees equal to three (less the
number of NESCO Directors who are not up for election), and the size of the Board shall be set at eight members;

 

    2

     

    

 

(iii) for so
long as the NESCO Holders (together with their Affiliates) Beneficially Own a number of shares of Common Stock equal to or greater
than 15% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), but less than 35%
of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), the NESCO Holders holding
a majority of the NESCO Shares shall have the right to nominate, in the aggregate, a number of Nominees equal to two (less the
number of NESCO Directors who are not up for election), and the size of the Board shall be set at seven members; and

 

(iv) for so
long as the NESCO Holders (together with their Affiliates) Beneficially Own a number of shares of Common Stock equal to or greater
than 5% of the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis) but less than 15% of
the total number of shares of Common Stock issued and outstanding (on a non-fully diluted basis), the NESCO Holders holding a majority
of the NESCO Shares shall have the right to nominate, in the aggregate, a number of Nominees equal to one (less the number of NESCO
Directors who are not up for election), and the size of the Board shall be set at seven members;

 

provided, that,
no reduction in the number of shares of Common Stock over which the NESCO Holders and their Affiliates retain voting control shall
shorten the term of any incumbent Director.

 

(d) The Company shall
take all actions necessary to ensure that: (i) the applicable Nominees are included in the Board’s slate of nominees to the
shareholders of the Company for each election of Directors and recommended by the Board at any meeting of shareholders called for
the purpose of electing directors; and (ii) each applicable Nominee up for election is included in the proxy statement prepared
by management of the Company in connection with the Company’s soliciting proxies or consents in favor of the foregoing for
every meeting of the shareholders of the Company called with respect to the election of members of the Board, and at every adjournment
or postponement thereof, and on every action or approval by written resolution of the shareholders of the Company or the Board
with respect to the election of members of the Board. In addition, each Shareholder agrees with the Company that such Shareholder
shall vote in favor of each person to be appointed or nominated, as the case may be, for election to the Board and who has been
recommended by the Board for such appointment or nomination at every meeting of the shareholders of the Company called with respect
to the election of members of the Board, and at every adjournment or postponement thereof, and on every action or approval by written
resolution of the shareholders of the Company or the Board with respect to the election of members of the Board.

 

(e) If a vacancy occurs
because of the death, disability, disqualification, resignation or removal of a NESCO Director or for any other reason (including,
for avoidance of doubt, vacancies because NESCO Holders have not yet nominated persons to serve as directors pursuant to Section
1(b)), the NESCO Holders holding a majority of the NESCO Shares shall be entitled to designate such person’s successor,
and the Company shall, within ten days of such designation, take all necessary actions within its control such that such vacancy
shall be filled with such successor Nominee, it being understood that any such successor designee shall serve the remainder of
the term of the Director whom such designee replaces. Notwithstanding anything to the contrary, the director position for such
NESCO Director shall not be filled pending such designation and appointment, unless the NESCO Holders fail to designate such Nominee
for more than 15 days, after which the Company may appoint an interim successor Director until the NESCO Holders make such designation.

 

    3

     

    

 

(f) If a Nominee is not
elected because of such Nominee’s death, disability, disqualification, withdrawal as a nominee or for any other reason, the
NESCO Holders holding a majority of the NESCO Shares shall be entitled to designate promptly another Nominee and the Shareholders
and the Company shall take all necessary and desirable actions within its control such that the director position for which such
Nominee was nominated shall not be filled pending such designation or the size of the Board shall be increased by one and such
vacancy shall be filled with such successor Nominee within ten days of such designation. Notwithstanding anything to the contrary,
the director position for which such Nominee was nominated shall not be filled pending such designation and appointment, unless
the NESCO Holders fail to designate such Nominee for more than 30 days, after which the Company may appoint an interim successor
nominee who may serve as a director if duly elected until the NESCO Holders make such designation. The NESCO Holders shall not
be obligated to designate all (or any) of the directors they are entitled to designate pursuant to this Agreement but the failure
to do so shall not constitute a waiver of their rights hereunder.

 

(g) The Company shall
pay the reasonable, documented out-of-pocket expenses incurred by each NESCO Director in connection with his or her services provided
to or on behalf of the Company, including attending meetings (including committee meetings) or events attended on behalf of the
Company at the Company’s request.

 

(h) In accordance with
the Company’s Organizational Documents, the Board may from time to time by resolution establish and maintain one or more
committees of the Board, each committee to consist of one or more Directors. The Company shall notify the NESCO Holders in writing
of any new committee of the Board to be established at least 15 days prior to the effective establishment of such committee. If
requested by the NESCO Holders holding a majority of the NESCO Shares, the Shareholders and the Company shall take all necessary
steps within its control to cause at least one NESCO Director (selected by such NESCO Holders) to be appointed as a member of each
such committee of the Board unless such designation would violate any legal restriction on such committee’s composition or
the rules and regulations of any applicable exchange on which the Company’s securities may be listed (subject in each case
to any applicable exceptions, including those for “controlled companies” and any applicable phase-in periods).

 

(i) The Company shall
(i) purchase directors’ and officers’ liability insurance in an amount and pursuant to terms determined by the Board
to be reasonable and customary and (ii) for so long as any Director to the Board nominated pursuant to the terms of this Agreement
serves as a Director of the Company, maintain such coverage with respect to such Directors; provided, that upon removal
or resignation of such Director for any reason, the Company shall take all actions reasonably necessary to extend such directors’
and officers’ liability insurance coverage for a period of not less than six years from any such event in respect of any
act or omission occurring at or prior to such event.

 

    4

     

    

 

(j) For so long as any
NESCO Director serves as a Director of the Company, the Company shall not amend, alter or repeal any right to indemnification or
exculpation covering or benefiting any Director nominated pursuant to this Agreement as and to the extent consistent with applicable
Law, including but not limited to any such rights to indemnification or exculpation in the Company’s Organizational Documents
(except to the extent such amendment or alteration permits the Company to provide broader indemnification or exculpation rights,
in the aggregate and on an individual basis, on a retroactive basis, than permitted prior thereto).

 

(k) Notwithstanding anything
herein to the contrary, if the NESCO Holders have the right to designate one or more Nominees and either have not exercised such
right with respect to any Nominee or no such Nominee has not been elected as a NESCO Director (such that there are no NESCO Directors
on the Board), then the NESCO Holders holding a majority of the NESCO Shares may elect at such time in their sole discretion to
designate one Board observer (regardless of how many rights to designate Designees such NESCO Holders have) (each, a “Board
Observer”) to attend and participate in all meetings of the Board or any committees thereof in a non-voting capacity
by the giving of written notice to the Company of such election (“Observation Election”).
In connection therewith, the Company shall simultaneously give such Board Observer copies of all notices, consents, minutes and
other materials, financial or otherwise, which the Company provides to the Board; provided, however, that if the
Board Observer does not, upon the written request of the Company, before attending any meetings of the Board, execute and deliver
to the Company an agreement to abide by all Company policies applicable to members of the Board and a confidentiality agreement
reasonably acceptable to the Company, the Board Observer may be excluded from access to any material or meeting or portion thereof
if the Board determines in good faith, upon advice of counsel, that such exclusion is reasonably necessary to protect highly confidential
proprietary information of the Company or confidential proprietary information of third parties that the Company is required to
hold in confidence, or for other similar reasons. The NESCO Holders holding a majority of the NESCO Shares may revoke any such
Observation Election at any time upon written notice to the Company after which the NESCO Holders shall be entitled to designate
a replacement Board Observer.

 

(l) The Nominees may,
but do not need to, qualify as “independent” pursuant to listing standards of the Approved Stock Exchange, except that,
if the NESCO Holders have the right to designate at least three Nominees, then at least one Nominee shall qualify as “independent”
pursuant to listing standards of the Approved Stock Exchange. All other Directors of the Board other than the Chief Executive Officer
of the Company shall qualify as “independent” pursuant to listing standards of the Approved Stock Exchange.

 

(m) For the avoidance
of doubt, a reduction in the percentage of Common Stock Beneficially Owned by the NESCO Holders shall not impact the NESCO Holders’
right to fill a vacancy resulting from any Nominee ceasing to serve as a Director for any reason.

 

(n) Notwithstanding anything
herein to the contrary, from and after the Effective Time and at any time prior to a Termination Event, the Shareholders shall
not knowingly take or agree to take, directly or indirectly, any action to frustrate, obstruct or otherwise prevent, the Company
from performing its obligations to nominate the Nominees under Section 1(c).

 

    5

     

    

 

Section 2. Actions
Requiring Special Approval.

 

(a) Without the prior
approval of the NESCO Holders, from and after the Effective Time and at any time prior to a Termination Event, the Company shall
not take or omit to take, as applicable, or agree to take or omit to take, as applicable, directly or indirectly, any action to
increase or decrease the size of the Board or to make a change to the classes on which the Directors serve.

 

(b) At any time after
the Effective Time that the NESCO Holders (together with their Affiliates, other than the Company) Beneficially Own a number of
shares of Common Stock equal to or greater than 50% of the total number of shares of Common Stock issued and outstanding (on a
non-fully diluted basis; provided, that Sponsor Earnout Shares that remain subject to the restrictions and forfeiture provisions
set forth in Section 3 shall not be included in such calculation of the total number of shares of Common Stock issued and
outstanding), the Company shall not, and shall cause its Subsidiaries not to, take, cause to occur or permit to occur, as applicable,
or agree to take, cause to occur or permit to occur, as applicable, directly or indirectly, any of the following actions without
the prior written approval of the NESCO Holders holding a majority of the NESCO Shares:

 

(i) Adopt (or,
in any material manner, amend or modify) any annual budget of the Company and its Subsidiaries;

 

(ii) consummate
any acquisition, whether by purchase, contribution, merger, consolidation or otherwise, of any property, assets or Equity Interests
for consideration in excess of $10,000,000, in a single transaction or series of related transactions;

 

(iii) consummate
any disposition, whether by sale, contribution, merger, consolidation or otherwise, of any property, assets or Equity Interests
for consideration in excess of $10,000,000, in a single transaction or series of related transactions;

 

(iv) issue
Equity Interests of the Company or its Subsidiaries other than issuances (A) to the Company or wholly-owned Subsidiaries thereof,
(B) to directors, officers or employees of the Company or its Subsidiaries pursuant to a management incentive equity plan approved
by the Board or (C) upon exercise of existing outstanding Equity Interests;

 

(v) create,
incur or assume any indebtedness for borrowed money or grant an encumbrance with respect to the Company or its Subsidiaries or
any of their respective properties or assets in excess of $1,000,000 other than borrowings and other extensions of credit under
a contract, agreement or similar arrangement (including the asset based lending facility) in effect as of the Effective Time (without
giving effect to any amendment or modification after the Effective Time);

 

(vi) guarantee
any indebtedness of any Person other than the Company and its wholly-owned Subsidiaries (or ordinary course expenses incurred by
employees on behalf of the Company or any Subsidiary thereof); or

 

    6

     

    

 

(vii) hire,
remove or replace any senior executive officer of the Company or its Subsidiaries or materially decrease the compensation of any
senior executive officer of the Company or its Subsidiaries.

 

Section 3. Sponsor
Earnout Shares.

 

(a) Other than in connection
with the Merger Agreement and the transactions contemplated thereby or in accordance with Section 3(g), subject to Section
3(c) and Section 3(d), no Sponsor may Transfer any of its Sponsor Earnout Shares prior to the third anniversary of the
Effective Time. From and after the third anniversary of the Effective Time, the Sponsor Earnout Shares may be Transferred, subject
to Section 3(h).

 

(b) Subject to Section
3(c) and Section 3(d), on (i) the fifth anniversary of the Effective Time, the Minimum Target Sponsor Earnout Shares
and the Second Target Sponsor Earnout Shares shall be automatically forfeited by the holders thereof to the Company for no consideration
with no further action required of any Person and (ii) on the seventh anniversary of the Effective Time, the Maximum Target Sponsor
Earnout Shares shall be forfeited by the holders thereof to the Company for no consideration with no further action required of
any Person.

 

(c) The restrictions
and forfeiture provisions set forth in this Section 3, including, for avoidance of doubt, Section 3(b), shall cease
to apply to (i) such Sponsor’s Minimum Target Sponsor Earnout Shares upon the first day after the Common Stock Price equals
or exceeds $13.00 per share, as adjusted for stock splits, dividends, reorganizations, recapitalizations and the like (the “Minimum
Target”), for any period of 20 trading days out of 30 consecutive trading days, (ii) such Sponsor’s Second Target
Sponsor Earnout Shares upon the first day after the Common Stock Price equals or exceeds $16.00 per share, as adjusted for stock
splits, dividends, reorganizations, recapitalizations and the like (the “Second Target”), for any period of
20 trading days out of 30 consecutive trading days and (iii) such Sponsor’s Maximum Target Sponsor Earnout Shares upon the
first day after the Common Stock Price equals or exceeds $19.00 per share, as adjusted for stock splits, dividends, reorganizations,
recapitalizations and the like (the “Maximum Target”), for any period of 20 trading days out of 30 consecutive
trading days.

 

(d) The restrictions
and forfeiture provisions set forth in this Section 3, including, for avoidance of doubt, Section 3(b), shall cease
to apply to (i) such Sponsor’s Minimum Target Sponsor Earnout Shares immediately prior to a Change in Control if the Change
in Control Consideration paid or payable to the stockholders of the Company in connection with such Change in Control is equal
to or greater than the Minimum Target but less than the Second Target, unless the Minimum Target had previously been satisfied
pursuant to Section 3(c), (ii) such Sponsor’s Minimum Target Sponsor Earnout Shares and Second Target Sponsor Earnout
Shares immediately prior to a Change in Control if the Change in Control Consideration paid or payable to the stockholders of the
Company in connection with such Change in Control is equal to or greater than the Second Target but less than the Maximum Target,
unless the Second Target had previously been satisfied pursuant to Section 3(c), and (iii) such Sponsor’s Minimum
Target Sponsor Earnout Shares, Second Target Sponsor Earnout Shares and Maximum Target Sponsor Earnout Shares immediately prior
to a Change in Control if the Change in Control Consideration paid or payable to the stockholders of the Company in connection
with such Change in Control is equal to or greater than the Maximum Target, unless the Maximum Target had previously been satisfied
pursuant to Section 3(c).

 

    7

     

    

 

(e) The Sponsors and
the Company acknowledge and agree that:

 

(i) Sponsor
Earnout Shares shall participate in any dividends or other distributions with respect to Common Stock prior to the date such Sponsor
Earnout Shares become Transferable in accordance herewith and thereafter;

 

(ii) Sponsor
Earnout Shares shall have all voting rights, and the Sponsors shall be entitled to vote on any matter as a holder of Sponsor Earnout
Shares, prior to the date such Sponsor Earnout Shares become freely Transferable in accordance herewith and thereafter;

 

(iii) notwithstanding
anything to the contrary herein, the Sponsor Earnout Shares shall remain subject to the restrictions on Transfer under applicable
securities Laws of any state, federal or foreign entity and the rules and regulations promulgated thereunder; and

 

(iv) each certificate
evidencing any Sponsor Earnout Shares and each certificate issued in exchange for or upon the Transfer of any Sponsor Earnout Shares
(unless such Sponsor Earnout Shares are no longer subject to the restrictions on Transfer and forfeiture provisions set forth in
this Section 3) shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A STOCKHOLDERS’
AGREEMENT, DATED AS OF JULY 31, 2019, AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE
COMPANY’S SHAREHOLDERS, AS AMENDED. A COPY OF SUCH STOCKHOLDERS’ AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE
COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

The Company
shall imprint such legend on certificates evidencing the Sponsor Earnout Shares. The legend set forth above shall be removed from
the certificates evidencing any Sponsor Earnout Shares that are no longer subject to the restrictions on Transfer and forfeiture
provisions set forth in this Section 3.

 

(f) Any purported Transfer
of Sponsor Earnout Shares in violation of this Agreement shall be null and void, and the Company shall refuse to recognize any
such Transfer for any purpose.

 

    8

     

    

 

(g) Notwithstanding anything
to the contrary in this Section 3, Transfers of Sponsor Earnout Shares are permitted (i) to Permitted Transferees who shall
(A) be subject to the restrictions in this Section 3 as if they were the original holders of such Sponsor Earnout Shares
and (B) promptly Transfer such Sponsor Earnout Shares back to the applicable Sponsor if they cease to be a Permitted Transferee
for any reason prior to the date such Sponsor Earnout Shares become freely Transferable in accordance herewith; (ii) in the
case of an individual, by a gift to a member of the individual’s immediate family or to a trust, the beneficiary of which
is a member of one of the individual’s immediate family, an Affiliate of such person or to a charitable organization; (iii)
in the case of an individual, by virtue of Laws of descent and distribution upon death of the individual; or (iv) in the case of
an individual, pursuant to a qualified domestic relations order; provided, however, that these Transferees must become
a party to this Agreement by executing and delivering such documents as may be necessary to make such Transferee a party hereto.

 

(h) Notwithstanding anything
to the contrary in this Section 3, for so long as the applicable Sponsor Earnout Shares are subject to the forfeiture provisions
set forth in this Section 3, prior to any Transfer of any Sponsor Earnout Shares, the Transferee of such Sponsor Earnout
Shares shall agree in a duly and validly executed writing for the benefit of the Company that such Sponsor Earnout Shares remain
subject to the forfeiture provisions set forth in this Section 3.

 

Section 4. NESCO
Holder Earnout Shares.

 

(a) Subject to Section
4(b) and Section 4(c), on (i) the fifth anniversary of the Effective Time, the Minimum Target NESCO Holder Earnout Shares
and the Second Target NESCO Holder Earnout Shares shall be automatically forfeited by the holders thereof to the Company for no
consideration with no further action required of any Person and (ii) on the seventh anniversary of the Effective Time, the Maximum
Target NESCO Holder Earnout Shares shall be forfeited by the holders thereof to the Company for no consideration with no further
action required of any Person. For avoidance of doubt, to the extent that Earnout Shares (used herein as defined in the Merger
Agreement) are issued pursuant to satisfaction of Section 2.06(a)(i) - (iii) of the Merger Agreement or Section 2.06(b)(i) - (iii)
of the Merger Agreement, such Earnout Shares shall not be subject to the forfeiture provisions set forth in this Section 4.

 

(b) The forfeiture provisions
set forth in this Section 4 shall cease to apply to (i) the Minimum Target NESCO Holder Earnout Shares upon the first day
after the Common Stock Price equals or exceeds the Minimum Target for any period of 20 trading days out of 30 consecutive trading
days, (ii) the Second Target NESCO Holder Earnout Shares upon the first day after the Common Stock Price equals or exceeds the
Second Target for any period of 20 trading days out of 30 consecutive trading days and (iii) the Maximum Target NESCO Holder Earnout
Shares upon the first day after the Common Stock Price equals or exceeds the Maximum Target for any period of 20 trading days out
of 30 consecutive trading days.

 

(c) The forfeiture provisions
set forth in this Section 4 shall cease to apply to (i) the Minimum Target NESCO Holder Earnout Shares immediately prior
to a Change in Control if the Change in Control Consideration paid or payable to the stockholders of the Company in connection
with such Change in Control is equal to or greater than the Minimum Target but less than the Second Target, unless the Minimum
Target had previously been satisfied pursuant to Section 4(b), (ii) the Minimum Target NESCO Holder Earnout Shares and Second
Target NESCO Holder Earnout Shares immediately prior to a Change in Control if the Change in Control Consideration paid or payable
to the stockholders of the Company in connection with such Change in Control is equal to or greater than the Second Target but
less than the Maximum Target, unless the Second Target had previously been satisfied pursuant to Section 4(b), and (iii)
the Minimum Target NESCO Holder Earnout Shares, Second Target NESCO Holder Earnout Shares and Maximum Target NESCO Holder Earnout
Shares immediately prior to a Change in Control if the Change in Control Consideration paid or payable to the stockholders of the
Company in connection with such Change in Control is equal to or greater than the Maximum Target, unless the Maximum Target had
previously been satisfied pursuant to Section 4(b).

 

    9

     

    

 

(d) NESCO Holder and
the Company acknowledge and agree that:

 

(i) notwithstanding
anything to the contrary herein, the NESCO Holder Earnout Shares shall remain subject to the restrictions on Transfer under applicable
securities Laws of any state, federal or foreign entity and the rules and regulations promulgated thereunder; and

 

(ii) each certificate
evidencing any NESCO Holder Earnout Shares and each certificate issued in exchange for or upon the Transfer of any NESCO Holder
Earnout Shares (unless such NESCO Holder Earnout Shares are no longer subject to the forfeiture provisions set forth in this Section
4) shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AND OTHER PROVISIONS SET FORTH IN A STOCKHOLDERS’
AGREEMENT, DATED AS OF JULY 31, 2019, AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE
COMPANY’S SHAREHOLDERS, AS AMENDED. A COPY OF SUCH STOCKHOLDERS’ AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE
COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

The Company
shall imprint such legend on certificates evidencing the NESCO Holder Earnout Shares. The legend set forth above shall be removed
from the certificates evidencing any NESCO Holder Earnout Shares that are no longer subject to the forfeiture provisions set forth
in this Section 4.

 

(e) Notwithstanding anything
to the contrary in this Section 4, for so long as the applicable NESCO Holder Earnout Shares are subject to the forfeiture
provisions set forth in this Section 4, prior to any Transfer of any NESCO Holder Earnout Shares, the Transferee of such
NESCO Holder Earnout Shares shall agree in a duly and validly executed writing for the benefit of the Company that such NESCO Holder
Earnout Shares remain subject to the forfeiture provisions set forth in this Section 4. Any purported Transfer of NESCO
Holder Earnout Shares in violation of this Section 4(e) shall be null and void, and the Company shall refuse to recognize
any such Transfer for any purpose.

 

    10

     

    

 

Section 5. Restrictions
on Transfer of Common Stock.

 

(a) Other than in connection
with the Merger Agreement and the transactions contemplated thereby or in accordance with Section 5(e), no Shareholder may
Transfer any of its shares of Common Stock or any warrants to purchase shares of Common Stock during the period commencing on the
date hereof and ending on January 27, 2020.

 

(b) Other than in connection
with the Merger Agreement and the transactions contemplated thereby or in accordance with Section 5(e), notwithstanding
anything to the contrary in the Registration Rights Agreement, the Sponsors shall not Transfer any shares of Common Stock or warrants
to purchase shares of Common Stock Beneficially Owned or otherwise held by them until the earlier to occur of (i) the three year
anniversary of the Effective Time and (ii) such time that ECP and the NESCO Holder (together with their Affiliates), collectively,
either (A) have Transferred Common Stock resulting in proceeds to ECP and the NESCO Holder (together with their Affiliates) of
at least $100,000,000, as reasonably determined by ECP in good faith or (B) Beneficially Owns or otherwise directly or indirectly
holds shares of Common Stock representing equal to or less than five percent of the of the total number of shares of Common Stock
then issued and outstanding (the foregoing clause (i) and (ii), the “Sale Threshold”); provided,
that for purposes of the foregoing calculations of the Sale Threshold, Transfers to Permitted Transferees shall not be included.
ECP shall notify the Company and the Sponsors in writing within ten days of achieving the Sale Threshold.

 

(c) The Shareholders
and the Company acknowledge and agree that:

 

(i) notwithstanding
anything to the contrary herein, the shares of Common Stock and warrants to purchase shares of Common Stock, in each case, held
by a Shareholder shall remain subject to the restrictions on Transfer under applicable securities Laws of any state, federal or
foreign entity and the rules and regulations promulgated thereunder; and

 

(ii) each certificate
evidencing any shares of Common Stock held by a Shareholder and each certificate issued in exchange for or upon the Transfer of
any shares of Common Stock held by a Shareholder (unless such shares are no longer subject to the restrictions on Transfer set
forth in this Section 5) shall be stamped or otherwise imprinted with a legend in substantially the form set forth in Section
3(e)(iv). The Company shall imprint such legend on certificates evidencing the shares of Common Stock held by each Shareholder.
The legend set forth above shall be removed from the certificates evidencing any shares of Common Stock held by a Stockholder that
are no longer subject to the restrictions on Transfer set forth in this Section 5.

 

(d) Any purported Transfer
of shares of Common Stock or warrants to purchase shares of Common Stock, in each case, held by a Stockholder in violation of this
Agreement shall be null and void, and the Company shall refuse to recognize any such Transfer for any purpose.

 

    11

     

    

 

(e) Notwithstanding anything
to the contrary in this Section 5, Transfers of shares of Common stock and warrants to purchase shares of Common Stock are
permitted (i) to Permitted Transferees who shall (A) be subject to the restrictions in this Section 5 as if they were the
original holders of such shares or warrants and (B) promptly Transfer such shares or warrants back to the applicable Shareholder
if they cease to be a Permitted Transferee for any reason prior to the date such shares or warrants become freely Transferable
in accordance herewith; (ii) in the case of an individual, by a gift to a member of the individual’s immediate family
or to a trust, the beneficiary of which is a member of one of the individual’s immediate family, an Affiliate of such person
or to a charitable organization; (iii) in the case of an individual, by virtue of Laws of descent and distribution upon death of
the individual; or (iv) in the case of an individual, pursuant to a qualified domestic relations order; provided, however,
that these Transferees must become a party to this Agreement by executing and delivering such documents as may be necessary to
make such Transferee a party hereto.

 

Section 6. Definitions.

 

“Action”
has the meaning ascribed to it in the Merger Agreement.

 

“Affiliate”
means, with respect to any specified Person, any Person that, directly or indirectly, controls, is controlled by, or is under common
control with, such specified Person, through one or more intermediaries or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Annual Meeting”
means any meeting of the stockholders of the Company held for the purpose of electing the Directors of the Company.

 

“Approved Stock
Exchange” means the Nasdaq, the New York Stock Exchange or any other national securities exchange on which any of the
Common Stock of the Company is listed.

 

“Beneficially
Own” has the meaning ascribed to it in Section 13(d) of the Securities Exchange Act of 1934, as amended.

 

“Board”
has the meaning set forth in the recitals.

 

“Board
Observer” has the meaning set forth in Section 1(k).

 

“Business Day”
means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York, are authorized or required
by Law to close.

 

“Change in Control”
means the occurrence of the following event: any one Person (other than the NESCO Holder or its Affiliates), or more than one Person
that are Affiliates or that are acting as a group (excluding the NESCO Holder or its Affiliates), acquiring ownership of equity
securities of the Company which, together with the equity securities held by such Person, such Person and its Affiliates or such
group, constitutes more than 50% of the total voting power or economic rights of the equity securities of the Company; provided,
that to the extent such Person(s) acquire(s) ownership of more than 50% of the total voting power or economic rights of the equity
securities of the Company through one or more transactions, the “price per share” paid or payable to the stockholders
of the Company for purposes of Section 3(d) and Section 4(c) shall be the last price per share paid by such Person(s)
in connection with all such transactions.

 

    12

     

    

 

“Change in Control
Consideration” means the amount per share to be received by a holder of shares of Common Stock in connection with a Change
in Control, with any non-cash consideration valued as determined by the value ascribed to such consideration by the parties to
such transaction.

 

“Common
Stock” has the meaning set forth in the recitals.

 

“Common Stock
Price” means, on any date after the Effective Time, the closing sale price per share of Common Stock reported as of 4:00
p.m., New York, New York time on such date by Bloomberg, or if not available on Bloomberg, as reported by Morningstar.

 

“Company”
has the meaning set forth in the preamble.

 

“Director”
means a member of the Board until such individual’s death, disability, disqualification, resignation or removal.

 

“ECP”
has the meaning set forth in the preamble.

 

“Effective
Time” has the meaning set forth in the preamble.

 

“Equity Interests”
means, with respect to any Person, any and all shares, interests, participations, or other equivalents, including membership interests
(however designated, whether voting or nonvoting or certificated or noncertificated), of equity of such Person, including, if such
Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, including
all securities convertible or exchangeable for such equity and all options, warrants and other rights to purchase or otherwise
acquire such equity.

 

“Law”
has the meaning ascribed to it in the Merger Agreement.

 

“Merger
Agreement” has the meaning set forth in the recitals.

 

“Maximum Target”
has the meaning set forth in Section 3(c).

 

“Maximum Target
NESCO Holder Earnout Shares” means, with respect to NESCO Holder, 1,651,798
shares of NESCO Holder Earnout Shares.

 

“Maximum Target
Sponsor Earnout Shares” means, with respect to each Sponsor, the shares of Common
Stock noted as Maximum Target Sponsor Earnout Shares set forth next to such Sponsor’s name on Exhibit A hereto.

 

“Minimum Target”
has the meaning set forth in Section 3(c).

 

“Minimum Target
NESCO Holder Earnout Shares” means, with respect to NESCO Holder, 900,000 shares of NESCO Holder Earnout Shares.

 

    13

     

    

 

“Minimum Target
Sponsor Earnout Shares” means, with respect to each Sponsor, the shares of Common
Stock noted as Minimum Target Sponsor Earnout Shares set forth next to such Sponsor’s name on Exhibit A hereto.

 

“NESCO
Director” means an individual elected to the Board that has been nominated by the NESCO Holders pursuant to this
Agreement. For the avoidance of doubt, each of Rahman D’Argenio and Doug Kimmelman (and the person(s) to be designated pursuant
to and in accordance with the terms of Section 1(b)) shall be deemed to have been nominated by the NESCO Holders pursuant
to this Agreement.

 

“NESCO Holder
Earnout Shares” means the Earnout Shares issued pursuant to Section 2.06(g) of the Merger Agreement.

 

“NESCO
Shares” means any shares of Common Stock held by the NESCO Holders.

 

“Nominee”
has the meaning set forth in Section 1(a).

 

“Observation
Election” has the meaning set forth in Section 1(k).

 

“Organizational
Documents” means the Company’s certificate of incorporation and bylaws, as in effect at the Effective Time,
as the same may be amended from time to time.

 

“Party”
has the meaning set forth in the preamble.

 

“Permitted
Transferee” means, with respect to any Person, (i) the direct or indirect partners, members, equity holders or
other Affiliates of such Person, or (ii) any of such Person’s related investment funds or vehicles
controlled or managed by such Person or Affiliate of such Person.

 

“Person”
means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint
venture, joint stock company, governmental agency or instrumentality or other entity of any kind.

 

“Registration
Rights Agreement” means that certain Registration Rights Agreement, dated as of the date hereof, by and among the Company,
NESCO Holder and the other parties thereto.

 

“Sale Threshold”
has the meaning set forth in Section 5(b).

 

“Second Target”
has the meaning set forth in Section 3(c).

 

“Second Target
NESCO Holder Earnout Shares” means, with respect to NESCO Holder, 900,000 shares of NESCO Holder Earnout Shares.

 

“Second Target
Sponsor Earnout Shares” means, with respect to each Sponsor, the shares of Common
Stock noted as Second Target Sponsor Earnout Shares set forth next to such Sponsor’s name on Exhibit A hereto.

 

    14

     

    

 

“Shareholder”
means any holder of Common Stock that is or becomes a party to this Agreement from time to time in accordance with the provisions
hereof.

 

“Sponsor Earnout
Shares” means, collectively, the Minimum Target Sponsor Earnout Shares, the Second Target Sponsor Earnout Shares and
the Maximum Target Sponsor Earnout Shares.

 

“Sponsors”
has the meaning set forth in the preamble.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, joint venture or other legal entity
of any kind of which such Person (either alone or through or together with one or more of its other Subsidiaries), owns, directly
or indirectly, more than 50% of the Equity Interests the holders of which are (a) generally entitled to vote for the election
of the board of directors or other governing body of such legal entity or (b) generally entitled to share in the profits or
capital of such legal entity.

 

“Termination
Event” has the meaning set forth in Section 21.

 

“Transfer”
means any sale, transfer, assignment or other disposition of (whether with or without consideration and whether voluntary or involuntary
or by operation of Law) of Common Stock. “Transferable” and “Transferee”
shall each have a correlative meaning.

 

Section 7. Assignment;
Benefit of Parties. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective
successors, legal representatives and assignees for the uses and purposes set forth and referred to herein. Notwithstanding the
foregoing, the Company may not assign any of its rights or obligations hereunder without the prior written consent of the NESCO
Holders holding a majority of the NESCO Shares. Nothing herein contained shall confer or is intended to confer on any third party
or entity that is not a party to this Agreement any rights under this Agreement.

 

Section 8. ECP.
So long as ECP and its Affiliates are the beneficial owners of a majority of the NESCO Shares, at the written request of ECP,
the NESCO Holder shall assign to ECP (or to an Affiliate of ECP designated in writing by it), without any further consent required
from any other Party, all of its rights hereunder and, following such assignment, ECP (or an Affiliate designated in writing by
it) shall be deemed to be the “NESCO Holders” for all purposes hereunder;
provided, that ECP (or its Affiliate designated in writing) assumes in writing responsibility for its portion of the obligations
of the NESCO Holders and that, if ECP designates an Affiliate in writing, then such Affiliate shall continue to be an Affiliate
of ECP at all times.

 

Section 9. Remedies.
The Parties shall be entitled to enforce their rights under this Agreement specifically, to recover damages by reason of any breach
of any provision of this Agreement and to exercise all other rights existing in their favor. The Parties agree and acknowledge
that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach
and that, in addition to other rights and remedies hereunder, the Parties shall be entitled to specific performance and/or injunctive
or other equitable relief (without posting a bond or other security) from any court of Law or equity of competent jurisdiction
in order to enforce or prevent any violation of the provisions of this Agreement.

 

    15

     

    

 

Section 10. Notices.
All notices and other communications among the Parties shall be in writing and shall be deemed to have been duly given (i) when
delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail
return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service
or (iv) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as follows:

 

(a) If to
the Company:

 

Nesco, LLC

6714 Pointe Inverness Way, Suite
220

Fort Wayne, Indiana 46804

		Attention: 	Lee Jacobson

Bruce Heinemann

		E-mail:	lee.jacobson@nescorentals.com

bruce.heinemann@nescorentals.com

 

(b) If to
the NESCO Holders or ECP:

 

Energy Capital Partners III, LLC

12680 High Bluff Drive, Suite 400

San Diego, California 92130

		Attention: 	Rahman D’Argenio

Chris Leininger

		Email:	rdargenio@ecpartners.com

cleininger@ecpartners.com

 

with a copy to:

 

Kirkland & Ellis LLP

609 Main Street

Houston, Texas 77002

		Attention: 	William J. Benitez, P.C.

Cyril V. Jones

		E-mail:	william.benitez@kirkland.com

cyril.jones@kirkland.com

 

(c) If to
the Sponsors:

 

Capitol Investment Corp. IV

1300 17th Street North, Suite 820

Arlington, Virginia 22209

		Attn:	Mark D. Ein, Chairman & CEO, and Dyson Dryden,
President & CFO

		E-mail:	mark@capinvestment.com

dyson@capinvestment.com

 

    16

     

    

 

with a copy to:

 

Latham & Watkins LLP

555 Eleventh Street, N.W.

Washington, DC 20004

		Attention: 	Paul Sheridan

		E-mail:	paul.sheridan@lw.com

 

Section 11. Adjustments.
If, and as often as, there are any changes in the Common Stock by way of stock split, stock dividend, combination or reclassification,
or through merger, consolidation, reorganization, recapitalization or sale, or by any other means, appropriate adjustment shall
be made in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder
shall continue with respect to the Common Stock as so changed.

 

Section 12. No Strict
Construction. The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their
mutual intent, and no rule of strict construction shall be applied against any Party.

 

Section 13. No Third-Party
Beneficiaries. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon, or give to,
any person or entity other than the Parties and their respective successors and assigns any remedy or claim under or by reason
of this Agreement or any terms, covenants or conditions hereof, and all of the terms, covenants, conditions, promises and agreements
contained in this Agreement shall be for the sole and exclusive benefit of the Parties and their respective successors and assigns.

 

Section 14. Further
Assurances. Each of the Parties hereby agrees that it will hereafter execute and deliver any further document, agreement, instruments
of assignment, transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof.

 

Section 15. Counterparts.
This Agreement may be executed in one or more counterparts, and may be delivered by means of facsimile or electronic transmission
in portable document format, each of which shall be deemed to be an original and shall be binding upon the Party who executed the
same, but all of such counterparts shall constitute the same agreement.

 

Section 16. Governing
Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving
effect to principles or rules of conflict of Laws to the extent such principles or rules would require or permit the application
of Laws of another jurisdiction.

 

    17

     

    

 

Section 17. Jurisdiction;
WAIVER OF TRIAL BY JURY. Any Action based upon, arising out of or related to this Agreement or the transactions contemplated
hereby may be brought in federal and state courts located in the State of Delaware, and each of the Parties irrevocably submits
to the exclusive jurisdiction of each such court in any such Action, waives any objection it may now or hereafter have to personal
jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the Action shall be heard and determined only
in any such court, and agrees not to bring any Action arising out of or relating to this Agreement or the transactions contemplated
hereby in any other court. Nothing herein contained shall be deemed to affect the right of any Party to serve process in any manner
permitted by Law or to commence legal proceedings or otherwise proceed against any other Party in any other jurisdiction, in each
case, to enforce judgments obtained in any Action brought pursuant to this Section 17. EACH OF THE PARTIES HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

Section 18. Entire
Agreement. This Agreement, together with the Merger Agreement, the agreements referenced herein and the other agreements entered
into in connection with the consummation of the Transactions contemplated by the Merger Agreement, constitute the entire agreement
among the Parties relating to the transactions contemplated hereby and supersede any other agreements, whether written or oral,
that may have been made or entered into by or among any of the Parties or any of their respective Subsidiaries relating to the
transactions contemplated hereby.

 

Section 19. Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions
of this Agreement shall remain in full force and effect. The Parties further agree that if any provision contained herein is, to
any extent, held invalid or unenforceable in any respect under the Laws governing this Agreement, the remaining provisions of this
Agreement shall be reformed, construed and enforced to the fullest extent permitted by Law and to the extent necessary to give
effect to the intent of the Parties.

 

Section 20. Amendment
and Waiver. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall
be effective against the Parties unless such modification is approved in writing by the Parties. The failure of any Party to enforce
any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right
of such Party thereafter to enforce each and every provision of this Agreement in accordance with its terms.

 

Section 21. Termination.
Notwithstanding anything to the contrary contained herein, if the NESCO Holders (together with their Affiliates and permitted assignees)
cease to Beneficially Own a number of shares of Common Stock equal to or greater than 5% of the total number of shares of Common
Stock issued and outstanding (on a non-fully diluted basis) (“Termination Event”),
then this Agreement shall expire and terminate automatically; provided, however, that Section 1(g), (i), (j)
and (k), Section 3, Sections 6 through 7, Sections 9 through 13, Sections 16 through
20, this Section 21 and Section 22 shall survive the termination of this Agreement.

 

Section 22. Enforcement.
Each of the Parties covenant and agree that the disinterested Directors of the Board have the right to enforce, waive or take any
other action with respect to this Agreement on behalf of the Company.

 

[THE REMAINDER OF THIS
PAGE IS INTENTIONALLY BLANK]

 

    18

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the Effective Time.

 

	 	Company:
	 	 
	 	NESCO HOLDINGS, INC.
	 	 	 
	 	By:	/s/ L. Dyson Dryden
	 	Name: 	L. Dyson Dryden

	 	Title:	President and Chief Financial Officer

 

 

 

[Signature page to Stockholders’ Agreement]

 

     

     

    

 

	 	NESCO Holder:
	 	 
	 	NESCO HOLDINGS, LP
	 	 	 
	 	By:	NESCO Holdings GP, LLC
	 	Its:	General Partner
	 	 	 
	 	By:	/s/ Rahman D’Argenio
	 	Name:	Rahman D’Argenio
	 	Title:	President

 

 

 

 

[Signature page to Stockholders’ Agreement]

 

     

     

    

 

	 	ECP:
	 	 
	 	ENERGY CAPITAL PARTNERS III, LP
	 	 
	 	By:	Energy Capital Partners GP III, LP
	 	Its:	General Partner
	 	 	 	 
	 	 	By:	Energy Capital Partners III, LLC
	 	 	Its:	General Partner
	 	 	 	 
	 	By:	/s/ Rahman D’Argenio
	 	Name:	Rahman D’Argenio
	 	Title: 	Partner
	 	 	 	 
	 	ENERGY CAPITAL PARTNERS III-A, LP
	 	 
	 	By:	Energy Capital Partners GP III, LP
	 	Its:	General Partner
	 	 	 	 
	 	 	By:	Energy Capital Partners III, LLC
	 	 	Its:	General Partner
	 	 	 	 
	 	By:	/s/ Rahman D’Argenio
	 	Name:	Rahman D’Argenio
	 	Title:	Partner
	 	 	 
	 	ENERGY CAPITAL PARTNERS III-B, LP
	 	 
	 	By:	Energy Capital Partners GP III, LP
	 	Its:	General Partner
	 	 	By:	Energy Capital Partners III, LLC
	 	 	Its:	General Partner
	 	 	 	 
	 	By:	/s/ Rahman D’Argenio
	 	Name:	Rahman D’Argenio
	 	Title:	Partner

 

 

 

 

[Signature page to Stockholders’ Agreement]

 

     

     

    

 

	 	ENERGY CAPITAL PARTNERS III-C, LP
	 	 
	 	By:	Energy Capital Partners GP III, LP
	 	Its:	General Partner
	 	 	 
	 	 	By:	Energy Capital Partners III, LLC
	 	 	Its:	General Partner
	 	 	 	 
	 	By:	/s/ Rahman D’Argenio
	 	Name: 	Rahman D’Argenio
	 	Title:	Partner
	 	 	 	 
	 	ENERGY CAPITAL PARTNERS III-D, LP
	 	 
	 	By:	Energy Capital Partners GP III, LP
	 	Its:	General Partner
	 	 	 
	 	 	By:	Energy Capital Partners III, LLC
	 	 	Its:	General Partner
	 	 	 	 
	 	By:	/s/ Rahman D’Argenio
	 	Name: 	Rahman D’Argenio
	 	Title:	Partner
	 	 	 	 
	 	ENERGY CAPITAL PARTNERS III (NESCO CO-INVEST), LP
	 	 
	 	By:	Energy Capital Partners GP III Co-Investment (NESCO), LLC
	 	Its:	General Partner
	 	 	 
	 	 	By:	Energy Capital Partners III, LLC
	 	 	Its:	Managing Member
	 	 	 	 
	 	By:	/s/ Rahman D’Argenio
	 	Name: 	Rahman D’Argenio
	 	Title:	Partner

 

 

 

 

[Signature page to Stockholders’ Agreement]

 

     

     

    

 

	 	Sponsors:
	 	 
	 	CAPITOL ACQUISITION MANAGEMENT IV LLC
	 	 
	 	By:	/s/ Mark Ein

	 	Name: 	Mark Ein

	 	Title:	Managing Member
	 	 	 
	 	CAPITOL ACQUISITION FOUNDER IV LLC
	 	 
	 	By:	/s/ L. Dyson Dryden
	 	Name: 	L. Dyson Dryden
	 	Title:	Member
	 	 	 
	 	By:	/s/ Lawrence Calcano
	 	Name: 	Lawrence Calcano
	 	 	 
	 	By:	/s/ Brooke Coburn
	 	Name: 	Brooke Coburn
	 	 	 
	 	By:	/s/ Richard Donaldson
	 	Name: 	Richard Donaldson
	 	 	 
	 	By:	/s/ Preston Parnell
	 	Name: 	Preston Parnell
	 	 	 
	 	By:	/s/ Winston Lin
	 	Name: 	Winston Lin

 

 

 

 

[Signature page to Stockholders’ Agreement]

 

     

     

    

 

Exhibit A

 

	Sponsor	 	Minimum Target Sponsor Earnout
    Shares	 	 	Second Target Sponsor Earnout
    Shares	 	 	Maximum Target Sponsor Earnout
    Shares	 
	Capitol Acquisition Management IV LLC
 
 c/o
    Mark D. Ein
 Capitol Investment Corp. IV
 1300 17th Street North, Suite 820
 Arlington, Virginia, 22209	 	 	916,405	 	 	 	916,405	 	 	 	227,924	 
	Capitol Acquisition Founder IV LLC
 
 c/o L. Dyson Dryden

    Capitol Investment Corp. IV
 1300 17th Street North, Suite 820
 Arlington, Virginia, 22209	 	 	458,202	 	 	 	458,202	 	 	 	113,963	 
	Richard C. Donaldson
 
 Capitol Investment Corp. IV
 1300
    17th Street North, Suite 820
 Arlington, Virginia, 22209	 	 	6,957	 	 	 	6,957	 	 	 	1,730	 
	Brooke B. Coburn
 Capitol Investment Corp. IV
 1300 17th
    Street North, Suite 820
 Arlington, Virginia, 22209	 	 	6,957	 	 	 	6,957	 	 	 	1,730	 
	Lawrence Calcano
 
 Capitol Investment Corp. IV
 1300
    17th Street North, Suite 820
 Arlington, Virginia, 22209	 	 	6,957	 	 	 	6,957	 	 	 	1,730	 
	Preston Parnell
 
 Capitol Investment Corp. IV
 1300 17th
    Street North, Suite 820
 Arlington, Virginia, 22209	 	 	3,826	 	 	 	3,826	 	 	 	952	 
	Winston Lin
 
 Capitol Investment
    Corp. IV
 1300 17th Street North, Suite 820
 Arlington, Virginia, 22209	 	 	696	 	 	 	696	 	 	 	173	 
	Total	 	 	1,400,000	 	 	 	1,400,000	 	 	 	348,202

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