Document:

Form of Restricted Stock Grant under 2005 Stock Plan

 Exhibit 10.50.2 
 SALIX PHARMACEUTICALS, LTD. 
 2005 STOCK PLAN 
 NOTICE OF RESTRICTED STOCK GRANT 
 Salix Pharmaceuticals, Ltd. (the “Company”) hereby grants you,                  (the “Grantee”), shares of restricted common stock of
the Company. Subject to the provisions of the Terms and Conditions of Restricted Stock Grant attached hereto as Appendix A and the 2005 Stock Plan attached hereto as Appendix B, the principal features of this grant are as follows:

  

					
	Date of Grant:	  	  
	  	
			
	Number of Shares:	  	  
	  	
			
	Fair Market Value:	  	  
	  	
			
	Vesting Commencement Date:	  	  
	  	
		
	Vesting Terms:	  	Except as provided in Appendix A, the shares subject to this Award shall vest in equal amounts annually on the first, second, third and fourth anniversary of the Vesting
Commencement Date, subject to the Grantee remaining an Employee or Consultant.

 IMPORTANT: 
 Your signature below indicates your agreement and understanding that this grant is subject to all of the Terms and Conditions of Restricted Stock Grant contained in Appendix A and the 2005 Stock Plan, attached
in Appendix B. 
 Dated:                 ,
20        . 
  

									
	Grantee:	 	  
	 		 	SALIX PHARMACEUTICALS, LTD.
				
	  
	 		 	By:	 	  

	  
	 		 	Title:	 	  

		 	Print Name	 		 		 	

 APPENDIX A 
 TERMS AND CONDITIONS OF RESTRICTED STOCK GRANT 
 1. Definitions. As used herein, the following
definitions will apply: 
 (a) “Agreement” means this Restricted Stock Grant. 
 (b) “Board” means the Board of Directors of the Company. 
 (c) “Cause” means (i) Grantee commits any act of gross negligence, fraud, dishonesty, or willful violation of any law or material violation of any significant written policy of Company that causes
material harm to Company; (ii) conviction of the Grantee of (a) a felony or (b) a serious crime involving moral turpitude; (iii) willful or gross failure by Grantee to substantially perform the duties reasonably assigned to
Grantee, or any intentional refusal without compelling reason by Grantee to discharge Grantee’s job responsibilities and/or respond to Company’s legitimate job-related requests, insofar as such duties, responsibilities and/or requests do
not contravene law and are consistent with Grantee’s position(s); (iv) failure to cooperate in an investigation conducted and/or undertaken by Company or a governmental agency which has reasonable and legitimate objectives; and
(v) any act of intentional conflict of interest by Grantee related to Company which results in material economic and/or other material damage to Company. 
 (d) “Committee” means the Compensation Committee of the Board or other persons appointed by the Board. 
 (e) “Common Stock” means the common stock of the Company. 
 (f) “Company” means Salix Pharmaceuticals, Ltd., a
Delaware corporation. 
 (g) “Consultant” means any person, including an advisor, engaged by the Company or any Parent or
Subsidiary to render services to such entity, and any Director of the Company whether compensated for such services or not. 
 (h)
“Employee” means any person employed by the Company or any Parent or Subsidiary of the Company. The payment of a Director’s fee by the Company shall not be sufficient to constitute “employment” by the Company. 
 (i) “Good Reason” means the occurrence of any of the following events or conditions: (i) a material adverse change in, or the assignment
to Grantee of any duties or responsibilities which are inconsistent with, Grantee’s status, title, position or responsibilities (including reporting responsibilities) with Company; (2) a reduction in Grantee’s salary and/or benefits
except to the extent such reduction is comparable to percentage reductions in salary and/or benefits of all other employees of Company, or any failure to pay Grantee any compensation or benefits to which Grantee is entitled within five (5) days
of the date due; or (iii) Company or its successor relocates Grantee’s workplace more than fifty (50) miles from Grantee’s current workplace; or (iv) any material breach by Company of any provision of Grantee’s
employment agreement with Company. 
 (j) “Grant” means the grant of Shares pursuant to this Agreement. 

 (k) “Shares” means Shares of restricted Common Stock issued pursuant to this Agreement.

 2. Grant. The Company hereby grants to the Grantee that number of Shares set forth in the Notice of Restricted Stock Grant to which
this Agreement is attached, subject in all respects to the terms and conditions in this Agreement and the terms, definitions and provisions of the Salix Pharmaceuticals, Ltd. 2005 Stock Plan (the “Plan”) adopted by the Company, which is
incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Agreement. 
 3. Shares Held in Escrow. Unless and until the Shares have vested in the manner set forth in Sections 4 or 5, such Shares will be issued in the name of the Grantee and held by the Secretary of the Company as
escrow agent (the “Escrow Agent”), and will not be sold, transferred or otherwise disposed of, and will not be pledged or otherwise hypothecated. The Company may instruct the transfer agent for its Common Stock to place a legend on the
certificates representing the Shares or otherwise note in its records as to the restrictions on transfer set forth in this Agreement. The certificate or certificates representing the Shares will not be delivered by the Escrow Agent to the Grantee
unless and until such Shares have vested and all other terms and conditions in this Agreement have been satisfied. 
 4. Vesting
Schedule. Except as provided in Section 5, and subject to Section 6, all Shares subject to this Agreement will vest as set forth in the Notice of Restricted Stock Grant to which this Agreement is attached. Vesting will occur only if
the Grantee remains an Employee or Consultant through the applicable vesting date. 
 5. Accelerated Vesting. 
 (a) In the event of a termination of the employment, consultancy or directorship of Grantee as a result of his or her death or disability, all Shares
subject to this Agreement shall immediately vest. 
 (b) In the event of a Change in Control of the Company (as such term is defined in the
Plan), all Shares subject to this Agreement shall either (i) be assumed or equivalent rights to shares shall be substituted by such successor corporation or a Parent or Subsidiary of such successor corporation, and no additional vesting or
waiver of forfeiture restrictions shall occur as a result of the Change in Control unless, within 3 years after a Change in Control, Grantee is terminated other than for Cause or quits for Good Reason, in which case his or her Shares shall become
immediately vested, and all forfeiture restrictions shall be waived, or (ii) if not so assumed or substituted, become immediately vested and all forfeiture restrictions shall be waived. For the purposes of this Section, the Shares shall be
considered assumed if, following the merger or sale of assets, the Shares confer the right to purchase or receive, for each Share immediately prior to the merger or sale of assets, the consideration (whether stock, cash, or other securities or
property) received in the merger or sale of assets by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a
majority of the outstanding Shares); provided, however, that if such consideration received in the merger or sale of assets is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent
of the successor corporation, provide for the consideration to be received to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the
merger or sale of assets. 
  

 A-2 

 (c) The Board or Committee, in its discretion, shall have the right to accelerate the vesting of the
balance, or some portion of the balance, of the unvested Shares at any time. If so accelerated, such Shares will be considered as having vested as of the date specified by the Board or Committee. 
 6. Forfeiture. Notwithstanding any contrary provision of this Agreement, the balance of the Shares that have not vested pursuant to Sections 4 or
5 will thereupon be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company upon the date the Grantee ceases to be an Employee or Consultant. The Grantee hereby appoints the Escrow Agent with full power of
substitution, as the Grantee’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of the Grantee to take any action and execute all documents and instruments, including, without limitation, stock
powers which may be necessary to transfer the certificate or certificates evidencing such unvested Shares to the Company upon forfeiture. 
 For purposes of this Agreement, the Grantee’s status as an Employee or Consultant shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Board or Committee; provided
that such leave is for a period of not more than 90 days or reemployment upon the expiration of such leave is guaranteed by contract or statute. For purposes of this Agreement, a change in status from Employee to Consultant or from Consultant to
Employee will not constitute a termination of employment. 
 7. Withholding of Taxes. 
 (a) Notwithstanding any contrary provision of this Agreement, no certificate representing the Shares may be released from the escrow established pursuant
to Section 3 unless and until satisfactory arrangements (as determined by the Committee) will have been made by the Grantee with respect to the payment of income and employment taxes in respect of the amount that is considered compensation
includable in such person’s gross income, which the Company determines must be withheld with respect to such Shares, pursuant to Section 3402(a) of the Code and any applicable state statute or regulation. 
 (b) At the sole and absolute discretion of the Committee, the Grantee may pay all or any part of the total estimated federal and state income tax
liability arising out of the receipt of such Shares, (a “Tax Event”) by tendering already-owned Shares or by directing the Company to withhold Shares otherwise to be transferred to the holder of such Shares as a result of the exercise or
receipt thereof in an amount equal to the estimated federal and state income tax liability arising out of such event, provided that no more shares may be withheld than are necessary to satisfy the holder’s actual minimum withholding obligation
with respect to the exercise of the Grant. In such event, the holder of such Shares must, however, notify the Committee of his or her desire to pay all or any part of the total estimated federal and state income tax liability arising out of a Tax
Event by tendering already-owned Shares or having Shares withheld prior to the date that the amount of federal or state income tax to be withheld is to be determined. For purposes of this Section, Shares shall be valued at their Fair Market Value
(as such term is defined in the Plan) on the date that the amount of the tax withholdings is to be determined. 
 8. Tax
Consequences. The Grantee has reviewed with the Grantee’s own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement. The Grantee is relying solely on such advisors
and not on any statements or representations of the Company or any of its agents. The Grantee understands that the Grantee (and not the Company) shall be responsible for the Grantee’s own tax liability that may arise as a result of the
transactions contemplated by this Agreement. The Grantee understands that Section 83 of the Code taxes as ordinary income the difference between the purchase price for the Shares, which shall be $0.00 for the Grant of shares 

  

 A-3 

 
hereunder, and the Fair Market Value of the Shares as of the date any restrictions on the Shares lapse. The Grantee understands that the Grantee may
elect to be taxed as ordinary income the difference between the purchase price for the Shares, which shall be $0.00 for the Grant of shares hereunder, and the Fair Market Value of the Shares as of the date hereof, at the time the Shares are received
rather than when the restrictions on the Shares lapse by filing an election under Section 83(b) of the Code with the I.R.S. within thirty (30) days from the date of grant. THE FORM FOR MAKING THIS ELECTION IS ATTACHED AS EXHIBIT B
HERETO.
 THE GRANTEE ACKNOWLEDGES THAT IT IS THE GRANTEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION
UNDER SECTION 83(b) IF GRANTEE WANTS TO MAKE THAT ELECTION, EVEN IF THE GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVES, INCLUDING THE COMPANY’S LEGAL COUNSEL, TO MAKE THIS FILING ON THE GRANTEE’S BEHALF. 
 9. Rights as Stockholder. Neither the Grantee nor any person claiming under or through the Grantee will have any of the rights or privileges of a
stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the
Grantee or the Escrow Agent. 
 10. No Effect on Employment. The Grantee’s employment with the Company is on an at-will basis
only. Accordingly, the terms of the Grantee’s employment with the Company will be determined from time to time by the Company, and the Company will have the right, which is hereby expressly reserved, to terminate or change the terms of the
employment of the Grantee at any time for any reason whatsoever, with or without good cause. For the purposes of this Section, employment shall also refer to consultancy or directorships. 
 11. Adjustments. In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock
split, combination of shares, rights offering, divestiture or extraordinary dividend (including a spin-off or any other change in the corporate structure or shares of the Company), the Shares shall be adjusted or replaced with the number and kind of
securities determined on the same basis as for all other issued and outstanding shares of Common Stock. 
 12. Grant is Not
Transferable. This Grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment
or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this Grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this Grant
and the rights and privileges conferred hereby immediately will become null and void. Shares that have vested in accordance with Section 4 and/or Section 5 hereof may be transferred in compliance with applicable securities laws.

 13. Additional Conditions to Release from Escrow. If at any time the Company will determine, in its discretion, that the listing,
registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the release of such Shares
from the escrow established pursuant to Section 3, such release will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the
Company. The Company will make all reasonable efforts to meet the requirements of any such state or 

  

 A-4 

 
federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. 
 14. Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement
shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Grantee and his or her heirs, executors, administrators, successors and assigns.

 15. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by Grantee or by the Company
forthwith to the Company’s Board of Directors or the Committee that administers the Plan, which shall timely review such dispute. Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board or
Committee upon any questions arising under the Plan or this Grant. 
 16. Governing Law; Severability. This Agreement shall be
governed by and construed in accordance with the laws of the State of North Carolina excluding that body of law pertaining to conflicts of law. Should any provision of this Agreement be determined by a court of law to be illegal or unenforceable,
the other provisions shall nevertheless remain effective and shall remain enforceable. 
 17. Further Instruments. The parties agree
to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
 18. 2005 Stock Plan. Grantee acknowledges receipt of a copy of the Plan and represents that Grantee is familiar with the terms and provisions thereof, and hereby accepts this Grant subject to all of the terms
and provisions thereof. Grantee has reviewed the Plan and this Grant in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant and fully understands all provisions of the Grant. 
  

 A-5 

 EXHIBIT A-1 
 ELECTION UNDER SECTION 83(b) 
 OF THE INTERNAL REVENUE CODE OF 1986 
 The undersigned taxpayer hereby elects, pursuant to the above-referenced statutory provision, to include in taxpayer’s gross income for the current
taxable year the amount of any compensation taxable to taxpayer with respect to the property described below. 
  

	1.	The name, address, taxpayer identification number and taxable year of the undersigned are as follows. 

  

							
	NAME OF TAXPAYER:	 	  
	 	SPOUSE:	  	  

			
		
	ADDRESS:	 	  

		
		 	  

  

					
	IDENTIFICATION NO. OF TAXPAYER:	 	  
	 	
	IDENTIFICATION NO. OF TAXPAYER SPOUSE:	 	  
	 	
	TAXABLE YEAR:	 	  
	 	

  

	2.	The property with respect to which the election is made is described as follows: shares (the “Shares”) of the Common Stock of Salix Pharmaceuticals, Ltd. (the
“Company”). 

  

	3.	The date of transfer was:                 , 20    .

  

	4.	The property is subject to the following restrictions: The Shares may not be sold, transferred or otherwise disposed of, and will not be pledged or otherwise hypothecated until the
Shares have vested. 

  

	5.	The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is:
$             per share. 

  

	6.	The amount paid for such property was: $0.00 per share. 

 The undersigned has submitted a copy of this statement to the Company in connection with the undersigned’s receipt of above-described property. The transferee of such property is the person who performed the services in connection with
the transfer of such property. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Taxpayer

 The undersigned spouse of taxpayer joins in this election. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Spouse of Taxpayer

  

 A-1-1 

 APPENDIX B 
 2005 STOCK PLAN 
  

 B-1Amendment No. 9 to the Credit Agreement

 Exhibit 10.93.7 
 Execution Version 
 AMENDMENT NO. 9 AND WAIVER TO THE CREDIT AGREEMENT 
 Dated as of June 26, 2009 
 AMENDMENT NO.
9 AND WAIVER TO THE CREDIT AGREEMENT (this “Amendment No. 9”) among Headwaters Incorporated, a Delaware corporation (the “Borrower”), the Lenders (as defined in the Credit Agreement referred to
below), Morgan Stanley & Co. Incorporated, as collateral agent (the “Collateral Agent”), and Morgan Stanley Senior Funding, Inc. (“Morgan Stanley”), as administrative agent (the
“Administrative Agent”; together with the Collateral Agent, the “Agents”). 
 PRELIMINARY
STATEMENTS: 
 (1) The Borrower, certain financial institutions and other persons from time to time parties thereto (collectively, the
“Lenders”), the Agents, JPMorgan Chase Bank, N.A. (as successor to JPMorgan Chase Bank), as syndication agent, and Morgan Stanley and J.P. Morgan Securities Inc., as joint lead arrangers and joint bookrunners, have entered
into that certain Credit Agreement dated as of September 8, 2004 (as amended and modified pursuant to consents dated November 6, 2004 and December 16, 2004, Amendment No. 2 to the Credit Agreement dated March 14, 2005,
Amendment No. 3 to the Credit Agreement dated May 19, 2005, Amendment No. 4 to the Credit Agreement dated October 26, 2005, Amendment No. 5 to the Credit Agreement dated June 27, 2006, Amendment No. 6 to the Credit
Agreement dated August 30, 2006, Amendment No. 7 to the Credit Agreement dated January 12, 2007 and Amendment No. 8 to the Credit Agreement dated August 15, 2008, the “Credit Agreement”; capitalized
terms used herein but not defined shall be used herein as defined in the Credit Agreement). 
 (2) The Borrower, the Agents and the Required
Lenders have agreed, subject to the terms and conditions hereinafter set forth, to amend the Credit Agreement in certain additional respects as set forth below. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 
 SECTION 1. Amendment of Credit Agreement. The Credit Agreement is, effective as of the date hereof and subject to the satisfaction of the
conditions precedent set forth in Section 3 below, hereby amended as follows: 
 (a) Section 1.1 of the Credit
Agreement is amended by adding in the appropriate alphabetical order the following new definitions: 
 “ABL Collateral
Documents” means all agreements, instruments and documents executed in connection with the ABL Loan Agreement that create or are intended to create or evidence Liens to secure the ABL Obligations. 
 “ABL Facility” means an asset based revolving credit facility providing to the Borrower and such Subsidiaries of the Borrower as
shall be “borrowers” thereunder, aggregate commitments of not less than $50,000,000 and not more than $70,000,000 that have a stated expiration date of no earlier than April 30, 2011. 
  

 Headwaters – Amendment No. 9 to the Credit Agreement 

 “ABL Facility Documents” means the ABL Loan Agreement, the ABL Collateral
Documents, the Intercreditor Agreement and the other documents to be entered into by the Borrower and any other borrowers with the lenders under the ABL Facility pursuant to the terms thereof.” 
 “ABL Loan Agreement” means a loan agreement among the Borrower, such Subsidiaries of the Borrower as may be co-borrowers
thereunder and the lenders in respect of the ABL Facility. 
 “ABL Obligations” has the meaning specified in the ABL
Loan Agreement. 
 “ABL Priority Collateral” means (a) all accounts receivable and inventory owned by
Headwaters Construction Materials, Inc. and Tapco International Corporation and their respective Subsidiaries, (b) all accounts receivable owned by Headwaters Resources, Inc. and its Subsidiaries, (c) all deposit accounts of Headwaters
Construction Materials, Inc., Tapco International Corporation and Headwaters Resources, Inc. and their respective Subsidiaries, except for those which may be excluded pursuant to the ABL Facility Documents (“Excluded Deposit Accounts”),
(d) all support obligations in respect of the accounts receivable described in clauses (a) and (b), including letters of credit and guaranties issued in support of accounts receivable or proceeds of collateral, (e) all securities
accounts of Headwaters Construction Materials, Inc., Tapco International Corporation and Headwaters Resources, Inc. and their respective Subsidiaries, except for those except for those which may be excluded pursuant to the ABL Facility Documents
(“Excluded Security Accounts”) to the extent the cash or Cash Equivalent Instruments contained therein were derived from accounts receivable, inventory or deposit accounts described in clauses (a), (b) and (c), (f) all
certificates of title, documents or instruments evidencing ownership or title to any inventory described in clauses (a) and (h), (g) all monies, whether or not in the possession of any agent for the ABL Facility, a lender under the ABL
Facility, a bailee or Affiliate of such agent or lender that were derived from or consist of any of the Property described in this definition of ‘ABL Priority Collateral’, (h) all accessions to, substitutions for, and all
replacements, products, and cash and non-cash proceeds of the foregoing, including proceeds of and unearned premium with respect to insurance policies and claims against any Person for loss, damage or destruction of any of the Property described in
this definition of ‘ABL Priority Collateral’, (i) all books and records (including customer lists, files, correspondence, tapes, computer programs, print-outs and computer records) pertaining to any of the Property described in this
definition of ‘ABL Priority Collateral’; and (j) such additional Property as specified in the Intercreditor Agreement as ‘ABL Priority Collateral’.” 
 “Amendment No. 9 and Waiver to the Credit Agreement” means, that Amendment No. 9 and Waiver dated June 26, 2009
among the Borrower, the Lenders, the Collateral Agent, and the Agents. 
 “Amendment No. 9 Effective Date”
means the date Amendment No. 9 and Waiver to the Credit Agreement shall become effective in accordance with its terms. 
 “Boynton Appeal Bond” means any appeal bond or similar instrument which the Borrower is required to provide in order to stay any judgment rendered in the Boynton Litigation in connection with any appeal of such judgment.

  

 2 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 “Boynton Litigation” means Phillip E. Boynton, et al., v. Headwaters
Incorporated, U.S.D.C., Western Dist. TN, no. 1:02-cv-01111-JPM-egb, including any appellate proceedings therefrom. 
 “Ratings” shall have the meaning set forth in the Pricing Schedule. 
 “Term B1 Lenders” means
any Lender holding any Term B1 Loans. 
 (b) The definition of “Alternate Base Rate” contained in Section 1.1
to the Credit Agreement is amended by inserting immediately before the period (“.”) at the end of such definition, the following proviso: 
 “; provided that, at no time shall the Alternate Base Rate be less than 4.00% per annum.”. 
 (c) The definition of “Applicable Margin” contained in Section 1.1 to the Credit Agreement is amended by inserting immediately after the words “Pricing Schedule” in the third line of such
definition, the following proviso thereof: 
 “, provided that, (A) from and after the date of closing of the
new ABL Facility, the Applicable Margin shall be increased by the greater of (x) 100 basis points and (y) an amount such that the Applicable Margin for the Term B1 Loans for Eurodollar Loans and Floating Rate Loans shall exceed (in each
case) the respective applicable margins on loans comparable to Eurodollar Loans and Floating Rate Loans made under such ABL Facility by 200 basis points, and (B) if the Borrower, after incurring Indebtedness under the ABL Facility, has not
repaid at least $50,000,000 in aggregate principal amount of Term B1 Loans following the Amendment No. 9 Effective Date and on or before December 31, 2009, then commencing as of January 1, 2010 the Applicable Margin shall be increased
by 25 basis points every quarter until such aforementioned payment is made”. 
 (d) The definition of “Consolidated
EBITDA” contained in Section 1.1 to the Credit Agreement is amended by (i) substituting a comma (“,”) for the word “and” immediately following the words “goodwill and intangible assets” in the fourth line
of such definition, (ii) inserting, immediately following the words “in any fiscal year thereafter” in the sixth line of such definition, the following new subparagraphs: 
 “, (vii) at any time that Section 6.21.1(b) is in effect solely for purposes of calculations under Section 6.21 and
6.22, any charges recognized in connection with the Boynton Litigation up to an amount not to exceed $21,425,000 (less any reversals or reductions of such charge) and (viii) any non-cash losses resulting from the issuance of Equity Interests in
exchange for Convertible Notes”, 
 (iii) substituting a comma (“,”) for the word “and” immediately following the
words “on a consolidated basis” in the eighth line of such definition, and (iv) inserting, immediately following the figure “$24,755,000.00” in the ninth line of such definition, the following new subparagraph: 

“and (iii) at any time that Section 6.21.1(b) is in effect, future gains earned by the Borrower resulting from any
retirement of Indebtedness”. 
  

 3 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 (e) The definition of “Consolidated Future Maturities” contained in
Section 1.1 to the Credit Agreement is amended by (i) substituting a semi-colon (“;”) for the period (“.”) at the end of the definition, and (ii) inserting immediately after the semi-colon inserted pursuant to
subparagraph (i) hereof, the following proviso thereof: 
 “ provided that, in respect of each Measurement
Period referred to in Section 6.22(z), if the Revolving Loan Commitments have been refinanced with commitments under an ABL Facility, Consolidated Future Maturities shall not include any scheduled payments of principal of the Loans due and
payable in February 2011 and April 2011 pursuant to Section 2.1.2(e) and any mandatory prepayment of principal required under Section 2.2.”. 
 (f) The definition of “Eurodollar Base Rate” contained in Section 1.1 to the Credit Agreement is amended by inserting immediately before the period (“.”) at the end of the definition, the
following proviso thereof: 
 “, provided that, at no time shall the Eurodollar Base Rate be less than
3.00% per annum.”. 
 (g) The definition of “Financing” contained in Section 1.1 to the Credit
Agreement is amended by inserting immediately after the period (“.”) at the end of the definition the words “For the avoidance of doubt, the term “Financing” shall not include any Indebtedness incurred under the ABL
Facility.” 
 (h) The definition of “Intercreditor Agreement” contained in Section 1.1 of the Credit
Agreement is amended and restated in its entirety to read as follows: 
 ““Intercreditor Agreement” means an
intercreditor agreement between the Collateral Agent and the agent under the ABL Loan Agreement, and acknowledged by the Borrower and each other Loan Party, reasonably satisfactory to Ropes & Gray LLP, as counsel to certain of the Term B1
Lenders and in the form to which the Required Lenders shall not have objected after they have been given a period of three Business Days to review a substantially final version thereof.” 
 (i) The definition of “Material Indebtedness” contained in Section 1.1 of the Credit Agreement is amended by inserting
immediate before the phrase “any Indebtedness” contained therein the following: “the ABL Facility and.” 
 (j) The definition of “Restricted Payment” contained in Section 1.1 of the Credit Agreement is amended by (i) substituting a comma (“,”) for the word “and” immediately following the words “the
Obligations” in the twelfth line of such definition; (ii) substituting the letter in parentheses “(y)” therein with “(z)”; and (iii) inserting immediately after “the Obligations,” in the twelfth line the
words “ (y) Indebtedness under the ABL Facility”. 
 (k) The definition of “Revolving Loan Termination
Date” contained in Section 1.1 of the Credit Agreement is amended by inserting, immediately after the date referenced in subparagraph (a) thereof and right before the comma (“,”), the following parenthetical to read as
follows: 
  

 4 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 “(or with respect to any Lender, such later date as may be agreed in writing between
such Lender and the Borrower and acknowledged by the Administrative Agent)”. 
 (l) Section 2.2(c) of the Credit
Agreement is amended by substituting the following in its entirety for such Section: 
 “Upon the consummation of any
Financing by the Borrower or any Subsidiary of the Borrower, within three (3) Business Days after the Borrower’s or any of its Subsidiaries’ receipt of any Net Cash Proceeds, the Borrower shall make a mandatory prepayment of the
Loans, subject to the provisions governing the application of payments set forth in Section 2.2(e), (i) in an amount equal to one hundred percent (100%) of such Net Cash Proceeds, in the case of a debt Financing of the type described
in clause (ii) of the definition thereof; provided that such percentage shall be reduced to 0% if the Total Leverage Ratio after giving effect to such transaction would be less than 3.50:1.00 (calculated on a pro forma basis after giving
effect to such transaction), and (ii) in an amount equal to one hundred percent (100%) of such Net Cash Proceeds, in the case of an equity Financing of the type described in clause (i) of the definition thereof; provided that
such percentage shall be reduced to 0% if the Total Leverage Ratio after giving effect to such transaction would be less than 3.50:1.00 (calculated on a pro forma basis after giving effect to such transaction). Furthermore, if the Borrower has not
otherwise prepaid at least $25,000,000 of the outstanding principal amount of the Term B1 Loans pursuant to Section 2.2(b) and/or (c) and/or Section 2.7 between the Amendment No. 9 Effective Date and December 31, 2009 and
the Borrower incurs Indebtedness permitted under Section 6.14.12, the Borrower shall prepay at least $25,000,000 in aggregate principal amount of Term B1 Loans on or before December 31, 2009, it being understood that the prepayment
required under this sentence is applicable regardless of the availability of Net Cash Proceeds of any Financing.” 
 (m)
Section 2.5 of the Credit Agreement is amended by (i) substituting the following text in its entirety for such Section Heading: 
 “Commitment Fee; Aggregate Revolving Loan Commitment; Letter of Credit Facility; ABL Consent Fee.”, 
 and (ii) inserting at the end of such Section, the following new “Sub-section 2.5.4” to read as follows: 
 “2.5.4. ABL Consent Fee. Upon the closing of the ABL Facility, the Borrower shall pay to the Administrative Agent for the account of the Term B1 Lenders consenting to Amendment No. 9 and Waiver to the Credit Agreement based
on their outstanding principal amounts of Term B1 Loans as of the Amendment No. 9 Effective Date (reduced by any amounts prepaid between the Amendment No. 9 Effective Date and the closing of the ABL Facility), an additional consent fee of
25 basis points (less the amount of fees and expenses paid to Ropes & Gray LLP by the Borrower as a result of Section 6.14.12(a)).”. 
 (n) Section 5.5 of the Credit Agreement is amended and restated in its entirety to read as follows: 
 “5.5 Material Adverse Change. Since September 30, 2008, there has been no Material Adverse Change.”. 
  

 5 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 (o) Section 6.12 of the Credit Agreement is amended by inserting the following new
sub-section 6.12.6 to read as follows: 
 “6.12.6 Other dispositions or transfers of Property, provided that
(a) the net book value of such Property being disposed of or transferred shall not exceed an aggregate sum of $50,000,000 during the period from and after the Amendment No. 9 Effective Date, and such transfer or other disposition shall be
for fair market value, (b) the Borrower shall apply the Net Cash Proceeds received in respect of each such disposition or transfer to repay the Term B1 Loans pursuant to Section 2.2(b) without regard to any reinvestment rights otherwise
provided in Section 2.2(b), unless any principal repayment required under the final sentence of Section 2.2(c) has been made, and (c) after giving effect to such disposition or transfer of Property, the pro forma Senior Leverage Ratio
shall be no greater than that in effect immediately prior to giving effect to such disposition or transfer of Property. 
 (p)
Section 6.14 of the Credit Agreement is amended by replacing subsection 6.14.12 in its entirety with the following: 
 “6.14.12 Indebtedness in respect of an ABL Facility, provided that (a) the ABL Facility Documents shall have been reviewed and found reasonably satisfactory by Ropes & Gray LLP, as an independent counsel acting on
behalf of certain of the Term B1 Lenders, (b) outstanding Revolving Loan Commitments shall have been terminated and (c) the initial lenders under the ABL Facility shall have Ratings of at least BBB- from S&P or Baa3 from Moody’s;
provided further that at any time when the ABL Facility is in place, if the Administrative Agent determines that the Borrower has agreed in the ABL Loan Agreement to comply with a fixed charge coverage ratio that is different from the Fixed
Charge Coverage Ratio contained in Section 6.22 of this Agreement, the Borrower hereby agrees that such fixed charge coverage ratio as provided in the ABL Loan Agreement, shall be automatically incorporated into this Agreement as an additional
covenant and not, for the avoidance of doubt, in replacement of the existing covenant provided under Section 6.22 and the relevant terms and provisions in connection thereto shall be deemed incorporated by reference into this Agreement, and the
Borrower shall promptly execute and deliver a formal amendment to this Agreement which shall be effective without consent of any other party hereto.” 
 (q) Section 6.14 of the Credit Agreement is amended by adding at the end thereof a new subsection 6.14.15, to read as follows: 
 “6.14.15 Indebtedness not in excess of the difference between $25,000,000 minus any payments made in respect of any judgment or
settlement of the Boynton Litigation consisting of reimbursement obligations in respect of a Boynton Appeal Bond which is secured by a Lien permitted under Section 6.15.20.” 
 (r) Section 6.15 of the Credit Agreement is amended by amending and restating Section 6.15.15 in its entirety to read as
follows: 
 “6.15.15 Liens securing Indebtedness permitted under Section 6.14.12, provided that such Liens
shall be subject to the Intercreditor Agreement and shall be junior in priority to the Liens securing the Secured Obligations except with respect to ABL Priority Collateral (as to which the Liens securing the Secured Obligations shall be perfected
and have a second priority security interest ranking only behind the Liens 

  

 6 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 
securing the ABL Facility, pursuant to the provisions of the Intercreditor Agreement, and the Liens that are permitted under the Loan Documents to be senior
in priority to the Liens securing the Secured Obligations (with respect to Collateral of a type constituting ABL Priority Collateral)). 
 (s) Section 6.15 of the Credit Agreement is amended by adding at the end thereof a new subsection 6.15.20, to read as follows: 
 “6.15.20 If, under the ABL Loan Agreement, the available letter of credit commitments thereunder are less than the maximum amount of
a letter of credit that must be issued to enable the Borrower to procure a Boynton Appeal Bond, but the commitments available to borrow under the ABL Loan Agreement are sufficient for such purpose, the Borrower may borrow under the ABL Facility and
use such borrowing (not to exceed an aggregate principal amount not to exceed the difference between $25,000,000 and any amount paid in respect of any judgment or settlement of the Boynton Litigation) to cash collateralize any Boynton Appeal
Bond.” 
 (t) Section 6.18 of the Credit Agreement is amended by (i) inserting immediately after the words
“Indebtedness permitted under” in the eighth line thereof, the text “(x)”, and (ii) inserting immediately after the words “Permitted Indebtedness” at the end of such section and right before the period
(“.”) thereof, the following new subparagraph to read as follows: 
 “and (y) the ABL Loan Agreement so
long as the terms of such encumbrance or restriction are no more restrictive than the terms hereof and permit the creation of such encumbrances or restrictions on the Borrower and its Subsidiaries under this Agreement.” 
 (u) Section 6.20 of the Credit Agreement is amended by inserting immediately before the period (“.”) at the end of the
first sentence thereof the words “except as permitted under subsection (iii) of the definition of ‘Restricted Payment’.” 
 (v) Section 6.21.1 of the Credit Agreement is amended by (i) restating the existing provisions thereof, without any amendment thereto, as a new sub-section “(a)” of Section 6.21.1 therefor,
and (ii) inserting, after the new sub-section (a) of Section 6.21.1, the following new sub-section “(b)” of Section 6.21.1 to read as follows: 
 “(b) Notwithstanding the provisions of Section 6.21.1(a), at any time that the Borrower is party to an ABL Facility, the
Borrower will not permit the Total Leverage Ratio to be greater than the ratio set forth for such period below: 
  

			
	 For each four fiscal quarter period ended:
	  	Total Leverage Ratio
	 September 30, 2009
	  	5.25:1.00
	 December 31, 2009
	  	5.50:1.00
	 March 31, 2010 through June 30, 2010
	  	5.75:1.00
	 September 30, 2010
	  	5.25:1.00
	 December 31, 2010
	  	5.00:1.00
	 March 31, 2011
	  	4.75:1.00

  

 7 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 (w) Section 6.22 is amended by deleting the existing subparagraph (z) thereof
in its entirety and replacing it therefor with a new subparagraph to read as follows: 
 “(z)(i) for each Measurement
Period ending on or after September 30, 2009 and on or prior to December 31, 2009, 1.25:1.00, (ii) for each Measurement Period ending after December 31, 2009 and on or prior to September 30, 2010, 1.00:1.00, and
(iii) for each Measurement Period ending after September 30, 2010, 1.25:1.00.”. 
 (x) Section 6.23 is
amended by deleting in its entirety the last row of the table set forth therein and replacing such deleted row with the following: 
  

				
	 2007
	  	$	100,000,000
	 2008
	  	$	100,000,000
	 2009
	  	$	67,500,000
	 2010
	  	$	60,000,000
	 2011
	  	$	55,000,000

 (y) Section 6.32 of the Credit Agreement is amended by (i) substituting a
comma (“,”) for the word “and” immediately following the words “Subsidiaries under this Agreement” from the seventh line of such section thereof, and (ii) inserting, immediately following the parenthetical at the
end of such section and right before the period (“.”) thereof, the following new subparagraph to read as follows: 
 “and (v) under the ABL Loan Agreement so long as the terms of such prohibitions or conditions on the creation or assumption of Liens are no more restrictive than the terms hereof and permit the creation or assumption of Liens
securing the Obligations of the Borrower and its Subsidiaries under this Agreement”. 
 (z) Section 9.6(i) of the
Credit Agreement is amended by inserting, immediately after the text “or the Lenders” at the end of the parenthetical in the second sentence of such sub-section and immediately before the punctuation mark (“)”), the following new
text to read as follows: 
 “and including up to $100,000 of fees and expenses for Ropes & Gray LLP as counsel
to certain of the Term B1 Lenders in respect of the review of the ABL Facility Documents contemplated by Section 6.14.12(a) (it being understood that such fees and expenses shall be payable regardless whether the ABL Facility closing
occurs)”. 
 (aa) The Pricing Schedule is amended by deleting the second table therein in its entirety and inserting the
following new table: 
  

													
	 APPLICABLE MARGIN FOR
 TERM B1 LOANS AND
 REVOLVING LOANS
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 
	 Eurodollar Rate
	  	5.25	% 	 	5.75	% 	 	6.25	% 	 	6.75	% 

  

 8 
 Headwaters – Amendment No. 9 to the Credit Agreement 

													
	 Floating Rate
	  	4.25	% 	 	4.75	% 	 	5.25	% 	 	5.75	% 

 SECTION 2. Waiver. Subject to the satisfaction of the conditions precedent set forth in
Section 3, the Required Lenders, effective from and after the Amendment No. 9 Effective Date, hereby irrevocably and permanently waive the requirements of Section 6.21.1 of the Credit Agreement with respect to the fiscal quarter
ending on June 30, 2009. 
 SECTION 3. Conditions to Effectiveness. This Amendment No. 9 and the amendments contained herein
shall become effective as of the date hereof (the “Amendment No. 9 Effective Date”) when each of the conditions set forth in this Section 3 to this Amendment No. 9 shall have been fulfilled to the satisfaction
of the Administrative Agent. 
 (a) Execution of Counterparts. The Administrative Agent shall have received
counterparts of this Amendment No. 9, duly executed and delivered on behalf of the Borrower and the Required Lenders, or, as to any of the foregoing parties, advice reasonably satisfactory to the Administrative Agent that such party has
executed a counterpart of this Amendment No. 9. 
 (b) Guarantor Consent. The Administrative Agent shall have
received the Consent attached as Exhibit A hereto duly executed by each of the Guarantors. 
 (c) Payment of Fees and
Expenses; Retainer. The Borrower shall have paid (i) an amendment fee of 50 basis points for the account of each Lender that executes and delivers this Amendment No. 9 at or before 5.00 P.M. (New York City time) on June 26, 2009
(calculated on the outstanding principal amounts of such Lender’s outstanding Loans and Commitments, taken as a whole but without duplication), (ii) all reasonable expenses (including the reasonable fees and expenses of Shearman &
Sterling LLP) incurred in connection with the preparation, negotiation and execution of this Amendment No. 9 and other matters relating to the Credit Agreement (including, without limitation, filing fees in connection with the perfection of any
security interests) from and after the last invoice to the extent invoiced, and (iii) a $100,000 retainer to Ropes & Gray LLP as counsel to certain of the Term B1 Lenders. 
 (d) Resolution. The Administrative Agent shall have received a certified copy of the resolutions of the Board of Directors of the
Borrower approving this Amendment No. 9, and all other documents evidencing other necessary corporate action and other third party approvals and consents, if any, with respect to this Amendment No. 9. 
 (e) Opinion. The Administrative Agent shall have received a written opinion of the Borrower’s counsel, in form and substance
satisfactory to the Administrative Agent and addressed to the Administrative Agent, the Collateral Agent and the Lenders, with respect to such matters as the Administrative Agent may reasonably request. 
 (f) No Default. (i) There shall exist no Default or Unmatured Default under the Credit Agreement as amended hereby and no
Default or Unmatured Default would result from this Amendment and (ii) the representations and warranties contained in Article V of the Credit Agreement shall be true and correct in all material respects as of the Amendment No. 9 Effective
Date before and after giving effect to this Amendment except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct on and as of
such earlier date, and the 

  

 9 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 
Administrative Agent shall have received a certificate from a responsible officer of the Borrower as to the satisfaction of the conditions in clauses
(i) and (ii). 
 SECTION 4. Confirmation of Representations and Warranties. Each of the Credit Parties hereby represents and
warrants, on and as of the date hereof, that (a) the representations and warranties contained in the Credit Agreement are correct and true in all material respects on and as of the date hereof, before and after giving effect to this Amendment
No. 9, as though made on and as of the date hereof, other than any such representations or warranties that, by their terms, refer to a specific date and (b) no Default or Unmatured Default has occurred and is continuing, or would occur as
a result of the transactions contemplated by this Amendment No. 9. 
 SECTION 5. Reference to and Effect on the Loan Documents.
(a) On and after the Amendment No. 9 Effective Date, each reference in the Credit Agreement to “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the
other transaction documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as
modified by this Amendment No. 9. 
 (b) The Credit Agreement, the Pledge and Security Agreement, the Notes and each of
the other Loan Documents, as specifically amended by this Amendment No. 9, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the
Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations of the Credit Parties under the Loan Documents, in each case as amended by this Amendment No. 9. 
 (c) The execution, delivery and effectiveness of this Amendment No. 9 shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of any Lender or any Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 
 SECTION 6. Release. Although each Lender and each Agent regards its conduct as proper and does not believe that the Borrower or any Guarantor (each, a “Loan Party” and the Borrower and the Guarantors
collectively, the “Loan Parties”) has any claim, right, cause of action, offset or defense against such Lender, such Agent or any other Lender in connection with the execution, delivery, performance and ongoing administration of, or the
transactions contemplated by, the Credit Agreement and the other Loan Documents, each Lender, each Agent and each Loan Party agree that any past conduct, conditions, acts, omissions, events, circumstances or matters of any kind whatsoever will not
impair or otherwise affect any rights, interests, contracts or remedies of the Lenders or the Agents. Therefore, each Loan Party, on behalf of itself and its employees, agents, officers, directors, representatives, predecessors, successors,
transferees and assigns, unconditionally, freely, voluntarily and, after consultation with counsel and becoming fully and adequately informed as to the relevant facts, circumstances and consequences, knowingly releases, waives and forever discharges
(and further agrees not to allege, claim or pursue) (a) any and all liabilities, indebtedness and obligations, whether known or unknown, of any kind whatsoever of any Lender to any Loan Party, except for any obligations to be respectively
performed by the Lenders as expressly set forth in this Amendment No. 9, the Credit Agreement and the other Loan Documents after the Amendment No. 9 Effective Date, (b) any legal, equitable or other obligations of any kind whatsoever,
whether known or unknown, of any Lender to any Loan Party (and any rights of any Loan Party against any Lender) other than any such obligations expressly set forth in this Amendment No. 9, the Credit Agreement and the other Loan Documents to be
performed after the Amendment No. 9 Effective Date, (c) any and all claims, whether known or unknown, under any oral or implied agreement with 

  

 10 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 
(or obligation or undertaking of any kind whatsoever of) any Lender which is different from or in addition to the express terms of this Amendment No. 9,
the Credit Agreement and the other Loan Documents and (d) all other claims, rights, causes of action, counterclaims or defenses of any kind whatsoever, in contract or in tort, in law or in equity, whether known or unknown, direct or derivative,
which such Loan Party or any predecessor, successor or assign might otherwise have or may have against any Lender on account of any conduct, condition, act, omission, event, contract, liability, obligation, demand, covenant, promise, indebtedness,
claim, right, cause of action, suit, damage, defense, circumstance or matter of any kind whatsoever which existed, arose or occurred at any time prior to the Amendment No. 9 Effective Date. 
 SECTION 7. Execution in Counterparts. This Amendment No. 9 may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment
No. 9 by facsimile shall be effective as delivery of a manually executed original counterpart of this Amendment No. 9. 
 SECTION
8. Governing Law. This Amendment No. 9 shall be governed by, and construed in accordance with, the laws of the State of New York, and shall be subject to the jurisdictional and service provisions of the Credit Agreement, as if this were
a part of the Credit Agreement. 
 SECTION 9. Entire Agreement; Modification. This Amendment No. 9 constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof, there being no other agreements or understandings, oral, written or otherwise, respecting such subject matter, any such agreement or understanding being superseded hereby,
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, and may not be amended, extended or otherwise modified, except in a writing executed in whole or in counterparts by each party hereto.

 [SIGNATURE PAGES FOLLOW] 
  

 11 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 9 to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	HEADWATERS INCORPORATED,
		 	as Borrower
		
	By:	 	 /s/ Steven G. Stewart

	Title:	 	Chief Financial Officer
	
	MORGAN STANLEY SENIOR FUNDING, INC.,
		 	as Administrative Agent, Swing Line Lender and as a Lender
		
	By:	 	 /s/ Stephen B. King

	Title:	 	Vice President
	
	MORGAN STANLEY & CO. INCORPORATED,
		 	as Collateral Agent
		
	By:	 	 /s/ David Albert

	Title:	 	Managing Director

  

 [And other Lenders] 
 Headwaters – Amendment No. 9 to the Credit Agreement 

 EXHIBIT A 
 CONSENT 
 Dated as of June 25, 2009 
 Reference is made to the Credit Agreement referred to in the foregoing Amendment No. 9 (capitalized terms used herein and not defined being used
herein as defined in the Credit Agreement). Each of the undersigned, in its capacity as a Guarantor under the Guaranty Agreement and as a Grantor under the Pledge and Security Agreement, hereby (i) consents to the execution, delivery and
performance of Amendment No. 9 and agrees that each of the Guaranty Agreement and the Pledge and Security Agreement is, and shall continue to be, in full force and effect and is hereby in all respects ratified and confirmed on the Amendment
No. 9 Effective Date, except that, on and after such Amendment No. 9 Effective Date referred to in Amendment No. 9, each reference to “the Credit Agreement”, “thereunder”, “thereof”,
“therein” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended and otherwise modified by Amendment No. 9 and (ii) confirms that the Collateral Documents
to which each of the undersigned is a party and all of the Collateral described therein do, and shall continue to, secure the payment of all of the Secured Obligations. This Consent shall, pursuant to New York General Obligations Law
Section 5-1401, be governed by, and construed in accordance with, the laws of the State of New York. 
  

			
	 ATLANTIC SHUTTER SYSTEMS, INC.;
 BEST MASONRY & TOOL SUPPLY, LLC
 CHIHUAHUA STONE, LLC;
 COVOL COAL COMPANY, LLC;
 COVOL ENGINEERED FUELS, LC;
 COVOL FUELS NO. 2, LLC.
 COVOL FUELS NO. 3, LLC.
 COVOL FUELS NO. 4, LLC.
 COVOL FUELS NO. 5, LLC.
 COVOL SERVICES CORPORATION;
 DON’S BUILDING SUPPLY, LLC
 ELDORADO G-ACQUISITION CO.;
 ELDORADO SC-ACQUISITION CO.;
 ELDORADO STONE ACQUISITION CO., LC;
 ELDORADO STONE FUNDING CO., LLC;
 ELDORADO STONE LLC;
 ELDORADO STONE OPERATIONS LLC;
 ENVIRONMENTAL TECHNOLOGIES GROUP, LLC;
 GLOBAL CLIMATE RESERVE CORPORATION;
 HCM FLEXCRETE, LLC;
 HCM STONE, LLC;
 HCM UTAH, INC.;
 HEADWATERS CONSTRUCTION MATERIALS, INC.;
 HEADWATERS CONSTRUCTION MATERIALS, LLC;
 HEADWATERS ENERGY SERVICES CORP.;
 HEADWATERS ETHANOL OPERATORS, LLC;
 HEADWATERS HEAVY OIL, LLC;
 HEADWATERS CTL, LLC
 HEADWATERS RESOURCES, INC.;
 HEADWATERS SYNFUEL INVESTMENTS, LLC;
 HEADWATERS TECHNOLOGY INNOVATION GROUP, INC.;
 HEADWATERS SERVICES CORPORATION;
 L-B STONE LLC;
 METAMORA PRODUCTS CORPORATION;
 METAMORA PRODUCTS CORPORATION OF ELKLAND;

MTP, INC.;
 TAPCO INTERNATIONAL CORPORATION;
 VFL TECHNOLOGY CORPORATION;

	
	each as a Guarantor
		
	By:	 	 /s/ Steven Stewart

	Name:	 	Steven Stewart
	Title:	 	Chief Financial Officer

  

 Headwaters – Amendment No. 9 to the Credit Agreement

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