Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

THIRD AMENDMENT 
 TO

 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 

Dated as of February 10, 2017 

To be effective as of December 31, 2016 

among 
 SESI, L.L.C.,

 as the Borrower, 

SUPERIOR ENERGY SERVICES, INC., 

as Parent, 
 JPMORGAN
CHASE BANK, N.A. 
 as Administrative Agent 

and 
 the Lenders Party
Hereto 
  
  

 

 THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT 

THIS THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of
February 10, 2017 to be effective as of the Third Amendment Effective Date (as defined below) by SESI, L.L.C., a limited liability company duly formed and existing under the laws of the State of Delaware (the “Borrower”),
Superior Energy Services, Inc., a corporation duly formed and existing under the laws of the State of Delaware (the “Parent”) each of the undersigned Guarantors (together with the Borrower and Parent, the “Loan
Parties”), each of the undersigned Lenders, JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”) and as an Issuing
Lender, BANK OF AMERICA, N.A., as an Issuing Lender, and CITIBANK, N.A., as a new Issuing Lender (the “New Issuing Lender”). 

R E C I T A L S 
 A. The
Borrower, the Parent, the Administrative Agent, the Lenders and JPMorgan Chase Bank, N.A., and Bank of America, N.A., each as Issuing Lenders (collectively, in such capacities, the “Existing Issuing Lenders”) are parties to that
certain Fourth Amended and Restated Credit Agreement dated as of February 22, 2016 (as amended by the First Amendment to the Fourth Amended and Restated Credit Agreement, dated as of July 13, 2016, and the Second Amendment to the Fourth
Amended and Restated Credit Agreement, dated as of October 25, 2016, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 

B. The Borrower has requested and the Administrative Agent, Existing Issuing Lenders, the New Issuing Lender and Lenders constituting the
Required Lenders have agreed to make certain changes to the Credit Agreement as set forth herein. 
 C. NOW, THEREFORE, to induce the
Administrative Agent, Existing Issuing Lenders, the New Issuing Lender and the Lenders party hereto to enter into this Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Each
capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Amendment. Unless otherwise indicated, all article, exhibit, section and schedule references in this Amendment
refer to articles, exhibits, sections and schedules of the Credit Agreement. 
 Section 2. Amendments to Credit Agreement. 

2.1. New Issuing Lender. 

(a) Issuing Lender. The Borrower has requested that the New Issuing Lender become an Issuing Lender under the Credit Agreement and the
New Issuing Lender agrees to become an Issuing Lender. The Administrative Agent consents to the New Issuing Lender becoming an Issuing Lender. 

(b) L/C Commitments. The Administrative Agent, the Existing Issuing Lenders and the New Issuing Lender consent to the reallocation of
the L/C Commitments pursuant to Section 2.11 hereof. 

 (c) Alternate Currency. The Borrower has requested, and the New Issuing Lender consents
to, the following currencies being designated as Alternate Currencies with respect to Letters of Credit issued by the New Issuing Lender: Australian Dollars, Bahts, Dirhams, Euros, Indian Rupees, Kuwaiti Dinars, New Zealand Dollars, Norwegian
Kroners, Reais, Ringgits, Rupiah, Singapore Dollars, Saudi Riyals and, the lawful currency of the Federal Republic of Nigeria, the Nigerian Niara. 

2.2. Global Amendment. All references in the Credit Agreement to “Issuing Bank” are hereby replaced with “Issuing
Lender.” 
 2.3. Amendments to Section 1.1. 

(a) The following definitions are hereby added where alphabetically appropriate: 

“Additional Lender” has the meaning assigned to such term in Section 2.21(a). 

“Consolidated Cash Balance” means, at any time, (a) the aggregate amount of cash and Cash Equivalents,
marketable securities, treasury bonds and bills, certificates of deposit, investments in money market funds, commercial paper, in each case, held or owned by (either directly or indirectly), credited to the account of or would otherwise be required
to be reflected as an asset on the balance sheet of the Parent and its Subsidiaries (to the extent such amounts are attributable to a U.S. Person) less (b) the sum of, without duplication, (i) any cash or Cash Equivalents used to
pay payroll, payroll taxes, other taxes, employee wage and benefit payments and trust and fiduciary obligations or other obligations of the Parent or any Subsidiary to third parties and for which the Parent or such Subsidiary has issued checks or
has initiated wires or ACH transfers (or will issue checks or initiate wires or ACH transfers within ten (10) days) in order to pay, (ii) other amounts for which the Parent or such Subsidiary has issued checks or has initiated wires or ACH
transfers but have not yet been subtracted from the balance in the relevant account of the Parent or such Subsidiary and (iii) while and to the extent refundable, any cash or Cash Equivalents of the Parent or any Subsidiaries and constituting
purchase price deposits held in escrow pursuant to a binding and enforceable purchase and sale agreement with a third party containing customary provisions regarding the payment and refunding of such deposits, in each case under this clause
(b), only to the extent attributable to a U.S. Person. 
 “Consolidated Cash Balance Threshold” means
$50,000,000. 
 “Incremental Increase” has the meaning assigned to such term in
Section 2.21(a). 
 “Reduced Leverage Date” means the first date on which the Total Leverage
Ratio shall be less than 4.00 to 1.00. 
 “Third Amendment” means that certain Third Amendment to the
Fourth Amended and Restated Credit Agreement, dated as of February 10, 2017 among the Borrower, Parent, the Administrative Agent and the Lenders party thereto. 

  
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 “Third Amendment Effective Date” has the meaning set forth in
the Third Amendment. 
 “Total Leverage Ratio” means the ratio, determined on a Pro Forma Basis, of
(i) the Funded Indebtedness of the Parent and its Subsidiaries determined on a consolidated basis as of the end of the fiscal quarter most recently ended for which financial statements have been delivered pursuant to Section 6.1
(the determination date) to (ii) EBITDA for the four fiscal quarters ending with such determination date. 
 (b) The defined term
“Unrestricted Cash Balance” is hereby deleted. 
 (c) The following defined terms are hereby amended and restated as
follows: 
 “Pro Forma Basis” means, following a Permitted Acquisition, the calculation of the Funded
Indebtedness, Additional Contingent Consideration, Interest Expense and EBITDA components of the Secured Debt Ratio, Consolidated Net Debt Ratio, Total Leverage Ratio and Interest Coverage Ratio for the fiscal quarter in which such Permitted
Acquisition occurred and each of the three fiscal quarters immediately following such Permitted Acquisition with reference to the audited historical financial results of the Person, business, division or group of assets acquired in such Permitted
Acquisition (or if such audited historical financial results are not available, such management prepared financial statements as are acceptable to the Administrative Agent) and the Borrower and its Subsidiaries for the applicable test period after
giving effect on a Pro Forma Basis to such Permitted Acquisition and assuming that such Permitted Acquisition had been consummated at the beginning of such test period. For purposes of calculating EBITDA on a Pro Forma Basis, the Borrower may
exclude expenses reasonably believed by the Borrower will be saved as a result of the Acquisition, but only to the extent consistent with Regulation S-X of the Securities Act of 1933, as amended. 

“EBITDA” means Net Income plus, to the extent deducted in determining Net Income, (a) Interest Expense,
(b) Income Taxes, (c) depreciation and depletion expense, (d) amortization expense, (e) non-cash charges, (f) extraordinary non-cash losses, (g) any costs, expenses and charges relating to severance, cost savings,
operating expense reductions, facilities closing, consolidations, and integration costs, and other restructuring charges or reserves, provided that the aggregate amount included pursuant to this clause (g) shall not exceed $60,000,000 for the
four fiscal quarters most recently ended as of such date of determination, (h) any non-cash losses or charges resulting from any Rate Management Transaction resulting from the requirements of ASC Section 815-10 (as successor to FASB
Statement 133), and (i) any costs, expenses and charges through the fiscal quarter ending September 30, 2017, relating to one-time start-up costs for fleet preparations, including exceptional repairs and maintenance and business wind-down
expenses in an amount up to (i) $25,000,000 for each of the four fiscal quarter periods ending December 31, 2016, March 31, 2017 and June 30, 2017 and (ii) $16,600,000 for the four fiscal quarter period ending
September 30, 2017, minus, to the extent included in determining Net 

  
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Income, extraordinary gains and other non-cash items which would increase Net Income, all calculated on a consolidated basis in accordance with GAAP; provided, however, that following any
Permitted Acquisition by the Borrower or any of its Subsidiaries, calculation of EBITDA for the fiscal quarter in which such Permitted Acquisition occurred and each of the three fiscal quarters immediately following such Permitted Acquisition shall
be made on a Pro Forma Basis. 
 2.4. Amendment to Section 2.3. Section 2.3 is hereby amended by 

(i) making clause (b) thereof the new clause (d) and replacing the first sentence thereof with the following: 

“Amounts to be applied in connection with prepayments made pursuant to Section 2.3(a), Section 2.3(b) and
Section 2.3(c) shall be applied to the repayment of the Loans in accordance with Section 2.11.” ; and 

(ii) adding the following as the new clauses (b) and (c): 

(b) If, at any time, (i) the Borrower has outstanding Loans and (ii) the Consolidated Cash Balance exceeds the
Consolidated Cash Balance Threshold as of the close of business on the most recently ended Business Day, then the Borrower shall, within two Business Days, prepay the Loans in an aggregate principal amount equal to such excess. 

(c) If at any time before the Reduced Leverage Date the aggregate principal amount of Loans outstanding shall exceed an amount
equal to 12.5% of Consolidated Tangible Assets as set forth in the financial statements most recently delivered pursuant to Section 6.1, then the Borrower shall, within two Business Days, prepay the Loans in an aggregate principal amount
equal to such excess. 
 2.5. Amendment to Section 2.7. Section 2.7 is hereby amended by (i) deleting the last word
“and” from clause (c) thereof, (ii) replacing “.” at end of clause (d) thereof with “;” and (iii) adding the following as the new clauses (e) and (f): 

(e) the amount of the Consolidated Cash Balance (without regard to the requested Advance) and the pro forma
amount of the Consolidated Cash Balance (giving effect to the requested Advance); and  
 (f) if prior to the
Reduced Leverage Date, the aggregate principal amount of Loans outstanding (giving effect to the requested Advance) and the amount equal to 12.5% of Consolidated Tangible Assets as set forth in the financial statements most recently delivered
pursuant to Section 6.1. 
 2.6. Amendment to Article II. Article II is hereby amended by adding the following as
Section 2.21: 
 Section 2.21. Increase of Aggregate Commitment. 

  
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 (a) Subject to the conditions set forth in Section 2.21(b), the
Borrower may, on one or more occasions, increase the Aggregate Commitment then in effect (any such increase an “Incremental Increase”) by increasing the Commitment of a Lender or by causing a Person that at such time is not a Lender
to become a Lender and have a Commitment (an “Additional Lender”). 
 (b) Any increase in the Aggregate
Commitment shall be subject to the following additional conditions: 
 (i) such increase shall not be less than $50,000,000
(and increments of $10,000,000 above that minimum) unless the Administrative Agent otherwise consents; provided that the aggregate amount of Incremental Increases since the Third Amendment shall not exceed $100,000,000; 

(ii) as of the effective date of such Incremental Increase, no Default or Event of Default shall have occurred and be
continuing immediately after giving effect to such increase and the representations and warranties of the Borrower and the Guarantors set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects on
and as of the date of such effective date, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date of such increase such representations and warranties shall be true
and correct in all material respects as of such specified earlier date; 
 (iii) no Lender’s Commitment may be
increased without the consent of such Lender; 
 (iv) the Administrative Agent and each Issuing Lender must consent to the
addition of any Additional Lender, in each case, such consent not to be unreasonably withheld or delayed; 
 (v) the
increase shall be on the exact same terms and pursuant to the exact same documentation applicable to this Agreement; 
 (vi)
receipt by the Administrative Agent of (A) board resolutions and officers’ certificates consistent with those delivered on the Closing Date and (B) reaffirmation agreements and/or such amendments to the Collateral Documents, in each
case, as may be reasonably requested by the Administrative Agent in order to ensure that such incremental indebtedness is provided with the benefit of the applicable Loan Documents; 

(vii) after giving effect to the effective date of such increase, the Total Leverage Ratio shall be less than 4.00 to 1.00;
and 
 (viii) on the effective date of such increase, no Eurodollar Advances shall be outstanding or if any Eurodollar
Advances are outstanding, then the effective date of such increase shall be the last day of the Interest Period in respect of such Eurodollar Advance unless the Borrower pays compensation required pursuant to Section 3.3. 

  
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 (c) With the consent of the Lenders providing an Incremental Increase, the
Borrower, and to the extent applicable, the Administrative Agent and the Issuing Lender(s) (and without the consent of any other Lenders), the Loan Documents may be amended or supplemented in a writing (which may be executed and delivered by the
Borrower and the Administrative Agent) substantially in the form of Exhibit E to reflect any changes necessary to give effect to such Incremental Increase and make any Additional Lender a party to this Agreement. 

2.7. Amendment to Section 4.2. Section 4.2 is hereby amended by (i) deleting the proviso in clause (c) thereof in
its entirety, (ii) replacing the reference to “Section 6.18.4” in clause (c) thereof with “Section 4.2(d)” and (ii) adding the following as the new clauses (d) and (e): 

(d) The Consolidated Cash Balance immediately prior to such Advance and the pro forma Consolidated Cash Balance,
immediately after giving effect to such Advance and the use of proceeds thereof, shall not exceed the Consolidated Cash Balance Threshold. 

(e) If prior to the Reduced Leverage Date, the aggregate principal amount of Loans outstanding (after giving effect to such
Advance) shall not exceed an amount equal to 12.5% of Consolidated Tangible Assets as set forth in the financial statements most recently delivered pursuant to Section 6.1. 

2.8. Amendment to Section 6.18.1(b). Section 6.18.1(b) is hereby amended and restated as follows: 

(b) Consolidated Net Debt Ratio. The Parent will not permit the ratio, determined on a Pro Forma Basis (the
“Consolidated Net Debt Ratio”), of (i) the Funded Indebtedness of the Parent and its Subsidiaries, minus Unrestricted Domestic Cash, determined on a consolidated basis as of the end of each fiscal quarter (the determination
date) to (ii) EBITDA for the four fiscal quarters ending with such determination date, to be greater than the figure set forth below: 
  

					
	 Fiscal Quarter End
	  	Maximum Consolidated
Net Debt Ratio	 
	 December 31, 2017
	  	 	7.25 to 1.00	  
	 March 31, 2018
	  	 	6.25 to 1.00	  
	 June 30, 2018
	  	 	6.00 to 1.00	  
	 September 30, 2018
	  	 	5.50 to 1.00	  
	 December 31, 2018 and each fiscal quarter end thereafter
	  	 	5.25 to 1.00	  

 The Consolidated Net Debt Ratio shall not be tested prior to December 31, 2017. 

  
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 2.9. Amendment to Section 6.18.3. Section 6.18.3 is hereby amended and restated
as follows: 
 Minimum Interest Coverage Ratio. The Parent will not permit the ratio, determined on a Pro Forma Basis
(the “Interest Coverage Ratio”), of (a) EBITDA for the four fiscal quarters ending with each fiscal quarter (the determination date) to (b) Interest Expense actually paid in cash during the four fiscal quarters ending with
such determination date, to be less than the figure set forth below: 
  

					
	 Fiscal Quarter End
	  	Interest Coverage Ratio	 
	 September 30, 2017
	  	 	1.10 to 1.00	  
	 December 31, 2017
	  	 	1.50 to 1.00	  
	 March 31, 2018
	  	 	1.75 to 1.00	  
	 June 30, 2018
	  	 	2.00 to 1.00	  
	 September 30, 2018 and each fiscal quarter thereafter
	  	 	2.25 to 1.00	  

 The Minimum Interest Coverage Ratio shall not be tested prior to September 30, 2017. 

2.10. Amendment to Section 6.18.4. Section 6.18.4 is hereby deleted in its entirety. 

2.11. Amendment to Schedules. Schedule 1, Schedule 1A and Schedule 2 are hereby amended and restated to read as set forth on Schedule
1, Schedule 1A and Schedule 2 attached hereto, respectively. 
 2.12. Amendment to Exhibits. Exhibit E attached
hereto is hereby added as an exhibit. 
 Section 3. Conditions Precedent. Upon the date on which each of the following conditions
is satisfied (or waived in accordance with Section 9.12 of the Credit Agreement) (such date, the “Satisfaction Date”), this Amendment shall be deemed effective as of December 31, 2016 (such date, the “Third
Amendment Effective Date”): 
 3.1. Execution and Delivery. The Administrative Agent shall have received from the Loan
Parties, each Existing Issuing Lender, the New Issuing Lender and the Lenders constituting the Required Lenders, counterparts (in such number as may be requested by the Administrative Agent) of this Amendment signed on behalf of such Person. 

3.2. Payment of Expenses. The Administrative Agent and the Lenders shall have received (a) all fees required to be paid on the
Satisfaction Date including, without duplication, an amendment fee for the account of each Lender that delivers and executes its signature page consenting to the Amendment by 5:00 p.m. Houston, Texas time February 9, 2017, in an amount equal to
0.05% in respect of such Lender’s Commitment under the Credit Agreement in effect on the Third Amendment Effective Date after giving effect to Section 2.10 hereof and (b) all other fees and amounts due and payable on or prior
to the Satisfaction Date, including, to the extent invoiced at least one Business Day prior to the Satisfaction Date, reimbursement or payment of all documented out-of-pocket expenses required to be reimbursed or paid by the Borrower under the
Credit Agreement. 

  
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 3.3. No Default or Event of Default. No Default or Event of Default shall have occurred
and be continuing as of the date hereof, after giving effect to the terms of this Amendment. 
 The Administrative Agent is hereby
authorized and directed to declare this Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the
waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 

Section 4. Miscellaneous. 

4.1. Confirmation. The provisions of the Credit Agreement, as amended by this Amendment, shall remain in full force and effect following
the effectiveness of this Amendment. 
 4.2. Ratification and Affirmation; Representations and Warranties. Each Loan Party hereby
(a) acknowledges the terms of this Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document
to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein; and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the
terms of this Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects, except to the extent any such representations and warranties are stated
to relate solely to an earlier date, in which case, such representations and warranties shall have been true and correct in all material respects on and as of such earlier date (provided that such materiality qualifier shall not be
applicable to any representation or warranty that is already qualified or modified by materiality in the Credit Agreement) and (ii) no Default or Event of Default has occurred and is continuing. 

4.3. No Waiver; Loan Document. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the Third Amendment Effective
Date, this Amendment shall for all purposes constitute a Loan Document. 
 4.4. Counterparts. This Amendment may be executed by one or
more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Amendment by facsimile or electronic transmission in portable
document format (.pdf) shall be effective as delivery of a manually executed counterpart hereof. 
 4.5. Release of Claims. Each Loan
Party, by signing below hereby waives and releases each of the Administrative Agent, the Issuing Lenders, the Lenders, their respective Affiliates (including Affiliates which acted as arrangers of and bookrunners for the Credit Agreement) and their
and their Affiliates’ respective directors, officers, employees, attorneys, advisors and consultants from any and all claims, offsets, defenses and counterclaims of any Loan Party arising on or prior to the execution of this Amendment in
connection with any action or inaction by any such Person under or in respect of the Loan Documents or this Amendment, such waiver and releases being with full knowledge and understanding of the circumstances and effect thereof and after having
consulted legal counsel with respect thereto. The Loan Parties acknowledge that none of the Administrative Agent, the Issuing Lenders, the Lenders or their respective Affiliates is acting as a fiduciary for or advisor to the Loan Parties. 

  
 8 

 4.6. NO ORAL AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS
EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. AS OF THE DATE OF THIS AMENDMENT, THERE
ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES. 
 4.7. GOVERNING LAW. THIS AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND
ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 [SIGNATURES BEGIN NEXT
PAGE] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first written above. 
  

							
	BORROWER:	 		 	SESI, L.L.C.
				
		 		 	By:	 	/s/ Robert S. Taylor
		 		 	Name:	 	Robert S. Taylor
		 		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
			
	PARENT:	 		 	SUPERIOR ENERGY SERVICES, INC.
				
		 		 	By:	 	/s/ Robert S. Taylor
		 		 	Name:	 	Robert S. Taylor
		 		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

  

							
	SUBSIDIARY GUARANTORS:	 		 	1105 PETERS ROAD, L.L.C.
		 		 	ALLIANCE ENERGY SERVICE CO. LLC
		 		 	COMPLETE ENERGY SERVICES, INC.
		 		 	H.B. RENTALS, L.C.
		 		 	INTEGRATED PRODUCTION SERVICES, INC.
		 		 	STABIL DRILL SPECIALTIES, L.L.C.
		 		 	SUB-SURFACE TOOLS, L.L.C.
		 		 	SUPERIOR ENERGY SERVICES-NORTH AMERICA SERVICES, INC.
		 		 	TEXAS CES, INC.
		 		 	WARRIOR ENERGY SERVICES CORPORATION
		 		 	WILD WELL CONTROL, INC.
		 		 	WORKSTRINGS INTERNATIONAL, L.L.C.
				
		 		 	By:	 	/s/ Robert S. Taylor
		 		 	Name:	 	Robert S. Taylor
		 		 	Title:	 	Vice President and Treasurer
			
		 		 	MONUMENT WELL SERVICE CO.
		 		 	PUMPCO ENERGY SERVICES, INC.
				
		 		 	By:	 	/s/ Robert S. Taylor
		 		 	Name:	 	Robert S. Taylor
		 		 	Title:	 	Vice President, Treasurer and Assistant Secretary
			
		 		 	SUPERIOR ENERGY SERVICES, L.L.C.
				
		 		 	By:	 	/s. Robert S. Taylor
		 		 	Name:	 	Robert S. Taylor
		 		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

 Signature Page to Third Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	ADMINISTRATIVE AGENT, ISSUING LENDER AND LENDER:	 		 	JPMORGAN CHASE BANK, N.A.
				
		 		 	By:	 	/s/ Darren Vanek
		 		 	Name:	 	Darren Vanek
		 		 	Title:	 	Authorized Signatory

 Signature Page to Third Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	ISSUING LENDER AND LENDER:	 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	/s/ Tyler Ellis
		 		 	Name:	 	Tyler Ellis
		 		 	Title:	 	Director

 Signature Page to Third Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	LENDER:	 		 	WELLS FARGO BANK, N.A.
				
		 		 	By:	 	 /s/ Timoth P. Gebauer

		 		 	Name:	 	Timothy P. Gebauer
		 		 	Title:	 	Director

 Signature Page to Third Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	LENDER:	 		 	CAPITAL ONE, NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/ Matthew Molero

		 		 	Name:	 	Matthew Molero
		 		 	Title:	 	Senior Vice President

 Signature Page to Third Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	LENDER:	 		 	WHITNEY BANK
				
		 		 	By:	 	 /s/ Hollie L. Ericksen

		 		 	Name:	 	Hollie L. Ericksen
		 		 	Title:	 	Senior Vice President

 Signature Page to Third Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	LENDER:	 		 	ROYAL BANK OF CANADA
				
		 		 	By:	 	 /s/ Jay T. Sartain

		 		 	 Name:
	 	Jay T. Sartain
		 		 	Title:	 	Authorized Signatory

 Signature Page to Third Amendment to 

Fourth Amended and Restated Credit Agreement 

							
	LENDER:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	 /s/ Mark Sparrow

		 		 	Name:	 	Mark Sparrow
		 		 	Title:	 	Director

 Signature Page to Third Amendment to 

Fourth Amended and Restated Credit Agreement 

  

							
	ISSUING LENDER AND LENDER:	 		 	CITIBANK, N.A.
				
		 		 	By:	 	 /s/ Peter T. Baumann

		 		 	Name:	 	Peter T. Baumann
		 		 	Title:	 	Managing Director

 Signature Page to Third Amendment to 

Fourth Amended and Restated Credit Agreement 

 SCHEDULE 1 

COMMITMENT AMOUNTS OF THE LENDERS 
  

									
	 Name of Lender
	  	Commitments	 	  	Total Pro Rata
Share	 
	 JPMorgan Chase Bank, N.A.
	  	$	63,900,000	  	  	 	21.3	% 
	 Wells Fargo Bank, N.A.
	  	$	54,300,000	  	  	 	18.1	% 
	 Bank of America, N.A.
	  	$	41,400,000	  	  	 	13.8	% 
	 Capital One, National Association
	  	$	31,800,000	  	  	 	10.6	% 
	 Whitney Bank
	  	$	29,400,000	  	  	 	9.8	% 
	 Royal Bank of Canada
	  	$	29,100,000	  	  	 	9.7	% 
	 The Bank of Nova Scotia
	  	$	27,000,000	  	  	 	9.0	% 
	 Citibank, N.A.
	  	$	23,100,000	  	  	 	7.7	% 
	 Aggregate Commitment
	  	$	300,000,000.00	  	  	 	100.000000000	% 

  

  
 Schedule 1 

 SCHEDULE 1A 

L/C COMMITMENT AMOUNTS OF THE ISSUING LENDERS 
  

					
	 Name of Issuing Lender
	  	L/C Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	50,000,000.00	  
	 Bank of America, N.A.
	  	$	40,000,000.00	  
	 Citibank, N.A.
	  	$	10,000,000.00	  
	 Aggregate L/C Commitments
	  	$	100,000,000.00	  

  

  
 Schedule 1 

 SCHEDULE 2 

PRICING SCHEDULE 
 (a) For any day
from the Third Amendment Effective Date (as defined in the Third Amendment) and for each fiscal quarter during which the Total Leverage Ratio as of the last day of such fiscal quarter is equal to or greater than 4.00 to 1.00, the Pricing Schedule is
as follows: 
  

																			
	 Category
	  	Corporate Rating
(S&P/Moody’s)	  	Applicable
Margin for
Eurodollar
Loans	 	 	Applicable
Margin for
Alternate Base
Rate Loans	 	 	Commitment
Fee Rate	 	 	Letter of
Credit Fee
Rate	 
	 1
	  	BBB-/Baa3	  	 	2.75	% 	 	 	1.75	% 	 	 	0.50	% 	 	 	2.50	% 
	 2
	  	BB+/Ba1	  	 	3.00	% 	 	 	2.00	% 	 	 	0.50	% 	 	 	2.75	% 
	 3
	  	BB/Ba2	  	 	3.50	% 	 	 	2.50	% 	 	 	0.50	% 	 	 	3.25	% 
	 4
	  	BB-/Ba3	  	 	3.75	% 	 	 	2.75	% 	 	 	0.50	% 	 	 	3.50	% 

 (b) For any fiscal quarter during which the Total Leverage Ratio as of the last day of such fiscal quarter is
less than 4.00 to 1.00, the Pricing Schedule is as follows: 
  

																			
	 Category
	  	Corporate Rating
(S&P/Moody’s)	  	Applicable
Margin for
Eurodollar
Loans	 	 	Applicable
Margin for
Alternate Base
Rate Loans	 	 	Commitment
Fee Rate	 	 	Letter of
Credit Fee
Rate	 
	 1
	  	BBB-/Baa3	  	 	2.25	% 	 	 	1.25	% 	 	 	0.50	% 	 	 	2.25	% 
	 2
	  	BB+/Ba1	  	 	2.50	% 	 	 	1.50	% 	 	 	0.50	% 	 	 	2.50	% 
	 3
	  	BB/Ba2	  	 	3.00	% 	 	 	2.00	% 	 	 	0.50	% 	 	 	3.00	% 
	 4
	  	BB-/Ba3	  	 	3.25	% 	 	 	2.25	% 	 	 	0.50	% 	 	 	3.25	% 

 The Pricing Schedule on any day will be based on the highest Corporate Rating. If S&P or Moody’s does not have a
Corporate Rating in effect, then such rating agency not having a Corporate Rating in effect shall be deemed to have established a Corporate Rating in Category 4. If the Corporate Ratings established or deemed to have been established fall within
different Categories, the Pricing Schedule shall be based on the higher of the Corporate Ratings, unless one of the Corporate Ratings is two or more Categories lower than the other, in which case the Pricing Schedule shall be determined by reference
to the Category next below that of the higher of the Corporate Ratings. Each change in the Pricing Schedule (other than as a result of a change in the rating system of such rating agency) shall be effective as of the date on which a Corporate Rating
change is first publically announced by the applicable rating agency, and such change shall apply during the period commencing on the effective date of such change and end on the date immediately preceding the effective date of the next such change.

  

  
 Schedule 5 - 1 

 EXHIBIT E 

[FORM OF] INCREMENTAL INCREASE AGREEMENT 

THIS INCREMENTAL INCREASE AGREEMENT (this “Agreement”) dated as of
[            ], is between [Insert name of Increasing Lender1] (the “Increasing Lender”), SESI, L.L.C., a
Delaware limited liability company (“Borrower”), Superior Energy Services, Inc. (“Parent”) [and][,] JPMorgan Chase Bank, National Association, as administrative agent (in such capacity, the “Administrative
Agent”) [and JPMorgan Chase Bank, National Association and Bank of America, N.A., each as an Issuing Lender (collectively, “Issuing Lenders”)]. Unless otherwise defined herein, each capitalized term used herein has the
meaning assigned to it in the Credit Agreement.  
 R E C I T A L S 

A. Reference is made to the Fourth Amended and Restated Credit Agreement dated as of February 22, 2016 (as the same may be amended,
supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Parent, the Administrative Agent, the Issuing Lenders and each lender and other party from time to time party thereto.

 B. Pursuant to Section 2.21 of the Credit Agreement, the Borrower has requested that the Aggregate Commitment be increased to
$[•] by increasing the Increasing Lender’s Commitment by $[•]2 (the “New Commitment”) to $[•], which will be available on the Effective Date (as defined
below). 
 C. The Increasing Lender is willing to increase its Commitment to the amount set forth opposite the Increasing Lender’s name
on Annex A hereto. 
 D. Each of the Administrative Agent and Issuing Lender(s) is willing to consent to the increase in the
Commitment of the Increasing Lender. 
 E. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1.01 Commitment Increase. 

(a) Attached hereto as Annex A is a new Schedule 1 to the Credit Agreement which amends and restates the existing Schedule 1 to
the Credit Agreement. 
 (b) Pursuant to Section 2.21(b) of the Credit Agreement, on the Effective Date, the New Commitment (and
any Loans and L/C Exposure in connection with such New Commitment) shall automatically and without further action by any Person constitute Commitments and Aggregate Exposure of the Increasing Lender which shall be governed on the exact same terms
and documentation applicable to the Credit Agreement and the other Loan Documents. 
 Section 1.02 Representations and Warranties;
Agreements. The Increasing Lender hereby: (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated
hereby, (ii) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements 
  

 
  

	1 	Update as necessary if more than one lender is coming in as an Increasing Lender. 

	2 	 Shall not be less than $[50,000,000]. 

  
 Exhibit E 

 
delivered thereunder, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to increase its
Commitment, on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender; and (b) agrees that (i) it will, independently and without reliance on the
Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it
will perform in accordance with the terms of the Credit Agreement, all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 

Section 1.03 Effectiveness. This Agreement shall become effective only upon the satisfaction of the following conditions precedent
(the date of such satisfaction of the following conditions being referred to herein as the “Effective Date”): 
 (a) The
Borrower, the Administrative Agent[, each Issuing Lender] and the Increasing Lender[s] shall have executed and delivered counterparts of this Agreement. 

(b) The New Commitment shall not be for an amount less than $[50,000,000] (and increments of $10,000,000 above that minimum) unless the
Administrative Agent otherwise consents and, after giving effect to the New Commitment provided in this Agreement, the aggregate amount of Incremental Increases shall not exceed $100,000,000. 

(c) Prior to and after giving effect to the matters contemplated by this Agreement, as of the Effective Date, no Default or Event of Default
shall have occurred and be continuing. 
 (d) The Administrative Agent shall have received a certificate from an Authorized Officer of the
Borrower certifying as to the matters set forth in Section 1.03(b), Section 1.03(g) and Section 1.04 of this Agreement. 

(e) The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower (i) setting forth resolutions of
its board of directors or other appropriate governing body with respect to the authorization of the Borrower to execute and deliver this Agreement and (ii) otherwise substantially in the form of the certificate delivered on the Closing Date
pursuant to Section 6.01(c) of the Credit Agreement, with appropriate insertions and attachments referenced in such section, and if no amendments or other modifications have been made to the attachments and documents included in such
certificate since the Closing Date, certification by such Responsible Officer that no changes have occurred in any such documents, as applicable. 

(f) [The administrative agent shall have received reaffirmation agreements and/or such amendments to the Security Instruments as may be
reasonably requested by the Administrative Agent in order to ensure that such incremental Indebtedness is provided with the benefit of the applicable Loan Documents.] 

(g) As of the effective date, after giving effect to the New Commitments, the Total Leverage Ratio shall be less than 4.00 to 1.00. 

(h) Unless the Borrower pays any required compensation pursuant to Section 3.3 of the Credit Agreement, no Eurodollar Advances
shall be outstanding as of the Effective Date, or if any Eurodollar Advances are outstanding, then the Effective Date shall have occurred on the last day of the Interest Period in respect of such Eurodollar Advances. 

  
 Exhibit E 

 The Administrative Agent shall notify the Borrower and the Increasing Lender of the Effective
Date, and such notice shall be conclusive and binding. 
 Section 1.04 Representations and Warranties. Prior to and after giving
effect to the matters contemplated by this Agreement, the representations and warranties of the Borrower and the Guarantors set forth in the Credit Agreement and in the other Loan Documents are true and correct in all material respects on and as of
the date of the Effective date, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date of such increase such representations and warranties shall be true and
correct in all material respects as of such specified earlier date. 
 Section 1.05 Counterparts. This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page
of this Agreement by facsimile or other electronic image scan transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 1.06 Governing Law; Submission to Jurisdiction. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

(b) ARTICLE XV OF THE CREDIT AGREEMENT (CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL) IS HEREBY INCORPORATED HEREIN BY
REFERENCE AND SHALL APPLY TO THIS AGREEMENT MUTATIS MUTANDIS. 
 Section 1.07 Severability. Any
provision in this Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or
the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable. 

Section 1.08 Notices. All communications and notices hereunder shall be in writing and given as provided in Section 13.1 of
the Credit Agreement. 
 Section 1.09 Effect of Agreement. The provisions of the Credit Agreement, as amended by this Agreement,
shall remain in full force and effect following the Effective Date. On and after the Effective Date, this Agreement shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents. On and after the Effective
Date, the terms “Agreement”, “this Agreement”, “herein”, “hereinafter”, “hereto”, “hereof”, and words of similar import, as used in the Credit Agreement, shall, unless the context otherwise
requires, mean the Credit Agreement, as amended by this Agreement. 
 [Signature page follows] 

 

  
 Exhibit E 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first
written above. 
  

							
		 		 	SESI, L.L.C.
			
		 		 	By:                                   
                                         
                               
		 		 	Name:
		 		 	Title:
			
		 		 	SUPERIOR ENERGY SERVICES, INC.
			
		 		 	By:                                   
                                         
                               
		 		 	Name:
		 	                                	 	Title:
			
	Administrative Agent:	 		 	JPMORGAN CHASE BANK, N.A.
			
		 		 	By:                                   
                                         
                               
		 		 	Name:
		 		 	Title:
			
	Increasing Lender:	 		 	[                                    
]
			
		 		 	By:                                   
                                         
                               
		 		 	Name:
		 		 	Title:
			
	Issuing Lender:	 		 	[                                    
]
			
		 		 	By:                                   
                                         
                               
		 		 	Name:
		 		 	Title:

  
 Exhibit E 

 ANNEX A 

SCHEDULE 1 
 COMMITMENT AMOUNTS OF
THE LENDERS 
  

									
	 Name of Lender
	  	Commitments	 	  	Total Pro Rata Share	 
	 [            ]
	  	$	[            	] 	  	 	[            	]% 
	 [            ]
	  	$	[            	] 	  	 	[            	]% 
	 [            ]
	  	$	[            	] 	  	 	[            	]% 
	 [            ]
	  	$	[            	] 	  	 	[            	]% 
	 [            ]
	  	$	[            	] 	  	 	[            	]% 
	 [            ]
	  	$	[            	] 	  	 	[            	]% 
	 [            ]
	  	$	[            	] 	  	 	[            	]% 
	 [            ]
	  	$	[            	] 	  	 	[            	]% 
	 Aggregate Commitment
	  	$	[            	] 	  	 	100	% 

  

  
 Exhibit ELOAN AGREEMENT

 

THIS LOAN AGREEMENT
(this “Agreement”), is made as of the 7th day of February, 2017, by and between KRIEGER ENTERPRISES, LLC (the “Borrower”),
and ASPIRITY FINANCIAL, LLC (the “Lender”).

 

W
I T N E S S E T H :

 

WHEREAS, the
Borrower has requested the Lender to extend a loan in the original principal amount of One Million and 00/100 Dollars ($1,000,000.00)
to provide working capital for Borrower; and

 

WHEREAS, the
Lender is willing and prepared to extend such a loan to the Borrower upon the terms and subject to the conditions hereinafter
set forth.

 

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

 

	1.	LOAN.
                                         On the date hereof, the Lender has made a loan to the Borrower in the original principal
                                         amount of One Million and 00/100 Dollars ($1,000,000.00) (the “Loan”). 

 

	2.	NOTE.
                                         The obligation of the Borrower to repay the Loan is evidenced by that certain Promissory
                                         Note of even date herewith executed by the Borrower in the original principal amount
                                         of One Million and 00/100 Dollars ($1,000,000.00) and payable to the order of the Lender
                                         (the “Note”).

 

	3.	GUARANTY.
                                         As a condition precedent to the making by the Lender of the Loan, Timothy S. Krieger,
                                         an individual (the “Guarantor”), has executed and delivered to the Lender
                                         that certain Personal Guaranty of even date herewith (the “Guaranty”), pursuant
                                         to which the Guarantor has absolutely and unconditionally guaranteed to the Lender the
                                         obligations of the Borrower, as more fully described in the Guaranty.

 

	4.	OTHER
                                         CONDITIONS PRECEDENT. Also as a condition precedent to the making by the Lender of
                                         the Loan, the Lender shall have received all of the following, each in form and substance
                                         satisfactory to the Lender:

 

		A.	Copies
                                         of: (i) the resolutions of the Borrower’s board of governors or members authorizing
                                         the execution, delivery and performance of the this Agreement and the Note (collectively,
                                         the “Borrower Documents”), (ii) the Articles of Organization, Operating Agreement
                                         and Member Control Agreement, if any, of the Borrower, and (iii) the signatures of the
                                         Borrower’s managers authorized to execute and deliver the Borrower Documents and
                                         other instruments, agreements and certificates on the Borrower’s behalf.

 

		B.	A
                                         current Certificate of Good Standing issued by the Secretary of State of the State of
                                         Minnesota with respect to the Borrower.

 

    	 	 	 

    	 	 	 

    

 

		C.	Payment
                                         of all amounts due from Borrower to Lender and delivery of all financial statements due
                                         from Borrower to Lender as of the date hereof pursuant to Amendment No. 3 to the
                                         Term Loan Agreement.

 

		D.	Delivery
                                         to the Lender of the personal financial statements of the Guarantor, dated no earlier
                                         than three months prior to the date hereof.

 

		E.	Such
                                         other documents as the Lender may require in connection with the Loan.

 

	5.	REPRESENTATIONS.
                                         In order to induce the Lender to make the Loan, the Borrower hereby warrants and represents
                                         to the Lender as follows:

 

		A.	Borrower
                                         Existence and Power. The Borrower is a limited liability company duly organized,
                                         validly existing and in good standing under the laws of the State of Minnesota, and has
                                         all requisite power and authority to carry on its business as now conducted and as presently
                                         proposed to be conducted.

 

		B.	Authority
                                         of Borrower. The Borrower has full power and authority to execute and deliver the
                                         Borrower Documents and to incur and perform its obligations hereunder and thereunder;
                                         the execution, delivery and performance by the Borrower of the Borrower Documents will
                                         not violate any provision of the organizational documents of the Borrower or of any law,
                                         rule, regulation or court order or result in the breach of, constitute a default under,
                                         or create or give rise to any lien under, any indenture or other agreement or instrument
                                         to which the Borrower is a party or by which the Borrower or its property may be bound
                                         or affected.

 

		C.	Enforceability
                                         Against the Borrower. Each of the Borrower Documents constitutes the legal, valid
                                         and binding obligation of the Borrower enforceable in accordance with its terms (subject,
                                         as to enforceability, to limitations resulting from bankruptcy, insolvency and other
                                         similar laws affecting creditors’ rights generally).

 

		D.	Financial
                                         Condition. The financial statements of the Borrower and the Guarantor heretofore
                                         furnished to the Lender are complete and correct in all material respects and fairly
                                         present the respective financial condition of the Borrower and the Guarantor at the dates
                                         of such statements. Since the most recent set of financial statements delivered by the
                                         Borrower and the Guarantor to the Lender, there have been no material adverse changes
                                         in the financial condition of the Borrower or the Guarantor.

 

		E.	Litigation.
                                         There is no action, suit or proceeding pending or, to the knowledge of the Borrower,
                                         threatened against or affecting the Borrower, the Guarantor, the Project or any other
                                         properties or assets of the Borrower or the Guarantor which, if adversely determined,
                                         would have a material adverse effect on the condition (financial or otherwise), of the
                                         business, properties or assets of the Borrower or the Guarantor or which would question
                                         the validity of the Borrower Documents, the Guaranty, or any instrument, document or
                                         other agreement related hereto or required hereby (collectively, the “Loan Documents”),
                                         or impair the ability of the Borrower or the Guarantor to perform its or his respective
                                         obligations under the foregoing agreements.

 

    	 	- 2 -	 

    	 	 	 

    

 

		F.	Licenses.
                                         The Borrower possesses adequate licenses, permits, franchises, patents, copyrights, trademarks
                                         and trade names, or rights thereto, to conduct its business substantially as now conducted
                                         and as presently proposed to be conducted.

 

		G.	Default.
                                         Neither the Borrower nor the Guarantor is in default of a material provision under any
                                         agreement, instrument, decree or order to which it or he is a party or by which it or
                                         he or its or his property is bound or affected.

 

		H.	Consents.
                                         No consent, approval, order or authorization of, or registration, declaration or filing
                                         with, or notice to, any governmental authority or any third party is required in connection
                                         with the execution and delivery of the Loan Documents or any of the agreements or instruments
                                         herein mentioned relating to the Loan to which the Borrower or the Guarantor is a party
                                         or the carrying out or performance of any of the transactions required or contemplated
                                         hereby or thereby or, if required, such consent, approval, order or authorization has
                                         been obtained or such registration, declaration or filing has been accomplished or such
                                         notice has been given prior to the date hereof.

 

		I.	Taxes.
                                         The Borrower and the Guarantor have filed all tax returns required to be filed and either
                                         paid all taxes shown thereon to be due, including interest and penalties, which are not
                                         being contested in good faith and by appropriate proceedings, or provided adequate reserves
                                         for payment thereof, and the Borrower has no information or knowledge of any objections
                                         to or claims for additional taxes in respect of federal income or excess profits tax
                                         returns for prior years.

 

		J.	Judgments.
                                         There are no judgments outstanding or docketed against the Borrower or the Guarantor.

 

	6.	[INTENTIONALLY
                                         LEFT BLANK]. 

 

	7.	EVENTS
                                         OF DEFAULT. As used herein, the term “Event of Default” shall mean and
                                         include each or all of the following events:

 

		A.	the
                                         Borrower or the Guarantor shall fail to pay when due any amounts required to be paid
                                         by the Borrower under the Note or any other indebtedness of the Borrower or the Guarantor
                                         to the Lender or any third party (including but not limited to that certain Term Loan
                                         Agreement dated July 1, 2015, as amended between Borrower and Lender), whether any
                                         such indebtedness is now existing or hereafter arises and whether direct or indirect,
                                         due or to become due, absolute or contingent, primary or secondary or joint or joint
                                         and several;

 

		B.	the
                                         Borrower or the Guarantor shall fail to observe or perform any of the other covenants,
                                         conditions or agreements to be observed or performed by it or him under the Loan Documents
                                         or any credit or similar agreement between the Borrower or the Guarantor and the Lender
                                         (including but not limited to that certain Term Loan Agreement dated July 1, 2015,
                                         as amended between Borrower and Lender) for a period of five (5) days after written notice,
                                         specifying such default and requesting that it be remedied, given to such party by the
                                         Lender;

 

    	 	- 3 -	 

    	 	 	 

    

 

		C.	if
                                         the Borrower or the Guarantor files a voluntary petition in bankruptcy or is adjudicated
                                         a bankrupt or insolvent, or files any petition or answer seeking any reorganization,
                                         arrangement, composition, readjustment, liquidation, dissolution or similar relief under
                                         the present or any future federal bankruptcy act or any other present or future applicable
                                         federal, state or other statute or law, makes an assignment for the benefit of creditors,
                                         or seeks or consents to or acquiesces in the appointment of any trustee, receiver or
                                         liquidator of the Borrower or the Guarantor of all or any substantial part of its or
                                         his properties or of the Project;

 

		D.	if
                                         within sixty (60) days after the commencement of any proceeding against the Borrower
                                         or the Guarantor seeking any reorganization, arrangement, readjustment, liquidation,
                                         dissolution or similar relief under the present or any future federal bankruptcy act
                                         or any other present or future applicable federal, state or other statute or law, such
                                         proceeding is not dismissed, or if, within sixty (60) days after the appointment, without
                                         the consent or acquiescence of the Borrower or the Guarantor of any trustee, receiver
                                         or liquidator of the Borrower or the Guarantor of all or any substantial part of its
                                         or his properties or of the Project, such appointment is not vacated or stayed on appeal
                                         or otherwise, or if, within sixty (60) days after the expiration of any such stay, such
                                         appointment is not vacated;

 

		E.	the
                                         Borrower or the Guarantor shall be or become insolvent (whether in the equity or bankruptcy
                                         sense);

 

		F.	the
                                         Guarantor shall die; 

 

		G.	any
                                         representation or warranty made by the Borrower or the Guarantor in the Loan Documents
                                         shall prove to be untrue or misleading in any material respect, or any statement, certificate
                                         or report furnished hereunder or under any of the foregoing documents by or on behalf
                                         of the Borrower or the Guarantor shall prove to be untrue or misleading in any material
                                         respect on the date when the facts set forth and recited therein are stated or certified;
                                         

 

		H.	any
                                         material adverse change shall occur in the condition (financial or otherwise) of the
                                         Borrower or the Guarantor which, in the reasonable opinion of the Lender, increases its
                                         risk with respect to the Note, or the Lender otherwise reasonably and in good faith deems
                                         itself insecure;

 

		I.	final
                                         judgment(s) for the payment of money, individually or in the aggregate, shall be rendered
                                         against the Borrower or the Guarantor in excess of $50,000 individually or in the aggregate
                                         and shall remain undischarged for a period of thirty (30) days during which execution
                                         shall not be effectively stayed; or

 

    	 	- 4 -	 

    	 	 	 

    

 

		J.	any
                                         state or federal tax lien shall be filed against or with respect to the Borrower or the
                                         Guarantor and not satisfied within fifteen (15) days of such filing.

 

Upon
the occurrence of an Event of Default, the Lender may, at its option, exercise any and all of the following rights and remedies
(in addition to any other rights and remedies available to it):

 

		a)	the
                                         Lender may, without notice, declare immediately due and payable all unpaid principal
                                         of and accrued interest on the Note, together with all other sums payable hereunder or
                                         under the Note, and the Note shall thereupon be immediately due and payable without presentment
                                         or other demand, protest, notice of dishonor or any other notice of any kind, all of
                                         which are hereby expressly waived;

 

		b)	the
                                         Lender may exercise all of its rights or remedies under the Loan Documents and applicable
                                         law; or

 

		c)	the
                                         Lender shall have the right, in addition to any other rights provided by law, to enforce
                                         its rights and remedies under the Loan Documents.

 

	8.	NOTICES.
                                         All notices, consents, requests, demands and other communications hereunder shall be
                                         given to or made upon the respective parties hereto at their respective addresses specified
                                         below or, as to any party, at such other address as may be designated by it in a written
                                         notice to the other party. All notices, requests, consents and demands hereunder shall
                                         be effective when personally delivered or duly deposited in the United States mails,
                                         certified or registered, postage prepaid, addressed as aforesaid.

 

IF
TO THE LENDER:

 

Aspirity
Financial, LLC

701
Xenia Avenue South, Suite 475

Minneapolis,
MN 55416

Attention:
Scott C. Lutz and Wiley H. Sharp III

 

IF
TO THE BORROWER:

 

Krieger
Enterprises, LLC

16233
Kenyon Avenue, Suite 210

Lakeville,
MN 55044

Attention:
Timothy S. Krieger

 

	9.	MISCELLANEOUS.

 

		A.	Waivers,
                                         etc. No failure on the part of the Lender to exercise, and no delay in exercising,
                                         any right or remedy hereunder or under applicable law or any document or agreement related
                                         hereto shall operate as a waiver thereof; nor shall any single or partial exercise of
                                         any such right or remedy preclude any other or further exercise thereof or the exercise
                                         of any other right or remedy. The remedies herein provided are cumulative and not exclusive
                                         of any remedies provided by law.

 

    	 	- 5 -	 

    	 	 	 

    

 

		B.	Expenses.
                                         The Borrower shall, upon request, reimburse the Lender for any and all costs and expenses,
                                         including without limitation attorneys’ fees, title fees and recording fees paid
                                         or incurred, if any, by the Lender in connection with (i) the preparation of the Loan
                                         Documents and any other document or agreement related hereto or thereto, and the transactions
                                         contemplated hereby, which amount shall be paid prior to the making of any advance hereunder;
                                         (ii) the closing and consummation of the transactions contemplated hereby; (iii) the
                                         negotiation of any amendments, modifications or extensions to any of the foregoing documents,
                                         instruments or agreements and the preparation of any and all documents necessary or desirable
                                         to effect such amendments, modifications or extensions; (iv) the enforcement by the Lender
                                         during the term hereof or thereafter of any of the rights or remedies of the Lender under
                                         any of the foregoing documents, instruments or agreements under applicable law, whether
                                         or not suit is filed with respect thereto.

 

		C.	Amendments,
                                         etc. The Loan Documents may not be amended or modified, nor may any of their terms
                                         (including without limitation, terms affecting the maturity of or rate of interest on
                                         the Note) be modified or waived, except by written instruments signed by the Lender and
                                         the Borrower.

 

		D.	Successors.
                                         This Agreement shall be binding upon and inure to the benefit of the Borrower and the
                                         Lender and their respective successors and assigns; provided, however, that the Borrower
                                         may not transfer or assign its right to borrow hereunder without the prior written consent
                                         of the Lender.

 

		E.	Offsets.
                                         Nothing in this Agreement shall be deemed a waiver or prohibition of the Lender’s
                                         right of banker’s lien, offset, or counterclaim, which right the Borrower hereby
                                         grants to the Lender.

 

		F.	Counterparts.
                                         This Agreement may be executed in any number of counterparts, all of which taken together
                                         shall constitute one agreement, and any of the parties hereto may execute this Agreement
                                         by signing any such counterpart.

 

		G.	Headings.
                                         The descriptive headings for the several sections of this Agreement are inserted for
                                         convenience only and shall not define or limit any of the terms or provisions hereof.

 

		H.	Governing
                                         Law; Jurisdiction, Venue; Waiver of Jury Trial. This Agreement and the other Loan
                                         Documents shall be governed by and construed in accordance with the substantive laws
                                         (other than conflict laws) of the State of Minnesota. The parties hereto hereby (a) consent
                                         to the personal jurisdiction of the state and federal courts located in the State of
                                         Minnesota in connection with any controversy related to this Agreement and the other
                                         Loan Documents; (b) waive any argument that venue in any such forum is not convenient,
                                         (c) agree that any litigation initiated by the Lender or the Borrower in connection with
                                         this Agreement or the other Loan Documents shall be venued in either a state or federal
                                         court of Minnesota; and (d) agrees that a final judgment in any such suit, action or
                                         proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
                                         the judgment or in any other manner provided by law. THE PARTIES WAIVE ANY RIGHT TO
                                         TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED ON OR PERTAINING TO THIS AGREEMENT OR
                                         THE OTHER LOAN DOCUMENTS.

 

[Signature
Page to Follow]

 

    	 	- 6 -	 

    	 	 	 

    

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	KRIEGER ENTERPRISES, LLC
	 	 	 
	 	By:	/S/
    Timothy S. Krieger
	 	Name:	Timothy
    S. Krieger
	 	Its:	President/CEO
	 	 	 
	 	LENDER:
	 	 
	 	ASPIRITY FINANCIAL, LLC
	 	 	 
	 	By:	/S/
    Wiley H Sharp III
	 	Name:	Wiley
    H. Sharp III
	 	Its:	Chief
    Financial Officer

 

[Signature Page
to Loan Agreement]

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