Document:

Debt Commitment Letter

 EXHIBIT 10.1 

 

			
	 JPMORGAN CHASE BANK, N.A.
 J.P. MORGAN SECURITIES LLC
	 	 GOLDMAN SACHS LENDING PARTNERS LLC

200 West Street

	 383 Madison Avenue

New York, NY 10179
	 	New York, NY 10282

 December 20, 2012 
 Pinnacle Entertainment, Inc. 
 8918 Spanish Ridge Avenue 

Las Vegas, Nevada 89148 
 Attn: Carlos Ruisanchez

 Project Echo  
 Commitment Letter 
 Ladies and Gentlemen: 

You have advised JPMorgan Chase Bank, N.A. (“JPMCB”) and J.P. Morgan Securities LLC
(“JPMS” and, together with JPMCB, “JPM”), Goldman Sachs Lending Partners LLC (“Goldman” and, together with JPM, the “Commitment Parties”,
“we” or “us”) that Pinnacle Entertainment, Inc., a Delaware corporation (“you” or “Pinnacle”) intends to acquire Ameristar Casinos, Inc., a Nevada
corporation (the “Target Company”) through a newly created wholly-owned (directly or indirectly) subsidiary of Pinnacle (“Acquisition Holdings”). Pinnacle, Acquisition Holdings and the Target Company
are sometimes collectively referred to herein as the “Companies” and the acquisition of the Target Company is referred to herein as the “Acquisition”. 

In connection with the Acquisition, you have advised us that you intend to undertake the following: 

(a)(i) to cause the Target Company to use commercially reasonable efforts to obtain the Note Consent
(as defined in Annex V) or (ii) to the extent the Note Consent is not obtained and any of the Target Company’s 7.50% Senior Unsecured Notes due 2021 (the “Existing Target Notes”) are put to the Target Company as a
result of the Change of Control Offer (as defined in Annex V) (such Existing Target Notes, the “Put Target Notes”), to cause the Target Company to repay such Put Target Notes with proceeds from a bridge facility for up to
$1,050,400,000 (but in any event, not less than an amount to be determined) in senior unsecured bridge loans (the “Target Bridge Loans” and, together with any Target Rollover Loans and Target Exchange Notes (each, as defined
in Annex III-A hereto), the “Target Bridge Facility”) made available to the Target Company as interim financing to the senior unsecured notes or any other securities of the Target Company that may be issued after the
Acquisition Closing Date (as defined below) for the purpose of refinancing all or a portion of the outstanding amounts under the Target Bridge Facility (the “Target Permanent Securities”); 

(b)(i) to cause the Target Company to use commercially reasonable efforts to obtain an amendment (the
“Target Credit Agreement Amendment”) to that certain Credit Agreement, dated as of April 14, 2011 (as amended pursuant to that certain First Amendment to Credit Agreement, dated as of April 16, 2012, the
“Target Credit Agreement”) among the Target 

 
Company, the Lenders party thereto from time to time, and Deutsche Bank Trust Company Americas, as Administrative Agent, to provide for, among other modifications, the consummation of the
Acquisition, a repayment of the existing B Term Loans under the Target Credit Agreement and a funding of new B Terms Loans under the Target Credit Agreement (the “New Target Term B Loans”) in a principal amount of up to
$990,000,000 or (ii) if the Target Credit Agreement Amendment is not obtained, to cause the Target Company to refinance the debt under the Target Credit Agreement, with the following new credit facilities (the “New Target Credit
Facilities”): (A) a $400,000,000 revolving credit facility, (B) a $200,000,000 A term loan facility and (C) a $990,000,000 B term loan facility, with the terms of the Target Credit Agreement, as amended pursuant to the
Target Credit Agreement Amendment or the New Target Credit Facilities, as applicable (hereafter referred to as the “Target Credit Facilities” and together with the Target Bridge Facility, the “Target
Facilities”), to be as described in the Target Credit Agreement Summary of Terms (as defined below); 
 (c)(i) to obtain an amendment (the “Pinnacle Credit Agreement Amendment”, and together with the Target Credit Agreement Amendment, the “Credit Agreement
Amendments”) to that certain Fourth Amended and Restated Credit Agreement, dated as of August 2, 2011 (as amended pursuant to that certain First Amendment to Fourth Amended and Restated Credit Agreement, dated as of March 19,
2012, the “Pinnacle Credit Agreement”) among Pinnacle, the several banks and other financial institutions or entities from time to time party thereto as Lender, and Barclays Bank PLC, as Administrative Agent, to provide for,
among other modifications, the consummation of the Acquisition, a repayment of the Term Loans under the Pinnacle Credit Agreement and a funding of new Terms Loans (the “New Pinnacle Term Loans”, and together with the New
Target Term B Loans, the “New Term Loans”) under the Pinnacle Credit Agreement in a principal amount of up to $730,000,000 or (ii) if the Pinnacle Credit Agreement Amendment is not obtained, to refinance the debt under
the Pinnacle Credit Agreement, with the following new credit facilities (the “New Pinnacle Credit Facilities”): (A) a $410,000,000 revolving credit facility and (B) a $730,000,000 term loan facility, with the terms
of the Pinnacle Credit Agreement, as amended pursuant to the Pinnacle Credit Agreement Amendment or the New Pinnacle Credit Facilities, as applicable (hereafter referred to as the “Pinnacle Credit Facilities”), to be as
described in the Pinnacle Credit Agreement Summary of Terms (as defined below); 
 (d) to cause
Acquisition Holdings to obtain $315,000,000 in gross proceeds from the issuance and sale by Acquisition Holdings of senior unsecured notes (the “Acquisition Holdings Notes”) or, if the Acquisition Holdings Notes are not
issued and sold on or prior to the Acquisition Closing Date, $315,000,000 in senior unsecured bridge loans (the “Acquisition Holdings Bridge Loans” and, together with any Acquisition Holdings Rollover Loans and Acquisition
Holdings Exchange Notes (each, as defined in Annex IV-A hereto), the “Acquisition Holdings Bridge Facility”, and together with the Target Credit Facilities, the Pinnacle Credit Facilities and the Target Bridge Facility, the
“Facilities”) made available to Acquisition Holdings as interim financing to the senior unsecured notes or any other securities of Acquisition Holdings that may be issued after the Acquisition Closing Date for the purpose of
refinancing all or a portion of the outstanding amounts under the Acquisition Holdings Bridge Facility (the “Acquisition Holdings Permanent Securities”); and 

(e) to pay or cause to be paid consideration to the shareholders of the Target Company (the
“Acquisition Consideration”) in an amount not to exceed $975,000,000, with such payment to be made with the proceeds of the New Term Loans and/or the Facilities. 

  
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 The Acquisition, the funding of new loans under the Target Credit Agreement Amendment or the
funding of loans under the New Target Credit Facilities, the funding of new loans under the Pinnacle Credit Agreement Amendment or the funding of loans under the New Pinnacle Credit Facilities, the obtaining of the Consent and/or the entering into
and funding of the loans under the Target Bridge Facility and the issuance and sale of the Acquisition Holdings Notes and/or the entering into and funding of the loans under the Acquisition Holdings Bridge Facility, are hereinafter collectively
referred to as the “Transaction.” The date of the consummation of the Acquisition is referred to herein as the “Acquisition Closing Date.” 

1. Commitments. 
 (a) The Facilities. 
 (i) Each of JPMCB and
Goldman is pleased to advise you of its several and not joint commitment to provide 50% and 50%, respectively, of the principal amount of either (A) if the Target Credit Agreement Amendment is obtained, the New Target Term B Loans and
(B) if the Target Credit Agreement Amendment is not obtained, the New Target Credit Facilities (in such respective capacity, the “Initial Target Credit Agreement Lenders”), with an entity to be determined to act as the
sole and exclusive administrative agent for the Target Credit Facilities (the “Target Credit Agreement Administrative Agent”), all upon and subject to the terms and conditions set forth in this letter and in Annex I (the
“Target Credit Agreement Summary of Terms”); 
 (ii) each of JPMS and
Goldman is also pleased to advise you of its willingness and you hereby engage JPMS and Goldman to act as joint arrangers and joint bookrunning managers (in such capacity, the “Target Credit Agreement Lead Arrangers”), in
connection therewith and to pursue the Target Credit Agreement Amendment and, if the Target Credit Agreement Amendment is not obtained, the New Target Credit Facilities and to form a syndicate of lenders for the New Target Term B Loans or the New
Target Credit Facilities, as applicable (collectively, with the Initial Target Credit Agreement Lenders, the “Target Credit Agreement Lenders”) reasonably acceptable to you, including JPMS and Goldman; 

(iii) each of JPMCB and Goldman is pleased to advise you of its several and not joint commitment to
provide 50% and 50%, respectively, of the principal amount of either (A) if the Pinnacle Credit Agreement Amendment is obtained, the New Pinnacle Term Loans and (B) if the Pinnacle Credit Agreement Amendment is not obtained, the New
Pinnacle Credit Facilities (in such respective capacity, the “Initial Pinnacle Credit Agreement Lenders”), with an entity to be determined to act as the sole and exclusive administrative agent for the Pinnacle Credit
Facilities (the “Pinnacle Credit Agreement Administrative Agent”), all upon and subject to the terms and conditions set forth in this letter and in Annex II (the “Pinnacle Credit Agreement Summary of
Terms”); 
 (iv) each of JPMS and Goldman is also pleased to advise you of its
willingness and you hereby engage JPMS and Goldman to act as joint arrangers and joint bookrunning managers (in such capacity, the “Pinnacle Credit Agreement Lead Arrangers”), in connection therewith pursue the Pinnacle
Credit Agreement Amendment and, if the Pinnacle Credit Agreement Amendment is not obtained, the New Pinnacle Credit Facilities and to form a syndicate of lenders for the New Pinnacle Term Loans or the New Pinnacle Credit Facilities, as applicable
(collectively, with the Initial Pinnacle Credit Agreement Lenders, the “Pinnacle Credit Agreement Lenders”) reasonably acceptable to you, including JPMS and Goldman; 

  
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 (v) each of JPMCB and Goldman is pleased to advise you of
its several and not joint commitment to provide 50% and 50%, respectively, of the principal amount of the Target Bridge Facility (in such respective capacity, the “Initial Target Bridge Lenders”) and JPMS’s willingness
to act as the sole and exclusive administrative agent (in such capacity, the “Target Bridge Administrative Agent”) for the Target Bridge Facility, all upon and subject to the terms and conditions set forth in this letter and
in Annex III (the “Target Bridge Summary of Terms”); 
 (vi) each of
JPMS and Goldman is also pleased to advise you of its willingness and you hereby engage JPMS and Goldman to act as joint arrangers and joint bookrunning managers (in such capacity, the “Target Bridge Lead Arrangers”), and in
connection therewith to form a syndicate of lenders for the Target Bridge Loans (collectively, the “Target Bridge Lenders”) reasonably acceptable to you, including JPMS and Goldman; 

(vii) each of JPMCB and Goldman is pleased to advise you of its several and not joint commitment to
provide 50% and 50%, respectively, of the principal amount of the Acquisition Holdings Bridge Facility (in such respective capacity, the “Initial Acquisition Holdings Bridge Lenders”, and together with the Initial Target
Credit Agreement Lenders, the Initial Pinnacle Credit Agreement Lenders and the Initial Target Bridge Lenders, the “Initial Lenders”) and JPMS’s willingness to act as the sole and exclusive administrative agent (in such
capacity, the “Acquisition Holdings Bridge Administrative Agent”, and together with the Target Credit Agreement Administrative Agent, the Pinnacle Credit Agreement Administrative Agent and the Target Bridge Administrative
Agent, the “Administrative Agents”) for the Acquisition Holdings Bridge Facility, all upon and subject to the terms and conditions set forth in this letter and in Annex IV (the “Acquisition Holdings Bridge Summary
of Terms”, and together with the Target Credit Agreement Summary of Terms, the Pinnacle Credit Agreement Summary of Terms, and the Target Bridge Summary of Terms, the “Summaries of Terms”); and 

(viii) each of JPMS and Goldman is also pleased to advise you of its willingness and you hereby engage
JPMS and Goldman to act as joint arrangers and joint bookrunning managers (in such capacity, the “Acquisition Holdings Lead Arrangers” and together with the Target Credit Agreement Lead Arrangers, the Pinnacle Credit
Agreement and the Target Bridge Lead Arrangers, the “Lead Arrangers”), and in connection therewith to form a syndicate of lenders for the Target Bridge Loans (collectively, the “Acquisition Holdings
Lenders” and together with the Target Credit Agreement Lenders, the Pinnacle Credit Agreement Lenders and the Target Bridge Lenders, the “Lenders”) reasonably acceptable to you, including JPMS and Goldman;

 (ix) each of JPMS and Goldman is also pleased to advise you of its willingness, and you
hereby engage JPMS and Goldman, as consent solicitation agents (in such capacity, the “Consent Solicitation Agents”) to pursue the Note Consent. 

(b) Conditions Precedent. The commitments of the Initial Lenders in respect of the New Term Loans and/or the
Facilities and the undertaking of the Lead Arrangers to provide the services described herein are subject to the satisfaction of each of the conditions precedent set forth in Section 5 herein and in Annex V hereto. All capitalized terms used
and not otherwise defined herein shall have the same meanings as specified therefor in the Summaries of Terms. 

2. Syndication. The Lead Arrangers in consultation with you intend to pursue the Credit Agreement Amendments and to
commence syndication of the Facilities promptly after your acceptance of the terms of this Commitment Letter and the Fee Letter (as defined below). You agree to 

  
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actively assist and to use your commercially reasonable efforts to cause the Target Company and its subsidiaries to actively assist the Lead Arrangers in pursuing the Credit Agreement Amendments
and achieving a syndication of the New Term Loans and/or the Facilities that is reasonably satisfactory to the Lead Arrangers. Such assistance shall include (a) your providing and causing your advisors to provide, and using your reasonable best
efforts to cause the Target Company, its subsidiaries and its advisors to provide, the Lead Arrangers and the Lenders upon request with all information reasonably deemed necessary by the Lead Arrangers to complete such syndication, including, but
not limited to, information and evaluations prepared by you, the Target Company and your and its advisors, or on your or their behalf, relating to the Acquisition (including the Projections (as defined below)); (b) assisting in the preparation
of an information memorandum promptly following the date hereof with respect to each of the New Term Loans and/or the Facilities in form and substance customary for transactions of this type and otherwise reasonably satisfactory to the Lead
Arrangers (each, an “Information Memorandum”) and other materials to be used in connection with the syndication of each of the New Term Loans and/or each such Facility (collectively with the Summaries of Terms and any
additional summary of terms prepared for distribution to Public Lenders (as defined below), the “Information Materials”); (c) your using your commercially reasonable efforts to ensure that the syndication efforts of the
Lead Arrangers benefit from your existing lending relationships and the existing banking relationships of you and the Target Company; (d) your obtaining, promptly following the date hereof and in any event prior to a date to be agreed,
monitored public corporate credit or family ratings of Acquisitions Holdings, Pinnacle and the Target Company after giving effect to the Transaction and ratings of the New Term Loans, the Facilities and the Acquisition Holdings Notes, in each case,
from Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) (collectively, the
“Ratings”); (e) until the date (such date the “Syndication Date”) that is the later of (i) the Acquisition Closing Date and (ii) the earlier of (A) 45 days after the Acquisition Closing
Date and (B) a Successful Syndication (as defined in the Fee Letter), you shall not, and shall use your commercially reasonable efforts to ensure that none of the Companies shall, have syndicated or issued, attempted to syndicate or issue,
announced or authorized the announcement of the syndication or issuance of, or engaged in discussions concerning the syndication or issuance of, any equity or debt of the Companies (other than the New Term Loan, the Facilities and the Acquisition
Holdings Notes) without the prior written consent of the Lead Arrangers; and (f) your otherwise assisting the Lead Arrangers in its syndication efforts, including by making your officers and advisors, and using your reasonable best efforts to
make the officers and advisors of the Target Company, available from time to time to attend and make presentations regarding the business and prospects of the Companies, the Target Company and the Transaction at one or more meetings of prospective
Lenders. 
 You also agree as follows with respect to the Credit Agreement Amendments: (A) you actively
assisting, and using your commercially reasonable efforts to cause the Target Company to actively assist, the Lead Arrangers in obtaining the Target Credit Agreement Amendment, including the following: (x) you providing (or with respect to
information required from the Target Company, using your reasonable best efforts to provide), and using your commercially reasonable efforts to cause the Target Company to provide, any Information Memorandum requested by the Target Credit Agreement
Lead Arrangers in connection with the solicitation for the Target Credit Agreement Amendment not later than 10 business days (or such later date as you and the Lead Arrangers shall reasonably agree) after the date of such request; (y) you
ensuring, and using your commercially reasonable efforts to cause the Target Company to ensure, that the solicitation efforts for the Target Credit Agreement Amendment benefit from the existing lending and banking relationships of Pinnacle and the
Target Company; and (z) you making your, and using your commercially reasonable efforts to cause the Target Company to make, their officers and advisors available from time to time to attend and make presentations regarding the business and
prospects of the Companies, the Target Company and the Transaction at one or more meetings of prospective lenders under the Target Credit Agreement upon reasonable prior notice to you and the Target Company at times and locations as may be
reasonably acceptable to you and the Target Company; and 

  
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(B) you actively assisting, and using your commercially reasonable efforts to cause the Target Company to actively assist, the Lead Arrangers in obtaining the Pinnacle Credit Agreement
Amendment, including the following: (x) you providing (or with respect to information required from the Target Company, using your reasonable best efforts to provide), and using your commercially reasonable efforts to cause the Target Company
to provide, any Information Memorandum requested by the Pinnacle Credit Agreement Lead Arrangers in connection with the solicitation for the Pinnacle Credit Agreement Amendment not later than 10 business days (or such later date as you and the Lead
Arrangers shall reasonably agree) after the date of such request; (y) you ensuring, and using your commercially reasonable efforts to cause the Target Company to ensure, that the solicitation efforts for the Pinnacle Credit Agreement Amendment
benefit from the existing lending and banking relationships of Pinnacle and the Target Company; and (z) you making your, and using your commercially reasonable efforts to cause the Target Company to make their, officers and advisors available
from time to time to attend and make presentations regarding the business and prospects of the Companies, the Target Company and the Transaction at one or more meetings of prospective lenders under the Pinnacle Credit Agreement upon reasonable prior
notice to you and the Target Company at times and locations as may be reasonably acceptable to you and the Target Company. 
 Notwithstanding our right to syndicate the New Term Loans and the Facilities and receive commitments with respect thereto, syndication of, or receipt of our commitments or participations in respect of,
all or any portion of our commitments hereunder prior to the Acquisition Closing Date shall not be a condition to our commitments. 
 It is understood and agreed that the Lead Arrangers will manage and control all aspects of the syndication of the New Term Loans and the Facilities in consultation with you, including decisions as to the
selection of prospective Lenders and any titles offered to proposed Lenders, when commitments will be accepted and the final allocations of the commitments among the Lenders. It is understood that no Lender participating in the New Term Loans or the
Facilities will receive compensation from you in order to obtain its commitment, except on the terms contained herein and in the Summaries of Terms, the Fee Letter or as otherwise agreed between you and us. It is also understood and agreed that the
amount and distribution of the fees among the Lenders will be at the sole and absolute discretion of the Lead Arrangers. 
 3. Information Requirements. You hereby represent, warrant and covenant that (a) all information, other than Pinnacle Projections (as defined below), that has been or is hereafter made
available to the Lead Arrangers or any of the Lenders by or on behalf of you or any of your representatives relating to Pinnacle and its subsidiaries in connection with any aspect of the Transaction (other than the Target Company and its
subsidiaries) (the “Pinnacle Information”) is and will be complete and correct in all material respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements contained therein not misleading, (b) all information, other than Target Projections (as defined below), that has been or is hereafter made available to the Lead Arrangers or any of the Lenders relating to the Target Company
and its subsidiaries (including information made available by or on behalf of the Target Company or any of its representatives) in connection with any aspect of the Transaction (the “Target Information”, and together with the
Pinnacle Information, the “Information”) is and will be, to the best of your knowledge, complete and correct in all material respects and does not and will not, to the best of your knowledge, contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements contained therein not misleading, (c) all financial projections concerning the Companies (other than the Target Company and its subsidiaries) that have been or are
hereafter made available to the Lead Arrangers or any of the Lenders by or on behalf of you or any of your representatives (the “Pinnacle Projections”) have been or will be prepared in good faith based upon assumptions that
are reasonable at the time made and at the time such projections are made available to the Lenders and (d) all financial 

  
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projections concerning the Target Company and its subsidiaries that have been or are hereafter made available to the Lead Arrangers or any of the Lenders by or on behalf of the Target Company or
its representatives (the “Target Projections”, and together with the Pinnacle Projects, the “Projections”) have been and will be, to the best of your knowledge, prepared in good faith based upon
assumptions that are reasonable at the time made and at the time such projections are made available to the Lenders. You agree that if at any time prior to the Syndication Date any of the representations in the preceding sentence would be incorrect
in any material respect if the Pinnacle Information, the Target Information, the Pinnacle Projections and the Target Projections were being furnished, and such representations were being made, at such time, then you will promptly supplement, or
cause to be supplemented, the Pinnacle Information, the Target Information, the Pinnacle Projections and the Target Projections so that such representations will be correct at such time. In issuing this commitment and in arranging and syndicating
the New Term Loans and each of the Facilities, the Commitment Parties are and will be using and relying on the Information and the Projections without independent verification thereof. The Information and Projections provided to the Lead Arrangers
prior to the date hereof are hereinafter referred to as the “Pre-Commitment Information”. 
 You acknowledge that (a) the Lead Arrangers on your behalf will make available Information Materials to the proposed syndicate of Lenders by posting the Information Materials on IntraLinks or another
similar electronic system and (b) certain prospective Lenders (such Lenders, “Public Lenders”; all other Lenders, “Private Lenders”) may have personnel that do not wish to receive material
non-public information (within the meaning of the United States federal securities laws, “MNPI”) with respect to the Companies, their respective affiliates or any other entity, or the respective securities of any of the
foregoing, and who may be engaged in investment and other market-related activities with respect to such entities’ securities. If requested, you will assist us in preparing an additional version of the Information Materials not containing MNPI
(the “Public Information Materials”) to be distributed to prospective Public Lenders. 

Before distribution of any Information Materials (a) to prospective Private Lenders, you shall provide us with a
customary letter in form and substance reasonably satisfactory to both you and us authorizing the dissemination of the Information Materials and (b) to prospective Public Lenders, you shall provide us with a customary letter in form and
substance reasonably satisfactory to both you and us authorizing the dissemination of the Public Information Materials and confirming the absence of MNPI therefrom, in each case, exculpating the Commitment Parties and their respective affiliates
with respect to liability related to the use of the contents of the Information Materials by the recipients thereof. In addition, at our request, you shall identify Public Information Materials by clearly and conspicuously marking the same as
“PUBLIC”. To the extent any Information Materials are not so marked “PUBLIC”, we are authorized by you treat such Information Materials as if they contained MNPI. 

Notwithstanding the foregoing, you agree that the Lead Arrangers on your behalf may distribute the following documents to
all prospective Lenders regardless of whether marked “PUBLIC”, unless you advise the Lead Arrangers in writing (including by email) within a reasonable time prior to their intended distributions that such material should only be
distributed to prospective Private Lenders: (a) administrative materials for prospective Lenders such as lender meeting invitations and funding and closing memoranda, (b) notifications of changes to the terms of the Facilities,
(c) customary marketing term sheets related to the Facilities and (d) other materials intended for prospective Lenders after the initial distribution of the Information Materials, including drafts and final versions of definitive documents
with respect to the New Term Loans and/or the Facilities. If you advise us that any of the foregoing items should be distributed only to Private Lenders, then the Lead Arrangers will not distribute such materials to Public Lenders without further
discussions with you. 

  
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 4. Fees and Indemnities. 

(a) You agree to pay the fees set forth in the separate fee letter addressed to you dated the date hereof from the
Commitment Parties (the “Fee Letter”). You also agree to reimburse the Commitment Parties from time to time on demand for all reasonable out-of-pocket fees and expenses (including, but not limited to, the reasonable fees,
disbursements and other charges of counsel to the Lead Arrangers and the Administrative Agents under each Facility, and of any special gaming and local counsel to the Lenders retained by the Lead Arrangers, and due diligence expenses) in connection
with the Facilities, the syndication thereof, the preparation of the Credit Documentation (as defined below) therefor and the other transactions contemplated hereby, whether or not the Acquisition Closing Date occurs or any Credit Documentation is
executed and delivered or any extensions of credit are made under any of the Facilities. You acknowledge that we may receive a benefit, including without limitation, a discount, credit or other accommodation, from any of such counsel based on the
fees such counsel may receive on account of their relationship with us including, without limitation, fees paid pursuant hereto. 
 (b) You also agree to indemnify and hold harmless each of the Commitment Parties, each other Lender and each of their affiliates, successors and assigns and their respective officers, directors,
employees, agents, advisors and other representatives (each, an “Indemnified Party”) from and against (and will reimburse each Indemnified Party as the same are incurred for) any and all claims, damages, losses, liabilities
and expenses (including, without limitation, the reasonable fees, disbursements and other charges of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by
reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (i) any aspect of the Transaction or any related transaction and any of the other
transactions contemplated thereby or (ii) the New Term Loans, the Facilities or any use made or proposed to be made with the proceeds thereof (in all cases, whether or not caused or arising, in whole or in part, out of the comparative,
contributory or sole negligence of the Indemnified Party), except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified
Party’s gross negligence, bad faith, or willful misconduct. In the case of any claim, litigation, investigation or proceeding (any of the foregoing, a “Proceeding”) to which the indemnity in this paragraph applies, such
indemnity shall be effective whether or not such Proceeding is brought by you, your equity holders or creditors or an Indemnified Party, whether or not an Indemnified Party is otherwise a party thereto and whether or not any aspect of the
Transaction is consummated. You also agree that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to you, the Target Company or your or its subsidiaries or affiliates or to your or its
respective equity holders or creditors or any other person arising out of, related to or in connection with any aspect of the Transaction, except to the extent of direct (as opposed to special, indirect, consequential or punitive) damages determined
in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence, bad faith, or willful misconduct. It is further agreed that the Commitment Parties shall only have
liability to you (as opposed to any other person), and that the Commitment Parties shall be severally liable solely in respect of their respective commitments to the Facilities, on a several, and not joint, basis with any other Lender, and that such
liability shall only arise to the extent damages have been caused by breach of the Commitment Parties’ respective obligations hereunder to negotiate in good faith the Credit Documentation on the terms set forth in this Commitment Letter and the
Fee Letter, as determined in a final, non-appealable judgment by a court of competent jurisdiction. Notwithstanding any other provision of this Commitment Letter, no Indemnified Party shall be liable for any damages arising from the use by others of
information or other materials obtained through electronic telecommunications or other information transmission systems, other than for direct, actual damages resulting from the gross negligence, bad faith, or willful misconduct of such Indemnified
Party as determined by a final, non-appealable judgment of a court of competent jurisdiction. You shall not, without the prior written consent 

  
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of an Indemnified Party, effect any settlement of any pending or threatened Proceeding against an Indemnified Party in respect of which indemnity could have been sought hereunder by such
Indemnified Party unless (i) such settlement includes an unconditional release of such Indemnified Party from all liability or claims that are the subject matter of such Proceeding and (ii) does not include any statement as to any
admission. 
 5. Conditions to Financing. The commitment of the Lenders in respect of the New Term Loans
and the Facilities and the undertaking of the Lead Arrangers to provide the services described herein, in each case, are subject only to the satisfaction of each of the conditions set forth in Annex V hereto and are subject to the negotiation,
execution and delivery of definitive documentation with respect to each of the New Term Loans and each of the Facilities consistent with this Commitment Letter and the Fee Letter, customary for transactions of such type and otherwise reasonably
satisfactory to the Lead Arrangers and the Lenders under the Facilities (the “Credit Documentation”). 
 Notwithstanding anything in this Commitment Letter, the Fee Letter, the Credit Documentation or any other letter agreement or other undertaking concerning the financing of the Transaction to the contrary,
(a) the only representations the accuracy of which shall be a condition to the availability of the New Term Loans and the Facilities on the Acquisition Closing Date shall be (i) the representations made by or with respect to the Target
Company and its subsidiaries in the Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that you have the right to terminate your obligations under the Acquisition Agreement or to decline to consummate the
Acquisition pursuant to the Acquisition Agreement as a result of a breach of such representations in the Acquisition Agreement (the “Acquisition Agreement Representations”) and (ii) the Specified Representations (as
defined below); and (b) the terms of the Credit Documentation shall be in a form such that they do not impair the availability of the Facilities on the Acquisition Closing Date if the conditions set forth in this Section 5 and in Annex V
hereto are satisfied. For purposes hereof, “Specified Representations” means the representations and warranties relating to organizational status, organizational power and authority to enter into the Credit Documentation, due
authorization, execution, delivery and enforceability of the Credit Documentation, no conflicts with charter documents, solvency of each of the applicable Borrowers on a consolidated basis, in each case, after giving effect to the Transaction,
Federal Reserve margin regulations, OFAC, the PATRIOT Act, FCPA, the Investment Company Act, status of the Facilities as senior debt (to the extent applicable) and the creation, validity, priority and perfection of the security interests granted in
the intended collateral(it being understood that to the extent any security interest in the intended collateral (other than any collateral the security interest in which may be perfected by the filing of a UCC financing statement, the filing of
short-form security agreements with the United States Patent and Trademark Office or the United States Copyright Office or the delivery of certificates evidencing equity interests) is not provided on the Acquisition Closing Date, as applicable,
after your use of commercially reasonable efforts to do so, then the provision of such perfected security interest(s) shall not constitute a condition precedent to the availability of the New Term Loans and the Facilities on the Acquisition Closing
Date but shall be required to be delivered after the Acquisition Closing Date pursuant to arrangements to be mutually agreed by the parties hereto acting reasonably). 

6. Confidentiality and Other Obligations. This Commitment Letter and the Fee Letter and the contents hereof and
thereof are confidential and, may not be disclosed in whole or in part to any person or entity without our prior written consent except (i) on a confidential basis to Pinnacle’s and the Target Company’s accountants, attorneys and
other professional advisors in connection with the Transaction, (ii) pursuant to the order of any court or administrative agency in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal
process based on the reasonable advice of your legal counsel (in which case you agree to inform us promptly thereof), (iii) this Commitment Letter and the Fee Letter (redacted in a manner reasonably satisfactory to us) may be disclosed on a
confidential basis to the respective boards of directors and advisors of the Target 

  
 -9-

 
Company in connection with their consideration of the Transaction, (iv) this Commitment Letter (but not the Fee Letter) and its contents may be in any proxy or other public filing relating
to the Acquisition, (v) you may disclose this Commitment Letter (but not the Fee Letter), and the contents hereof, to potential Lenders and their affiliates, equity investors and to rating agencies in connection with the Facilities and
(vi) you may disclose the fees contained in the Fee Letter as part of a generic disclosure of aggregate sources and uses related to fee amounts to the extent customary or required in marketing materials, any proxy or other public filing or any
prospectus or other offering memorandum. 
 The Commitment Parties shall use all confidential information
provided to them by or on behalf of you hereunder solely for the purpose of providing the services which are the subject of this letter agreement and otherwise in connection with the Transaction and shall treat confidentially all such information;
provided, however, that nothing herein shall prevent the Commitment Parties from disclosing any such information (i) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding,
or otherwise as required by applicable law or compulsory legal process (in which case the Commitment Parties agree to inform you promptly thereof only to the extent permitted by law and other than in the case of ordinary course audits or
examinations), (ii) upon the request or demand of any regulatory authority having jurisdiction over the Commitment Parties or any of their respective affiliates, (iii) to the extent that such information becomes publicly available other
than by reason of disclosure in violation of this agreement by the Commitment Parties, (iv) to the Commitment Parties’ affiliates, employees, legal counsel, independent auditors and other experts or agents who need to know such information
in connection with the Transaction and are informed of the confidential nature of such information, (v) for purposes of establishing a “due diligence” defense, (vi) to the extent that such information is received by the
Commitment Parties from a third party that is not to the Commitment Parties’ knowledge subject to confidentiality obligations to you, (vii) to the extent that such information is independently developed by the Commitment Parties,
(viii) to the applicable rating agencies in connection with any rating of the Facilities and/or Acquisition Holdings Notes or (ix) to potential Lenders, participants or assignees who agree to be bound by the terms of this paragraph (or
language substantially similar to this paragraph or as otherwise reasonably acceptable to you and each Commitment Party, including as may be agreed in any confidential information memorandum or other marketing material). This paragraph shall
terminate on the second anniversary of the date hereof. 
 You acknowledge that the Commitment Parties or their
affiliates may be providing financing or other services to parties whose interests may conflict with yours. The Commitment Parties agree that they will not furnish confidential information obtained from you to any of their other customers and will
treat confidential information relating to the Companies and their respective affiliates with the same degree of care as they treat their own confidential information. The Commitment Parties further advise you that they will not make available to
you confidential information that they have obtained or may obtain from any other customer. In connection with the services and transactions contemplated hereby, you agree that the Commitment Parties are permitted to access, use and share with any
of their bank or non-bank affiliates, agents, advisors (legal or otherwise) or representatives any information concerning the Companies or any of their respective affiliates that is or may come into the possession of the Commitment Parties or any of
such affiliates. 
 In connection with all aspects of each transaction contemplated by this Commitment Letter,
you acknowledge and agree, and acknowledge your affiliates’ understanding, that: (i) each of the New Term Loans, the Facilities and any related arranging or other services described in this Commitment Letter is an arm’s-length
commercial transaction between you and your affiliates, on the one hand, and the Commitment Parties, on the other hand, (ii) the Commitment Parties have not provided any legal, accounting, regulatory or tax advice with respect to any of the
transactions contemplated hereby and you have consulted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate, (iii) you are capable of evaluating, and understand and accept, the terms, risks and
conditions 

  
 -10-

 
of the transactions contemplated hereby, (iv) in connection with each transaction contemplated hereby and the process leading to such transaction, each Commitment Party has been, is, and
will be acting solely as a principal and has not been, is not, and will not be acting as an advisor, agent or fiduciary, for you or any of your affiliates, stockholders, creditors or employees or any other party, (v) the Commitment Parties have
not assumed and will not assume an advisory, agency or fiduciary responsibility in your or your affiliates’ favor with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective of whether any of the
Commitment Parties has advised or is currently advising you or your affiliates on other matters) and the Commitment Parties have no obligation to you or your affiliates with respect to the transactions contemplated hereby except those obligations
expressly set forth in this Commitment Letter and (vi) the Commitment Parties and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from yours and those of your affiliates, and the
Commitment Parties have no obligation to disclose any of such interests to you or your affiliates. To the fullest extent permitted by law, you hereby waive and release any claims that you may have against the Commitment Parties with respect to any
breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated by this Commitment Letter. 
 The Commitment Parties hereby notify the Companies that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “U.S.A.
Patriot Act”), each of them is required to obtain, verify and record information that identifies the Companies, which information includes your name and address and other information that will allow the Commitment Parties, as
applicable, to identify the Companies in accordance with the U.S.A. Patriot Act. 
 Pinnacle agrees that the
Lead Arrangers may place advertisements in financial and other newspapers and journals at the Lead Arrangers’ expense describing the Lead Arrangers’ involvement in and services rendered with respect to the Transaction subject to customary
confidentiality and disclosure restrictions. 
 7. Survival of Obligations. The provisions of Sections 2,
3, 4, 6 and 8 shall remain in full force and effect regardless of whether any Credit Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or any commitment or undertaking of the Commitment
Parties hereunder, except that the provisions of Sections 2 and 3 shall not survive if the commitments and undertakings of the Commitment Parties with respect thereto are terminated prior to the effectiveness of the Credit Agreement Amendments and
the funding of the New Term Loans and the Facilities and funding thereof. 
 8. Miscellaneous. This
Commitment Letter and the Fee Letter may be executed in multiple counterparts and by different parties hereto in separate counterparts, all of which, taken together, shall constitute an original. Delivery of an executed counterpart of a signature
page to this Commitment Letter or the Fee Letter by telecopier, facsimile or other electronic transmission (e.g., a “pdf” or “tiff”) shall be effective as delivery of a manually executed counterpart thereof. Headings are for
convenience of reference only and shall not affect the construction of, or be taken into consideration when interpreting, this Commitment Letter or the Fee Letter. 

This Commitment Letter and the Fee Letter and any claim, controversy or dispute arising out of or relating to this
Commitment Letter or the Fee Letter shall be governed by, and construed in accordance with, the laws of the State of New York. Each party hereto hereby irrevocably waives any and all right to trial by jury in any action, proceeding or counterclaim
(whether based on contract, tort or otherwise) arising out of or relating to this Commitment Letter, the Fee Letter, the Transaction and the other transactions contemplated hereby and thereby or the actions of the Commitment Parties in the
negotiation, performance or enforcement hereof. Each party hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any New York State court or Federal court of the United States of America

  
 -11-

 
sitting in the Borough of Manhattan in New York City in respect of any suit, action or proceeding arising out of or relating to the provisions of this Commitment Letter, the Fee Letter, the
Transaction and the other transactions contemplated hereby and thereby and irrevocably agrees that all claims in respect of any such suit, action or proceeding may be heard and determined in any such court. The parties hereto agree that service of
any process, summons, notice or document by registered mail addressed to you shall be effective service of process against you for any suit, action or proceeding relating to any such dispute. Each party hereto waives, to the fullest extent permitted
by applicable law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceedings brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such court may be enforced in any other courts to whose jurisdiction you are or may be subject by suit upon judgment. 

This Commitment Letter, together with the Fee Letter, embodies the entire agreement and understanding among the parties
hereto and your affiliates with respect to the Facilities and supersedes all prior agreements and understandings relating to the subject matter hereof. No party has been authorized by the Commitment Parties to make any oral or written statements
that are inconsistent with this Commitment Letter. Neither this Commitment Letter (including the attachments hereto) nor the Fee Letter may be amended or any term or provision hereof or thereof waived or modified except by an instrument in writing
signed by each of the parties hereto. 
 This Commitment Letter may not be assigned by you without our prior
written consent (and any purported assignment without such consent will be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person
other than the parties hereto (and the Indemnified Parties). Each Commitment Party may assign its commitment hereunder, in whole or in part, to any of its affiliates or to any Lender. Any assignment by any Commitment Party to any potential Lender
made prior to the Acquisition Closing Date will only relieve such Commitment Party of its obligations set forth herein to fund that portion of the commitments so assigned if such assignment was approved by you (such approval not to be unreasonably
withheld or delayed). 
 Please indicate your acceptance of the terms of the New Term Loans and the Facilities
set forth in this Commitment Letter and the Fee Letter by returning to us executed counterparts of this Commitment Letter and the Fee Letter with respect to the Facilities not later than 11:59 p.m. (New York City time) on December 20,
2012, whereupon the undertakings of the parties with respect to the New Term Loans and the Facilities shall become effective to the extent and in the manner provided hereby. This offer shall terminate if not so accepted by you at or prior to that
time. Upon your acceptance of this offer, thereafter the commitments and undertakings of the Commitment Parties hereunder will expire on the earliest of (a) at 5:00 p.m. (New York City time) on September 21, 2013; (b) the termination
of the Acquisition Agreement (as defined in Annex V hereto); (c) the closing of the Acquisition; (d) the execution and delivery of the Credit Documentation by all parties thereto; and (e) the date on which both (x) the Note
Consent has become effective and (y) you and the Commitment Parties have entered into a commitment letter for new credit facilities that provide sufficient proceeds for the payment of the Acquisition Consideration and the refinancing of the
obligations under Target Credit Agreement and the Pinnacle Credit Agreement on terms to be mutually agreed. In addition, the commitments and undertakings of the Commitment Parties with respect to (i) the New Target Credit Facilities will
automatically terminate upon the effectiveness of the Target Credit Agreement Amendment, (ii) the New Pinnacle Credit Facilities will automatically terminate upon the effectiveness of the Pinnacle Credit Agreement Amendment and (iii) the
Target Bridge Facility will automatically terminate upon the effectiveness of the Note Consent. 
 [The remainder of this page
intentionally left blank.] 

  
 -12-

 We are pleased to have the opportunity to work with you in connection with
this important financing. 
  

					
	 Very truly yours,

	
	 JPMORGAN CHASE BANK, N.A.

		
	 By:
	 	 /s/ Mark E. Constantino

		 	 Name:
	 	 Mark E. Constantino

		 	 Title:
	 	 Executive Director

	
	 J.P. MORGAN SECURITIES LLC

		
	 By:
	 	 Jack D. Smith

		 	 Name:
	 	 Jack D. Smith

		 	 Title:
	 	 Managing Director

 Signature Page to Commitment Letter 

 
					
	GOLDMAN SACHS LENDING PARTNERS LLC
		
	 By:
	 	 Robert Ehudin

		 	 Name:
	 	 Robert Ehudin

		 	 Title:
	 	 Authorized Signatory

 Signature Page to Commitment Letter 

 The provisions of this Commitment Letter are accepted 

and agreed to as of the date first written above: 
 PINNACLE ENTERTAINMENT, INC., a Delaware corporation 
  

					
	 By:
	 	 /s/ Anthony Sanfilippo

		 	 Name:
	 	 Anthony Sanfilippo

		 	 Title:
	 	 President and Chief Executive Officer

 Signature Page to Commitment Letter 

 ANNEX I 
 SUMMARY OF TERMS AND CONDITIONS 
 TARGET CREDIT FACILITIES 

Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to
which this Annex I is attached. 
  

	 Borrower:  
	 The Target Company 

  

	 Guarantors:  
	 Same as existing and future Guarantors of the Target Credit Agreement. 

 Administrative 

	 and Collateral Agent:  
	 An entity to be determined will act as sole and exclusive administrative and collateral agent for the Target Credit Agreement Lenders (the “Target Credit Agreement
Administrative Agent”). 

 Joint Arrangers 
 and Joint Bookrunning 

	 Managers:  
	 J.P. Morgan Securities LLC (“JPMS”) and Goldman Sachs Lending Partners LLC will act as joint arrangers and joint bookrunning managers for the Target
Credit Facilities (in such capacity, the “Target Credit Agreement Lead Arrangers”). 

  

	 Lenders:  
	 JPMorgan Chase Bank, N.A, Goldman Sachs Lending Partners LLC and other banks, financial institutions and institutional lenders selected by the Target Credit Agreement Lead
Arrangers (the “Target Credit Agreement Lenders”); provided that the Target Credit Agreement Lenders which are lenders with respect to the Target Revolving Credit Facility shall be subject to approval by the Borrower (such
approval not to be unreasonably withheld or delayed). 

  

	 Target Credit Facilities:  
	 An aggregate principal amount of $1,590,000,000 will be available through the following facilities: 

 

	 	 Target Revolving Credit Facility: A $400,000,000 revolving credit facility to be provided by the Target Credit Agreement Lenders and
available from time to time on or after the Acquisition Closing Date until the maturity date with respect to the Revolving Loans under the Target Credit Agreement, and to include a sublimit to be determined for the issuance of standby and commercial
letters of credit (each, a “Letter of Credit”). Letters of Credit will be initially issued by an entity to be determined (in such capacity, the “Issuing Bank”), and each of the Target Credit Agreement
Lenders under the Target Revolving Credit Facility will purchase an irrevocable and unconditional participation in each Letter of Credit. Up to $20,000,000 may be borrowed on the Acquisition Closing Date. Letters of Credit issued under the Target
Credit Agreement shall remain outstanding after the Acquisition Closing Date. 

  
 Annex I-1

	 	 Target A Term Loan Facility: A $200,000,000 A term loan facility to be provided by the Target Credit Agreement Lenders and available on the
Acquisition Closing Date. 

  

	 	 Target B Term Loan Facility: An $990,000,000 B term loan facility to be provided by the Target Credit Agreement Lenders and available on the
Acquisition Closing Date. 

  

	 Purpose:  
	 The proceeds of the New Target Term B Loans, together with proceeds from the New Pinnacle Term Loans and proceeds from either the Acquisitions Holdings Notes or the
Acquisition Holdings Bridge Facility, shall be used to fund the Acquisition and to pay transaction fees and expenses and the working capital and general corporate purposes of the Target Company and its subsidiaries after the Acquisition Closing
Date. 

  

	 Interest Rates:  
	 The interest rates per annum (calculated on a 360-day basis) applicable to the Target Credit Facilities will be, at the option of the Borrower as set forth below at either
LIBOR or the Base Rate plus the Applicable Margin set forth in the Fee Letter. 

  

	 	 The Borrower may select interest periods of one, two, three or six months (and, if agreed to by all relevant Target Credit Agreement Lenders for the
Target Revolving Credit Facility, the Target A Term Loan Facility or the Target B Term Loan Facility, as applicable, nine or twelve months or such other period) for LIBOR advances. Interest shall be payable at the end of the selected interest
period, but no less frequently than quarterly. 

  

	 	 “LIBOR” and “Base Rate” will have meanings customary and appropriate for financings of this type;
provided that LIBOR with respect to the Target B Term Loan Facility will be deemed to be not less than one percent (1.00%) per annum and Base Rate will be deemed to be not less than 100 basis points higher than one-month LIBOR.

  

	 	 During the continuance of an event of default, interest will accrue (i) on principal of any loan at a rate of 200 basis points in excess of the
rate otherwise applicable to such loan and (ii) on any outstanding amount at a rate of 200 basis points in excess of the non-default interest rate then applicable to Base Rate loans under the Target Revolving Credit Facility, and will be
payable on demand. 

  

	 Commitment Fee:  
	 Commencing on the Acquisition Closing Date, a commitment fee of a per annum amount to be determined (calculated on a 360-day basis) shall be payable on the actual daily
unused portions of the Target Revolving Credit Facility, such fee to be payable quarterly in arrears and on the date of termination or expiration of the commitments. 

 Calculation of Interest 

	 and Fees:  
	 Other than calculations in respect of interest at the Base Rate (which shall be made on the basis of actual number of days elapsed in a

  
 Annex I-2

	 	 
365/366 day year), all calculations of interest and fees shall be made on the basis of actual number of days elapsed in a 360-day year. 

 

	 Cost and Yield Protection:  
	 Customary for transactions and facilities of this type, including, without limitation, in respect of breakage or redeployment costs incurred in connection with prepayments,
changes in capital adequacy and capital requirements or their interpretation, illegality, unavailability, reserves without proration or offset and payments free and clear of withholding or other taxes, and including treating as introduced or adopted
after the Acquisition Closing Date all the Dodd-Frank Wall Street Reform and Consumer Protection Act and all related requests, rules, guidelines and directives promulgated thereunder and all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case, pursuant to Basel III. 

 

	 Letter of Credit Fees:  
	 Letter of Credit fees equal to the Applicable Margin from time to time on LIBOR advances under the Target Revolving Credit Facility on a per annum basis will be payable
quarterly in arrears and shared proportionately by the Target Credit Agreement Lenders under the Target Revolving Credit Facility. In addition, a fronting fee of a per annum amount to be determined will be payable to the Issuing Bank for its own
account, as well as customary issuance and documentary fees. Both the Letter of Credit fees and the fronting fees will be calculated on the amount available to be drawn under each outstanding Letter of Credit. 

 

	 Maturity:  
	 Target A Senior Term Facility: If the Target Credit Agreement Amendment is obtained, the maturity date under the Target Credit Agreement for the loans under the Target
A Term Loan Facility, and if the Target Credit Agreement Amendment is not obtained, the date five years after the Acquisition Closing Date. 

  

	 	 Target B Senior Term Facility: The date seven years after the Acquisition Closing Date. 

 

	 	 Target Revolving Credit Facility: If the Target Credit Agreement Amendment is obtained, the maturity date for the Revolving Loans under the
Target Credit Agreement, and if the Target Credit Agreement Amendment is not obtained, the date five years after the Acquisition Closing Date. 

  

	 Scheduled Amortization:  
	 Target A Term Loan Facility: The same as the Target Credit Agreement (collectively, the “Term A Scheduled Amortization”).

  

	 	 Target B Term Loan Facility: The Target B Term Facility will be subject to quarterly amortization of one-quarter percent (0.25%) of the
original principal amount of the Target B Term Loan Facility (collectively, the “Term B Scheduled Amortization”, and together with the Term A Scheduled Amortization, the “Scheduled Amortization”).

  
 Annex I-3

	 	 Target Revolving Credit Facility: None. 

  

	 Incremental Facilities: 
	 The Credit Documentation will permit the Borrower to add one or more incremental term loan facilities to the Target Credit Facilities (each, an “Target Incremental
Term Facility”) and/or increase commitments under the Target Revolving Credit Facility (any such increase, an “Target Incremental Revolving Facility”; the Target Incremental Term Facilities and the Target
Incremental Revolving Facilities are collectively referred to as “Target Incremental Facilities”) in an aggregate amount of up to an amount to be agreed (of which no more than an amount to be agreed may be under Target
Incremental Revolving Facilities); provided that (i) no Lender will be required to participate in any such Target Incremental Facility, (ii) no event of default or default exists or would exist after giving effect thereto,
(iii) the representations and warranties in the Credit Documentation shall be true and correct in all material respects, (iv) on a pro forma basis on the date of incurrence and after giving effect thereto (assuming, in the case of an
Incremental Revolving Facility, the full drawing thereunder), the Borrower shall be in compliance with a secured leverage ratio that is 0.25x less than such ratio required by the financial covenant as of the last day of the most recently ended
fiscal quarter, (v) the maturity date of any such Target Incremental Term Facility shall be no earlier than the maturity date for the Target Senior Term Loan Facility, (vi) the weighted average life to maturity of any Target Incremental
Term Facility shall be no shorter than the weighted average life to maturity of the Target Senior Term Loan Facility, (vii) the interest margins for the Target Incremental Term Facility shall be determined by the Borrower and the lenders of the
Target Incremental Term Facility; provided that in the event that the interest margins for any Target Incremental Term Facility are greater than the Applicable Margins for the Target Senior Term Loan Facility by more than 25 basis points,
then the Applicable Margins for the Target Senior Term Loan Facility shall be increased to the extent necessary so that the interest margins for the Target Incremental Term Facility are not more than 25 basis points higher than the Applicable
Margins for the Target Senior Term Loan Facility, and the Applicable Margins for the Target Revolving Credit Facility shall be increased by a like amount; provided that in determining the interest margins applicable to the Target Term Loan
Facility and the Applicable Margins for the Target Incremental Term Facility, (x) original issue discount (“OID”) or upfront fees (which shall be deemed to constitute like amounts of OID) payable by the Borrower for the
account of the Target Lenders of the Target Term Loan Facility or the Target Incremental Term Facility in the primary syndication thereof shall be included (with OID being equated to interest based on an assumed four-year life to maturity),
(y) customary arrangement or commitment fees payable to the Target Lead Arrangers (or their affiliates) in connection with the Target Term Loan Facility or to one or more arrangers (or their affiliates) of the Target Incremental Term Facility
shall be excluded, and (z) if the LIBOR or Base Rate floor for the Target Incremental Term Facility is greater than the 

  
 Annex I-4

	 	 
LIBOR or Base Rate floor, respectively, for the existing Target Term Loan Facility, the difference between such floor for the Target Incremental Term Facility and the existing Target Term Loan
Facility shall be equated to an increase in the Applicable Margin for purposes of this clause (vii), (viii) each Target Incremental Facility may be secured by a pari passu lien on the collateral securing the Target Credit Facilities in each
case on terms and pursuant to documentation reasonably satisfactory to the Target Credit Agreement Administrative Agent and (ix) any Target Incremental Revolving Facility shall be on terms and pursuant to documentation applicable to the Target
Revolving Credit Facility and any Target Incremental Term Facility shall be on terms and pursuant to documentation to be determined, provided that, to the extent such terms and documentation are not consistent with the Target Term Loan
Facility (except to the extent permitted by clause (iv), (v) or (vi) above), they shall be reasonably satisfactory to the Target Credit Agreement Administrative Agent. The Borrower shall seek commitments in respect of any Target
Incremental Facility from banks, financial institutions and other institutional lenders reasonably acceptable to the Target Credit Agreement Administrative Agent who will become Target Lenders in connection therewith. 

Mandatory Prepayments 
 and Commitment

	 Reductions:  
	 Similar to the Target Credit Agreement. 

Optional Prepayments and 

	 Commitment Reductions:  
	 Similar to the Target Credit Agreement. 

  

	 Security:  
	 Substantially the same as the collateral securing the obligations under the Target Credit Agreement. 

Conditions Precedent 

	 to Closing:  
	 Those specified in Section 5 of the Commitment Letter and Annex V to the Commitment Letter. 

 Conditions Precedent to 
 Each Borrowing under the 

	 Target Senior Credit Facilities:  
	 Those specified in Section 5 of the Commitment Letter and Annex V to the Commitment Letter. 

 

	 	 After the Acquisition Closing Date, each borrowing or issuance or renewal of a Letter of Credit under the Target Senior Credit Facilities will be
subject to satisfaction of the customary conditions precedent. 

 Representations and 

	 Warranties:  
	 Usual and customary for transactions of this type and similar to the Target Credit Agreement. 

 

	 Covenants:  
	 Usual and customary affirmative, negative and financial covenants (applicable to the Borrower and its subsidiaries that are not designated

  
 Annex I-5

	 	 
as “unrestricted subsidiaries”) for a transaction of this type including, without limitation, the following: 

 

	 	 (a) Affirmative Covenants: Similar to the Target Credit Agreement. 

 

	 	 (b) Negative Covenants: Similar to the Target Credit Agreement. 

 

	 	 (c) Financial Covenants: Similar to the Target Credit Agreement. 

 

	 Events of Default:  
	 Similar to the Target Credit Agreement. 

  

	 Unrestricted Subsidiaries: 
	 Similar to the Target Credit Agreement. 

Assignments and 

	 Participations:  
	 Similar to the Target Credit Agreement. 

  

	 Waivers and Amendments:  
	 Similar to the Target Credit Agreement. 

  

	 Indemnification:  
	 Similar to the Target Credit Agreement. 

  

	 Governing Law:  
	 New York. 

  

	 Expenses:  
	 Similar to the Target Credit Agreement. 

Counsel to the 

	 Administrative Agent:  
	 Latham & Watkins, LLP. 

  

	 Miscellaneous:  
	 Each of the parties shall (i) waive its right to a trial by jury and (ii) submit to New York jurisdiction. 

 

	 Target Credit Agreement: 
	 For purposes of this Target Credit Agreement Summary of Terms, the indication that provisions will be similar to the Target Credit Agreement means that such provisions will
be similar to the provisions of the Target Credit Agreement with adjustments to give effect to the Transactions and otherwise reasonably requested by the Lead Arrangers. 

  
 Annex I-6

 ANNEX II 
 SUMMARY OF TERMS AND CONDITIONS 
 PINNACLE CREDIT FACILITIES

 Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to
which this Annex I is attached 
  

	 Borrower:  
	 Pinnacle Entertainment, Inc. 

  

	 Guarantors:  
	 Same as existing and future Guarantors of the Pinnacle Credit Agreement. 

 Administrative 

	 and Collateral Agent:  
	 An entity to be determined will act as sole and exclusive administrative and collateral agent for the Pinnacle Credit Agreement Lenders (the “Pinnacle Credit
Agreement Administrative Agent”). 

 Joint Arrangers 

and Joint Bookrunning 

	 Managers:  
	 J.P. Morgan Securities LLC (“JPMS”) and Goldman Sachs Lending Partners LLC will act as joint arrangers and joint bookrunning managers for the Pinnacle
Credit Facilities (in such capacity, the “Pinnacle Credit Agreement Lead Arrangers”). 

  

	 Lenders:  
	 JPMorgan Chase Bank, N.A, Goldman Sachs Lending Partners LLC and other banks, financial institutions and institutional lenders selected by the Pinnacle Credit Agreement Lead
Arrangers (the “Pinnacle Credit Agreement Lenders”); provided that the Pinnacle Credit Agreement Lenders which are lenders with respect to the Pinnacle Revolving Credit Facility shall be subject to approval by the Borrower
(such approval not to be unreasonably withheld or delayed). 

  

	 Credit Facilities:  
	 An aggregate principal amount of $1,140,000,000 will be available through the following facilities: 

 

	 	 Pinnacle Revolving Credit Facility: A $410,000,000 revolving credit facility (the “Pinnacle Revolving Credit
Facility”) to be provided by the Pinnacle Credit Agreement Lenders and available from time to time on or after the Acquisition Closing Date until the maturity date with respect to the Revolving Loans under the Pinnacle Credit Agreement,
and to include a sublimit to be determined for the issuance of standby and commercial letters of credit (each, a “Letter of Credit”). Letters of Credit will be initially issued by a to be determined entity (in such capacity,
the “Issuing Bank”), and each of the Target Credit Agreement Lenders under the Target Revolving Credit Facility will purchase an irrevocable and unconditional participation in each Letter of Credit. Up to $75,000,000 may be
borrowed on the Acquisition Closing Date. Letters of Credit issued under the Target Credit Agreement shall remain outstanding after the Acquisition Closing Date. 

  
 Annex II-1

	 	 Pinnacle Term Loan Facility: A $730,000,000 term loan facility to be provided by the Pinnacle Credit Agreement Lenders and available on the
Acquisition Closing Date. 

  

	 Purpose:  
	 The proceeds of the New Pinnacle Term Loans, together with proceeds from the New Target Term B Loans and proceeds from either the Acquisitions Holdings Notes or the
Acquisition Holdings Bridge Facility, shall be used to fund the Acquisition and to pay transaction fees and expenses and the working capital and general corporate purposes of Pinnacle and its subsidiaries after the Acquisition Closing Date.

  

	 Interest Rates:  
	 The interest rates per annum (calculated on a 360-day basis) applicable to the Pinnacle Credit Facilities will be, at the option of the Borrower as set forth below at either
LIBOR or the Base Rate plus the Applicable Margin set forth in the Fee Letter. 

  

	 	 The Borrower may select interest periods of one, two, three or six months (and, if agreed to by all relevant Pinnacle Credit Agreement Lenders for
the Pinnacle Revolving Credit Facility or the Pinnacle Term Loan Facility, as applicable, nine or twelve months or such other period) for LIBOR advances. Interest shall be payable at the end of the selected interest period, but no less frequently
than quarterly. 

  

	 	 “LIBOR” and “Base Rate” will have meanings customary and appropriate for financings of this type;
provided that LIBOR with respect to the Pinnacle Term Loan Facility will be deemed to be not less than one percent (1.00%) per annum and Base Rate will be deemed to be not less than 100 basis points higher than one-month LIBOR.

  

	 	 During the continuance of an event of default, interest will accrue (i) on principal of any loan at a rate of 200 basis points in excess of the
rate otherwise applicable to such loan and (ii) on any outstanding amount at a rate of 200 basis points in excess of the non-default interest rate then applicable to Base Rate loans under the Pinnacle Revolving Credit Facility, and will be
payable on demand. 

  

	 Commitment Fee:  
	 Commencing on the Acquisition Closing Date, a commitment fee of a per annum amount to be determined (calculated on a 360-day basis) shall be payable on the actual daily
unused portions of the Pinnacle Revolving Credit Facility, such fee to be payable quarterly in arrears and on the date of termination or expiration of the commitments. 

 Calculation of Interest 

	 and Fees:  
	 Other than calculations in respect of interest at the Base Rate (which shall be made on the basis of actual number of days elapsed in a 365/366 day year), all calculations of
interest and fees shall be made on the basis of actual number of days elapsed in a 360-day year. 

  

	 Cost and Yield Protection:  
	 Customary for transactions and facilities of this type, including, without limitation, in respect of breakage or redeployment costs

  
 Annex II-2

	 	 
incurred in connection with prepayments, changes in capital adequacy and capital requirements or their interpretation, illegality, unavailability, reserves without proration or offset and
payments free and clear of withholding or other taxes, and including treating as introduced or adopted after the Acquisition Closing Date all the Dodd-Frank Wall Street Reform and Consumer Protection Act and all related requests, rules, guidelines
and directives promulgated thereunder and all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States
regulatory authorities, in each case, pursuant to Basel III. 

  

	 Letter of Credit Fees:  
	 Letter of Credit fees equal to the Applicable Margin from time to time on LIBOR advances under the Pinnacle Revolving Credit Facility on a per annum basis will be payable
quarterly in arrears and shared proportionately by the Pinnacle Credit Agreement Lenders under the Pinnacle Revolving Credit Facility. In addition, a fronting fee of a per annum amount to be determined will be payable to the Issuing Bank for its own
account, as well as customary issuance and documentary fees. Both the Letter of Credit fees and the fronting fees will be calculated on the amount available to be drawn under each outstanding Letter of Credit. 

 

	 Maturity:  
	 Pinnacle Senior Term Facility: The date seven years after the Acquisition Closing Date. 

 

	 	 Pinnacle Revolving Credit Facility: If the Pinnacle Credit Agreement Amendment is obtained, the maturity date for the Revolving Loans under
the Pinnacle Credit Agreement, and if the Pinnacle Credit Agreement Amendment is not obtained, the date five years after the Acquisition Closing Date. 

 

	 Scheduled Amortization:  
	 Pinnacle Term Loan Facility: The Pinnacle Term Facility will be subject to quarterly amortization of one-quarter percent (0.25%) of the original principal amount of
the Pinnacle Term Loan Facility (the “Scheduled Amortization”). 

  

	 	 Pinnacle Revolving Credit Facility: None. 

  

	 Incremental Facilities: 
	 Similar to the Pinnacle Credit Agreement. 

Mandatory Prepayments 
 and Commitment

	 Reductions:  
	 Similar to the Pinnacle Credit Agreement. 

Optional Prepayments and 

	 Commitment Reductions:  
	 Similar to the Pinnacle Credit Agreement. 

  

	 Security:  
	 Substantially the same as the collateral securing the obligations under the Pinnacle Credit Agreement. 

  
 Annex II-3

 Conditions Precedent 

	 to Closing:  
	 Those specified in Section 5 of the Commitment Letter and Annex V to the Commitment Letter. 

 Conditions Precedent to 
 Each Borrowing under the 

	 Target Senior Credit Facilities:  
	 Those specified in Section 5 of the Commitment Letter and Annex V to the Commitment Letter. 

 

	 	 After the Acquisition Closing Date, each borrowing or issuance or renewal of a Letter of Credit under the Target Senior Credit Facilities will be
subject to satisfaction of the customary conditions precedent. 

 Representations and 

	 Warranties:  
	 Usual and customary for transactions of this type and similar to the Pinnacle Credit Agreement. 

 

	 Covenants:  
	 Usual and customary affirmative, negative and financial covenants (applicable to the Borrower and its subsidiaries that are not designated as “unrestricted
subsidiaries”) for a transaction of this type, including, without limitation, the following: 

  

	 	 (a) Affirmative Covenants: Similar to the Pinnacle Credit Agreement. 

 

	 	 (b) Negative Covenants: Similar to the Pinnacle Credit Agreement. 

 

	 	 (c) Financial Covenants: Similar to the Pinnacle Credit Agreement. 

 

	 Events of Default:  
	 Similar to the Pinnacle Credit Agreement. 

  

	 Unrestricted Subsidiaries: 
	 Similar to the Pinnacle Credit Agreement. 

Assignments and 

	 Participations:  
	 Similar to the Pinnacle Credit Agreement. 

  

	 Waivers and Amendments:  
	 Similar to the Pinnacle Credit Agreement. 

  

	 Indemnification:  
	 Similar to the Pinnacle Credit Agreement. 

  

	 Governing Law:  
	 New York. 

  

	 Expenses:  
	 Similar to the Pinnacle Credit Agreement. 

Counsel to the 

	 Administrative Agent:  
	 Latham & Watkins, LLP. 

  

	 Miscellaneous:  
	 Each of the parties shall (i) waive its right to a trial by jury and (ii) submit to New York jurisdiction. 

  
 Annex II-4

	 Pinnacle Credit Agreement: 
	 For purposes of this Pinnacle Credit Agreement Summary of Terms, the indication that provisions will be similar to the Pinnacle Credit Agreement means that such provisions
will be similar to the provisions of the Pinnacle Credit Agreement with adjustments to give effect to the Transactions and otherwise reasonably requested by the Lead Arrangers. 

  
 Annex II-5

 ANNEX III-A 
 SUMMARY OF TERMS AND CONDITIONS 
 TARGET BRIDGE LOANS 

Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to
which this Annex III-A is attached. 
  

	 Borrower:  
	 The Target Company 

  

	 Guarantors:  
	 Same as the Target Credit Facilities. 

 Target
Bridge Administrative 

	 Agent:  
	 A to be determined entity will act as sole and exclusive administrative agent for the Target Bridge Lenders (the “Target Bridge Administrative
Agent”). 

 Joint Arrangers and 

	 Joint Bookrunning Manager: 
	 J.P. Morgan Securities LLC (“JPMS”) and Goldman Sachs (“Goldman”) will act as joint arrangers and joint bookrunning managers
for the Target Bridge Loans (in such capacity, the “Target Bridge Lead Arrangers”). 

  

	 Bridge Lenders:  
	 JPMorgan Chase Bank, N.A. or an affiliate thereof (“JPMCB”) and Goldman (collectively, with JPMCB, the “Initial Bridge
Lenders”) and other financial institutions and institutional lenders selected by the Target Bridge Lead Arrangers (the “Target Bridge Lenders”). 

 

	 Target Bridge Loans:  
	 Up to $1,050,400,000 of senior unsecured bridge loans (the “Target Bridge Loans”) to satisfy any change of control put made with respect to the
Existing Notes. The Target Bridge Loans will be available to the Borrower in one drawing upon consummation of the Acquisition. 

  

	 Ranking:  
	 The Target Bridge Loans will be senior unsecured obligations of the Borrower and will rank pari passu in right of payment with all other senior unsecured obligations of the
Borrower and effectively subordinated to all of the Borrower’s senior secured obligations, including borrowings under the Target Credit Facilities, to the extent of the value of the collateral. The guarantees will be senior unsecured
obligations of each Guarantor and will rank pari passu in right of payment with all other unsecured obligations of such Guarantor and effectively subordinated to all of such Guarantor’s senior secured obligations, including such
Guarantor’s obligations under the Borrower’s Target Credit Facilities, to the extent of the value of the collateral. 

  

	 Security:  
	 None. 

  

	 Purpose:  
	 The proceeds of the Target Bridge Loans will be used to fund any change of control put obligations with respect to the Existing Notes. 

  
 Annex III-A-1

	 Interest Rate:  
	 Interest shall be payable quarterly in arrears at a rate per annum equal to three-month LIBOR plus the Applicable Margin (as defined in the Fee Letter), with such interest to
increase by fifty (50) bps on each 90th day
anniversary of the Acquisition Closing Date. 

  

	 	 “LIBOR” shall be deemed to be not less than 1.25% per annum. 

 

	 	 During the continuance of an event of default, interest will accrue on the principal of the Target Bridge Loans and on any other outstanding amount
at a rate of 200 basis points in excess of the rate otherwise applicable to the Target Bridge Loans, and will be payable on demand. 

  

	 	 Following the Target Bridge First Anniversary (as defined below), interest on the Target Bridge Loans will accrue at a per annum rate equal to the
Target Total Cap, and will be payable quarterly in arrears. 

  

	 	 All calculations of interest shall be made on the basis of actual number of days elapsed in a 360-day year. 

 

	 Cost and Yield Protection:  
	 Customary for transactions and facilities of this type, including, without limitation, in respect of breakage or redeployment costs incurred in connection with prepayments of
LIBOR loans, changes in capital adequacy and capital requirements or their interpretation, illegality, unavailability, reserves without proration or offset and payments free and clear of withholding or other taxes. 

 

	 Amortization:  
	 None. 

  

	 Optional Prepayments:  
	 The Target Bridge Loans may be prepaid prior to the first anniversary of the Acquisition Closing Date (the “Target Bridge First Anniversary Date”),
without premium or penalty, in whole or in part, upon written notice, at the option of the Borrower, at any time, together with accrued interest to the prepayment date. 

 

	 Mandatory Prepayments:  
	 The Borrower shall prepay the Target Bridge Loans without premium or penalty and offer to purchase Target Exchange Notes at the premium for optional redemptions set forth in
Annex III-C (on a pro rata basis) together with accrued interest to the prepayment or purchase date, with (a) to the extent permitted pursuant the Target Credit Agreement and the indenture for the Existing Target Notes, all net cash proceeds
from (i) sales of property and assets of the Target Company or any of its subsidiaries (including sales or issuances of equity interests by subsidiaries of the Target Company but excluding sales of inventory in the ordinary course of business
and other exceptions to be agreed in the Credit Documentation), and (ii) Extraordinary Receipts (to be defined to include extraordinary receipts such as tax refunds, casualty and indemnity payments, and certain insurance proceeds and to exclude
cash receipts in the ordinary course of business), in each case, subject to reinvestment rights to be agreed, (b) to the extent permitted pursuant the Target Credit Agreement and the indenture for the Existing Target Notes, all net cash
proceeds from the issuance or incurrence after the 

  
 Annex III-A-2

	 	 
Acquisition Closing Date of additional debt of the Target Company or any of its subsidiaries other than certain debt permitted under the Credit Documentation, and (c) to the extent permitted
pursuant the Target Credit Agreement and the indenture for the Existing Target Notes, 100% of all net cash proceeds from any issuance of equity interest by, or equity contribution to, the Target Company, subject to exceptions to be agreed. The
Borrower’s obligation to prepay Target Bridge Loans and purchase Target Exchange Notes shall be deemed to be satisfied with respect to clause (a) above on a dollar-for-dollar basis to the extent of amounts applied to repay loans under
(i) the Target Credit Agreement Term A Loan Facility, (ii) the Target Credit Agreement Term B Loan Facility or (iii) the Target Revolving Credit Facility to the extent accompanied by a permanent reduction in commitments thereunder.

  

	 Change of Control:  
	 In the event of a Target Change of Control (to be defined but to exclude the Acquisition), each Target Bridge Lender will have the right to require the Borrower, and the
Borrower must offer, to prepay the outstanding principal amount of the Target Bridge Loans at a premium equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon to the date of prepayment. 

Conversion into Target 

	 Rollover Loans: 
	 If the Target Bridge Loans have not been previously prepaid in full for cash on or prior to the Target Bridge First Anniversary Date, the principal amount of the Target
Bridge Loans outstanding on the Target Bridge First Anniversary Date may, subject to the conditions precedent set forth in Annex III-B, be converted into unsecured rollover loans with a maturity of seven years from the Target Bridge First
Anniversary Date and otherwise having the terms set forth in Annex III-B (the “Target Rollover Loans”). Any Target Bridge Loans not converted into Target Rollover Loans shall be repaid in full on the Target Bridge First
Anniversary Date. 

 Exchange into 

	 Exchange Notes:  
	 Each Target Bridge Lender that is (or will immediately transfer its Target Exchange Notes to) an Eligible Holder (as defined in Annex III-C) will have the right, at any
time on or after the Target Bridge First Anniversary Date, to exchange Target Rollover Loans held by it for unsecured senior exchange notes of the Borrower having the terms set forth in Annex III-C (the “Target Exchange
Notes”). Notwithstanding the foregoing, the Borrower will not be required to exchange Target Rollover Loans for Target Exchange Notes unless at least $25,000,000 of Target Exchange Notes would be outstanding immediately after such
exchange. In connection with each such exchange, or at any time prior thereto if requested by the Initial Target Bridge Lenders, the Borrower shall (i) deliver to the Target Bridge Lenders that is receiving Target Exchange Notes, and to such
other Target Bridge Lenders as the Initial Target Bridge Lenders request, an offering memorandum of the type customarily utilized in a Rule 144A offering of high yield securities covering the resale of such Target Exchange Notes or Target Bridge

  
 Annex III-A-3

	 	 
Loans by such Target Bridge Lenders, in such form and substance as reasonably acceptable to the Borrower and the Initial Target Bridge Lenders, and keep such offering memorandum updated in a
manner as would be required pursuant to a customary Rule 144A securities purchase agreement, (ii) execute an exchange agreement containing provisions customary in Rule 144A transactions (including indemnification provisions) if requested by the
Initial Target Bridge Lenders, (iii) deliver or cause to be delivered such opinions and accountants’ comfort letters addressed to the Initial Target Bridge Lenders and such certificates as the Initial Target Bridge Lenders may request as
would be customary in Rule 144A offerings and otherwise in form and substance reasonably satisfactory to the Initial Bridge Lenders and (iv) take such other actions, and cause its advisors, auditors and counsel to take such actions, as
reasonably requested by the Initial Bridge Lenders in connection with issuances or resales of Target Exchange Notes or Bridge Loans, including providing such information regarding the business and operations of the Target Company and its
subsidiaries as is reasonably requested by any prospective holder of Target Exchange Notes or Bridge Loans and customarily provided in due diligence investigations in connection with purchases or resales of securities. 

 

	 Conditions Precedent:  
	 Those specified in Section 5 of the Commitment Letter and Annex V to the Commitment Letter. 

 

	 Covenants:  
	 Based on the covenants for the Target Credit Facilities, subject to cushions in respect of baskets and thresholds at levels to be determined and a covenant to comply with the
Fee Letter and a covenant for the Borrower to use its best efforts to refinance the Target Bridge Facility with the proceeds of the Target Permanent Securities as promptly as practicable following the Acquisition Closing Date.

  

	 	 Negative covenants that are customary for high yield debt securities of issuers of similar size and credit quality, as determined by the Target
Bridge Lead Arrangers in light of prevailing market conditions and other circumstances; provided that prior to the Target Bridge First Anniversary Date, the limitation on restricted payments and the limitation on liens and debt will be more
restrictive than customary high yield covenants. In addition the Borrower will be required to comply with the Commitment Letter, the Fee Letter and the Engagement Letter, and to use best efforts to refinance the Target Bridge Loans as promptly as
practicable following the Acquisition Closing Date, including by taking the actions specified in Annex V. 

Representations and 
 Warranties,
Events of 
 Default, Waivers and 

	 Consents:  
	 Usual and customary for a transaction of this type and similar to those contained in the Target Credit Facilities. 

  
 Annex III-A-4

 Assignments and 

	 Participations:  
	 Each Target Bridge Lender will be permitted to make assignments in minimum amounts to be agreed to other entities approved by the Target Bridge Administrative Agent, which
approval shall not be unreasonably withheld or delayed; provided, however, that no such approval shall be required in connection with assignments to other Target Bridge Lenders or any of their affiliates. Each Target Bridge Lender will also
have the right, without any consent, to assign as security all or part of its rights under the Credit Documentation to any Federal Reserve Bank. Target Bridge Lenders will be permitted to sell participations with voting rights limited to significant
matters such as changes in amount, rate and maturity date. An assignment fee in the amount of $3,500 will be charged with respect to each assignment unless waived by the Target Bridge Administrative Agent in its sole discretion.

  

	 	 If an Initial Target Bridge Lender makes an assignment of Target Bridge Loans at a price less than par, the assignment agreement may provide that,
upon any repayment or prepayment of such Target Bridge Loans with the proceeds of an issuance of securities of the Target Company or any of its subsidiaries in which the Initial Target Bridge Lenders or an affiliate thereof acted as underwriter or
initial purchaser (an “Applicable Offering”), (i) the Borrower shall pay the holder of such Target Bridge Loans the price set forth in the assignment agreement as the price (which may be the price at which the Initial
Target Bridge Lenders assigned such Target Bridge Loans but in any event may not be greater than par) at which time the holder of such Target Bridge Loans will be repaid by the Borrower with the proceeds of an Applicable Offering (the
“Agreed Price”) and (ii) the Borrower shall pay the Initial Target Bridge Lenders the difference between par and the Agreed Price. Such payments by the Borrower shall be in full satisfaction of such Target Bridge Loans
in the case of a repayment or prepayment with proceeds of an Applicable Offering. For the avoidance of doubt, the provisions of this paragraph do not apply to any repayments or prepayments other than with proceeds of an Applicable Offering.

  

	 Governing Law:  
	 New York. 

 Indemnification and 

	 Expenses:  
	 Same as the Target Credit Facilities. 

 Counsel
to Target Bridge Lead 

	 Arrangers:  
	 Latham & Watkins, LLP. 

  
 Annex III-A-5

 ANNEX III-B 
 TARGET ROLLOVER LOANS 
 Capitalized terms not otherwise
defined herein have the same meanings as specified therefor in the Commitment Letter to which this Annex III-B is attached. 
  

	 Borrower:  
	 Same as the Target Bridge Loans. 

  

	 Guarantors:  
	 Same as the Target Bridge Loans. 

  

	 Rollover Loans:  
	 Target Rollover Loans in an initial principal amount equal to 100% of the outstanding principal amount of the Target Bridge Loans on the Target Bridge First Anniversary Date.
Subject to the conditions precedent set forth below, the Target Rollover Loans will be available to the Borrower to refinance the Target Bridge Loans on the Target Bridge First Anniversary Date. The Target Rollover Loans will be governed by the
Credit Documentation for the Target Bridge Loans and, except as set forth below, shall have the same terms as the Target Bridge Loans. 

  

	 Ranking and Security:  
	 Same as Target Bridge Loans. 

  

	 Interest Rate:  
	 Interest shall be payable quarterly in arrears at a rate per annum equal to the Target Total Cap. 

 

	 	 During the continuance of an event of default, interest will accrue on the principal of the Target Rollover Loans and on any other outstanding
amount at a rate of 200 basis points in excess of the rate otherwise applicable to the Target Rollover Loans, and will be payable on demand. 

  

	 	 All calculations of interest shall be made on the basis of actual number of days elapsed in a 360-day year. 

 

	 Maturity:  
	 Seven years after the Acquisition Closing Date (the “Target Rollover Maturity Date”). 

 

	 Optional Prepayments:  
	 For so long as the Target Rollover Loans have not been exchanged for Target Exchange Notes of the Borrower as provided in Annex III-C, they may be prepaid at the option of
the Borrower, in whole or in part, at any time, together with accrued and unpaid interest to the prepayment date (but without premium or penalty). 

 Conditions Precedent to 

	 Rollover:  
	 The ability of the Borrower to convert any Target Bridge Loans into Target Rollover Loans is subject to the following conditions being satisfied:

  

	 	(i)	 at the time of any such refinancing, there shall exist no event of default or event that, with notice and/or lapse of time, could

  
 Annex III-B-1

	 	 
become an event of default, and there shall be no failure to comply with the Target Take-out Demand (as defined in the Fee Letter); 

 

	 	(ii)	 all fees due to the Target Bridge Lead Arrangers and the Initial Target Bridge Lenders shall have been paid in full; 

 

	 	(iii)	 the Target Bridge Lenders shall have received promissory notes evidencing the Target Rollover Loans (if requested) and such other documentation as
shall be set forth in the Credit Documentation; and 

  

	 	(iv)	 no order, decree, injunction or judgment enjoining any such refinancing shall be in effect. 

 

	 Covenants:  
	 From and after the Target Bridge First Anniversary Date, the covenants applicable to the Target Rollover Loans will conform to those applicable to the Target Exchange Notes.

 Assignments and 

	 Participations:  
	 Same as the Target Bridge Loans. 

  

	 Governing Law:  
	 New York. 

 Indemnification and 

	 Expenses:  
	 Same as the Target Bridge Loans. 

  
 Annex III-B-2

 ANNEX III-C 
 SUMMARY OF TERMS AND CONDITIONS 
 TARGET EXCHANGE NOTES 

Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to
which this Annex II-C is attached. 
  

	 Issuer:  
	 Same as the Target Bridge Loans. 

  

	 Guarantors:  
	 Same as the Target Bridge Loans. 

  

	 Exchange Notes:  
	 The Borrower will issue the Target Exchange Notes under an indenture that complies with the Trust Indenture Act of 1939, as amended (the “Target
Indenture”). The Borrower will appoint a trustee reasonably acceptable to the holders of the Target Exchange Notes. The Target Indenture will include provisions customary for an indenture governing publicly traded high yield debt
securities, but with covenants that are more restrictive in certain respects. Except as expressly set forth above, the Target Exchange Notes shall have the same terms as the Target Rollover Loans. 

 

	 Ranking and Security: 
	 Same as the Target Bridge Loans. 

  

	 Interest Rate:  
	 Interest shall be payable quarterly in arrears at a per annum rate equal to the Target Total Cap. 

 

	 	 During the continuance of an event of default, interest will accrue on the principal of the Target Exchange Notes and on any other outstanding
amount at a rate of 200 basis points in excess of the rate otherwise applicable to the Target Exchange Notes, and will be payable on demand. 

  

	 Maturity:  
	 Same as the Target Rollover Loans. 

  

	 Amortization:  
	 None. 

  

	 Optional Redemption:  
	 Until the date that is the 48 month anniversary of the Acquisition Closing Date (the “Redemption Date”), the Target Exchange Notes will be redeemable
at a customary “make-whole” premium calculated using a discount rate equal to the yield on comparable Treasury securities plus 50 basis points. Thereafter, the Target Exchange Notes will be redeemable at the option of the Target Company at
a premium equal to 50% of the coupon on the Target Exchange Notes, declining ratably to par on the date which is 12 months prior to the Target Rollover Maturity Date. 

 

	 	 In addition, Target Exchange Notes will be redeemable at the option of the Issuer prior to the Redemption Date with the net cash proceeds of
qualified equity offerings of the Target Company at a premium equal to the coupon on the Target Exchange Notes; provided that after giving 

	 	 
effect to such redemption at least 65% of the aggregate principal amount of Target Exchange Notes originally issued shall remain outstanding. 

Mandatory 

	 Offer to Purchase:  
	 The Borrower will be required to offer to purchase the Target Exchange Notes upon a Target Change of Control (to be defined in the Target Indenture but to exclude the
Acquisition) at 101% of the principal amount thereof plus accrued interest to the date of purchase. 

 Right to Transfer

	 Exchange Notes:  
	 Each holder of Target Exchange Notes shall have the right to transfer its Target Exchange Notes in whole or in part, at any time to an Eligible Holder and, after the Target
Exchange Notes are registered pursuant to the provisions described under “Registration Rights”, to any person or entity; provided that if the Issuer or any of its affiliates holds Target Exchange Notes, such Target
Exchange Notes shall be disregarded in any voting. “Eligible Holder” will mean (a) an institutional “accredited investor” within the meaning of Rule 501 under the Securities Act, (b) a “qualified
institutional buyer” within the meaning of Rule 144A under the Securities Act, (c) a person acquiring the Target Exchange Notes pursuant to an offer and sale occurring outside of the United States within the meaning of Regulation S under
the Securities Act, (d) a person acquiring the Target Exchange Notes in a transaction that is, in the opinion of counsel reasonably acceptable to the Issuer or (e) any Commitment Party, exempt from the registration requirements of the
Securities Act; provided that in each case such Eligible Holder represents that it is acquiring the Target Exchange Notes for its own account and that it is not acquiring such Target Exchange Notes with a view to, or for offer or sale in
connection with, any distribution thereof (within the meaning of the Securities Act) that would be in violation of the securities laws of the United States or any state thereof. 

 

	 Registration Rights:  
	 None. 

  

	 Governing Law:  
	 New York. 

 Indemnification and 

	 Expenses:  
	 Same as the Target Bridge Loans. 

  
 Annex III-C-2

 ANNEX IV-A 
 SUMMARY OF TERMS AND CONDITIONS 
 ACQUISITION HOLDINGS BRIDGE LOANS

 Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the
Commitment Letter to which this Annex III-A is attached. 
  

	 Borrower:  
	 Acquisition Holdings 

  

	 Guarantors:  
	 None. 

 Acquisition Holdings Bridge

	 Administrative Agent:  
	 An entity to be determined will act as sole and exclusive administrative agent for the Acquisition Holdings Bridge Lenders (the “Acquisition Holdings Bridge
Administrative Agent”). 

 Joint Arrangers and 

	 Joint Bookrunning Manager: 
	 J.P. Morgan Securities LLC (“JPMS”) and Goldman Sachs (“Goldman”) will act as joint arrangers and joint bookrunning managers
for the Acquisition Holdings Bridge Loans (in such capacity, the “Acquisition Holdings Bridge Lead Arrangers”). 

  

	 Bridge Lenders:  
	 JPMorgan Chase Bank, N.A. or an affiliate thereof (“JPMCB”) and Goldman (collectively, with JPMCB, the “Initial Bridge
Lenders”) and other financial institutions and institutional lenders selected by the Acquisition Holdings Bridge Lead Arrangers (the “Acquisition Holdings Bridge Lenders”). 

Acquisition Holdings 

	 Bridge Loans:  
	 Up to $315,000,000 of senior unsecured bridge loans (the “Acquisition Holdings Bridge Loans”) to satisfy a portion of the Acquisition Consideration on
the Acquisition Closing Date. The Acquisition Holdings Bridge Loans will be available to the Borrower in one drawing upon consummation of the Acquisition 

 

	 Ranking:  
	 The Acquisition Holdings Bridge Loans will be senior unsecured obligations of the Borrower and will rank pari passu in right of payment with all other senior unsecured
obligations of the Borrower. 

  

	 Security:  
	 None. 

  

	 Purpose:  
	 The proceeds of the Acquisition Holdings Bridge Loans, together with proceeds from the New Term Loans, shall be used to fund the Acquisition and to pay transaction fees and
expenses related thereto. 

  

	 Interest Rate:  
	 Interest shall be payable quarterly in arrears at a rate per annum equal to three-month LIBOR plus the Applicable Margin (as defined in the Fee Letter), with such interest to
increase by fifty (50) bps on each 90th day
anniversary of the Acquisition Closing Date. 

  

	 	 “LIBOR” shall be deemed to be not less than 1.25%. 

  
 Annex IV-A-1

	 	 During the continuance of an event of default, interest will accrue on the principal of the Acquisition Holdings Bridge Loans and on any other
outstanding amount at a rate of 200 basis points in excess of the rate otherwise applicable to the Acquisition Holdings Bridge Loans, and will be payable on demand. 

 

	 	 Following the Acquisition Holdings Bridge First Anniversary (as defined below), interest on the Acquisition Holdings Bridge Loans will accrue at a
per annum rate equal to the Acquisition Holdings Total Cap, and will be payable quarterly in arrears. 

  

	 	 All calculations of interest shall be made on the basis of actual number of days elapsed in a 360-day year. 

 

	 Cost and Yield Protection:  
	 Customary for transactions and facilities of this type, including, without limitation, in respect of breakage or redeployment costs incurred in connection with prepayments of
LIBOR loans, changes in capital adequacy and capital requirements or their interpretation, illegality, unavailability, reserves without proration or offset and payments free and clear of withholding or other taxes. 

 

	 Amortization:  
	 None. 

  

	 Optional Prepayments:  
	 The Acquisition Holdings Bridge Loans may be prepaid prior to the first anniversary of the Acquisition Closing Date (the “Acquisition Holdings Bridge First
Anniversary Date”), without premium or penalty, in whole or in part, upon written notice, at the option of the Borrower, at any time, together with accrued interest to the prepayment date. 

 

	 Mandatory Prepayments:  
	 The Borrower shall prepay the Acquisition Holdings Bridge Loans without premium or penalty and offer to purchase Acquisition Holdings Exchange Notes at the premium for
optional redemptions set forth in Annex IV-C (on a pro rata basis) together with accrued interest to the prepayment or purchase date, with (a) to the extent permitted pursuant the Target Credit Agreement and the indenture for the Existing
Target Notes, all net cash proceeds from (i) sales of property and assets of Acquisition Holdings or any of its subsidiaries (including sales or issuances of equity interests by subsidiaries of Acquisition Holdings but excluding sales of
inventory in the ordinary course of business and other exceptions to be agreed in the Credit Documentation), and (ii) Extraordinary Receipts (to be defined to include extraordinary receipts such as tax refunds, casualty and indemnity payments,
and certain insurance proceeds and to exclude cash receipts in the ordinary course of business), in each case, subject to reinvestment rights to be agreed; (b) to the extent permitted pursuant the Target Credit Agreement and the indenture for
the Existing Target Notes, all net cash proceeds from the issuance or incurrence after the Acquisition Closing Date of additional debt of Acquisition Holdings other than certain debt permitted under the Credit Documentation; and (c) to the
extent 

  
 Annex IV-A-2

	 	 
permitted pursuant the Target Credit Agreement and the indenture for the Existing Target Notes, 100% of all net cash proceeds from any issuance of equity interest by, or equity contribution to,
Acquisition Holdings, in each case subject to exceptions to be agreed and minus any amount applied to permanently reduce the principal amount outstanding under the Target Credit Facilities and the Target Bridge Facility.

  

	 Change of Control:  
	 In the event of a Acquisition Holdings Change of Control (to be defined), each Acquisition Holdings Bridge Lender will have the right to require the Borrower, and the
Borrower must offer, to prepay the outstanding principal amount of the Acquisition Holdings Bridge Loans at a premium equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon to the date of prepayment.

 Conversion into Acquisition 

	 Holdings Rollover Loans: 
	 If the Acquisition Holdings Bridge Loans have not been previously prepaid in full for cash on or prior to the Acquisition Holdings Bridge First Anniversary Date, the
principal amount of the Acquisition Holdings Bridge Loans outstanding on the Acquisition Holdings Bridge First Anniversary Date may, subject to the conditions precedent set forth in Annex IV-B, be converted into unsecured rollover loans with a
maturity of four years from the Acquisition Holdings Bridge First Anniversary Date and otherwise having the terms set forth in Annex IV-B (the “Acquisition Holdings Rollover Loans”). Any Acquisition Holdings Bridge Loans not
converted into Acquisition Holdings Rollover Loans shall be repaid in full on the Acquisition Holdings Bridge First Anniversary Date. 

 Exchange into 

	 Exchange Notes:  
	 Each Acquisition Holdings Bridge Lender that is (or will immediately transfer its Acquisition Holdings Exchange Notes to) an Eligible Holder (as defined in Annex IV-C)
will have the right, at any time on or after the Acquisition Holdings Bridge First Anniversary Date, to exchange Acquisition Holdings Rollover Loans held by it for unsecured senior exchange notes of the Borrower having the terms set forth in Annex
IV-C (the “Acquisition Holdings Exchange Notes”). Notwithstanding the foregoing, the Borrower will not be required to exchange Acquisition Holdings Rollover Loans for Acquisition Holdings Exchange Notes unless at least $25.0
million of Acquisition Holdings Exchange Notes would be outstanding immediately after such exchange. In connection with each such exchange, or at any time prior thereto if requested by the Initial Acquisition Holdings Bridge Lenders, the Borrower
shall (i) deliver to the Acquisition Holdings Bridge Lenders that is receiving Acquisition Holdings Exchange Notes, and to such other Acquisition Holdings Bridge Lenders as the Initial Acquisition Holdings Bridge Lenders request, an offering
memorandum of the type customarily utilized in a Rule 144A offering of high yield securities covering the resale of such Acquisition Holdings Exchange Notes or Acquisition Holdings Bridge Loans by such Acquisition Holdings Bridge Lenders, in such
form and substance 

  
 Annex IV-A-3

	 	 
as reasonably acceptable to the Borrower and the Initial Acquisition Holdings Bridge Lenders, and keep such offering memorandum updated in a manner as would be required pursuant to a customary
Rule 144A securities purchase agreement, (ii) execute an exchange agreement containing provisions customary in Rule 144A transactions (including indemnification provisions) if requested by the Initial Acquisition Holdings Bridge Lenders,
(iii) deliver or cause to be delivered such opinions and accountants’ comfort letters addressed to the Initial Acquisition Holdings Bridge Lenders and such certificates as the Initial Acquisition Holdings Bridge Lenders may request as
would be customary in Rule 144A offerings and otherwise in form and substance reasonably satisfactory to the Initial Bridge Lenders and (iv) take such other actions, and cause its advisors, auditors and counsel to take such actions, as
reasonably requested by the Initial Bridge Lenders in connection with issuances or resales of Acquisition Holdings Exchange Notes or Bridge Loans, including providing such information regarding the business and operations of Acquisition Holdings and
its subsidiaries as is reasonably requested by any prospective holder of Acquisition Holdings Exchange Notes or Bridge Loans and customarily provided in due diligence investigations in connection with purchases or resales of securities.

  

	 Conditions Precedent:  
	 Those set forth in the Commitment Letter (including the conditions specified in Annex V to the Commitment Letter). 

 

	 Covenants:  
	 Affirmative covenants that are customary for a facility of this type. 

  

	 	 Negative covenants that are customary for leverage facilities of this type for borrowers of similar size and credit quality. In addition the
Borrower will be required to comply with the Commitment Letter, the Fee Letter and the Engagement Letter, and to use best efforts to refinance the Acquisition Holdings Bridge Loans as promptly as practicable following the Acquisition Closing Date,
including by taking the actions specified in Annex V. 

 Representations and 

Warranties, Events of 
 Default,
Waivers and 

	 Consents:  
	 Usual and customary for a transaction of this type. 

 Assignments and 

	 Participations:  
	 Each Acquisition Holdings Bridge Lender will be permitted to make assignments in minimum amounts to be agreed to other entities approved by the Acquisition Holdings Bridge
Administrative Agent, which approval shall not be unreasonably withheld or delayed; provided, however, that no such approval shall be required in connection with assignments to other Acquisition Holdings Bridge Lenders or any of their
affiliates. Each Acquisition Holdings Bridge Lender will also have the right, without any consent, to assign as security all or part of its rights under the Credit Documentation to any

  
 Annex IV-A-4

	 	 
Federal Reserve Bank. Acquisition Holdings Bridge Lenders will be permitted to sell participations with voting rights limited to significant matters such as changes in amount, rate and maturity
date. An assignment fee in the amount of $3,500 will be charged with respect to each assignment unless waived by the Acquisition Holdings Bridge Administrative Agent in its sole discretion. 

 

	 	 If an Initial Acquisition Holdings Bridge Lender makes an assignment of Acquisition Holdings Bridge Loans at a price less than par, the assignment
agreement may provide that, upon any repayment or prepayment of such Acquisition Holdings Bridge Loans with the proceeds of an issuance of securities of Acquisition Holdings or any of its subsidiaries in which the Initial Acquisition Holdings Bridge
Lenders or an affiliate thereof acted as underwriter or initial purchaser (an “Applicable Offering”), (i) the Borrower shall pay the holder of such Acquisition Holdings Bridge Loans the price set forth in the assignment
agreement as the price (which may be the price at which the Initial Acquisition Holdings Bridge Lenders assigned such Acquisition Holdings Bridge Loans but in any event may not be greater than par) at which the holder of such Acquisition Holdings
Bridge Loans will be repaid by the Borrower with the proceeds of an Applicable Offering (the “Agreed Price”) and (ii) the Borrower shall pay the Initial Acquisition Holdings Bridge Lenders the difference between par and
the Agreed Price. Such payments by the Borrower shall be in full satisfaction of such Acquisition Holdings Bridge Loans in the case of a repayment or prepayment with proceeds of an Applicable Offering. For the avoidance of doubt, the provisions of
this paragraph do not apply to any repayments or prepayments other than with proceeds of an Applicable Offering. 

  

	 Governing Law:  
	 New York. 

 Indemnification and 

	 Expenses:  
	 Customary for facilities of this type. 

Counsel to Target Bridge Lead 

	 Arrangers:  
	 Latham & Watkins, LLP. 

  
 Annex IV-A-5

 ANNEX IV-B 
 ACQUISITION HOLDINGS ROLLOVER LOANS 
 Capitalized terms not
otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Annex IV-B is attached. 
  

	 Borrower:  
	 Same as the Acquisition Holdings Bridge Loans. 

  

	 Guarantors:  
	 None. 

  

	 Rollover Loans:  
	 Acquisition Holdings Rollover Loans in an initial principal amount equal to 100% of the outstanding principal amount of the Acquisition Holdings Bridge Loans on the
Acquisition Holdings Bridge First Anniversary Date. Subject to the conditions precedent set forth below, the Acquisition Holdings Rollover Loans will be available to the Borrower to refinance the Acquisition Holdings Bridge Loans on the Acquisition
Holdings Bridge First Anniversary Date. The Acquisition Holdings Rollover Loans will be governed by the Credit Documentation for the Acquisition Holdings Bridge Loans and, except as set forth below, shall have the same terms as the Acquisition
Holdings Bridge Loans. 

  

	 Ranking and Security:  
	 Same as Acquisition Holdings Bridge Loans. 

  

	 Interest Rate:  
	 Interest shall be payable quarterly in arrears at a rate per annum equal to the Acquisition Holdings Total Cap. 

 

	 	 During the continuance of an event of default, interest will accrue on the principal of the Acquisition Holdings Rollover Loans and on any other
outstanding amount at a rate of 200 basis points in excess of the rate otherwise applicable to the Acquisition Holdings Rollover Loans, and will be payable on demand. 

 

	 	 All calculations of interest shall be made on the basis of actual number of days elapsed in a 360-day year. 

 

	 Maturity:  
	 Five years after the Acquisition Closing Date (the “Acquisition Holdings Rollover Maturity Date”). 

 

	 Optional Prepayments:  
	 For so long as the Acquisition Holdings Rollover Loans have not been exchanged for Acquisition Holdings Exchange Notes of the Borrower as provided in Annex IV-C, they may be
prepaid at the option of the Borrower, in whole or in part, at any time, together with accrued and unpaid interest to the prepayment date (but without premium or penalty). 

 Conditions Precedent to 

	 Rollover:  
	 The ability of the Borrower to convert any Acquisition Holdings Bridge Loans into Acquisition Holdings Rollover Loans is subject to the following conditions being satisfied:

  
 Annex IV-B-1

	 	(i)	 at the time of any such refinancing, there shall exist no event of default or event that, with notice and/or lapse of time, could become an event of
default, and there shall be no failure to comply with the Acquisition Holdings Take-out Demand (as defined in the Fee Letter); 

  

	 	(ii)	 all fees due to the Acquisition Holdings Bridge Lead Arrangers and the Initial Acquisition Holdings Bridge Lenders shall have been paid in full;

  

	 	(iii)	 the Acquisition Holdings Bridge Lenders shall have received promissory notes evidencing the Acquisition Holdings Rollover Loans (if requested) and
such other documentation as shall be set forth in the Credit Documentation; and 

  

	 	(iv)	 no order, decree, injunction or judgment enjoining any such refinancing shall be in effect. 

 

	 Covenants:  
	 From and after the Acquisition Holdings Bridge First Anniversary Date, the covenants applicable to the Acquisition Holdings Rollover Loans will conform to those applicable to
the Acquisition Holdings Exchange Notes, except for covenants relating to the obligation of the Borrower to refinance the Acquisition Holdings Rollover Loans and others to be agreed. 

Assignments and 

	 Participations:  
	 Same as the Acquisition Holdings Bridge Loans. 

  

	 Governing Law:  
	 New York. 

 Indemnification and 

	 Expenses:  
	 Same as the Acquisition Holdings Bridge Loans. 

  
 Annex IV-B-2

 ANNEX IV-C 
 SUMMARY OF TERMS AND CONDITIONS 
 ACQUISITION HOLDINGS EXCHANGE NOTES

 Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the
Commitment Letter to which this Annex IV-C is attached. 
  

	 Issuer:  
	 Same as the Acquisition Holdings Bridge Loans. 

  

	 Guarantors:  
	 Same as the Acquisition Holdings Bridge Loans. 

  

	 Exchange Notes:  
	 The Borrower will issue the Acquisition Holdings Exchange Notes under an indenture that complies with the Trust Indenture Act of 1939, as amended (the “Acquisition
Holdings Indenture”). The Borrower will appoint a trustee reasonably acceptable to the holders of the Acquisition Holdings Exchange Notes. The Acquisition Holdings Indenture will include provisions customary for an indenture governing
publicly traded high yield debt securities, but with covenants that are more restrictive in certain respects. Except as expressly set forth above, the Acquisition Holdings Exchange Notes shall have the same terms as the Acquisition Holdings Rollover
Loans. 

  

	 Ranking and Security: 
	 Same as the Acquisition Holdings Bridge Loans. 

  

	 Interest Rate:  
	 Interest shall be payable quarterly in arrears at a per annum rate equal to the Acquisition Holdings Total Cap. 

 

	 	 During the continuance of an event of default, interest will accrue on the principal of the Acquisition Holdings Exchange Notes and on any other
outstanding amount at a rate of 200 basis points in excess of the rate otherwise applicable to the Acquisition Holdings Exchange Notes, and will be payable on demand. 

 

	 Maturity:  
	 Same as the Acquisition Holdings Rollover Loans. 

  

	 Amortization:  
	 None. 

  

	 Optional Redemption:  
	 Until the date that is the 30 month anniversary of the Acquisition Closing Date (the “Redemption Date”), the Acquisition Holdings Exchange Notes will
be redeemable at a customary “make-whole” premium calculated using a discount rate equal to the yield on comparable Treasury securities plus 50 basis points. Thereafter, the Acquisition Holdings Exchange Notes will be redeemable at the
option of Acquisition Holdings at a premium equal to 50% of the coupon on the Acquisition Holdings Exchange Notes, declining ratably to par on the date which is 12 months prior to the Acquisition Holdings Rollover Maturity Date.

  

	 	 In addition, Acquisition Holdings Exchange Notes will be redeemable at the option of the Issuer prior to the Redemption Date with the net

  
 Annex IV-C-1

	 	 
cash proceeds of qualified equity offerings of the Acquisition Holdings Company at a premium equal to the coupon on the Acquisition Holdings Exchange Notes; provided that after giving
effect to such redemption at least 65% of the aggregate principal amount of Acquisition Holdings Exchange Notes originally issued shall remain outstanding. 

 Mandatory 

	 Offer to Purchase:  
	 The Borrower will be required to offer to purchase the Acquisition Holdings Exchange Notes upon an Acquisition Holdings Change of Control (to be defined in the Acquisition
Holdings Indenture but to exclude the Acquisition) at 101% of the principal amount thereof plus accrued interest to the date of purchase. 

 Right to Transfer 

	 Exchange Notes:  
	 Each holder of Acquisition Holdings Exchange Notes shall have the right to transfer its Acquisition Holdings Exchange Notes in whole or in part, at any time to an Eligible
Holder and, after the Acquisition Holdings Exchange Notes are registered pursuant to the provisions described under “Registration Rights”, to any person or entity; provided that if the Issuer or any of its affiliates
holds Acquisition Holdings Exchange Notes, such Acquisition Holdings Exchange Notes shall be disregarded in any voting. “Eligible Holder” will mean (a) an institutional “accredited investor” within the meaning
of Rule 501 under the Securities Act, (b) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, (c) a person acquiring the Acquisition Holdings Exchange Notes pursuant to an offer and sale
occurring outside of the United States within the meaning of Regulation S under the Securities Act, (d) a person acquiring the Acquisition Holdings Exchange Notes in a transaction that is, in the opinion of counsel reasonably acceptable to the
Issuer, exempt from the registration requirements of the Securities Act or (e) any Commitment Party; provided that in each case such Eligible Holder represents that it is acquiring the Acquisition Holdings Exchange Notes for its own
account and that it is not acquiring such Acquisition Holdings Exchange Notes with a view to, or for offer or sale in connection with, any distribution thereof (within the meaning of the Securities Act) that would be in violation of the securities
laws of the United States or any state thereof. 

  

	 Registration Rights:  
	 None. 

  

	 Governing Law:  
	 New York. 

 Indemnification and 

	 Expenses:  
	 Same as the Acquisition Holdings Bridge Loans. 

  
 Annex IV-C-2

 ANNEX V 
 CONDITIONS PRECEDENT TO CLOSING 
 Capitalized terms not
otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Annex V is attached. 
 The funding of the New Term Loans and the loans under the Facilities will be subject to the following conditions precedent: 

(i) The Lead Arrangers shall be satisfied with the definitive agreement relating to the Acquisition
(including all schedules and exhibits thereto) (the “Acquisition Agreement”) (it being understood that the Commitment Parties, the Lenders and the Lead Arrangers hereby acknowledge that they are satisfied with the Acquisition
Agreement, dated as of December 20, 2012, and all exhibits, schedules, annexes, attachments and exhibits thereto which have been delivered to the Lead Arrangers at 3:54 pm Pacific time on December 20, 2012); and the Acquisition Agreement
shall not have been altered, amended or otherwise changed or supplemented or any provision waived or consented to that would be materially adverse to the Lenders or the Lead Arrangers (in their capacity as such) without the prior written consent of
the Lead Arrangers. 
 (ii) Since the date of the Commitment Letter, there has been no Company
Material Adverse Effect, which shall be defined as follows (any capitalized terms not defined in the Commitment Letter shall have the meaning set forth in the Acquisition Agreement): 

“Company Material Adverse Effect” means any event, change, occurrence or effect
that would have or would reasonably be expected to have a material adverse effect on the business, financial condition or results of operations of the Target Company and its Subsidiaries, taken as a whole, other than any change, effect, event or
occurrence resulting from (a) changes in general economic, financial market, business or geopolitical conditions, (b) general changes or developments in any of the industries or markets in which the Target Company or its Subsidiaries
operate or intend to operate, including increased competition, (c) any actions required to be taken pursuant to Section 5.7 of the Acquisition Agreement to obtain any approval or authorization under applicable antitrust or competition Laws
or applicable Gaming Laws necessary for the consummation of the Merger, (d) changes in any applicable Laws or applicable accounting regulations or principles or interpretations thereof, (e) any change in the price or trading volume of the
Target Company’s stock, in and of itself (provided, that the facts or occurrences giving rise to or contributing to such change that are not otherwise excluded from the definition of “Company Material Adverse Effect” may be
taken into account in determining whether there has been a Company Material Adverse Effect), (f) any failure by the Target Company to meet any published analyst estimates or expectations of the Target Company’s revenue, earnings or other
financial performance or results of operations for any period, in and of itself, or any failure by the Target Company to meet its internal or published projections, budgets, plans or forecasts of its revenues, earnings or other financial performance
or results of operations, in and of itself (provided, that the facts or occurrences giving rise to or contributing to such failure that are not otherwise excluded from the definition of “Company Material Adverse Effect” may be taken
into account in determining whether there has been a Company Material Adverse Effect), (g) any outbreak or escalation of hostilities or war or any act of terrorism or any other national or

  
 Annex V-1

 
international calamity, crisis or emergency, (h) the announcement of the Acquisition Agreement and the transactions contemplated thereby, including the initiation of litigation by any Person
with respect to the Acquisition Agreement, and including any termination of, reduction in or similar negative impact on relationships, contractual or otherwise, with any customers, suppliers, distributors, partners or employees of the Target Company
and its Subsidiaries due to the announcement and performance of the Acquisition Agreement or the identity of the parties to the Acquisition Agreement, or the performance of the Acquisition Agreement and the transactions contemplated thereby,
including compliance with the covenants set forth therein, (i) any action taken by the Target Company, or which the Target Company causes to be taken by any of its Subsidiaries, in each case which is required or permitted by the Acquisition
Agreement or (j) any actions taken (or omitted to be taken) at the request of Pinnacle. 

(iii) The Lead Arrangers shall have received: (A) as soon as available and in any event within 60
days after the end of the 2012 fiscal year, an audited balance sheet and related statements of operations and cash flows of the Target Company and of Pinnacle for such fiscal year (the “Annual Financial Statements”),
(B) as soon as available and in any event within 40 days after the end of each fiscal quarter ending after the end of the 2012 fiscal year, an unaudited balance sheet and related statements of operations and cash flows of the Target Company and
of Pinnacle for such fiscal quarter and for the elapsed period of the 2013 fiscal year and for the comparable periods of the prior fiscal year (the “Quarterly Financial Statements”) and (C) pro forma balance sheet and related
statement of operations of Pinnacle and the Target Company for (i) the fiscal year ended 2012 (or 2011 if fiscal year 2012 audited financial statements are not yet required to be filed with the Securities and Exchange Commission), (ii) the
last completed fiscal quarter for which Quarterly Financial Statements are required to be delivered under clause (B) above, and (iii) the latest four-quarter period ending with the last fiscal quarter for which Quarterly Financial
Statements are required to be delivered under clause (B) above (the “LTM Financials”), in each of (i), (ii) and (iii), after giving effect to the Transaction (the “Pro Forma Financial
Statements”), promptly after the historical financial statements for such periods are available, each of which financial statements shall meet the requirements of Regulation S-X under the Securities Act (other than the LTM Financials
due to their preparation based on the latest four-quarter period) and all other accounting rules and regulations of the Securities and Exchange Commission promulgated thereunder. Notwithstanding the foregoing, each of the Target Company and Pinnacle
will be deemed to have furnished such reports if it or its parent company has filed or furnished such reports with the SEC via the EDGAR filing system and such reports are publicly available 

(iv) The Lead Arrangers and the Initial Lenders under the Facilities shall have received forecasts
prepared by management of the applicable Borrower, each in form reasonably satisfactory to the Lead Arrangers and the Initial Lenders under the Facilities, of balance sheets, income statements and cash flow statements for each quarter for the first
two years following the Acquisition Closing Date, and for each of the four years commencing with the first fiscal year following the Acquisition Closing Date. 

(v) The Lead Arrangers shall have no less than 20 business days after the delivery of the applicable
Information Memorandum prior to the Acquisition Closing Date in order to attempt to syndicate the New Term Loans and/or the Facilities pursuant to Section 2 of the Commitment Letter; provided that such 20 business-day period shall
exclude the following days (such days, the “Black-Out Days”): (a) from May 24, 2013 through May 28, 2013, (b) from July 

  
 Annex V-2

 
3, 2013 through July 5, 2013 and (c) from August 19, 2013 through and including September 2, 2013. 

(vi) All fees then due to the Administrative Agent, the Lead Arrangers and the Initial Lenders shall have
been paid, and all expenses to be paid or reimbursed to the Administrative Agents and the Lead Arrangers that have been invoiced a reasonable period of time prior to the closing of the Credit Agreement Amendments and the Facilities (and in any
event, invoiced at least 3 business days prior to the closing of the Credit Agreement Amendments and the Facilities (except as otherwise agreed by Pinnacle)) shall have been paid from the proceeds of the fundings under the Credit Documentation on
the Acquisition Closing Date or otherwise. 
 (vii) After giving effect to the Transaction, the
Companies shall have outstanding no indebtedness for borrowed money or preferred stock other than (a) the loans and other extensions of credit under the Facilities and (b) other indebtedness for borrowed money as set forth on Annex VI
hereto. The Lead Arrangers shall have received reasonably satisfactory evidence of repayment of all indebtedness of such entities to be repaid on the closing of the Credit Agreement Amendments and the Facilities. 

(viii) Each of the Borrowers and each of the applicable Guarantors, if any, under each Facility shall have
provided the documentation and other information to the applicable Administrative Agent that are required by regulatory authorities under applicable “know-your-customer” rules and regulations, including the Patriot Act, at least 10
business days prior to the closing of the Credit Agreement Amendments and the Facilities. 
 (ix)
Pinnacle shall have received all material governmental and/or regulatory approvals (including approvals from all applicable gaming authorities) necessary to consummate the Transaction (including on the terms and conditions contemplated by this
Commitment Letter). 
 (x) The Initial Lenders shall have received certification as to the
financial condition and solvency of Pinnacle, the Target Company or Acquisition Holdings, in each case on a consolidated basis after giving effect to the Transaction, as applicable (as used in this Annex V, the “Applicable
Borrower”), from the chief financial officer of such entity. The Initial Lenders shall have received reasonably satisfactory customary opinions of counsel to the Applicable Borrower and any applicable Guarantors under each Facility
(which shall cover, among other things, authority, legality, validity, binding effect and enforceability of the documents for such Facility and creation and perfection of the liens granted thereunder on the collateral) and of appropriate local
counsel and such customary corporate resolutions, certificates and other closing documents as such lenders shall reasonably require. 
 (xi) In each case, subject to Section 5 of the Commitment Letter, with respect to the Target Credit Facilities, all filings, recordations and searches necessary or desirable in connection with the
liens and security interests in the collateral shall have been duly made; all filing and recording fees and taxes shall have been duly paid and any title insurance reasonably requested by the Administrative Agents under the Target Credit Facilities
with respect to real property interests of the Target Company and the Guarantors under the Target Credit Facilities shall have been obtained. The Target Credit Agreement Lenders shall have received endorsements naming the Target Credit Agreement
Administrative Agent, on behalf of such Lenders, as an additional insured or loss payee, as the case may be, under all insurance policies to be maintained with respect to the properties of the Applicable Borrower and its subsidiaries forming part of
the collateral under the Target Credit Facilities. The collateral under the Target Credit Facilities 

  
 Annex V-3

 
described in this clause will be comparable to the Target Credit Agreement and the documentation granting the Target Credit Agreement Administrative Agent a security interest in such collateral
will be comparable to the documentation provided pursuant to the Target Credit Agreement. 

(xii) In each case, subject to Section 5 of the Commitment Letter, with respect to the Pinnacle
Credit Facilities, all filings, recordations and searches necessary or desirable in connection with the liens and security interests in the collateral shall have been duly made; all filing and recording fees and taxes shall have been duly paid and
any title insurance reasonably requested by the Administrative Agents under the Pinnacle Credit Facilities with respect to real property interests of the Pinnacle Company and the Guarantors under the Pinnacle Credit Facilities shall have been
obtained. The Pinnacle Credit Agreement Lenders shall have received endorsements naming the Pinnacle Credit Agreement Administrative Agent, on behalf of such Lenders, as an additional insured or loss payee, as the case may be, under all insurance
policies to be maintained with respect to the properties of the Applicable Borrower and its subsidiaries forming part of the collateral under the Pinnacle Credit Facilities. The collateral under the Pinnacle Credit Facilities described in this
clause will be comparable to the Pinnacle Credit Agreement and the documentation granting the Pinnacle Credit Agreement Administrative Agent a security interest in such collateral will be comparable to the documentation provided pursuant to the
Pinnacle Credit Agreement. 
 (xiii) On the date hereof, Pinnacle has entered into an engagement
letter (the “Engagement Letter”) (a copy of which has been provided to the Commitment Parties) with J.P. Morgan Securities LLC and Goldman, Sachs and Co. (the “Investment Banks”), and pursuant to the
Engagement Letter, Pinnacle has engaged the Investment Banks to sell or place the Acquisition Holdings Notes and (a) the Investment Banks shall have received (i) a preliminary offering memoranda or preliminary private placement memoranda
(“Offering Document”), which shall be in customary complete form or which, with respect to the description of notes and any other parts thereof for which the Investment Banks’ or their advisors’ cooperation or
approval is required for them to be complete, the Applicable Borrower shall have used its commercially reasonable efforts to cause it to be complete, and in either case, which Offering Document shall contain information regarding the Applicable
Borrower of type and form customarily included in private placements under Rule 144A of the Securities Act and financial statements, pro forma financial statements, business and other financial data of the type required in a registered offering by
Regulation S-X and Regulation S-K under the Securities Act (other than Rule 3-10 of Regulation S-X and subject to exceptions customary for private placements pursuant to Rule 144A of the Securities Act) and (ii) drafts of customary
“comfort” letters (including “negative assurance” comfort) that independent accountants of the Applicable Borrower would be prepared to deliver upon completion of customary procedures in connection with the offering of the Target
Notes and (b) the Investment Banks shall have been afforded a consecutive 20 business-day period ending on the day that is two business days prior to the Acquisition Closing Date to seek to offer and sell or privately place the Target Notes
with qualified purchasers thereof; provided that such 20 business-day period shall exclude the Black-Out Days. 
 (xiv) With respect to obtaining a consent from the holders of the Existing Target Notes (such consent, the “Note Consent”), Pinnacle shall (a) prepare and distribute, or shall
cause the Target Company to prepare and distribute, not later than 60 days after the date of this Commitment Letter consent solicitation materials containing proposed amendments to the indenture governing the Existing Target Notes in respect of the
Acquisition that are acceptable to the Commitment Parties (and in any event such consent solicitation shall include the proposed 

  
 Annex V-4

 
amendment described in Annex VII), provided that if such consent solicitation does not result in obtaining the requisite consent from the holders of the Existing Target Notes in order to make
such amendments, then no later than 85 days after the date of this Commitment Letter, Pinnacle shall prepare and distribute, or shall cause the Target Company to prepare and distribute, to holders of the Existing Target Notes consent solicitation
materials containing only the proposed amendment described in Annex VII (any consent solicitation materials under this clause (xiv), the “Consent Solicitation Materials”). Any Consent Solicitation Materials shall, in each
case, be in a form customary for such Consent Solicitation Materials and shall contain all information required under applicable law in connection with the applicable Note Consent, in each case in a manner necessary to permit the Note Consent to
become effective on or prior to the Acquisition Closing Date, and (b) complete, or shall cause the Target Company to complete, the Note Consent not later than 120 days after the date of this Commitment Letter. 

(xv) If Pinnacle or the Target Company are not able to secure the Note Consent from the required holders
of the Target Existing Bonds after using their commercially reasonable efforts to secure the Note Consent, Pinnacle shall cause the Target Company to, launch the required change of control offer (the “Change of Control
Offer”) as provided in the indenture governing the Existing Target Notes with such terms as are reasonably satisfactory to the Commitment Parties and consistent with such indenture, including an early tender premium for consenting
holders accepting the Change of Control Offer on a date acceptable to the Commitment Parties, not later than a date mutually agreed between you and the Commitment Parties but no later than 30 days prior to the Acquisition Closing Date, and
consummate such offer on the Acquisition Closing Date. 
 (xvi) Compliance in all material
respects with the provisions of the second paragraph of Section 2 of the Commitment Letter. 

  
 Annex V-5

 ANNEX VI 
 DEBT 
 All capitalized terms used and not otherwise defined herein shall
have the same meanings as specified therefor in the Commitment Letter of which this Annex is a part. 
  

	 	•	 	 Target Company’s 7.50% Senior Unsecured Notes due 2021; 

 

	 	•	 	 Pinnacle’s 8.625% Senior Unsecured Notes due 2017; 

 

	 	•	 	 Pinnacle’s 8.75% Senior Subordinated Unsecured Notes due 2020; 

 

	 	•	 	 Pinnacle’s 7.75% Senior Subordinated Unsecured Notes due 2022; 

 

	 	•	 	 The Acquisition Holdings Notes; 

  

	 	•	 	 If the Note Consent is not obtained, new notes issued by the Target Company to finance repayment of the Put Target Notes;

  

	 	•	 	 Other long-term debt of the Target Company in an amount not to exceed $600,000. 

  
 Annex VI-1

 ANNEX VII 
 AMENDMENT TO BE CONTAINED IN NOTE CONSENT 
  

	 	1.	 To amend the provisions of the Offer to Repurchase upon Change of Control covenant (Section 4.15) of the indenture governing the Existing Target
Notes to provide that the Acquisition by Pinnacle or any of its subsidiaries of the Target Company (including any merger of the Target Company into Pinnacle) shall not require the Target Company, Pinnacle or any other person or entity to offer to
purchase any Existing Target Notes. 

  
 Annex VII-1Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment
Agreement (the “Agreement”) is entered into between Quanta Services, Inc. (“Quanta”) and Earl C. Austin, Jr. (“Employee”) on this 20th day of December, 2012, but effective as of January 1, 2013 (the “Effective Date”). 

I. RECITALS 
 As of the date of this Agreement, the Employer Group (as defined below) is engaged primarily in the business of specialty contracting for customers in the electric power, natural gas, oil, pipeline and
renewable energies industries, as well as for transportation, commercial and industrial customers. As such, the Employer Group has developed and continues to develop and use certain trade secrets and other Proprietary and Confidential Information,
as hereinafter defined. The Employer Group has spent a substantial amount of time, effort and money, and will continue to do so in the future, to develop or acquire such Proprietary and Confidential Information and promote and increase its good
will. Employer (as defined below) and Employee acknowledge and agree that Proprietary and Confidential Information is an asset of particular and immeasurable value to the Employer Group. 

Pursuant to this Agreement, Employee shall be employed by Employer in a confidential and fiduciary relationship and such Proprietary and
Confidential Information will necessarily be provided to, communicated to, or acquired by Employee by virtue of his employment with Employer. 
 Based upon the above, Employer desires to retain the services of Employee on its own behalf, as well as on the behalf of its subsidiaries and affiliated companies and, in so doing, protect its Proprietary
and Confidential Information subject to the terms and conditions set forth herein. 
 II. DEFINITIONS 

A. For purposes of this Agreement, “Employer” shall mean Quanta or any other affiliated entity that is deemed to be the
employer of Employee, and “Employer Group” shall mean Quanta and its predecessors, designees, successors, and past, present and future operating companies, divisions, subsidiaries and/or affiliates. 

B. As used in this Agreement, “Proprietary and Confidential Information” means any and all non-public information or data
in any form or medium, tangible or intangible, which has commercial value and which the Employer Group possesses or to which the Employer Group has rights. Proprietary and Confidential Information includes, by way of example and without limitation,
information concerning the Employer Group’s specific manner of doing business, including, but not limited to, the processes, methods or techniques utilized by the Employer Group, the Employer Group’s customers, marketing strategies and
plans, pricing information, sources of supply and material specifications, the Employer Group’s computer programs, system documentation, special hardware, related software development, and the Employer Group’s business models, manuals,
formulations, equipment, compositions, configurations, know-how, ideas, improvements and inventions. 

 Proprietary and Confidential Information also includes information developed by Employee
during his course of employment with Employer or otherwise relating to Company-Related Inventions and Developments, as hereinafter defined, as well as other information to which he may be given access to in connection with his employment.

 C. As used in this Agreement, “Inventions and Developments” means any and all inventions, developments,
creative works and useful ideas of any description whatsoever, whether or not patentable. Inventions and Developments include, by way of example and without limitation, discoveries and improvements that consist of or relate to any form of
Proprietary and Confidential Information. 
 D. As used in this Agreement, “Company-Related Inventions and
Developments” means all Inventions and Developments that: (a) relate at the time of conception or development to the actual business of the Employer Group or to its actual research and development or to business or research and
development that is the subject of active planning at the time; (b) result from or relate to any work performed for Employer, whether or not during normal business hours; (c) are developed on Employer’s time; or (d) are developed
through the use of the Employer Group’s Proprietary and Confidential Information, equipment, software, or other facilities and resources. 
 E. For purposes of this Agreement, “make” or “made,” when used in relation to Inventions and Developments, includes any one or any combination of: (a) conception;
(b) reduction to practice; or (c) development; and is without regard to whether Employee is a sole or joint inventor. 

F. For purposes of this Agreement, “Change in Control” shall mean: 

1. Any person or entity, or more than one person or entity acting as a group, other than a member of the Employer Group or an employee
benefit plan of the Employer Group, acquires directly or indirectly Beneficial Ownership (as defined in Section 13(d) of the Securities Exchange Act of 1934, as amended) of any Voting Security of Quanta and immediately after such acquisition
such person, entity or group is, directly or indirectly, the Beneficial Owner of Voting Securities representing fifty percent (50%) or more of the total fair market value or total voting power of all of the then-outstanding Voting Securities of
Quanta; or 
 2. Any person or entity, or more than one person or entity acting as a group, other than a member of the Employer
Group or an employee benefit plan of the Employer Group, acquires directly or indirectly, or has acquired during the preceding twelve (12) months, Beneficial Ownership (as defined in Section 13(d) of the Securities Exchange Act of 1934, as
amended) of any Voting Security of Quanta and immediately after such acquisition such person, entity or group is, directly or indirectly, the Beneficial Owner of Voting Securities representing thirty percent (30%) or more of the total voting
power of all of the then-outstanding Voting Securities of Quanta; or 
 3. Individuals who, as of the date hereof, constitute the
Board of Directors of Quanta (the “Board”), and any new director whose election by the Board or nomination for election by Quanta’s stockholders was approved by a vote of a majority of the directors then still in office who
were directors as of the date hereof or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board within a 12-month period; or 

  
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 4. Any person or entity, or more than one person or entity acting as a group, other than a
member of the Employer Group or an employee benefit plan of the Employer Group, acquires directly or indirectly, or has acquired during the preceding 12-months, forty percent (40%) or more of the total gross fair market value of assets of the
Employer Group. 
 G. For purposes of this Agreement, “Voting Security” means common stock or other capital
stock, including preferred stock, of the applicable entity entitled generally to vote in the election of directors and preferred stock and other equity securities (not including options, warrants or similar rights) convertible into securities
entitled generally to vote in the election of directors (whether or not then convertible). 
 III. TERMS OF EMPLOYMENT

 A. Position and Duties. Employee is hereby employed by Employer as Chief Operating Officer. Employee shall have
the primary responsibilities, duties and authority commensurate with Employee’s position and as prescribed from time to time by the Board or Quanta’s Chief Executive Officer, in their discretion, in a manner consistent with Employee’s
position. Employee shall devote his full business time, attention and effort to the performance of this Agreement and to his duties as described herein. 
 1. Employee shall faithfully adhere to, execute and fulfill the duties and responsibilities of Employee’s position and as prescribed from time to time by the Board or Quanta’s Chief Executive
Officer. 
 2. Employee agrees to devote reasonable attention and time to the business and affairs of Employer and, to the extent
necessary, to discharge the responsibilities assigned to Employee hereunder, to use Employee’s reasonable best efforts to perform faithfully and efficiently such responsibilities. 

3. Employee shall not, during the term of his employment, be engaged in any other business activity pursued for gain, profit or other
pecuniary advantage if such activity interferes with Employee’s duties and responsibilities to Employer. The foregoing limitations shall not be construed as prohibiting Employee from serving on corporate, civic or charitable boards or
committees, delivering lectures or fulfilling speaking engagements, teaching at educational institutions, or making personal investments, so long as such activities do not significantly interfere with the performance of Employee’s
responsibilities to Employer as set forth in this Agreement. 
 4. In the performance of his duties, Employee shall use his best
efforts to adhere to the legal requirements codified in statutes, ordinances and governmental regulations applicable to Employer. 

  
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 B. Term. The initial term of this Agreement shall begin on the Effective Date and
shall continue for two (2) years, unless terminated sooner pursuant to the provisions of this Agreement (the “Initial Term”). At the expiration of the Initial Term, unless terminated sooner pursuant to the provisions of this
Agreement, and each annual anniversary thereafter, this Agreement will renew automatically for an additional one (1) year period (the “Renewal Term”) unless either party notifies the other party in writing of its or his
intention not to renew this Agreement (the “Renewal Termination Notice”) not less than six (6) months prior to the expiration of the Initial Term or of any Renewal Term (the Initial Term and any Renewal Term are referred to
collectively as the “Term”). 
 1. Termination upon Death. This Agreement (and all of Employee’s
rights and Employer’s obligations hereunder) shall terminate as of the date of Employee’s death. 
 2. Termination
upon Disability. If Employee becomes Disabled as defined herein, Employer may, by written notice to Employee, terminate this Agreement and Employee’s employment hereunder. For purposes of this Agreement, “Disabled” or
“Disability” means, as determined by the Compensation Committee of the Board (the “Committee”), that (i) Employee is unable to engage in any substantial gainful activity by reason of a physical or mental
impairment that is expected to result in death or last twelve (12) months or more, or Employee receives replacement income for three (3) months or more due to such physical or mental impairment or (ii) such other definition that
complies with the definition of disability under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder. 

3. Termination for Cause. Employer may terminate this Agreement and Employee’s employment hereunder for Cause by providing
written notice to Employee of its intention to do so. For purposes of this Agreement, “Cause” shall mean: 
 a.
Employee’s gross negligence in the performance of, intentional nonperformance of, or inattention to his material duties and responsibilities hereunder, any of which continue for five (5) business days after receipt of written notice of
need to cure the same; 
 b. Employee’s willful dishonesty, fraud or material misconduct with respect to the business or
affairs of Employer; 
 c. the violation by Employee of any of Employer’s policies or procedures, which violation is not
cured by Employee within five (5) business days after Employee has been given written notice thereof; 
 d. a conviction
of, a plea of nolo contendere, a guilty plea, or confession by Employee to, an act of fraud, misappropriation or embezzlement or any crime punishable as a felony or any other crime that involves moral turpitude; 

e. Employee’s use of illegal substances or habitual drunkenness; or 

f. the breach by Employee of this Agreement if Employee does not cure such breach within five (5) business days after Employee has
been given written notice thereof. 

  
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 4. Termination for Good Reason. Employee may terminate this Agreement and his
employment hereunder for Good Reason in the twelve (12) months following a Change in Control by providing written notice to Employer of his intention to do so. For purposes of this Agreement, “Good Reason” shall mean:

 a. the assignment to Employee of any duties inconsistent with Employee’s position (including offices, titles and
reporting requirements), authority, duties or responsibilities as contemplated by Section III.A of this Agreement and as in effect immediately prior to the Change in Control, or any other action by Employer that results in a diminution in such
position, authority, duties or responsibilities (excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith); 
 b. any material breach of this Agreement by Employer, including any requirement that Employee be based at any office or location that results in a violation of Section III.E of this Agreement; 

c. any failure by Employer to comply with any of the provisions of Section IV of this Agreement (excluding for this purpose an isolated,
insubstantial and inadvertent action not taken in bad faith); 
 d. any failure by Employer to continue in effect any cash or
stock-based incentive or bonus plan, retirement plan, welfare benefit plan or other compensation, retirement or benefit plan and policy, unless the aggregate value (as computed by an independent employee benefits consultant selected by Employer and
reasonably acceptable to Employee or Employee’s legal representative) of all such compensation, retirement or benefit plans and policies provided to Employee is not materially less than their aggregate value as in effect at any time during the
one hundred twenty (120) day period immediately preceding a Change in Control or, if more favorable to Employee, those provided generally at any time after the Change in Control to other peer employees of Employer and its affiliated companies;

 e. Employee’s receipt from Employer of a Renewal Termination Notice as provided in Section III.B; and 

f. in the event of a pending Change in Control, Employer and Employee have not received written notice at least five (5) business
days prior to the anticipated closing date of the transaction giving rise to the Change in Control from the successor to all or a substantial portion of the Employer Group’s business and/or assets that such successor is willing as of the
closing to assume and agree to perform Employer’s obligations under this Agreement in the same manner and to the same extent that Employer is hereby required to perform. 
 Employee must provide written notice to Employer of the existence of the condition(s) described in Section III.B.4.a through Section III.B.4.d above within 90 days of the initial existence of the
condition(s). Employer shall have 30 days after such notice is given during which to remedy the condition(s), and such occurrence shall not be deemed to constitute Good Reason if such event or circumstance has been fully corrected by Employer within
the 30 day cure period and Employee has been reasonably compensated for monetary losses or damages resulting therefrom. 

  
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 C. Notice of Termination. Any termination by Employer for Cause or Disability or by
Employee for Good Reason shall be communicated by a Notice of Termination provided to the other party pursuant to the provisions of Section IX.C of this Agreement. For purposes of this Agreement, “Notice of Termination” means a
written notice that: (1) indicates the specific termination provision or provisions as set forth in this Agreement relied upon by either Employer or Employee; (2) to the extent applicable, sets forth in reasonable detail the facts and
circumstances claimed to provide the basis for termination under the provision or provisions of this Agreement relied upon by either Employer or Employee; and (3) if the Date of Termination (as defined below) is other than the date of receipt
of such Notice of Termination, specifies the termination date. The failure by either Employer or Employee to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Cause or Good Reason shall not waive any
right of Employer or Employee or preclude Employer or Employee from asserting such fact or circumstance in enforcing Employer’s or Employee’s rights or obligations under this Agreement. 

D. Date of Termination. According to this Agreement, “Date of Termination” shall mean: (1) if Employee’s
employment is terminated for Cause or Disability, or by Employee for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein or as required under this Agreement; (2) if Employee’s employment is
terminated by Employer other than for Cause or Disability, the Date of Termination shall be the date on which Employer notifies Employee of such termination; (3) if Employee’s employment is terminated by reason of death, the Date of
Termination shall be the date of the death of Employee; or (4) if Employee voluntarily terminates his employment, the Date of Termination shall be the date on which Employee and Employer shall agree to be the Date of Termination. 

E. Place of Performance. Nothing contained in this Agreement shall be deemed to require Employee to relocate from Employee’s
present residence to another geographic location in order to carry out Employee’s duties and responsibilities under this Agreement, other than normal business travel consistent with Employee’s duties, responsibilities and position.

 IV. COMPENSATION 
 A. Annual Base Salary. Employer agrees to compensate and pay Employee, or to cause Employee to be compensated and paid, an annual base salary of $600,000, payable on a regular basis in accordance
with Employer’s standard payroll procedures but not less frequently than monthly. 
 On at least an annual basis, the Board
or a duly constituted committee thereof will review Employee’s performance and may make increases to Employee’s annual base salary if, in its sole discretion, any such increase is warranted. 

B. Bonus. Employee shall participate in Employer’s annual and supplemental incentive bonus plans at a level commensurate with
Employee’s position. Employee may participate in other current and future incentive bonus plans as determined by the Board or a duly constituted committee thereof. 

  
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 C. Incentive, Savings and Retirement Plans. Employee shall be entitled to participate
in all incentive, savings and retirement plans, practices, policies and programs generally applicable to other peer employees of Employer. 
 D. Welfare Benefit Plans. Employee and Employee’s dependents shall receive coverage under the welfare benefit plans, practices, policies and programs provided by Employer including, but not
limited to, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs, generally applicable to other peer employees of Employer, the terms and conditions of which shall be
no less favorable than those available to other similarly situated officers of Employer. 
 E. Reimbursement of Expenses.
Employer shall reimburse Employee or cause Employee to be promptly reimbursed for all reasonable and necessary expenses incurred by Employee in furtherance of the business and affairs of the Employer Group including, but not limited to, all travel
expenses and living expenses while away from home on business or at the request of Employer or the Board. Such reimbursement shall be effected as soon as reasonably practicable after such expenditures are made, against presentation of signed,
itemized expense reports in accordance with the travel and business expense reimbursement policies of Employer. 
 F.
Severance Benefits upon Termination. As set forth below, the following obligations are imposed upon Employer upon termination of this Agreement; provided, however, that to be entitled to such severance benefits, Employee will be required to
execute, and not revoke, a Confidential Severance Agreement and Release provided by Employer as more fully described in Section IV.I below. 
 1. Death. If Employee’s employment is terminated due to his death, Employee shall not be entitled to any severance benefits under the terms of this Agreement. 

2. Disability. If Employee’s employment is terminated due to his Disability, Employee shall be entitled to severance benefits
equal to one (1) year of Employee’s annual base salary. Subject to Employee’s compliance with the requirements of Section IV.I below, such severance benefits shall be paid to Employee in a lump-sum payment within sixty (60) days
of the Date of Termination. 
 3. Cause. If Employee’s employment is terminated for Cause as defined under this
Agreement, Employee shall not be entitled to any severance benefits under the terms of this Agreement. 
 4. Without
Cause. If Employee’s employment is terminated by Employer without Cause (other than within the twelve (12) months following a Change in Control), Employee shall be entitled to severance benefits equal to two (2) years of
Employee’s annual base salary. Subject to Employee’s compliance with the requirements of Section IV.I below, such severance benefits shall be paid to Employee in a lump-sum payment within sixty (60) days of the Date of Termination. In
the event that Employee is entitled to receive severance benefits under Section IV.G.1, Employee will not be entitled to receive severance benefits under this Section. 

  
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 5. Resignation by Employee. If Employee resigns his employment, Employee shall not be
entitled to any severance benefits under the terms of this Agreement unless Employee resigns his employment for Good Reason within the twelve (12) months following a Change in Control as described in Section IV.G.2 below. 

G. Severance Benefits upon Change in Control. 
 1. Termination without Cause. In the event Employee is terminated without Cause by Employer within twelve (12) months following a Change in Control, Employee shall be entitled to the
following: 
 a. a lump-sum payment, due on the Date of Termination, of a sum equal to three (3) times Employee’s base
salary at the rate then in effect; and 
 b. a lump-sum payment, due on the Date of Termination, of a sum equal to three
(3) times the higher of (i) the highest annual cash bonus paid (or earned if not yet paid) to Employee for the three (3) fiscal years preceding Employee’s termination under Employer’s annual incentive bonus plan or a direct
predecessor thereto or replacement thereof or (ii) Employee’s target annual cash bonus payable, including any bonus or portion thereof which has been earned but deferred, under Employer’s annual incentive bonus plan or a direct
predecessor thereto or replacement thereof for the current fiscal year or, if such target bonus has not yet been determined, for the most recently completed fiscal year; and 
 c. for a period of three (3) years following Employee’s termination continuation of medical, dental and vision benefit coverage for Employee and Employee’s dependents at least equal to
those that would have been provided to the same in accordance with the plans, programs, practices and policies described in Section IV.D of this Agreement if Employee’s employment had not been terminated or, if more favorable to Employee, as in
effect generally at any time thereafter with respect to other peers of Employee; provided, however, that if Employee becomes reemployed with another employer and is eligible to receive medical, dental or vision benefits under another employer
provided plan, the medical, dental and vision benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. 
 In the event that Employee is entitled to receive severance benefits under this Section V.G.1, Employee will not be entitled to receive severance benefits under Section IV.F.4. 

2. Termination by Employee with Good Reason. In the event Employee terminates his employment for Good Reason within twelve
(12) months following a Change in Control, Employee shall be entitled to: 
 a. a lump-sum payment, due on the Date of
Termination, of a sum equal to three (3) times Employee’s base salary at the rate then in effect; 
 b. a lump-sum
payment, due on the Date of Termination, of a sum equal to three (3) times the higher of (i) the highest annual cash bonus paid (or earned if not yet paid) to Employee for the three (3) fiscal years preceding Employee’s
termination under Employer’s annual incentive bonus plan or a direct predecessor thereto or replacement thereof or 

  
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(ii) Employee’s target annual cash bonus payable, including any bonus or portion thereof which has been earned but deferred, under Employer’s annual incentive bonus plan or a
direct predecessor thereto or replacement thereof for the current fiscal year or, if such target bonus has not yet been determined, for the most recently completed fiscal year; and 

c. for a period of three (3) years following Employee’s termination continuation of medical, dental and vision benefit coverage
for Employee and Employee’s dependents at least equal to those that would have been provided to the same in accordance with the plans, programs, practices and policies described in Section IV.D of this Agreement if Employee’s employment
had not been terminated or, if more favorable to Employee, as in effect generally at any time thereafter with respect to other peers of Employee; provided, however, that if Employee becomes reemployed with another employer and is eligible to receive
medical, dental or vision benefits under another employer provided plan, the medical, dental and vision benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. 

3. Limitation on Severance Benefits. Anything in this Agreement to the contrary notwithstanding, in the event that it shall be
determined (as herein after provided) that any payment or distribution by Employer or any of its affiliates to or for the benefit of Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise pursuant to or by reason of any other agreement, policy, plan, program, or arrangement including, without limitation, any stock option, restricted stock, stock appreciation right or similar right, or the lapse or termination of any
restriction on, or the vesting or exercisability of, any of the foregoing (individually and collectively, a “Payment”), would be subject, but for the application of this Section IV.G.3 to the excise tax imposed by Section 4999
of the Code, or any successor provision thereto (hereinafter the “Excise Tax”), by reason of being considered “contingent on a change in ownership or control” of Employer, within the meaning of Section 280G(b)(2) of
the Code, or any successor provision thereto, then: 
 a. if the After-Tax Payment Amount would be greater by reducing the
amount of the Payment otherwise payable to Employee to the minimum extent necessary (but in no event less than zero) so that, after such reduction, no portion of the Payment would be subject to the Excise Tax, then the Payment shall be so reduced;
and 
 b. if the After-Tax Payment Amount would be greater without the reduction then there shall be no reduction in the
Payment. 
 As used in this Section IV.G.3, “After-Tax Payment Amount” means (i) the amount of the
Payment, less (ii) the amount of federal income taxes payable with respect to the Payment calculated at the maximum marginal income tax rate for each year in which the Payment shall be paid to Employee (based upon the rate in effect for such
year as set forth in the Code at the time of the Payment), less (iii) the amount of the Excise Tax, if any, imposed upon the Payment. For purposes of any reduction made under Section IV.G.3.a, the Payments that shall be reduced shall be those
that provide Employee the best economic benefit, and to the extent any Payments are economically equivalent, each shall be reduced pro rata. 

  
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 H. Compliance with Section 409A of the Code. The payments to be made under this
Agreement are intended to be exempt from or compliant with Section 409A of the Code. Specifically, the severance payments and benefits under Section IV.F and Section IV.G hereof are intended to be exempt from Section 409A of the Code by
compliance with the short-term deferral exemption as specified in 26 C.F.R. Section 1.409A-1(b)(4) and/or the separation pay exemption as specified in 26 C.F.R. Section 1.409A-1(b)(9) or are intended to comply with
Section 409A of the Code including, but not limited to, being paid upon disability pursuant to 26 C.F.R. Section 1.409-3(i)(4), pursuant to change in control event pursuant to 26 C.F.R. Section 1.409A-3(i)(5) or pursuant to a fixed
schedule or specified date pursuant to 26 C.F.R. Section 1.409A-3(a), and the provisions of this Agreement will be administered, interpreted and construed accordingly. Notwithstanding the foregoing, Employer makes no representation or
warranty and shall have no liability to Employee or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code and do not satisfy an exemption from, or the
conditions of, Section 409A of the Code. 
 For all purposes of this Agreement, Employee shall be considered to have
terminated employment with Employer when Employee incurs a “separation from service” with the Employer Group within the meaning of Section 409A(a)(2)(A)(i) of the Code. 

If the Committee determines that severance payments due under this Agreement on account of termination of Employee’s employment
constitute “deferred compensation” subject to Section 409A of the Code, and that Employee is a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code and 26 C.F.R. Section 1.409A-1(i), then such
severance payments shall commence on the first payroll date of the seventh month following the month in which Employee’s termination occurs (with the first such payment being a lump sum equal to the aggregate severance payments Employee would
have received during the prior six-month period if no such delay had been imposed). For purposes of this Agreement, whether Employee is a “specified employee” will be determined in accordance with the written procedures adopted by the
Committee which are incorporated by reference herein. 
 All reimbursements and in-kind benefits provided under this Agreement
shall be made or provided in accordance with the requirements of Section 409A of the Code and the regulations to the extent that such reimbursements or in-kind benefits are not excepted from Section 409A of the Code, including where
applicable, the requirement that (i) any reimbursement is for expenses incurred during Employee’s lifetime (or during a shorter period of time specified in the Agreement); (ii) the amount of expenses eligible for reimbursement during
the calendar year may not affect the expenses eligible for reimbursement in any other calendar year; (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the
expense is incurred; and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 
 I. Confidential Severance Agreement and Release. Notwithstanding any provision herein to the contrary, if Employee has not delivered to Employer an executed Confidential Severance Agreement and
Release (the “Release”) on or before the fiftieth (50th) day after the Date of Termination, or if Employee revokes such executed Release prior to the sixtieth (60th) day after the Date of Termination, Employee shall
forfeit all of the payments and benefits described in Section IV.F.2 or Section IV.F.4, as applicable; provided, however, that Employee 

  
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shall not forfeit such amounts if Employer has not delivered to Employee the required form of Release on or before the 25th day following the Date of Termination. A form of Release is attached as
Exhibit A hereto. Employee acknowledges that Employer retains the right to modify the required form of the Release as Employer deems necessary in order to effectuate a full and complete release of claims against the Employer Group and its
affiliates, officers and directors. 
 V. COMPANY-RELATED INVENTIONS AND DEVELOPMENTS 

A. Records of Inventions. Employee shall keep complete and current written records of Inventions and Developments made during the
course of his employment with Employer and promptly disclose all such Inventions and Developments in writing to Employer so that it may adequately determine its rights in such Inventions and Developments. Employee shall supplement any such
disclosure to the extent Employer may request. If Employee has any doubt as to whether or not to disclose any Inventions and Developments, Employee shall disclose the same to Employer. 

B. Ownership of Inventions. All Company-Related Inventions and Developments made by Employee during the term of his employment with
Employer shall be the sole and exclusive property of the applicable member(s) of the Employer Group. Employee shall assign, and does hereby assign, his entire right, title and interest in such Company-Related Inventions and Developments to the
applicable member(s) of the Employer Group. Employer’s ownership and the foregoing assignment shall apply, without limitation, to all rights under the patent, copyright, and trade secret laws of any jurisdiction relating to Company-Related
Inventions and Developments. If Employee asserts any property right in any Inventions and Developments made by Employee during the term of his employment with Employer, Employee shall promptly notify Employer of the same in writing. 

C. Cooperation with Employer. Employee shall assist and fully cooperate with Employer in obtaining and maintaining the fullest
measure of legal protection which the Employer Group elects to obtain and maintain for Inventions and Developments in which the Employer Group has a property right. Employee shall execute any lawful document requested by Employer relating to
obtaining and maintaining legal protection for any said Inventions and Developments including, but not limited to, executing applications, assignments, oaths, declarations and affidavits. Employee shall make himself available for interviews,
depositions and testimony relating to any said Inventions and Developments. These obligations shall survive the termination of Employee’s employment with Employer, provided that Employer shall compensate Employee at a reasonable rate after such
termination for time actually spent by Employee at Employer’s requests on such assistance. In the event Employer is unable for any reason whatsoever to secure Employee’s signature to any document reasonably necessary or appropriate for any
of the foregoing purposes including, but not limited to, renewals, extensions, continuations, divisions or continuations in part, in a timely manner, Employee irrevocably designates and appoints Employer and its duly authorized officers and agents
as his agents and attorneys-in-fact to act for Employee and on his behalf, but only for purposes of executing and filing any such document and doing all other lawfully permitted acts to accomplish the foregoing purposes with the same legal force and
effect as if executed by Employee. 

  
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 D. Pre-employment Inventions. Employee shall completely identify on Exhibit B
attached hereto, without disclosing any trade secret or other proprietary and confidential information, all Inventions and Developments made by Employee prior to his employment with Employer or prior to execution of this Agreement in which Employee
has an ownership interest and which is not the subject matter of an issued patent or a printed publication at the time Employee executes this Agreement. 
 E. Disclosure of Inventions after Termination. Employee shall promptly and completely disclose in writing to Employer’s law department all Company-Related Inventions and Developments made by
Employee during the one (1) year immediately following Employee’s termination of employment, whether voluntarily or involuntarily, for the purposes of determining Employer’s rights in each such invention. It will be presumed that
Company-Related Inventions and Developments conceived by Employee which are reduced to practice within one (1) year after termination of Employee’s employment, whether voluntary or involuntary, were conceived during the term of
Employee’s employment with Employer unless Employee is able to establish a later conception date by clear and convincing evidence. 
 VI. OBLIGATIONS RELATING TO PROPRIETARY 
 AND CONFIDENTIAL
INFORMATION 
 A. Obligations of Employer. 

1. Proprietary and Confidential Information. Employer shall provide Employee, during his employment, with valuable Proprietary and
Confidential Information for the purpose of assisting Employee in the performance of his job requirements and responsibilities with Employer. In addition, Employer shall provide to Employee, during his employment, with the equipment, materials and
facilities necessary to assist Employee in the performance of his job requirements and responsibilities with Employer. 
 2.
Training. Employer shall provide Employee with any and all specialized training necessary to assist Employee in the performance of his job requirements and responsibilities with Employer including, but not limited to, training relating to the
Employer Group’s cost structures, methods of operation, the Employer Group’s products and marketing techniques, the Employer Group’s business strategies, plans and models. 

B. Obligations of Employee. 
 1. Nondisclosure of Proprietary and Confidential Information. Both during and after the termination of employment, whether such termination is voluntary or involuntary, Employee shall keep in
confidence and trust all Proprietary and Confidential Information. Both during and after the termination of employment, whether such termination is voluntary or involuntary, Employee shall not use or disclose Proprietary or Confidential Information
without the written consent of Employer, except as may be necessary in the ordinary course of performing his duties to Employer. 

  
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 2. Return of Proprietary and Confidential Information. All documents and tangible
things (whether written or electronic) embodying or containing Proprietary and Confidential Information are the Employer Group’s exclusive property. Employee shall be provided with or given access to such Proprietary and Confidential
Information solely for performing his duties of employment with Employer. Employee shall protect the confidentiality of their content and shall return all such Proprietary and Confidential Information, including all copies, facsimiles and specimens
of them in any tangible or electronic forms in Employee’s possession, custody or control to Employer before leaving the employment of Employer for any reason, whether voluntary or involuntary. 

3. Confidential Information from Previous Employment. Employee shall not disclose or use during his employment with Employer any
proprietary and confidential information which Employee has acquired as a result of any previous employment or under a contractual obligation of confidentiality before his employment with Employer and, furthermore, Employee shall not bring to the
premises of Employer any copies or other tangible embodiments of any such proprietary and confidential information. 
 4.
Conflict of Interest. Employee shall not engage in outside employment or other activities in the course of which Employee would use or might be tempted or induced to use Proprietary and Confidential Information in other than the Employer
Group’s own interest. 
 5. Agreement Not to Compete/Solicit. 

a. Non-Compete. Employee agrees that during the Covenant Period (as defined below), he shall not, without Employer’s written
consent, directly or indirectly, for himself or on behalf of or in conjunction with any other person, persons, company, partnership, corporation or business venture of any nature: 

(i) engage, as an officer, director, shareholder, owner, partner, joint venturer or in a managerial capacity, whether as an employee,
independent contractor, consultant, advisor or sales representative, in any business or industry in which the Employer Group is engaged, within the United States, Canada or any other country in which the Employer Group conducts business, including
any territory serviced by the Employer Group, or in which the Employer Group is actively pursuing business opportunities (the “Territory”); 
 (ii) call upon any person or entity which is, at that time, or which has been, within one (1) year prior to that time, a customer of the Employer Group, or a prospective customer that has been
actively solicited by the Employer Group, within the Territory for the purpose of soliciting or selling products or services in competition with the Employer Group; or 
 (iii) call upon any prospective acquisition candidate, on Employee’s own behalf or on behalf of any competitor, which candidate was, to Employee’s actual knowledge after due inquiry, either
called upon by the Employer Group or for which the Employer Group made an acquisition analysis for the purpose of acquiring such entity. 
 b. Non-Solicitation. Employee agrees that during the Covenant Period, he shall not, without Employer’s written consent, employ, hire, solicit, induce or identify for employment or attempt to
employ, hire, solicit, induce or identify for employment, directly or indirectly, any employee(s) of the Employer Group to leave his or her employment and become an employee, consultant or representative of any other entity including, but not
limited to, Employee’s new employer, if any. 

  
 -13-

 c. Publicly Traded Securities. The provisions of Section VI.B.5 of this Agreement
shall not prevent Employee from acquiring or holding publicly traded stock or other public securities of a competing company, so long as Employee’s ownership does not exceed two percent (2%) of the outstanding securities of such company.

 d. Agreement to Inform Subsequent Employers. For a period of two (2) years after the termination of
Employee’s employment with Employer, whether voluntary or involuntary, Employee agrees to inform each new employer, prior to accepting employment, of the existence of this Agreement and provide that employer with a copy of this Agreement.

 e. Reasonableness of Restrictions. Employee acknowledges that the restrictions set forth in Section VI.B.5 of this
Agreement are intended to protect the Employer Group’s legitimate business interests and its Proprietary and Confidential Information and established relationships and good will. Employee acknowledges that the time, geographic and scope of
activity limitations set forth herein are reasonable and necessary to protect the Employer Group’s legitimate business interests. However, if in any judicial proceeding, a court shall refuse to enforce this Agreement as written, whether because
the time limitation is too long or because the restrictions contained herein are more extensive (whether as to geographic area, scope of activity or otherwise) than is necessary to protect the legitimate business interests of the Employer Group, it
is expressly understood and agreed between the parties hereto that this Agreement is deemed modified to the extent necessary to permit this Agreement to be enforced in any such proceedings. 

f. Ability to Obtain Other Employment. Employee acknowledges that (1) in the event of the termination of his employment with
Employer (whether voluntary or involuntary), Employee’s knowledge, experience and capabilities are such that Employee can obtain employment in business activities which are of a different and non-competing nature than those performed in the
course of his employment with Employer or in the geographic areas outside of the Territory and (2) the enforcement of a remedy hereunder including, but not limited to, injunctive relief, will not prevent Employee from earning a reasonable
livelihood. 
 g. Injunctive Relief. Employee acknowledges that compliance with Section VI.B of this Agreement is
necessary to protect the good will and other legitimate business interests of the Employer Group and that a breach of any or all of these provisions will give rise to irreparable and continuing injury to the Employer Group that is not adequately
compensable in monetary damages or at law. Accordingly, Employee agrees that Employer, its successors and assigns, may obtain injunctive relief against the breach or threatened breach of any or all of these provisions, in addition to any other legal
or equitable remedies which may be available to the Employer Group at law or in equity or under this Agreement. Because Employee further acknowledges that it would be difficult to measure any damages caused to the Employer Group that might result
from any breach by Employee of any promises set forth in this Agreement, Employee agrees that Employer shall be entitled to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage
to the Employer Group, as well as to be relieved of any obligation to provide further payment or benefits to Employee or Employee’s dependents. 

  
 -14-

 h. Other Remedies. If Employee violates and/or breaches this Agreement, Employer
shall be entitled to an accounting and repayment of all lost profits, compensation, commissions, remuneration or benefits that Employee directly or indirectly has realized or may realize as a result of any such violation or breach. Employer shall
also be entitled to recover for all lost sales, profits, commissions, good will and customers caused by Employee’s improper acts, in addition to and not in limitation of any injunctive relief or other rights or remedies that Employer is or may
be entitled to at law or in equity or under this Agreement. 
 i. Costs. Employee acknowledges that should it become
necessary for Employer to file suit to enforce the provisions contained herein, and any court of competent jurisdiction awards the Employer Group any damages and/or an injunction due to the acts of Employee, then Employer shall be entitled to
recover its reasonable costs incurred in conducting the suit including, but not limited to, reasonable attorneys’ fees and expenses. 
 j. Covenant Period. For purposes of this Section VI.B.5, the Covenant Period shall mean the period from and during the Term of this Agreement and ending on the date that is two (2) years after
Employee’s employment with Employer terminates, whether voluntary or involuntary; provided, however, that if Employer delivers to Employee a Renewal Termination Notice, as provided in Section III.B, and Employee remains employed with Employer
through the expiration of the Term (and this Agreement), then the Covenant Period shall end on the date that is one (1) year after the date of such Renewal Termination Notice. For purposes of clarity, in the event that Employee’s
employment with Employer terminates for any reason, whether voluntary or involuntary, after Employee receives a Renewal Termination Notice and before the end of the Term, the Covenant Period shall end on the date that is two (2) years after the
termination of Employee’s employment. 
 6. Nondisparagement. Employee acknowledges and agrees that both during and
after his employment with Employer, whether such termination is voluntary or involuntary, Employee shall not disparage, denigrate or comment negatively upon, either orally or in writing, the Employer Group or any of their respective officers,
directors, employees or representatives, to or in the presence of any person or entity unless compelled to act by a valid subpoena or other legal mandate; provided, however, if Employee receives such a valid subpoena or legal mandate, he shall
provide Employer with written notice of the same at least five (5) business days prior to the date on which Employee is required to make the disclosure. 
 VII. WAIVER OF RIGHT TO JURY TRIAL 
 EMPLOYER AND EMPLOYEE HEREBY VOLUNTARILY,
KNOWINGLY AND INTENTIONALLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY TO ALL CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT, AS WELL AS TO ALL CLAIMS ARISING OUT OF EMPLOYEE’S EMPLOYMENT WITH EMPLOYER OR TERMINATION THEREFROM INCLUDING,
BUT NOT LIMITED TO: 

  
 -15-

 A. Any and all claims and causes of action arising under contract, tort or other common law
including, without limitation, breach of contract, fraud, estoppel, misrepresentation, express or implied duties of good faith and fair dealing, wrongful discharge, discrimination, retaliation, harassment, negligence, gross negligence, false
imprisonment, assault and battery, conspiracy, intentional or negligent infliction of emotional distress, slander, libel, defamation and invasion of privacy; 
 B. Any and all claims and causes of action arising under any federal, state or local law, regulation or ordinance, including, without limitation, claims arising under Title VII of the Civil Rights Act of
1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards Act and all corresponding state laws; and 

C. Any and all claims and causes of action for wages, employee benefits, vacation pay, severance pay, pension or profit sharing benefits,
health or welfare benefits, bonus compensation, commissions, deferred compensation or other remuneration, employment benefits or compensation, past or future loss of pay or benefits or expenses. 

VIII. CLAIMS 
 Employer and Employee acknowledge and agree that this Agreement shall be interpreted, governed by and construed in accordance with the laws of the State of Texas, without regard to the conflict of laws
principles or rules thereof. 
 Employer and Employee irrevocably and unconditionally agree that any legal suit, action or
proceeding arising out of or relating to this Agreement, as well as to all claims arising out of Employee’s employment with Employer or termination therefrom, shall be brought in either the Federal District Court for the Southern District of
Texas—Houston Division or in a judicial district court of Harris County, Texas (hereinafter referred to as the “Texas Courts”). In that regard, Employer and Employee waive, to the fullest extent allowed, any objection that
Employer or Employee may have to the venue of any such proceeding being brought in the Texas Courts, and any claim that any such action or proceeding brought in the Texas Courts has been brought in an inconvenient forum. In addition, Employer and
Employee irrevocably and unconditionally submit to the exclusive jurisdiction of the Texas Courts in any such suit, action or proceeding. Employer and Employee acknowledge and agree that a judgment in any suit, action or proceeding brought in the
Texas Courts shall be conclusive and binding on each and may be enforced in any other courts to whose jurisdiction Employer or Employee is or may be subject to, by suit upon such judgment. 

In the event Employee obtains a final judgment in his favor by a court of competent jurisdiction with respect to any dispute regarding
Employer’s failure to pay Employee on a timely basis the amounts to which he is entitled under this Agreement or as a result of any other breach of this Agreement by Employer, Employer shall pay all amounts and damages to which Employee may be
entitled as a result of such breach, including interest thereon and all reasonable legal fees and expense and other costs incurred by Employee to enforce Employee’s rights hereunder. 

  
 -16-

 IX. MISCELLANEOUS 

A. Publicity Release. By executing this Agreement, Employee forever gives the Employer Group, its successors, assigns, licensees
and any other designees, the absolute right and permission, throughout the world: (1) to copyright (and to renew and extend any copyright), use, reuse, publish and republish photographic portraits and pictures, motion or still, of Employee, or
in which Employee may be included, in whole or in part, or composite or distorted character in any form, whether heretofore taken or to be taken in the future, in conjunction with Employee’s own or a fictitious name or title (which Employee now
has or may have in the future), or reproductions thereof, in color or otherwise, made through any media at any place, for art, advertising, trade or any other purpose whatsoever; and (2) to record, reproduce, amplify, simulate,
“double” and/or “dub” Employee’s voice and transmit the same by any mechanical or electronic means, for any purpose whatsoever. Employee further consents to the use of any printed matter giving Employee, or not giving
Employee, a credit, in the sole discretion of any of the aforementioned parties to whom this authorization and release is given, in conjunction therewith. Employee waives any right he may have to inspect and/or approve the finished product or the
advertising copy or printed matter that may be used in connection therewith, or the use to which it may be applied. 
 B.
Withholding. Employer may withhold from any amounts payable under this Agreement such federal, state, local, F.I.C.A., foreign or other taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

C. Notices. All notices, consents, requests, instructions, approvals and other communications provided for in this Agreement shall
be in writing and shall be addressed as follows: 
  

					
	 To Employer:
	  	Quanta Services, Inc.	  	
		  	2800 Post Oak Boulevard, Suite 2600	  	
		  	Houston, Texas 77056	  	
		  	Attention: General Counsel	  	
			
	 To Employee:
	  	Earl C. Austin, Jr.	  	
		  	2800 Post Oak Boulevard, Suite 2600	  	
		  	Houston, Texas 77056	  	

 Notice shall be deemed given and effective: (1) upon receipt, if delivered personally; (2) three
(3) days after it has been deposited in the U.S. mail, addressed as required above, and sent via registered or certified mail, return receipt requested, postage prepaid; or (3) the next business day after it has been sent via a recognized
overnight courier. Employer and/or Employee may change the address for notice purposes by notifying the other of such change in accordance with this Section IX.C. 
 D. Severability. If any provision of this Agreement is held to be invalid, inoperative or unenforceable for any reason, it shall be modified rather than voided, if possible, in order to achieve the
intent of the parties hereto to the maximum extent possible. In any event, if any provision this Agreement is held to be invalid, inoperative or unenforceable for any reason, the other provisions of this Agreement shall be deemed valid and operative
and, so far as is reasonable and possible, effect shall be given to the intent manifested by the provision or provisions held invalid or inoperative. 

  
 -17-

 E. Survival of Certain Obligations. The obligations of the parties set forth in this
Agreement that by their terms extend beyond or survive the termination of this Agreement, whether voluntarily or involuntarily, will not be affected or diminished in any way by the termination of this Agreement. 

F. Headings. The headings contained in this Agreement are for purposes of reference and convenience only and are not intended in
any way to describe, interpret, define or limit the extent or intent of this Agreement. 
 G. Entire Agreement. This
Agreement supersedes any other agreements, written or oral, between the Employer Group and Employee, including, but not limited to, that certain Employment Agreement by and between North Houston Pole Line Corp. and Employee dated August 14,
2001, as amended, and that certain Employment Agreement between Quanta and Employee effective January 1, 2010, and Employee has no oral representations, understandings or agreements with the Employer Group or any of their respective officers,
directors or representatives covering the same subject matter as this Agreement. This written Agreement is the final, complete and exclusive statement and expression of the agreement between Employer and Employee and of all the terms of this
Agreement. This Agreement cannot be modified, varied, contradicted or supplement by evidence of any prior or contemporaneous oral or written agreements. 
 H. Amendment/Waiver. Neither this Agreement nor any term hereof may be modified or amended except by written instrument signed by a duly authorized officer of Employer and by Employee. No term of
this Agreement may be waived other than by written instrument signed by the party waiving the benefit of such term. Any such waiver shall constitute a waiver only with respect to the specific matter described in such written instrument and shall in
no way impair the rights of the party granting such waiver in any other respect or at any other time. Neither the waiver by Employer or Employee of a breach of or a default under any of the provisions of this Agreement, nor the failure by either
Employer or Employee, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of
any such provisions, rights or privileges hereunder. 
 I. Assignment. This Agreement is personal to the parties and
neither party may assign any rights or obligations under the same without the prior written consent of the other; provided, however, that in the event of a sale of the Employer Group’s business to a third party (whether by sale of all or a
majority of the Employer Group’s issued and outstanding equity securities, by a merger or reorganization, or by a sale of all or substantially of the Employer Group’s assets), then this Agreement may be assigned by Employer to such third
party purchaser without the prior written consent of Employee, provided that such third party purchaser agrees to assume and abide by all of Employer’s obligations set forth in this Agreement and provides written notice thereof to Employee. In
the event of any such assignment, all references to “Quanta” hereunder shall mean the assignee, and to the extent any entity becomes the successor to Quanta, all obligations hereunder shall be the obligations of the successor and
“Quanta” mean the successor entity. 

  
 -18-

 J. Counterparts. This Agreement may be executed simultaneously in two (2) or
more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 
 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

  
 -19-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above, but to be effective as of the Effective Date. 
  

			
	QUANTA SERVICES, INC.:
		
	By:	 	 /s/ James F. O’Neil III

		 	JAMES F. O’NEIL III
		 	PRESIDENT AND CHIEF EXECUTIVE OFFICER
	
	EMPLOYEE:
	
	 /s/ Earl C. Austin, Jr.

	EARL C. AUSTIN, JR.

  
 -20-

 EXHIBIT A 
 SEVERANCE AGREEMENT 
 AND RELEASE OF ALL CLAIMS 

This Severance Agreement and Release of All Claims (the “Agreement”) is made and entered into by and between Earl C. Austin,
Jr. (hereinafter referred to as the “Employee”) and Quanta Services, Inc., a Delaware corporation, (hereinafter collectively referred to as the “Company”). 
 The purpose of this Agreement is to arrange a settlement of the Employee’s employment with the Company that is satisfactory both to the Company and to the Employee. By signing this Agreement, the
Company and the Employee agree as follows: 
  

	1.	Termination of Employment. The Employee and the Company are entering into this Agreement as a way of amicably concluding the employment relationship
between them on [Date] and of resolving voluntarily any dispute or potential dispute or claim that the Employee has or might have with the Company, whether known or unknown by the Employee at this time. This Agreement is not and should not be
construed as an allegation by Employee, or as an admission on the part of the Company, that the Company has acted unlawfully or violated any state or federal law or regulation. The Company, including its parent companies, affiliates, associated
companies, and subsidiaries, specifically disclaim any liability to the Employee or any other person for any alleged violation of rights or for any alleged violation of any order, law, statute, duty, policy or contract. 

 

	2.	Severance Benefits. As consideration for the Employee agreeing to release the Company from all claims that are described in Paragraph 6 herein and subject
to the provisions of Paragraph 10 herein, the Company will pay the Employee $[Severance Amount] (            Dollars and
            Cents), less applicable taxes as severance benefits (the “Severance Benefits”). 

 

	3.	Tax Consequences. The Employee acknowledges and agrees that the Company has made no representations to him regarding the tax consequences of any Severance
Benefits received by him pursuant to this Agreement. 

  

	4.	Entire Consideration. The Employee agrees that the Severance Benefits set forth in Paragraph 2, herein, constitute the entire amount of consideration
provided to him under this Agreement. The Employee further agrees that he will make no claim for any additional or other severance benefits or payments and that he will not seek any further compensation for any other claimed damage, costs,
severance, income or attorneys’ fees. 

  
 -21-

	5.	Non-Disclosure Agreement. Without the express written agreement of the Company’s [Highest Officer] or unless required to do so by law, the Employee
agrees never to disclose the existence, facts, terms, or amount of this Agreement, nor the substance of the negotiations leading to this Agreement, to any person or entity, other than to his personal counsel or attorney, personal accountants, or
personal tax preparer, any such disclosure to such persons to be made only if the relevant person must have such information for the performance of his or her responsibilities. To the extent required by law or applicable regulation, Employee may
also disclose the provisions of this Agreement to the appropriate taxing authorities. 

  

	6.	The Employee’s Release Of All Claims Including Age Discrimination In Employment Act Claims. In consideration of the Severance Benefits, the Employee,
for himself, his heirs, executors, administrators, successors and assigns, does fully and forever release and discharge the Company, its parent companies, affiliates, associated companies, and subsidiaries, their respective associated companies and
subsidiaries, all of their respective present and former officers, directors, supervisors, managers, employees, stockholders, agents, attorneys and representatives, and the successors and assigns of such persons and entities (collectively, the
“Released Parties”), from all actions, lawsuits, grievances, complaints, liens, demands, obligations, damages, liabilities and claims of any nature whatsoever, know or unknown, that the Employee had, now has, or may hereafter claim to have
against the Released Parties from the beginning of time through the date the Employee executes this Agreement. The release provided herein specifically includes, but is not limited to, all claims arising under any federal, state or local fair
employment practice laws, and any other employee relations statute, executive order, law and ordinance, including, but not limited to, Title VII of the Civil Rights Acts of 1964, as amended; the Civil Rights Acts of 1866, 1870, and 1871, as amended;
the Civil Rights Act of 1991, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Older Workers Benefit Protection Act, as amended; the Americans With Disabilities Act of 1990, as amended; the Family and Medical Leave Act,
as amended; the Equal Pay Act, as amended; the Fair Labor Standards Act, as amended; the Worker Adjustment and Retraining Notification Act of 1988, as amended; the Employee Retirement Income Security Act of 1974, as amended; Section 806 of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. §1514A, et seq.); the Rehabilitation Act of 1973 (29 U.S.C. Section 791 et seq.); the Occupational Safety and Health Act (29 U.S.C. § 651, et seq.); the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (COBRA); the National Labor Relations Act, as amended; the [Applicable State Laws], as amended; any local human rights law; and any tort or contract cause of action or theory. 

The Employee expressly represents and agrees that he has been advised that, by entering into this Agreement, he is waiving all claims that
he may have against the Company arising under the Age Discrimination in Employment Act of 1967, as amended, which have arisen on or before the date of execution of this Agreement. 

  
 -22-

	7.	Covenants Concerning Claims. The Employee agrees that he will not file any complaints, claims or actions against the Released Parties with any court
regarding any matters or claims that arose prior to the Employee’s execution of this Agreement. If any court assumes jurisdiction on behalf of the Employee of any complaint, claim or action against the Company, he will direct that court to
withdraw from or dismiss with prejudice the matter. 

 Notwithstanding the preceding provision or any other
provision of the Agreement, Employee’s agreement to the provisions under Section 6, or the paragraph immediately above this paragraph, is not intended to prohibit Employee from bringing an action to challenge the validity of the release of
claims under the Age Discrimination in Employment Act, as amended, or the Older Worker’s Benefit Protection Act, as amended. The Employee further understands and agrees that if he or someone acting on his behalf files, or causes to be filed,
any such claim, charge, complaint, or action against the Released Parties, he expressly waives any right to recover any damages or other relief, whatsoever, from the Released Parties including costs and attorneys’ fees. 

This Agreement is not intended to interfere with Employee’s right to file a charge with an administrative agency in connection with
any claim Employee believes he may have against any of the Released Parties. However, by executing this Agreement, Employee hereby waives the right to recover, and agrees not to seek any damages, remedies or other relief for himself personally in
any proceeding he may bring before such agency or in any proceeding brought by such agency, or any other person, on his behalf. This Agreement is also not intended to apply to claims for accrued benefits (other than severance-type benefits) under
any benefit plan of the Released Parties pursuant to the terms of any such plan. 
 Employee understands that he is not releasing
rights under this Agreement, that any claims that cannot be lawfully waived are excluded from this Agreement and that by executing this Agreement he is not waiving any such claims. Likewise, Employee is not releasing any rights or claims that may
arise after the date on which he signs this Agreement. In addition, while this Agreement requires Employee to waive any and all claims against the Released Parties arising under workers’ compensation laws (e.g., claims of retaliation for filing
a workers’ compensation claim), it is not intended to prohibit Employee from filing in good faith for and from receiving any workers’ compensation benefits from Released Parties’ workers’ compensation carrier for compensable
injuries incurred during his employment. Accordingly, pursuit of any such workers’ compensation benefits with Released Parties’ workers’ compensation carrier or third-party administrator will not be considered a violation of this
Agreement. 
  

	8.	Employee Acknowledgments. Employee acknowledges and agrees that: 

 

	 	a.	In return for and in consideration of his execution, delivery and performance of this Agreement, the Company is providing to the Employee the Severance Benefits.

  

	 	b.	The Employee is hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement. 

  
 -23-

	 	c.	The Employee does not waive rights or claims that may arise after the date this Agreement is signed. 

 

	 	d.	In return for signing this Agreement, the Employee will receive payment of consideration beyond that which he was entitled to receive before entering into this
Agreement. 

  

	9.	Twenty-One (21) Day Review Period. The Employee acknowledges that he was provided this Agreement more than 21 days before the date when he was
required to make an election concerning the Severance Benefits. If the Employee signs this Agreement prior to the end of the 21-day period, he certifies and agrees that the decision to accept such shortening of time is knowing and voluntary and is
not induced by the Company through: (i) fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the end of the 21-day period; or (ii) an offer to provide different terms in exchange for signing the Release prior to
the expiration of the 21-day period. Should the Employee sign this Agreement before the expiration of the 21-day period, the Company may at its option and discretion expedite the processing of some or all of the Severance Benefits, subject to the
revocation period set forth in Paragraph 10. 

  

	10.	Seven (7) Day Revocation Period. The Employee understands that he may revoke this Agreement at any time within seven (7) days after he executes
it. To revoke the Agreement, the Employee must deliver written notification of such revocation to             , or
in             ’s absence to             ’s office, within seven (7) days after the date of the
Employee’s execution of this Agreement. The Employee further understands that if he does not revoke the Agreement within seven (7) days following its execution (excluding the date of execution), it will become effective, binding, and
enforceable. The Employee understands that he will not receive the Severance Benefits until this Agreement becomes effective, binding, and enforceable, which shall not occur prior to the eighth day following the Employee’s execution of this
Agreement. 

  

	11.	Employee Representations. The Employee represents that: 

  

	 	a.	he has reviewed all aspects of this Agreement; 

  

	 	b.	he has carefully read and fully understands all of the provisions and effects of this Agreement; 

 

	 	c.	he has had the opportunity to consult with an attorney before signing this Agreement. 

 

	 	d.	he understands that in agreeing to the terms of this Agreement he is releasing the Released Parties from any and all claims he may have against the Company, and all
persons acting by, through, under or in concert with the Company, including claims under the federal Age Discrimination in Employment Act of 1967, as amended, as well as any claims for age discrimination that may exist under Texas law or any other
applicable law, as more particularly described in Paragraph 7 herein; 

  
 -24-

	 	e.	he voluntarily agrees to all the terms set forth in this Agreement; 

  

	 	f.	he has not filed, caused to be filed, and presently is not a party to any claim, complaint, or action against the Released Parties in any forum or form, whether
administrative or otherwise; and 

  

	 	g.	as of the time of execution of this Agreement by Employee, Employee is unaware of any facts or conduct that would give rise to a claim against the Released Parties of
any type or sort, including those types of claims or other violations set forth generally and specifically above, including but not limited to, any claims under the Family Medical Leave Act of 1993 or the Fair Labor Standards Act.

  

	12.	Return of Company Property and Confidentiality Obligations. The Employee agrees that on or before [Date], the Employee shall return or shall have returned
all Company Property and Confidential Information (as defined below). “Company Property” means all property of the Company, including, but not limited to, Company issued/owned computers, laptops, peripheral electronic equipment (e.g.,
printers, cameras, projectors, computer docking stations, etc.), Blackberry or other personal digital assistants (PDAs), cellular telephones, credit cards, keys, door cards, tools, equipment on loan, and any other Company books, manuals, and
journals. “Confidential Information” means all confidential, sensitive or proprietary information belonging to the Company, including, but not be limited to, all business records, manuals, memoranda, computer records, electronic files,
lists and other property delivered to or compiled by the Employee by or on behalf of Company, or its representatives, vendors or customers that pertain to the business of Company, as well as all correspondence, reports, records, charts, and other
similar data pertaining to the business, activities or future plans of Company that was collected by the Employee during his employment with the Company. For purposes of this Paragraph 12 and Paragraph 13, “Company” shall include
all parent companies, affiliates, associated companies, and subsidiaries. 

 The Employee further acknowledges and
agrees that the Employee is obligated to not, at any time, disclose or otherwise make available to any person, company or other party Confidential Information or trade secrets of the Company, its parent, associated companies, affiliates, and
subsidiaries This Agreement shall not limit any obligations the Employee has under any applicable federal or state law. 
  

	13.	Non-disparagement. The Employee agrees not to make any disparaging or negative statements about the Company, its services or its current or former
directors, officers, supervisors, managers, or employees. Statements made in the course of any litigation or legal proceeding, whether disparaging or negative, are excluded from coverage of this Paragraph. 

  
 -25-

	14.	Voluntary Action. The Employee represents and agrees that he is knowingly and voluntarily entering into this Agreement, and that he has relied solely and
completely upon his own judgment or the advice of his attorney in entering into this Agreement. 

  

	15.	Entire Agreement. This Agreement sets forth the entire agreement between the Employee and the Company and fully supersedes and replaces any and all prior
agreements or understandings, written or oral, between the Company and the Employee pertaining to the subject matter of this Agreement. The Employee and the Company represent and acknowledge that in executing this Agreement they do not rely upon and
have not relied upon any representation or statement made by any of the parties or by any of the parties’ agents, attorneys, employees, or representatives with regard to the subject matter, basis, or effect of this Agreement or otherwise, other
than those specifically stated in this written Agreement. 

  

	16.	Partial Invalidity. Should any provision of this Agreement be declared or be determined by any court of competent jurisdiction to be illegal, invalid or
unenforceable, all remaining provisions of this Agreement shall otherwise remain in full force and effect and be construed as if such illegal, invalid or unenforceable provision had not been included herein. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -26-

	17.	Governing Law. This Agreement will be governed by, and construed and interpreted in accordance with, the laws of the State of Texas without regard to
principles of conflict of laws. 

  

									
		 		 	 QUANTA SERVICES, INC.:

				
	 Dated:
	 	 	 		 	 
					
		 		 		 	 By
	 	 
				
		 		 		 	 EMPLOYEE:

				
	 Dated:
	 	 	 		 	 
		 		 		 	 Earl C. Austin, Jr.

  

			
	 THE STATE OF             
	 	§
		 	§
	 COUNTY OF             
	 	§

 The foregoing instrument was SWORN TO AND SUBSCRIBED BEFORE ME BY EARL C. AUSTIN, JR. AND GIVEN UNDER MY
HAND AND SEAL OF OFFICE on this the             day of             , A.D., 20        .

  

	
	 
	Notary Public in and for
	the State of             

 My commission expires:              

  
 -27-

 EXHIBIT B 
 Pre-Employment Inventions 
 None 

  
 -28-

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