Document:

Document

Exhibit 10.15

AMENDMENT NO. 9 AND JOINDER TO 
SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT

This AMENDMENT NO. 9 AND JOINDER TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this "Agreement"), dated December 2, 2021, is made and entered into by and among IES HOLDINGS, INC., a Delaware corporation, on behalf of itself and each other Borrower and Guarantor (the "Administrative Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Lender").

RECITALS

A.WHEREAS, Borrowers, Guarantors and Lender have entered into that certain Second Amended and Restated Credit and Security Agreement dated as of April 10, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement").  Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

B.WHEREAS, Administrative Borrower, on behalf of itself and each other Borrower and Guarantor, (i) has requested that Lender join STR Mechanical, LLC, a North Carolina limited liability company ("STR"), and Technical Services II, LLC, a Virginia limited liability company ("Technical II"; and together with STR the "New Borrowers" and each a "New Borrower") as a Borrower to the Credit Agreement, and (ii) amend certain provisions of the Credit Agreement, each as set forth herein.

C.WHEREAS, Lender has agreed to (i) join each New Borrower as a Borrower to the Credit Agreement, and (ii) amend the Credit Agreement, in each case, on the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound agree as follows:

ARTICLE I 
AMENDMENT

Effective as of the Effective Date (as defined below), the Credit Agreement is hereby amended and supplemented as follows: 

1.01    Amendment to Section 2.9.  Section 2.9 of the Credit Agreement is hereby amended by deleting the reference to "September 30, 2024 (the "Maturity Date")" and inserting "September 30, 2026 (the "Maturity Date")" in lieu thereof.  

1.02    Amendment to Section 2.14.  Section 2.14 of the Credit Agreement is hereby amended by (i) deleting each reference to "Daily Three Month LIBOR" set forth in clauses (a), (b), and (d) therein and inserting "Daily Simple SOFR" in lieu thereof, and (ii) amending and restating Section 2.14(c) in its entirety as follows:

(c)        Effect of Benchmark Replacement Transition Event.  

(i)         Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, Lender may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment will become effective at 5:00 p.m. on the fifth Business Day after Lender has provided such amendment to Administrative Borrower without any further action or consent of any Loan Party.

(ii)        Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, Lender will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any Loan Party.

(iii)       Notices; Standards for Decisions and Determinations. Lender will promptly notify Administrative Borrower of (a) the implementation of any Benchmark Replacement and (b) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Lender pursuant to this Section 2.14(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in Lender’s sole discretion and without consent from any Loan Party, except, in each case, as expressly required pursuant to this Section 2.14(c).

(iv)       Benchmark Unavailability Period. Upon Administrative Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, Lender may (a) declare that SOFR Loans will not thereafter be made by Lender, such that any request for a SOFR Loan from Lender shall be deemed to be a request for an Advance with interest based on the Prime Rate and (b) require that all outstanding SOFR Loans made by Lender be converted to Advances with interest based on the Prime Rate immediately, in which event all outstanding SOFR Loans shall be so converted and shall bear interest at the Prime Rate in effect from time to time, plus the Interest Rate Margin. The Prime Rate in effect from time to time plus the Interest Rate Margin shall replace the then-current Benchmark for any determination of interest hereunder or under any other Loan Document during a Benchmark Unavailability Period.

1.03    Amendment to Section 6.2.  Section 6.2 of the Credit Agreement is hereby amended and restated in its entirety as follows:

6.2.      Collateral Reporting.  Provide Lender with each of the reports set forth on Schedule 6.2 at the times specified therein.  In addition, on or prior to the delivery date of the first field examination after the Ninth Amendment Closing Date (or such later date as Lender may reasonably agree), each Borrower agrees to use commercially reasonable efforts in cooperation with Lender to facilitate and implement a system of electronic 

collateral reporting in order to provide electronic reporting of each of the items set forth on such Schedule.  Borrowers and Lender hereby agree that the delivery of the Borrowing Base Certificate through Lender's electronic platform or portal, subject to Lender's authentication process, by such other electronic method as may be approved by Lender from time to time in its sole discretion, or by such other electronic input of information necessary to calculate the Borrowing Bases as may be approved by Lender from time to time in its sole discretion, shall in each case be deemed to satisfy the obligation of Borrowers to deliver such Borrowing Base Certificate, with the same legal effect as if such Borrowing Base Certificate had been manually executed by Borrowers and delivered to Lender.

1.04    Amendment to Section 6.12(c)(i). Section 6.12(c)(i) is hereby amended and restated in its entirety as follows:

(i)         Except to the extent otherwise provided by Section 7.11, each Loan Party shall obtain a Control Agreement, from each bank (other than Lender) maintaining a Deposit Account for such Loan Party; provided, that and notwithstanding the foregoing, on or before 120 days after the Ninth Amendment Closing Date (or such later date as Lender may agree in its sole discretion), Administrative Borrower shall obtain a Control Agreement from Truist Bank in form and substance satisfactory to Lender or close all Deposit Accounts with Truist Bank;

1.05    Amendment to Section 6.12(i).  Section 6.12(i) is hereby amended and restated in its entirety as follows:

(i)         Controlled Accounts.  Each Loan Party shall establish and maintain at Lender all Cash Management Services, including all deposit accounts (other than the Permitted Petty Cash Account, the Permitted Florida Statutory Account, and the Permitted Truist Accounts), and to the extent required hereunder or otherwise utilized by Borrowers, lockbox services.  Such Cash Management Services maintained by each Loan Party shall be of a type and on terms reasonably satisfactory to Lender.

1.06    Amendment to Section 7.11(b).  Section 7.11(b) is hereby amended and restated in its entirety as follows:

(b)        Other than (i) the Permitted Petty Cash Account, (ii) amounts deposited into Deposit Accounts identified on Schedule 5.15 to the Information Certificate  which are specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the employees of any Loan Party or its Subsidiaries, (iii) the Permitted Florida Statutory Account, and (iv) the Permitted Truist Accounts, make, acquire, or permit to exist Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts unless such Borrower and such other Loan Party or its Subsidiaries, as applicable, and the applicable bank (or as permitted solely pursuant to Section 6.12(i) or securities intermediary have entered into Control Agreements with Lender governing such Permitted Investments in order to perfect (and further establish) Lender's Liens in such Permitted Investments.  Except as provided in Section 6.12(i) and this Section 7.11(b), Borrowers and such Loan Parties 

shall not, and shall not permit their Subsidiaries to, establish or maintain any Deposit Account or Securities Account with a banking institution other than Lender.
1.07    Amendment to Section 8(b).  Section 8(b) is hereby amended by deleting the reference to "twenty percent (20%)" and inserting a reference to "ten percent (10%)" in lieu thereof. 

1.08    Amendment to Section 17.  Section 17 of the Credit Agreement is hereby amended by inserting new Section 17.18 in its appropriate place as follows:

17.18   Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, "QFC Credit Support" and each such QFC a "Supported QFC"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York or of the United States or any other state of the United States): In the event a Covered Entity that is party to a Supported QFC (each, a "Covered Party") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States.   

1.09    Amendments to Schedule 1.1.

(a)    Clause (b) in the definition of  "Accounts Availability Amount" is hereby amended and restated in its entirety as follows:

(b)        the lesser of (x) seventy-five percent (75%) (less the amount, if any, of the Dilution Reserve applicable to Eligible Progress Billing Accounts, if applicable) of the amount of Eligible Progress Billing Accounts, (y) $50,000,000, or (z) sixty percent (60%) of an amount equal to the sum of clause (a) above plus clause (b) (x) above (after giving effect to any Reserves).

(b)    The definition of "Eligible Inventory" is hereby amended by (i) deleting the reference to ""Eligible Inventory" means Inventory consisting of first quality finished goods" in its entirety and inserting ""Eligible Inventory" means Inventory consisting of (i) raw materials at all times after the Raw Materials Trigger Date or (ii) first quality finished goods" in lieu thereof, (ii) deleting the reference to "it consists of work-in-process Inventory, components which are not part of finished goods" in clause (b) in its entirety and inserting "it consists of work-in-process Inventory, components which are not raw materials (at all times after the Raw Materials Trigger Date) or part of finished goods" in lieu thereof, and (iii) capitalizing the reference to "goods" in clause (l).  

(c)    The table set forth in the definition of "Interest Rate Margin" is hereby amended and restated in its entirety as follows:

									
	Level
	Liquidity/Excess Availability/ Fixed Charge Coverage Ratio
	Interest Rate Margin

	I
	If Liquidity is less than thirty-five percent (35%) of the Maximum Revolver Amount at any time during such period
	2.00 percentage points

	II
	If Liquidity is greater than or equal to thirty-five percent (35%) of the Maximum Revolver Amount at all times during such period and less than fifty percent (50%) of the Maximum Revolver Amount at any time during such period
	1.75 percentage points

	III
	If Liquidity is greater than or equal to fifty percent (50%) of the Maximum Revolver Amount at all times during such period
	1.50 percentage points

(d)    The definition of "Restricted Junior Payment" is hereby amended by replacing the reference to "any Subsidiary" in clauses (vii) and (viii) and inserting references to "any non-wholly owned Subsidiary" in lieu thereof.

(e)    Schedule 1.1 of the Credit Agreement is hereby amended by deleting the following defined terms: "Benchmark Replacement Adjustment", "Benchmark Transition Start Date", "Daily Three Month LIBOR", "Early Opt-In Election", "Unadjusted Benchmark Replacement".

(f)    Schedule 1.1 of the Credit Agreement is hereby amended by inserting the following defined terms in the appropriate alphabetical order:

“Benchmark” means, initially, Daily Simple SOFR, provided, that, if a Benchmark Transition Event, has occurred with respect to Daily Simple SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has become effective pursuant to the provisions of this Section 2.14(c).

“Benchmark Administrator” means, initially, the Federal Reserve Bank of New York, or any successor administrator of the then-current Benchmark or any insolvency or resolution official with authority over such administrator.

"BHC Act Affiliate" of a Person means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such Person.
 
"Covered Entity" means any of the following:

a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

"Covered Party" has the meaning specified therefor in Section 17.18 of this Agreement.

“Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day (such day, a “SOFR Determination Day”) that is two (2)  U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website; provided, that, if Daily Simple SOFR determined as provided above would be less than zero, then Daily Simple SOFR shall be deemed to be zero.  If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government Securities Business Day immediately following any SOFR Determination Day, SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator’s Website and a Benchmark Replacement Date with respect to Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator’s Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Determination Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.  

"Ninth Amendment Closing Date" means December 2, 2021.

"Permitted Truist Accounts" means that certain Deposit Account of STR Mechanical at Truist Bank bearing account number ending in 5569 (together with such other accounts approved by Lender in its sole discretion).

"QFC" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. § 5390(c)(8)(D). 

"QFC Credit Support" has the meaning specified therefor in Section 17.18 of this Agreement.

"Raw Materials Trigger Date" means that date on which Lender receives an appraisal, in form and substance satisfactory to Lender, of Eligible Inventory consisting of raw materials.

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

“SOFR Loans” means each Advance that bears interest at a rate determined by reference to Daily Simple SOFR.

"Supported QFC" has the meaning specified therefor in Section 17.18 of this Agreement.

“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"U.S. Special Resolution Regimes" has the meaning specified therefor in Section 17.18 of this Agreement.

(g)    Schedule 1.1 of the Credit Agreement is amended by amending and restating the following definitions in their entirety as follows;

“Benchmark Replacement” means the sum of: (a) the alternate rate of interest that has been selected by Lender and Administrative Borrower as the replacement for the then-current Benchmark; and (b) the spread adjustment or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Lender and Administrative Borrower, in each case, giving due consideration to (i) any selection or recommendation by the Relevant Governmental Body at such time for a replacement rate, the mechanism for determining such a rate, the methodology or conventions applicable to such rate, or the spread adjustment, or method for calculating or determining such spread adjustment, for such rate, or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the then-current Benchmark, the methodology or conventions applicable to such rate, or the spread adjustment, or method for calculating or determining such spread adjustment, for such alternate rate for U.S. dollar-denominated syndicated or bilateral credit facilities at such time; provided, that, if the Benchmark Replacement as determined as provided above would be less than zero, then the Benchmark Replacement shall be deemed to be zero.

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the timing and frequency of determining rates and making payments of interest, prepayment provisions, and other technical, administrative or operational matters) that Lender decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Lender in a manner substantially consistent with market practice (or, if Lender decides that adoption of any portion of such market practice is not administratively feasible or if Lender determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as Lender decides is reasonably necessary in connection with the administration of this Agreement).

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the then-current Benchmark:

in the case of clause (a) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the Benchmark Administrator permanently or indefinitely ceases to provide the Benchmark; or

in the case of clause (b) of the definition of “Benchmark Transition Event”, the first date on which the Benchmark has been determined and announced by the regulatory supervisor for the Benchmark Administrator to be no longer representative of underlying markets; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (b) and even if the Benchmark continues to be provided on such date.

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:  a public statement or publication of information by or on behalf of the Benchmark Administrator or a regulatory supervisor for the Benchmark Administrator announcing that (a) the Benchmark Administrator has ceased or will cease to provide the Benchmark permanently or indefinitely or (b) the Benchmark is no longer representative of underlying markets.

“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark and solely to the extent that the Benchmark has not been replaced with a Benchmark Replacement, the period (a) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the Benchmark for all purposes hereunder in accordance with this Section 2.14(c) and (b) ending at the time that a Benchmark Replacement has replaced the Benchmark for all purposes hereunder pursuant to this Section 2.14(c).

"Existing Fixed Asset Availability" means $668,720 as of any date of determination; which amount shall be reduced by $133,744 on the first day of each month beginning on January 1, 2022; provided that at all times after Fixed Asset 

Availability (as defined herein after the Ninth Amendment Closing Date) is included in the Borrowing Base, the Existing Fixed Asset Availability shall be $0. 
"Fixed Asset Availability" means, as of any date of determination, the lesser of (a) $10,000,000, (b) the amount that Administrative Borrower elects to include as Fixed Asset Availability on the first Borrowing Base Certificate delivered after the Ninth Amendment Closing Date that includes an amount for "Fixed Asset Availability", or (c) eighty-five percent (85%) of the Net Orderly Liquidation Value of all Eligible Equipment as set forth in the NOLV Appraisal most recently delivered to Lender prior to the first inclusion of an amount for "Fixed Asset Availability" on the first Borrower Base Certificate after the Ninth Amendment Closing Date that includes an amount for "Fixed Asset Availability", which amount shall be reduced by 1/60 on a monthly basis beginning on the first day of the first month after the first inclusion of any amount for "Fixed Asset Availability" on the first Borrowing Base Certificate after the Ninth Amendment Closing Date; provided, that "Fixed Asset Availability" shall be $0.00 at all times (1) until the Administrative Borrower has delivered to Lender an acceptable NOLV Appraisal in form and substance satisfactory to Lender, and (2) either (A) Administrative Borrower has not yet elected after the Ninth Amendment Closing Date to include an amount for "Fixed Asset Availability" on a Borrowing Base Certificate or (B) after December 1, 2022, if Administrative Borrower has not elected to include an amount for "Fixed Asset Availability" on a Borrowing Base Certificate prior to such date. 

"Interest Rate" means an interest rate equal to Daily Simple SOFR, which interest rate shall change whenever Daily Simple SOFR changes.

"Maximum Credit" means $125,000,000.

"Maximum Revolver Amount" means mean $125,000,000, less permanent reductions in such amount made in accordance with Section 2.11.

“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York, or any successor thereto.

"SOFR” means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator.

ARTICLE II
JOINDER

2.01    Reserved.

2.02    Consent to Joinder. Administrative Borrower, on behalf of itself and each other Borrower and Guarantor, and Lender consents to the joinder of each New Borrower to the Credit Agreement and all of the other Loan Documents, immediately following written confirmation from Lender that the condition set forth in Section 4.01(g) has been satisfied, as more fully described below.

2.03    Joinder to the Credit Agreement and Loan Documents.  On the date hereof, each New Borrower shall join in, assume, adopt, become a co-borrower and a co-obligor and become jointly and severally liable with respect to all Obligations (irrespective of when such Obligations first arose) under the Credit Agreement and all of the other Loan Documents.  Without limiting the foregoing, each New Borrower hereby (a) agrees to all of the terms and conditions contained in the Credit Agreement and the other Loan Documents with the same legal effect as if it was an original signatory thereto, (b) affirms all of the representations and warranties of the Borrowers and all of the covenants, each as set forth in the Credit Agreement, (c) confirms that it has granted pursuant to the terms of the Credit Agreement, and hereby grants, to Lender a continuing general lien upon, and security interest in, all of the "Collateral" (as defined in the Credit Agreement) in which each New Borrower has rights as security for the Obligations as though it were an original signatory party to the Credit Agreement, and each New Borrower authorizes Lender to file UCC financing statements to evidence the same, which financing statements may identify the Collateral as “all assets” or “all personal property” or words of like import, and (d) promises to pay all Obligations in full when due in accordance with the Credit Agreement and the other Loan Documents.  Further, each New Borrower agrees that the Obligations are performable in accordance with their terms, without setoff, defense, counter-claim or claims in recoupment.

ARTICLE III
NO WAIVER

3.01    No Waiver.  This Agreement is a limited consent and other than as set forth above in Articles I and II hereof, nothing contained in this Agreement shall be construed as an amendment of, consent to, or waiver by, Lender of any covenant or provision of the Credit Agreement, the other Loan Documents, this Agreement, or of any other contract or instrument between any Loan Party and Lender, and the failure of Lender at any time or times hereafter to require strict performance by the Loan Parties of any provision thereof shall not waive, affect or diminish any right of Lender to thereafter demand strict compliance therewith.  Lender hereby reserves all rights granted under the Credit Agreement, the other Loan Documents, this Agreement and any other contract or instrument between any Loan Party and Lender.

ARTICLE IV  
CONDITIONS PRECEDENT

4.01    Conditions to Effectiveness.  This Agreement shall become effective only upon the satisfaction in full, in a manner satisfactory to Lender, of the following conditions precedent (the first date upon which all such conditions have been satisfied being herein called the "Effective Date"):

(a)    Lender shall have received the following documents or items, each in form and substance satisfactory to Lender and its legal counsel (unless such conditions are waived by Lender in its sole discretion):

(i)    an Information Certificate Supplement;

(ii)    a Pledged Interest Addendum together with the certificates representing the Pledged Interests for each New Borrower (if any) and such other items required pursuant to Section 5.26(d) of Exhibit D to the Credit Agreement;  

(iii)    a Joinder to the Intercompany Subordination Agreement executed by each New Borrower;

(iv)    an amended copy of each New Borrower's limited liability company agreement in form and substance satisfactory to Lender;

(v)    all other documents Lender may reasonably request with respect to any matter relevant to this Agreement or the transactions contemplated hereby, including, without limitation, the documents set forth in the Closing Checklist attached hereto as Exhibit A; and

(vi)    Borrowers shall have paid Lender, or made arrangements satisfactory to Lender to pay, all Lender Expenses incurred prior to or in connection with the preparation of this Agreement.

(b)    After giving effect to this Agreement, the representations and warranties made by each Loan Party contained herein and in the Credit Agreement, as amended hereby, and the other Loan Documents, shall be true and correct in all material respects as of the date hereof, as if those representations and warranties were made for the first time on such date.

(c)    After giving effect to this Agreement, each Loan Party is in compliance with all applicable covenants and agreements contained in the Credit Agreement and the other Loan Documents.

(d)    No Default or Event of Default shall exist under any of the Loan Documents (as amended hereby), and no Default or Event of Default will result under any of the Loan Documents from the execution, delivery or performance of this Agreement.

(e)    All corporate and other proceedings, and all documents instruments and other legal matters in connection with the transactions contemplated by this Agreement shall be satisfactory in form and substance to Lender and its counsel.

(f)    Lender shall have received final credit approval for the Credit Facility and the transactions described in this Agreement.

(g)    Solely with respect to joining each New Borrower as a party to the Credit Agreement and the other Loan Documents pursuant to Section 2.03 above, Lender shall have completed (i) Patriot Act searches and customary individual background checks for each New Borrower; and (ii) other "know your customer" searches, the results of the searches and background checks in clauses (i) and (ii) above shall be reasonably satisfactory to Lender. 

ARTICLE V
RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

5.01    Ratifications.  The terms and provisions set forth in this Agreement shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other Loan Documents, and, except as expressly modified and superseded by this Agreement, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect.  Administrative Borrower, on behalf of itself and each other Loan Party, hereby agrees that all liens and security interest securing payment of the Obligations under the Credit Agreement are hereby collectively renewed, ratified and brought forward as security for the payment and performance of the Obligations.  Administrative Borrower, on behalf of itself and each other Loan Party, and Lender agree that the Credit Agreement and the other Loan Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms.

5.02    Representations and Warranties.  Administrative Borrower, on behalf of itself and each other Loan Party, hereby represents and warrants, jointly and severally, to Lender as of the date hereof as follows: (a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (b) the execution, delivery and performance by it of this Agreement, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith are within its powers, have been duly authorized, and do not contravene (i) its Governing Documents or (ii) any applicable law; (c) no consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental body or other Person, is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement, the Credit Agreement or any of the other Loan Documents executed and/or delivered in connection herewith by or against it, except for those consents, approvals or authorizations which (i) will have been duly obtained, made or compiled prior to the Effective Date and which are in full force and effect or (ii) the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change; (d) this Agreement, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith have been duly executed and delivered by it; (e) this Agreement, the Credit Agreement and all other Loan Documents executed and/or delivered in connection herewith constitute its legal, valid and binding obligation enforceable against it in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally or by general principles of equity; (f) no Default or Event of Default exists, has occurred and is continuing or would result by the execution, delivery or performance of this Agreement; (g) each Loan Party is in compliance with all applicable covenants and agreements contained in the Credit Agreement and the other Loan Documents, as amended hereby; (h) the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof as though made on and as of each such date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and complete on and as of such earlier date); (i) IES Commercial, Inc. owns 100% of the Stock of STR; and (j) STR owns 100% of the Stock of Technical II.

ARTICLE VI
POST-CLOSING COVENANTS

6.01    General.  The Borrowers covenant and agree to fulfill the obligations set forth on Exhibit B.  The failure to have taken such actions or deliver such agreements shall not constitute a Default or an Event of Default or a breach of any representation and warranty until the date specified on Exhibit B (as such date may be extended as provided therein); provided that failure to have taken such action or make such required delivery by the date specified in Exhibit B shall be an immediate Event of Default. 

ARTICLE VII
MISCELLANEOUS PROVISIONS

7.01    Survival of Representations and Warranties.  All representations and warranties made in the Credit Agreement or the other Loan Documents, including, without limitation, any document furnished in connection with this Agreement, shall survive the execution and delivery of this Agreement and the other Loan Documents, and no investigation by Lender shall affect the representations and warranties or the right of Lender to rely upon them.

7.02    Reference to Credit Agreement.  Each of the Credit Agreement and the other Loan Documents, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in the Credit Agreement and such other Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

7.03    Expenses of Lender.  The Borrowers agree to pay on demand all reasonable costs and expenses incurred by Lender in connection with any and all amendments, modifications, and supplements to the other Loan Documents, including, without limitation, the reasonable costs and fees of Lender's legal counsel, and all costs and expenses incurred by Lender in connection with the enforcement or preservation of any rights under the Credit Agreement, as amended hereby, or any other Loan Documents, including, without, limitation, the costs and fees of Lender's legal counsel.

7.04    Severability.  Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Agreement and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

7.05    Successors and Assigns.  This Agreement is binding upon and shall inure to the benefit of Lender and each Loan Party and their respective successors and assigns, except that no Loan Party may assign or transfer any of its respective rights or obligations hereunder without the prior written consent of Lender.

7.06    Counterparts.  This Agreement may be executed in one or more counterparts (including by electronic .pdf), each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

7.07    Effect of Waiver.  No consent or waiver, express or implied, by Lender to or for any breach of or deviation from any covenant or condition by any Loan Party shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty.

7.08    Headings.  The headings, captions, and arrangements used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

7.09    Applicable Law.  THIS AGREEMENT AND ALL OTHER AGREEMENTS EXECUTED PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

7.10    Final Agreement.  THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, EACH AS MODIFIED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AGREEMENT IS EXECUTED.  THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS MODIFIED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.  NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AGREEMENT OF ANY PROVISION OF THIS AGREEMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY THE BORROWERS AND LENDER.

7.11    Release.  ADMINISTRATIVE BORROWER, ON BEHALF OF ITSELF AND EACH LOAN PARTY, HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY ANY LOANS OR EXTENSIONS OF CREDIT FROM LENDER TO THE BORROWERS UNDER THE CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER.  ADMINISTRATIVE BORROWER, ON BEHALF OF ITSELF AND EACH LOAN PARTY, HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDER, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AGREEMENT IS EXECUTED, WHICH ANY LOAN PARTY MAY NOW OR HEREAFTER HAVE AGAINST LENDER, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS OR EXTENSIONS OF CREDIT FROM LENDER TO THE BORROWERS UNDER THE CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES 

UNDER THE CREDIT AGREEMENT OR LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AGREEMENT.

7.12    Consent of Guarantors.  The Administrative Borrower, on behalf of each Guarantor, hereby (a) consents to the transactions contemplated by this Agreement; and (b) agrees that the Credit Agreement and the other Loan Documents (as amended, restated, supplemented or otherwise modified from time to time) are and shall remain in full force and effect.  Although each Guarantor has been informed of the matters set forth herein and Administrative Borrower, on behalf of the Guarantors, has acknowledged and agreed to same, it understands that the Lender has no obligation to inform it of such matters in the future or to seek its acknowledgment or agreement to future amendments, and nothing herein shall create such a duty.  Administrative Borrower, on behalf of each Guarantor, acknowledges that its Guaranty is in full force and effect and ratifies the same, acknowledges that the undersigned has no defense, counterclaim, set-off or any other claim to diminish the undersigned's liability under such documents, that the undersigned's consent is not required to the effectiveness of the Credit Agreement and that no consent by it is required for the effectiveness of any future amendment, modification, forbearance or other action with respect to the Collateral, the Advances, the Credit Agreement or any of the other Loan Documents.

7.13    Amendment Fee.  Administrative Borrower, on behalf of itself and each other Borrower and Guarantor, shall pay to Lender an amendment fee of $125,000, which shall be fully earned and payable on the date hereof and non-refundable once paid.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above written.

ADMINISTRATIVE BORROWER:

IES HOLDINGS, INC. 

By: /s/ Tracy A. McLauchlin 
Name: Tracy A. McLauchlin 
Title: Senior Vice President, CFO & Treasurer

NEW BORROWER: 
STR MECHANICAL, LLC

By: /s/ Tracy A. McLauchlin 
Name: Tracy A. McLauchlin 
Title: Vice President, CFO & Treasurer

WELLS FARGO BANK, NATIONAL 
ASSOCIATION 

By: /s/ Michael Gerard 
Name: Michael Gerard 
Title: Authorized Signato

			
	

Exhibit A

Checklist

Exhibit B

Post-Closing Obligations

1.Within 30 days following the date hereof (or such later date as Lender may agree in its sole discretion), Administrative Borrower shall deliver to Lender all items reasonably requested by Lender to complete its Patriot Act searches, customary individual background checks, and all other "know your customer" searches for IES Investments, LLC, IES FL RE, LLC, and IES OK RE, LLC.

2.Within 15 days following written confirmation from Lender that it has completed (i) Patriot Act searches and customary individual background checks for IES Investments, LLC, IES FL RE, LLC, and IES OK RE, LLC; and (ii) other "know your customer" searches, the results of the searches and background checks in clauses (i) and (ii) above shall be reasonably satisfactory to Lender, Administrative Borrower shall deliver to Lender fully executed joinder documents (including, without limitation, an Information Certificate Supplement, certificate from an appropriate manager or officer of each such entity authorizing such joinder, and a legal opinion) that Lender may reasonably request to join IES Investments, LLC, IES FL RE, LLC, and IES OK RE, LLC to the Loan Documents as Borrowers.Exhibit
4.1

 

ACCUSTEM
SCIENCES, INC.

 

2021
OMNIBUS EQUITY INCENTIVE PLAN

 

OPTION
AWARD AGREEMENT

 

This
Option Award Agreement (this “Agreement”) is made as of _______ (the “Date of Grant”) by and between
Accustem Sciences, Inc., a Delaware corporation (the “Company”), and [●] (the “Participant”)
in accordance with the terms and conditions of the Company’s 2021 Omnibus Equity Incentive Plan (the “Plan”).
Capitalized terms not defined herein shall have the meaning ascribed thereto in the Plan.

 

1. Grant
of Option. As of the Date of Grant, the Company hereby grants to the Participant an option (the “Option”) to purchase
Common Shares on the terms and conditions set out in this Agreement. This Agreement is a written compensation contract within the meaning
of Rule 701 under the Securities Act and, except to the extent that the Option is granted to an “accredited investor” (as
such term is defined in Regulation D promulgated pursuant to Section 4(2) of the Securities Act) (the “Accredited Investor”),
the grant of the Option is intended to qualify for the exemption from registration under the Securities Act provided by Rule 701.

 

2. In
General. The Option shall have the following terms among others set forth in this Agreement:

 

	Vesting
    Commencement Date:	__________
	Number
    of Common Shares Subject to the Option (“Option Common Shares”):	______________________
    
	Exercise
    Price per Common Share:	$___
	Time
    Versus Performance Vesting Proportions:	[____%
    of the Option Common Shares indicated above shall be subject to time-based vesting (the “Time-Based Options”).]

     

    [___%
    of the Option Common Shares indicated above shall be subject to performance-based vesting (the “Performance Options”).]

	Time-Based
    Vesting Conditions: 	[_________]
	Performance-Based
    Vesting:	[_________]
	Type
    of Option	ISO/Nonqualified
    Stock Option
	Expiration
    Date: 	The
    tenth (10th) anniversary of the Date of Grant (the “Expiration Date”).

 

    	 

    	 

    

 

3. [Vesting.
Except as otherwise provided in Section 5, the Participant will become vested in the Time-Based Options and Performance Options
pursuant to the terms specified in Section 2 (each applicable date of vesting, a “Vesting Date”)]. The Participant
understands and agrees that (a) the receipt of any Common Shares upon exercise of the Option will be dependent upon the Participant or
such other holder as applicable, and his or her spouse as applicable, becoming party to any existing stockholders’ agreement (or
similar agreements); and (b) the sale of any Common Shares received upon exercise of the Option will be subject to, and must comply with,
any trading policy as the Company may have in effect from time to time and all applicable securities laws. If the vesting schedule set
forth in Section 2 would produce fractional Common Shares, the number of Option Common Shares that vest shall be rounded down
to the nearest whole Common Share.

 

4. Method
of Option Exercise. The vested portion of the Option may be exercised in whole or in part by giving written notice of exercise to
the Company substantially in the form attached as Exhibit A specifying the number of Common Shares to be purchased (which may
not exceed such vested portion), accompanied by payment in full of the aggregate Exercise Price of the Common Shares so purchased in
cash.

 

5. Forfeiture
of Option.

 

(a).Upon
the Participant’s termination of employment with and service to the Company and its Affiliates (“Termination of Service”)
for any reason prior to an applicable Vesting Date, such portion of the Option that has not vested as of such Vesting Date shall be immediately
terminated and forfeited back to the Company.

 

(b).With
regard to Options that are vested as of the Participant’s Termination of Service, such vested Options will remain exercisable until
the earlier to occur of the Expiration Date and the date that is ninety (90) days after such Termination of Service, on which date such
vested Options shall expire.

 

(c).Notwithstanding
anything in this Agreement, upon the Participant’s Termination of Service for Cause or breach of any restrictive covenants which
are owed to the Company or its Affiliates, all Options (whether vested or unvested as of the Participant’s Termination of Service)
shall immediately terminate and be forfeited back to the Company.

 

(d).Notwithstanding
the foregoing provisions of this Section 5, as of the Expiration Date, the Option (whether vested or unvested) shall terminate
and be forfeited back to the Company.

 

6. Withholding.
The Option is subject to applicable federal (including FICA), state, and local tax withholding requirements. The exercise of the Option
shall be subject to the payment by the Participant to the Company of the amount of any federal, state, or local taxes that the Company
is required to withhold with respect to such exercise, or in the alternative the Company may deduct from other wages paid by the Company
the amount of any withholding taxes due with respect thereto up to the maximum statutory tax rates in the applicable jurisdiction(s)
of the Participant or such other person. The Company may require forfeiture of any Common Shares for which the Participant does not timely
pay the applicable withholding taxes.

 

    	 

    	 

    

 

7. Non-Transferability.
Except as the Administrator may otherwise permit pursuant to the Plan, the rights and interests of the Participant under this Agreement
with respect to the Option may not at any time be assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered
by the Participant other than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge,
attachment, sale, transfer, or encumbrance shall be void and unenforceable against the Company. The rights and obligations of the Company
hereunder shall extend to any successors or assigns of the Company.

 

8. Grant
Subject to Plan Provisions. The grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and
in all respects shall be interpreted in accordance with the Plan. The grant of the Option is subject to the interpretations, regulations,
and determinations concerning the Plan established from time to time by the Administrator in accordance with the provisions of the Plan,
including, but not limited to, provisions pertaining to (a) the registration, qualification, or listing of the Common Shares; (b) changes
in capitalization of the Company; and (c) other requirements of applicable law. Any and all Common Shares issued upon exercise of the
Option shall be subject to the Repurchase Option, Drag-along Rights and all other covenants and agreements set forth in the Plan. The
Administrator shall have the authority to interpret and construe this Agreement pursuant to the terms of the Plan, and its decisions
shall be conclusive as to any questions arising hereunder. The Participant further agrees to be bound by the determinations and decisions
of the Administrator with respect to the Option and the Participant’s rights to benefits under this Agreement and the Plan with
respect thereto and agrees that all such determinations and decisions of the Administrator shall be binding on the Participant, his or
her beneficiaries, and any other person having or claiming an interest under this Agreement and the Plan on behalf of the Participant.
Notwithstanding the foregoing, any grant awarded to a Foreign Participant under the Plan, the terms of which are incorporated herein
by reference, and in all respects shall be interpreted in accordance with the U.K. Sub-Plan.

 

9. Adjustment
of and Changes in Common Shares of the Company. The Option shall be subject to adjustment by the Administrator in connection with
a transaction or event as provided for in Section 3 of the Plan and Section 5 of the Plan.

 

10. No
Employment or Other Rights. The grant of the Option hereunder shall not confer upon the Participant any right to be retained by or
in the employ or service of the Company or any Affiliate and shall not interfere in any way with the right of the Company or any Affiliate
to terminate the Participant’s employment or service at any time.

 

11. No
Tax Advice. The Participant acknowledges and agrees that the Company has not made any warranties or representations to the Participant
with respect to the tax consequences of the grant of the Option hereunder, and the Participant is in no manner relying on the Company
or its representatives for an assessment of such tax consequences. The Participant is advised to consult with his or her own tax advisor
with respect to such tax consequences of the grant.

 

    	 

    	 

    

 

12. Failure
to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Agreement shall in no way be construed
to be a waiver of such provision or of any other provision hereof or of the Plan.

 

13. Severability.
If any provision of this Agreement is held to be invalid or unenforceable, the other provisions of this Agreement shall not be affected
but shall be applied as if the invalid or unenforceable provision had not been included in this Agreement.

 

14. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect
to the principles of conflicts of law.

 

15. Section
409A. The parties intend for the Option to be exempt from Section 409A of the Code (“Section 409A”) or, if not
so exempt, to be treated in a manner which complies with the requirements of such section, and intend that this Agreement be construed
and administered in accordance with such intention. In the event that the parties determine that the terms of this Agreement or the Option
needs to be modified in order to comply with Section 409A, the parties shall cooperate reasonably to do so in a manner intended to best
preserve the economic benefits of this Agreement. Any payments that qualify for the “short-term deferral” exception or another
exception under Section 409A shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation
under Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation. Notwithstanding
anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section
409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month
period immediately following the Participant’s separation from service shall instead be paid on the first business day after the
date that is six months following the Participant’s termination date (or death, if earlier). For the avoidance of doubt, such Options
granted under the Predecessor Plan, modified or converted pursuant to Section 4.4 and 4.5 of the Plan, shall not constitute a modification
or extension of the Option under Section 409A.

 

16. Section
280G. In the event that the benefits provided for in this Agreement or otherwise payable hereunder (a) constitute “parachute
payments” within the meaning of Section 280G of the Code; and (b) would be subject to the excise tax imposed by Section 4999 of
the Code (the “Excise Tax”), then the parties hereto will cooperate to ensure that the benefits hereunder will be
either (i) delivered in full; or (ii) delivered as to such lesser extent which would result in no portion of such benefits being subject
to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the
Excise Tax, results in the Participant’s receipt on an after-tax basis of the greatest amount of benefits, notwithstanding that
all or some portion of such benefits may be taxable under Section 4999 of the Code. Unless mutually agreed in writing, any determination
required under this section shall be made at no expense to Participant in writing by the Company’s independent public accountants,
whose determination shall be conclusive and binding.

 

    	 

    	 

    

 

17. Notice.
Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of its Secretary at its principal
executive offices or at such other address as to which the Company shall have notified Participant in writing, and any notice to the
Participant shall be addressed to such Participant at the current address shown on the payroll of the Company or its respective Affiliate,
or to such other address as the Participant may designate to the Company. Any notice shall be delivered by hand or by a recognized courier
service such as FedEx or UPS, sent by telecopy, or enclosed in a properly sealed envelope addressed as stated above, registered and deposited,
postage prepaid, in a post office regularly maintained by the United States Postal Service.

 

18. Entire
Agreement. This Agreement and the other agreements contemplated herein constitute the entire agreement between the parties concerning
the subject matter hereof. This Agreement supersedes and preempts any prior agreement or other understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject matter hereof.

 

19. Amendments.
Except as expressly provided in this Agreement, neither this Agreement nor any provision hereof may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge
or termination is sought. The execution of any amendment to this Agreement by all parties hereto shall establish that such execution
was made in accordance with any applicable requirements for approval.

 

20. Jurisdiction.
The parties agree that any action or proceeding brought or initiated in respect of this Agreement must be brought or initiated in the
state and/or federal courts serving Delaware, and each of the undersigned consents to the exclusive exercise of subject matter and personal
jurisdiction and the placement of venue in either of such courts, in any such action or proceeding, and further consents that service
of process may be effected in any such action or proceeding in the manner provided by Delaware law.

 

21. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together
shall constitute but one and the same agreement and shall become effective when one or more counterparts have been signed by each of
the parties hereto and delivered to the other. This Agreement and any amendments hereto, to the extent signed and delivered by means
of a facsimile machine or email of a PDF file containing a copy of an executed agreement, shall be treated in all manner and respects
and for all purposes as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. At the request of any party hereto, each other party hereto or thereto shall
re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall
raise the use of a facsimile machine to deliver a signature or the fact that any signature or agreement or instrument was transmitted
or communicated through the use of a facsimile machine or e-mail of a PDF file containing a copy of an executed agreement as a defense
to the formation or enforceability of this Agreement or any such agreement or instrument, and each such party forever waives any such
defense.

 

22. Interpretation.
Both the Company and Participant contributed to the drafting of this Agreement. As such, it is the intention of the parties hereto that
no provision of this Agreement should be construed against or interpreted to the disadvantage of any party hereto by any court or other
governmental or judicial authority by reason of such party having or being deemed to have drafted, structured, dictated or required such
provision.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed as of the Date of Grant.

 

	 	ACCUSTEM
    SCIENCES, INC.
	 	 	 
	 	By:	                
	 	Name: 	 
	 	Title:	 

 

I
hereby accept the award of the Option described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement.

 

	 	 
	Name: 		 

 

[Signature Page to Amended and Restated Stock Option Plan]

 

    	 

    	 

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE

 

	Date:	___________________________	 
	 	 	 
	Holder Name:	___________________________	 
	Address:	___________________________	 
	 	 	 
	To 	Accustem Sciences, Inc. (the
    “Company”)	 
	Attention:	___________________________	 
	Address:	___________________________	 

 

 

		1.	I
                                            was granted an option (the “Option”) to purchase Common Shares of the
                                            Company (“Common Shares”) pursuant to the Company’s Amended and
                                            Restated Stock Option Plan (the “Plan”) and my Option award agreement
                                            (the “Award Agreement”) as follows:

 

	 	(a)	Date
of Grant: ____________
		(b)	Number
                                            of Common Shares: ____________

		(c)	Exercise
                                            Price per Common Share: $___________

 

		2.	I
                                            hereby elect to exercise the Option to purchase the following number of Common Shares:

 

		(a)	Total
                                            number of Common Shares purchased hereby: ____________ (“Acquired Common Shares”)

		(b)	Total
                                            Exercise Price
	 	 	(Total
Common Shares X Exercise Price per Common Share):$___________

 

		3.	Payment
                                            method. _______________.

 

		4.	Tax
                                            Withholding. I authorize payroll withholding and otherwise will make adequate provision
                                            for the federal, state, local and foreign tax withholding obligations of the Company in connection
                                            with exercise of the Option.

 

		5.	Binding
                                            Effect. I agree that the Common Shares are being acquired in accordance with and subject
                                            to the terms, provisions and conditions of the Award Agreement and the Plan, to which I hereby
                                            expressly assent. This agreement shall inure to the benefit of and be binding upon my heirs,
                                            executors, administrators, successors and assigns. All terms used but not defined herein
                                            shall have the meaning set forth in the Award Agreement (or the Plan, if not otherwise defined
                                            in the Award Agreement).

 

	 	Very truly yours,
	 	 
	 	______________________________
	 	[____________]

 

Receipt
of the above is hereby acknowledged.

 

	Accustem
    Sciences, Inc.	 
	 	   	 
	By:	 	 
	Name:	 	 
	Title:

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