Document:

EX-10.15

 Exhibit 10.15 

EXCHANGE AGREEMENT 
 MEMORANDUM OF
AGREEMENT effective as of the 20th day of December, 2012. 
 BETWEEN: 

NCS ENERGY HOLDINGS, LLC 
 a
Delaware limited liability company 
 (“NCS US”) 

- and - 
 NCS OILFIELD SERVICES
CANADA, INC. 
 a corporation amalgamated pursuant to the laws of Alberta 

(“Exchangeco”) 
 -
and - 
 CEMBLEND SYSTEMS INC. 

a corporation incorporated pursuant to the laws of Alberta 

(“Shareholder”) 

- and - 
 PIONEER SUPER
HOLDINGS, INC. 
 a corporation incorporated pursuant to the laws of Delaware 

(“Pioneer”) 
 WHEREAS
pursuant to a stock redemption and purchase agreement (the “Purchase Agreement”) effective as of January 1, 2011 between Exchangeco, NCS US, NCS Energy Services, Inc., a Texas corporation, each of the shareholders of NCS Energy
Services, Inc., Cemblend. and each of the shareholders of Cemblend, Exchangeco issued exchangeable shares (the “Exchangeable Shares”) to Cemblend where such Exchangeable Shares were exchangeable, under certain circumstances, for
Common Units of NCS US; 
 AND WHEREAS the articles of amalgamation of Exchangeco set forth the rights, privileges, restrictions and conditions
(collectively, the “Exchangeable Share Provisions”) attaching to the Exchangeable Shares; 
 AND WHEREAS Cemblend is currently the
sole holder of Exchangeable Shares; 
 AND WHEREAS Pioneer is the indirect beneficial owner of all of the issued and outstanding voting common shares
of Exchangeco; 
 AND WHEREAS NCS US and Exchangeco executed a support agreement dated January 1, 2011 (the “Original Support
Agreement”) and a exchange agreement dated January 1, 2011 (the “Original Exchange Agreement”); 
 AND WHEREAS
pursuant to the terms of a exchangeable shares exchange agreement (the “Rights Exchange Agreement”) dated as of December 20, 2012, as amended from time to time, 

 
by and among Exchangeco and Cemblend, among others, the Exchangeable Shares were exchanged for Class A exchangeable shares (the “Class A Exchangeable
Shares”) in the capital of Exchangeco, which Class A Exchangeable Shares are exchangeable, under certain circumstances, for Common Shares of Pioneer (the “Exchangeable Shares Exchange”);  

AND WHEREAS pursuant to the Rights Exchange Agreement, NCS US, Pioneer, Exchangeco and Cemblend have agreed to terminate each of the Original Support
Agreement and Original Exchange Agreement and to enter into a new Support Agreement and a new Exchange Agreement in order to account for the Exchangeable Shares Exchange; 

AND WHEREAS an existing or future Affiliate of Pioneer (“Pioneer Affiliate”) may exercise the Retraction Call Right, the Redemption
Call Right or the Liquidation Call Right; 
 NOW THEREFORE in consideration of the premises and mutual agreements and covenants herein contained (the
receipt and adequacy of which consideration as to each of the parties hereto are hereby mutually acknowledged), the parties hereto hereby covenant and agree as follows: 

ARTICLE 1 
 DEFINITIONS
AND INTERPRETATION 
  

	1.1	Defined Terms 

 All capitalized terms used in this Agreement shall, unless otherwise defined herein, have
the meanings given to them in the Exchangeable Share Provisions, as the case may be. In addition, the following terms shall have the following meanings: 
  

	 	(a)	“Automatic Exchange Right” means the benefit of the obligation of Pioneer to effect the automatic exchange of Class A Exchangeable Shares for Pioneer Common Shares pursuant to Section 2.10;

  

	 	(b)	“Insolvency Exchange Right” has the meaning ascribed thereto in Section 2.1 hereof. 

  

	 	(c)	“Insolvency Event” means the institution by Exchangeco of any proceeding to be adjudicated a bankrupt or insolvent or to be dissolved or wound up, or the consent of Exchangeco to the institution of
bankruptcy, insolvency, dissolution or winding up proceedings against it, or the filing of a petition, answer or consent seeking dissolution or winding up under any bankruptcy, insolvency or analogous laws, including without limitation the
Companies Creditors’ Arrangement Act (Canada) and the Bankruptcy and Insolvency Act (Canada), and the failure by Exchangeco to contest in good faith any such proceedings commenced in respect of Exchangeco within 15 days of
becoming aware thereof, or the consent by Exchangeco to the filing of any such petition or to the appointment of a receiver, or the making by Exchangeco of a general assignment for the benefit of creditors, or the admission in writing by Exchangeco
of its inability to pay its debts generally as they become due, or Exchangeco not being permitted, pursuant to solvency requirements of applicable law, to redeem any Retracted Shares pursuant to Section 6.6 of the Exchangeable Share Provisions.

  
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	 	(d)	“Liquidation Event” has the meaning ascribed thereto in Section 2.10 hereof. 

  

	 	(e)	“Purchase Price” has the meaning given in Section 2.1 hereof. 

  

	 	(f)	“Special Voting Share” means the share of preferred stock of Pioneer, having a par value of $0.01 per share, designated in the Amended and Restated Charter of Pioneer as the “Special Voting
Share”, which entitles the holder of record to a number of votes at meetings of shareholders holding of Pioneer Common Shares equal to the number of Class A Exchangeable Shares outstanding from time to time (other than Class A
Exchangeable Shares held by Pioneer and its Affiliates) multiplied by the Exchange Ratio, which unit is to be issued to the Shareholder. 

  

	 	(g)	“Voting Rights” means the voting rights attached to the Special Voting Share. 

  

	1.2	Interpretation not Affected by Headings, etc. 

 The division of this Agreement into articles, sections
and paragraphs and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. 
  

	1.3	Number, Gender, etc. 

 Words importing the singular number only shall include the plural and vice versa.
Words importing the use of any gender shall include all genders. 
  

	1.4	Date for any Action 

 In the event that any date on or by which any action is required or permitted to be
taken under this Agreement is not a Business Day, such action shall be required or permitted to be taken on or by the next succeeding Business Day. 

ARTICLE 2 
 EXCHANGE
RIGHT AND AUTOMATIC EXCHANGE 
  

	2.1	Grant and Ownership of the Exchange Right 

  

	 	(a)	In consideration for the payment of Cdn$100 by the Shareholder to Pioneer (the “Purchase Price”), Pioneer hereby grants to the Shareholder, subject to the provisions of applicable law, the right (the
“Insolvency Exchange Right”), upon the occurrence and during the continuance of an Insolvency Event, to require Pioneer to purchase from the Shareholder all but not less than all of the Class A Exchangeable Shares held by the
Shareholder and hereby grants to the Shareholder the Automatic Exchange Right, all in accordance with the provisions of this Agreement. 

  

	 	(b)	 If at any time in the future any taxing authority or court of competent jurisdiction makes a determination (to
which the parties acquiesce or from which there is no further right to object or appeal) that the aggregate fair market value of the 

  
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Insolvency Exchange Rights and Automatic Exchange Rights conferred hereunder as of date of this Agreement is an amount other than the Purchase Price, then the Purchase Price for such rights shall
be the fair market value thereof as finally determined and the parties shall take whatever steps as may be necessary or desirable to reflect such adjustment, including, without limitation, the payments of funds; provided, however, that any such
steps, including the payment of funds, will only be made upon the agreement of all involved parties. 

  

	2.2	Legended Share Certificates 

 Exchangeco will cause each certificate representing Class A
Exchangeable Shares to bear an appropriate legend notifying the Shareholder of: 
  

	 	(a)	its right with respect to the exercise of the Insolvency Exchange Right in respect of the Class A Exchangeable Shares held by the Shareholder; and 

 

	 	(b)	the Automatic Exchange Right. 

  

	2.3	Purchase Price of Class A Exchangeable Shares 

 The purchase price payable by Pioneer for each
Class A Exchangeable Share to be purchased by Pioneer under the Insolvency Exchange Right shall be an amount per share equal to (a) the Current Market Price of an Pioneer Common Share on the last Business Day prior to the day of closing of
the purchase and sale of such Class A Exchangeable Share under the Insolvency Exchange Right multiplied by the Exchange Ratio, which shall be satisfied in full by Pioneer issuing to such holder that number of Pioneer Common Shares equal to the
Exchange Ratio, plus (b) to the extent not paid by Exchangeco, an additional amount equivalent to the full amount of all dividends declared and unpaid on each such Class A Exchangeable Share held by such holder on any dividend record date
which occurred prior to the closing of the purchase and sale (the “Dividend Amount”). The purchase price for each such Class A Exchangeable Share so purchased may be satisfied only by Pioneer issuing that number of Pioneer
Common Shares equal to the Exchange Ratio and on the applicable payment date a cheque representing the Dividend Amount, less any amounts withheld pursuant to Section 6.1 hereof 

 

	2.4	Exercise Instructions 

 Subject to the terms and conditions herein set forth, the Shareholder shall be
entitled, upon the occurrence and during the continuance of an Insolvency Event, to exercise the Insolvency Exchange Right with respect to all or any part of the Class A Exchangeable Shares registered in the name of the Shareholder on the books
of Exchangeco. To exercise the Insolvency Exchange Right, the Shareholder shall deliver to Pioneer, in person or by certified or registered mail, the certificates representing the Class A Exchangeable Shares which the Shareholder desires
Pioneer to purchase under the Insolvency Exchange Right, duly endorsed in blank, and accompanied by such other documents and instruments as may be required to effect a transfer of Class A Exchangeable Shares under the Business Corporations
Act (Alberta) and the by-laws of Exchangeco, the Shareholder Documentation and such additional documents and instruments as Pioneer may reasonably require together with (a) a duly completed form of
notice of exercise of the Insolvency Exchange Right, contained on the reverse of or attached to the Class A 

  
 - 4 - 

 
Exchangeable Share certificates, stating (i) that the Shareholder thereby exercises the Insolvency Exchange Right so as to require Pioneer to purchase from the Shareholder the Class A
Exchangeable Shares specified therein, (ii) that the Shareholder has good title to and owns all such Class A Exchangeable Shares to be acquired by Pioneer free and clear of all liens, claims and encumbrances, and (iii) the names in
which the Pioneer Common Shares issuable in connection with the exercise of the Insolvency Exchange Right and cheques for the balance of the purchase price, if any, are to be issued, and (b) payment (or evidence satisfactory to Exchangeco and
Pioneer of payment) of the taxes (if any) payable as contemplated by section 2.7 of this Agreement. 
  

	2.5	Deliveries; Effect of Exercise 

 Promptly after receipt of the certificates representing the Class A
Exchangeable Shares which the Shareholder desires Pioneer to purchase under the Insolvency Exchange Right, together with such documents and instruments of transfer and a duly completed form of notice of exercise of the Insolvency Exchange Right (and
payment of taxes contemplated under Section 2.7, if any, or evidence thereof), duly endorsed for transfer to Pioneer, Pioneer shall issue forthwith the number of Pioneer Common Shares issuable in connection with the exercise of the Insolvency
Exchange Right, and a wire transfer for the balance, if any, of the total purchase price therefor. Immediately upon the exercise of the Insolvency Exchange Right, as provided in this Section 2.5, the closing of the transaction of purchase and
sale contemplated by the Insolvency Exchange Right shall be deemed to have occurred, and the holder of such Class A Exchangeable Shares shall be deemed to have transferred to Pioneer all of its right, title and interest in and to such
Class A Exchangeable Shares and shall cease to be a holder of such Class A Exchangeable Shares and shall not be entitled to exercise any of the rights of a holder in respect thereof, other than the right to receive its proportionate part
of the total purchase price therefor, unless the number of Pioneer Common Shares (together with a cheque for the balance, if any, of the total purchase price therefor) is not issued by Pioneer to the Shareholder (or to such other persons, if any,
properly designated by the Shareholder), within five Business Days of the date of exercise, in which case the rights of the Shareholder shall remain unaffected until such Pioneer Common Shares are so issued by Pioneer and any such cheque is so
delivered and paid. 
  

	2.6	Exercise of Insolvency Exchange Right Subsequent to Retraction 

 In the event that the Shareholder has
exercised its right under Article 6 of the Exchangeable Share Provisions to require Exchangeco to redeem any or all of the Class A Exchangeable Shares held by the Shareholder (the “Retracted Shares”) and is notified by
Exchangeco pursuant to Section 6.6 of the Exchangeable Share Provisions that Exchangeco will not be permitted as a result of solvency requirements of applicable law to redeem all such Retracted Shares, and provided that Pioneer Affiliate shall
not have exercised the Retraction Call Right with respect to the Retracted Shares and that the Shareholder has not revoked the retraction request delivered by the Shareholder to Exchangeco pursuant to Section 6.1 of the Exchangeable Share
Provisions, the retraction request will constitute and will be deemed to constitute the exercise of the Insolvency Exchange Right with respect to those Retracted Shares which Exchangeco is unable to redeem. In any such event, Exchangeco hereby
agrees with the Shareholder to notify Pioneer immediately of such prohibition against Exchangeco redeeming all of the Retracted Shares and to forward or cause to be forwarded immediately to Pioneer all relevant materials delivered by

  
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the Shareholder to Exchangeco (including without limitation a copy of the retraction request delivered pursuant to Section 6.1 of the Exchangeable Share Provisions) in connection with such
proposed redemption of the Retracted Shares and, subject to the provisions of applicable law, Pioneer will purchase such shares in accordance with the provisions of this Article 2. 

 

	2.7	Stamp or Other Transfer Taxes 

 Upon any sale of Class A Exchangeable Shares to Pioneer pursuant to
the Insolvency Exchange Right or the Automatic Exchange Right, the Pioneer Common Shares issuable in connection with the payment of the total purchase price therefor shall be issued in the name of the holder of the Class A Exchangeable Shares
so sold or in such name as the Shareholder may otherwise direct in writing without charge; provided, however, that the Shareholder (a) shall pay (and neither Pioneer nor Exchangeco shall be required to pay) any documentary, stamp, transfer or
other taxes that may be payable in respect of any transfer involved in the issuance or delivery of such units to a person other than the Shareholder or (b) shall have established to the satisfaction of Pioneer and Exchangeco that such taxes, if
any, have been paid. 
  

	2.8	Notice of Insolvency Event 

 Immediately upon the occurrence of an Insolvency Event or any event which
with the giving of notice or the passage of time or both would be an Insolvency Event, Exchangeco and Pioneer shall give written notice thereof to the Shareholder, which notice shall include a brief description of the rights of the Shareholder with
respect to the Insolvency Exchange Right. 
  

	2.9	Pioneer Common Shares 

 Pioneer hereby represents, warrants and covenants that the Pioneer Common Shares
issuable hereunder will be duly authorized and validly issued as fully paid and non-assessable and shall be free and clear of any lien, claim or encumbrance. 

 

	2.10	Automatic Exchange on Liquidation of Pioneer 

  

	 	(a)	Pioneer will give the Shareholder notice of each of the following events at the time set forth below: 

  

	 	(i)	in the event of any determination by the board of directors (the “Board”) to institute voluntary liquidation, dissolution or winding up proceedings with respect to Pioneer or to effect any other
distribution of assets of Pioneer among its shareholders for the purpose of winding up its affairs, at least 30 days prior to the proposed effective date of such liquidation, dissolution, winding up or other distribution; and 

 

	 	(ii)	as soon as practicable following the earlier of (A) receipt by Pioneer of notice of and (B) Pioneer otherwise becoming aware of any threatened or instituted claim, suit, petition or other proceedings with
respect to the involuntary liquidation, dissolution or winding-up of Pioneer or to effect any other distribution of assets of Pioneer among its shareholders for the purpose of winding up its affairs, in each
case where Pioneer has failed to contest in good faith any such proceeding commenced in respect of Pioneer within 30 days of becoming aware thereof; 

  
 - 6 - 

 which notice shall include a brief description of the rights of the Shareholder with respect to the automatic
exchange of Class A Exchangeable Shares into Pioneer Common Shares as provided in section 2.10(b) thereof (any such event being hereinafter referred to as a “Liquidation Event”). 

 

	 	(b)	Upon receiving a notice of a Liquidation Event, the Shareholder shall forthwith provide Pioneer with the Shareholder Documentation. 

  

	 	(c)	In order that the Shareholder will be able to participate on a pro rata basis with the holders of Pioneer Common Shares in the distribution of assets of Pioneer in connection with a Liquidation Event, on the fifth
Business Day prior to the effective date of a Liquidation Event (the “Liquidation Event Effective Date”) all of the then outstanding Class A Exchangeable Shares shall be automatically exchanged for Pioneer Common Shares,
subject to the provisions of applicable law. To effect such automatic exchange, Pioneer shall purchase each Class A Exchangeable Share outstanding on the fifth Business Day prior to the Liquidation Event Effective Date and held by the
Shareholder, and the Shareholder shall sell the Class A Exchangeable Shares held by it at such time, for a purchase price per Class A Exchangeable Share equal to (a) the Current Market Price of an Pioneer Common Share on the fifth
Business Day prior to the Liquidation Event Effective Date multiplied by the Exchange Ratio, which shall be satisfied in full by Pioneer issuing to the Shareholder that number of Pioneer Common Shares equal to the Exchange Ratio, plus (b) to
the extent not paid by Exchangeco, an additional amount equivalent to the full amount of all dividends declared and unpaid on each such Class A Exchangeable Share held by such holder on any dividend record date which occurred prior to the date
of the exchange. 

  

	 	(d)	On the fifth Business Day prior to the Liquidation Event Effective Date, the closing of the transaction of purchase and sale contemplated by the automatic exchange of Class A Exchangeable Shares shall be deemed to
have occurred, and the Shareholder shall be deemed to have transferred to Pioneer all of the Shareholder’s right, title and interest in and to its Class A Exchangeable Shares and shall cease to be a holder of such Class A Exchangeable
Shares and Pioneer shall issue Pioneer Common Shares issuable upon the automatic exchange of Class A Exchangeable Shares and a cheque for the balance, if any, of the total purchase price for such Class A Exchangeable Shares. Concurrently
with the Shareholder ceasing to be a holder of Class A Exchangeable Shares, the Shareholder shall be considered and deemed for all purposes to be the holder of the Pioneer Common Shares issued pursuant to the automatic exchange of Class A
Exchangeable Shares for Pioneer Common Shares. 

  
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 ARTICLE 3 

SPECIAL VOTING SHARE 
  

	3.1	Issue and Ownership of the Special Voting Share 

 Pioneer hereby issues the Special Voting Share to the
Shareholder to be legally and beneficially owned by the Shareholder. Pioneer hereby acknowledges receipt from the Shareholder of good and valuable consideration (and the adequacy thereof) for the issuance of the Special Voting Share by Pioneer to
the Shareholder. Except as specifically authorized by this Agreement or the Operating Agreement, the Shareholder shall have no power or authority to sell, transfer or otherwise deal in or with the Special Voting Share and the Special Voting Share
shall not be used or disposed of by the Shareholder for any purpose other than the purposes for which the Special Voting Share was issued to the Shareholder pursuant to this Agreement; provided that the Shareholder shall be required to transfer such
Special Voting Share in connection with a transfer of its Class A Exchangeable Shares, to the extent permitted by Exchangeco’s Articles of Incorporation and any agreement to which the Shareholder is a party, including the Members
Agreement. 
 ARTICLE 4 

EXERCISE OF VOTING RIGHTS 
  

	4.1	Voting Rights 

 The Shareholder, as the holder of record of the Special Voting Share, shall be entitled
to all of the Voting Rights, including the right to vote in person or by proxy the Special Voting Share on any matters, questions, proposals or propositions whatsoever that may properly come before the holders of Pioneer Common Shares (as
hereinafter defined). 
  

	4.2	Copies of Shareholder Information 

 Pioneer will deliver to the Shareholder a copy of all materials
distributed from time to time to all holders of Pioneer Common Shares. 
  

	4.3	Other Materials 

 Immediately after receipt by Pioneer or shareholders of Pioneer of any material sent or
given by or on behalf of a third party to holders of Pioneer Common Shares generally, Pioneer shall use its reasonable best efforts to obtain and deliver to the Shareholder copies thereof. 

 

	4.4	Termination of Voting Rights 

 All of the rights of the Shareholder with respect to the Voting Rights
shall be deemed to be surrendered by the Shareholder to Pioneer and such Voting Rights represented thereby shall cease immediately upon the delivery by the Shareholder to Pioneer of the certificates representing all of the Shareholder’s
Class A Exchangeable Shares in connection with the exercise by it of the Exchange Right or the occurrence of the automatic exchange of Class A Exchangeable Shares for Pioneer Common Shares, as specified in Article 2.10 (unless, in either
case, Pioneer shall not have delivered the requisite Pioneer Common Shares issuable in exchange 

  
 - 8 - 

 
therefor to the Shareholder), or upon the redemption of Class A Exchangeable Shares pursuant to Article 6 or 7 of the Exchangeable Share Provisions, or upon the effective date of the
liquidation, dissolution or winding-up of Exchangeco pursuant to Article 5 of the Exchangeable Share Provisions, or upon the purchase of Class A Exchangeable Shares from the holder thereof by Pioneer
Affiliate pursuant to the exercise by Pioneer Affiliate of the Retraction Call Right, the Redemption Call Right or the Liquidation Call Right. 

ARTICLE 5 
 RESTRICTIONS
ON ISSUE OF PIONEER SPECIAL VOTING STOCK 
  

	5.1	Issue 

 During the term of this Agreement, Pioneer will not, without the consent of the holders at the
relevant time of Class A Exchangeable Shares, given in accordance with Section 10.2 of the Exchangeable Share Provisions, issue any additional Special Voting Shares in addition to the Special Voting Share. 

ARTICLE 6 
 MISCELLANEOUS

  

	6.1	Withholding Rights 

 Pioneer, Pioneer Affiliate and Exchangeco shall be entitled to deduct and withhold
from the consideration otherwise payable to the Shareholder pursuant to this Agreement such amounts as Pioneer, Pioneer Affiliate or Exchangeco is required to deduct and withhold with respect to such payment under the United States Internal Revenue
Code of 1986, as amended, the Income Tax Act (Canada), as amended, or any provision of state, provincial, local or foreign tax law. To the extent that amounts are so withheld, such withheld amounts shall be treated for all purposes hereof as
having been paid to the Shareholder in respect of which such deduction and withholding was made, provided that such withheld amounts are actually remitted to the appropriate taxing authority. To the extent that the amount so required or permitted to
be deducted or withheld from any payment to the Shareholder exceeds the cash portion of the consideration otherwise payable to the Shareholder, Pioneer, Pioneer Affiliate and Exchangeco are hereby authorized to sell or otherwise dispose of such
portion of the consideration as is necessary to provide sufficient funds to Pioneer, Pioneer Affiliate or Exchangeco, as the case may be, to enable it to comply with such deduction or withholding requirement and Pioneer, Pioneer Affiliate or
Exchangeco shall give an accounting to the Shareholder with respect thereto and any balance of such proceeds of sale. 

  
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	6.2	Notice to Parties 

 All notices and other communications between the parties hereunder shall be in
writing and shall be deemed to have been given if delivered personally or sent via email to the parties at the following addresses (or at such other address for such party as shall be specified in like notice): 

 

	 	(a)	if to Exchangeco: 

 NCS Oilfield Services Canada, Inc. 

2800, 715 - 5th Avenue SW 

Calgary, Alberta T2P 2X6 
 Canada

 Attention: Robert Nipper 

Email: rnipper@ncsenergyservices.com 
  

	 	(b)	if to Pioneer or Pioneer Affiliate: 

 c/o Advent International Corp. 

75 State Street 
 Boston, MA 02109

 United States of America 

Attention: Guvinder Grewal; James Westra 

Email: ggrewal@adventinternational.com; 

            jwestra@adventinternational.com 

 

	 	(c)	if to the Shareholder: 

 3703 609-8th Street SW 

Calgary, AB T2P 2A6 
 Canada 

Attention: Marty Stromquist 

Email: Marty@ncsenergyservices.com 
 Any notice
or other communication given personally shall be deemed to have been given and received upon delivery thereof and if sent by email shall be deemed to have been given and received on the date of receipt thereof unless such day is not a Business Day
in which case it shall be deemed to have been given and received upon the immediately following Business Day. 
  

	6.3	Time of the Essence 

 Time shall be of the essence of this Agreement and all of the provisions of this
Agreement. 
  

	6.4	No Assignment 

 The Shareholder may not assign, transfer or otherwise convey the whole or any part of the
Shareholder’s rights or obligations under this Agreement to any person without the express written consent of Pioneer. 
  

	6.5	Successors 

 This Agreement shall be binding upon and shall enure to the benefit of the parties hereto,
their heirs, legal representatives, successors and permitted assigns. 

  
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	6.6	Further Assurances 

 Each of the parties shall do all such things and provide all such reasonable
assurances as may be required to consummate the agreements and transactions contemplated hereby and each party shall execute and deliver such further documents or instruments required by any other party as may be reasonably necessary or desirable to
effect the purpose of this Agreement and to carry out its provisions. 
  

	6.7	Governing Law 

 This Agreement shall be governed by and construed in accordance with the laws of the
Province of Alberta and the laws of Canada applicable therein. 
  

	6.8	Counterparts 

 This Agreement may be executed in counterparts, each of which shall be deemed an original,
and all of which taken together shall constitute one and the same instrument. 
  

	6.9	Termination of the Original Exchange Agreement 

 NCS US, Exchangeco and Cemblend agree that upon the
execution of this Exchange Agreement, the Original Exchange Agreement will automatically terminate, without any further action by the parties thereto, and that all of the parties to the Original Exchange Agreement will have no further rights or
obligations thereunder. 
 [Signature pages to immediately follow] 

  
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 IN WITNESS WHEREOF the parties have duly executed this Agreement. 

 

							
	NCS ENERGY HOLDINGS, LLC
		
	Per:	 	/s/ Mark Ludwig
		 	  
 Name: Mark
Ludwig

		 	Title:   Vice President

 [SIGNATURE PAGE TO AMENDED
EXCHANGE AGREEMENT] 

 
					
	NCS OILFIELD SERVICES CANADA, INC.
		
	Per:	 	/s/ Robert Nipper
		 	  
 Name: Robert
Nipper

		 	Title:   President

 [SIGNATURE PAGE TO AMENDED
EXCHANGE AGREEMENT] 

 
					
	CEMBLEND SYSTEMS INC.
		
	Per:	 	/s/ Marty Stromquist
		 	  
 Name: Marty
Stromquist

		 	Title:   Chief Executive Officer

 [SIGNATURE PAGE TO AMENDED
EXCHANGE AGREEMENT] 

 
					
	PIONEER SUPER HOLDINGS, INC.
		
	Per:	 	/s/ Gurinder Grewal
		 	  
 Name: Gurinder
Grewal

		 	Title:   Vice President

 [SIGNATURE PAGE TO AMENDED
EXCHANGE AGREEMENT]EX-10.16

 Exhibit 10.16 

CALL RIGHTS AGREEMENT 
 MEMORANDUM OF
AGREEMENT effective as of the 20th day of December, 2012. 
 BETWEEN: 

NCS ENERGY HOLDINGS, LLC 
 a
Delaware limited liability company 
 (“NCS US”) 

- and - 
 NCS OILFIELD SERVICES
CANADA, INC. 
 a corporation amalgamated pursuant to the laws of Alberta 

(“Exchangeco”) 
 -
and - 
 CEMBLEND SYSTEMS INC. 

a corporation incorporated pursuant to the laws of Alberta 

(“Shareholder”) 

- and - 
 PIONEER SUPER
HOLDINGS, INC. 
 a corporation incorporated pursuant to the laws of Delaware 

(“Pioneer”) 
 WHEREAS
pursuant to a stock redemption and purchase agreement (the “Purchase Agreement”) effective as of January 1, 2011 between Exchangeco, NCS US, NCS Energy Services, Inc., a Texas corporation, each of the shareholders of NCS
Energy Services, Inc., Cemblend, and each of the shareholders of Cemblend, Exchangeco issued exchangeable shares (the “Exchangeable Shares”) to Cemblend where such Exchangeable Shares were exchangeable, under certain
circumstances, for Common Units of NCS US; 
 AND WHEREAS upon completion of the transactions contemplated by the Purchase Agreement, the Shareholder
became the registered and beneficial owner of all of the issued and outstanding Exchangeable Shares; 
 AND WHEREAS the articles of amalgamation of
Exchangeco set forth the rights, privileges, restrictions and conditions (collectively, the “Exchangeable Share Provisions”) attaching to the Exchangeable Shares; 

AND WHEREAS Pioneer is the indirect beneficial owner of all of the issued and outstanding voting common shares of Exchangeco;  

 AND WHEREAS NCS US, Exchangeco and the Shareholder executed a call rights agreement dated January 1,
2011 (the “Original Call Rights Agreement”); 
 AND WHEREAS pursuant to the terms of an exchangeable shares exchange agreement (the
“Rights Exchange Agreement”) dated as of December 20, 2012, as amended from time to time, by and among Exchangeco and Cemblend, among others, the Exchangeable Shares were exchanged for Class A exchangeable shares
(“Class A Exchangeable Shares”) in the capital of Exchangeco, which Class A Exchangeable Shares are exchangeable, under certain circumstances, for common shares of Pioneer (the
“Exchangeable Shares Exchange”);  
 AND WHEREAS pursuant to the Rights Exchange Agreement, NCS US, Pioneer, Exchangeco and
Cemblend have agreed to terminate the Original Call Rights Agreement and enter into this new Call Rights Agreement in order to account for the Exchangeable Shares Exchange; 

AND WHEREAS an existing or future Affiliate of Pioneer (“Pioneer Affiliate”) may exercise the Retraction Call Right, the
Redemption Call Right or the Liquidation Call Right; 
 NOW THEREFORE in consideration of the premises and mutual agreements and covenants herein
contained (the receipt and adequacy of which consideration as to each of the parties hereto are hereby mutually acknowledged), the parties hereto hereby covenant and agree as follows: 

ARTICLE 1 
 DEFINITIONS
AND INTERPRETATION 
  

	1.1	Defined Terms 

 All capitalized terms used in this Agreement shall, unless otherwise defined herein, have
the meanings given to them in the Exchangeable Share Provisions. 
  

	1.2	Interpretation not Affected by Headings, etc. 

 The division of this Agreement into articles, sections
and paragraphs and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. 
  

	1.3	Number, Gender, etc. 

 Words importing the singular number only shall include the plural and vice versa.
Words importing the use of any gender shall include all genders. 
  

	1.4	Date for any Action 

 In the event that any date on or by which any action is required or permitted to be
taken under this Agreement is not a Business Day, such action shall be required or permitted to be taken on or by the next succeeding Business Day. 

  
 - 2 - 

 ARTICLE 2 

CERTAIN RIGHTS OF PIONEER AND PIONEER AFFILIATE TO 

ACQUIRE CLASS A EXCHANGEABLE SHARES 
  

	2.1	Liquidation Call Right 

  

	 	(a)	Each of Pioneer and Pioneer Affiliate shall have the overriding right (the “Liquidation Call Right”), in the event of and notwithstanding the proposed liquidation, dissolution or winding-up of Exchangeco pursuant to Article 5 of the Exchangeable Share Provisions, to purchase from all but not less than all of the holders of Class A Exchangeable Shares (other than Pioneer or any direct or
indirect wholly-owned subsidiary of Pioneer) on the Liquidation Date (as defined in the Exchangeable Share Provisions) all but not less than all of the Class A Exchangeable Shares held by each such holder on payment by Pioneer or Pioneer
Affiliate of an amount per Class A Exchangeable Share (the “Liquidation Call Purchase Price”) equal to the Current Market Price of a Pioneer Common Share on the last Business Day prior to the Liquidation Date multiplied
by the Exchange Ratio, which shall be satisfied in full by Pioneer or Pioneer Affiliate, as applicable, causing to be delivered to such holder that number of Pioneer Common Shares equal to the Exchange Ratio (for each Class A Exchangeable Share
presented), plus, to the extent not paid by Exchangeco, an additional amount equal to the full amount of all declared and unpaid dividends on such Class A Exchangeable Share held by such holder on any dividend record date which occurred prior
to the date of purchase by Pioneer or Pioneer Affiliate (the “Dividend Amount”). In the event of the exercise of the Liquidation Call Right by Pioneer or Pioneer Affiliate, the Shareholder shall be obligated to sell all the
Class A Exchangeable Shares held by the Shareholder to Pioneer or Pioneer Affiliate, as applicable, on the Liquidation Date on payment by Pioneer or Pioneer Affiliate to the Shareholder of the Liquidation Call Purchase Price for each such
Class A Exchangeable Share, and Exchangeco shall have no obligation to pay the Liquidation Amount of such shares so purchased by Pioneer or Pioneer Affiliate 

 

	 	(b)	To exercise the Liquidation Call Right, Pioneer or Pioneer Affiliate, as applicable, must notify Exchangeco as agent for the holders of Class A Exchangeable Shares of Pioneer’s or Pioneer Affiliate’s
intention to exercise such right at least 30 days before the Liquidation Date in the case of a voluntary liquidation, dissolution or winding up of Exchangeco and at least five Business Days before the Liquidation Date in the case of an involuntary
liquidation, dissolution or winding up of Exchangeco. Exchangeco will notify the holders of Class A Exchangeable Shares as to whether or not Pioneer or Pioneer Affiliate has exercised the Liquidation Call Right forthwith after the expiry of the
period during which the same may be exercised by Pioneer or Pioneer Affiliate If Pioneer or Pioneer Affiliate exercises the Liquidation Call Right, on the Liquidation Date Pioneer or Pioneer Affiliate, as applicable, will purchase and the holders
will sell all of the Class A Exchangeable Shares then outstanding for a price per Class A Exchangeable Share equal to the Liquidation Call Purchase Price. 

  
 - 3 - 

	 	(c)	For the purposes of completing the purchase of the Class A Exchangeable Shares pursuant to the Liquidation Call Right, Pioneer or Pioneer Affiliate shall prepare, on or before the Liquidation Date, a cheque of
Pioneer or Pioneer Affiliate, as applicable, representing the aggregate Dividend Amount in payment of the total Liquidation Call Purchase Price less any amounts withheld pursuant to Section 3.1 hereof. Provided that Pioneer or Pioneer Affiliate
has complied with the immediately preceding sentence, on and after the Liquidation Date the rights of each holder of Class A Exchangeable Shares (other than Pioneer or any direct or indirect wholly-owned subsidiary of Pioneer) will be limited
to receiving such holder’s proportionate part of the total Liquidation Call Purchase Price payable by Pioneer or Pioneer Affiliate upon presentation and surrender by the Shareholder of certificates representing the Class A Exchangeable
Shares held by such Shareholder and the Shareholder shall on and after the Liquidation Date be considered and deemed for all purposes to be the holder of any Pioneer Common Shares to which it is entitled provided such holder provides or has provided
Pioneer with the Shareholder Documentation. Upon surrender to Pioneer or Pioneer Affiliate, as applicable, of a certificate or certificates representing Class A Exchangeable Shares, together with such other documents and instruments as may be
required to effect a transfer of Class A Exchangeable Shares under the Business Corporations Act (Alberta) and the bylaws of Exchangeco and such additional documents and instruments as Exchangeco and Pioneer may reasonably require,
including the Shareholder Documentation, the holder of such surrendered certificate or certificates shall be entitled to receive in exchange therefor Pioneer Common Shares to which the Shareholder is entitled and a cheque or cheques of Pioneer or
Pioneer Affiliate, as applicable, in payment of the remaining portion, if any, of the total Liquidation Call Purchase Price less any amount withheld pursuant to Section 3.1 hereof. If Pioneer or Pioneer Affiliate does not exercise the
Liquidation Call Right in the manner described above, on the Liquidation Date the holders of the Class A Exchangeable Shares will be entitled to receive in exchange therefor the liquidation price otherwise payable by Exchangeco in connection
with the liquidation, dissolution or winding-up of Exchangeco pursuant to Article 5 of the Exchangeable Share Provisions. 

 

	2.2	Redemption Call Right 

  

	 	(a)	 Each of Pioneer and Pioneer Affiliate shall have the overriding right (the “Redemption Call
Right”), notwithstanding the proposed redemption of Class A Exchangeable Shares by Exchangeco pursuant to Article 7 of the Exchangeable Share Provisions, to purchase from the holders of Class A Exchangeable Shares (other than
Pioneer or any direct or indirect wholly-owned subsidiary of Pioneer) on the Redemption Date all but not less than all of the Class A Exchangeable Shares held by each such holder which are the subject of such redemption, on payment by Pioneer
or Pioneer Affiliate, as applicable, to each holder of an amount per Class A Exchangeable Share (the “Redemption Call Purchase Price”) equal to the Current Market Price of an Pioneer Common Share on the last Business Day prior
to the Redemption Date multiplied by the Exchange Ratio, which shall be satisfied in full by Pioneer or Pioneer Affiliate 

  
 - 4 - 

	 	
causing to be delivered to such holder that number of Pioneer Common Shares equal to the Exchange Ratio (for each Class A Exchangeable Share presented), plus the Dividend Amount. In the
event of the exercise of the Redemption Call Right by Pioneer or Pioneer Affiliate, each holder shall be obligated to sell all of the Class A Exchangeable Shares held by the holder which are the subject of the redemption to Pioneer or Pioneer
Affiliate on the Redemption Date on payment by Pioneer or Pioneer Affiliate, as applicable, to the holder of the Redemption Call Purchase Price for each such share, and Exchangeco shall have no obligation to redeem such shares so purchased by
Pioneer or Pioneer Affiliate. 

  

	 	(b)	To exercise the Redemption Call Right, Pioneer or Pioneer Affiliate, as applicable, must notify Exchangeco, as agent for the holders of Class A Exchangeable Shares, of Pioneer Affiliate’s intention to exercise
such right at least 60 days before the Redemption Date, except in the case of a redemption occurring as a result of an Pioneer Control Transaction or Cemblend Default Event, in which case Pioneer or Pioneer Affiliate shall so notify Exchangeco on or
before the Redemption Date. Exchangeco will notify the holders of Class A Exchangeable Shares as to whether or not Pioneer or Pioneer Affiliate, as applicable, has exercised the Redemption Call Right forthwith after the expiry of the period
during which the same may be exercised by Pioneer or Pioneer Affiliate If Pioneer or Pioneer Affiliate exercises the Redemption Call Right, then on the Redemption Date, Pioneer or Pioneer Affiliate, as applicable, will purchase and the holders will
sell all of the Class A Exchangeable Shares then outstanding for a price per share equal to the Redemption Call Purchase Price. 

  

	 	(c)	 For the purposes of completing the purchase of the Class A Exchangeable Shares pursuant to the Redemption
Call Right, Pioneer or Pioneer Affiliate, as applicable, shall prepare a cheque or cheques of Pioneer or Pioneer Affiliate, as applicable, representing the aggregate Dividend Amount in payment of the total Redemption Call Purchase Price, less any
amounts withheld pursuant to Section 3.1 hereof. Provided that Pioneer or Pioneer Affiliate has complied with the immediately preceding sentence, on and after the Redemption Date, the rights of each holder of Class A Exchangeable Shares
(other than Pioneer or any direct or indirect wholly-owned subsidiary of Pioneer) will be limited to receiving such holder’s proportionate part of the total Redemption Call Purchase Price payable by Pioneer or Pioneer Affiliate upon
presentation and surrender by the holder of certificates representing the Class A Exchangeable Shares held by such holder and the holder shall, on and after the Redemption Date, be considered and deemed for all purposes to be the holder of the
Pioneer Common Shares to which it is entitled provided such holder provides or has provided Pioneer with the Shareholder Documentation. Upon surrender to Pioneer or Pioneer Affiliate, as applicable, of a certificate or certificates representing
Class A Exchangeable Shares, together with such other documents and instruments as may be required to effect a transfer of Class A Exchangeable Shares under the Business Corporations Act (Alberta) and the by-laws of Exchangeco and such additional documents and instruments as Exchangeco and Pioneer may reasonably require, including the Shareholder Documentation, the holder of such surrendered certificate or
certificates shall be 

  
 - 5 - 

	 	
entitled to receive in exchange therefor, and Pioneer or Pioneer Affiliate, as applicable, shall deliver to such holder a cheque or cheques of Pioneer or Pioneer Affiliate, as applicable, in
payment of the remaining portion, if any, of the total Redemption Call Purchase Price, less any amounts withheld pursuant to Section 3.1 hereof. If Pioneer or Pioneer Affiliate does not exercise the Redemption Call Right in the manner described
above, on the Redemption Date the holders of the Class A Exchangeable Shares will be entitled to receive in exchange therefor the redemption price otherwise payable by Exchangeco in connection with the redemption of the Class A
Exchangeable Shares pursuant to Article 7 of the Exchangeable Share Provisions. 

  

	2.3	Retraction Call Right 

  

	 	(a)	A holder of Class A Exchangeable Shares shall be entitled at any time, subject to the exercise by Pioneer Affiliate or Pioneer of the Retraction Call Right and otherwise upon compliance with the provisions of
Article 6 of the Exchangeable Share Provisions, to require Exchangeco to redeem any or all of the Class A Exchangeable Shares registered in the name of such holder for an amount per share equal to the Retraction Price, which shall be satisfied
in full by Exchangeco causing to be delivered to such holder that number of Pioneer Common Shares equal to the Exchange Ratio for each Class A Exchangeable Share presented and surrendered by the holder, together with, on the payment date
therefor, all declared and unpaid dividends on any such Class A Exchangeable Share held by such holder on any dividend record date which occurred prior to the Retraction Date. To effect such redemption, the holder shall present and surrender at
the registered office of Exchangeco the certificate or certificates representing the Class A Exchangeable Shares which the holder desires to have Exchangeco redeem, together with such other documents and instruments as may be required to effect
a transfer of Class A Exchangeable Shares under the Business Corporations Act (Alberta) and the by-laws of Exchangeco and such additional documents and instruments as Exchangeco may reasonably
require, including the Shareholder Documentation, and together with a duly executed Retraction Request: 

  

	 	(i)	specifying that the holder desires to the Retracted Shares redeemed by Exchangeco; 

  

	 	(ii)	stating the Retraction Date, provided that the Retraction Date shall be not less than 10 Business Days nor more than 15 Business Days after the date on which the Retraction Request is received by Exchangeco and further
provided that, in the event that no such Business Day is specified by the holder in the Retraction Request, the Retraction Date shall be deemed to be the 15th Business Day after the date on which the Retraction Request is received by Exchangeco; and

  
 - 6 - 

	 	(iii)	acknowledging the Retraction Call Right of Pioneer Affiliate and Pioneer to purchase all but not less than all the Retracted Shares directly from the holder and that the Retraction Request shall be deemed to be a
revocable offer by the holder to sell the Retracted Shares to Pioneer Affiliate or Pioneer, as applicable, in accordance with the Retraction Call Right on the terms and conditions set out in Section 2.3(c) below. 

 

	 	(b)	Subject to the exercise by Pioneer Affiliate or Pioneer of the Retraction Call Right, upon receipt by Exchangeco in the manner specified in Section 2.3(a) hereof of a certificate or certificates representing the number
of Class A Exchangeable Shares which the holder desires to have Exchangeco redeem, together with a Retraction Request, and provided that the Retraction Request is not revoked by the holder in the manner specified in Section 2.3(g), Exchangeco
shall redeem the Retracted Shares effective at the close of business on the Retraction Date and shall cause to be delivered to such holder the total Retraction Price with respect to such shares, provided that all declared and unpaid dividends for
which the record date has occurred prior to the Retraction Date shall be paid on the payment date for such dividends. If only a part of the Class A Exchangeable Shares represented by any certificate is redeemed (or purchased by Pioneer
Affiliate or Pioneer pursuant to the Retraction Call Right), a new certificate for the balance of such Class A Exchangeable Shares shall be issued to the holder at the expense of Exchangeco. 

 

	 	(c)	 Upon receipt by Exchangeco of a Retraction Request, Exchangeco shall immediately notify Pioneer Affiliate and
Pioneer thereof. In order to exercise the Retraction Call Right, Pioneer Affiliate or Pioneer, as applicable, must issue a Call Notice within five Business Days of notification to Pioneer Affiliate or Pioneer, as applicable, by Exchangeco of the
receipt by Exchangeco of the Retraction Request. If Pioneer Affiliate or Pioneer, as applicable, does not so notify Exchangeco within such five Business Day period, Exchangeco will notify the holder as soon as possible, but no later than four
Business Days, thereafter that Pioneer Affiliate and Pioneer will not exercise the Retraction Call Right. If Pioneer Affiliate or Pioneer, as applicable, gives the Call Notice within such five Business Day period, and provided that the Retraction
Request is not revoked by the holder in the manner specified in Section 2.3(g), the Retraction Request shall thereupon be considered only to be an offer by the holder to sell the Retracted Shares to Pioneer Affiliate or Pioneer, as applicable, in
accordance with the Retraction Call Right. In such event, Exchangeco shall not redeem the Retracted Shares and Pioneer Affiliate or Pioneer, as applicable, shall purchase from such holder and such holder shall sell to Pioneer Affiliate or Pioneer,
as applicable, on the Retraction Date the Retracted Shares for an amount per Class A Exchangeable Share (the “Retraction Purchase Price”) equal to the Market Price of a Pioneer Common Share on the last Business Day prior
to the Retraction Date multiplied by the Exchange Ratio, which shall be satisfied in full by Pioneer or Pioneer Affiliate, as applicable, causing to be transferred to such holder the number of Pioneer Common Shares equal to the Exchange Ratio (for
each Class A Exchangeable Share presented) plus to the extent not paid by Exchangeco, an additional amount equal to the Dividend Amount. For the purposes of completing a purchase pursuant to the Retraction Call Right, Pioneer Affiliate or
Pioneer, as 

  
 - 7 - 

	 	
applicable, shall deposit with Exchangeco, on or before the Retraction Date, certificates representing Pioneer Common Shares and a cheque or cheques of Pioneer Affiliate or Pioneer, as
applicable, payable at par at any branch of the bankers of Pioneer Affiliate or Pioneer, as applicable, representing the aggregate Dividend Amount, less any amounts withheld on account of tax required to be deducted and withheld therefrom. Provided
that Pioneer Affiliate or Pioneer, as applicable, has complied with the immediately preceding sentence, the closing of the purchase and sale of the Retracted Shares pursuant to the Retraction Call Right shall be deemed to have occurred as at the
close of business on the Retraction Date and, for greater certainty, no redemption by Exchangeco of such Retracted Shares shall take place on the Retraction Date. In the event that neither Pioneer Affiliate or Pioneer delivers a Call Notice within
such five Business Day period, and provided that the Retraction Request is not revoked by the holder in the manner specified in Section 2.3(g), Exchangeco shall redeem the Retracted Shares on the Retraction Date and in the manner otherwise
contemplated in Article 6 of the Exchangeable Share Provisions. 

  

	 	(d)	Exchangeco, Pioneer Affiliate or Pioneer, as the case may be, shall deliver to the relevant holder, at the address of the holder recorded in the securities register of Exchangeco for the Class A Exchangeable Shares
or at the address specified in the holder’s Retraction Request or by holding for pick-up by the holder at the registered office of Exchangeco, certificates representing the Pioneer Common Shares (which
Shares shall be duly issued as fully paid and non-assessable and shall be free and clear of any lien, claim or encumbrance) registered in the name of the holder or in such other name as the holder may request,
and, if applicable and on or before the payment date therefor, a cheque payable at par at any branch of the bankers of Exchangeco or Pioneer Affiliate, as applicable, representing the aggregate Dividend Amount in payment of the total Retraction
Price or the total Retraction Purchase Price, as the case may be, in each case, less any amounts withheld on account of tax required to be deducted and withheld therefrom, and such delivery of such certificates and cheques on behalf of Exchangeco,
Pioneer Affiliate or Pioneer, as the case may be, shall be deemed to be payment of and shall satisfy and discharge all liability for the total Retraction Price or total Purchase Price, as the case may be, to the extent that the same is represented
by such share certificates and cheques (plus any tax deducted and withheld therefrom and remitted to the proper tax authority). 

  

	 	(e)	 On and after the close of business on the Retraction Date, the holder of the Retracted Shares shall cease to be a
holder of such Retracted Shares and shall not be entitled to exercise any of the rights of a holder in respect thereof, other than the right to receive his proportionate part of the total Retraction Price or total Purchase Price, as the case may be,
unless upon presentation and surrender of certificates in accordance with the foregoing provisions, payment of the total Retraction Price or the total Purchase Price, as the case may be, shall not be made as provided in Section 2.3(d), in which case
the rights of such holder shall remain unaffected until the total Retraction Price or the total Purchase Price, as the case may be, has been paid in the manner hereinbefore provided. On and after the close

  
 - 8 - 

	 	
of business on the Retraction Date, provided that presentation and surrender of certificates and payment of the total Retraction Price or the total Purchase Price, as the case may be, has been
made in accordance with the foregoing provisions, the holder of the Retracted Shares so redeemed by Exchangeco or purchased by Pioneer Affiliate or Pioneer, as applicable, shall thereafter be considered and deemed for all purposes to be a holder of
the Pioneer Common Shares delivered to it. 

  

	 	(f)	Notwithstanding any other provision of this Agreement or the Exchangeable Share Provisions, Exchangeco shall not be obligated to redeem Retracted Shares specified by a holder in a Retraction Request to the extent that
such redemption of Retracted Shares would be contrary to solvency requirements or other provisions of applicable law. If Exchangeco believes that on any Retraction Date it would not be permitted by any of such provisions to redeem the Retracted
Shares tendered for redemption on such date, and provided that Pioneer Affiliate and Pioneer shall not have exercised the Retraction Call Right with respect to the Retracted Shares, Exchangeco shall only be obligated to redeem Retracted Shares
specified by a holder in a Retraction Request to the extent of the maximum number that may be so redeemed (rounded down to a whole number of shares) as would not be contrary to such provisions and shall notify the holder at least two Business Days
prior to the Retraction Date as to the number of Retracted Shares which will not be redeemed by Exchangeco. In any case in which the redemption by Exchangeco of Retracted Shares would be contrary to solvency requirements or other provisions of
applicable law, Exchangeco shall redeem the maximum number of Class A Exchangeable Shares which the Board of Directors determine Exchangeco is, on the Retraction Date, permitted to redeem, which shall be selected as nearly as may be pro rata
(disregarding fractions) in proportion to the total number of Class A Exchangeable Shares tendered for retraction by each holder thereof and Exchangeco shall issue to each holder of Retracted Shares a new certificate, at the expense of
Exchangeco, representing the Retracted Shares not redeemed by Exchangeco pursuant to 2.3(b) hereof. In the event the provisions of this paragraph 2.3(f) limit the retraction of the Retracted Shares, notice shall be given to the holder of
Class A Exchangeable Shares and Pioneer of such restriction by Exchangeco. Upon receipt of the notice, the holder of Class A Exchangeable Shares may give a further written request within 5 days to Pioneer and Pioneer or a Pioneer Affiliate
shall then be required to exercise the Call Option pursuant to paragraph 2.3(c) with respect to any Retracted Shares that have not been redeemed by Exchangeco. 

  

	 	(g)	A holder of Retracted Shares may, by notice in writing given by the holder to Exchangeco before the close of business on the third Business Day immediately preceding the Retraction Date, withdraw its Retraction Request,
in which event such Retraction Request shall be null and void and, for greater certainty, the revocable offer constituted by the Retraction Request to sell the Retracted Shares to Pioneer Affiliate or Pioneer shall be deemed to have been revoked.

  
 - 9 - 

 ARTICLE 3 

MISCELLANEOUS 
  

	3.1	Withholding Rights 

 Pioneer, Pioneer Affiliate and Exchangeco shall be entitled to deduct and withhold
from the consideration otherwise payable to the Shareholder pursuant to this Agreement such amounts as Pioneer, Pioneer Affiliate or Exchangeco is required to deduct and withhold with respect to such payment under the United States Internal Revenue
Code of 1986, as amended, the Income Tax Act (Canada), as amended, or any provision of state, provincial, local or foreign tax law. To the extent that amounts are so withheld, such withheld amounts shall be treated for all purposes hereof as
having been paid to the Shareholder in respect of which such deduction and withholding was made, provided that such withheld amounts are actually remitted to the appropriate taxing authority. To the extent that the amount so required or permitted to
be deducted or withheld from any payment to the Shareholder exceeds the cash portion of the consideration otherwise payable to the Shareholder, Pioneer, Pioneer Affiliate and Exchangeco are hereby authorized to sell or otherwise dispose of such
portion of the consideration as is necessary to provide sufficient funds to Pioneer, Pioneer Affiliate or Exchangeco, as the case may be, to enable it to comply with such deduction or withholding requirement and Pioneer, Pioneer Affiliate or
Exchangeco shall give an accounting to the Shareholder with respect thereto and any balance of such proceeds of sale. 
  

	3.2	Notice to Parties 

 All notices and other communications between the parties hereunder shall be in
writing and shall be deemed to have been given if delivered personally or sent via email to the parties at the following addresses (or at such other address for such party as shall be specified in like notice): 

 

	 	(a)	if to Exchangeco: 

 NCS Oilfield Services Canada, Inc. 

2800, 715 - 5th Avenue SW 

Calgary, Alberta T2P 2X6 
 Canada

 Attention: Robert Nipper 

Email: rnipper@ncsenergyservices.com 
  

	 	(b)	if to Pioneer or Pioneer Affiliate: 

 c/o Advent International Corp. 

75 State Street 
 Boston, MA 02109

 United States of America 

Attention: Guvinder Grewal; James Westra 

Email: ggrewal@adventinternational.com; 

            jwestra@adventinternational.com 

  
 - 10 - 

	 	(c)	if to the Shareholder: 

 3703 609-8th Street SW 

Calgary, AB T2P 2A6 
 Canada 

Attention: Marty Stromquist 

Email: Marty@ncsenergyservices.com 
 Any notice
or other communication given personally shall be deemed to have been given and received upon delivery thereof and if sent by email shall be deemed to have been given and received on the date of receipt thereof unless such day is not a Business Day
in which case it shall be deemed to have been given and received upon the immediately following Business Day. 
  

	3.3	Time of the Essence 

 Time shall be of the essence of this Agreement and all of the provisions of this
Agreement. 
  

	3.4	No Assignment 

 The Shareholder may not assign, transfer or otherwise convey the whole or any part of
such Shareholder’s rights or obligations under this Agreement to any person without the express written consent of Pioneer. 
  

	3.5	Successors 

 This Agreement shall be binding upon and shall enure to the benefit of the parties hereto,
their heirs, legal representatives, successors and permitted assigns. 
  

	3.6	Further Assurances 

 Each of the parties shall do all such things and provide all such reasonable
assurances as may be required to consummate the agreements and transactions contemplated hereby and each party shall execute and deliver such further documents or instruments required by any other party as may be reasonably necessary or desirable to
effect the purpose of this Agreement and to carry out its provisions. 
  

	3.7	Governing Law 

 This Agreement shall be governed by and construed in accordance with the laws of the
Province of Alberta and the laws of Canada applicable therein. 
  

	3.8	Counterparts 

 This Agreement may be executed in counterparts, each of which shall be deemed an original,
and all of which taken together shall constitute one and the same instrument. 

  
 - 11 - 

	3.9	Termination of the Original Call Rights Agreement 

 NCS US, Exchangeco and Shareholder agree that upon
the execution of this Call Rights Agreement, the Original Call Rights Agreement will automatically terminate, without any further action by the parties thereto, and that all of the parties to the Original Call Rights Agreement will have no further
rights or obligations thereunder. 
 [Signature pages to immediately follow] 

  
 - 12 - 

 IN WITNESS WHEREOF the parties have duly executed this Agreement. 

 

			
	NCS ENERGY HOLDINGS, LLC
		
	Per:	 	 /s/ Mark Ludwig

		 	Name: Mark Ludwig
		 	Title: Vice President

 [SIGNATURE PAGE TO AMENDED
CALL RIGHTS AGREEMENT] 

 
			
	PIONEER SUPER HOLDINGS, INC.
		
	Per:	 	 /s/ Gurinder Grewal

		 	Name: Gurinder Grewal
		 	Title: Vice President

 [SIGNATURE PAGE TO AMENDED
CALL RIGHTS AGREEMENT] 

 
			
	NCS OILFIELD SERVICES CANADA, INC.
		
	Per:	 	 /s/ Robert Nipper

		 	Name: Robert Nipper
		 	Title: President

 [SIGNATURE PAGE TO AMENDED
CALL RIGHTS AGREEMENT] 

 
			
	CEMBLEND SYSTEMS INC.
		
	Per:	 	 /s/ Marty Stromquist

		 	Name: Marty Stromquist
		 	Title: Chief Executive Officer

 [SIGNATURE PAGE TO AMENDED
CALL RIGHTS AGREEMENT]

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