Document:

Exhibit 10.6

 

NATIONAL ENERGY SERVICES REUNITED CORP.

171 Main Street

Road Town

Tortola 

British Virgin Islands

 

February 9, 2017

 

NESR Holdings Ltd.

171 Main Street

Road Town

Tortola

British Virgin Islands

 

		RE:	Securities Purchase Agreement

 

Ladies and Gentlemen:

 

We are pleased to accept
the offer NESR Holdings Ltd. (the “Subscriber”) has made to purchase an aggregate of 5,750,000 ordinary shares
(the “Shares”) of no par value per share (the “Ordinary Shares”), up to 750,000 of
which Shares are subject to complete or partial forfeiture (the “Forfeiture”) by you if the underwriters of
the initial public offering (the “IPO”) of National Energy Services Reunited Corp., a British Virgin Islands
company (the “Company”), do not fully exercise their over-allotment option (the “Over-allotment Option”).
The terms on which the Company is willing to sell the Shares to the Subscriber, and the Company’s and the Subscriber’s
agreements regarding such Shares, are as follows:

 

1.            Purchase of Shares.
For the aggregate sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving in cash, the
Company hereby sells and issues to the Subscriber, and the Subscriber hereby purchases from the Company, 5,750,000 Shares, of which
750,000 are subject to Forfeiture by the Subscriber, for a purchase price of approximately $0.004348 per Share, on the terms and
subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s execution of this Agreement, the
Company is delivering to the Subscriber certificate(s) registered in the Subscriber’s name representing the Shares, receipt
of which the Subscriber hereby acknowledges.

 

2.            Representations,
Warranties and Agreements.

 

2.1         Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.          No
Government Recommendation or Approval. The Subscriber understands that no United States federal or state agency or similar
agency of any other country has passed upon or made any recommendation or endorsement of the offering of the Shares.

 

     

     

    

 

2.1.2.          No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Subscriber’s memorandum and
articles of association, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law,
statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber
is subject.

 

2.1.3.          Organization
and Authority. The Subscriber is a business company duly incorporated, validly existing and in good standing under the
laws of the British Virgin Islands and possesses all requisite corporate power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

2.1.4           Experience,
Financial Capability and Suitability. The Subscriber is sufficiently experienced in financial and business matters to be capable
of evaluating the merits and risks of this investment and to make an informed decision relating thereto. The Subscriber is aware
its investment in the Company is a speculative investment that has limited liquidity, because there may never be an established
market for the Company’s securities. The Subscriber has the financial capability for making the investment and the investment
is a suitable one for the Subscriber. The Subscriber can, without impairing its financial condition, hold the Shares for an indefinite
period of time and can afford a complete loss of the investment. The Subscriber acknowledges that the Company has urged the Subscriber
to seek independent advice from professional advisors relating to the suitability of an investment in the Company and in connection
with this Agreement, and that the Subscriber has sought and received such independent professional advice with respect to such
investment and this Agreement or, after careful consideration, the Subscriber has determined to waive its right to seek and/or
receive such independent professional advice.

 

2.1.5.          Access
to Information. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions of and receive
answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business
and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information so
obtained.

 

2.1.6.          Private
Offering. The Subscriber represents that it is (a) an “accredited investor” as such term is defined in Rule 501(a)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) or (b) not a “U.S.
Person” as defined in Rule 902 of Regulation S (“Regulation S”) under the Securities Act. The Subscriber
acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “Accredited Investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law or to a non-U.S.
Person under Regulation S. Accordingly, the Shares will be “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act. The Subscriber did not decide to enter into the Agreement as a result of any general solicitation or
general advertising within the meaning of Rule 502 under the Securities Act or as a result of any “directed selling efforts”
within the meaning of Rule 902 under Regulation S.

 

2.1.7           Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and
not for the account or benefit of any U.S. Person, and not with a view towards the distribution thereof and the Subscriber has
no present arrangement to sell the Shares to or through any person or entity. The Subscriber shall not engage in hedging transactions
with regard to the Shares unless in compliance with the Securities Act.

 

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2.1.8.          Restrictions
on Transfer. The Subscriber understands the Shares are being offered in a transaction not involving a public offering within
the meaning of the Securities Act. The Shares have not been registered under the Securities Act, and, if in the future the Subscriber
decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred
only (A) in accordance with the provisions of Regulation S (Rule 901 through 905), (B) pursuant to a registration under the Securities
Act, or (C) pursuant to an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any interest
therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company
an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the
Shares. The Subscriber further acknowledges that because the Company is a shell company and Rule 144 may not be available to the
Subscriber for the resale of the Shares until one year following the consummation of a business combination despite technical compliance
with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.2         Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1           Organization
and Authority. The Company is a business company duly incorporated, validly existing and in good standing under the laws of
the British Virgin Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.2.2.          No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the memorandum and articles of association
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule
or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3.          Title to
Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, (i) the Shares will be duly and validly
issued, fully paid and non-assessable and (ii) the Subscriber will have or receive good title to the Shares, free and clear of
all liens, claims and encumbrances of any kind, other than (a) transfer restrictions hereunder and under the other agreements contemplated
hereby, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to
the actions of the Subscriber.

 

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3.            Forfeiture
of Shares.

 

3.1.        Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not exercised in full, the Subscriber
shall forfeit any and all rights to up to 750,000 Shares (based upon the percentage of the Over-allotment Option not exercised)
such that immediately following such Forfeiture, the Subscriber and all other initial shareholders prior to the IPO (the “Initial
Shareholders”) will own an aggregate number of Ordinary Shares (not including Ordinary Shares issuable upon exercise
of any warrants or any Ordinary Shares purchased by the Initial Shareholders in the IPO or in the aftermarket) equal to 20% of
the issued and outstanding Ordinary Shares of the Company immediately following the IPO.

 

3.2.         Termination
of Rights as Shareholder. If any of the Shares are forfeited by the Subscriber in accordance with this Section 3, then after
such time, the Subscriber (or successor in interest), shall no longer have any rights as a holder of such Shares, and the Company
shall take such action as is appropriate to cancel such Shares which may include by way of the compulsory redemption and cancellation
of such Shares for nil consideration. In addition, the Subscriber hereby irrevocably grants the Company a limited power of attorney
for the purpose of effectuating the foregoing and agrees to take any and all action reasonably requested by the Company necessary
to effect any adjustment in this Section 3 (including any such redemption as is referred to herein above).

 

4.            Waiver of Liquidation
Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement and any other Company
securities purchased on a private placement basis, the Subscriber hereby waives any and all right, title, interest or claim of
any kind in or to any distributions by the Company from the Trust Account (as such term is defined in the Investment Management
Trust Agreement to be entered by and between the Company and the trustee thereunder), in the event of a liquidation of the Company
upon the Company’s failure to timely complete a business combination. For purposes of clarity, in the event any Subscriber
purchases Ordinary Shares in the IPO or in the aftermarket, any additional Ordinary Shares so purchased shall be eligible to receive
their pro rata portion of any liquidating distributions by the Company. However, in no event will the Subscriber have the right
to redeem any Shares, or any Ordinary Shares purchased in the IPO or in the aftermarket, for funds held in the Trust Account upon
the successful completion of a business combination.

 

5.            Restrictions
on Transfer.

 

5.1.        Securities
Law Restrictions. In addition to any restrictions to be contained in the Letter Agreement (as defined in Section 5.4 below),
the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless,
prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws
with respect to the Shares proposed to be transferred shall then be effective or (b) the Company shall have received an opinion
from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt
from registration under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with
all applicable state securities laws.

 

5.2         Restrictive
Legends. All certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

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“THESE SECURITIES (i) HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER
THE SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S
UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATIONS S UNDER THE SECURITIES ACT,
(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO
ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO A LETTER AGREEMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
DURING THE TERM OF THE LETTER AGREEMENT, EXCEPT IN ACCORDANCE WITH THE TERMS THEREOF.”

 

5.3.        Additional
Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of an extraordinary
dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or
a similar transaction affecting the Company’s outstanding capital stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section
3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class
of Shares subject to this Section 5 and Section 3.

 

5.4         Lock-up.
The Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained
in a Letter Agreement between the Subscriber and the Company, to be entered into prior to the date of the preliminary prospectus
in connection with the IPO (the “Letter Agreement”). Pursuant to the Letter Agreement, the Subscriber shall
not sell, transfer, pledge, hypothecate or otherwise dispose of any or all of the Shares until the earlier of one year after the
date of the consummation of the Company’s initial business combination (the “Consummation Date”) and the
date on which the closing price of the Ordinary Shares for any 20 trading days within any 30-trading day period commencing 150
days after the Consummation Date equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations). Notwithstanding the foregoing, the aforesaid restrictions shall lapse if, subsequent to the Consummation
Date, the Company consummates a subsequent (i) liquidation, merger, stock exchange or other similar transaction which results in
all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property
or (ii) consolidation, merger or other change in the majority of the Company’s management team.

 

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5.5         Registration
Rights. The Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after they are registered pursuant to a Registration Rights Agreement
to be entered into with the Company prior to the closing of the IPO (“Registration Rights Agreement”). The Subscriber
is entitled to make such number of demands that the Company registers the Shares pursuant to the terms and restrictions as set
forth in the Registration Rights Agreement.

 

6.            Other
Agreements.

 

6.1.        Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

6.2         No
Obligation as to Employment.         The Company is not by reason of this
Agreement obligated to employ, or continue to employ, the Subscriber or any of its affiliates in any capacity.

 

6.3.        Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth on the first page of this Agreement or to such other address as a party may designate by notice hereunder, and
shall be either (a) delivered by hand, (b) sent by overnight courier, or (c) sent by certified mail, return receipt requested,
postage prepaid. All notices, requests, consents and other communications hereunder shall be deemed to have been given either (i)
if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (ii) if sent
by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iii) if sent
by certified mail, on the (5th) business day following the day such mailing is made.

 

6.4.        Entire
Agreement. This Agreement, together with the Letter Agreement, substantially in the form to be filed as an exhibit to the Company’s
registration statement on Form S-1, embodies the entire agreement and understanding between the Subscriber and the Company with
respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject
matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement
shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

6.5.        Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

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6.6.        Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.7.        Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.8.        Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.9.        Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of the British Virgin Islands for agreements made and to be wholly performed within such country.

 

6.10.      Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.11.      No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

6.12.      Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

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6.13.      No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.14.      Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.15.       Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

7.            Voting and Tender
of Shares. The Subscriber agrees to vote the Shares as well as any Ordinary Shares acquired in the IPO or the aftermarket in
favor of a business combination that the Company negotiates and presents for approval to the Company’s shareholders and shall
not seek redemption with respect to the Shares. Additionally, the Subscriber agrees not to tender any Share in connection with
a tender offer presented to the Company’s shareholders in connection with an initial business combination negotiated by the
Company.

 

8.            Indemnification.
Each party shall indemnify the other and the underwriter of the IPO against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in
this Agreement.

 

[Signature Page Follows]

 

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If the foregoing accurately sets forth our understanding and agreement,
please sign the enclosed copy of this agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	NATIONAL ENERGY SERVICES REUNITED CORP.
	 	 	 
	 	By:	/s/ Sherif Foda
	 	Name:  Sherif Foda
	 	Title:   Director

 

Accepted and agreed this

9th day of February, 2017

 

	NESR Holdings Ltd.	 
	 	 	 
	By:	/s/ Tom Wood	 
	Name:   Tom Wood	 
	Title:   Director	 

 

    	9Exhibit 10.7

 

PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT
WARRANTS PURCHASE AGREEMENT, dated February 9, 2017 (as it may from time to time be amended, this “Agreement”), is
entered into by and between National Energy Services Reunited Corp., a British Virgin Islands company (the “Company”),
and NESR Holdings Ltd., a British Virgin Islands company (the “Purchaser”).

 

The Company intends to
consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of
one ordinary share, of no par value, of the Company (a “Share”), and one warrant. Each warrant entitles the holder
to purchase one-half of one Share at an exercise price of $5.75 per half Share. The Purchaser has agreed to purchase up to an aggregate
of 11,450,000 warrants (the “Initial Private Placement Warrants”), or up to 12,650,000 warrants if the over-allotment
option in connection with the Public Offering is exercised in full (the “Additional Private Placement Warrants” and,
together with the Initial Private Placement Warrants, the “Private Placement Warrants”), at a purchase price of $0.50
per warrant. Each Private Placement Warrant entitles the holder to purchase one-half of one Share at an exercise price of $5.75
per half Share.

 

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

 

AGREEMENT

 

	 	Section 1.	Authorization, Purchase and Sale; Terms of the Private Placement Warrants

 

A.          Authorization
of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement Warrants
to the Purchaser.

 

B.           Purchase
and Sale of the Private Placement Warrants.

 

(i)           As payment in full
for the 11,450,000 Initial Private Placement Warrants being purchased under this Agreement, Purchaser shall pay $5,725,000 (the
“Purchase Price”), by wire transfer of immediately available funds or by such other method as may be reasonably acceptable
to the Company, to the trust account (the “Trust Account”) at a financial institution to be chosen by the Company,
maintained by an independent third party, acting as trustee, or into an escrow
account maintained by Ellenoff Grossman & Schole LLP (“EG&S”), counsel for the Company, at least
one (1) business day prior to the date of effectiveness of the registration statement to be filed in connection with the Public
Offering (the “Registration Statement”).

 

(ii)          In the event that
the over-allotment option is exercised in full or in part, Purchaser shall purchase up to the 1,200,000 Additional Private Placement
Warrants in the same proportion as the amount of the over-allotment option that is exercised, and simultaneously with such purchase
of Additional Private Placement Warrants, as payment in full for the Additional Private Placement Warrants being purchased hereunder,
and at least one (1) business day prior to the closing of all or any portion of the over-allotment option, Purchaser shall pay
$0.50 per Additional Private Placement Warrant, up to an aggregate amount of $600,000, by wire transfer of immediately available
funds or by such other method as may be reasonably acceptable to the Company, to the Trust Account.

 

(iii)         Notwithstanding
anything to the contrary contained in this Agreement, the number of Private Placement Warrants to be purchased hereunder may be
reduced (at the discretion of the Purchaser) by up to 2,000,000 based on the following formula: (a) the amount of the Sponsor Raised
Capital (up to the Maximum Sponsor Raised Capital Amount), (b) multiplied by 1% (the difference between the underwriting discounts
and commissions for gross proceeds received from investors of the underwriters and investors first introduced to the underwriters
by the Purchaser), and (c) divided by $0.50 (the purchase price per Private Placement Warrant).

 

(iv)         The closing of
the purchase and sale of the Initial Private Placement Warrants shall take place simultaneously with the closing of the Public
Offering (the “Initial Closing Date”). The closing of the purchase and sale of the Additional Private Placement Warrants,
if applicable, shall take place simultaneously with the closing of all or any portion of the over-allotment option (such closing
date, together with the Initial Closing Date, each, a “Closing Date”). The closing of the purchase and sale of each
of the Initial Private Placement Warrants and the Additional Private Placement Warrants shall take place at the offices of EG&S,
1345 Avenue of the Americas, New York, New York, 10105, or such other place as may be agreed upon by the parties hereto.

 

     

     

    

 

C.           Terms of the Private Placement Warrants

 

(i)           Each
Private Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant
agent, in connection with the Public Offering (the “Warrant Agreement”).

 

(ii)         At
or prior to the time of the Initial Closing Date, the Company and the Purchaser shall enter into a registration rights agreement
(the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser
relating to the Private Placement Warrants and the Shares underlying the Private Placement Warrants.

   

Section 2.            Representations
and Warranties of the Company. As a material inducement to the Purchaser entering into this Agreement and its purchase
of the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties
shall survive each Closing Date) that:

  

A.         Organization
and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing as a British Virgin
Islands business company and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and
the Warrant Agreement.

 

B.          Authorization;
No Breach. 

 

(i)          The
execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by the Company
as of the Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with
its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability
relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity
or law). Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the
Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms
as of the Closing Dates.

 

(ii)         The
execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private
Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of and compliance
with the respective terms hereof and thereof by the Company, do not and will not as of the Closing Dates (a) conflict with or result
in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien,
security interest, charge or encumbrance upon the Company’s capital stock or assets under, (d) result in a violation of,
or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with,
any court or administrative or governmental body or agency pursuant to, the Memorandum and Articles of Association of the Company
or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to
which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.

 

C.          Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Shares
issuable upon exercise of the Private Placement Warrants will be duly and validly issued, fully paid and non-assessable. Upon issuance
in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good title to
the Private Placement Warrants and the Shares issuable upon exercise of such Private Placement Warrants, free and clear of all
liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements
contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances
imposed due to the actions of the Purchaser.

 

     

     

    

 

D.          Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

 

Section 3.              Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell
the Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations
and warranties shall survive each Closing Date) that:

 

A.         Organization
and Requisite Authority. The Purchaser is a company, validly existing and in good standing under the laws of its jurisdiction
and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

B.         Authorization;
No Breach

 

(i)         This
Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting
creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)         The
execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser
does not and shall not as of the Closing Dates (a) conflict with or result in a breach of the terms, conditions or provisions of,
(b) constitute a default under, (c) result in a violation of, or (d) require any authorization, consent, approval, exemption
or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant
to, the Memorandum and Articles of Association of the Purchaser or any material law, statute, rule or regulation to which the Purchaser
is subject, or any agreement, order, judgment or decree to which the Purchaser is subject, except for any filings required after
the date hereof under federal or state securities laws.

 

C.          Investment
Representations

 

(i)          Pursuant
to Section 1 of this Agreement, the Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement
Warrants, the Shares issuable upon such exercise (collectively, the “Securities”) for the Purchaser’s own account,
for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

(ii)         The
Purchaser is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act
or it is not a “U.S. Person” as defined in Rule 902 of Regulation S under the Securities Act (“Regulation S”).

 

(iii)         The
Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the
registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein
in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)         The
Purchaser decided to enter into this Agreement not as a result of any general solicitation or general advertising within the meaning
of Rule 502(c) under the Securities Act or as a result of any directed selling efforts within the meaning of Rule 902 under Regulation
S.

 

(v)          The
Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the
opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

     

     

    

 

(vi)         The
Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on
or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)        The
Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or
(2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement,
neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands
that the Securities and Exchange Commission (the “SEC”) has taken the position that promoters or affiliates of a blank
check company and their transferees, both before and after an initial business combination, are deemed to be “underwriters”
under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant
to the Securities Act would not be available for resale transactions of the Securities despite technical compliance with the requirements
of such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the
registration requirements of the Securities Act.

   

(viii)       The
Purchaser has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with
investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and
risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial
needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities. The Purchaser can afford a complete loss of its investment in the Securities.

 

Section 4.            Conditions
of the Purchaser’s Obligations. The obligation of the Purchaser to purchase and pay for the Private Placement Warrants
are subject to the fulfillment, on or before the applicable Closing Date, of each of the following conditions:

 

A.         Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at and as
of such Closing Date as though then made.

 

B.         Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before such Closing Date.

 

C.         No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D.         Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Purchaser.

 

Section 5.            Conditions
of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to
the fulfillment, on or before the applicable Closing Date, of each of the following conditions:

 

     

     

    

 

A.         Representations
and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and
as of such Closing Date as though then made.

 

B.         Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before such Closing Date.

 

C.         Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

D.         No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

E.         Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Company.

 

Section 6.            Lockup. The Purchaser acknowledges and agrees that the Securities shall not be transferable, saleable or assignable
until 30 days after the consummation of a business combination, except to permitted transferees (to be defined in the insider letter
and/or Warrant Agreement).

 

Section 7.           Waiver
of Liquidation Distributions. In connection with the Securities purchased pursuant to this Agreement, the Purchaser hereby
waives any and all right, title, interest or claim of any kind in or to any distributions from the Trust Account.

 

Section 8.           Termination. This
Agreement may be terminated at any time after June 30, 2017 upon the election by either the Company or the Purchaser upon written
notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section 9.           Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive the Closing
Dates.  

 

Section 10.        Definitions. Terms
used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the registration statement on
Form S-1 the Company will file with the SEC, under the Securities Act, in connection with the Public Offering.

 

Section 11.         Miscellaneous.

 

A.          Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement,
other than assignment by the Purchaser to affiliates thereof (including, without limitation one or more of its members).

 

B.          Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.           Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement.

 

     

     

    

 

D.          Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E.           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the British Virgin Islands for agreements
made and to be wholly performed within such country. The parties hereto hereby waive any right to a jury trial in connection with
any litigation pursuant to this Agreement and the transactions contemplated hereby.

 

F.           Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by
all parties hereto.

 

[Signature page follows]

  

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	NATIONAL ENERGY SERVICES REUNITED CORP.
	 	 	 
	 	By:	 /s/ Sherif Foda  
	 	 	Name:  Sherif Foda
	 	 	Title:  Director

 

	 	PURCHASER:
	 	 
	 	NESR HOLDINGS LTD.
	 	 
	 	By:	/s/ Tom Wood
	 	 	Name:  Tom Wood
	 	 	Title:  Director
	 	 	 
	 	16051 Collins Ave Unit 3004 N
	 	Sunny Isles Beach, FL 33160
	 	Address:

 

[Signature Page to Private Placement Warrants
Purchase Agreement]

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