Form 8-K ADAMS RESOURCES & ENERGY For: Aug 11

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August 17, 2022 4:08 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 11, 2022

ADAMS RESOURCES & ENERGY, INC.

(Exact name of registrant as specified in its charter)


Delaware	1-7908	74-1753147
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)


			17 South Briar Hollow Lane, Suite 100, Houston, Texas			77027
			(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (713) 881-3600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.10 par value

NYSE American LLC


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

Firebird & Phoenix Acquisition

On August 12, 2022, GulfMark Asset Holdings, LLC (“GulfMark Holdings”), a Texas limited liability company and subsidiary of Adams Resources & Energy, Inc., a Delaware corporation (the “Company” or “Adams”), as buyer and each of Scott Bosard, Trey Bosard and Tyler Bosard as sellers (collectively, the “Sellers”), entered into a purchase agreement (the “Purchase Agreement”) to acquire all of the equity of Firebird Bulk Carriers, Inc., a Texas corporation (“Firebird”), and Phoenix Oil, Inc., a Texas corporation (“Phoenix”), for a purchase price of approximately $32.4 million in cash and $500,000 in shares of common stock of the Company. Firebird is an interstate bulk motor carrier of crude oil, condensate, fuels, oils and other petroleum products, and Phoenix recycles and repurposes off-specification fuels, lubricants, crude oil and other chemicals from producers in the United States.

Pursuant to the Purchase Agreement, the purchase price is subject to customary post-closing adjustment provisions, including an earn-out payable to Sellers to the extent the earnings before interest, taxes, depreciation and amortization (EBITDA) of Phoenix exceeds a specified threshold during the 12 full calendar months after the closing date. The Purchase Agreement contains customary representations and warranties of GulfMark Holdings and Sellers and indemnification provisions under which GulfMark Holdings, on the one hand, and the Sellers, on the other, have agreed to indemnify each other against certain liabilities. Neither the Company, GulfMark Holdings nor any of their affiliates had any material relationships with any of the Sellers at the time they entered into the Purchase Agreement.

The description of the Purchase Agreement contained in this Item 1.01 does not purport to be complete and is qualified in its entirety by the full text of the Purchase Agreement, a copy of which is filed herewith as Exhibit 2.1, and incorporated by reference herein.

The representations, warranties and covenants contained in the Purchase Agreement have been made solely for the purpose of such agreement and as of specific dates, for the benefit of the parties to the Purchase Agreement. In addition, such representations, warranties and covenants (i) may have been qualified by confidential disclosures exchanged between the parties, (ii) are subject to materiality qualifications contained in the Purchase Agreement which may differ from what may be viewed as material by investors, and (iii) have been included in the Purchase Agreement for the purpose of allocating risk between the contracting parties rather than establishing matters of facts. Accordingly, the Purchase Agreement has been filed as an exhibit hereto to provide investors with information regarding the terms of the Purchase Agreement, and not to provide investors with any other factual information regarding the parties, their respective businesses, or the actual conduct of their respective businesses during the period prior to the consummation of the transactions contemplated by the Purchase Agreement. Investors should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of actual facts or circumstances, and the subject matter of representations and warranties may change after the date as of which such representations or warranties were made. Moreover, information concerning the subject matter of the representations, warranties and covenants may change after the date of the Purchase Agreement, which subsequent information may or may not be fully reflected in the Company’s public disclosures.

Limited Waiver Agreement and Amendment No. 1 to the Credit Agreement

On August 11, 2022, the Company and GulfMark Holdings, GulfMark Energy, Inc. (“GulfMark Energy”) and Service Transport Company (“Service Transport”), each a wholly owned subsidiary of the Company, as borrowers (collectively, the “Borrowers” and each individually, a “Borrower”) entered into a Limited Waiver Agreement and Amendment No. 1 to the Credit Agreement (“Amendment No. 1”) with the subsidiary guarantors of the Borrowers and Wells Fargo Bank, National Association, as administrative agent and issuing lender, and the other lenders party thereto (collectively, the “Lenders”).

Pursuant to the terms of Amendment No. 1, the parties agreed to increase the borrowing capacity under the existing credit agreement to a total of $60.0 million (increased from $40.0 million) and extend the maturity date to August 11, 2025. Amendment No. 1 also waives certain specific non-financial events of default that existed under

the credit agreement as a result of the Company forming GulfMark Holdings as a new subsidiary and entering into certain other inter-company transactions.

From time to time, certain of the Lenders, their affiliates and/or their predecessors have provided commercial banking, investment banking and other financial advisory services to Adams or its subsidiaries. The Lenders and their affiliates may, from time to time in the future, engage in transactions with and perform services for Adams and its subsidiaries in the ordinary course of business.

The description of Amendment No. 1 contained in this Item 1.01 does not purport to be complete and is qualified in its entirety by the full text of Amendment No. 1, a copy of which is filed herewith as Exhibit 10.1, and incorporated by reference herein.

Item 2.01. Completion of Acquisition or Disposition of Assets.

The information discussed under Item 1.01 under the heading Firebird & Phoenix Acquisition of this Current Report on Form 8-K is incorporated by reference into this Item 2.01.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 under the heading Limited Waiver Agreement and Amendment No. 1 to the Credit Agreement of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Additional Director

On August 12, 2022, Kevin J. Roycraft, Chief Executive Officer and President of the Company, accepted an appointment to the Company’s board of directors. In connection with his appointment, the board of directors increased the size of the board from seven to eight members. As an executive of the Company, Mr. Roycraft will not receive any additional compensation in connection with his services on the board of directors and will not serve on any committees of the board.

Additional Executive Officer

On August 12, 2022, Trey Bosard, age 40, entered into an employment agreement (the “Employment Agreement”) to serve as the President of Phoenix in connection with the acquisition of Phoenix by GulfMark Holdings. Mr. Bosard joined Phoenix in 2009 and served in various positions of increasing responsibilities, most recently as Vice President.

Pursuant to the terms of the Employment Agreement, Mr. Bosard will receive a base salary of $130,000, a restricted stock unit grant of approximately $500,000 vesting in partial installments on each of the first three anniversaries of the grant date, cash performance-based bonuses, a vehicle and cell-phone allowance and certain other benefits, including the right to participate in other employee benefits programs. The restricted stock award was granted as an inducement award pursuant to Section 711(a) of the NYSE American Company Guide and is not being made under the Company’s amended and restated 2018 Long Term Incentive Plan.

The description of the Employment Agreement contained in this Item 1.01 does not purport to be complete and is qualified in its entirety by the full text of the Employment Agreement, a copy of which is filed herewith as Exhibit 10.2, and incorporated by reference herein.

Change of Control Plan

On August 12, 2022, the board of directors of the Company adopted a Change of Control Plan (the “Plan”). The Plan’s participants include the Company’s Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Accounting Officer, and the President of any of the Company’s subsidiaries (collectively, the “Participants”). Under the Plan, participants will receive severance benefits if they are terminated without Cause by the Company, or resigns for Good Reason following a Change of Control of the Company (each, a “Qualifying Termination”) (italicized terms being defined in Exhibit A of the Plan). The Participants become applicable to receive the severance benefits if the Qualifying Termination occurs within the 90-day period preceding a Change of Control or within the twenty-four (24) month period commencing on a Change of Control.

In the event of a Qualifying Termination, the Participant shall receive the following compensation, subject to certain exceptions as described more fully in the Plan:

•A cash lump sum payment equal to the sum of (i) his or her base salary and (ii) any bonuses received that year under any plan, program, agreement or arrangement that the Company has entered into with the Participant (the “Target Bonus”), multiplied by two for the Chief Executive Officer, and by 1.5 for the other Participants;

•A cash lump sum payment of Participant’s bonus amount for any prior fiscal year not yet paid at the date of termination, if any, paid at the greater of Target Bonus or actual performance;

•A cash lump sum payment equal to a pro rata portion of the Participant’s Target Bonus for the year of termination, determined by multiplying the amount the Target Bonus by a fraction, the numerator of which is the number of days in the then-current fiscal year through the termination date and the denominator of which is 365;

•In the event a Participant timely elects to continue health insurance coverage with the Company under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company will subsidize the Employer portion of such COBRA coverage for the lesser of (1) of twelve (12) months or (2) Participant’s first day of eligibility for a successor employer-provided group health plan. The amount that the Company will pay on behalf of a Participant will be equal to the amount paid for similarly situated active employees of the Employer and based on medical and/or dental coverage on the day immediately before the day the Employer notifies the Participant that his or her employment will be terminated; and

•All outstanding and unvested stock option, performance shares, restricted stock units, and restricted stock awards held by Participant under the Company’s Long Term Incentive Plan, as amended and restated, or any successor plan thereto, subject solely to time-based vesting shall vest in full and any restrictions or forfeiture provisions applicable to restricted stock awards shall lapse, notwithstanding the provisions of any equity incentive plan or any award agreement(s) between the Participant and the Company thereunder. Equity awards which vest in whole or part on achievement of performance criteria shall vest based on the assumption of performance at target as defined in any award agreement. If the Participant’s employment is terminated by the Company other than for Cause within ninety (90) days preceding a Change of Control, any acceleration of vesting for time-based awards shall occur on such Change of Control.

The foregoing description of the Plan is not complete and is qualified in its entirety by reference to the full text of the Plan, which is attached hereto as Exhibit 10.3, to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

In connection with closing the transactions set forth in the Purchase Agreement, the Company issued a press release on August 15, 2022, a copy of which is filed herewith as Exhibit 99.1, and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(a) Financial statements of businesses acquired

The Company intends to file the financial statements required by Item 9.01(a), in accordance with Rule 3-14 of Regulation S-X, by amendment to this Current Report on Form 8-K no later than 71 calendar days following the date that this Current Report on Form 8-K is required to be filed.

(b) Pro forma financial information

The Company intends to file the pro forma financial information required by Item 9.01(b) by amendment to this Current Report on Form 8-K no later than 71 calendar days following the date that this Current Report on Form 8-K is required to be filed.

(d) Exhibits.


2.1*			Purchase Agreement dated August 12, 2022 by and among GulfMark Asset Holdings, LLC, Scott Bosard, Trey Bosard and Tyler Bosard.
10.1			Limited Waiver Agreement and Amendment No. 1, dated August 11, 2022, to Credit Agreement, dated May 4, 2021, by and among Adams Resources & Energy, Inc., GulfMark Asset Holdings, LLC, and Service Transport Company, as Borrowers, the Lenders referred to herein, as Lenders, and Wells Fargo Bank, National Association, as Administrative Agent and Issuing Lender.
10.2			Employment Agreement dated August 12, 2022 by and between Trey Bosard and Phoenix Oil, Inc.
10.3			Change of Control Plan.
99.1			Press release of Adams Resources & Energy, Inc. issued August 1 2 , 2022.

104			Cover Page Interactive Data File — the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

*			The schedules to the Purchase Agreement have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. The Company will furnish copies of such schedules to the SEC upon its request; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any schedule so furnished.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			ADAMS RESOURCES & ENERGY, INC.



Date:	August 17, 2022	By:	/s/ Tracy E. Ohmart
			Tracy E. Ohmart
			Chief Financial Officer
			(Principal Financial Officer and
			Principal Accounting Officer)

Exhibit 2.1

PURCHASE AGREEMENT

This Purchase Agreement (this “Agreement”) is executed and delivered as of August 12, 2022, by and among GulfMark Asset Holdings, LLC, a Texas limited liability company (“Buyer”); Scott Bosard, a resident of Texas (“Scott”), Trey Bosard, a resident of Texas (“Trey”), Tyler Bosard, a resident of Texas (“Tyler”, and each of Scott, Trey and Tyler individually a “Seller” and collectively “Sellers”), and Scott Bosard, solely in his capacity as Sellers’ Representative (the “Sellers’ Representative”). Each of the Sellers, together with the Sellers’ Representative, the Companies and the Buyer are referred to herein individually as a “Party” and, collectively, the “Parties”). Capitalized terms used herein have the meanings set forth in Article 6 below or elsewhere in this Agreement.

WHEREAS, Firebird Bulk Carriers, Inc., a Texas corporation (“Firebird”) is engaged in business as a licensed interstate and intrastate motor carrier of crude oil, condensate, fuels, oils, petroleum products, byproducts and residuals, and other gases and liquids in the states of Arkansas, Louisiana, New Mexico, Oklahoma, and Texas (the “Firebird Business”);

WHEREAS, Phoenix Oil, Inc., a Texas corporation (“Phoenix”, and, together with Firebird, each individually a “Company” and, collectively, the “Companies”) is engaged in the business of recycling and repurposing of contaminated crude, crude emulsions, off-specification fuels, lubricants and other chemicals, compounds, and products acquired from producers in the continental United States of America, and marketing the products resulting from such recycling and repurposing (the “Phoenix Business” and together with the Firebird Business, collectively, the “Companies’ Business”);

WHEREAS, Scott, Trey and Tyler, collectively, are the record and beneficial owners of (a) all of the issued and outstanding capital stock of Firebird (the “Firebird Stock”); and (b) all of the issued and outstanding capital stock of Phoenix (the “Phoenix Stock” and, collectively with the Firebird Stock, the “Stock”);

WHEREAS, subject to the terms and conditions in this Agreement, Buyer desires to purchase from Sellers, and Sellers desire to sell, assign, transfer and convey to Buyer, all of the Stock for the consideration described herein; and

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

ARTICLE 1
PURCHASE AND SALE

1.01 Purchase and Sale of the Companies Ownership.

(a)Subject to the terms and conditions in this Agreement, at the Closing, Buyer shall purchase and acquire from Sellers, and Sellers, collectively, shall sell, assign, transfer and convey to Buyer, all of the Stock, free and clear of all Liens other than transfer restrictions arising under federal and state securities laws.

(b)In furtherance of the purchase and sale of the Stock, at the Closing:

(i)Buyer will:

(A)make payment to the Sellers of an aggregate amount equal to the Estimated Aggregate Closing Consideration, as provided by the Sellers in accordance with Section 1.02(b), by wire transfer of immediately available funds to the accounts specified by the Sellers in writing prior to the Closing in accordance with each Seller’s Pro Rata Amount of the Estimated Aggregate Closing Consideration;

(B)deposit $5,500,000.00 (the “Escrow Amount”) by wire transfer of immediately available funds into an escrow account (the “Escrow Account”) established by a mutually agreeable third party escrow agent (the “Escrow Agent”) pursuant to an escrow agreement entered into by and between the escrow agent, Sellers’ Representative and Buyer (the “Escrow Agreement”), which the Stock Escrow Amount shall distributed by its terms and pursuant to Section 1.07 below;

(C)deliver to Scott the common stock (“Common Stock”) of Adams Resources & Energy, Inc., a Delaware corporation and publicly traded on the NYSE American as “AE” (“AE”), having a deemed value of $500,000.00 (the “Restricted Shares”), the per share value of which shall be the average closing price per share of Common Stock on the NYSE American (as reported by Bloomberg L.P.) for the twenty-one (21) Business Days immediately preceding the date this Agreement is executed and delivered, and such Restricted Shares will be free and clear of all Liens except that it will not be tradable for a period of one year following the Closing pursuant to a restrictive provision to be provided by AE.

(ii)Sellers will deliver, or cause to be delivered, to Buyer all of the Stock.

1.02 Calculation of Aggregate Closing, Final Consideration, Adjustment and Earn Out Consideration.

(a)For purposes of this Agreement, the “Aggregate Closing Consideration” means an amount equal to the result of:

(i)$32,901,500.00 (the “Purchase Price”), minus

(ii)the Escrow Amount, minus

(iii)$500,000.00 (value of the Restricted Shares), minus

(iv)the Indebtedness of the Companies, minus

(v)the Transaction Expenses, plus

(vi)the amount, if any, by which actual Net Working Capital as of 11:59 PM CT on the day prior to the Closing Date exceeds the Net Working Capital Target, or minus

(vii)the amount, if any, by which actual Net Working Capital as of 11:59 PM CT on the day prior to the Closing Date is less than the Net Working Capital Target.

(b)No less than two (2) Business Days prior to Closing, Sellers’ Representative will deliver to Buyer in writing Sellers’ estimate of the Aggregate Closing Consideration, which estimate will be prepared by Sellers in good faith based upon the books and records of the Companies (such amount, the “Estimated Aggregate Closing Consideration”), including Sellers’ calculation of each of the components thereof; provided, however, because the Closing Date is not the last day of the calendar month, Seller’s Representative may use the Net Working Capital as of 11:59 PM CT on July 31, 2022 to estimate the Aggregate Closing Consideration.

(c)Within ninety (90) days after the Closing Date, Buyer shall deliver to the Sellers’ Representative a statement setting forth Buyer’s proposed calculation of the actual Aggregate Closing Consideration with a comparison to the Estimated Aggregate Closing Consideration, including Buyer’s calculation of each of the components thereof in sufficient detail to identify each item of difference between the Estimated Aggregate Closing Consideration and the Aggregate Closing Consideration (the “Closing Statement”). Buyer’s calculation of the actual Aggregate Closing Consideration shall include an adjustment for the Estimated Aggregate Closing Consideration not being prepared in accordance with the Accounting Principles as discovered in connection with the Buyer’s post-closing financial audit and/or review of the Companies.

(d)Following receipt by the Sellers’s Representative of Buyer’s proposed Closing Statement and until the Aggregate Closing Consideration is finally determined pursuant to this Section 1.02, Sellers’ Representative shall be permitted, upon reasonable advance written notice and during normal business hours, to review the Companies’ books and records and working papers related to Buyer’s draft of the proposed Closing Statement and determination of the Aggregate Closing Consideration, and Buyer shall provide Sellers’ Representative with reasonable access to the Companies’ senior management and books and records, to the extent reasonably necessary for such review. The proposed Closing Statement delivered by Buyer shall become final and binding on the parties thirty (30) days following Buyer’s delivery thereof to the Sellers’ Representative unless the Sellers’ Representative delivers written notice of their disagreement (“Notice of Disagreement”) to Buyer on or prior to such date. Any Notice of Disagreement must identify with specificity each item in the proposed Closing Statement that Sellers disagree with and, for each disputed item, contain a statement describing in reasonable detail the basis of such objection and the amount in dispute. If a timely Notice of Disagreement is delivered by the Sellers’ Representative, then the Closing Statement shall become final and binding on the parties to this Agreement on the earlier of (i) the date Buyer and the Sellers’ Representative resolve in writing any differences they have with respect to the matters specified in the Notice of Disagreement, and (ii) the date all matters in dispute are finally resolved in writing by the Independent Accountants.

(e)During the 30 days following delivery of a Notice of Disagreement, Buyer and the Sellers’ Representative shall seek in good faith to resolve in writing any differences that they may have with respect to the matters specified in the Notice of Disagreement. At the end of such 30-day period, Buyer and the Sellers’ Representative shall submit such dispute to the Independent Accountants for resolution of all matters which remain in dispute which were included in the Notice of Disagreement (and shall take all actions reasonably requested by the Independent Accountants in connection with such resolution, including submitting written claims to the Independent Accountants if so requested), and the Independent Accountants, acting as experts and not as arbitrators, shall make a final determination of the Aggregate Closing Consideration in accordance with the terms of this Agreement (with it being understood that Buyer and Sellers’ Representative will request that the Independent Accountants deliver to Buyer and the Sellers its resolution in writing not more than 30 days after its engagement). The Independent Accountants shall make a determination only with respect to the matters still in dispute and, with respect to each such matter, their determination as to each item in dispute shall be within the range of the dispute between Buyer and the Sellers’ Representative. The Independent Accountants’ determination shall be based solely on written materials submitted by Buyer and Sellers (i.e., not on independent review) and on the definitions of “Aggregate Closing Consideration” and “Net Working Capital” (and related definitions) included herein and the provisions of this Agreement. The determination of the Independent Accountant shall be final and binding on the Parties.

(f)The costs and expenses of the Independent Accountants shall be allocated between Buyer and Sellers based upon the percentage of the portion of the contested amount not awarded to Buyer or Sellers as compared to the amount actually contested by such party. For example, if the Sellers’ Representative claims the Aggregate Closing Consideration is $1,000 greater than the amount claimed by Buyer, and Buyer contests only $500 of the amount claimed by the Sellers’ Representative, and if the Independent Accountants ultimately resolve the dispute by awarding Sellers $300 of the $500 contested, then the costs and expenses of the Independent Accountants will be allocated 60% (i.e., 300 ÷ 500) to Buyer and 40% (i.e., 200 ÷ 500) to Sellers.

(g)If the Aggregate Closing Consideration as finally determined pursuant to this Section 1.02 (the “Final Aggregate Closing Consideration”) is greater than the Estimated Aggregate Closing Consideration (the amount of such difference being the “Underpayment”), then, within three (3) Business Days after the date on which the Final Aggregate Closing Consideration is determined, Buyer shall pay to Sellers, or cause the Companies to pay to each Seller, by wire transfer of immediately available funds to the account specified in writing by the Sellers’ Representative, such Seller’s Pro Rata Amount of an aggregate amount equal to the Underpayment.

(h)If the Final Aggregate Closing Consideration is less than the Estimated Aggregate Closing Consideration (the amount of such difference being the “Overpayment”), then, within three (3) Business Days after the date on which the Final Aggregate Closing Consideration is determined, each Seller shall, on a several, but not joint basis, pay to Buyer, by wire transfer of immediately available funds, an amount equal to the Overpayment; provided, however, if Sellers, collectively, fail to pay to Buyer any of the Overpayment as set forth herein, Buyer, at

its option, may request and receive the unpaid portion of the Overpayment amount from the Escrow Amount upon written notice to the Escrow Agent and/or set-off against the Earn Out Consideration, without duplication.

(i)All payments required pursuant to Sections 1.02(g) and 1.02(h) shall be deemed to be adjustments for Tax purposes to the aggregate purchase price paid by Buyer for the Stock.

(j)The provisions of this Section 1.02 shall apply in such a manner so as not to give the components and calculations duplicative effect to any item of adjustment and no amount shall be (or is intended to be) included in whole or in part (either as an increase or reduction) more than once in calculation of (including any component of) Aggregate Closing Consideration or any other calculated amount pursuant to this Agreement if the effect of such additional inclusion (either as an increase or reduction) would be to cause such amount to be overstated or understated for purposes of such calculation.

(k)Earn Out Consideration.

(i)As additional consideration for the Phoenix Stock, the Sellers shall receive their Pro Rata Amount of 50% of the earnings before interest, taxes, depreciation and amortization (“EBITDA”) greater than $5,400,000.00 recognized by Phoenix during the first full 12 calendar months following the Closing Date (the “Calculation Period”); provided, however, if the Closing Date is on the 1st day of the month, then that month shall be the first full calendar month for purposes of this Section 1.02(k) (the “Earn Out Consideration”); provided, further, however, that if, during the Calculation Period, the employment of any of Scott, Trey or Tyler, is terminated by Phoenix other than for Cause (as defined in the applicable Employment Agreement), the Earn Out Consideration shall be the greater of the amount calculated as provided above in this Section 1.02(k)(i) or $1,500,000.00.

(ii)Buyer shall deliver a statement (the “Earn Out Statement”) reflecting its good faith calculation of its estimate of the amount, if any, that is payable to the Sellers’ Representative of the Earn Out Consideration to the Sellers’ Representative within forty-five (45) after the expiration of the Calculation Period. The Earn-Out Statement shall include reasonable detail and support regarding the calculation therein.

(iii)During the 30-day period immediately following Sellers’ Representative’s receipt of the Earnout Statement, Sellers’ Representative and its Representatives (A) will be permitted to review, during normal business hours and upon reasonable notice, the Company’s books and records and the working papers related to the preparation of the Earnout Statement (including the determinations included therein), and (B) will be given access, during normal business hours and upon reasonable notice, to knowledgeable employees and accounting professionals of the Company in order to facilitate Sellers’ Representative’s review of the Earnout Statement. The Earn Out Statement delivered by Buyer shall become final and binding on the parties thirty (30) days following Buyer’s delivery thereof to the Sellers’ Representative unless the Sellers’ Representative delivers written notice of its disagreement to Buyer on or prior to such date. If a timely notice is delivered by the Sellers’ Representative to Buyer, then the parties thereafter shall follow the dispute resolution procedure described in subsections (d) – (f) above mutatis mutandis.

(iv)Buyer shall pay the Earn Out Consideration to the Sellers within five (5) days after determined final by the terms of this subsection. Sellers shall have no right to any other earnings of Phoenix or Firebird. Aside from any amount treated as imputed interest under the Tax laws (including Sections 483 and 1274 of the Code and the Treasury Regulations thereunder), each Party agrees that all Earn Out Consideration shall be treated as an adjustment to the purchase price for the sale and transfer of the Phoenix Stock for all Tax and other purposes, and no such party shall take any position in its applicable books, records, or Tax filings (or otherwise act) in a manner inconsistent with such purchase price treatment for the Earn Out Consideration.

(v)The Buyer agrees that, during the Calculation Period, (A) the Buyer shall cause Phoenix to operate in accordance with past practice and will not discontinue any material lines of business operated by Phoenix as of the Closing, unless mutually agreed to in writing by the Parties; (B) the Buyer shall cause

Phoenix to conduct its business in good faith and not take any action the primary purpose of which is to reduce the payment of any amount hereunder; (C) transactions between Buyer and its Affiliates, on the one hand, and Phoenix, on the other hand, will be on an arms’ length basis; and (D) the Buyer shall maintain books and records for Phoenix in a manner that allows Buyer and Seller to calculate the EBITDA of Phoenix separately from the financial results of Buyer and its Affiliates and not permit allocation of corporate expenses and overhead of the Buyer or its Affiliates (other than Phoenix) to be allocated to Phoenix for purposes of determining whether any payment is due hereunder; provided, however, a reasonable allocation shall be allowed in the event Buyer and/or its Affiliates assumes the performance of a service for Phoenix (for example, safety, human resources, accounts payable and payroll), which shall not exceed the market value of such service or $150,000 in the aggregate. For purposes hereof, EBITDA shall be calculated in a manner consistent with the principles and line items contained in the illustrative EBITDA calculation set forth in Schedule A hereto.

1.03 Closing. The closing of the purchase and sale of the Stock (“Closing”) shall take place on August 12, 2022 or any other date that the Parties may mutually agree upon in writing (the “Closing Date”) and shall be effective as of 12:00 AM CT on August 12, 2022 (the “Effective Closing Date”). The Closing shall take place at such location and at such time as the parties may agree, or via facsimile and e-mail exchange of documents. The date of the Closing is sometimes herein referred to as the “Closing,” provided, however, that all references to the “Closing” or the “Closing Date” as a point in time shall be deemed references to the Effective Closing Date.

1.04 Closing Deliveries by the Companies and Sellers. The Sellers are delivering, or are causing the Companies to deliver, as the case may be, to Buyer the following documents, each of which shall be in form and substance satisfactory to Buyer, the delivery of which is a condition to the obligation of Buyer to consummate the Closing:

(a)Copies of all notice filings given to, and consents and approvals of, third parties and Governmental Authorities listed on Schedule 1.04(a);

(b)All certificates representing the Stock, free and clear of all Liens other than transfer restrictions arising under federal and state securities laws, accompanied by a duly executed assignment;

(c)The Escrow Agreement, duly executed by the escrow agent, Sellers’ Representative;

(d)Duly executed resignations, effective as of the Closing, of each director and officer of the Companies;

(e)Mutually agreeable Employment Agreements (“Employment Agreements”) between Scott, Trey, Tyler and executive management designated by Buyer, as employees, and one of the Companies, as employer, duly executed by Scott, Trey, Tyler and the designated management, with the Employment Agreements for Trey and Tyler additionally providing for delivery to each employee Common Stock of AE having a deemed value of $500,000 (the per share value of which shall be the average closing price per share of Common Stock on the NYSE American (as reported by Bloomberg L.P.) for the twenty-one (21) Business Days immediately preceding the date that the Employment Agreements are entered into) and all of such Common Stock shall vest as follows: one-third of such Common Stock shall vest on each of the first, second and third anniversaries of the grant date, as defined in the Common Stock Grant Agreement;

(f)Evidence of termination, assignment or amendment of the Contracts specified on Schedule 1.04(f);

(g)Copies of each of the New Lease Agreements, duly executed by the parties thereto.

(h)All other documents, instruments, agreements and certificates, if any, required by any other provision of this Agreement or the Transaction Documents or reasonably requested by Buyer in connection with the consummation of the transactions contemplated by this Agreement.

(i)Seller shall promptly deliver the currently encumbered Rolling Stock titles to Buyer upon receipt of the released titles from the applicable lenders holding such titles as collateral.

1.05 Closing Deliveries by Buyer. At Closing, in addition to the payments and deliveries by Buyer at the Closing described in Section 1.01 of this Agreement, Buyer is delivering the following documents at the Closing, each of which shall be in form and substance satisfactory to Sellers, the delivery of which is a condition to the obligation of Sellers to consummate the Closing:

(a)Documentation evidencing the due approval by Buyer of the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation of the Transactions;

(b)The Escrow Agreement, duly executed by Buyer;

(c)The Employment Agreements, duly executed by Buyer; and

(d)All other documents, instruments, agreements and certificates, if any, required by any other provision of this Agreement or the Transaction Documents or reasonably requested by the Sellers in connection with the consummation of the transactions contemplated by this Agreement.

1.06 Repayment of Loans to Related Parties. At or prior to Closing, all loans payable to any of the Companies from any member of the Seller Group, any Affiliate of the Seller Group, and/or any Affiliate of the Companies shall be paid in full.

1.07 Escrow Amount.

(a)The Escrow Amount shall be available to compensate: (i) the Buyer for (A) the fair market value (as set forth on Schedule 2.23) of any piece of Rolling Stock that has not been located or otherwise accounted for by Buyer or for which a valid certificate of title (with the release of the lienholder, as required) has not been received by Buyer within thirty (30) days following Closing, (B) the estimated repair cost, in excess of $5,000.00 for any Inspected Rolling Stock that does not meet the representations and warranties concerning Inspected Rolling Stock set forth in Section 2.24 below, (C) the estimated repair cost in excess of $1,000.00 for any piece of Uninspected Rolling Stock that does not meet the representations and warranties concerning Uninspected Rolling Stock set forth in Section 2.24 below, and (D) the costs of repairs to the Inspected Rolling Stock identified on Schedule 1.07(a) that are not completed and paid for by the Companies prior to Closing (collectively, the claims described in clauses (A), (B), (C) and (D) the “Rolling Stock Claims”); (ii) the Buyer for any amount of the Overpayment not paid by Sellers to Buyer pursuant to Section 1.02(h) (the “Overpayment Claims”), and (iii) the Buyer Indemnitees for Losses pursuant to the indemnification obligations set forth in Article 5 (the “Indemnity Claims”). For the avoidance of doubt, all Losses compensated to the Buyer or Buyer Indemnitees out of the Escrow Amount pursuant to the foregoing, shall be net of any insurance proceeds, compensation or other consideration.

(b)Buyer shall provide the Sellers’ Representative with written notice of any Rolling Stock Claims within thirty (30) days following the Closing. If the Sellers’ Representative raises bona fide good faith objections in writing to any Rolling Stock Claims within fifteen (15) days of Sellers’ receipt of notice of such claim, Buyer and the Sellers’ Representative shall attempt in good faith for fifteen (15) days after Buyer’s receipt of such written objection to resolve such objection.

(c)If no such agreement can be reached during the fifteen (15) day period for good faith negotiation, but in any event upon the expiration of such fifteen (15) day period, either Buyer or the Sellers’ Representative may bring suit to resolve the matter in accordance with Section 7.12.

(d)In accordance with the terms of the Escrow Agreement, on the next Business Day following thirty (30) days after the Closing Date, Buyer and the Sellers’ Representative shall instruct the Escrow Agent to pay and distribute out of the Escrow Account, by wire transfer to the accounts designated by the Sellers’ Representative, an aggregate amount equal to $1,000,000.00 (the “Rolling Stock Escrow Amount”) (together with any interest that may

be earned with respect to such portion of the Escrow Amount), less (x) any amounts which have been distributed from the Escrow Account pursuant to the procedures set forth in this Section 1.07(d) prior to such date and (y) any amounts, as reasonably estimated by Buyer, for which Buyer shall have made a Rolling Stock Claim pursuant to the procedures set forth in this Section 1.07(d) and for which recovery shall not have been satisfied from the Escrow Account. Following final resolution of any Rolling Stock Claim described in clause (y) hereof, Buyer and the Sellers’ Representative shall instruct the Escrow Agent to pay and distribute out of the Escrow Account by wire transfer, to the account designated by Buyer, the amount finally determined to be owing to Buyer pursuant to such Rolling Stock Claims, and to the accounts designated by the Sellers’ Representative, the balance of the Rolling Stock Escrow Amount.

(e)In accordance with the terms of the Escrow Agreement, on the next Business Day following six (6) months after the Closing Date, Buyer and the Seller’s Representative shall instruct the Escrow Agent to pay and distribute out of an amount of $4,500,000 of the Escrow Account (the “Indemnification Escrow Amount”), by wire transfer to the accounts designated by the Sellers’ Representative, an aggregate amount equal to one-third of the Indemnification Escrow Amount (together with any interest that may be earned with respect to such portion of the Escrow Amount) less (x) any amounts which have been distributed from the Indemnity Escrow Amount with respect to Indemnity Claims and Overpayment Claims prior to such date and (y) any amounts for which Buyer or Buyer Indemnitees shall have made an Indemnity Claim or Overpayment Claim and for which recovery shall not have been satisfied from the Escrow Account.

(f)In accordance with the terms of the Escrow Agreement, on the next Business Day following twelve (12) months after the Closing Date, Buyer and the Seller’s Representative shall instruct the Escrow Agent to pay and distribute out of an amount of the Indemnification Escrow Amount, by wire transfer to the accounts designated by the Sellers’ Representative, an aggregate amount equal to one-third of the Indemnification Escrow Amount (together with any interest that may be earned with respect to such portion of the Escrow Amount) less (x) any amounts which have been distributed from the Indemnity Escrow Amount with respect to Indemnity Claims and Overpayment Claims during the period beginning six (6) months and ending twelve (12) months following the Closing and (y) any amounts for which Buyer or Buyer Indemnitees shall have made an Indemnity Claim or Overpayment Claim during the period beginning six (6) months and ending twelve (12) months following the Closing and for which recovery shall not have been satisfied from the Escrow Account.

(g)In accordance with the terms of the Escrow Agreement, and (ii) on the next Business Day following eighteen (18) months after the Closing Date, Buyer and the Seller’s Representative shall instruct the Escrow Agent to pay and distribute out of the Escrow Account, by wire transfer to the accounts designated by the Sellers’ Representative, the balance of the Indemnification Escrow Amount (together with any interest that may be earned with respect to such portion of the Escrow Amount) (after giving effect to any amounts which have been distributed from the Indemnity Escrow Amount with respect to Indemnity Claims and Overpayment Claims prior to such date) less any amounts for which Buyer or Buyer Indemnitees shall have made an Indemnity Claim or Overpayment Claim and for which recovery shall not have been satisfied from the Escrow Account. Following final resolution of the Indemnity Claims and Overpayment Claims, Buyer and the Sellers’ Representative shall instruct the Escrow Agent to pay and distribute out of the Indemnity Escrow Amount by wire transfer, to the account designated by Buyer, the amount finally determined to be owing to Buyer pursuant to any Indemnity Claims and Overpayment Claims, and, to the accounts designated by the Sellers’ Representative, the balance of the Indemnification Escrow Amount.

(h)The amounts of all Rolling Stock Claims and Indemnity Claims paid to Buyer from the Escrow Account shall lower on a dollar-for-dollar basis the Final Aggregate Closing Consideration and shall be deemed to be adjustments for Tax purposes to the aggregate purchase price paid by Buyer for the Stock.

(i)As between the parties to this Agreement, if any term or provision of the Escrow Agreement conflicts with any term or provision of this Agreement, then the term or provision of this Agreement will control. Buyer and the Sellers will each pay for 50% of the administrative fees of the Escrow Agent at the Closing.

ARTICLE 2
REPRESENTATIONS AND WARRANTIES OF SELLERS

Each Seller, severally, but not jointly, represent and warrant to Buyer as follows, in each case, except as provided in the Disclosure Schedules:

2.01 Organization; Power and Authority; Authorization.

(a)With respect to Scott, Trey and Tyler, each has all requisite power, competence and authority to execute and deliver the Transaction Documents to which it is a party and to perform its obligations thereunder. The execution, delivery and performance of the Transaction Documents to which any Seller is a party by such Seller and the consummation of the Transactions by such Seller have been duly authorized by all requisite action on the part of such Seller.

(b)With respect to Firebird and Phoenix, each entity is duly organized, validly existing and in good standing under the laws of the State of Texas. Firebird and Phoenix are qualified or licensed to transact business as a foreign corporation and are in good standing in each of those jurisdictions set forth on Schedule 2.01(b), which constitute all of the jurisdictions in which the ownership or leasing of its assets or property or the conduct of business as presently conducted requires it to qualify, except where the failure to be so qualified, individually or in the aggregate, would not result in a material liability to the Companies, taken as a whole. Each Company has all requisite power and authority to execute and deliver the Transaction Documents to which it is a party and to perform its obligations thereunder and to own and operate its properties and to carry on its businesses as presently conducted.

2.02 Enforceability.

(a)This Agreement has been duly executed and delivered by each Seller, and assuming that this Agreement is the valid and binding agreement of Buyer and each other Party, this Agreement constitutes the valid and binding obligation of each Seller, enforceable against each Seller in accordance with its terms, except as enforceability may be limited by bankruptcy laws, other similar Legal Requirements affecting creditors’ rights and general principles of equity affecting the availability of equitable remedies. Each other Transaction Document to which any Seller is (or will at the Closing be) a party, has been or will at the Closing be duly executed and delivered by such Seller, and assuming that such other Transaction Documents are valid and binding obligations of the other parties thereto, each such Transaction Document to which it is a party constitutes or will at the Closing constitute a valid and binding obligation of such Seller, enforceable against such Seller in accordance with its terms, except as enforceability may be limited by bankruptcy laws, other similar Legal Requirements affecting creditors’ rights and general principles of equity affecting the availability of equitable remedies.

(b)The Transaction Documents to which the Companies are a party have been duly executed and delivered by the Companies, and, assuming that such Transaction Documents are valid and binding obligations of the other parties thereto, constitute the valid and binding obligations of the Companies, enforceable against the Companies in accordance with their terms, except as enforceability hereof or thereof may be limited by bankruptcy laws, other similar Legal Requirements affecting creditors’ rights and general principles of equity affecting the availability of equitable remedies.

2.03 Authorization; No Conflicts; Litigation.

(a)Except as set forth on Schedule 2.03(a), the execution, delivery and performance by each Seller of the Transaction Documents to which it is a party and the consummation of the Transactions by such Seller do not conflict with or result in any breach of, constitute a default under, result in a violation of, result in the creation of any Lien upon the Stock or any assets of that Seller, or require any authorization, consent, approval or other action by or notice to any Governmental Authority or other third party, under any Contract or other instrument to which such Seller is bound, or any Legal Requirement to which such Seller or any of its properties or assets is subject. No Seller is a party to any Proceeding, or any outstanding Order of any Governmental Authority or arbitration or mediation authority, that reasonably could be expected to affect such Seller’s performance of its obligations under this Agreement, and to the Sellers’ Knowledge, no such Proceeding is threatened against any Seller.

(b)The execution, delivery and performance of the Transaction Documents by the Companies and/or any Seller to which any of such Persons is a party and the consummation of the Transactions have been or will at the Closing be duly and validly authorized by all requisite action on the part of the Companies, and no other proceedings on the Companies’ part are necessary to authorize the execution, delivery or performance of the Transaction Documents to which any of such Persons is a party.

(c)Except as set forth on Schedule 2.03(c), the execution, delivery and performance by the Companies and/or any Seller of the Transaction Documents to which any of such Persons is a party and the consummation of the Transactions do not conflict with or result in any breach of, constitute a default under, result in a violation of, result in the creation of any Lien upon any assets of the Companies, result in any breach of, constitute a default under, trigger any penalty, right or change in control payment under or require any authorization, consent, approval, filing, exemption or other action by or notice to any Governmental Authority or other third party, under the provisions of the Companies’ charters (or equivalent governing documents) or any Contract to which any of such Persons is party or by which any of such Persons is bound, or any Legal Requirement to which any Seller or the Companies is subject.

2.04 Title. Each Seller is the record and beneficial owner of the Stock set forth opposite such Seller’s name on Schedule 2.04, free and clear of any Liens (other than transfer restrictions under applicable federal and state securities laws or transfer restrictions in the Organizational Documents). Except as set forth on Schedule 2.04, no Seller is a party to any Option, voting agreement, proxy or other Contract (other than this Agreement) with respect to any Stock or other ownership interest or other security of the Companies. Except for the Stock owned by the Sellers and listed on Schedule 2.04, no Seller owns any equity interest or other security of the Companies or any Options. At the Closing, Sellers are transferring to Buyer, and Buyer is acquiring from Sellers, good title to the Stock free and clear of all Liens, other than Liens arising under federal and state securities laws and Liens created by, or otherwise arising as a result of any action of, Buyer.

2.05 Brokerage and Expenses. Except as set forth on Schedule 2.05, there are no claims for brokerage commissions, finders’ fees or similar compensation in connection with the Transactions based on any arrangement or Contract made by or on behalf of any Seller or the Companies.

2.06 Indebtedness. Schedule 2.06 sets forth all Indebtedness and describes by category any Liens on any assets which secure the same such Indebtedness, in each case as of the Closing Date.

2.07 Subsidiaries. Except as set forth on Schedule 2.07, none of the Companies owns or holds the right or has an obligation to acquire any stock, partnership interest, joint venture interest or other equity ownership interest in any other Person.

2.08 Organizational Documents.

(a)Schedule 2.08(a) sets forth true, complete, and correct copies of the Articles and By-Laws (or similar governing documents) of the Companies (as amended through the date hereof, the “Organizational Documents”). Except as disclosed in Schedule 2.08(a), the Companies have provided or made available to Buyer the minute books and ownership records of the Companies. The Companies are not in violation of any of the material provisions of its Organizational Documents. Except as disclosed in Schedule 2.08(a), the minute books and ownership records of the Companies previously furnished or made available to Buyer correctly and completely reflect all material actions taken at all meetings of, or by written consents of, the board of directors (including any committees thereof), stockholders and partners of the Companies, and reflect all transactions referred to in such minutes accurately in all material respects.

(b)Schedule 2.08(b) sets forth a true, complete and correct list of the officers and directors (or similar positions) of the Companies.

2.09 Equity Securities. There are 1,000 issued and outstanding shares of capital stock of Firebird. There are 1,000 issued and outstanding shares of capital stock of Phoenix. Each share of the Stock is held of record by Sellers, as set forth on Schedule 2.04. The Stock has been duly authorized and validly issued and is fully paid

and nonassessable. None of the shares or units of Stock has been issued in violation of any preemptive or similar rights of any past or present stockholder, member or other equity holder of the Companies. Except for the Stock, the Companies have no outstanding equity securities, or securities convertible into equity securities, and there are no Contracts, Options or other rights or arrangements existing or outstanding which provide for the sale or issuance of any of the foregoing by the Companies. Upon consummation of the Transactions, Buyer shall have good and valid title to all equity interests in the Companies, free and clear of all Liens, other than Liens arising under federal and state securities laws and Liens created by, or otherwise arising as a result of any action of, Buyer.

2.10 Financial Statements; Undisclosed Liabilities.

(a)Schedule 2.10(a) consists of: (i) the Companies’ internal balance sheet as of June 30, 2022 (the “Latest Balance Sheet”), (ii) the Companies’ compiled consolidated balance sheets as of December 31, 2019, December 31, 2020 and December 31, 2021, together with the statements of income for such three fiscal years (the statements described in clauses (i) and (ii) of this Section 2.10(a), collectively, the “Financial Statements”). The Financial Statements present fairly, in all respects, the consolidated financial position and results of operations of the Companies, as of the times and for the periods referred to therein.

(b)Except as set forth on Schedule 2.10(b), none of the Companies has any liabilities or obligations other than (i) liabilities or obligations reflected on the Latest Balance Sheet, and (ii) liabilities incurred in the ordinary course of business consistent with past practice since the date of the Latest Balance Sheet.

(c)The Companies maintain in all material respects an adequate system of internal controls and procedures of the accounting practices, procedures and policies employed by the Companies. There has been no fraud (whether or not material) that involved management or other employees who have or had a significant role in financial reporting.

2.11 Accounts Receivable. All accounts receivable of the Companies (“Accounts Receivable”), reflected on the Latest Balance Sheet, represent valid obligations arising from sales actually made or services actually performed in the ordinary course of business. The Accounts Receivable are presented net of the reserves shown on the Latest Balance Sheet (which reserves have calculated consistent with past practices in the preparation of the Financial Statements). None of the Accounts Receivable are subject to any claim of offset, recoupment, setoff, or counter-claim except as reflected in accordance with the historical accounting practices of the Companies as uniformly applied, and to the Sellers’ Knowledge, there are no facts or circumstances (whether asserted or unasserted) that would reasonably be expected to give rise to any such claim that are not so reflected. No amount of Accounts Receivable is contingent upon the performance by the Companies, a Seller or any of their respective Affiliates, of any obligation or Contract except as reflected on the Latest Balance Sheet as reflected in accordance with the historical accounting practices of the Companies as uniformly applied. The Companies have no obligation pursuant to any rule or regulation of any Governmental Authority (whether in bankruptcy or insolvency proceedings or otherwise) to repay, return, refund or forfeit any accounts receivable previously collected by the Companies except as reflected on the Latest Balance Sheet as reflected in accordance with the historical accounting practices of the Companies as uniformly applied. Except as set forth on Schedule 2.11, no Person has any Lien on any Accounts Receivable, no Account Receivable is subject to prior assignment, no Contract for deduction or discount has been made with respect to any such Accounts Receivable except as reflected on the Latest Balance Sheet as reflected in accordance with the historical accounting practices of the Companies as uniformly applied. None of the obligors of the Accounts Receivable have refused or given notice that they refuse to pay the full amount thereof except for minor disputes or disagreements which have arisen in the ordinary course of business and which the Companies have made provision as reflected in accordance with the historical accounting practices of the Companies as uniformly applied for uncollectability in the Financial Statements, and none of the obligors of such Accounts Receivable are an Affiliate of the Companies or a Seller. Schedule 2.11 sets forth an accurate list of the Accounts Receivable and notes receivable of the Companies, an aging of such Accounts Receivable and notes receivable in the aggregate and by customer, and indicates the amounts of allowances for doubtful accounts.

2.12 Absence of Certain Developments. Since April 1, 2022, there has not occurred any event, occurrence, fact, circumstance or change that has had a Material Adverse Effect with respect to the Companies,

taken as a whole. Except as set forth on Schedule 2.12, since April 1, 2022, the Companies have operated their businesses in the ordinary course of business consistent with past practice, and none of the Companies have:

(a)amended or restated its Articles or By-Laws (or similar governing documents);

(b)sold, leased, purchased, assigned or transferred any asset in excess of $10,000 individually without the prior written consent of Buyer;

(c)effected any recapitalization, reclassification, stock or other dividend, stock split or similar occurrence, adjustment, combination, subdivision or like change in its capitalization, or declared, set aside or paid any other distribution of any kind (whether in cash, stock or property) to any stockholder or other equity holder, or made any direct or indirect redemption, retirement, purchase or other acquisition of any shares of capital stock or other equity interests;

(d)issued (or made commitments to issue) additional securities;

(e)merged or consolidated with or made any equity investment in, or any loan or advance to, or any acquisition of the securities or assets of, any other Person (other than advancement of reimbursable ordinary and necessary business expenses made to directors, officers, employees, independent contractors, and third-party transportation providers of the Companies thereof in the ordinary course of business);

(f)granted any license or sublicense of, assigned, transferred, abandoned, allowed to lapse or otherwise disposed of any rights under or with respect to any Intellectual Property other than in the ordinary course of business consistent with past practice;

(g)suffered any event of damage, destruction, casualty loss or claim affecting the assets, properties or business of the Companies and exceeding $50,000 individually, net of insurance proceeds;

(h)[intentionally deleted];

(i)[intentionally deleted];

(j)made any changes to policies or timing of repairs, maintenance, and purchasing and installation of parts, tires, fuel and other replaceable operating supplies;

(k)granted any increase in the amount of compensation, benefits, bonus, change in control, retention or severance pay payable or potentially payable to any of its employees, independent contractors or consultants or adopted, amended or terminated any Plan or Benefit Program or Agreement;

(l)made any payment or commitment to pay any pension, retirement allowance, retiree medical or other employee benefit, any amount relating to unused vacation days or other paid time off, retention, severance or termination pay to any director, officer or employee other than in the ordinary course of business consistent with past practice without the prior written consent of Buyer;

(m)made any change in accounting or auditing methods, policies or practices;

(n)made or revoked any material election with respect to Taxes of the Companies or changed its tax year;

(o)made any payment or incurred any obligation in excess of $50,000, other than in the ordinary course of business consistent with past practices;

(p)created, incurred, assumed or guaranteed any Indebtedness;

(q)to the Sellers’ Knowledge, received a complaint or notice that an investigation against any of the Companies has been commenced by any Governmental Authority or that any other event has occurred which calls into question any Permit necessary for the Companies to conduct its business and to own and operate the Companies’ assets;

(r)received any notice from any customer, supplier, Governmental Authority or any other Person, the result of which could reasonably be expected to materially impact the business of the Companies;

(s)accelerated or changed any of its practices, policies, procedures or timing of the billing of customers or the collection of their accounts receivable, pricing and payment terms, cash collections, cash payments or terms with vendors;

(t)delayed or postponed the payment of any liability (including accounts payable or accrued expenses) or the deferment of expenses;

(u)discharged or satisfied any Lien, or subjected the Companies or any of their respective assets to any Lien;

(v)hired or fired any management and/or key personnel;

(w)changed driver hiring standards and practices, including no trainees;

(x)declared or paid any dividends or distributions; or

(y)committed to do any of the foregoing.

2.13 Real Properties.

(a)Schedule 2.13(a) contains a complete and accurate list of all leases, subleases, licenses and other occupancy agreements, and all modifications, amendments and supplements thereto (collectively, the “Real Property Leases”), under which the Companies use, occupy or operate any real property. The real property that the Companies use, occupy or operate pursuant to the Real Property Leases is referred to herein, collectively, as the “Leased Real Property”. The Companies have made available to Buyer true, correct and complete copies of the Real Property Leases.

(b)Except as set forth on Schedule 2.13(b):

(i)subject to proper authorization and execution of the Real Property Leases by the other parties thereto, each Company has valid leasehold interests in the Leased Real Property that is the subject of the Real Property Leases to which it is a party;

(ii)subject to the terms and conditions of the Real Property Leases, each Company enjoys peaceful and undisturbed possession of the Leased Real Property that is the subject of the Real Property Leases to which it is a party sufficient for the current operations and use of such Leased Real Property by such Company;

(iii)subject to proper authorization and execution of the Real Property Leases by the other parties thereto, each Real Property Lease is in full force and effect;

(iv)to the Sellers’ Knowledge, none of the Companies, nor any other party, is in breach or default in any material respect under any of the Real Property Leases, and, to the Sellers’ Knowledge, no event has occurred which, with the passage of time or notice, or both, would constitute a breach or default in any material respect under any of the Real Property Leases;

(v)none of the Companies has entered into any sublease or other agreement granting to any other Person the right of use or occupancy of, and no other Person is in possession of, any of the Leased Real Property, nor have any of the Real Property Leases been assigned by the Companies in whole or in part; and

(vi)to the Sellers’ Knowledge, no part of any of the Leased Real Property has been condemned or otherwise taken by any Governmental Authority and, to the Sellers’ Knowledge, no such condemnation or taking is threatened or contemplated.

(c)Schedule 2.13(c) contains a complete and accurate list of all Leased Real Property that is owned by any Seller, any Affiliate of any Seller, and/or any Affiliate of the Companies, in each case other than the Companies.

(d)The Companies do not own any real property.

(e)The Leased Real Property and the Owned Real Property (collectively, the “Real Property”) constitutes all of the real property used, occupied or operated by the Companies.

2.14 Taxes.

(a)Except as set forth on Schedule 2.14(a): (i) Companies have duly and timely filed or caused to be duly and timely filed all income and other material Tax Returns that are required to be filed by or with respect to the Companies (taking into consideration all extended filing deadlines); (ii) all such Tax Returns are true, correct and complete in all material respects; (iii) the Sellers and the Companies have paid, or made provision for the payment of, all Taxes shown as due on such Tax Returns; and (iv) all Taxes the Companies are obligated to withhold from amounts owing to any employee, creditor or third party have been withheld and paid over to the appropriate Governmental Authority or properly accrued.

(b)Except as set forth on Schedule 2.14(b):

(i)there is no dispute or claim concerning any Tax liability of any of the Companies raised by any taxing authority in writing;

(ii)none of the Companies has waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency (other than any extension pursuant to an automatic extension of the due date for filing a Tax Return);

(iii)none of the Companies has requested or been granted an extension of the time for filing any Tax Return which has not yet been filed;

(iv)no deficiency or adjustment which has not been finally settled or resolved for any amount of Tax has been proposed, asserted or assessed, in each case in writing, by any taxing authority against any of the Companies;

(v)none of the Companies is a party to or bound by any Tax allocation, sharing or indemnity contract (other than customary commercial agreements not primarily related to Taxes that contain agreements or arrangements relating to the apportionment, sharing, assignment or allocation of Taxes (such as financing agreements with Tax gross-up obligations or leases with Tax escalation provisions));

(vi)there is no action, suit, taxing authority proceeding or audit now in progress, pending or threatened in writing against or with respect to Taxes of the Companies;

(vii)no written claim has been made by a taxing authority in a jurisdiction where any of the Companies does not file Tax Returns that any of the Companies is or may be subject to taxation by that jurisdiction;

(viii)no power of attorney that is currently in force has been granted with respect to any matter related to Taxers that could affect any of the Companies;

(ix)except as set forth on Schedule 2.14(b)(ix), there are no Liens (other than Permitted Liens) on any of the assets of any of the Companies that arose in connection with any failure (or alleged failure) to pay any Tax;

(x)none of the Companies will be required to include any item of income in, or exclude any item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any: (i) change in method of accounting for a taxable period ending on or prior to the Closing Date; (ii) “closing agreement” as described in Code Section 7121 (or any corresponding or similar provision of state, local or foreign income Tax Legal Requirements) executed on or prior to the Closing Date; (iii) intercompany transaction or any excess loss account described in Treasury Regulations under Code Section 1502 (or any corresponding or similar provision of state, local or foreign income Tax Legal Requirements) entered into or created on or prior to the Closing Date; (iv) installment sale or open transaction disposition made on or prior to the Closing Date; or (v) prepaid amount received on or prior to the Closing Date;

(xi)none of the Companies has any liability for the Taxes of any Person (other than a Company) under Treasury Regulation Section 1.1502-6 (or any corresponding provisions of state, local or foreign Tax Legal Requirements), or as a transferee or successor, or by contract (other than customary commercial agreements not primarily related to Taxes that contain agreements or arrangements relating to the apportionment, sharing, assignment or allocation of Taxes (such as financing agreements with Tax gross-up obligations or leases with Tax escalation provisions)) or otherwise pursuant to Legal Requirements;

(xii)none of the Companies has participated (within the meaning of Treasury Regulations § 1.6011-4(c)(3)) in any “reportable transaction” within the meaning of Treasury Regulations § 1.6011-4(b) (and all predecessor regulations). The Companies have disclosed on their Tax Returns all positions taken therein that would be reasonably expected to give rise to a substantial understatement of Tax within the meaning of Section 6662 of the Code (or any similar provision of state, local or foreign law);

(xiii)none of the Companies has made any payments, is obligated to make any payments, or is a party to any plan or agreement that under certain circumstances could obligate it to make any payments that would not be deductible under Section 280G (determined without regard to the exceptions contained in Sections 280G(b)(4) and 280G(b)(5)) or 404 of the Code; and

(xiv)there is no Contract, plan or other arrangement to which any of the Companies is a party to or bound by which provides for any “gross up” or similar payment relating to Taxes under Section 4999 or 409A of the Code.

(c)Both Firebird and Phoenix are, and have been at all times since their inception, properly classified as an “S corporation” under Section 1361 of the Code and the Treasury Regulations thereunder for U.S. federal income Tax purposes and are and have been so classified for state income Tax purposes pursuant to analogous state provisions.

2.15 Contracts and Commitments.

(a)Except as set forth on Schedule 2.15(a) or Schedule 2.18(a), none of the Companies is party, or subject, to any of the following Contracts (whereunder the obligations of the parties thereto have not been substantially completed) (each a “Material Contract”):

(i)any Contract relating to any completed or pending business acquisition or divestiture;

(ii)any bonus, severance, retention, change of control, pension, profit sharing, retirement or other form of deferred compensation plan;

(iii)any Contract for the sale of any capital assets, including Rolling Stock, in excess of $10,000;

(iv)any Contract for the purchase of any capital assets, including Rolling Stock, in excess of $50,000;

(v)any Contract for capital expenditures in excess of $50,000;

(vi)any Contract with an owner operator or with respect to any employee or driver leasing arrangement affecting Rolling Stock;

(vii)any Contract involving unpaid amounts in excess of $25,000 with a “change in control” clause;

(viii)any stock option or similar plan;

(ix)any Contract (A) for the employment of any officer, individual employee or other person, (B) providing for the payment of any cash or other compensation or benefits upon the consummation of the Transactions (or any of them), or (C) that provides severance or other benefits for any person or, in each case, that is otherwise not immediately terminable by any of the Companies without cost or liability;

(x)any Contract under which any of the Companies created, incurred or assumed any Indebtedness (including any conditional sales Contract, sale-leaseback, or capitalized lease) or mortgaging, pledging or otherwise granting or placing a Lien on any portion of any of the Companies’ assets;

(xi)any guaranty of any Indebtedness;

(xii)any lease or other Contract under which it is lessee of or holds, occupies, operates or uses any real or personal property (including Rolling Stock) owned by any other Person, for which the annual rental exceeds $25,000;

(xiii)any lease or other Contract under which it is lessor of or permits any third party to hold, occupy, operate or use any real or personal property for which the annual rental exceeds $50,000;

(xiv)any Contract or group of related Contracts with the same party for the purchase by the Companies of products or services, under which the undelivered balance of such products and services has a purchase price in excess of $25,000;

(xv)any Contract or group of related Contracts with the same party for the sale by the Companies of products or services under which the undelivered balance of such products or services has a sales price in excess of $25,000;

(xvi)any other lease or other Contract which cannot be canceled by the Companies without penalty or further payment or obligation and without more than 60 days’ notice and with remaining fixed payments in excess of $25,000;

(xvii)any Contract containing covenants that in any way purport to restrict the right of any of the Companies to engage in its current line of business, engage in any line of business, compete with any Person, or solicit customers, carriers or employees;

(xviii)any currency exchange, commodities, interest rate or other hedging arrangement or forward, swap, derivatives or futures Contract;

(xix)any joint venture, partnership, franchise, joint marketing Contract or any other similar Contract (including sharing of profits, losses, costs or liabilities by any of the Companies thereof with any other Person);

(xx)any licensing Contract or other Contract with respect to Intellectual Property, including (A) any Contracts with current or former employees, consultants or contractors regarding the appropriation or non-disclosure of any Intellectual Property and (B) any license agreements related to the use of software (other than license agreements for the use of generally commercially available off-the-shelf software involving total consideration of less than $50,000);

(xxi)any Contract under which any of the Companies thereof has made loans, investments or advances to any other Person, and such investments, advances or loans remain outstanding (except advancement of reimbursable ordinary and necessary business expenses made to directors, officers, employees, and independent contractors of any of the Companies thereof in the ordinary course of business), in which the amount involved exceeds $2,500 in each case or $25,000 in the aggregate;

(xxii)any Contract with any Governmental Authority that involves annual revenue or expense in excess of $25,000;

(xxiii)any Contract pursuant to which rights of any third party are triggered or become exercisable directly and solely, or under which any other consequence, result or effect arises, in connection with or as a result of the execution of this Agreement or the consummation of the Transactions;

(xxiv)any Contract granting rights of first refusal, rights of first negotiation or similar rights or terms to any Person;

(xxv)any Contract providing for the development of Intellectual Property, content or technology, solely or jointly, by or for any of the Companies;

(xxvi)any Contract involving the payment of royalties to any other Person;

(xxvii)any Contract of indemnification or warranty or any Contract containing any support, maintenance, performance metric requirement, non-performance or deficient performance penalty, charge-back of any nature, Lien waiver or service obligation on the part of any of the Companies (except the Companies’ customer or carrier Contracts listed in the Disclosure Schedules and any other Contracts that would not be reasonably expected to result in a liability to the Companies);

(xxviii)any Contract with any consultant (which provides for or will likely involve payments to such consultant in excess of $25,000 after the date of this Agreement) of any of the Companies thereof;

(xxix) any settlement, conciliation or similar Contract, the performance of which will involve payment after the date of this Agreement of consideration in excess of $25,000 or governmental monitoring, consent decree or reporting responsibilities;

(xxx)any Contract granting any exclusive rights with respect to the products and services or Intellectual Property of any of the Companies of any type or scope to any Person; or

(xxxi)any Contract that grants most favored nation status or similar provision.

(b)The Companies have made available to Buyer a true, correct and complete copy of each written Contract set forth on Schedule 2.15(a) or Schedule 2.18(a), to the extent such Contracts are available, including all modifications and amendments thereto, and has made available to Buyer a true, correct and complete written summary of each oral Contract listed on Schedule 2.15(a) or Schedule 2.18(a). With respect to each Contract set forth on Schedule 2.15(a) or Schedule 2.18(a): (i) such Contract is valid, binding and in full force and effect and is enforceable by the Company party thereto in accordance with its respective terms, subject to proper authorization

and execution of such Contract by the other parties thereto, and except as enforceability may be limited by bankruptcy laws, other similar Legal Requirements affecting creditors’ rights and general principles of equity affecting the availability of equitable remedies; (ii) to the Sellers’ Knowledge, none of the Companies, nor any other party, is in breach or default in any material respect under such Contract; and (iii) to the Sellers’ Knowledge, there has been no material overpayment or material underpayment with respect to any party’s obligations under such Contract. None of the Companies has received any written notice of the intention of any party to terminate any Contract listed on Schedule 2.15(a).

(c)Schedule 2.15(c) sets forth a list of the Companies’ 10 largest customers (by consolidated revenue for each of the three-month period ended March 31, 2022, the fiscal year ended December 31, 2020 and for the fiscal year ended December 31, 2021), together with a list of the contracts with each such customer, true, correct and complete copies of which, including all modifications and amendments thereto, have been made available to Buyer (collectively, “Customer Contracts”), and none of the Companies nor, to the Sellers’ Knowledge, any other party, is in breach or default under such Customer Contracts. None of the Companies has received a written notice from any customer that such customer intends to terminate, modify, fail to renew, or reduce volumes under, any such Customer Contract or otherwise adversely impact its volumes or business relations with any of the Companies. To the Sellers’ Knowledge there is no fact or circumstance (including the consummation of the Transactions) that could reasonably be expected to cause any such customer to cease or diminish the use of the products or services of any of the Companies after the Closing. None of the Sellers own any equity interest in any of the Companies’ customers, other than less than a 5% ownership of any publicly traded customer.

2.16 Intellectual Property.

(a)All of the patents, internet domain names, registered trademarks, registered service marks, registered copyrights, and applications for any of the foregoing Intellectual Property, owned or exclusively licensed by any of the Companies (collectively, the “Registered Intellectual Property”) are set forth on Schedule 2.16(a). All currently due maintenance fees or renewal fees for the Registered Intellectual Property have been paid and all necessary documents and certificates for the Registered Intellectual Property have been filed with the relevant patent, copyright, trademark, Internet registrar, or other authorities in the United States or foreign jurisdictions, as the case may be, for the purposes of maintaining or renewing such Registered Intellectual Property. The Intellectual Property owned by any of the Companies (the “Owned Intellectual Property”) and the Intellectual Property licensed by any of the Companies from third parties is all of the Intellectual Property that is used by the Companies in the conduct of its business as currently conducted. None of the Companies has granted to any third party with respect to any Intellectual Property.

(b)The Companies own and possess all right, title and interest in and to, or possesses the valid right to use, all Intellectual Property used or held for use in the conduct of the business as currently conducted and as conducted (the “Company Intellectual Property”), in each case free and clear of all Liens, exclusive licenses granted to third parties, and non-exclusive licenses not granted in the ordinary course of business, and other encumbrances. With respect to Intellectual Property, (i) the conduct of the business of the Companies as currently conducted and as it has been conducted in the past three years has not and does not infringe, misappropriate, dilute, or otherwise violate the Intellectual Property of any Person; (ii) there are no pending actions alleging that any of the Companies are infringing, misappropriating, diluting or otherwise violating any Intellectual Property of any Person or that seek to limit or challenge the validity, enforceability, ownership or use of the Owned Intellectual Property; and (iii) none of the Companies has received, in the past three (3) years, any claim, “cease and desist” letter, or like correspondence from any Person alleging any Intellectual Property infringement, misappropriation, dilution or other such violations, in writing. There are no Contracts or outstanding judicial or administrative orders to which any of the Companies is a party or by which they are bound, which restricts any of the Companies’ rights to use any of the Company Intellectual Property. To Sellers’ Knowledge, the Company Intellectual Property is valid and enforceable.

(c)No present or former officer, director, employee, or contractor of any of the Companies, has any ownership interest, in whole or in part, in any Company Intellectual Property, or the right to receive royalty or other payments for Intellectual Property used or held for use by any of the Companies.

(d)The Companies own or lease all Computer Systems that are necessary for the operation of their businesses. In the past 36 months, there has been no failure, substandard performance or breach of any Computer Systems which have (i) caused any material disruptions to the business of Companies, or (ii) to the actual knowledge of the Sellers, allowed unauthorized access to a computer or network. The Companies have, pursuant to written software licenses, the authorized number of users or seats used in the businesses of the Companies as currently conducted.

(e)The Companies have possession of a copy of all Technology related to the operation of the businesses of the Companies as conducted as of the date hereof.

(f)To the Sellers’ Knowledge, the Companies have complied with all Contracts, privacy policies, laws and regulations applicable to the Companies regarding personally identifiable information, including any such data privacy laws or agreements with third parties, in every jurisdiction where (i) the Companies conduct business or (ii) residents of such jurisdiction have provided personally identifiable information to the Companies. None of the Companies have been or are currently legally required to provide any notices to data owners in connection with a disclosure of personally identifiable information.

(g)The execution, delivery and performance by the Companies of this Agreement and the consummation of the Transactions do not and will not: (i) encumber or adversely affect the right to use any Intellectual Property presently owned, used or held for use by any of the Companies in the conduct of its business; or (ii) cause Companies to be contractually obligated to pay any Intellectual Property royalties or other amounts to any third party in excess of the amounts that such party would have been obligated to pay if this Agreement had not been executed, delivered, and performed or the Transactions consummated.

2.17 Litigation.

(a)Except as set forth on Schedule 2.17(a), there are no material Proceedings pending or, to the Sellers’ Knowledge, threatened against or affecting the Companies or their respective partners, owners, officers, directors, agents, employees, predecessors or indemnified persons in their capacities as such, at law or in equity, before or by any Governmental Authority or arbitration or mediation authority or otherwise in existence, nor, to the Sellers’ Knowledge, is there any reasonable and valid basis for any such Proceeding based on acts or omissions of the Sellers or the Companies.

(b)None of the Companies is a party to or subject to or in default under any outstanding Order of any Governmental Authority or arbitration or mediation authority that would be material to the Companies taken as a whole.

(c)Except as set forth on Schedule 2.17(c), since March 31, 2020, none of the Companies has settled or received a final Order concerning any outstanding Proceeding for an amount in excess of $50,000.

(d)Except as set forth on Schedule 2.17(d), none of the Companies has any Proceeding pending against any other Person.

2.18 Employee Benefit Plans.

(a)Schedule 2.18(a) lists each of the following which is sponsored, maintained or contributed to by any of the Companies for the benefit of employees, former employees, directors, former directors, or any agents, consultants, or similar representatives providing services to or for any of the Companies, or with respect to which any of the Companies has any liability:

(i)each “employee benefit plan,” as such term is defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (a “Plan”), including each Plans fiduciary, if applicable; and

(ii)each personnel policy, stock option, stock purchase, stock appreciation rights, phantom equity, or any other equity-based plan, program, agreement or arrangement, collective bargaining agreement, bonus plan or arrangement, incentive award plan or arrangement, vacation policy, retention or severance pay plan, policy or Contract, deferred compensation Contract or other arrangement, compensation or supplemental income arrangement, consulting Contract, employment Contract and each other employee benefit plan, Contract or other program, agreement or arrangement (“Benefit Program or Agreement”).

(b)With respect to each Plan and each Benefit Program or Agreement, the Companies have made available to Buyer copies (as applicable) of (i) the applicable plan or other governing documents currently in effect, and any related trusts, insurance, group annuity Contracts, and each other funding or financing arrangement related thereto, including any amendments (or, in the case of any unwritten arrangement, a written description of the terms thereof), (ii) the most recent summary plan description and amendments and modifications thereto, (iii) the most recent determination letter or opinion letter received from the Internal Revenue Service, (iv) the latest financial statements, (v) the most recent audit, and (vi) the latest annual or other report filed with any Governmental Authority.

(c)None of the Companies, nor any corporation, trade, business or entity under common control with the Companies within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001 of ERISA (a “Commonly Controlled Entity”), has ever (i) sponsored, maintained, participated in or contributed to any plan which is subject to Section 302 of ERISA, Section 412 of the Code or Title IV of ERISA or is a “multiemployer plan” (as defined in Section 3(37) of ERISA) or (ii) incurred any withdrawal liability with respect to any multiemployer plan or any liability in connection with the termination, insolvency or reorganization of any multiemployer plan. No Plan provides for medical or life insurance benefits to retired or former employees of any of the Companies (other than as required under Code Section 4980B, or similar state Legal Requirement).

(d)Except as set forth on Schedule 2.18(d):

(i)Each Plan and Benefit Program or Agreement complies in all material respects in form and operation with its terms, the requirements of the Code, ERISA, and all other applicable laws;

(ii)To the Sellers’ Knowledge, each Plan that is intended to be qualified under Section 401(a) of the Code meets such requirements and has received a favorable determination letter or opinion letter from the Internal Revenue Service within the applicable remedial amendment periods and no amendments have been made to any such Plan following the receipt of a determination letter or opinion letter that would jeopardize such Plan’s qualified status;

(iii)There are no Proceedings (other than routine claims for benefits under such plans) pending or threatened against any of the Plans, Benefit Programs or Agreements or their assets;

(iv)As to any Plan intended to be qualified under Section 401 of the Code, there has been no termination or partial termination of the Plan within the meaning of Section 411(d)(3) of the Code;

(v)To the Sellers’ Knowledge, no act, omission or transaction has occurred which would result in imposition on any of the Companies of (A) a breach of fiduciary duty liability damages under Section 409 of ERISA, (B) a civil penalty assessed pursuant to Section 502 of ERISA or (C) a tax imposed pursuant to Chapter 43 of Subtitle D of the Code;

(vi)To the Sellers’ Knowledge, there is no matter pending (other than routine qualification determination filings) with respect to any of the Plans or Benefit Program or Agreements before the Internal Revenue Service, the Department of Labor, the Pension Guaranty Benefit Corporation or any other Governmental Authority; and

(vii)No trust funding a Plan is intended to be exempt from federal income taxation pursuant to Section 501(c)(9) of the Code.

(viii)All contributions (including all employer contributions and employee salary reduction contributions) that are due and owing have been paid to each Plan that is an “employee pension benefit plan” (or related trust or held in the general assets of any of the Companies, as appropriate), and all contributions for any period ending on or before the Closing Date have been paid to each such Plan or, if not yet due, have been accrued on the Companies’ Financial Statements;

(ix)All premiums or other payments that are due and owing for all periods ending on or before the Closing Date have been paid or accrued with respect to each Plan that is an “employee welfare benefit plan” (as defined in Section 3(l) of ERISA); and

(x)The Companies are in compliance with the provisions of the Patient Protection and Affordable Care Act of 2010, as amended (the “ACA”), and applicable regulations and other regulatory guidance issued under such act, and no Tax or liability has been or, to Sellers’ Knowledge, is expected to be incurred as a result of the application of the ACA other than has been paid or accrued.

(e)Each Plan which is an “employee welfare benefit plan” (as defined in Section 3(l) of ERISA) may be unilaterally amended or terminated in its entirety without liability except as to benefits accrued thereunder prior to such amendment or termination.

(f)No Plan or Benefit Program or Agreement provides that payments pursuant to such Plan or Benefit Program or Agreement may be made in securities of the Companies or any Commonly Controlled Entity, nor does any trust maintained pursuant to any Plan or Benefit Program or Agreement hold any securities of the Companies or any Commonly Controlled Entity.

(g)The execution and delivery of this Agreement and the consummation of the Transactions (either alone or in combination with any other event) will not (i) require any of the Companies, the Buyer or any of their Affiliates to make a larger contribution to, or pay greater compensation, payments or benefits under any Plan or Benefit Program or Agreement, (ii) create or give rise to any additional vested rights or service credits under any Plan or Benefit Program or Agreement or (iii) accelerate the time of vesting, payment or funding of any amount or benefit due pursuant to any Plan or Benefit Program or Agreement.

2.19 Insurance.

(a)The Companies have been a participant in the Archway captive insurance program (the “Archway Program”) since May of 2015.

(b)Schedule 2.19(b) lists each insurance policy and bond or letter of credit currently maintained by or otherwise covering the Companies and describes any captive insurance, self-insurance or co-insurance arrangements by or affecting the Companies (the “Insurance Policies”). Schedule 2.19(b) also sets forth the name of the insurer under each such policy and bond, the type of policy or bond, the expiration dates thereof, and the coverage amounts and applicable deductibles. All such Insurance Policies are in full force and effect, and no notice or, to Sellers’ Knowledge, threat of a material rate increase, non-renewal, cancellation or termination has been received by any of the Companies with respect to any such Insurance Policy. None of the Companies has failed to give any notice or present any material claim under any Insurance Policy in due and timely fashion or as required by any Insurance Policy. The Companies have provided or made available to Buyer true, correct, and complete copies of all such policies of insurance and bonds set forth on Schedule 2.19(b), including copies of all material documents concerning such Company’s participation in the Archway Program.

(c)Except as set forth on Schedule 2.19(c)(i), there is no claim pending under any of such policies or bonds listed on Schedule 2.19(b). All premiums due and payable under all such policies and bonds have been timely paid, and the Companies are otherwise in compliance with the terms of such policies and bonds. The insurance coverage provided by the policies and bonds described in Schedule 2.19(b) will not terminate or lapse by reason of the consummation of any of the Transactions. Except as set forth on Schedule 2.19(c)(ii), there such policies are sufficient for the compliance with all Legal Requirements and all Material Contracts relating to the Companies.

2.20 Compliance with Laws. Except as otherwise set forth on Schedule 2.20, (a) the Companies have complied with all Legal Requirements applicable to the operation of the businesses, (b) no material investigation, audit or review by any Governmental Authority with respect to any of the Companies is pending or, to Sellers’ Knowledge, threatened, and (c) no written notices alleging a violation, or, to Sellers’ Knowledge, any other communication regarding, any violation, investigation relating to any violation, or threat to be charged with any violation, have been received by any of the Companies, in each case with respect to any such Legal Requirements and that would be material to the Companies taken as a whole.

2.21 Environmental Matters. Except as set forth on Schedule 2.21:

(a)Except as would not have, individually or in the aggregate, a Material Adverse Effect,

(i)the Companies have for the past five (5) years been in material compliance with applicable Environmental Laws;

(ii)to Sellers’ Knowledge the Companies have, or have applied for, all Environmental Permits necessary for the conduct and operation of their respective businesses as now being conducted and each is, and for the past five (5) years has been, in material compliance with the terms and conditions thereof, and has timely applied for all required renewals or modifications thereof, and all such Environmental Permits are in full force and effect, and the Company has no written notice that such Environmental Permits will not be renewed in the ordinary course;

(iii)the Companies are not subject to any pending or, to the Sellers’ Knowledge, threatened Environmental Claims, nor have the Sellers or the Companies received any written communication alleging any material violation, noncompliance, or enforcement or any written communication alleging any investigation or remediation from any Governmental Authority pursuant to Environmental Laws;

(iv)to Sellers’ Knowledge there has been no Release of any Hazardous Substance by the Companies during the past five (5) years in violation of any Environmental Laws or in a manner that would reasonably be expected to give rise to any remedial or corrective action obligations pursuant to Environmental Laws;

(v)the Companies have not assumed or retained by contract, Order or operation of any Legal Requirement any liability (i) of any Person (other than the Companies) in respect of any Environmental Claim or pursuant to Environmental Laws, or (ii) with respect to any property formerly owned or operated by, or any business or operations formerly conducted by, any of the Companies; and

(vi)to the actual knowledge of Sellers, there has been no exposure of any Person or property to any Hazardous Substances in connection with the Companies’ properties or operations thereon that would reasonably be expected to form the basis for an Environmental Claim or any other claim for damages or compensation.

(b) The Sellers have made available for inspection by Buyer complete and accurate copies of available and material environmental assessment and audit reports and studies, material Environmental Permits, and correspondence addressing environmental obligations pursuant to Environmental Laws or Environmental Claims relating to the Companies and their owned real property that are in the possession of the Sellers.

2.22 Affiliated Transactions. Except as set forth on Schedule 2.22, no director, officer, stockholder, member, partner or any Affiliate of the Sellers, the Companies or, to the Sellers’ Knowledge, any individual in such director’s, officer’s, member’s, partner’s, holder’s or Affiliate’s immediate family or any entity controlled by any such director, officer, stockholder, member, partner or Affiliate of the Sellers or the Companies, (a) is a party to any Contract or transaction with or (except under terms of employment, as applicable) provides any services to the Companies, (b) has any interest in any tangible or intangible property used by the Companies, or (c) has, directly or indirectly, any interest in any Person that competes with, or does business with, or has any contractual arrangement with, the Companies (clauses (a), (b) and (c) collectively, “Affiliated Transactions”). None of said Persons has any

claim, charge, action, or cause of action against the Companies, except for claims for reasonable unreimbursed travel or entertainment expenses, accrued vacation pay, or accrued salary and bonus or accrued benefits under a Plan existing on the date hereof. None of said Persons owes any money to the Companies.

2.23 Sufficiency of and Title to Assets. The assets (including Rolling Stock) owned, leased, or licensed by the Companies as of the date hereof (and for the avoidance of doubt, following the consummation of the Transactions) constitute all material assets used in connection with the business of the Companies, and such assets constitute all the material assets necessary for the Companies to continue to conduct their business in the same manner as they are presently being conducted or proposed to be conducted. The material assets (excluding Rolling Stock) of the Companies are not subject to any Lien, except for Permitted Liens.

2.24 Rolling Stock. Schedule 2.24(a) sets forth the Inspected Rolling Stock and the Uninspected Rolling Stock (including year, make, model, VIN, approximately mileage where applicable, and fair market value) owned by the Companies as of the Closing Date. Except as set forth on Schedule 2.24(b), (i) each unit of Rolling Stock is in the Companies’ possession and control, is not subject to any Lien, except for Permitted Liens, and is properly and currently licensed and registered; (ii) each unit of Uninspected Rolling Stock is (A) in good operating condition and repair (subject to normal wear and maintenance), and meets in all material respects all applicable roadability regulations and standards of the United States Department of Transportation (“DOT”), is usable in the ordinary course of business, and (B) is otherwise in conformance with applicable Legal Requirements, Permits, warranties and maintenance schedules relating to its construction, manufacture, modification, use and operation in all material respects; and (iii) each unit of Inspected Rolling Stock has not been materially damaged, which, for purposes hereof shall mean requiring estimated repairs costing in excess of $5,000, in each case, since the date such Inspected Rolling Stock was inspected by Buyer. For purposes of this Section 2.24, “good operating condition and repair (subject to normal wear and maintenance)” means for each unit that (x) there is no damage or defect to or in any lamp, light, bumper, fender, frame, tank or body damage in excess of $1,000 per unit, (y) with respect to glass, there are no chipped, broken or cracked windshield, windows or mirrors or other damage in excess of $1,000 per unit, and (z) with respect to cab interiors, all standard equipment, dash panels and interior trim pieces are intact and operational except as would not require repair in excess of $1,000. FOR THE AVOIDANCE OF DOUBT, EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 2.24, THE SELLERS MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE INSPECTED ROLLING STOCK, INCLUDING ANY REPRESENTATION OR WARRANTY AS TO MERCHANTABILITY, FITNESS OR SUITABILITY OF THE INSPECTED ROLLING STOCK.

2.25 Labor and Employment Matters.

(a)Schedule 2.25(a) sets forth a true, correct and complete list of all employees of the Companies (the “Business Employees”). Schedule 2.25(a) sets forth each Business Employee’s name, employing entity or employing entities, job title, status as exempt or non-exempt under the Fair Labor Standards Act, original hire date, bonus and other compensation paid for calendar year 2021, current base salary or base wages and all other forms of compensation for which such Business Employee is eligible, description of any current leave status (including nature and anticipated duration), details of any visa and details of any co-employment relationship.

(b)Except as set forth on Schedule 2.25(b):

(i)none of the Companies is, are, or have been, a party to or bound by any collective bargaining agreement or other Contract with a labor union or other representative of employees and no such Contract is currently being negotiated;

(ii)no Business Employee is represented by a labor union or similar representative and there have been no union certification or representation petitions with respect to any Business Employees and, to the Sellers’ Knowledge, no union organizing campaign or similar effort is pending or threatened with respect to any Business Employees;

(iii)there is no legal, administrative or other claim, charge, labor dispute, grievance or arbitration proceeding pending or threatened by or with respect to any Business Employee or any other

individual who has provided services with respect to the Companies. The Companies have complied with all Legal Requirements with respect to the employment or engagement of each Business Employee and each other individual who has provided services with respect to the Companies (including the Fair Labor Standards Act and all such Legal Requirements regarding wages and hours, classification of employees and contractors, anti-discrimination, anti-retaliation, recordkeeping, employee leave, Tax withholding and reporting, immigration and safety) and as of the Closing Date, each Business Employee and any other individual who has provided services with respect to the Companies will have been paid all wages, bonuses, compensation and other sums owed to such Business Employee or other individual as of such date;

(iv)there has not been any strike, slowdown, picketing, work stoppage, lockout, employee grievance process, union organizational activity, or other labor dispute involving the Companies, or any of foregoing entities’ respective Affiliates;

(v)with respect to all Business Employees and former employees of the Companies, there has not been any proceeding relating to the alleged violation of any Legal Requirement pertaining to labor relations, including any charge or complaint filed with the National Labor Relations Board, or any comparable Governmental Authority and there has not been any proceeding relating to any alleged violation of any Legal Requirement pertaining to employment or wage practices, including any charge or complaint filed with the Equal Employment Opportunity Commission, U.S. Department of Labor, or any comparable Governmental Authority;

(vi)none of the Companies, nor any of foregoing entities’ respective Affiliates, has agreed to recognize a collective bargaining agent; and

(vii)there are no current or threatened investigations relating to the classification by the Companies of independent contractors engaged by the Companies, and none of the Companies has received notice from any Governmental Authority or other third party that such authority or other third party is seeking to reclassify all or any portion of the Companies’ independent contractors as employees for any purpose.

(c)With respect to all employees and contractors who provide and have provided services to any of the Companies, the Companies are and have been in compliance with all applicable Legal Requirements relating to the employment or contracting of labor, including labor and employment practices, terms and conditions of employment and services, wages and hours, overtime payments, Fair Labor Standards Act compliance, the retention and classification of independent contractors and employees, requirements with respect to workers’ compensation insurance, recordkeeping, non-discrimination, non-retaliation, employee benefits, employee leave, payroll documents, record retention, equal opportunity, immigration, occupational health and safety, severance, termination or discharge, collective bargaining, the payment of employee welfare and retirement and other benefits, and the full payment of all required social security contributions, unemployment insurance contributions and Taxes. All wages, bonuses and other charges, reimbursements and compensation, if any, due and payable as of the Closing Date to all present and former employees and contractors of the Companies have been paid in full, or will be paid in full, to such employees and contractors prior to the Closing.

2.26 Operating Assets. The operating assets listed on Schedule 2.26(a) are owned, collectively, by the Companies as of the Closing Date.

2.27 Drivers. Schedule 2.27 sets forth all Business Employees of the Companies that in the course of their employment operate a commercial motor vehicle (a “Driver”) (including the identity of the individual Driver, employing entity, and the existence of the applicable Driver’s requisite commercial driver license and the classes and endorsements relative to thereto). Except as would not be material to any Company, each Driver is an employee of the Company as identified in Schedule 2.27, each Driver is DOT qualified, the applicable Company for each Driver has complete, accurate and correct DOT driver qualification file (including pre and post employment and qualification documentation), and each Driver is actively taking dispatch with respect to business operations of the Company by which such Driver is employed.

2.28 Independent Contractors.

(a)Schedule 2.28(a) sets forth a true, correct and complete list of all Independent Contractors contracted with the Companies as of the relevant date (which shall not be more than thirty days prior to the Closing Date). Each of the Companies’ contracts with its Independent Contractors complies in all material respects with the federal truth-in-leasing regulations set forth in 49 C.F.R. Part 376, and all payments, deductions, chargebacks, and other actions of the Companies with regard to its Independent Contractors have complied in all material respects with the terms and conditions of such contracts and regulations.

(b)Schedule 2.28(b) is a true, correct, and complete listing, as of the relevant date (which shall not be more than three days prior to the Closing Date), of all of the escrowed funds held by the Companies for each Independent Contractor, all of which are reflected on the Latest Balance Sheet and a listing of any amounts owed to the Companies by each Independent Contractor in accordance with the terms of any contract between the applicable Company and an Independent Contractor.

2.29 Permits; Safety.

(a)Schedule 2.29(a) is a true, correct, and complete listing of all Permits held by the Companies. The Companies possess all material Permits required to operate their business as presently or previously conducted, such Permits are in full force and effect, no Proceeding is pending or, to the Sellers’ Knowledge, threatened which could result in the revocation, reclassification or limitation of any Permit. None of the Companies has received any written notice of or, to the Sellers’ Knowledge, any other communication regarding (i) any actual or possible violation of any material Permit or any failure to comply with any term or requirement of any material Permit, or (ii) any actual or threatened revocation, withdrawal, suspension, cancellation, termination, or modification of any material Permit. Except as set forth on Schedule 2.29(a), none of the material Permits held by any of the Companies will be terminated or impaired or become terminable as a result of the Transactions.

(b)Firebird has not received an unsatisfactory or conditional safety and fitness rating from the Federal Motor Carrier Safety Commission (“FMCSA”), or its predecessor the Federal Highway Administration (“FHWA”), as a result of a compliance review for any of the factors that are considered by the FMCSA or FHWA, and there is no proceeding pending that could result in an unsatisfactory or conditional safety and fitness rating. Firebird maintains Compliance, Safety and Accountability scores (“CSA Scores”) below the “alert” threshold in each of the seven categories assessed by the FMCSA in connection therewith, and to the Sellers’ Knowledge no issues, deficiencies or violations exist which could reasonably be expected to adversely affect such CSA Scores.

(c)Firebird has contracted for brokered transportation of freight only with reputable motor carriers in the reasonable judgment of Firebird.

2.30 Bank Accounts; Powers of Attorney; Investments; Derivatives. Schedule 2.30 sets forth (a) the names and locations of all banks, trusts, companies, savings and loan associations and other financial institutions at which any of the Companies maintains safe deposit boxes, an account, credit line, lock box or other accounts of any nature with respect to its business, and the last four digits of the account numbers with respect to each of the foregoing, (b) the names of all Persons authorized to draw thereon, make withdrawals therefrom or have access thereto, (c) the names of all Persons, if any, holding powers of attorney from any of the Companies, and a summary statement of the terms thereof, (d) all certificates of deposit, debt, or equity securities and other investments owned, beneficially or of record, by the Companies, and (e) any outstanding obligations in respect of a derivative transaction including any foreign exchange transaction.

2.31 Loans to Officers and Directors. Except as set forth on Schedule 2.31, none of the Companies has outstanding any loans or advances to any shareholder, officer, director or partner of the Companies.

2.32 Payable due from Companies’ Affiliates. Schedule 2.32 sets forth a list of all payables, loans or advances due to any of the Companies from any of the Companies’ Affiliates.

2.33 Books and Records. Except as disclosed on Schedule 2.33, the Companies have provided or made available to Buyer true, correct, and complete copies of (a) all documents identified in the Disclosure Schedules, (b) the Organizational Documents, (c) the minute books containing records of all material proceedings, consents, actions, and meetings by the managers, members, boards of directors, or similar governing body of the Companies, committees of the boards of directors of the Companies, and stockholders, members or other equity holders of the Companies, as applicable, (d) the stock/unit ledger, journal, and other records of the equity ownership of the Companies, and (e) all material Permits, Orders, authorizations and consents issued by any Governmental Authority with respect to the Companies or any securities of the Companies, and all applications for such Permits, Orders, authorizations, and consents. The books, records, and accounts of the Companies (i) are true, correct, and complete, (ii) have been maintained in accordance with reasonable business practices on a basis consistent with prior years, and (iii) are stated in reasonable detail and accurately and fairly reflect the transactions and dispositions of the assets and properties of the Companies, as applicable.

2.34 Restrictions on Business Activities. There is no Contract or Order binding upon any of the Companies which has or would reasonably be expected to have, whether before or after consummation of the Transactions, the effect of prohibiting or impairing any current or presently proposed business practice of the Companies, any acquisition of property by the Companies, the conduct of business by the Companies as currently conducted or as presently proposed to be conducted by the Companies.

2.35 No Other Representations or Warranties. SELLERS ACKNOWLEDGE AND AGREE THAT EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES MADE BY BUYER THAT ARE EXPRESSLY SET FORTH IN THIS AGREEMENT (INCLUDING THE DISCLOSURE SCHEDULES) OR IN ANY TRANSACTION DOCUMENT, BUYER EXPRESSLY DISCLAIMS AND MAKES NO, AND SHALL NOT BE DEEMED TO HAVE MADE ANY, REPRESENTATION OR WARRANTY OF ANY KIND (WHETHER EXPRESS OR IMPLIED) TO SELLERS OR ANY OF ITS AFFILIATES OR REPRESENTATIVES WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY CONTAINED IN THIS AGREEMENT OR IN ANY TRANSACTION DOCUMENT, NONE OF SELLERS, ANY OF THEIR AFFILIATES, NOR ANY OTHER PERSON ACTING ON BEHALF OF SELLERS MAKES ANY REPRESENTATION OR WARRANTY TO BUYER (WHETHER EXPRESS OR IMPLIED) WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT.

ARTICLE 3
REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer represents and warrants to Sellers as follows:

3.01 Good Standing. Buyer is a corporation existing and in good standing under the laws of the State of Texas.

3.02 Power and Authority; Authorization. Buyer has all requisite corporate power and authority to execute and deliver the Transaction Documents to which it is a party and to perform its obligations thereunder. The execution, delivery and performance of the Transaction Documents by Buyer and the consummation of the transactions contemplated thereby have been duly authorized by all requisite corporate action on the part of Buyer, and no other corporate proceedings on Buyer’s part are necessary to authorize the execution, delivery or performance of the Transaction Documents to which Buyer is a party.

3.03 Enforceability. This Agreement has been duly executed and delivered by Buyer, and assuming that this Agreement is a valid and binding obligation of Sellers, this Agreement constitutes a valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as enforceability may be limited by bankruptcy laws, other similar Legal Requirements affecting creditors’ rights and general principles of equity affecting the availability of equitable remedies. Each other Transaction Document to which the Buyer is a party, has been (or are being in connection with the execution and delivery of this Agreement) duly executed and delivered by Buyer, and assuming that such other Transaction Documents are valid and binding obligations of the other parties thereto, each such Transaction Document constitutes a valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as enforceability may be limited by bankruptcy laws, other similar Legal

Requirements affecting creditors’ rights and general principles of equity affecting the availability of equitable remedies.

3.04 No Conflicts. The execution, delivery and performance by Buyer of the Transaction Documents to which it is a party and the consummation of the Transactions do not conflict with or result in any breach of, constitute a default under, result in a violation of, result in the creation of any Lien upon any assets of Buyer, or require any authorization, consent, approval or other action by or notice to any Governmental Authority or other third party that has not been obtained, under the provisions of Buyer’s certificate of incorporation or bylaws, or any Contract or other instrument to which Buyer is bound, or any Legal Requirement to which Buyer is subject.

3.05 Litigation. There are no Proceedings pending against or affecting Buyer or its Subsidiaries at law or in equity, by or before any Governmental Authority, or arbitration or mediation authority, which would reasonably be expected to adversely affect Buyer’s performance under any Transaction Document to which Buyer is a party or the consummation of the Transactions.

3.06 Brokerage. There are no claims for brokerage commissions, finders’ fees or similar compensation in connection with the Transactions based on any arrangement or other Contract made by or on behalf of Buyer, except those that will be satisfied or otherwise borne by Buyer (and not satisfied or otherwise borne by Sellers or any of their owners or Affiliates).

3.07 Restricted Shares; Shares Issued Pursuant to Employment Agreements. As of the Closing, the Restricted Shares and the Common Stock of AE issued pursuant to the Employment Agreements shall be duly and validly issued in accordance with the Articles and By-Laws (or similar governing documents) of AE and free and clear of all Liens other than transfer restrictions arising under federal and state securities laws and as expressly provided herein.

3.08 No Other Representations or Warranties. BUYER HAS CONDUCTED TO ITS SATISFACTION ITS OWN INDEPENDENT REVIEW AND ANALYSIS OF, AND BASED THEREON HAS FORMED AN INDEPENDENT JUDGMENT CONCERNING THE TRANSACTIONS, THE STOCK AND THE ASSETS, PROPERTIES, LIABILITIES, CONDITION, OPERATIONS AND PROSPECTS OF THE COMPANIES’ BUSINESS. IN ENTERING INTO THIS AGREEMENT, THE BUYER HAS RELIED SOLELY UPON ITS OWN REVIEW AND ANALYSIS AND THE SPECIFIC REPRESENTATIONS AND WARRANTIES MAY BY THE SELLERS IN ARTICLE 2 (AS QUALIFIED BY THE DISCLOSURE SCHEDULES). BUYER ACKNOWLEDGES AND AGREES THAT EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES MADE BY SELLERS THAT ARE EXPRESSLY SET FORTH IN THIS AGREEMENT (INCLUDING THE DISCLOSURE SCHEDULES) OR IN ANY TRANSACTION DOCUMENT, SELLERS EXPRESSLY DISCLAIM AND MAKE NO, AND SHALL NOT BE DEEMED TO HAVE MADE ANY, REPRESENTATION OR WARRANTY OF ANY KIND (WHETHER EXPRESS OR IMPLIED) TO BUYER OR ANY OF ITS AFFILIATES OR REPRESENTATIVES WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY CONTAINED IN THIS AGREEMENT OR IN ANY TRANSACTION DOCUMENT, NONE OF BUYER, ANY OF ITS AFFILIATES, NOR ANY OTHER PERSON ACTING ON BEHALF OF BUYER MAKES ANY REPRESENTATION OR WARRANTY TO SELLERS (WHETHER EXPRESS OR IMPLIED) WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT.

ARTICLE 4
ADDITIONAL AGREEMENTS

4.01 Tax Matters.

(a)Buyer shall prepare or cause to be prepared and timely file or cause to be timely filed all Tax Returns (other than Pass-Through Tax Returns) of, with respect to, or including the Companies required to be filed after the Closing Date for all Pre-Closing Periods and all Straddle Periods (collectively, the “Buyer Prepared Returns”). The Sellers’ Representative shall prepare or cause to be prepared and timely file or cause to be timely filed all Pass-Through Tax Returns of the Companies with respect to any Pre-Closing Period or Straddle Period (the

“Seller Prepared Returns”). The Buyer Prepared Returns shall be prepared on a basis consistent with past practice except to the extent otherwise required by applicable Legal Requirements. Not later than 15 days prior to the due date (including extensions) for filing any Buyer Prepared Return, or as soon as reasonably practical prior to the due date (including extensions) for filing a Buyer Prepared Return that is a Tax Return relating to sales, use, or payroll Taxes that are required to be filed contemporaneously with, or promptly after, the close of a Tax period, Buyer shall deliver a copy of such Buyer Prepared Return, together with all supporting documentation and workpapers, to the Sellers’ Representative for its review and reasonable comment and Buyer will consider in good faith any such reasonable comments. Notwithstanding the foregoing, with respect to any such Tax Return subject to this Section 4.01 that reflects the operations of the Companies and any of their pre-Closing Affiliates through the Closing Date (such as with respect to the Texas franchise tax), Buyer, not later than 15 days prior to the due date (including extensions) for filing such Tax Return, shall deliver a pro forma Tax Return with respect to each Company and any of its pre-Closing Affiliates reflecting its operations on a separate entity basis for the applicable taxable year, together with all supporting documentation and workpapers, to the Sellers’ Representative for its review and reasonable comment and Buyer will consider in good faith any such reasonable comments (with such applicable Tax Returns and pro forma Tax Returns constituting Buyer Prepared Returns). Buyer will cause each Buyer Prepared Return to be timely filed and will provide a copy thereof to the Sellers’ Representative. Not later than 15 days prior to the due date (including extensions) for filing any Seller Prepared Return, Sellers shall deliver a copy of such Seller Prepared Return (reasonably redacted with respect to Sellers’ personal information), together with all supporting documentation and workpapers (reasonably redacted with respect to Sellers personal information), to Buyer for its review and reasonable comment. The Sellers’ Representative will consider in good faith any reasonable comments provided by Buyer in writing within five (5) days of receipt of a Seller Prepared Return. The Sellers’ Representative will cause each Seller Prepared Return to be timely filed, pay any Taxes owed for the period covered by such Seller Prepared Return (except to the extent included in the calculation of Net Working Capital, Transaction Expenses or Indebtedness) and provide a copy thereof (reasonably redacted with respect to Sellers’ personal information) to Buyer.

(b)Buyer and the Sellers’ Representative shall attempt in good faith to resolve any disagreements regarding any Buyer Prepared Return prior to the filing due date (including applicable extensions). In the event that Buyer and the Sellers’ Representative are unable to resolve any dispute with respect to such Buyer Prepared Return, such dispute shall be resolved by an independent accounting firm mutually acceptable to both Buyer and the Sellers’ Representative. The fees and expenses of such accounting firm shall be borne equally by Sellers (in proportion to each Sellers’ Pro Rata Share), on the one hand, and Buyer on the other. If any dispute with respect to a Buyer Prepared Return is not resolved prior to the applicable filing due date (including applicable extensions), such Buyer Prepared Return shall be filed as prepared by Buyer; provided, however, that such Buyer Prepared Return shall be amended to the extent necessary to reflect the subsequent resolution of any such dispute by the independent accounting firm.

(c)For all purposes of this Agreement, in the case of any Taxes that are payable with respect to any Straddle Period of Firebird or Phoenix, the portion of any such Taxes attributable to the portion of such Straddle Period ending on the day prior to the Closing Date (A) in the case of Taxes that are either (1) based upon or related to income or receipts, or (2) imposed in connection with any sale or other transfer or assignment of property (real or personal, tangible or intangible), deemed equal to the amount that would be payable if the Tax period of such Companies ended with (and included) the day prior to the Closing Date; provided that exemptions, allowances or deductions that are calculated on an annual basis (including depreciation and amortization deductions) shall be allocated between the period ending on and including the day prior to the Closing Date and the period beginning after the day prior to the Closing Date in proportion to the number of days in each period; and (B) in the case of Taxes that are imposed on a periodic basis with respect to the assets or capital of such Companies, deemed to be the amount of such Taxes for the entire Straddle Period (or, in the case of such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding period), multiplied by a fraction the numerator of which is the number of calendar days in the portion of the period ending on and including the day prior to the Closing Date and the denominator of which is the number of calendar days in the entire period.

(d)Buyer and Sellers shall cooperate fully as and to the extent reasonably requested by the other party in connection with the filing of Tax Returns and any audit, litigation or other proceeding (each a “Tax Proceeding”) with respect to Taxes imposed on or with respect to the assets, operations or activities of the Companies. Such

cooperation shall include the retention and (upon the other party’s request) the provision of records and information which are reasonably relevant to any such Tax Return or Tax Proceeding and making Sellers and the Companies’ employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder. Each of the Sellers and Buyer further agrees, upon request, to use commercially reasonable efforts to obtain any certificate or other documentation from any Governmental Authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that would be reasonably expected to be imposed on the Buyer, the Companies or Sellers, including, but not limited to, with respect to the Transactions. The Companies and Sellers shall (i) retain all books and records with respect to Tax matters pertinent to the Companies relating to any taxable period beginning before the Closing Date until the expiration of the statute of limitations (and, to the extent notified by Buyer or Sellers, any extensions thereof) of the respective taxable periods, and to abide by all record retention agreements entered into with any taxing authority, and (ii) give the other party reasonable written notice prior to transferring, destroying or discarding any such books and records and, if the other party so requests, the Companies or Sellers, as the case may be, shall allow the other party to take possession of such books and records. .

(e)Buyer and its Affiliates shall not (and following the Closing shall not permit any of the Companies to) (i) amend, re-file or otherwise modify (or grant an extension of any statute of limitation with respect to) any Tax Return relating in whole or in part to the Companies with respect to any Pre-Closing Period or Straddle Period; (ii) surrender any right to claim a refund of Taxes for any of the Companies with respect to any Pre-Closing Period or Straddle Period; (iii) initiate discussions or examinations with Governmental Authorities regarding Taxes of the Companies with respect to any Pre-Closing Period or Straddle Period; (iv) make any Tax election relating in whole or in part to the Companies with respect to any Pre-Closing Period or Straddle Period; or (v) take any other action that could reduce any Tax benefit in respect of any Pre-Closing Period or Straddle Period of the Companies, in each case without the prior written consent of the Sellers’ Representative.

(f)Buyer and its Affiliates shall not file or cause to be filed any election under Section 338 or 336(e) of the Code (or similar state or local tax election) with respect to the transactions contemplated by this Agreement. Buyer shall not make or cause to be made any extraordinary transaction, event, or effect as of the Closing Date (other than expressly contemplated by this Agreement) that could reasonably be expected to increase the amount of Taxes directly imposed on Sellers or their Affiliates or for which Sellers are required to indemnify Buyer or its Affiliates under this Agreement.

(g)Notwithstanding anything contained in this Agreement to the contrary, to the maximum extent permitted by applicable Legal Requirements (including through the use of the safe harbor procedures of IRS Revenue Procedure 2011-29 with respect to any success-based fees), any Tax deductions attributable to or arising from the Transaction Expenses, Indebtedness or any other amounts that reduced the Final Aggregate Purchase Consideration shall, with respect to the Companies, be deducted, to the extent permitted by applicable Legal Requirements, in the Pre-Closing Period or the pre-Closing portion of any Straddle Period.

(h)Sellers and Buyer shall each bear and pay fifty percent (50%) of any state and local transfer, sales, use, stamp, registration or other similar Taxes resulting from the Transactions, including without limitation transfer of the Stock (the “Transfer Taxes”). Buyer and Sellers shall cooperate in good faith to file required Tax Returns and to minimize, to the extent permissible under applicable Legal Requirements, the amount of any such Transfer Taxes. Buyer shall file all necessary Tax Returns and other documentation with respect to all Transfer Taxes.

(i)Within ninety (90) days after the Closing Date, Buyer shall deliver to the Sellers’ Representative a statement setting forth Buyer’s proposed allocation of the Aggregate Closing Consideration among the Firebird Stock and the Phoenix Stock (the “Base Allocation”). The proposed Base Allocation delivered by Buyer shall become final and binding on the parties thirty (30) days following Buyer’s delivery thereof to the Sellers’ Representative unless the Sellers’ Representative delivers written notice of their disagreement to Buyer on or prior to such date. If a timely notice of disagreement is delivered by the Sellers’ Representative, then the Base Allocation shall become final and binding on the parties to this Agreement on the date Buyer and the Sellers’ Representative resolve in writing any differences they have with respect to the matters specified in the notice of disagreement. Sellers and Buyer shall file all Tax Returns and prepare all books and records in a manner consistent with the Base Allocation and shall not, unless otherwise required by a final determination under Section 1313 of the Code or

similar provision under foreign, state or local Legal Requirements, take any action that would be inconsistent with the Base Allocation. If any Governmental Authority disputes the Base Allocation, the Party receiving notice of the dispute shall promptly notify the other Party of such dispute, and the Parties shall cooperate in good faith in responding to such dispute in order to preserve the effectiveness of the Base Allocation.

(j)Buyer shall promptly notify Sellers in writing upon receipt by Buyer, any of its Affiliates or any of the Companies of written notice of any pending or threatened Tax Proceeding with respect to any of the Companies and for which Sellers would have an indemnity obligation pursuant to Section 5.02(a)(iv) (“Seller Tax Contest”). Sellers shall have the sole right to represent the interests of the Companies in any Seller Tax Contest that relates to a Pass-Through Tax Return or solely to a Pre-Closing Period, and to employ counsel of its choice at its expense; provided, that Sellers shall (x) permit Buyer to participate in any such Seller Tax Contest other than with respect to a Pass-Through Tax Return at its own expense and (y) shall not settle or compromise any such Seller Tax Contest other than with respect to a Pass-Through Tax Return without the written consent of Buyer (such consent not to be unreasonably withheld, conditioned or delayed). Buyer shall have the sole right to represent the interests of the Companies in any Seller Tax Contest other than a Seller Tax Contest that relates to a Pass-Through Tax Return or solely to a Pre-Closing Period, and to employ counsel of its choice at its expense; provided, that Buyer shall (x) permit Sellers to participate in any such Seller Tax Contest at its own expense and (y) shall not settle or compromise any such Seller Tax Contest without the written consent of Sellers (such consent not to be unreasonably withheld, conditioned or delayed). A party’s right to participate in a Seller Tax Contest shall include the right to receive copies of all correspondence from the relevant taxing authority relating to such Seller Tax Contest and attend meetings and review and comment on submissions relating to any such Seller Tax Contest, and the controlling party shall consider in good faith any comments provided by the participating party.

(k)Sellers shall be entitled to receive all refunds (or credits for overpayments) of Taxes of the Companies for Pre-Closing Periods and the pre-Closing portion of Straddle Periods received by Buyer or any of its Affiliates (including for this purpose any of the Companies) after the Closing; provided, however, that, any such refunds shall be for the account of Buyer to the extent that any such refunds are attributable to the carryback from a Tax period beginning after the Closing Date of items of loss, deduction or credit, or other Tax items. Upon receipt of any such Tax refund (or credits for overpayments), and in no event later than twenty (20) Business Days after receipt by Buyer or any of its Affiliates (including for this purpose any of the Companies), Buyer will deliver and pay over to Sellers (in accordance with their Pro Rata Amount), by wire transfer of immediately available funds, such Tax refunds (or credits for overpayments), including any interest actually received thereon, less any related out-of-pocket expenses and Taxes attributable to the receipt thereof. In furtherance of the foregoing, in connection with any reasonable request by Sellers, Buyer shall use commercially reasonable efforts to obtain any such refund or credit including through the filing of amended Tax Returns or refund claims.

4.02 Further Assurances. From time to time from and after the Closing, as and when reasonably requested by Buyer, each Seller shall execute and deliver, or cause to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions as Buyer may reasonably deem necessary to evidence and effectuate the Transactions.

4.03 Release.

(a)Effective as of the Closing, each Seller on its behalf and on behalf of each member of the Seller Group, hereby finally, unconditionally, irrevocably and absolutely forever releases, acquits, remises and discharges, to the fullest extent permitted by applicable Legal Requirements, each member of the Company Group, both individually and in their official capacities, from any and all claims that any member of the Seller Group may now have, has ever had or that might subsequently accrue to such member of the Seller Group, including any claims (i) that may be asserted derivatively whether on behalf of any of the Companies or otherwise against any current or former officer, director, partner, member, manager or employee of any member of the Company Group, including with respect to the negotiation, execution and delivery of this Agreement or any Transaction Document, (ii) arising on account of or arising out of any matter, cause or event related to such Seller’s direct or indirect, record or beneficial, ownership of the Stock or other securities of any member of the Company Group, (iii) relating to breach of fiduciary duty, (iv) relating to breach of the organizational documents of any member of the Company Group, (v) relating to slander, libel or disparagement of such Seller or of his family members by any member of the

Company Group, (vi) relating to requests for information or any failure to provide required reports or complete or correct information to such Seller, or any officers, directors or managers of any member of the Company Group, (vii) relating to the operation or management of any member of the Company Group by the partners, officers, directors, managers and Affiliates of such member of the Company Group, (viii) relating to any failure of any member of the Company Group to offer such Seller the right to acquire any additional securities of any member of the Company Group or any violation of any preemptive rights of such Seller, or (ix) relating to such Seller’s employment by any member of the Seller Group or the termination thereof (the “Seller Released Claims”); provided, however, that the foregoing release and discharge shall not apply to any (x) rights and claims arising from or in connection with this Agreement or any Transaction Document, (y) compensation for services rendered and reimbursement of expenses payable to such Seller in such Seller’s capacity as an employee or officer of any of the Companies in the ordinary course of business relating to the pay period in which the Closing occurs, or (z) rights and claims arising from a Seller’s employment relationship with the Company Group for any period beginning after the Closing.

(b)Effective as of the Closing, the Buyer hereby finally, unconditionally, irrevocably and absolutely forever releases, acquits, remises and discharges, to the fullest extent permitted by applicable Legal Requirements, each of the Sellers, both individually and in their official capacities, from any and all claims that the Buyer may now have, has ever had or that might subsequently accrue to the Buyer, including any claims (i) that may be asserted derivatively whether on behalf of any of the Companies or otherwise against any current or former officer, director, partner, member, manager or employee of any member of the Sellers, including with respect to the negotiation, execution and delivery of this Agreement or any Transaction Document, (ii) arising on account of or arising out of any matter, cause or event related to such Seller’s direct or indirect, record or beneficial, ownership of the Stock or other securities of any member of the Company Group, (iii) relating to breach of fiduciary duty, (iv) relating to breach of the organizational documents of any member of the Company Group, or (v) relating to the operation or management of any member of the Company Group by the partners, officers, directors, managers and Affiliates of such member of the Company Group (the “Buyer Released Claims”); provided, however, that the foregoing release and discharge shall not apply to any rights and claims arising from or in connection with this Agreement or any Transaction Document.

(c)THE RELEASES IN SECTIONS 4.03(a) AND 4.03(b) ARE SPECIFICALLY INTENDED TO OPERATE AND BE APPLICABLE EVEN IF IT IS ALLEGED, CHARGED OR PROVEN THAT ALL OR SOME OF THE CLAIMS OR DAMAGES RELEASED WERE SOLELY AND COMPLETELY CAUSED BY ANY ACTS OR OMISSIONS, WHETHER NEGLIGENT, GROSSLY NEGLIGENT, INTENTIONAL OR OTHERWISE, OF OR BY (AND WHETHER DIRECTLY OR INDIRECTLY BY AGENTS OR REPRESENTATIVES OF) THE COMPANY GROUP OR THE SELLERS, AS APPLICABLE.

(d)Each Party represents and warrants that it has not transferred, pledged, assigned or otherwise hypothecated to any other Person all or any portion of any Seller Released Claims or Buyer Released Claims, as applicable (or any claims that would constitute Seller Released Claims or Buyer Released Claims, as applicable but for any such transfer, pledge or assignment) or any rights or entitlements with respect thereto.

(e)Each Party acknowledges that the provisions of Sections 4.03(a) and 4.03(b) are valid, fair, adequate and reasonable and were agreed to with its full knowledge and consent, were not procured through fraud, duress or mistake and have not had the effect of misleading, misinforming or failing to inform such Party. Each Party further acknowledges that, in signing the release set forth in Sections 4.03(a) or 4.03(b), as applicable, it has not relied on any promises or representations, express or implied, that are not referred to herein.

(f)Each Party, on its own behalf and on behalf of each of its respective Affiliates, hereby irrevocably covenants to refrain from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be commenced, or assisting any party in the commencement of any action, proceeding, arbitration, audit, hearing, investigation, litigation or suit (whether civil, criminal, administrative, investigative or informal) of any kind based upon any Seller Released Claims or Buyer Released Claims, as applicable, purported to be released hereby. Each Party understands that it is, on its own behalf and on behalf of each of its respective Affiliates, expressly waiving all claims covered by the releases set forth in Sections 4.03(a) or 4.03(b), as applicable, including those claims that he, she or it may not know of or suspect to exist, that, if known, may have affected the decision to

provide the releases set forth in Sections 4.03(a) or 4.03(b), as applicable, and each Party is, on its own behalf and on behalf of each of its respective Affiliates, expressly waiving any rights under applicable Legal Requirements that provide to the contrary. Each Party agrees that if it violates any provision of this Sections 4.03 or 4.03(b), as applicable, it shall pay all costs and expenses of defending against any related or resulting suit or other proceeding incurred by the applicable Party or its Affiliates released hereunder, including reasonable attorneys’ fees

4.04 Restrictive Covenants. In consideration for Buyer’s acquisition of the Stock and the transfer of the goodwill associated therewith, and in order to satisfy certain conditions to the consummation of the Transactions and as a material inducement and express incentive for Buyer to enter into this Agreement, each Seller expressly agrees to the provisions of this Section 4.04.

(a)Covenant Not to Compete. Each Seller covenants and agrees that, during the Restricted Period, such Seller shall not, and shall not permit any Affiliate of such Seller or any Person acting at such Seller’s direction to, directly or indirectly, own, invest in (except for passive investment, not exceeding three percent (3%) ownership, of any public company), manage, operate or control, or participate in the ownership, management, operation or control of, or be connected as a partner, consultant or employee with, or permit such Seller’s or other Person’s names to be used by or in connection with, any business or organization (other than Buyer or any of Buyer’s Affiliates) that engages in the Restricted Business, except as an employee of any of the Companies or Buyer. The restrictions set forth in the previous sentence shall apply on Sellers’ (and its Affiliates and other applicable Person’s) activities in the states of Texas, New Mexico, Oklahoma, Arkansas, and Louisiana with respect to the Firebird Business, and the continental United States of America with respect to the Phoenix Business (the “Restricted Territory”) without the prior written consent of the Buyer.

(b)Non-Solicitation of Employees, Consultants, Independent Contractors. During the Restricted Period, no Seller shall, and each Seller shall cause its respective Affiliates not to, directly or indirectly, cause, solicit, induce or encourage to leave the employment or engagement of any of the Companies or of Buyer or any of its Affiliates, or solicit, hire or employ, or cause any other Person to solicit, hire, engage or employ, any employee, consultant or independent contractor retained or employed by any of the Companies or the Buyer as of the Closing or as of any time following the Closing during the Restricted Period unless such retention or employment had ceased for the preceding twelve (12) months.

(c)No Interference with Customers, Suppliers or Others. Each Seller agrees that, during the Restricted Period, each Seller shall not, and shall not permit any Affiliate of such Seller or any Person acting at such Seller’s direction or with such Seller’s encouragement to, directly or indirectly: (i) solicit, encourage, support, cause or attempt to cause any Supplier to cease or lessen such Supplier’s business with any of the Companies or with Buyer; or (ii) solicit any Customer regarding any products or services similar to those offered by any of the Companies or Buyer (the “Company Services”), or sell to any Customer, or provide any Customer with, any Company Services in the Restricted Territory, except as an employee of any of the Companies or Buyer. For purposes of this Agreement, the term “Customer” means any shipper, carrier, client or other customer of any of the Companies or Buyer as of the Closing or during the Restricted Period. For purposes of this Agreement, the term “Supplier” means any supplier of goods or services to any of the Companies or Buyer as of the Closing or during the Restricted Period.

(d)Non-Disparagement. Each Seller agrees that, during the Restricted Period, such Seller shall not, shall cause its Affiliates not to, and shall not permit any Person acting at such Seller’s direction or with such Seller’s encouragement to, directly or indirectly, make, publish, communicate or take any action, or cause or induce or encourage any Person to make, publish, communicate or take any action, to disparage or make any negative comments about Buyer or any of its Affiliates (including the Companies) or their respective officers, directors, employees, equityholders, members, agents, products or services.

(e)Sellers’ Acknowledgements and Representations. Each Seller expressly acknowledges and agrees that the restrictions set forth herein are reasonable in all respects and are no greater than necessary to protect Buyer’s and its Affiliates’ (including the Companies’) legitimate business interests, including the preservation of trade secrets, valuable confidential and professional information, and substantial relationships with prospective and existing customers. Each Seller further acknowledges and agrees that the Restricted Territory represents a

reasonable geographic area and that the Companies and Buyer do business throughout the Restricted Territory as of the Closing Date. Further, each Seller acknowledges that Buyer would not proceed with the Closing without receiving the full scope of the protections provided for hereunder and that any lesser geographic restriction would not adequately protect Buyer.

(f)Reformation; Severability of Provisions. The parties expressly acknowledge and agree that the restrictions contained herein are reasonable and no greater than necessary to protect the legitimate interests of Buyer and its Affiliates. However, if any covenant set forth in this Agreement is determined by any court to be unenforceable by reason of its extending for too great a period of time or over too great a geographic area, or by reason of its being too extensive in any other respect, such covenant shall be reformed and interpreted to extend only for the longest period of time and over the greatest geographic area, and to otherwise have the broadest application as shall be enforceable. The invalidity or unenforceability of any particular provision (or part thereof) of this Agreement shall not affect the other provisions hereof (or parts thereof), which shall continue in full force and effect. Without limiting the foregoing, the covenants contained herein shall be construed as separate covenants, covering their respective subject matters, with respect to each of the separate cities, counties and states, and each political subdivision thereof, within the Restricted Territory.

(g)Injunctive Relief. Each Seller acknowledges that (a) the provisions of this Section 4.04 are reasonable and necessary to protect the legitimate interests of Buyer, and (b) any violation of this Section 4.04 will result in irreparable injury to Buyer, the exact amount of which will be difficult to ascertain, and that the remedies at law for any such violation would not be reasonable or adequate compensation to Buyer for such a violation. Accordingly, each Seller agrees that if a Seller violates the provisions of this Section 4.04, Buyer, in addition to all other remedies which may be available to it at law or in equity, shall be entitled to specific performance and injunctive relief, without posting bond or other security, and without the necessity of proving actual damages. Such relief will not be exclusive but will be in addition to all other relief available to Buyer and its Affiliates, at law and equity.

4.05 Employee Matters.

(a)Service Credit. For purposes of determining eligibility to participate and vesting in the employee benefit, plans and programs of Buyer or the applicable employing Affiliate of Buyer in which those employees of the Companies immediately prior to the Closing Date who continue to be employees of the Companies or Buyer or an Affiliate of Buyer after the Closing Date may be eligible to participate, such employees will be credited with their years of service with the Companies and any predecessors to the extent such service was recognized for corresponding purposes of an analogous Plan, except to the extent doing so would create a duplication of benefits for the same period of service.

(b)No Third Party Beneficiaries; No Amendments. The provisions of this Section 4.05 are solely for the benefit of the Parties and nothing in this Section 4.05, express or implied, shall confer upon any employee (including any Business Employee), or legal representative or beneficiary thereof, any rights or remedies, including any right to employment or continued employment for any specified period, or compensation or benefits of any nature or kind whatsoever under this Agreement. Nothing in this Section 4.05, express or implied, shall be (i) deemed an amendment of any Plan, Benefit Program or Agreement or any employee benefit plan maintained by Buyer or its Affiliates, or (ii) construed to prevent Buyer, the Companies or any of their respective Affiliates from terminating or modifying to any extent or in any respect any employee benefit plan that Buyer, the Companies or any of their respective Affiliates may establish or maintain.

4.06 Payment of Payables, Loans and Advances. Any payables, loans or advances due to the Companies from any of the Sellers, the Companies’ Affiliates or officer, director or manager of any of the Companies shall be paid in full at or prior to Closing.

4.07 RV Park Lease Agreement. Within ninety (90) days following the Closing, Scott and one or more of the Companies shall negotiate in good faith to enter into a written agreement for the lease of the RV park located in George West, Texas, which lease shall include commercially reasonable terms, and shall provide for fair market rent (which shall in no case be no less than the rent currently paid by the Companies for such lease) and shall

provide for a term, including extensions, that is the same as the term provided for in the George West Lease Agreement.

4.08 Personal Property. Prior to or following the Closing, each of the Sellers shall be permitted to remove their respective personal property that is located anywhere on the premises of the Companies, which personal property includes without limitation a Fort Knox safe and the personal effects of each of the Sellers.

ARTICLE 5
INDEMNIFICATION

5.01 Survival. All of the representations and warranties contained in Article 2 or Article 3 shall survive the Closing and remain in full force and effect until the date that is eighteen (18) months following the Closing; provided, however, that the representations set forth in Section 2.01 (Organization; Power and Authority; Authorization), Section 2.02 (Enforceability), Section 2.03(a) and (b) (Authorization), Section 2.04 (Title), Section 2.05 (Brokerage and Expenses), Section 2.09 (Equity Securities) and Section 2.14 (Taxes) (collectively, the “Fundamental Representations”) and the representations set forth in Section 3.02 (Power and Authority; Authorization), Section 3.03 (Enforceability), Section 3.06 (Brokerage) and Section 3.07 (Restricted Shares; Shares Issued Pursuant to Employment Agreements) (collectively, the “Buyer Fundamental Representations”) will remain operative and in full force and effect until the expiration of the applicable statute of limitations (each such date of expiration, as applicable, the “Survival Date”). Notwithstanding anything to the contrary in this Agreement, no expiration of any representation, warranty, covenant or obligation in this Agreement or any other certificate or document delivered pursuant to this Agreement shall affect the rights of any Buyer Indemnitee under this Article 5 or otherwise to seek recovery of Losses arising out of any, fraud or willful breach of any representation or warranty.

5.02 Indemnification.

(a)From and after the Closing (but subject to the provisions of this Article 5), the Sellers shall, severally, but not jointly, in proportion to each Seller’s Pro Rata Share, indemnify Buyer, the Companies, and each of Buyer’s and the Companies’ respective Affiliates and representatives (all such foregoing persons, collectively, the “Buyer Indemnitees”), and defend and hold the Buyer Indemnitees harmless from any Losses, directly or indirectly, whether or not due to a third-party claim, incurred or sustained by or imposed upon a Buyer Indemnitee, to the extent arising out of, based upon, relating to, incurred in connection with, resulting from or with respect to or by reason of any of the following:

(i)any breach or inaccuracy of any representation or warranty made by such Seller in this Agreement, or the Disclosure Schedules, or contained in any Transaction Document or certificate delivered to Buyer pursuant to any provision of this Agreement (except for the representations and warranties concerning Rolling Stock set forth in Section 2.24, all of which are addressed via the Rolling Stock Escrow Amount as provided for in Section 1.07 above);

(ii)any breach of the covenants, obligations or agreements made by any Seller in this Agreement;

(iii)any payables, loans or advances due to the Companies from any of the Sellers, the Companies’ Affiliates or officer, director or manager of any of the Companies in existence prior to the Closing;

(iv)without duplication of any right to recovery herein (including to the extent included in the calculation of Aggregate Closing Consideration as finally determined pursuant to Section 1.02), any and all Seller Taxes;

(v)any liability other than for Taxes of the Companies or the Sellers relating to the operation of the business conducted by the Companies to the extent arising out of facts or circumstances in existence prior to the Closing and not taken into account in the calculation of Net Working Capital;

(vi)misclassification of employees as exempt from minimum wage and overtime pay pursuant to applicable federal and state law by the either of the Companies;

(vii)Castellano Litigation;

(viii)liabilities of the Companies with respect to the McBay superfund site involving Hazardous Substances found in the Grapeland Texas area, which relate to Phoenix’s sale of materials to the Grapeland Facility;

(ix)liabilities of the Companies with respect to the US Oil Recovery superfund site relating to Firebird’s acting as a transporter at such site; and

(x)liabilities of and assessments against the Companies with respect to the Companies’ pre-Closing participation in, being an insured of and/or ownership of the Archway Program.

(b)From and after the Closing (but subject to the provisions of this Article 5), Buyer shall indemnify each Seller and each Seller’s respective Affiliates and representatives (all such foregoing persons, collectively, the “Seller Indemnitees”), and defend and hold the Seller Indemnitees harmless from any Losses, directly or indirectly, whether or not due to a third-party claim, incurred or sustained by or imposed upon a Seller Indemnitee, to the extent arising out of, based upon, relating to, incurred in connection with, resulting from or with respect to or by reason of any of the following:

(i)any breach or inaccuracy of any representation or warranty made by Buyer in this Agreement or in any Transaction Document; and

(ii)any breach of the covenants, obligations or agreements made by Buyer in this Agreement.

(c)The indemnification provided for in Section 5.02(a) shall be subject to each of the following principles or qualifications:

(i)All payments under this Section 5.02 shall be treated by the parties as an adjustment to the proceeds received by the indemnifying Seller pursuant to Article 1;

(ii)None of the Sellers shall be liable to the Buyer Indemnitees for any Loss pursuant to Section 5.02(a)(i) through (v) until the aggregate amount of all such Losses that have been directly or indirectly suffered or incurred by any one or more of the Buyer Indemnitees, or to which any one or more of the Buyer Indemnitees has or have otherwise directly or indirectly become subject for which the Sellers would be liable exceeds $100,000 (the “Deductible”) in the aggregate, in which case the Sellers shall be liable only for Losses in excess of the Deductible;

(iii)Notwithstanding anything to the contrary in this Agreement, (A) subject to clause (B) below, in no event shall any Seller be liable for aggregate Losses in excess of 15% of the portion of the Purchase Price actually received by such Seller for breaches of any representation or warranty (other than the Fundamental Representations); and (B) in no event shall any Seller be liable for aggregate Losses in excess of the portion of the Purchase Price actually received by such Seller in proportion to each Seller’s Pro Rata Share;

(iv)The amount of any Losses that are subject to indemnification under this Article 5 shall be calculated net of the amount of any proceeds pursuant to a third-party insurance policy actually received by Buyer in connection with such Losses (net of all amounts that are self-insured and the amount of any deductibles, co-payments, retro-premium obligations and premium increases attributable thereto, and all costs of collection of any such proceeds); provided, that Buyer shall use commercially reasonable efforts to obtain any such insurance proceeds;

(v)Notwithstanding anything to the contrary in this Agreement, for purposes of calculating any Losses with respect to a breach or failure to be true and correct of any representation, warranty, or covenant in this Agreement, if any such representation, warranty or covenant is qualified by the use of the term “Material Adverse Effect” or by the word “material” or by any word formed from such words, then such representation or warranty shall be construed as if the word “material” (and such words formed therefrom) or the term “Material Adverse Effect” were not included in such representation, warranty or covenant; and

(vi)Without limiting the generality of the foregoing, the right to indemnification based on any representations, warranties, covenants, or obligations or agreements will not be available with respect to any inaccuracy in or breach of the representations and warranties of the Sellers contained in this Agreement if any of the following representatives of Buyer had knowledge of such inaccuracy or breach prior to the Closing: Kevin Roycraft, Tracy Ohmart, Greg Mills, Michael Leggio and Christopher Scavone.

5.03 Expiration of Claims. The ability of the Buyer Indemnitees to receive indemnification under Section 5.02(a)(i) shall terminate on the applicable Survival Date, unless a Buyer Indemnitee shall have incurred or reasonably expects to incur a Loss and makes a written claim for indemnification pursuant to Section 5.02 on or prior to the applicable Survival Date. If a Buyer Indemnitee has made a written claim for indemnification pursuant to Section 5.02 on or prior to the applicable Survival Date, such claim, if then unresolved, shall not be extinguished by the passage of the applicable Survival Date.

5.04 Procedures Relating to Indemnification.

(a)In order for a Buyer Indemnitee or a Seller Indemnitee (such Buyer Indemnitee or Seller Indemnitee, the “Indemnified Party”) to be entitled to indemnification under this Agreement in respect of a claim or demand (a “Third-Party Claim”) made by any Person, other than a Party or Affiliate thereof, against the Indemnified Party, such Indemnified Party shall promptly notify, as applicable, the Party that is required to provide indemnity hereunder (in such context, the “Indemnifying Party”) in writing of the Third Party Claim after receipt by the Indemnified Party of written communication alleging any Third Party Claim; provided that failure to give such notification on a timely basis shall not affect the indemnification obligations of the Indemnifying Party provided hereunder except to the extent the Indemnifying Party shall have been actually and materially prejudiced as a result of such failure. Thereafter, the Indemnified Party shall promptly deliver to the Indemnifying Party after the Indemnified Party’s receipt thereof, copies of all notices and documents (including court papers) received by the Indemnified Party from the Person making the Third Party Claim.

(b)If a Third Party Claim is made against an Indemnified Party, the Indemnifying Party shall be entitled to participate in the defense thereof and, if it so chooses, to assume and control the defense thereof with recognized counsel selected by the Indemnifying Party and approved by the Indemnified Party (such approval not to be unreasonably withheld, conditioned or delayed), so long as the requirements of this Section 5.04(b) remain true: (i) the Indemnifying Party notifies the Indemnified Party within fifteen (15) days after the Indemnified Party has delivered written notice of a Third Party Claim to the Indemnifying Party that the Indemnifying Party is assuming the defense of such Third Party Claim; and (ii) the Indemnifying Party conducts the defense of the Third Party Claim in a reasonably active and diligent manner; provided that the Indemnifying Party shall not be entitled to assume the defense (unless otherwise agreed to in writing by the Indemnified Party) if the Third Party Claim relates to any criminal proceeding, action, indictment, allegation or investigation. Notwithstanding the foregoing, a Indemnifying Party by assuming the defense of a Third Party Claim acknowledges the Indemnified Party’s right to reimbursement and indemnification hereunder for Losses with respect to such Third Party Claim. Should the Indemnifying Party so elect to assume the defense of a Third Party Claim, the Indemnifying Party shall not be liable to the Indemnified Party for legal expenses incurred by the Indemnified Party in connection with the defense thereof (i) the employment of separate counsel shall have been authorized in writing by the Indemnifying Party in connection with the defense of such Third Party Claim or (ii) the Indemnified Party’s counsel shall have advised the Indemnified Party in writing, with a copy delivered to the Indemnifying Party, that there is a conflict of interest that would make it inappropriate under applicable standards of professional conduct to have common counsel, and, in any case, the Indemnifying Party shall only be required to pay for one (1) counsel. If the Indemnifying Party assumes such defense, the Indemnified Party shall have the right to participate in the defense thereof and to employ

counsel, at the Indemnified Party’s expense, separate from the counsel employed by the Indemnifying Party, it being understood, however, that the Indemnifying Party shall control such defense (including any settlement with respect thereto); provided, however, that the Indemnifying Party shall obtain the prior written consent of the Indemnified Party (which shall not be unreasonably withheld, conditioned or delayed) before entering into any settlement, compromise, admission or acknowledgement of the validity of the Third Party Claim if such resolution does not include an unconditional provision whereby the plaintiff or claimant in the matter releases the Indemnified Party and all of its Affiliates and representatives from all liability with respect thereto. If the Indemnifying Party chooses to defend any Third Party Claim, then all the Parties shall cooperate in the defense or prosecution of such Third Party Claim, including by retaining and (upon the Indemnifying Party’s request) providing to the Indemnifying Party all records and information which are reasonably relevant to such Third Party Claim, and making employees available on a mutually convenient basis to provide additional information and explanation of any materials provided hereunder; provided, that such cooperation will not unduly disrupt the operations of the business of such Indemnified Party or any of its Affiliates or cause such Indemnified Party to waive any statutory or common law privileges, breach any confidentiality obligations owed to third parties or otherwise cause any confidential information of such Indemnified Party or any of its Affiliates to become public to any greater extent than if the Indemnified Party (and the parties agree to enter into a customary “common defense” or similar agreement if necessary). For the avoidance of doubt, if, an Indemnifying Party assumes the defense of a Third Party Claim pursuant to this Section 5.04 as the Indemnifying Party, all costs and expenses incurred by the Indemnifying Party in connection with the defense of such Third Party Claim shall be borne by the Indemnifying Party. Whether or not the Indemnifying Party shall have assumed the defense of a Third Party Claim as the Indemnifying Party, neither the Indemnified Party nor any of its Affiliates shall settle, compromise or discharge, any Third Party Claim without the prior written consent of the Indemnifying Party (which shall not be unreasonably withheld, conditioned or delayed), except with respect to any Third Party Claim the subject matter of which relates to the ongoing business of the Indemnified Party or any of its Affiliates, which Third Party Claim, if decided against such Indemnified Party, would materially affect the ongoing business or reputation of such Indemnified Party or any of its Affiliates, which Third Party Claims the Indemnified Party will be entitled to settle in its reasonable discretion. Notwithstanding anything to the contrary herein, in connection with the defense of the matters set forth in Sections 5.02(a)(viii) and 5.02(a)(ix) by the Companies, Buyer agrees to take, and to cause the applicable Companies to take, such actions as are reasonably directed by the Sellers’ Representative.

(c)In any case in which a Buyer Indemnitee seeks indemnification under this Agreement not arising out of a Third Party Claim, the Buyer Indemnitee shall notify Sellers reasonably promptly in writing of any Losses that such Buyer Indemnitee claims are subject to indemnification under the terms of this Agreement. The notice shall describe the indemnification sought in reasonable detail to the extent known, and shall indicate the amount (as reasonably estimated, if necessary, and if then estimable) of the Loss that has been or may be suffered. Subject to the limitations set forth in Section 5.02(c) and the provisions of this Section 5.04, the failure of such Buyer Indemnitee to exercise promptness in such notification shall not amount to a waiver of such claim unless and only to the extent that the resulting delay actually adversely prejudices the position of the Sellers with respect to such claim.

(d)For the avoidance of doubt, Section 4.01(j) and not this Section 5.04 shall apply to any Seller Tax Contest.

5.05 Determination of Loss Amount. No Person shall be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity hereunder more than once in respect of any one Loss or related group of Losses. For the avoidance of doubt, all such Losses shall be calculated after giving effect to any amounts recovered from third parties, including insurance proceeds or other contributions or recoveries from third parties.

5.06 Resolution of Objections to Claims.

(a)If Sellers raise bona fide good faith objections in writing to any claim or claims by a Buyer Indemnitee made pursuant to Section 5.04 within fifteen (15) days of Sellers’ receipt of notice of such claim, Buyer and Sellers shall attempt in good faith for thirty (30) days after Buyer’s receipt of such written objection to resolve such objection.

(b)If no such agreement can be reached during the thirty (30) day period for good faith negotiation, but in any event upon the expiration of such thirty (30) day period, either Buyer or Sellers may bring suit to resolve the matter in accordance with Section 7.12.

5.07 Sole and Exclusive Remedy. The Parties will have available to them all remedies available under applicable Legal Requirements, including specific performance or other equitable remedies. The rights set forth in this Article 5 will be the exclusive remedy for Buyer regarding any breach or inaccuracy of any of the representations, warranties and covenants contained in Article 2 of this Agreement.

5.08 Set-Off Rights. Buyer shall be entitled, but not obligated, to recover any amounts due from a Seller under this Article 5 by setting off such amounts against any amount due from Buyer to such Seller pursuant to this Agreement or any other arrangement or agreement between Buyer or such Seller, including without limitation of the Earn Out Consideration. Neither the exercise nor the failure to exercise such right of set off will constitute an election of remedies or limit Buyer in any manner in the enforcement of any other remedies that may be available to it hereunder.

5.09 Adjustment of the Aggregate Closing Consideration. Sellers and Buyer agree to report each indemnification payment made in respect of any Loss as an adjustment to the Aggregate Closing Consideration for federal income Tax purposes.

ARTICLE 6
DEFINITIONS

6.01 Definitions.

For purposes hereof, the following terms, when used herein with initial capital letters, shall have the following meanings.

“ACA” has the meaning set forth in Section 2.18(d)(x).

“Accounting Principles” means the accounting principles and methodologies used to prepare the Illustrative Net Working Capital Calculation set forth on Schedule B hereto.

“Accounts Receivable” has the meaning set forth in Section 2.11.

“AE” has the meaning set forth in Section 1.01(b)(i)(C).

“Affiliate” of any particular Person means any other Person controlling, controlled by or under common control, directly or indirectly, with such particular Person, where control may be by either management authority or equity interest.

“Affiliated Transactions” has the meaning set forth in Section 2.22.

“Aggregate Closing Consideration” has the meaning set forth in Section 1.02(e).

“Agreement” has the meaning set forth in the preamble to this Agreement.

“Base Allocation” has the meaning set forth in Section 4.01(i).

“Benefit Program or Agreement” has the meaning set forth in Section 2.18(a)(ii).

“Business Day” means any day, other than a Saturday, a Sunday or any other day on which banks located in Houston, Texas are closed for business as a result of federal, state or local holiday.

“Business Employees” has the meaning set forth in Section 2.25(a).

“Buyer” has the meaning set forth in the preamble to this Agreement.

“Buyer Fundamental Representations” has the meaning set forth in Section 5.01.

“Buyer Indemnities” has the meaning set forth in Section 5.02(a).

“Buyer Prepared Returns” has the meaning set forth in Section 4.01(a).

“Calculation Period” has the meaning set forth in Section 1.02(k).

“Castellano Litigation” means the lawsuit filed by Jhoanna Arguelles Castellano against Raymond Miller and Firebird on August 21, 2019, alleging damages resulting for a highway accident (as more fully described on Schedule 2.17(a) of the Disclosure Schedules).

“Closing” has the meaning set forth in Section 1.03.

“Closing Date” has the meaning set forth in Section 1.03.

“Closing Statement” has the meaning set forth in Section 1.02(c).

“Code” means the Internal Revenue Code of 1986, as amended.

“Common Stock” has the meaning set forth in Section 1.01(b)(i)(C).

“Commonly Controlled Entity” has the meaning set forth in Section 2.18(c).

“Company” or “Companies” has the meaning set forth in the preamble to this Agreement.

“Company Group” means the Companies and each of their respective individual, joint or mutual, past, present and future officers, directors, stockholders, managers, joint venturers, partners and employees, and all of the foregoing persons’ predecessors, successors, assigns, agents and representatives (in each case, other than Sellers).

“Company Intellectual Property” has the meaning set forth in Section 2.16(b).

“Company Services” has the meaning set forth in Section 4.04(c).

“Companies’ Business” has the meaning set forth in the recitals to this Agreement.

“Computer Systems” means computers and related equipment including central processing units and other processors (e.g. microprocessors and embedded processors), controllers, modems, communications and telecommunications equipment (e.g. voice, data, video), cables, storage devices, printers, terminals, other peripherals and input and output devices, and other tangible mechanical, in-cab communication systems, and electronic equipment intended for the input, output, storage, communication and retrieval of information and data.

“Contract” means any written or oral agreement, contract, instrument, commitment, obligation or promise of any nature (including leases, licenses, mortgages, notes, guarantees, sublicenses, subcontracts, letters of intent, and purchase orders) that is legally binding, whether express or implied.

“COVID-19” means “Coronavirus Disease 2019”, “COVID-19”, “COVID-19 virus”, the “coronavirus”, “coronavirus disease” and/or the “novel coronavirus”, and any of their mutations or permutations, and the outbreak, spread, and transmission thereof, efforts to control or limit the spread and transmission thereof, and any other effects or consequences of the foregoing.

“CSA Scores” has the meaning set forth in Section 2.29(b).

“Customer” has the meaning set forth in Section 4.04(c).

“Customer Contracts” has the meaning set forth in Section 2.15(c).

“De Minimis Claim Amount” has the meaning set forth in Section 5.02(c)(ii).

“Deductible” has the meaning set forth in Section 5.02(c)(ii).

“Disclosure Schedules” means the disclosure schedules delivered by Sellers concurrently with the execution and delivery of this Agreement.

“DOT” has the meaning set forth in Section 2.24.

“Driver” has the meaning set forth in Section 2.27.

“Earn Out Consideration” has the meaning set forth in Section 1.02(k).

“EBITDA” has the meaning set forth in Section 1.02(k).

“Effective Closing Date” has the meaning set forth in Section 1.03.

“Employment Agreements” has the meaning set forth in Section 1.04(e).

“Environmental Claim” means any claim, order, directive, decree, proceeding, loss, liability, penalty or damage arising, incurred pursuant to any Environmental Law.

“Environmental Law” means any and all Legal Requirements pertaining to prevention of pollution, protection of the environment (including natural resources), remediation of contamination or restoration of environmental quality, and all Orders or other regulations issued by a Governmental Authority to implement any of the foregoing.

“Environmental Permit” means any permit, license, registration, approval or other similar form of authorization required pursuant to Environmental Laws.

“ERISA” has the meaning set forth in Section 2.18(a)(i).

“Escrow Account” has the meaning set forth in Section 1.01(b)(i)(B).

“Escrow Agreement” has the meaning set forth in Section 1.01(b)(i)(B).

“Escrow Amount” has the meaning set forth in Section 1.01(b)(i)(B).

“Estimated Aggregate Closing Consideration” has the meaning set forth in Section 1.02(b).

“FHWA” has the meaning set forth in Section 2.29(b).

“Final Aggregate Closing Consideration” has the meaning set forth in Section 1.02(g).

“Financial Statements” has the meaning set forth in Section 2.10(a).

“Firebird” has the meaning set forth in the preamble to this Agreement.

“Firebird Business” has the meaning set forth in the recitals to this Agreement.

“Firebird Stock” has the meaning set forth in the recitals to this Agreement.

“FMCSA” has the meaning set forth in Section 2.29(b).

“Fundamental Representations” has the meaning set forth in Section 5.01.

“George West Lease Agreement” means the Lease Agreement dated as of August 12, 2022 by and between Phoenix Res-GW, LLC and Firebird Bulk Carriers, Inc. with respect to certain buildings and improvements located at 1024 I-37, George West, TX 78022.

“Governmental Authority” means any federal, state, tribal, local, municipal or foreign government, political subdivision, legislature, court, agency, department, bureau, commission or other governmental, arbitration or regulatory authority, body or instrumentality with actual jurisdiction over the Companies.

“Grapeland Facility” has the meaning set forth in the Disclosure Schedules.

“Gross-Up Payment” has the meaning set forth in Section 4.01(f).

“Hazardous Substance” means and includes each substance or material defined, designated or classified as a hazardous waste, hazardous substance, hazardous material, solid waste, pollutant, contaminant or toxic substance under any Environmental Law, and any petroleum or petroleum products that have been Released into the environment.

“Income Taxes” mean any United States state or local or non-U.S. net income Tax or any franchise, gross receipts or business profits or similar Tax incurred in lieu of a Tax on net income.

“Indebtedness” means, without duplication, any of the following and whether or not then due and payable: (i) the unpaid principal amount, together with any related unpaid accrued interest and prepayment premiums or penalties (and other penalties, fees, expenses and breakage costs), of all indebtedness of the Companies, whether or not represented by bonds, debentures, notes or other securities, (ii) all deferred obligations of the Companies for the payment of the purchase price of property or capital assets purchased, (iii) any outstanding reimbursement obligation of the Companies with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of the Companies thereof pursuant to which the applicable bank or similar entity has paid thereunder obligations for which the Companies are required to repay, (iv) all indebtedness secured by any Lien (other than Permitted Liens) existing on property owned by any of the Companies thereof, whether or not indebtedness secured thereby shall have been assumed, (v) all other short-term and long-term liabilities of the Companies for borrowed money, and (vi) all loans to the Companies by any owner of the Companies.

“Indemnification Escrow Amount” has the meaning set forth in Section 1.07(e).

“Indemnified Party” has the meaning set forth in Section 5.04(a).

“Indemnifying Party” has the meaning set forth in Section 5.04(a).

“Indemnity Claims” has the meaning set forth in Section 1.07(a).

“Independent Accountants” means the Grant Thornton, LLP or such other independent accountants as Sellers and Buyer may mutually agree.

“Independent Contractor” means a Person that is not an employee of a Company and with whom that Company contracts or has contracted for transportation services to be provided to or on behalf of that Company with or without such Person providing its own power unit or tractor in providing such transportation services.

“Inspected Rolling Stock” means the motor vehicles owned or leased by any of the Companies, including, tractors, trucks, passenger vehicles and trailers that are identified on Schedule 2.24(a) and which have been inspected by Buyer on or prior to the date hereof.

“Insurance Policies” has the meaning set forth in Section 2.19(b).

“Intellectual Property” means any or all intellectual property arising under the laws of any jurisdiction or international treaty, and all rights arising out of or association therewith, throughout the world, including: (i) all patents and applications therefor and all reissues, divisions, renewals, extensions, provisional, continuations and continuations-in-part thereof, including any design patents, industrial designs, and equivalent or similar statutory rights in inventions (whether patentable or not), invention disclosures, or improvements; (ii) trade secrets, know-how, and rights in proprietary information including methods, processes, technology, technical data and customer lists; (iii) all copyrights, copyright registrations and applications therefor, database rights and all other rights in works of authorship, including moral rights; and (iv) all trade names, trademarks and service marks, trademark and service mark registrations and applications therefor, trade dress, protectable product configuration, domain names, logos, slogans, and other identifiers of source, whether at common law or statutory, and all goodwill associated with any of the foregoing items.

“Latest Balance Sheet” has the meaning set forth in Section 2.10(a).

“Leased Real Property” has the meaning set forth in Section 2.13(a).

“Legal Requirements” means any federal, state, tribal, foreign, local, municipal, statute, constitution, ordinance, code, decree, rule, regulation, or requirement issued, enacted, adopted, promulgated, implemented, or otherwise put into binding legal effect by or under the authority of any Governmental Authority and any Orders directly applicable to any of the Companies or to any of their assets, properties, or businesses.

“Liens” means any charge, community or other marital property interest, lien, option, mortgage, deed of trust, security interest, pledge, right of way, easement, encroachment, servitude, encumbrance, right of first offer or first refusal, buy/sell agreement and any other restriction or covenant with respect to, or condition governing the use, construction, voting (in the case of any security or equity interest), transfer, receipt of income or exercise of any other attribute of ownership.

“Loss” means any loss, liability, obligation, claim, action, suit, proceeding, hearing, investigation, charge, complaint, demand, Order, ruling, damages (including incidental and consequential damages to the extent they are a reasonably foreseeable result of the underlying breach or other matter), dues, penalty, fine, sanction, costs (including the allocable portion of an indemnitee’s internal costs and investigation, remedial and corrective action costs), Orders, amounts paid in settlement, expense (including costs of investigation and defense and reasonable attorneys’ fees, accountants’ fees and fees of other professional advisors and of expert witnesses), Tax or lien whether or not involving a third-party claim; provided, that “Loss” shall not include punitive damages except to the extent payable to a third party.

“Material Adverse Effect” means any fact, circumstance, event, change, effect or occurrence that, individually or in the aggregate with all other facts, circumstances, events, changes, effects and occurrences has had, or reasonably would be expected to be materially adverse to the condition (financial or otherwise), prospects, assets (including intangible assets), liabilities (taken together), business or results of operations of such Person and its Subsidiaries, taken as a whole, but shall exclude any change, effect or occurrence to the extent arising or resulting from (a) any change in general business or economic conditions, or in the industry in which the Companies operate, (b) any change in, or proposed or potential change in, applicable laws, (c) any change in applicable accounting requirements or principles or the interpretation thereof, (d) the commencement, continuation or escalation of a war, material armed hostilities or other material international or national calamity or act of terrorism, (e) conditions caused by acts of terrorism or war (whether or not declared); or (f) events or circumstances related to the COVID-19 pandemic or the impacts

and effects thereof (including any action taken, or regulations, orders, guidelines or other instructions issued, by any Governmental Authority in response thereto); or (g) actions required to be taken under this Agreement or requested by the Buyer, which, in the case of clauses (a) through (f) hereof, does not disproportionately affect any of the Companies and their Subsidiaries, taken as a whole, as compared to other Persons in such industry.

“Material Contract” has the meaning set forth in Section 2.15(a)

“Net Working Capital” means the amount calculated by subtracting accounts payable and accrued expenses of the Companies determined in accordance with the Accounting Principles (excluding the current portion of long-term debt) from the current assets of the Companies determined in accordance with the Accounting Principles, as of 11:59 PM CT on the day prior to the Closing Date and in accordance with the sample calculation of Net Working Capital attached hereto as Schedule B, and in all cases excluding any amounts accounted for in the calculation of Transaction Expenses or Indebtedness.

“Net Working Capital Target” means an amount equal to $2,279,554.00.

“New Lease Agreements” means, collectively, (i) George West Lease Agreement, (ii) the Lease Agreement, dated as of August 12, 2022, by and between Phoenix Res-NH, LLC and Phoenix Oil, Inc. with respect to certain buildings and improvements located at 2015 N. Houston Avenue, Humble, TX 77338, and (iii) the Lease Agreement, dated as of August 12, 2022, by and between Phoenix Res-CS, LLC and Firebird Bulk Carriers, Inc. with respect to certain buildings and improvements located at 77 Munson Road, Carrizo Springs, TX 78334.

“Notice of Disagreement” has the meaning set forth in Section 1.02(d).

“Options” means all options, warrants, or other rights to acquire equity interests of any of the Companies.

“Order” means any award, decision, injunction, judgment, settlement, writ, order, ruling, subpoena, or verdict entered, issued, made, or rendered by any court, administrative agency or other Governmental Authority or by any arbitrator.

“Organizational Documents” has the meaning set forth in Section 2.08(a).

“Overpayment” has the meaning set forth in Section 1.02(h).

“Owned Intellectual Property” has the meaning set forth in Section 2.16(a)

“Pass-Through Tax Return” means any Tax Return of a Company with respect to an Income Tax of such Company where such Company is treated as a pass-through entity for purposes of such Tax Return and the Sellers are directly or indirectly allocated income, such as a Tax Return on IRS Form 1065 or IRS Form 1120-S, or similar state or local Tax Return.

“Permit” means any permit, license, registration, consent, certification, exemption, variance, filing, approval or other authorization required under any Legal Requirement or issued by any Governmental Authority.

“Permitted Lien” means (a) Liens for Taxes, assessments or similar charges not yet delinquent or the amount or validity of which is being contested in good faith by appropriate proceedings; (b) Liens of mechanics, materialmen, repairmen, warehousemen, carriers, or other like Liens securing obligations incurred in the ordinary course of the business of the Companies not yet delinquent or which are being contested in good faith by appropriate proceedings; (c) all zoning, entitlement and other land use restrictions under Legal Requirements, including Environmental Laws; (d) the terms and conditions of all Permits affecting any Leased Real Property; (e) the terms and conditions of the Real Property Leases; (f) all easements, rights of way, covenants, conditions, restrictions, encumbrances and other matters of public

record affecting any Leased Real Property; (g) all matters that would be disclosed by an accurate survey of the Leased Real Property; and (h) Liens of landlords, lessors or renters for amounts not yet delinquent; and (i) Liens with respect to any Real Property which, individually or in the aggregate, do not materially interfere with the present use of the Real Property by the Companies in the conduct of the business of the Companies.

“Person” means an individual, a partnership, a corporation, a limited liability company, an association or a joint stock company, a trust, a joint venture, an unincorporated organization and a Governmental Authority.

“Phoenix” has the meaning set forth in the preamble to this Agreement.

“Phoenix Business” has the meaning set forth in the recitals to this Agreement.

“Phoenix Stock” has the meaning set forth in the recitals to this Agreement.

“Plan” has the meaning set forth in Section 2.18(a)(i).

“Pre-Closing Period” means any Tax period ending on or before the Closing Date.

“Proceeding” means any action, suit (whether civil, criminal, administrative, investigative or informal), proceeding, litigation, audit, claim (including cargo claims), complaint, charge, inquiry, hearing, investigation, arbitration, or mediation before or by a Governmental Authority or any arbitrator or arbitration panel or any mediator or mediation panel or otherwise formally made or ongoing.

“Pro Rata Amount” means, with respect to each of the Sellers, Scott Bosard (70%), Trey Bosard (15%) and Tyler Bosard (15%).

“Purchase Price” has the meaning set forth in Section 1.02(a)(i).

“Real Property” has the meaning set forth in Section 2.13(e).

“Real Property Leases” has the meaning set forth in Section 2.13(a).

“Registered Intellectual Property” has the meaning set forth in Section 2.16(a).

“Release” means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying, discharging, migrating, injecting, escaping, leaching, seeping, dumping, or disposing.

“Representatives” means, when used with respect to any Person, such Person’s officers, directors, managers, employees, agents, potential financing sources, advisors and other representatives (including any investment banker, financial advisor, attorney or accountant retained by or on behalf of such Person or any of the foregoing).

“Restricted Business” means any of the Companies’ Business.

“Restricted Period” means with respect to each Seller, the period that is the longer of (a) period of such Seller’s employment with any of the Companies or Buyer and a period of thirty (30) months immediately following cessation of such employment and (b) from and after the Closing Date through the fifth anniversary thereof.

“Restricted Shares” has the meaning set forth in Section 1.01(b)(i)(C).

“Restricted Territory” has the meaning set forth in Section 4.04(a).

“Rolling Stock” means, collectively, the Inspected Rolling Stock and the Uninspected Rolling Stock.

“Rolling Stock Claims” has the meaning set forth in Section 1.07(a).

“Rolling Stock Escrow Amount” has the meaning set forth in Section 1.07(d).

“Scott” has the meaning set forth in the preamble to this Agreement.

“Securities Act” means the Securities Act of 1933, as amended.

“Seller” or “Sellers” has the meaning set forth in the preamble to this Agreement.

“Seller Group” means Sellers and their heirs, executors, administrators and beneficiaries, controlled Affiliates, each of the respective individual, joint or mutual past and present officers, directors, shareholders, members, managers and partners of any of the foregoing persons, and all of the foregoing persons’ predecessors, successors, assigns, agents and representatives.

“Seller Indemnitees” has the meaning set forth in Section 5.02(b).

“Seller Prepared Returns” has the meaning set forth in Section 4.01(a).

“Seller Released Claims” has the meaning set forth in Section 4.03(a).

“Seller Tax Contest” has the meaning set forth in Section 4.01(j).

“Seller Taxes” means any and all (i) Taxes of any of the Companies for any Pre-Closing Period and for the pre-Closing portion of any Straddle Period (determined in accordance with Section 4.01(b)); (ii) Taxes of a Seller; (iii) Taxes of any Person (other than any of the Companies) imposed on a Company as transferee or successor, by assumption, operation of Law, contract (other than customary commercial agreements not primarily related to Taxes that contain agreements or arrangements relating to the apportionment, sharing, assignment or allocation of Taxes (such as financing agreements with Tax gross-up obligations or leases with Tax escalation provisions)), which Taxes relate to an event or transaction occurring prior to Closing; (iv) Taxes of any member of an affiliated, consolidated, combined or unitary group of which any of the Companies (or any predecessor of any of the foregoing) is or was a member prior to the Closing, including pursuant to Treasury Regulations Section 1.1502-6 or any analogous or similar state, local, or non-U.S. Legal Requirement or regulation, or (v) any Transfer Taxes that are the responsibility of Sellers pursuant to Section 4.01(h).

“Sellers’ Knowledge” or words of similar import means the actual knowledge (or knowledge after reasonable inquiry) of each Seller.

“Sellers’ Representative” has the meaning set forth in the preamble to this Agreement.

“Stock” has the meaning set forth in the recitals to this Agreement.

“Straddle Period” means with respect to Firebird and Phoenix, any Tax period that includes but does not end on the day before the Closing Date.

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, limited liability company, association or other business entity (other than a corporation), a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled,

directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a partnership, limited liability company, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such partnership’s, limited liability company’s, association’s or other business entity’s gains or losses or shall be or control the managing director, managing member, general partner or other managing Person of such partnership, limited liability company, association or other business entity. The term “Subsidiary” shall include all Subsidiaries of such Subsidiary.

“Supplier” has the meaning set forth in Section 4.04(c).

“Survival Date” has the meaning set forth in Section 5.01.

“Tax” or “Taxes” means any taxes, assessments, fees, unclaimed property and escheat obligations and other governmental charges imposed by or under Legal Requirements, including income, profits, gross receipts, net proceeds, alternative or add on minimum, ad valorem, value added, turnover, sales, use, property, personal property (tangible and intangible), environmental, stamp, leasing, lease, user, excise, duty, franchise, capital stock, transfer, registration, license, withholding, social security (or similar), unemployment, disability, payroll, employment, social contributions, fuel, excess profits, occupational, premium, windfall profit, severance, estimated, or other charge of any kind whatsoever, including any interest, penalty or addition thereto.

“Tax Proceeding” has the meaning set forth in Section 4.01(d).

“Tax Returns” means any return, declaration, claim for refund, report, information return or other document relating to Taxes (including Form 1099 and Form 1096), including any schedule or attachment thereto, and including any amendment thereof.

“Technology” means all the prototypes, devices, drawings, specifications, lab notebooks, manuals, databases, equipment, files, technical memoranda, invention disclosures, patent application files, research studies, testing data, plans, files, formulas, computer programs, data and information, quality control records and procedures, research and development files containing, embodying or revealing trade secrets, know-how or other Intellectual Property.

“Transaction Documents” means each of this Agreement and each other agreement, certificate, instrument and document referred to herein or therein or delivered pursuant hereto or thereto.

“Transaction Expenses” means the aggregate fees and expenses incurred by the Companies and the Sellers in connection with the negotiation of this Agreement, the performance of their obligations hereunder, and the consummation of the Transactions to the extent unpaid as of Closing and whether or not accrued before or after Closing, including, without limitation, (i) all investment banking, financial advisory, legal, accounting, management, consulting and other fees and expenses of third parties, (ii) all compensation and other payments paid to or for the benefit of any employee or other Person as a result of the Transactions, except for payment of any such compensation and other payments in connection with the Employment Agreements including any equity awards that are subject to vesting requirements following the Closing (including, for the avoidance of doubt, any grant of Common Stock of AE contemplated by Section 1.04(e)), (iii) any severance, retention, change in control or similar compensatory payments paid in connection with the Transactions, except for any such payment made in connection with the Employment Agreements including any equity awards that are subject to vesting requirements following the Closing (including, for the avoidance of doubt, any grant of Common Stock of AE contemplated by Section 1.04(e)), and (iv) the employer portion of any payroll and employment Taxes or other employee benefits associated with payments under clauses (ii) and (iii) above.

“Transactions” means the transactions contemplated by this Agreement and the other Transaction Documents.

“Transfer Taxes” has the meaning set forth in Section 4.01(h).

“Trey” has the meaning set forth in the preamble to this Agreement.

“Tyler” has the meaning set forth in the preamble to this Agreement.

“Underpayment” has the meaning set forth in Section 1.02(g).

“Uninspected Rolling Stock” means the motor vehicles owned or leased by any of the Companies, including, tractors, trucks, passenger vehicles and trailers that are identified on Schedule 2.24(a) and which have not been inspected by Buyer on or prior to the date hereof.

6.02 Other Definitional Matters. All references in this Agreement to Exhibits, Schedules, Articles, Sections and subsections refer to the corresponding Exhibits, Schedules, Articles, Sections and subsections of or to this Agreement, unless expressly provided otherwise. Titles appearing at the beginning of any Articles, Sections and subsections of this Agreement are for convenience only, do not constitute any part of this Agreement and shall be disregarded in construing the intent of the Parties. The Schedules to this Agreement are incorporated herein by this reference. The word “including” (in its various forms) means including without limitation. The word “or” is not exclusive and the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole and not to the particular provision in which such words appear. Pronouns in masculine, feminine or neuter genders shall be construed to state and include any other gender, and words, terms and titles (including terms defined herein) in the singular form shall be construed to include the plural and vice versa, unless the context otherwise requires. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any and all rules and regulations promulgated thereunder and shall refer to such statute, law, rules and regulations as amended from time to time and includes any successor legislation thereto; provided that, for the purposes of the representations and warranties set forth herein, with respect to any violation or alleged violation of any statute, law, rules and regulations, the reference to such law, rules or regulations means such, law, rules or regulations as in effect at the time of such violation or alleged violation. References to any Contract, instrument or document means such Contract, instrument or document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by this Agreement. The Schedules and Exhibits referred to herein shall be construed with and as an integral part of this Agreement to the same extent as if they were set forth verbatim herein. Whenever this Agreement indicates that Sellers have or the Companies have “made available” any document or other item to Buyer, such statement will mean that such document or other item was made available for viewing in the Kingspoint electronic data rooms for “Project Flame” prior to the Closing Date or such materials were provided to Buyer or its Representatives by the Sellers or its Representatives prior to the Closing Date.

ARTICLE 7
MISCELLANEOUS

7.01 Press Releases and Announcements. No public release or announcement concerning the Transactions hereby shall be issued or made by or on behalf of the Companies or the Sellers without the prior written consent of Buyer and the Sellers’ Representative. Buyer may issue a press release and/or investor presentation in any form as reasonably agreed to by the Sellers’ Representative. Subject to the foregoing, the Sellers and the Buyer agree to keep the terms of this Agreement confidential, except to the extent required by applicable Legal Requirements or for financial reporting purposes. The Parties further agree that after publication of a press release by Buyer regarding the closing of the Transactions, KingsPoint Capital, LLC shall be permitted to announce its involvement in advising Sellers with respect to the Transactions on its website, marketing materials, press releases, published “tombstone” or other print or electronic media.

7.02 Expenses. Except as otherwise expressly provided herein, all costs and expenses, including Transaction Expenses, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with the negotiation of this Agreement, the performance of the obligations hereunder and the consummation of the Transactions (whether consummated or not) shall be paid by the party incurring such costs and expenses. In the event of a dispute between any of the Parties in connection with any Transaction Document or the Transactions, each of the parties agrees that the prevailing party shall be entitled to reimbursement by the other party of reasonable

legal fees and expenses incurred in connection with any such action or proceeding. For purposes of the foregoing, the prevailing party shall mean the party or parties obtaining substantially the relief sought, whether by compromise, settlement, arbitration award or judgment.

7.03 Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been delivered (a) when personally delivered, or (b) the day following the day (except, if not a Business Day, then the next Business Day) on which the same has been delivered prepaid to a reputable national overnight air courier service for next day delivery. Notices, demands and communications shall be sent to the applicable address set forth below, unless another address has been previously specified in writing:

Notices to Buyer (and, after the Closing, the Companies):

GulfMark Asset Holdings, LLC

17 S. Briar Hollow Lane, Suite 200

Houston, TX 77027

Attention: Greg Mills, President

with a copy to (which shall not constitute delivery of notice):

Scopelitis, Garvin, Light, Hanson & Feary, P.C.

10 W. Market Street, Suite 1400

Indianapolis, IN 46204

Attention: W. Todd Metzger

Notices to Sellers:

Scott Bosard

[***********]

Trey Bosard

[***********]

Tyler Bosard

[***********]

with a copy to (which shall not constitute delivery of notice):

Morgan, Lewis & Bockius LLP

1000 Louisiana Street, Suite 4000

Houston, TX 77002-5005

Attention: Jeff Dinerstein

Email: jeff.dinerstein@morganlewis.com

7.04 Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns, but with it being understood that neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned or delegated by any Party; provided, however, that Buyer may assign any or all of its rights pursuant to this Agreement, the Escrow Agreement and any other Transaction Document to one or more of its Affiliates, provided, that Buyer will nonetheless remain liable for all of its obligations hereunder and thereunder. Notwithstanding the foregoing, Buyer may assign any or all of its rights

pursuant to this Agreement, the Escrow Agreement and any other Transaction Document to any of its lenders as collateral security without the consent of any of the other Parties.

7.05 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Legal Requirements, but if any provision of this Agreement is held to be prohibited by or invalid under applicable Legal Requirements, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. Upon such a determination, Buyer and Sellers shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the Transactions be consummated as originally contemplated to the fullest extent possible.

7.06 Construction and Disclosure. Buyer and Sellers each acknowledge and agree that they and their respective counsel have reviewed, negotiated and adopted this Agreement as the joint agreement and understanding of the Parties, and the language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Person. The specification of any dollar amount or the inclusion of any item in the representations and warranties contained in this Agreement or the Schedules is not intended to imply that the amounts, or higher or lower amounts, or the items so included, or other items, are or are not required to be disclosed (including whether such amounts or items are required to be disclosed as material or threatened) or are within or outside of the ordinary course of business, and no party shall use the fact of the setting of the amounts or the fact of the inclusion of any item in this Agreement or the Schedules in any dispute or controversy between the parties as to whether any obligation, item or matter not described or included in this Agreement or in any Schedule is or is not required to be disclosed (including whether the amount or items are required to be disclosed as material or threatened) or is within or outside of the ordinary course of business for purposes of this Agreement. The information contained in this Agreement and in the Disclosure Schedules hereto is disclosed solely for purposes of this Agreement, and no information contained herein or therein shall be deemed to be an admission by any Party to any third party of any matter whatsoever (including any violation of Legal Requirements or breach of contract). If there is any inconsistency between the statements in the body of this Agreement and those in the Disclosure Schedules (other than an exception set forth as in the Disclosure Schedules and reasonably apparent from its content), the statements in the body of this Agreement will control. The listing (or inclusion of a copy) of a document or other item in a Disclosure Schedules will be deemed adequate to disclose an exception to a representation or warranty made in this Agreement to the extent that (a) the representation or warranty only pertains to the existence of the document or other item itself or (b) the exception would be reasonably apparent to apply to such representation or warranty based on its inclusion in the Disclosure Schedules. Capitalized terms used in the Disclosure Schedules and not otherwise defined therein have the meanings given to them in this Agreement. Time is of the essence in the performance of each of the parties’ respective obligations contained herein.

7.07 Captions. The captions used in this Agreement and descriptions of the Disclosure Schedules are for convenience of reference only and do not constitute a part of this Agreement and shall not be deemed to limit, characterize or in any way affect any provision of this Agreement, and all provisions of this Agreement shall be enforced and construed as if no such caption or description had been used in this Agreement.

7.08 Amendment and Waiver. This Agreement may be amended only in a writing executed and delivered by each of Buyer and Sellers’ Representative. Any provision of this Agreement may be waived only in a writing signed by the party against whom such waiver is to be enforced. No waiver of any provision hereunder or any breach or default hereunder shall extend to or affect in any way any other provision or prior or subsequent breach or default.

7.09 Complete Agreement. This Agreement, the Escrow Agreement, the Transaction Documents and any other agreements referred to herein or therein and executed and delivered on or after the date hereof in connection herewith or therewith, contain the complete agreement among the Parties and supersede any prior understandings, agreements or representations by or between such parties, written or oral, which may have related to the subject matter hereof in any way.

7.10 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same instrument.

7.11 Governing Law. All matters relating to the interpretation, construction, validity and enforcement of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Texas, without giving effect to any choice or conflict of law provision or rule (whether of the State of Texas or any other jurisdiction) that would cause the application of laws of any jurisdiction other than the State of Texas.

7.12 JURISDICTION; VENUE. SUBJECT TO THE PROVISIONS OF SECTION 1.02 (WHICH SHALL GOVERN ANY DISPUTE ARISING THEREUNDER), THE PARTIES AGREE THAT JURISDICTION AND VENUE IN ANY SUIT, ACTION OR PROCEEDING BROUGHT BY ANY PARTY SEEKING RELIEF UNDER OR PURSUANT TO THIS AGREEMENT SHALL PROPERLY AND EXCLUSIVELY LIE IN ANY FEDERAL COURT (OR, IF SUCH FEDERAL COURT DOES NOT HAVE JURISDICTION OVER SUCH SUIT, ACTION OR PROCEEDING, IN A STATE COURT) IN HARRIS COUNTY, TEXAS. BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVE ANY OBJECTION THAT ANY SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH SUIT, ACTION OR PROCEEDING.

7.13 WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

7.14 No Third Party Beneficiaries. Except for the Buyer Indemnities under Article 5, no Person other than the Parties shall have any rights, remedies, or benefits under any provision of this Agreement.

7.15 Post-Closing Audit. In the event a post-Closing audit of one or more of the Companies is required by the Securities Act, the U.S. Securities and Exchange Commission or any other Governmental Authority, Sellers will, at Buyer’s sole expense, reasonably cooperate with Buyer with such audit, including providing reasonable access to the Companies’ senior management and books and records, to the extent reasonably necessary for such audit.

7.16 Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity.

7.17 Electronic Delivery. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments hereto or thereto, to the extent delivered by means of a facsimile machine or electronic mail (any such delivery, an “Electronic Delivery”), shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No Party or to any such agreement or instrument shall raise (a) the use of Electronic Delivery to deliver a signature or (b) the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery, as a defense to the formation of

a contract, and each such party forever waives any such defense, except to the extent such defense relates to lack of authenticity.

7.18 Sellers’ Representative.

(a)Each Seller, by its approval of, or consent to, this Agreement, its acceptance of any consideration pursuant to this Agreement, hereby irrevocably appoints the Sellers' Representative, as of the date of this Agreement, with power of designation and assignment as its true and lawful attorney-in-fact and agent with full power of substitution, to act solely and exclusively on behalf of, and in the name of, such Seller, regarding any matter relating to or arising under this Agreement and the Escrow Agreement, with the full power, without the consent of such Seller, to exercise as the Sellers' Representative in its sole discretion deems appropriate, the powers that such Seller could exercise under this Agreement with respect to all of its rights and obligations and to take all actions with respect thereto necessary or appropriate in the judgment of the Sellers' Representative in connection with this Agreement and the Escrow Agreement. The appointment of the Sellers' Representative is coupled with an interest and shall be irrevocable by any Seller in any manner or for any reason. Buyer and the Escrow Agent shall be entitled to rely exclusively, without independent verification or investigation, upon any notices and other acts of the Sellers' Representative relating to the Sellers’ rights and obligations under this Agreement as being legally binding acts of each Seller individually and collectively, and Buyer and the Escrow Agent shall deliver any notice required or permitted under this Agreement to be delivered to the Sellers to the Sellers' Representative. No Seller may take any action with respect to its rights and obligations under this Agreement without the express written consent of the Sellers' Representative.

(b)The Sellers' Representative shall not be required to expend or risk its own funds or otherwise incur any financial liability in the exercise or performance of any of its powers, rights, duties or privileges or pursuant to this Agreement or the Escrow Agreement. Furthermore, the Sellers' Representative shall not be required to take any action unless the Sellers' Representative has been provided with funds, security or indemnities from the Sellers, which, in the Sellers' Representative's determination, are sufficient to protect the Sellers' Representative against the costs, expenses and liabilities that may be incurred by the Sellers' Representative in performing such actions. The Sellers' Representative shall be entitled to (i) rely upon the Closing Statement, (ii) rely upon any signature believed by it to be genuine and (iii) reasonably assume that a signatory has proper authorization to sign on behalf of the applicable Seller or other Person.

(c)The Sellers' Representative shall not be liable to any Seller for any act done or omitted under this Agreement or the Escrow Agreement as the representative of the Sellers while acting in good faith, and any act done or omitted shall be conclusive evidence of such good faith. Each Seller severally (in proportion to its Pro Rata Share) and not jointly shall indemnify the Sellers' Representative and hold the Sellers’ Representative harmless from and against any Losses (each, a "Representative Loss") arising out of or in connection with any actions taken or omitted to be taken by the Sellers' Representative under this Agreement or under the Escrow Agreement, in each case as such Representative Loss is incurred or suffered; provided, that in the event it is finally adjudicated that a Representative Loss or any portion thereof was primarily caused by the gross negligence or bad faith of the Sellers' Representative, the Sellers' Representative will reimburse the Sellers the amount of such indemnified Representative Loss attributable to such gross negligence or bad faith. If not paid directly to the Sellers' Representative by the Sellers, any such Representative Losses may be recovered by the Sellers' Representative (without the requirement of any consent or approval by Buyer) from the portion of the Escrow Account otherwise distributable to the Sellers pursuant to the terms of this Agreement and the Escrow Agreement at the time of distribution, in each case in accordance with written instructions delivered by the Sellers' Representative to the Escrow Agent. While this Section 7.18(c) allows for the Sellers' Representative to be paid from distributions to the Sellers from the Escrow Account, this does not relieve the Sellers from their obligation to promptly pay such Representative Losses as such Representative Losses are suffered or incurred, nor does it prevent the Sellers' Representative from seeking any remedies available to it at law or otherwise; provided, however, that none of Buyer, nor any of its Affiliates (except for any such Affiliate that is a Seller, and then, only in such Affiliate's capacity as a Seller) shall have any Liability with respect to such items.

(d)Buyer on behalf of itself and, following the Closing, the Companies acknowledges that the Sellers' Representative is party to this Agreement solely for purposes of serving as the representative of the Sellers

hereunder, and no action, suit, claim, investigation or proceeding will be brought by, or on behalf of Buyer or the Companies against the Sellers' Representative, in such capacity, with respect to this Agreement or the Transactions, or any statement, certificate, instruction, opinion, instrument or other documents delivered hereunder (with it being understood that any covenant or agreement of or by the "Parties" or "each of the Parties" will not be deemed to require performance by, or be an agreement of, the Sellers' Representative unless performance by the Sellers' Representative is expressly provided for in such covenant or the Sellers' Representative expressly so agrees in writing).

7.19 Transaction Privilege.

(a)If Sellers so desire, and without the need for any Consent by the Companies or Buyer, Morgan, Lewis & Bockius LLP (the “Firm”) are permitted to represent Sellers or its Affiliates after the Closing in connection with any matter unrelated to the Companies and, in addition, any matter related to the Transactions or any disagreement or dispute relating thereto. Without limiting the generality of the foregoing, after the Closing, the Firm is permitted to represent Sellers, any of their agents and Affiliates, or any one or more of them, in connection with any negotiation, transaction or dispute ("dispute" includes litigation, arbitration or other adversary proceeding) with Buyer, the Companies or any of their respective agents or Affiliates under or relating to this Agreement, the Transactions, and any related matter, such as claims for indemnification and disputes involving employment or noncompetition or other agreements entered into in connection with this Agreement. Upon and after the Closing, the Companies shall cease to have any attorney-client relationship with the Firm, except to the extent either of them is specifically engaged in writing by the Companies to represent the Companies after the Closing. Any such representation of any of the Companies by the Firm after the Closing will not affect the foregoing provisions hereof. For example, and not by way of limitation, even if the Firm is representing the Companies after the Closing, such law firms are permitted simultaneously to represent Sellers in any matter unrelated to the Companies and, in addition, any matter related to any disagreement or dispute relating to this Agreement or the Transactions.

(b)As to all communications between all counsel for Sellers and/or such counsel's Affiliates (including the Firm), and Sellers and/or any of their respective Affiliates that relate in any way to the negotiation, preparation, execution and delivery of this Agreement or the Transactions (collectively, the "Privileged Communications"), the attorney-client privilege and the expectation of client confidence with respect to the Privileged Communications belongs to Sellers and may be controlled by Sellers and will not pass to or be claimed by Buyer or the Companies. The Privileged Communications are the property of Sellers, and from and after the Closing none of the Companies or any Person purporting to act on behalf of or through the Companies will seek to obtain such communications, whether by seeking a waiver of the attorney-client privilege or through other means. Neither Buyer nor the Companies shall have access to any Privileged Communications or to the files of the Firm relating to such engagement from and after Closing. Buyer and the Companies, and each of their respective Affiliates, successors or assigns further agree that no such party may use or rely on any of the Privileged Communications in any action against or involving Sellers or any of their Affiliates after the Closing. The Privileged Communications may be used by Sellers and/or any of their respective Affiliates in connection with any dispute that relates to this Agreement or the Transactions, including in any claim for indemnification brought by Buyer. Notwithstanding the foregoing, in the event that a dispute arises between Buyer or any of the Companies and a third party (other than a Party to this Agreement or any of its Affiliates) after the Closing, the Companies may assert the attorney-client privilege to prevent disclosure of confidential communications to such third party; provided that the Companies may not waive such privilege without the prior written consent of Sellers. In the event that Buyer or any of its Affiliates (including the Companies) is legally required by any Order or otherwise legally required to access or obtain a copy of all or a portion of the Privileged Communications, then Buyer shall immediately (and, in any event, within five (5) Business Days) notify Sellers’ Representative in writing so that Sellers’ Representative can seek a protective order.

(c)Notwithstanding anything to the contrary contained herein, the privilege and protection relating to any matter not described in Section 7.19(b) including events, Transactions or agreements referenced in this Agreement or the Disclosure Schedules (other than in connection with a matter for which any Indemnified Party is seeking recovery from Sellers or from Buyer pursuant to the terms of this Agreement), shall continue to belong to and be controlled solely by the Companies and may only be waived by the Companies and except in connection with a matter for which any Indemnified Party is seeking recovery from Sellers or from Buyer pursuant to the terms of

this Agreement, Sellers and the Sellers’ Representative agree to reasonably preserve and protect all such information and documents protected by such attorney-client privilege and shall not waive or otherwise disclose any such documents, materials and information unless and only to the extent required by law.

[Signature page follow]

IN WITNESS WHEREOF, the Parties have executed this Purchase Agreement as of the date first written above.


						BUYER:
						GulfMark Asset Holdings, LLC

						/s/ Greg Mills
						Greg Mills, President

						SELLERS:

						/s/ Scott Bosard
						Scott Bosard

						/s/ Trey Bosard
						Trey Bosard

						/s/ Tyler Bosard
						Tyler Bosard


						SELLERS’ REPRESENTATIVE:

						/s/ Scott Bosard
						Scott Bosard

[Signature page to Purchase Agreement]

Exhibit 10.1

LIMITED WAIVER AGREEMENT AND AMENDMENT NO. 1 TO CREDIT AGREEMENT

This LIMITED WAIVER AGREEMENT AND AMENDMENT NO. 1 TO CREDIT AGREEMENT (“Agreement”) entered into and dated as of August 11, 2022 (the “Amendment Effective Date”) is among Adams Resources & Energy, Inc., a Delaware corporation (the “Parent”), GulfMark Energy, Inc., a Texas corporation (“GulfMark”), Service Transport Company, a Texas corporation (“Service,” and together with Parent and GulfMark, the “Existing Borrowers” and each individually, an “Existing Borrower”), GulfMark Asset Holdings, LLC, a Texas limited liability company (“GulfMark Holdings,” and together with Parent and Service, the “Borrowers” and each individually, a “Borrower”), the subsidiaries of the Borrowers party hereto (each a “Guarantor” and collectively, the “Guarantors”), the Lenders (as defined below) party hereto, and Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders and as issuing lender.

RECITALS

A. The Existing Borrowers, the Administrative Agent, the Issuing Lender, and the financial institutions party thereto from time to time as lenders (collectively, the “Lenders”), are parties to that certain Credit Agreement dated as of May 4, 2021 (the “Existing Credit Agreement,” and the Existing Credit Agreement as amended by this Agreement and as otherwise amended, restated, amended and restated or otherwise modified from time to time, the “Credit Agreement”).

B. Pursuant to Section 8.14(a) of the Existing Credit Agreement, each Credit Party shall promptly notify the Administrative Agent of the creation or acquisition of a Person that becomes a Subsidiary and, within 30 days after such event (as such time period may be extended by the Administrative Agent in its sole discretion), cause such new Subsidiary to, (i) become a Guarantor under the Existing Credit Agreement, (ii) grant a security interest in all Collateral owned by such Subsidiary, (iii) deliver such opinions, documents and certificates as may be reasonably requested by the Administrative Agent, (iv) deliver to the Administrative Agent original certificated Equity Interests and stock or other transfer powers evidencing the Equity Interests of such Person, (v) deliver to the Administrative Agent updated schedules to the Security Documents and (vi) deliver to the Administrative Agent all other documents reasonably requested by the Administrative Agent (items (i) through (vi), collectively, the “Joinder Requirements”). On June 7, 2022, the Parent formed GulfMark Holdings as a wholly-owned Subsidiary of the Parent. Promptly following such formation, the Credit Parties failed to provide the Administrative Agent with notice of the formation of GulfMark Holdings in violation of Section 8.14(a) of the Existing Credit Agreement, which has resulted in an Event of Default under Section 10.1(d) of the Exiting Credit Agreement (such Event of Default, the “Notice Default”). Further, the Credit Parties failed to satisfy the Joinder Requirements with respect to GulfMark Holdings within 30 days after the formation of GulfMark Holdings in violation of Section 8.14(a) of the Existing Credit Agreement, which has resulted in an Event of Default under Section 10.1(d) of the Existing Credit Agreement (such Event of Default, the “Joinder Default”).

C. On June 10, 2022, (A) the Parent transferred all of its Equity Interests in GulfMark to GulfMark Holdings pursuant to an Assignment of Shareholder Interest effective as of June 10, 2022, (B) GulfMark transferred all of its Equity Interests in Victoria Express Pipeline, L.L.C. to GulfMark Holdings pursuant to an Assignment of Membership Interest in Victoria Express Pipeline, L.L.C. dated as of June 10, 2022, and (C) GulfMark transferred all of its Equity Interests in GulfMark Terminals, LLC to GulfMark Holdings pursuant to an Assignment of Membership Interest in GulfMark Terminals, LLC dated as of June 10, 2022 (the transfers of Equity Interests set forth in (A) through (c), collectively, the “Transfers”). The Transfers constitute Investments, but such Investments were not permitted under Section 9.3 of the Existing Credit Agreement. Therefore, each Transfer violated Section 9.3 of the Existing Credit Agreement and resulted in an Event of Default under Section 10.1(d) of the Existing Credit Agreement (such Events of Default, the “Investment Defaults”).

D. On June 10, 2022, the Parent and GulfMark consummated the Transfers described in Recital C above. The Transfers constitute Asset Dispositions under the Existing Credit Agreement, but such Asset Dispositions were not permitted under Section 9.5 of the Existing Credit Agreement. Therefore, each Transfer

violated Section 9.5 of the Existing Credit Agreement and resulted in an Event of Default under Section 10.1(d) of the Existing Credit Agreement (such Events of Default, the “Disposition Defaults”, and together with the Notice Default, the Joinder Default and the Investment Defaults, the “Specified Defaults”).

E. Subject to the terms and conditions set forth herein, effective as of the Amendment Effective Date, the parties hereto wish to (i) waive the Specified Defaults, (ii) add GulfMark Holdings as a “Borrower” under the Existing Credit Agreement, (iii) increase the Commitments under the Existing Credit Agreement, (iv) extend the Maturity Date under the Existing Credit Agreement and (v) make other amendments to the Existing Credit Agreement, all as provided herein.

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

Section 1.Defined Terms. As used in this Agreement, each of the terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to such terms therein. Each term defined in the Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary.

Section 2.Other Definitional Provisions. Unless otherwise specified herein: (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation,” (d) the word “will” shall be construed to have the same meaning and effect as the word “shall,” (e) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (f) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (i) the term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form and (j) in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”

Section 3.Limited Waiver. Subject to the terms and conditions of this Agreement, and in reliance on the specific representations and warranties made by the Credit Parties herein, the Lenders hereby waive the Specified Defaults. The waiver by the Lenders described in this Section 3 is strictly limited to the Specified Defaults and shall not be construed to be a consent to, or a permanent waiver of, noncompliance with Section 8.14 of the Credit Agreement, Section 9.3 of the Credit Agreement, Section 9.5 of the Credit Agreement, or any other terms, provisions, covenants, warranties or agreements contained in the Credit Agreement or in any of the other Loan Documents. The Lenders expressly reserve the right to exercise any rights and remedies available to them in connection with any present or future defaults under any provision of the Credit Agreement or any other Loan Document other than the Specified Defaults. The description herein of the Specified Defaults is based upon the information provided to the Lenders on or prior to the date hereof and shall not be deemed to exclude the existence of any other Defaults or Events of Default. The failure of the Lenders to give notice to any Credit Party of any such other Defaults or Events of Default is not intended to be nor shall be a waiver thereof. Each Credit Party hereby agrees and acknowledges that the Lenders require and will require strict performance by the Credit Parties of all of their respective obligations, agreements and covenants contained in the Credit Agreement and the other Loan Documents, and no inaction or action by the Administrative Agent, Issuing Lender, or any Lender regarding any Default or Event of Default (including but not limited to the Specified Defaults) is intended to be or shall be a waiver thereof other than the waiver of the Specified Defaults expressly provided for in this Section 3. Other than the waiver of the Specified Defaults expressly provided for in this Section 3, each Credit Party hereby agrees and acknowledges that no course of dealing and no delay in exercising any right, power, or remedy conferred to the

Administrative Agent or any Lender in the Credit Agreement or in any other Loan Documents or now or hereafter existing at law, in equity, by statute, or otherwise shall operate as a waiver of or otherwise prejudice any such right, power, or remedy (collectively, the “Lender Rights”). For the avoidance of doubt, each Credit Party agrees and acknowledges that neither the waiver provided in this Agreement nor any other waiver provided by the Lenders prior to the date hereof shall operate as a waiver of or otherwise prejudice any of the Lender Rights other than the waiver of the Specified Defaults expressly provided for in this Section 3.

Section 4.Amendments to Credit Agreement. Effective as of the Amendment Effective Date, the Existing Credit Agreement is amended as follows:

(a)the Existing Credit Agreement (other than the Exhibits and Schedules thereto unless otherwise expressly set forth below) is amended and restated in its entirety as set forth in Annex A attached hereto;

(b)Schedule 1.1(a) (Commitments, Commitment Percentages and L/C Commitments) to the Existing Credit Agreement is replaced in its entirety with Schedule 1.1(a) attached hereto;

(c)Schedule 7.1 (Jurisdictions of Organization and Qualification) to the Existing Credit Agreement is replaced in its entirety with Schedule 7.1 attached hereto;

(d)Schedule 7.2 (Subsidiaries and Capitalization) to the Existing Credit Agreement is replaced in its entirety with Schedule 7.2 attached hereto;

(e)Exhibit B (Form of Notice of Borrowing) to the Existing Credit Agreement is replaced in its entirety with Exhibit B attached hereto;

(f)Exhibit D (Form of Notice of Prepayment) to the Existing Credit Agreement is replaced in its entirety with Exhibit D attached hereto;

(g)Exhibit E (Form of Notice of Conversion/Continuation) to the Existing Credit Agreement is replaced in its entirety with Exhibit E attached hereto; and

(h)Exhibit F (Form of Compliance Certificate) to the Existing Credit Agreement is replaced in its entirety with Exhibit F attached hereto.

Section 5.Joinder and Acknowledgement of GulfMark.

(a)GulfMark Holdings, by its signature below, becomes a Borrower under the Credit Agreement with the same force and effect as if originally named therein as a Borrower, and GulfMark Holdings hereby (i) agrees to all the terms and provisions of the Credit Agreement applicable to it as a Borrower thereunder, and (ii) represents and warrants that the representations and warranties made by it as a Borrower thereunder are true and correct on and as of the date hereof. Each reference to “Borrower” in the Credit Agreement and in each other Loan Document shall be deemed to include GulfMark Holdings. The Credit Agreement is hereby incorporated herein by reference.

(b)GulfMark Energy, by its signature below, hereby agrees that from and after the Amendment Effective Date, it shall not be a “Borrower” under the Credit Agreement and the other Loan Documents, but shall continue to be a “Guarantor” under and pursuant to the terms of the Credit Agreement, the Guaranty Agreement and the other Loan Documents and shall continue to have all obligations of a “Guarantor” thereunder.

Section 6.Representations and Warranties. GulfMark Holdings and each other Credit Party hereby represents and warrants, as of the date hereof, that:

(a)before (other than with respect to the Specified Defaults for purposes of Section 7.20(a) of the Existing Credit Agreement) and immediately after giving effect to this Agreement, the representations and warranties contained in the Existing Credit Agreement and the representations and warranties contained in each of

the other Loan Documents are true and correct in all material respects (except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects) on and as of the date hereof, as though made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date);

(b)before (other than with respect to the Specified Defaults) and immediately after giving effect to this Agreement, no Default or Event of Default has occurred and is continuing;

(c)the execution, delivery and performance of this Agreement by GulfMark Holdings or such other Credit Party, as applicable, are within its corporate, partnership, or limited liability company power and authority, as applicable, and have been duly authorized by all necessary corporate, partnership, or limited liability company action, as applicable;

(d)this Agreement constitutes the legal, valid and binding obligation of GulfMark Holdings or such other Credit Party, as applicable, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal Debtor Relief Laws which affect the enforcement of creditors’ rights in general and the availability of equitable remedies;

(e)there are no governmental or other third party consents, licenses and approvals required in connection with the execution, delivery, performance, validity and enforceability of this Agreement;

(f)the Collateral is unimpaired by this Agreement and the Credit Parties have granted to the Administrative Agent a valid and perfected first priority security interest in the Collateral covered by the Security Documents, and such Liens are not subject to avoidance, subordination, recharacterization, recovery, attack, offset, counterclaim, or defense of any kind; and

(g)no action, suit, investigation or other proceeding by or before any arbitrator or any Governmental Authority is threatened or pending and no preliminary or permanent injunction or order by a state or federal court has been entered in connection with this Agreement or any other Loan Document.

Section 7.Conditions to Amendment Effective Date. This Agreement shall become effective on the Amendment Effective Date and enforceable against the parties hereto upon the occurrence of the following conditions which may occur prior to or concurrently with the closing of this Agreement:

(a)This Agreement. The Administrative Agent shall have received this Agreement executed by duly authorized officers of each Borrower, each Guarantor, the Administrative Agent, the Issuing Lender and each Lender.

(b)Fee Letter. The Administrative Agent shall have received an executed copy of that certain Fee Letter dated as of August 11, 2022 (the “Amendment Fee Letter”) between the Administrative Agent and each Borrower.

(c)Fees and Expenses. The Borrowers shall have paid all fees and expenses due and payable pursuant to the Amendment Fee Letter and all other fees and expenses due and payable under the Loan Documents, including the fees and expenses of the Administrative Agent’s outside legal counsel payable in accordance with Section 12.3(a) of the Existing Credit Agreement pursuant to all invoices presented for payment on or prior to the Amendment Effective Date.

(d)Officer’s Certificate. A certificate from a Responsible Officer of the Parent to the effect that, (i) before and immediately after giving effect to this Agreement, each of the representations and warranties set forth in

Section 6 above are true and correct and (ii) before (other than with respect to the Specified Defaults) and immediately after giving effect to this Agreement, no Default or Event of Default has occurred and is continuing.

(e)Certificate of Secretary of each Credit Party. A certificate of a Responsible Officer of GulfMark Holdings and each other Credit Party certifying as to the incumbency and genuineness of the signature of each officer of GulfMark Holdings or such other Credit Party, as applicable, executing this Agreement and any other Loan Documents to which it is a party and certifying that attached thereto is a true, correct and complete copy of (A) the articles or certificate of incorporation or formation (or equivalent), as applicable, of GulfMark Holdings or such other Credit Party, as applicable, and all amendments and other modifications thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (B) the bylaws or governing documents of GulfMark Holdings or such other Credit Party, as applicable, as in effect on the Amendment Effective Date, (C) resolutions duly adopted by the board of directors (or other governing body) of GulfMark Holdings or such other Credit Party, as applicable, authorizing and approving the transactions contemplated hereunder and the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party, and (D) each certificate required to be delivered pursuant to Section 7(f) below.

(f)Certificates of Good Standing. Certificates as of a recent date of the good standing of GulfMark Holdings and each other Credit Party under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, and each other jurisdiction where GulfMark Holdings or such other Credit Party, as applicable, is qualified to do business.

(g)Opinions of Counsel. An opinion of Miller Hahn, PLLC, as counsel to GulfMark Holdings and the other Credit Parties, addressed to the Administrative Agent and the Lenders with respect to GulfMark Holdings and the other Credit Parties, this Agreement, the other Loan Documents and such other matters as the Administrative Agent shall request (which such opinion shall expressly permit reliance by the permitted successors and assigns of the Administrative Agent and the Lenders).

(h)Lien Search. The Administrative Agent shall have received the results of Lien searches (including, without limitation, searches as to judgments, pending litigation, bankruptcy, tax and intellectual property matters), in form and substance reasonably satisfactory thereto, made against GulfMark Holdings and the other Credit Parties under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of GulfMark Holdings or such other Credit Party, as applicable, indicating among other things that the assets of GulfMark Holdings and each such other Credit Party are free and clear of any Lien (except for Permitted Liens).

(i)Insurance. The Administrative Agent shall have received, in each case in form and substance reasonably satisfactory to the Administrative Agent, evidence of property and liability insurance as requested by the Administrative Agent, and if requested by the Administrative Agent, copies of such insurance policies.

(j)Note. Each Lender that has requested a Note in connection with this Agreement shall have received a Note duly executed by the Borrowers and dated as of the Amendment Effective Date.

(k)Joinder Documents. The Administrative Agent shall have received (i) a supplement to the Guaranty Agreement executed by GulfMark Holdings and the Administrative Agent, (ii) a supplement to the Collateral Agreement executed by GulfMark Holdings, the Parent, and the Administrative Agent, (iii) original certificates, if any, evidencing the Equity Interests in GulfMark Holdings and each Subsidiary of GulfMark Holdings, together with stock or other transfer powers executed in blank, (iv) updated schedules to the Collateral Agreement and each other Security Document as requested by the Administrative Agent, and (v) such other documents as may be required pursuant to Section 8.14 of the Existing Credit Agreement or as otherwise reasonably requested by the Administrative Agent, in each case, in form, content and scope reasonably satisfactory to the Administrative Agent.

Section 8.Acknowledgments and Agreements.

(a)GulfMark Holdings and each other Credit Party acknowledges that, on the date hereof, all outstanding Obligations are payable in accordance with their terms and GulfMark Holdings and each other Credit Party waives any defense, offset, counterclaim or recoupment (other than a defense of payment or performance) with respect thereto.

(b)Each Borrower, each Guarantor, the Administrative Agent, the Issuing Lender, and each Lender party hereto do hereby adopt, ratify, and confirm the Existing Credit Agreement, as amended by this Agreement, and acknowledge and agree that the Existing Credit Agreement, as so amended, is and remains in full force and effect, and acknowledge and agree that their respective liabilities and obligations under the Existing Credit Agreement, as so amended, the Guaranty Agreement, the Security Documents and the other Loan Documents are not impaired in any respect by this Agreement.

(c)Nothing herein shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Loan Documents (other than with respect to the Specified Defaults as expressly set forth in Section 3), (ii) any of the agreements, terms or conditions contained in any of the Loan Documents, (iii) any rights or remedies of the Administrative Agent or any Lender with respect to the Loan Documents, or (iv) the rights of the Administrative Agent, the Issuing Lender, or any Lender to collect the full amounts owing to them under the Loan Documents.

(d)From and after the Amendment Effective Date, all references to the Existing Credit Agreement shall mean the Existing Credit Agreement, as amended by this Agreement. This Agreement is a Loan Document for the purposes of the provisions of the other Loan Documents.

Section 9.Reaffirmation of Security Documents. GulfMark Holdings and each other Credit Party (a) reaffirms the terms of and its obligations (and the security interests granted by it) under each Security Document to which it is a party, and agrees that each such Security Document will continue in full force and effect to secure the Secured Obligations as the same may be amended, extended, supplemented, or otherwise modified from time to time, and (b) acknowledges, represents, warrants and agrees that the Liens and security interests granted by it pursuant to the Security Documents are valid, enforceable and subsisting and create a security interest to secure the Secured Obligations.

Section 10.Reaffirmation of the Guaranty Agreement. GulfMark Holdings and each other Credit Party hereby ratifies, confirms, acknowledges and agrees that its obligations under the Guaranty Agreement are in full force and effect and that GulfMark Holdings or such other Credit Party, as applicable, continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Guaranteed Obligations (as defined in the Guaranty Agreement), as such Guaranteed Obligations may have been amended, extended or modified by this Agreement, and its execution and delivery of this Agreement does not indicate or establish an approval or consent requirement by GulfMark Holdings or such other Credit Party under the Guaranty Agreement, in connection with the execution and delivery of amendments, consents or waivers to the Credit Agreement or any of the other Loan Documents.

Section 11.Counterparts. This Agreement may be signed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which, taken together, constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by e-mail “PDF” copy shall be effective as delivery of a manually executed counterpart of this Agreement.

Section 12.Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement.

Section 13.Invalidity. In the event that any one or more of the provisions contained in this Agreement shall be held invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality, and enforceability of the remaining provisions contained herein shall not be affected or impaired thereby.

Section 14.Governing Law. This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

Section 15.Entire Agreement. THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

[SIGNATURES BEGIN ON NEXT PAGE]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the day and year first above written.


						BORROWERS:

						ADAMS RESOURCES & ENERGY, INC.
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Executive Vice President, Chief Financial Officer, and Treasurer

						GULFMARK ASSET HOLDINGS, LLC
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Chief Financial Officer and Treasurer

						SERVICE TRANSPORT COMPANY
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Chief Financial Officer

						EXISTING BORROWER AND GUARANTOR:
						GULFMARK ENERGY, INC.
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Chief Financial Officer

						GUARANTORS:
						ARE CAPTIVE, INC.
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Treasurer

						ADAMS RESOURCES MEDICAL MANAGEMENT, INC.
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Assistant Secretary

						VICTORIA EXPRESS PIPELINE, L.L.C.
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			President

						GULFMARK TERMINALS, LLC
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Chief Financial Officer

[Signature Page to Limited Waiver Agreement and Amendment No. 1 – Adams Resources & Energy, Inc.]



						RED RIVER VEHICLE HOLDINGS LLC
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Chief Financial Officer

						ADA CRUDE OIL COMPANY
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			President

						ADA MINING CORPORATION
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Assistant Secretary

						ADA RESOURCES, INC.
						By:			/s/ Tracy E. Ohmart
						Name:			Tracy E. Ohmart
						Title:			Chief Financial Officer

						CLASSIC COAL CORPORATION
						By:			/s/ Sharon Davis
						Name:			Sharon Davis
						Title:			President and Treasurer

[Signature Page to Limited Waiver Agreement and Amendment No. 1 – Adams Resources & Energy, Inc.]


						ADMINISTRATIVE AGENT AND LENDER:
						WELLS FARGO BANK, NATIONAL ASSOCIATION, as
						Administrative Agent, Issuing Lender, and Lender
						By:			/s/ Michael Lim
						Name:			Michael Lim
						Title:			Vice President

[Signature Page to Limited Waiver Agreement and Amendment No. 1 – Adams Resources & Energy, Inc.]


Annex A

Annex A to Limited Waiver Agreement and Amendment No. 1 to Credit Agreement

$60,000,000

CREDIT AGREEMENT

dated as of May 4, 2021,

by and among

ADAMS RESOURCES & ENERGY, INC.,

GULFMARK ASSET HOLDINGS, LLC,

and

SERVICE TRANSPORT COMPANY,

as Borrowers,

the Lenders referred to herein,

as Lenders,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

and Issuing Lender

TABLE OF CONTENTS


			Page
Article I.		Definitions	1
	Section 1.1	Definitions	1
	Section 1.2	Other Definitions and Provisions	30
	Section 1.3	Accounting Terms	30
	Section 1.4	UCC Terms	31
	Section 1.5	Rounding	31
	Section 1.6	References to Agreement and Law	31
	Section 1.7	Times of Day	31
	Section 1.8	Guarantees/Earn-Outs	31
	Section 1.9	Covenant Compliance Generally	31
	Section 1.10	Rates	31
	Section 1.11	Divisions	32
Article II.		Revolving Credit Facility	32
	Section 2.1	Loans	32
	Section 2.2	[Reserved]	32
	Section 2.3	Procedure for Advances of Loans	32
	Section 2.4	Repayment and Prepayment of Loans	33
	Section 2.5	Permanent Reduction of the Commitment	35
	Section 2.6	Termination of Revolving Credit Facility	35
Article III.		Letter of Credit Facility	35
	Section 3.1	L/C Facility	35
	Section 3.2	Procedure of Issuance of Letters of Credit	36
	Section 3.3	Letter of Credit Fees and Other Charges	37
	Section 3.4	L/C Participations	37
	Section 3.5	Reimbursement	38
	Section 3.6	Obligations Absolute	38
	Section 3.7	Effect of Letter of Credit Documents	40
	Section 3.8	Resignation of Issuing Lenders	40
	Section 3.9	Reporting of Letter of Credit Information and L/C Commitment	40
	Section 3.10	Letter of Credit Amounts	40
Article IV.		Multiple Borrowers	41
	Section 4.1	Obligations Joint and Several and Unconditional	41
	Section 4.2	Reinstatement	41
	Section 4.3	Subrogation	42
	Section 4.4	Remedies	42
	Section 4.5	Limitation on Obligations	42
	Section 4.6	Borrowers’ Representative; Binding on All Borrowers	42
Article V.		General Loan Provisions	42
	Section 5.1	Interest	42
	Section 5.2	Notice and Manner of Conversion or Continuation of Loans	43
	Section 5.3	Fees	44
	Section 5.4	Manner of Payment	45


	Section 5.5	Evidence of Indebtedness	45
	Section 5.6	Sharing of Payments by Lenders	45
	Section 5.7	Administrative Agent’s Clawback	46
	Section 5.8	Changed Circumstances	46
	Section 5.9	Indemnity	49
	Section 5.10	Increased Costs	49
	Section 5.11	Taxes	50
	Section 5.12	Mitigation Obligations; Replacement of Lenders	53
	Section 5.13	[Reserved]	54
	Section 5.14	Cash Collateral	54
	Section 5.15	Defaulting Lenders	55
Article VI.		Conditions of Closing and Borrowing	57
	Section 6.1	Conditions to Closing and Initial Extensions of Credit	57
	Section 6.2	Conditions to All Extensions of Credit	61
Article VII.		Representations and Warranties of the Credit Parties	61
	Section 7.1	Organization; Power; Qualification	61
	Section 7.2	Ownership	62
	Section 7.3	Authorization; Enforceability	62
	Section 7.4	Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc	62
	Section 7.5	Compliance with Law; Governmental Approvals	62
	Section 7.6	Tax Returns and Payments	62
	Section 7.7	Intellectual Property Matters	63
	Section 7.8	Environmental Matters	63
	Section 7.9	Employee Benefit Matters	64
	Section 7.10	Margin Stock	65
	Section 7.11	Government Regulation	65
	Section 7.12	Material Contracts	65
	Section 7.13	Employee Relations	65
	Section 7.14	Financial Statements	65
	Section 7.15	No Material Adverse Change	65
	Section 7.16	Solvency	65
	Section 7.17	Title to Properties	65
	Section 7.18	Litigation	66
	Section 7.19	Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions; Patriot Act	66
	Section 7.20	Absence of Defaults	66
	Section 7.21	Senior Indebtedness Status	66
	Section 7.22	Disclosure	66
	Section 7.23	Burdensome Restrictions	67
	Section 7.24	Insurance	67
	Section 7.25	Security Interest	67
Article VIII.		Affirmative Covenants	67
	Section 8.1	Financial Statements and Budgets	67
	Section 8.2	Certificates; Other Reports	68
	Section 8.3	Notice of Litigation and Other Matters	69


	Section 8.4	Preservation of Corporate Existence and Related Matters	70
	Section 8.5	Maintenance of Property and Licenses	70
	Section 8.6	Insurance	71
	Section 8.7	Accounting Methods and Financial Records	71
	Section 8.8	Payment of Taxes and Other Obligations	71
	Section 8.9	Compliance with Laws and Approvals	71
	Section 8.10	Environmental Laws	71
	Section 8.11	Compliance with ERISA	71
	Section 8.12	Compliance with Material Contracts	72
	Section 8.13	Visits and Inspections	72
	Section 8.14	Additional Guarantors and Collateral	72
	Section 8.15	Use of Proceeds	73
	Section 8.16	Compliance with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions	73
	Section 8.17	Corporate Governance	73
	Section 8.18	Further Assurances	73
	Section 8.19	Deposit Accounts	73
	Section 8.20	Post-Closing Obligation	74
Article IX.		Negative Covenants	74
	Section 9.1	Indebtedness	74
	Section 9.2	Liens	75
	Section 9.3	Investments	76
	Section 9.4	Fundamental Changes	77
	Section 9.5	Asset Dispositions	77
	Section 9.6	Restricted Payments	78
	Section 9.7	Transactions with Affiliates	79
	Section 9.8	Accounting Changes; Organizational Documents	79
	Section 9.9	Payments and Modifications of Junior Indebtedness	79
	Section 9.10	No Further Negative Pledges; Restrictive Agreements	80
	Section 9.11	Nature of Business	80
	Section 9.12	Amendments of Other Documents	80
	Section 9.13	Sale Leasebacks	81
	Section 9.14	Use of Proceeds	81
	Section 9.15	Financial Covenants	81
	Section 9.16	Subsidiaries	81
	Section 9.17	Deposit Accounts; Commodity Accounts; Securities Accounts	81
Article X.		Default and Remedies	82
	Section 10.1	Events of Default	82
	Section 10.2	Remedies	83
	Section 10.3	Rights and Remedies Cumulative; Non-Waiver; etc	84
	Section 10.4	Crediting of Payments and Proceeds	85
	Section 10.5	Administrative Agent May File Proofs of Claim	85
	Section 10.6	Credit Bidding	86
Article XI.		The Administrative Agent	86
	Section 11.1	Appointment and Authority	86

iii


	Section 11.2	Rights as a Lender	87
	Section 11.3	Exculpatory Provisions	87
	Section 11.4	Reliance by the Administrative Agent	88
	Section 11.5	Delegation of Duties	88
	Section 11.6	Resignation of Administrative Agent	89
	Section 11.7	Non-Reliance on Administrative Agent and Other Lenders	90
	Section 11.8	No Other Duties, Etc	90
	Section 11.9	Collateral and Guaranty Matters	90
	Section 11.10	Secured Hedge Obligations and Secured Cash Management Obligations	91
	Section 11.11	Certain ERISA Matters	92
	Section 11.12	Erroneous Payments	92
Article XII.		Miscellaneous	94
	Section 12.1	Notices	94
	Section 12.2	Amendments, Waivers and Consents	96
	Section 12.3	Expenses; Indemnity	97
	Section 12.4	Right of Setoff	99
	Section 12.5	Governing Law; Jurisdiction, Etc	99
	Section 12.6	Waiver of Jury Trial and Binding Arbitration	100
	Section 12.7	Reversal of Payments	101
	Section 12.8	Injunctive Relief	101
	Section 12.9	Successors and Assigns; Participations	102
	Section 12.10	Treatment of Certain Information; Confidentiality	105
	Section 12.11	Performance of Duties	106
	Section 12.12	All Powers Coupled with Interest	106
	Section 12.13	Survival	106
	Section 12.14	Titles and Captions	106
	Section 12.15	Severability of Provisions	106
	Section 12.16	Counterparts; Integration; Effectiveness; Electronic Execution	106
	Section 12.17	Term of Agreement	107
	Section 12.18	USA PATRIOT Act; Anti-Money Laundering Laws	107
	Section 12.19	Independent Effect of Covenants	107
	Section 12.20	No Advisory or Fiduciary Responsibility	108
	Section 12.21	Inconsistencies with Other Documents	108
	Section 12.22	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	108
	Section 12.23	Acknowledgement Regarding Any Supported QFCs	109
	Section 12.24	Entire Agreement	110


EXHIBITS
Exhibit A	-	Form of Note
Exhibit B	-	Form of Notice of Borrowing
Exhibit C	-	Form of Notice of Account Designation
Exhibit D	-	Form of Notice of Prepayment
Exhibit E	-	Form of Notice of Conversion/Continuation
Exhibit F	-	Form of Compliance Certificate
Exhibit G	-	Form of Assignment and Assumption
Exhibit H-1	-	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Lenders)
Exhibit H-2	-	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Participants)
Exhibit H-3	-	Form of U.S. Tax Compliance Certificate (Foreign Participant Partnerships)
Exhibit H-4	-	Form of U.S. Tax Compliance Certificate (Foreign Lender Partnerships)
Exhibit I	-	Form of Collateral Agreement

SCHEDULES
Schedule 1.1(a)	-	Commitments and Commitment Percentages and L/C Commitments
Schedule 1.1(b)	-	Existing Letters of Credit
Schedule 7.1	-	Jurisdictions of Organization and Qualification
Schedule 7.2	-	Subsidiaries and Capitalization
Schedule 7.9	-	ERISA Plans
Schedule 7.12	-	Material Contracts
Schedule 7.17	-	Real Property
Schedule 9.1	-	Existing Indebtedness
Schedule 9.2	-	Existing Liens
Schedule 9.3	-	Existing Loans, Advances and Investments
Schedule 9.7	-	Transactions with Affiliates

CREDIT AGREEMENT, dated as of May 4, 2021 (the “Agreement”), by and among ADAMS RESOURCES & ENERGY, INC., a Delaware corporation (the “Parent”), GULFMARK ASSET HOLDINGS, LLC, a Texas limited liability company (“GulfMark Holdings”), and SERVICE TRANSPORT COMPANY, a Texas corporation (“Service,” and together with Parent and GulfMark Holdings, the “Borrowers” and each individually, a “Borrower”), as Borrowers, the lenders who are party to this Agreement and the lenders who may become a party to this Agreement pursuant to the terms hereof, as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent for the Lenders and as Issuing Lender.

STATEMENT OF PURPOSE

WHEREAS, the Borrowers have requested, and subject to the terms and conditions set forth in this Agreement, the Administrative Agent and the Lenders have agreed to extend, certain credit facilities to the Borrowers.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, such parties hereby agree as follows:

ARTICLE I.

DEFINITIONS

SECTION 1.1 Definitions. The following terms when used in this Agreement shall have the meanings assigned to them below:

“Account Control Agreement” means, with respect to any deposit account, commodity account, or securities account of a Credit Party, an agreement or agreements in form and substance reasonably acceptable to the Administrative Agent, among the Credit Party owning such deposit account, commodity account or securities account, as applicable, the Administrative Agent, and such other bank, commodity intermediary or securities intermediary governing such deposit account, commodity account or securities account, as applicable, which allows the Administrative Agent to give orders and disposition instructions with respect to such deposit account, commodity account or securities account, as applicable, upon the occurrence and during the continuation of an Event of Default and as otherwise agreed to by the parties to such agreement.

“Acquisition” means any acquisition, or any series of related acquisitions, consummated on or after the date of this Agreement, by which any Credit Party (a) acquires any business or all or substantially all of the assets of any Person, or business unit, line of business or division thereof, whether through purchase of assets, exchange, issuance of stock or other equity or debt securities, merger, reorganization, amalgamation, division or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of members of the board of directors or the equivalent governing body (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company.

“Adjusted Term SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.

“Administrative Agent” means Wells Fargo, in its capacity as Administrative Agent hereunder, and any successor thereto appointed pursuant to Section 11.6.

“Administrative Agent’s Office” means the office of the Administrative Agent specified in or determined in accordance with the provisions of Section 12.1(c).

“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent.

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

“Agent Parties” has the meaning assigned thereto in Section 12.1(e).

“Agreement” means this Credit Agreement.

“Amendment No. 1 Effective Date” means August 11, 2022.

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction from time to time concerning or relating to bribery or corruption, including the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K. Bribery Act 2010 and the rules and regulations thereunder.

“Anti-Money Laundering Laws” means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules related to terrorism financing, money laundering, any predicate crime to money laundering or any financial record keeping, including any applicable provision of the PATRIOT Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).

“Applicable Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders of Governmental Authorities and all orders and decrees of all courts and arbitrators.

“Applicable Margin” means the corresponding percentages per annum as set forth below:


Commitment Fee	Adjusted Term SOFR	Base Rate
0.25%	1.75%	0.75%

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

“Arranger” means such Affiliate of the Administrative Agent that may hold such title from time to time as appointed by the Borrowers.

“Asset Disposition” means the sale, transfer, license, lease or other disposition of any Property (including any sale and leaseback transaction, division, merger or disposition of Equity Interests), whether in a single transaction or a series of related transactions, by any Credit Party or any Subsidiary thereof, and any issuance of Equity Interests by any Subsidiary of any Borrower to any Person that is not a Credit Party.

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 12.9), and accepted by the Administrative Agent, in substantially the form attached as Exhibit G or such other form as may be mutually approved by the Administrative Agent, and solely to the extent the Parent has a consent right under Section 12.9, the Parent.

“Attributable Indebtedness” means, on any date of determination, (a) in respect of any Capital Lease Obligation of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease, the capitalized amount or principal amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease Obligation.

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 5.8(c)(iv).

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

“Bankruptcy Code” means 11 U.S.C. §§ 101 et seq.

“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) Adjusted Term SOFR for a one-month tenor in effect on such date plus 1%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR, as applicable (provided that clause (c) shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable). Notwithstanding the foregoing, in no event shall the Base Rate be less than 1.00%.

“Base Rate Loan” means any Loan bearing interest at a rate based upon the Base Rate as provided in Section 5.1(a).

“Base Rate Term SOFR Determination Day” has the meaning assigned thereto in clause (b) of the definition of “Term SOFR”.

“Benchmark” means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 5.8(c)(i).

“Benchmark Replacement” means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrowers giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

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

(a)in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

(b)in the case of clause (c) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

(a)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

(b)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

(c)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Transition Start Date” means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 5.8(c)(i) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 5.8(c).

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

“Beneficial Ownership Regulation” means 31 CFR § 1010.230.

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

“Borrower” and “Borrowers” has the meaning assigned to such term in the introductory paragraph hereof.

“Borrower Materials” has the meaning assigned thereto in Section 8.2.

“Borrower Representative” means the Parent, which is authorized to act on behalf of the Borrowers under Section 4.6 of this Agreement.

“Business Day” means any day that is not a Saturday, Sunday or other day on which the Federal Reserve Bank of New York is closed.

“Capital Expenditures” means, with respect to the Parent and its Subsidiaries on a Consolidated basis, for any period, (a) the additions to property, plant and equipment and other capital expenditures that are (or would be) set forth in a Consolidated statement of cash flows of such Person for such period prepared in accordance with GAAP and (b) Capital Lease Obligations during such period, but excluding expenditures for the restoration, repair or replacement of any fixed or capital asset which was destroyed or damaged, in whole or in part, to the extent financed by the proceeds of an insurance policy maintained by such Person.

“Capital Lease Obligations” of any Person means, subject to Section 1.3(b), the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as finance leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

“Captive Insurance Entity” means ARE Captive, Inc., a Texas corporation.

“Cash Collateralize” means, to deposit in a Controlled Account or to pledge and deposit with, or deliver to the Administrative Agent, or directly to the applicable Issuing Lender (with notice thereof to the Administrative Agent), for the benefit of one or more of the Issuing Lenders or the Lenders, as collateral for L/C Obligations or

obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the applicable Issuing Lender shall agree, in their sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and such Issuing Lender, as applicable. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

“Cash Equivalents” means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency thereof to the extent such obligations are backed by the full faith and credit of the United States, in each case maturing within one (1) year from the date of acquisition thereof, (b) commercial paper maturing no more than two hundred seventy (270) days from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody’s (or, if at any time either S&P or Moody’s are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency), (c) investments in certificates of deposit, banker’s acceptances, money market deposits and time deposits maturing within one hundred eighty (180) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000 and having a long-term debt rating of “A” or better by S&P or “A2” or better from Moody’s (or, if at any time either S&P or Moody’s are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency), and (d) investments in any money market fund or money market mutual fund that has (i) substantially all of its assets invested in the types of investments referred to in clauses (a) through (c) above, (ii) net assets of not less than $250,000,000 and (iii) a rating of at least A-2 from S&P or at least P-2 from Moody’s (or, if at any time either S&P or Moody’s are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency).

“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card (including non-card electronic payables and purchasing cards), electronic funds transfer and other cash management arrangements.

“Change in Control” means an event or series of events by which:

(a)at any time, Parent shall fail to own one hundred percent (100%) of the Equity Interests of any other Borrower or any Subsidiary;

(b)(i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a “person” or “group” shall be deemed to have “beneficial ownership” of all Equity Interests that such “person” or “group” has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of more than thirty-five percent (35%) of the Equity Interests of the Parent entitled to vote in the election of members of the board of directors (or equivalent governing body) of the Parent or (ii) a majority of the members of the board of directors (or other equivalent governing body) of the Parent shall not constitute Continuing Directors; or

(c)there shall have occurred under any indenture or other instrument evidencing any Indebtedness or Equity Interests in excess of the Threshold Amount any “change in control” or similar provision (as set forth in the indenture, agreement or other evidence of such Indebtedness) obligating the Parent or any of its Subsidiaries to repurchase, redeem or repay all or any part of the Indebtedness or Equity Interests provided for therein.

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall

Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, implemented or issued.

“Closing Date” means the date of this Agreement.

“Code” means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder.

“Collateral” means the collateral security for the Secured Obligations pledged or granted pursuant to the Security Documents.

“Collateral Agreement” means the pledge and security agreement or other collateral agreement of even date herewith executed by the Credit Parties in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, which shall be substantially in the form attached as Exhibit I.

“Commitment Fee” has the meaning assigned thereto in Section 5.3(a).

“Commitment Percentage” means, with respect to any Lender at any time, the percentage of the total Commitments of all the Lenders represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Commitment Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. The Commitment Percentage of each Lender on the Closing Date is set forth opposite the name of such Lender on Schedule 1.1(a).

“Commitments” means (a) as to any Lender, the obligation of such Lender to make Loans to, and to purchase participations in L/C Obligations for the account of, the Borrowers hereunder in an aggregate principal amount at any time outstanding not to exceed the amount set forth opposite such Lender’s name on the Register, as such amount may be modified at any time or from time to time pursuant to the terms hereof and (b) as to all Lenders, the aggregate commitment of all Lenders to make Loans, as such amount may be modified at any time or from time to time pursuant to the terms hereof. The aggregate Commitment of all the Lenders on the Amendment No. 1 Effective Date shall be $60,000,000. The Commitment of each Lender on the Amendment No. 1 Effective Date is set forth opposite the name of such Lender on Schedule 1.1(a).

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

“Compliance Certificate” means a certificate of the chief financial officer or the treasurer of the Parent substantially in the form attached as Exhibit F.

“Conforming Changes” means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 5.9 and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

“Consolidated” means, when used with reference to financial statements or financial statement items of any Person, such statements or items on a consolidated basis in accordance with applicable principles of consolidation under GAAP.

“Consolidated EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for the Parent and its Subsidiaries:

(a)Consolidated Net Income for such period plus

(b)the sum of the following, without duplication, to the extent deducted in determining Consolidated Net Income for such period:

(i)Consolidated Interest Expense;

(ii)expense for Taxes measured by net income, profits or capital (or any similar measures), paid or accrued, including federal and state and local income Taxes, foreign income Taxes and franchise Taxes; and

(iii)depreciation, amortization and other non-cash charges or expenses, excluding any non-cash charge or expense that represents an accrual for a cash expense to be taken in a future period; less

(c)the sum of the following, without duplication, to the extent included in determining Consolidated Net Income for such period:

(i)interest income,

(ii)Federal, state, local and foreign income Tax credits of the Parent and its Subsidiaries for such period (to the extent not netted from income Tax expense);

(iii)any unusual and non-recurring gains;

(iv)non-cash gains or non-cash items; and

(v)any cash expense made during such period which represents the reversal of any non-cash expense that was added in a prior period pursuant to clause (b)(iii) above subsequent to the fiscal quarter in which the relevant non-cash expenses, charges or losses were incurred.

“Consolidated Funded Indebtedness” means, as of any date of determination, for the Parent and its Subsidiaries on a Consolidated basis, the sum of, without duplication, (a) all liabilities, obligations and indebtedness for borrowed money including, but not limited to, obligations evidenced by bonds, debentures, notes or other similar instruments of any such Person, (b) all purchase money Indebtedness, (c) all obligations to pay the deferred purchase price of property or services of any such Person (including all payment obligations under non-competition, earn-out or similar agreements, solely to the extent any such payment obligation under non-competition, earn-out or similar agreements becomes a liability on the balance sheet of such Person in accordance with GAAP), except trade payables arising in the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of such Person, (d) the Attributable Indebtedness of such Person with respect to such Person’s Capital Lease Obligations and Synthetic Leases (regardless of whether accounted for as indebtedness under GAAP), (e) all obligations, contingent or otherwise, of any such Person relative to drawn and undrawn letters of credit, including any Reimbursement Obligation, and banker’s acceptances issued for the account of any such Person, (f) all obligations of any such Person in respect of Disqualified Equity Interests which shall be

valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends that are past due, (g) all Guarantees of any such Person with respect to any of the foregoing and (h) all Indebtedness of the types referred to in clauses (a) through (g) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.

“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the most recently completed Reference Period to (b) Consolidated Interest Expense for the most recently completed Reference Period.

“Consolidated Interest Expense” means, for any period and determined on a Consolidated basis, without duplication, for the Parent and its Subsidiaries in accordance with GAAP, interest expense (including interest expense attributable to Capital Lease Obligations and all net payment obligations pursuant to Hedge Agreements) for such period.

“Consolidated Net Income” means, for any period, the net income (or loss) of the Parent and its Subsidiaries for such period, determined on a Consolidated basis, without duplication, in accordance with GAAP; provided, that in calculating Consolidated Net Income of the Parent and its Subsidiaries for any period, there shall be excluded (a) the net income (or loss) of any Person (other than a Subsidiary which shall be subject to clause (c) below), in which the Parent or any of its Subsidiaries has a joint interest with a third party, except to the extent such net income is actually paid in cash to any Borrower or any of its Subsidiaries by dividend or other distribution during such period, (b) the net income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of any Borrower or any of its Subsidiaries or is merged into or consolidated with any Borrower or any of its Subsidiaries or that Person’s assets are acquired by any Borrower or any of its Subsidiaries except to the extent included pursuant to the foregoing clause (a), (c) the net income (if positive), of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary to any Borrower or any of its Subsidiaries of such net income (i) is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Subsidiary or (ii) would be subject to any taxes payable on such dividends or distributions, but in each case only to the extent of such prohibition or taxes, (d) the net income (or loss) of any Subsidiary that is not a Wholly-Owned Subsidiary to the extent such net income (or loss) is attributable to the minority interest in such Subsidiary and (e) any gain or loss from Asset Dispositions during such period.

“Consolidated Tangible Net Worth” means, as of any date of determination with respect to the Parent and its Subsidiaries on a Consolidated basis without duplication, (a) the shareholders’, members’ or partners’ equity as shown on a consolidated statement of financial position of the Parent and its Subsidiaries as of such date (including investments in joint ventures, but not including (i) any amounts in respect of assets consisting of amounts due from any Affiliate of, or holder of Equity Interests in, a Credit Party; or (ii) any Investment in any Affiliate of, or holder of Equity Interests in, a Credit Party), minus (b) all goodwill and intangible assets of the Parent and its Subsidiaries as of such date.

“Consolidated Total Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness on such date to (b) Consolidated EBITDA for the most recently completed Reference Period

“Continuing Directors” means the directors (or equivalent governing body) of any Borrower on the Closing Date and each other director (or equivalent) of any Borrower, if, in each case, such other Person’s nomination for election to the board of directors (or equivalent governing body) of such Borrower is approved by at least 51% of the then Continuing Directors.

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

“Controlled Account” means each deposit account and securities account that is subject to an Account Control Agreement.

“Credit Facility” means, collectively, the Revolving Credit Facility and the L/C Facility.

“Credit Parties” means, collectively, the Borrowers and the Guarantors.

“Debt Issuance” means the issuance of any Indebtedness for borrowed money by any Credit Party or any Subsidiary thereof.

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.

“Default” means (a) any Event of Default and (b) any of the events specified in Section 10.1 which with the passage of time, the giving of notice or any other condition, would constitute an Event of Default.

“Defaulting Lender” means, subject to Section 5.15(b), any Lender that (a) has failed to (i) fund all or any portion of the Loans required to be funded by it hereunder within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of participations in Letters of Credit) within two Business Days of the date when due, (b) has notified the Borrowers, the Administrative Agent or any Issuing Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to the Administrative Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the FDIC or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 5.15(b)) upon delivery of written notice of such determination to the Borrowers, each Issuing Lender, and each Lender.

“Designated Account” means the deposit account number 4121904601 in the name of Parent located at Wells Fargo

“Disqualified Equity Interests” means, with respect to any Person, any Equity Interests of such Person that, by their terms (or by the terms of any security or other Equity Interest into which they are convertible or for which they are exchangeable) or upon the happening of any event or condition, (a) mature or are mandatorily redeemable

(other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full in cash of the Loans and all other Obligations ((other than contingent indemnification obligations not then due) and the termination of the Commitments), (b) are redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests) (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full in cash of the Loans and all other Obligations ((other than contingent indemnification obligations not then due) and the termination of the Commitments), in whole or in part, (c) provide for the scheduled payment of dividends in cash or (d) are or become convertible into, or exchangeable for, Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case of clauses (a) through (d), prior to the date that is 91 days after the latest scheduled maturity date of the Loans and Commitments; provided that if such Equity Interests are issued pursuant to a plan for the benefit of any Borrower or its Subsidiaries or by any such plan to such officers or employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by such Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

“Dollars” or “$” means, unless otherwise qualified, dollars in lawful currency of the United States.

“Domestic Subsidiary” means any Subsidiary organized under the laws of any political subdivision of the United States.

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any credit institution or investment firm established in any EEA Member Country.

“Electronic Record” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

“Electronic Signature” has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

“Eligible Assignee” means any Person that meets the requirements to be an assignee under Sections 12.9(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 12.9(b)(iii)).

“Employee Benefit Plan” means (a) any employee benefit plan within the meaning of Section 3(3) of ERISA that is maintained for employees of any Credit Party or any ERISA Affiliate or (b) any Pension Plan or Multiemployer Plan that has at any time within the preceding five (5) years been maintained, funded or administered for the employees of any Credit Party or any current or former ERISA Affiliate.

“Enlink Debt” means that certain Indebtedness outstanding prior to the Closing Date and owed to Enlink Midstream Operating, LP (or an Affiliate thereof) in connection with the purchase by the Parent of Victoria Express Pipeline, LLC and certain terminal assets.

“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law, including any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat of injury to public health or the environment.

“Environmental Laws” means any and all federal, foreign, state, provincial and local laws, statutes, ordinances, codes, rules, standards and regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of public health or the environment, including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials.

“Equity Interests” means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company, membership interests, (e) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person and (f) any and all warrants, rights or options to purchase any of the foregoing.

“Equity Issuance” means (a) any issuance by any Borrower of shares of its Equity Interests to any Person that is not a Credit Party (including in connection with the exercise of options or warrants or the conversion of any debt securities to equity) and (b) any capital contribution from any Person that is not a Credit Party into any Credit Party or any Subsidiary thereof. The term “Equity Issuance” shall not include (A) any Asset Disposition or (B) any Debt Issuance.

“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder.

“ERISA Affiliate” means any Person who together with any Credit Party or any of its Subsidiaries is treated as a single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA.

“Erroneous Payment” has the meaning assigned thereto in Section 11.12(a).

“Erroneous Payment Deficiency Assignment” has the meaning assigned thereto in Section 11.12(d).

“Erroneous Payment Impacted Class” has the meaning assigned thereto in Section 11.12(d).

“Erroneous Payment Return Deficiency” has the meaning assigned thereto in Section 11.12(d).

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor thereto), as in effect from time to time.

“Event of Default” means any of the events specified in Section 10.1; provided that any requirement for passage of time, giving of notice, or any other condition has been satisfied.

“Exchange Act” means the Securities Exchange Act of 1934 (15 U.S.C. § 77 et seq.).

“Excluded Swap Obligation” means, with respect to any Credit Party, any Swap Obligation if, and to the extent that, all or a portion of the liability of such Credit Party for or the guarantee of such Credit Party of, or the

grant by such Credit Party of a security interest to secure, such Swap Obligation (or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the liability for or the guarantee of such Credit Party or the grant of such security interest becomes effective with respect to such Swap Obligation (such determination being made after giving effect to any applicable keepwell, support or other agreement for the benefit of the applicable Credit Party, including under the keepwell provisions in the Guaranty Agreement). If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal for the reasons identified in the immediately preceding sentence of this definition.

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, United States federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrowers under Section 5.12(b)) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 5.11, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 5.11(g) and (d) any United States federal withholding Taxes imposed under FATCA.

“Existing Letter of Credit” means each letter of credit set forth on Schedule 1.1(b) that was issued by Wells Fargo prior to the Closing Date. On the Closing Date, each Existing Letter of Credit shall be deemed issued and outstanding as a Letter of Credit under this Agreement pursuant to Section 3.1.

“Extensions of Credit” means, as to any Lender at any time, (a) an amount equal to the sum of (i) the aggregate principal amount of all Loans made by such Lender then outstanding, and (ii) such Lender’s Commitment Percentage of the L/C Obligations then outstanding, or (b) the making of any Loan or participation in any Letter of Credit by such Lender, as the context requires.

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

“FDIC” means the Federal Deposit Insurance Corporation.

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that if such rate is not so published for any day which is a Business Day, the Federal Funds Rate for such day shall be the average of the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative Agent. Notwithstanding the foregoing, if the Federal Funds Rate shall be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

“Fee Letters” means (a) the separate fee letter agreement dated December 4, 2020 among the Borrowers and Wells Fargo, (b) such other fee letters as may be entered into between the Borrowers and Wells Fargo from time

to time, and (c) any letter between the Borrowers and any Issuing Lender (other than Wells Fargo) relating to certain fees payable to such Issuing Lender in its capacity as such.

“Fiscal Year” means the fiscal year of the Parent and its Subsidiaries ending on December 31st.

“Floor” means a rate of interest equal to 1.00%.

“Foreign Lender” means a Lender that is not a U.S. Person.

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

“FRB” means the Board of Governors of the Federal Reserve System of the United States.

“Fronting Exposure” means, at any time there is a Defaulting Lender, such Defaulting Lender’s Commitment Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by the Issuing Lenders, other than such L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities.

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, and all registrations and filings with or issued by, any Governmental Authorities.

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or to advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation or (e) for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (whether in whole or in part); provided that the term “Guarantee” shall not include endorsements for collection or deposit, in each case, in the ordinary course of business, or customary and reasonable indemnity obligations in connection with any disposition of assets permitted under this Agreement (other than any such obligations with respect to Indebtedness).

“Guarantors” means, collectively, (a) each Borrower, (b) the Subsidiaries of the Parent listed on Schedule 7.2, and (c) each other Subsidiary that has executed and delivered a guaranty or guaranty supplement pursuant to Section 8.14; provided that, if at any time the Captive Insurance Entity is subject to regulatory restrictions that prohibit or limit (or create a materially adverse tax effect on any Borrower or any other Subsidiary as a result of) the execution of a Guarantee or the grant of a Lien pursuant to the Security Documents, then effective at such time, the Captive Insurance Entity shall cease to be a Guarantor hereunder; provided further that, if such regulatory restrictions or material adverse tax effects, as applicable, are rendered ineffective under Applicable Law or are otherwise no longer in effect or enforceable, the Captive Insurance Entity shall immediately become a Guarantor hereunder. Any period in which the Captive Insurance Entity is not a Guarantor hereunder is referred to herein as the “Limited Guarantor Period”.

“Guaranty Agreement” means the unconditional guaranty agreement of even date herewith executed by the Guarantors in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, which shall be in form and substance acceptable to the Administrative Agent.

“GulfMark Holdings” has the meaning assigned to such term in the introductory paragraph hereof.

“Hazardous Materials” means any substances or materials (a) which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants, chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to public health or the environment and are or become regulated by any Governmental Authority, (c) the presence of which require investigation or remediation under any Environmental Law or common law, (d) the discharge or emission or release of which requires a permit or license under any Environmental Law or other Governmental Approval, (e) which are deemed by a Governmental Authority to constitute a nuisance or a trespass which pose a health or safety hazard to Persons or neighboring properties, or (f) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.

“Hedge Agreement” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement.

“Hedge Termination Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include a Lender or any Affiliate of a Lender).

“Illegality Notice” has the meaning assigned thereto in Section 5.8(b).

“Indebtedness” means, with respect to any Person at any date and without duplication, the sum of the following:

(a)all liabilities, obligations and indebtedness of such Person for borrowed money, including obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, of such Person;

(b)all obligations of such Person to pay the deferred purchase price of property or services of such Person (including all payment obligations under non-competition, earn-out or similar agreements, solely to the extent any such payment obligation under non-competition, earn-out or similar agreements becomes a liability on the balance sheet of such Person in accordance with GAAP), except trade payables arising in the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of such Person;

(c)the Attributable Indebtedness of such Person with respect to such Person’s Capital Lease Obligations and Synthetic Leases (regardless of whether accounted for as indebtedness under GAAP);

(d)all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person to the extent of the value of such property (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business);

(e)all Indebtedness of any other Person secured by a Lien on any asset owned by such Person (including indebtedness arising under conditional sales or other title retention agreements except trade payables arising in the ordinary course of business), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

(f)all obligations, contingent or otherwise, of such Person relative to the face amount of letters of credit, whether or not drawn, including any Reimbursement Obligation, and banker’s acceptances issued for the account of such Person;

(g)all obligations of such Person in respect of Disqualified Equity Interests;

(h)all net obligations of such Person under any Hedge Agreements; and

(i)all Guarantees of such Person with respect to any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. In respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, if such Indebtedness shall not have been assumed by such Person or is limited in recourse to the assets securing such Lien, the amount of such Indebtedness as of any date of determination will be the lesser of (x) the fair market value of such assets as of such date (as determined in good faith by the Parent) and (y) the amount of such Indebtedness as of such date. The amount of any net obligation under any Hedge Agreement on any date shall be deemed to be the Hedge Termination Value thereof as of such date. The amount of obligations in respect of any Disqualified Equity Interests shall be valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends that are past due.

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Credit Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

“Indemnitee” has the meaning assigned thereto in Section 12.3(b).

“Information” has the meaning assigned thereto in Section 12.10.

“Initial Issuing Lender” means Wells Fargo.

“Insurance and Condemnation Event” means the receipt by any Credit Party or any Subsidiary of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective Property.

“Interest Period” means, as to any SOFR Loan, the period commencing on the date such SOFR Loan is disbursed or converted to or continued as a SOFR Loan and ending on the date one (1), three (3), or six (6) months, in each case as selected by the applicable Borrower in its Notice of Borrowing or Notice of Conversion/Continuation and subject to availability; provided that:

(a)the Interest Period shall commence on the date of advance of or conversion to any SOFR Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires;

(b)if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided that if any Interest Period would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day;

(c)any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;

(d)no Interest Period shall extend beyond the Maturity Date;

(e)there shall be no more than six (6) Interest Periods in effect at any time; and

(f)no tenor that has been removed from this definition pursuant to Section 5.8(c)(iv) shall be available for specification in any Notice of Borrowing or Notice of Converstion/Continuation.

“Interstate Commerce Act” means the body of law commonly known as the Interstate Commerce Act (49 U.S.C. App. § 1 et seq.).

“Investment” means, with respect to any Person, that such Person (a) purchases, owns, invests in or otherwise acquires (in one transaction or a series of transactions), by division or otherwise, directly or indirectly, any Equity Interests, interests in any partnership or joint venture (including the creation or capitalization of any Subsidiary), evidence of Indebtedness or other obligation or security, substantially all or a portion of the business or assets of any other Person or any other investment or interest whatsoever in any other Person, (b) makes any Acquisition or (c) makes or holds, directly or indirectly, any loans, advances or extensions of credit to, or any investment in cash or by delivery of Property in, any Person.

“Investment Company Act” means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.).

“IRS” means the United States Internal Revenue Service.

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

“ISP” means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time).

“Issuing Lender” means (a) the Initial Issuing Lender and (b) any other Lender to the extent it has agreed in its sole discretion to act as an “Issuing Lender” hereunder and that has been approved in writing by the Parent and

the Administrative Agent (such approval by the Administrative Agent not to be unreasonably delayed or withheld) as an “Issuing Lender” hereunder, in each case in its capacity as issuer of any Letter of Credit.

“Joinder Agreement” means a joinder agreement in such form as may be mutually approved by the Administrative Agent and the Parent.

“Junior Indebtedness” means, with respect to any Borrower and its Subsidiaries, any (a) Indebtedness secured by Liens that are junior to the Liens securing the Secured Obligations and (b) unsecured Indebtedness.

“L/C Commitment” means, as to any Issuing Lender, the obligation of such Issuing Lender to issue Letters of Credit for the account of the Borrowers from time to time in an aggregate amount equal to (a) for the Initial Issuing Lender, the amount set forth opposite the name of such Initial Issuing Lender on Schedule 1.1(a) and (b) for any other Issuing Lender becoming an Issuing Lender after the Closing Date, such amount as separately agreed to in a written agreement between the Borrowers and such Issuing Lender (which such agreement shall be promptly delivered to the Administrative Agent upon execution), in each case of clauses (a) and (b) above, any such amount may be changed after the Closing Date in a written agreement between the Borrowers and such Issuing Lender (which such agreement shall be promptly delivered to the Administrative Agent upon execution); provided that the L/C Commitment with respect to any Person that ceases to be an Issuing Lender for any reason pursuant to the terms hereof shall be $0 (subject to the Letters of Credit of such Person remaining outstanding in accordance with the provisions hereof).

“L/C Facility” means the letter of credit facility established pursuant to Article III.

“L/C Obligations” means at any time, an amount equal to the sum of (a) the aggregate undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to Section 3.5.

“L/C Participants” means, with respect to any Letter of Credit, the collective reference to all the Lenders other than the applicable Issuing Lender.

“L/C Sublimit” means the lesser of (a) $20,000,000 and (b) the aggregate amount of the Commitments.

“Lender” means the Persons listed on Schedule 1.1(a) and any other Person that shall have become a party to this Agreement as a Lender pursuant to an Assignment and Assumption, other than any Person that ceases to be a party hereto as a Lender pursuant to an Assignment and Assumption.

“Lending Office” means, with respect to any Lender, the office of such Lender maintaining such Lender’s Extensions of Credit, which office may, to the extent the applicable Lender notifies the Administrative Agent in writing, include an office of any Affiliate of such Lender or any domestic or foreign branch of such Lender or Affiliate.

“Letter of Credit Application” means an application requesting the applicable Issuing Lender to issue a Letter of Credit in the form specified by the applicable Issuing Lender from time to time.

“Letter of Credit Documents” means with respect to any Letter of Credit, such Letter of Credit, the Letter of Credit Application, a letter of credit agreement or reimbursement agreement and any other document, agreement and instrument required by the applicable Issuing Lender and relating to such Letter of Credit, in each case in the form specified by the applicable Issuing Lender from time to time.

“Letters of Credit” means the collective reference to letters of credit issued or deemed issued pursuant to Section 3.1, including each Existing Letter of Credit.

“Lien” means, with respect to any asset, any mortgage, leasehold mortgage, lien, pledge, charge, security interest, hypothecation or encumbrance of any kind in respect of such asset. For the purposes of this Agreement, a

Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation or other title retention agreement relating to such asset.

“Limited Guarantor Period” has the meaning set forth in the definition of “Guarantor”.

“Loan” means any revolving loan made to any Borrower pursuant to Section 2.1, and “Loans” means all such revolving loans as the context requires.

“Loan Documents” means, collectively, this Agreement, each Note, the Letter of Credit Documents, the Security Documents, the Guaranty Agreement, the Fee Letters, and each other document, instrument, certificate and agreement executed and delivered by the Credit Parties in favor of or provided to the Administrative Agent or any Secured Party in connection with this Agreement or otherwise referred to herein or contemplated hereby (excluding any Secured Hedge Agreement and any Secured Cash Management Agreement).

“Material Adverse Effect” means, (a) a material adverse change in, or a material adverse effect on, the operations, business, assets, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of the Borrowers and their Subsidiaries, taken as a whole, (b) a material impairment of the ability of any Credit Party to perform its obligations under the Loan Documents to which it is a party, (c) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan Document or (d) a material adverse effect upon the legality, validity, binding effect or enforceability against any Credit Party of any Loan Document to which it is a party.

“Material Contract” means (a) any contract or agreement, written or oral, of any Credit Party involving monetary liability of or to any such Person in an amount in excess of $10,000,000 per annum or (b) any other contract or agreement, written or oral, of any Credit Party, the breach, non-performance, cancellation or failure to renew of which could reasonably be expected to have a Material Adverse Effect.

“Maturity Date” the earliest to occur of (a) August 11, 2025, (b) the date of termination of the entire Commitment by the Borrowers pursuant to Section 2.5, and (c) the date of termination of the Commitment pursuant to Section 10.2(a).

“Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 103% of the Fronting Exposure of the Issuing Lenders with respect to Letters of Credit issued and outstanding at such time, and (b) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 10.2(b), an amount equal to 103% of the aggregate outstanding amount of all L/C Obligations.

“Moody’s” means Moody’s Investors Service, Inc.

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Credit Party or any ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions within the preceding five (5) years, or to which any Credit Party or any ERISA Affiliate has any liability (contingent or otherwise).

“Net Cash Proceeds” means, as applicable, (a) with respect to any Asset Disposition or Insurance and Condemnation Event, all cash and Cash Equivalents received by any Credit Party or any Subsidiary thereof (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, as and when received) less the sum of (i) all income taxes and other taxes assessed by, or reasonably estimated to be payable to, a Governmental Authority as a result of such transaction (provided that if such estimated taxes exceed the amount of actual taxes required to be paid in cash in respect of such Asset Disposition, the amount of such excess shall constitute Net Cash Proceeds), (ii) all reasonable and customary out-of-pocket fees and expenses incurred in connection with such transaction or event, (iii) the principal amount of,

premium, if any, and interest on any Indebtedness (other than Indebtedness under the Loan Documents) secured by a Lien on the asset (or a portion thereof) disposed of, which Indebtedness is required to be repaid in connection with such transaction or event and (iv) all amounts that are set aside as a reserve (A) for adjustments in respect of the purchase price of such assets, (B) for any liabilities associated with such sale or casualty, to the extent such reserve is required by GAAP or as otherwise required pursuant to the documentation with respect to such Asset Disposition or Insurance and Condemnation Event, (C) for the payment of unassumed liabilities relating to the assets sold or otherwise disposed of at the time of, or within 30 days after, the date of such sale or other disposition and (D) for the payment of indemnification obligations; provided that, to the extent and at the time any such amounts are released from such reserve and received by such Credit Party or any Subsidiary thereof, such amounts shall constitute Net Cash Proceeds, and (b) with respect to any Equity Issuance or Debt Issuance, the gross cash proceeds received by any Credit Party or any Subsidiary thereof less all reasonable and customary out-of-pocket legal, underwriting and other fees and expenses incurred in connection therewith.

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver, amendment, modification or termination that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 12.2 and (b) has been approved by the Required Lenders.

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

“Non-Wholly-Owned Subsidiary” means any Subsidiary of any Borrower that is not Wholly-Owned.

“Note” a promissory note made by the Borrowers in favor of a Lender evidencing the Loans made by such Lender, substantially in the form attached as Exhibit A, and any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part.

“Notice of Account Designation” has the meaning assigned thereto in Section 2.3(b).

“Notice of Borrowing” has the meaning assigned thereto in Section 2.3(a).

“Notice of Conversion/Continuation” has the meaning assigned thereto in Section 5.2.

“Notice of Prepayment” has the meaning assigned thereto in Section 2.4(c).

“Obligations” means, in each case, whether now in existence or hereafter arising: (a) the principal of and interest on (including interest accruing after the filing of any bankruptcy or similar petition) the Loans, (b) the L/C Obligations and (c) all other fees and commissions (including attorneys’ fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties owing by the Credit Parties to the Lenders, the Issuing Lenders or the Administrative Agent, in each case under any Loan Document, with respect to any Loan or Letter of Credit of every kind, nature and description, direct or indirect, absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note and including interest and fees that accrue after the commencement by or against any Credit Party of any proceeding under any Debtor Relief Laws, naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

“Organizational Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement or limited liability company agreement (or equivalent or comparable documents); and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

“Other Borrower Obligations” has the meaning assigned thereto in Section 4.1.

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

“Other Taxes” means all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.12).

“Parent” has the meaning assigned to such term in the introductory paragraph hereof.

“Participant” has the meaning assigned thereto in Section 12.9(d).

“Participant Register” has the meaning assigned thereto in Section 12.9(d).

“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

“Payment Recipient” has the meaning assigned thereto in Section 11.12(a).

“PBGC” means the Pension Benefit Guaranty Corporation or any successor agency.

“Periodic Term SOFR Determination Day” has the meaning assigned thereto in clause (a) of the definition of “Term SOFR”.

“Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is maintained, funded or administered for the employees of any Credit Party or any ERISA Affiliate, (b) has at any time within the preceding five (5) years been maintained, funded or administered for the employees of any Credit Party or any current or former ERISA Affiliates or (c) any Credit Party or any ERISA Affiliate has any liability (contingent or otherwise).

“Permitted Acquisition” means any Acquisition that meets all of the following requirements:

(a)no less than fifteen (15) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be agreed to by the Administrative Agent), the Parent shall have delivered written notice of such Acquisition to the Administrative Agent and the Lenders, which notice shall include the proposed closing date of such Acquisition;

(b)the board of directors or other similar governing body of the Person to be acquired shall have approved such Acquisition (and, if requested, the Administrative Agent shall have received evidence, in form and substance reasonably satisfactory to the Administrative Agent, of such approval);

(c)the Person or business to be acquired shall be in a line of business permitted pursuant to Section 9.11 or, in the case of an Acquisition of assets, the assets acquired are useful in the business of the Parent and its Subsidiaries as conducted immediately prior to such Acquisition or permitted pursuant to Section 9.11;

(d)if such Acquisition is a merger or consolidation, any Borrower or a Subsidiary of any Borrower (other than the Captive Insurance Entity) shall be the surviving Person, and such surviving Person shall become a Guarantor in accordance with Section 8.14; and no Change in Control shall have been effected thereby;

(e)if the Permitted Acquisition Consideration for any such Acquisition (or series of related Acquisitions) exceeds $5,000,000 in the aggregate, no later than five (5) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be agreed to by the Administrative Agent in its sole discretion), the Parent shall have delivered to the Administrative Agent a Compliance Certificate demonstrating, in form and detail reasonably satisfactory to the Administrative Agent, that the Borrowers are in compliance on a Pro Forma Basis (based on the most recently completed Reference Period and including any Debt that is incurred, assumed or otherwise acquired in connection therewith) with each covenant contained in Section 9.15;

(f)if the Permitted Acquisition Consideration for any such Acquisition (or series of related Acquisitions) exceeds $10,000,000 in the aggregate, no later than five (5) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be agreed to by the Administrative Agent in its sole discretion) the Parent, to the extent requested by the Administrative Agent, (i) shall have delivered to the Administrative Agent promptly upon the finalization thereof copies of substantially final Permitted Acquisition Documents, which shall be in form and substance reasonably satisfactory to the Administrative Agent, and (ii) shall have delivered to, or made available for inspection by, the Administrative Agent substantially complete Permitted Acquisition Diligence Information, which shall be in form and substance reasonably satisfactory to the Administrative Agent;

(g)no Default or Event of Default shall have occurred and be continuing both before and after giving effect to such Acquisition;

(h)the Parent shall have obtained the prior written consent of the Administrative Agent and the Required Lenders prior to the consummation of such Acquisition if (i) the Permitted Acquisition Consideration for any such Acquisition (or series of related Acquisitions), together with all other Acquisitions consummated during the twelve (12) month period immediately preceding such Acquisition, exceeds $10,000,000 (excluding any portion of the Acquisitions paid with the proceeds from any Equity Issuance) and (ii) the Permitted Acquisition Consideration for all Acquisitions (or series of related Acquisitions), together with all other Acquisitions consummated during the term of this Agreement exceeds $20,000,000 in the aggregate (excluding any portion of the Acquisitions paid with the proceeds from any Equity Issuance); and

(i)the Parent shall demonstrate, in form and substance reasonably satisfactory to the Administrative Agent, that the entity to be acquired had positive Consolidated EBITDA for the most recently completed Reference Period prior to the proposed closing date of such Acquisition.

“Permitted Acquisition Consideration” means the aggregate amount of the purchase price, including, but not limited to, any assumed debt, earn-outs (valued at the maximum amount payable thereunder), deferred payments, or Equity Interests of the Parent, to be paid on a singular basis in connection with any applicable Permitted Acquisition as set forth in the applicable Permitted Acquisition Documents executed by any Borrower or any of its Subsidiaries in order to consummate the applicable Permitted Acquisition.

“Permitted Acquisition Diligence Information” means with respect to any applicable Acquisition, to the extent applicable, all material financial information, all material contracts, all material customer lists, all material supply agreements, and all other material information, in each case, reasonably requested to be delivered to the Administrative Agent in connection with such Acquisition (except to the extent that any such information is (a) subject to any confidentiality agreement, unless mutually agreeable arrangements can be made to preserve such information as confidential, (b) classified or (c) subject to any attorney-client privilege).

“Permitted Acquisition Documents” means with respect to any Acquisition proposed by any Credit Party, final copies or substantially final drafts if not executed at the required time of delivery of the purchase agreement, sale agreement, merger agreement or other agreement evidencing such Acquisition, including all schedules, exhibits and annexes thereto and each other material document executed, delivered, contemplated by or prepared in connection therewith and any amendment, modification or supplement to any of the foregoing.

“Permitted Liens” means the Liens permitted pursuant to Section 9.2. No intention to subordinate the first priority Lien granted in favor of the Administrative Agent and the Secured Parties is hereby implied or expressed by the permitted existence of any Permitted Lien.

“Permitted Refinancing Indebtedness” means any Indebtedness (the “Refinancing Indebtedness”), the proceeds of which are used to refinance, refund, renew, extend or replace outstanding Indebtedness (such outstanding Indebtedness, the “Refinanced Indebtedness”); provided that (a) the principal amount (or accreted value, if applicable) of such Refinancing Indebtedness (including any unused commitments thereunder) is not greater than the principal amount (or accreted value, if applicable) of the Refinanced Indebtedness at the time of such refinancing, refunding, renewal, extension or replacement, except by an amount equal to any original issue discount thereon and the amount of unpaid accrued interest and premium thereon; (b) the final stated maturity and Weighted Average Life to Maturity of such Refinancing Indebtedness shall not be prior to or shorter than that applicable to the Refinanced Indebtedness and such Refinancing Indebtedness does not require any scheduled payment of principal, mandatory repayment, redemption or repurchase that is more favorable to the holders of the Refinancing Indebtedness than the corresponding terms (if any) of the Refinanced Indebtedness (including by virtue of such Refinancing Indebtedness participating on a greater basis in any mandatory repayment, redemption or repurchase as compared to the Refinanced Indebtedness, but excluding any scheduled payment of principal, mandatory repayment, redemption or repurchase occurring on or after the date that is 91 days after the latest scheduled maturity date of the Loans and Commitments); (c) such Refinancing Indebtedness shall not be secured by (i) Liens on assets other than assets securing the Refinanced Indebtedness at the time of such refinancing, refunding, renewal, extension or replacement or (ii) Liens having a higher priority than the Liens, if any, securing the Refinanced Indebtedness at the time of such refinancing, refunding, renewal, extension or replacement; (d) such Refinancing Indebtedness shall not be guaranteed by or otherwise recourse to any Person other than the Person(s) to whom the Refinanced Indebtedness is recourse or by whom it is guaranteed, in each case as of the time of such refinancing, refunding, renewal, extension or replacement; (e) to the extent such Refinanced Indebtedness is subordinated in right of payment to the Obligations (or the Liens securing such Indebtedness were originally contractually subordinated to the Liens securing the Collateral pursuant to the Security Documents), such refinancing, refunding, renewal, extension or replacement is subordinated in right of payment to the Obligations (or the Liens securing such Indebtedness shall be subordinated to the Liens securing the Collateral pursuant to the Security Documents) on terms at least as favorable to the Lenders as those contained in the documentation governing such Refinanced Indebtedness or otherwise reasonably acceptable to the Administrative Agent; (f) the covenants with respect to such Refinancing Indebtedness, when taken as a whole, are not materially more restrictive to the Parent and its Subsidiaries than those in the Refinanced Indebtedness (taken as a whole); (g) in the event that the Refinancing Indebtedness is unsecured Indebtedness, such Refinancing Indebtedness does not include cross-defaults (but may include cross-payment defaults and cross-defaults at the final stated maturity thereof and cross-acceleration); and (h) no Default or Event of Default shall have occurred and be continuing at the time of, or would result from, such refinancing, refunding, renewal, extension or replacement.

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

“Platform” means Debt Domain, Intralinks, SyndTrak or a substantially similar electronic transmission system.

“Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

“Principal Payment Date” means (a) with respect to each SOFR Loan, the last day of its Interest Period, and (b) with respect to each Base Rate Loan, thirty days from the date such Base Rate Loan is advanced.

“Pro Forma Basis” means:

(a)in the event that any Borrower or any Subsidiary thereof incurs (including by assumption or guarantees) or repays (including by redemption, repayment, retirement, discharge, defeasance or extinguishment) any Indebtedness included in the calculations of any financial ratio or test, (i) during the applicable measurement period or (ii) subsequent to the end of the applicable measurement period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving pro forma effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the first day of the applicable measurement period and any such Indebtedness that is incurred (including by assumption or guarantee) that has a floating or formula rate of interest shall have an implied rate of interest for the applicable period determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as of the relevant date of determination; and

(b)in the event that any Borrower or any Subsidiary thereof makes a Restricted Payment included in the calculations of any financial ratio or test, (i) during the applicable measurement period or (ii) subsequent to the end of the applicable measurement period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then such financial ratio or test shall be calculated giving pro forma effect to the making of such Restricted Payment as if the same had occurred on the first day of the applicable measurement period.

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including Equity Interests.

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

“Public Lenders” has the meaning assigned thereto in Section 8.2.

“Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity Interests.

“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Lender, as applicable.

“Reference Period” means, as of any date of determination, the period of four (4) consecutive fiscal quarters ended on or immediately prior to such date for which financial statements of the Parent and its Subsidiaries have been delivered to the Administrative Agent hereunder.

“Refinanced Indebtedness” has the meaning assigned thereto in the definition of “Permitted Refinancing Indebtedness”.

“Refinancing Indebtedness” has the meaning assigned thereto in the definition of “Permitted Refinancing Indebtedness”.

“Register” has the meaning assigned thereto in Section 12.9(c).

“Reimbursement Obligation” means the obligation of the Borrowers to reimburse any Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit issued by such Issuing Lender.

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

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

“Removal Effective Date” has the meaning assigned thereto in Section 11.6(b).

“Required Lenders” means, at any time, Lenders having unused Commitments and Revolving Credit Exposure representing more than fifty percent (50%) of the aggregate unused Commitments and Revolving Credit Exposure of all Lenders. The unused Commitment of, and Revolving Credit Exposure held or deemed held by, any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

“Resignation Effective Date” has the meaning assigned thereto in Section 11.6(a).

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

“Responsible Officer” means, as to any Person, the chief executive officer, president, chief financial officer, controller, treasurer or assistant treasurer of such Person or any other officer of such Person designated in writing by the applicable Borrower or such Person and reasonably acceptable to the Administrative Agent; provided that, to the extent requested thereby, the Administrative Agent shall have received a certificate of such Person certifying as to the incumbency and genuineness of the signature of each such officer. Any document delivered hereunder or under any other Loan Document that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Person.

“Restricted Payment” means any dividend on, or the making of any payment or other distribution on account of, or the purchase, redemption, retirement or other acquisition (directly or indirectly) of, or the setting apart assets for a sinking or other analogous fund for the purchase, redemption, retirement or other acquisition of, any class of Equity Interests of any Credit Party or any Subsidiary thereof, the making of any payment with respect to any earn out or similar obligations incurred in connection with an Acquisition permitted hereunder or the making of any distribution of cash, property or assets to the holders of any Equity Interests of any Credit Party or any Subsidiary thereof on account of such Equity Interests.

“Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Loans and such Lender’s participation in L/C Obligations at such time.

“Revolving Credit Facility” means the revolving credit facility established pursuant to Article II.

“Revolving Credit Outstandings” means the sum of (a) with respect to Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Loans, as the case may be, occurring on such date; plus (b) with respect to any L/C Obligations on any date, the aggregate outstanding amount thereof on such date after giving effect to any Extensions of Credit occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date.

“S&P” means Standard & Poor’s Rating Service, a division of S&P Global Inc. and any successor thereto.

“Sanctioned Country” means at any time, a country, region or territory which is itself (or whose government is) the subject or target of any Sanctions (including, as of the Closing Date, Cuba, Iran, North Korea, Syria and Crimea).

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including OFAC’s Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the U.S. Department of State, the United Nations Security Council, the European Union, any European member state, Her Majesty’s Treasury, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity

by Sanctioned Person(s) or (d) any Person otherwise a target of Sanctions, including vessels and aircraft, that are designated under any Sanctions program.

“Sanctions” means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and restrictions and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, any European member state, Her Majesty’s Treasury, or other relevant sanctions authority in any jurisdiction in which (a) any Borrower or any of its Subsidiaries or Affiliates is located or conducts business, (b) in which any of the proceeds of the Extensions of Credit will be used, or (c) from which repayment of the Extensions of Credit will be derived.

“SEC” means the U.S. Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

“Secured Cash Management Agreement” means (a) any Cash Management Agreement in effect on the Closing Date between or among any Credit Party and a counterparty that is (i) a Lender, (ii) the Administrative Agent or (iii) an Affiliate of a Lender or the Administrative Agent, in each case as determined as of the Closing Date or (b) any Cash Management Agreement entered into after the Closing Date between or among any Credit Party and a counterparty that is (i) a Lender, (ii) the Administrative Agent or (iii) an Affiliate of a Lender or the Administrative Agent, in each case as determined at the time such Cash Management Agreement is entered into.

“Secured Cash Management Obligations” means all existing or future payment and other obligations owing by any Credit Party under any Secured Cash Management Agreement.

“Secured Hedge Agreement” means (a) any Hedge Agreement in effect on the Closing Date between or among any Credit Party and a counterparty that is (i) a Lender, (ii) the Administrative Agent or (iii) an Affiliate of a Lender or the Administrative Agent, in each case as determined as of the Closing Date or (b) any Hedge Agreement entered into after the Closing Date between or among any Credit Party and a counterparty that is (i) a Lender, (ii) the Administrative Agent or (iii) an Affiliate of a Lender or the Administrative Agent, in each case as determined at the time such Hedge Agreement is entered into.

“Secured Hedge Obligations” means all existing or future payment and other obligations owing by any Credit Party under any Secured Hedge Agreement; provided that the “Secured Hedge Obligations” of a Credit Party shall exclude any Excluded Swap Obligations with respect to such Credit Party.

“Secured Obligations” means, collectively, (a) the Obligations, (b) any Secured Hedge Obligations and (c) any Secured Cash Management Obligations.

“Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Issuing Lenders, the holders of any Secured Hedge Obligations, the holders of any Secured Cash Management Obligations, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 11.5, any other holder from time to time of any Secured Obligations and, in each case, their respective successors and permitted assigns.

“Securities Act” means the Securities Act of 1933 (15 U.S.C. § 77 et seq.).

“Security Documents” means the collective reference to the Collateral Agreement, each patent or trademark security agreement, each Account Control Agreement, and each other agreement or writing pursuant to which any Credit Party pledges or grants a security interest in any Property or assets securing the Secured Obligations.

“Service” has the meaning assigned to such term in the introductory paragraph hereof.

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

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

“SOFR Loan” means any Loan bearing interest at a rate based on Adjusted Term SOFR as provided in Section 5.1(a).

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the Property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. For purposes of this definition, the amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

“Subsidiary” means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%) of the outstanding Equity Interests having ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly or indirectly) or the management is otherwise controlled by (directly or indirectly) such Person (irrespective of whether, at the time, Equity Interests of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries” herein shall refer to those of the Parent.

“Subsidiary Guarantor” has the meaning set forth in Section 3.11.

“Swap Obligation” means, with respect to any Credit Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

“Synthetic Lease” means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease in accordance with GAAP.

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, fines, additions to tax or penalties applicable thereto.

“Term SOFR” means,

(a)for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (Eastern time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as

such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

(b)for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (Eastern time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day.

“Term SOFR Adjustment” means, for any calculation with respect to a Base Rate Loan or a SOFR Loan, a percentage per annum as set forth below for the applicable type of such Loan and (if applicable) Interest Period therefor:

Base Rate Loans:


0.10%

SOFR Loans:


Interest Period			Percentage
One month			0.10%
Three months			0.15%
Six months			0.25%

“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.

“Termination Event” means the occurrence of any of the following which, individually or in the aggregate, has resulted or could reasonably be expected to result in liability of the Credit Parties in an aggregate amount in excess of the Threshold Amount: (a) a “Reportable Event” described in Section 4043 of ERISA, or (b) the withdrawal of any Credit Party or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities, or (d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC, or (e) any other event or condition which would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, or (f) the imposition of a Lien pursuant to Section 430(k) of the Code or Section 303 of ERISA, or (g) the determination that any Pension Plan or Multiemployer Plan is considered an at-risk plan or plan in endangered or critical status within the meaning of

Sections 430, 431 or 432 of the Code or Sections 303, 304 or 305 of ERISA or (h) the partial or complete withdrawal of any Credit Party or any ERISA Affiliate from a Multiemployer Plan if withdrawal liability is asserted by such plan, or (i) any event or condition which results in the reorganization or insolvency of a Multiemployer Plan under Section 4245 of ERISA, or (j) any event or condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA, or (k) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Credit Party or any ERISA Affiliate.

“Threshold Amount” means $5,000,000.

“Total Credit Exposure” means, as to any Lender at any time, the unused Commitments and Revolving Credit Exposure of such Lender at such time.

“Trade Date” has the meaning assigned thereto in Section 12.9(b)(i).

“Transactions” means, collectively, (a) the initial Extensions of Credit and (b) the payment of all fees, expenses and costs incurred in connection with the foregoing.

“UCC” means the Uniform Commercial Code as in effect as of any date of determination in the State of New York.

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

“United States” means the United States of America.

“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities; provided, that for purposes of notice requirements in Sections 2.3(a), 2.4(c) and 5.2, in each case, such day is also a Business Day.

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

“U.S. Tax Compliance Certificate” has the meaning assigned thereto in Section 5.11(g).

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness, in each case of clauses (a) and (b), without giving effect to the application of any prior prepayment to such installment, sinking fund, serial maturity or other required payment of principal.

“Wells Fargo” means Wells Fargo Bank, National Association, a national banking association.

“Wholly-Owned” means, with respect to a Subsidiary, that all of the Equity Interests of such Subsidiary are, directly or indirectly, owned or controlled by any Borrower and/or one or more of its Wholly-Owned Subsidiaries (except for directors’ qualifying shares or other shares required by Applicable Law to be owned by a Person other than any Borrower and/or one or more of its Wholly-Owned Subsidiaries).

“Withholding Agent” means any Credit Party and the Administrative Agent.

“Write-Down and Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

SECTION 1.2. Other Definitions and Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation,” (d) the word “will” shall be construed to have the same meaning and effect as the word “shall,” (e) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (f) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (i) the term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form and (j) in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”

SECTION 1.3. Accounting Terms.

(a)All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with GAAP, applied on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing the audited financial statements required by Section 8.1(a), except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Parent and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

(b)If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrowers or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrowers shall provide to the Administrative

Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP; provided further that (A) all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the effectiveness of FASB ASC 842 shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the financial statements and (B) all financial statements delivered to the Administrative Agent hereunder shall contain a schedule showing the modifications necessary to reconcile the adjustments made pursuant to clause (A) above with such financial statements.

SECTION 1.4. UCC Terms. Terms defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided by those definitions.

SECTION 1.5. Rounding. Any financial ratios required to be maintained pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio or percentage is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

SECTION 1.6. References to Agreement and Laws. Unless otherwise expressly provided herein, (a) any definition or reference to formation documents, governing documents, agreements (including the Loan Documents) and other contractual documents or instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) any definition or reference to any Applicable Law, including Anti-Corruption Laws, Anti-Money Laundering Laws, the Bankruptcy Code, the Code, the Commodity Exchange Act, ERISA, the Exchange Act, the PATRIOT Act, the Securities Act, the UCC, the Investment Company Act, the Trading with the Enemy Act of the United States or any of the foreign assets control regulations of the United States Treasury Department, shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.

SECTION 1.7. Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

SECTION 1.8. Guarantees/Earn-Outs. Unless otherwise specified, (a) the amount of any Guarantee shall be the lesser of the amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee and (b) the amount of any earn-out or similar obligation shall be the amount of such obligation as reflected on the balance sheet of such Person in accordance with GAAP.

SECTION 1.9. Covenant Compliance Generally. For purposes of determining compliance under Sections 9.1, 9.2, 9.3, 9.5 and 9.6, any amount in a currency other than Dollars will be converted to Dollars in a manner consistent with that used in calculating Consolidated Net Income in the most recent annual financial statements of the Parent and its Subsidiaries delivered pursuant to Section 8.1(a) or Section 6.1(e), as applicable. Notwithstanding the foregoing, for purposes of determining compliance with Sections 9.1, 9.2 and 9.3, with respect to any amount of Indebtedness or Investment in a currency other than Dollars, no breach of any basket contained in such sections shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Investment is incurred; provided that for the avoidance of doubt, the foregoing provisions of this Section 1.9 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness or Investment may be incurred at any time under such Sections.

SECTION 1.10. Rates. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component

definition thereof or rates referred to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 5.8(c), will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation of the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrowers. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any other Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to any Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

SECTION 1.11. Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

ARTICLE II.

REVOLVING CREDIT FACILITY

SECTION 2.1. Loans. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties set forth in this Agreement and the other Loan Documents, each Lender severally agrees to make Loans in Dollars to the Borrowers from time to time from the Closing Date to, but not including, the Maturity Date as requested by the applicable Borrower in accordance with the terms of Section 2.3; provided that (a) the Revolving Credit Outstandings shall not at any time exceed the Commitments, (b) the Revolving Credit Exposure of any Lender shall not at any time exceed such Lender’s Commitment, and (c) the Revolving Credit Outstandings shall not at any time exceed the maximum amount of Revolving Credit Outstandings that may be outstanding and still maintain compliance on a Pro Forma Basis, after giving effect to any Extensions of Credit to be made on such date, the application of the proceeds thereof and the transactions occurring on such date, with the financial covenants set forth in Section 9.15. Each Loan by a Lender shall be in a principal amount equal to such Lender’s Commitment Percentage of the aggregate principal amount of Loans requested on such occasion. Subject to the terms and conditions hereof, the Borrowers may borrow, repay and reborrow Loans hereunder until the Maturity Date.

SECTION 2.2. [Reserved].

SECTION 2.3. Procedure for Advances of Loans.

(a)Requests for Borrowing. The applicable Borrower shall give the Administrative Agent irrevocable prior written notice substantially in the form of Exhibit B (a “Notice of Borrowing”) not later than 11:00 a.m. (i) on the same Business Day as each Base Rate Loan and (ii) at least three (3) U.S. Government Securities Business Days before each SOFR Loan, of its intention to borrow, specifying (A) the date of such borrowing, which shall be a Business Day, (B) the amount of such borrowing, which shall be, (x) with respect to Base Rate Loans in an aggregate principal amount of $500,000 or a whole multiple of $100,000 in excess thereof, and (y) with respect to SOFR Loans in an aggregate principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or,

in each case, the remaining amount of the Commitment), (C) whether such Loan is to be a SOFR Loan or a Base Rate Loan, and (D) in the case of a SOFR Loan, the duration of the Interest Period applicable thereto. If any Borrower fails to specify a type of Loan in a Notice of Borrowing, then the applicable Loans shall be made as Base Rate Loans. If any Borrower requests a borrowing of SOFR Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. A Notice of Borrowing received after 11:00 a.m. shall be deemed received on the next Business Day or U.S. Government Securities Business Day, as applicable. The Administrative Agent shall promptly notify the Lenders of each Notice of Borrowing.

(b)Disbursement of Loans. Not later than 1:00 p.m. on the proposed borrowing date, each Lender will make available to the Administrative Agent, for the account of the applicable Borrower, at the Administrative Agent’s Office in funds immediately available to the Administrative Agent, such Lender’s Commitment Percentage of the Loans to be made on such borrowing date. The Borrowers hereby irrevocably authorize the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the applicable Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by such Borrower to the Administrative Agent or as may be otherwise agreed upon by such Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Loan requested pursuant to this Section to the extent that any Lender has not made available to the Administrative Agent its Commitment Percentage of such Loan.

SECTION 2.4. Repayment and Prepayment of Loans.

(a)Repayment on Maturity Date and on each Principal Payment Date. Each Borrower hereby agrees to repay the outstanding principal amount of all Loans in full on the Maturity Date, together with all accrued but unpaid interest thereon and all accrued but unpaid Commitment Fees and other fees related to Extensions of Credit hereunder. Each Borrower also hereby agrees to repay the outstanding principal amount of all Loans in full on each Principal Payment Date, together with all accrued but unpaid interest thereon. Subject to the terms hereof, including Section 6.2, the Loans may be repaid on the Principal Payment Date with the proceeds of a concurrent Loan to be made hereunder.

(b)Mandatory Prepayments.

(i)If at any time the Revolving Credit Outstandings exceed the lesser of (A) the Commitments and (B) the maximum amount of Revolving Credit Outstandings that may be outstanding and still maintain compliance on a Pro Forma Basis, after giving effect to any Extensions of Credit to be made on such date, the application of the proceeds thereof and the transactions occurring on such date, with the financial covenants set forth in Section 9.15, the Borrowers agree to repay immediately upon notice from the Administrative Agent, by payment to the Administrative Agent for the account of the Lenders, Extensions of Credit in an amount equal to such excess with each such repayment applied first, to the principal amount of outstanding Loans and second, with respect to any Letters of Credit then outstanding, as a payment of Cash Collateral into a Cash Collateral account opened by the Administrative Agent, for the benefit of the Lenders, in an amount equal to such excess (such Cash Collateral to be applied in accordance with Section 10.2(b)).

(ii)If (A) any Asset Disposition (other than an Asset Disposition permitted pursuant to Section 9.5) occurs or (B) any Insurance and Condemnation Event occurs, then in each case, the Borrowers shall, within three Business Days after receipt of the proceeds from such Asset Disposition or Insurance and Condemnation Event, as applicable, prepay Extensions of Credit in an amount equal to the Net Cash Proceeds received from such Asset Disposition or Insurance and Condemnation Event, as applicable, with each such prepayment applied first, to the principal amount of outstanding Loans and second, with respect to any Letters of Credit then outstanding, to a payment of Cash Collateral into a Cash Collateral account opened by the Administrative Agent, for the benefit of the Lenders, in an amount equal to such applicable Net Cash Proceeds (such Cash Collateral to be applied in accordance with Section 10.2(b)); provided that,

if any Borrower delivers to the Administrative Agent a certificate of a Responsible Officer to the effect that the Credit Parties intend to apply the Net Cash Proceeds (or a portion thereof as specified in such certificate) from such Asset Disposition or Insurance and Condemnation Event, as applicable, within 120 days after receipt of such Net Cash Proceeds, to purchase assets useful in the business of the Credit Parties, then so long as no Default then exists, no prepayment shall be required pursuant to this Section 2.4(b)(ii) in respect to such Net Cash Proceeds specified in such certificate; provided further that to the extent any such Net Cash Proceeds have not been so applied by the end of such 120-day period, a prepayment shall be required in an amount equal to such Net Cash Proceeds that have not been so applied.

(iii)If any Credit Party or any Subsidiary thereof incurs any Indebtedness (other than any Indebtedness permitted under Section 9.1), then the Borrowers shall, within three Business Days after receipt of the proceeds of such Indebtedness, prepay such Indebtedness in an amount equal to the Net Cash Proceeds received in respect of such Indebtedness, with each such prepayment applied first, to the principal amount of outstanding Loans and second, with respect to any Letters of Credit then outstanding, to a payment of Cash Collateral into a Cash Collateral account opened by the Administrative Agent, for the benefit of the Lenders, in an amount equal to such Net Cash Proceeds (such Cash Collateral to be applied in accordance with Section 10.2(b)).

(c)Optional Prepayments. The Borrowers may at any time and from time to time prepay Loans, in whole or in part, without premium or penalty, with irrevocable prior written notice to the Administrative Agent substantially in the form attached as Exhibit D (a “Notice of Prepayment”) given not later than 11:00 a.m. (i) on the same Business Day as a prepayment of each Base Rate Loan and (ii) at least three (3) U.S. Government Securities Business Days before a prepayment of each SOFR Loan, specifying the date and amount of prepayment and whether the prepayment is of SOFR Loans, Base Rate Loans, or a combination thereof, and, if of a combination thereof, the amount allocable to each. Upon receipt of such notice, the Administrative Agent shall promptly notify each Lender. If any such notice is given, the amount specified in such notice shall be due and payable on the date set forth in such notice. Partial prepayments shall be in an aggregate amount of $500,000 or a whole multiple of $100,000 in excess thereof with respect to Base Rate Loans, and $1,000,000 or a whole multiple of $500,000 in excess thereof with respect to SOFR Loans. A Notice of Prepayment received after 11:00 a.m. shall be deemed received on the next Business Day or U.S. Government Securities Business Day, as applicable. Each such repayment shall be accompanied by any amount required to be paid pursuant to Section 5.9 hereof. Notwithstanding the foregoing, any Notice of Prepayment delivered in connection with any refinancing of all of the Credit Facility with the proceeds of such refinancing or of any incurrence of Indebtedness or the occurrence of some other identifiable event or condition, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence or occurrence of such other identifiable event or condition and may be revoked by the Borrowers in the event such contingency is not met (provided that the failure of such contingency shall not relieve the Borrowers from their obligations in respect thereof under Section 5.9).

(d)Limitation on Prepayment of SOFR Loans. The Borrowers may not prepay any SOFR Loan on any day other than on the last day of the Interest Period applicable thereto unless such prepayment is accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

(e)Hedge Agreements. No repayment or prepayment of the Loans pursuant to this Section shall affect any of the Borrowers’ obligations under any Hedge Agreement entered into with respect to the Loans.

(f)Accrued Interest. All payments required under this Section 2.4 shall be accompanied by a payment of all accrued but unpaid interest thereon.

(g)Collection of Payments. Notwithstanding anything herein to the contrary, the Parent authorizes the Administrative Agent to collect all principal, interest and fees due under or pursuant to any Loan Document by charging the Designated Account for the full amount thereof. Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrowers.

SECTION 2.5. Permanent Reduction of the Commitment.

(a)Voluntary Reduction. The Borrowers shall have the right at any time and from time to time, upon at least five (5) Business Days prior irrevocable written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire Commitment at any time or (ii) portions of the Commitment, from time to time, in an aggregate principal amount not less than $1,000,000 or any whole multiple of $1,000,000 in excess thereof. Any reduction of the Commitment shall be applied to the Commitment of each Lender according to its Commitment Percentage. All Commitment Fees accrued until the effective date of any termination of the Commitment shall be paid on the effective date of such termination. Notwithstanding the foregoing, any notice to reduce the Commitment delivered in connection with any refinancing of all of the Credit Facility with the proceeds of such refinancing or of any incurrence of Indebtedness or the occurrence of some other identifiable event or condition, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence or occurrence of such identifiable event or condition and may be revoked by the Borrowers in the event such contingency is not met (provided that the failure of such contingency shall not relieve the Borrowers from their obligations in respect thereof under Section 5.9).

(b)Corresponding Payment. Each permanent reduction permitted pursuant to this Section shall be accompanied by a payment of principal sufficient to reduce the aggregate outstanding Loans and L/C Obligations, as applicable, after such reduction to the Commitment as so reduced, and if the aggregate amount of all outstanding Letters of Credit exceeds the Commitment as so reduced, the Borrowers shall be required to deposit Cash Collateral in a Cash Collateral account opened by the Administrative Agent in an amount equal to such excess. Such Cash Collateral shall be applied in accordance with Section 10.2(b). Any reduction of the Commitment to zero shall be accompanied by payment of all outstanding Loans (and furnishing of Cash Collateral satisfactory to the Administrative Agent for all L/C Obligations or other arrangements satisfactory to the respective Issuing Lenders) and shall result in the termination of the Commitment and the Revolving Credit Facility. If the reduction of the Commitment requires the repayment of any SOFR Loan, such repayment shall be accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

SECTION 2.6. Termination of Revolving Credit Facility. The Revolving Credit Facility and the Commitments shall terminate on the Maturity Date.

ARTICLE III.

LETTER OF CREDIT FACILITY

SECTION 3.1 L/C Facility.

(a)Availability. Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the Lenders set forth in Section 3.4(a), agrees to issue, or with respect to Existing Letters of Credit, deem issued, standby Letters of Credit in an aggregate amount not to exceed its L/C Commitment for the account of the Borrowers or, subject to Section 3.11, any Subsidiary Guarantor thereof. Letters of Credit may be issued on any Business Day from the Closing Date to, but not including the fifteenth (15th) Business Day prior to the Maturity Date in such form as may be approved from time to time by the applicable Issuing Lender; provided, that no Issuing Lender shall issue any Letter of Credit if, after giving effect to such issuance, (i) the aggregate amount of the outstanding Letters of Credit issued by such Issuing Lender would exceed its L/C Commitment, (ii) the L/C Obligations would exceed the L/C Sublimit, (iii) the Revolving Credit Outstandings would exceed the Commitment or (iv) the Revolving Credit Outstandings would exceed the maximum amount of Revolving Credit Outstandings that may be outstanding and still maintain compliance on a Pro Forma Basis, after giving effect to any Extensions of Credit to be made on such date, the application of the proceeds thereof and the transactions occurring on such date, with the financial covenants set forth in Section 9.15. Letters of Credit issued hereunder shall constitute utilization of the Commitments.

(b)Terms of Letters of Credit. Each Letter of Credit shall (i) be denominated in Dollars in a minimum amount of $100,000 (or such lesser amount as agreed to by the applicable Issuing Lender and the

Administrative Agent), (ii) expire on a date no more than twelve (12) months after the date of issuance or last renewal or extension of such Letter of Credit, which date shall be no later than the fifteenth (15th) Business Day prior to the Maturity Date, and (iii) unless otherwise expressly agreed by the applicable Issuing Lender and the applicable Borrower when a Letter of Credit is issued by it, be subject to the ISP as set forth in the Letter of Credit Documents or as determined by the applicable Issuing Lender and, to the extent not inconsistent therewith, the laws of the State of New York. No Issuing Lender shall at any time be obligated to issue any Letter of Credit hereunder if (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from issuing such Letter of Credit, or any Applicable Law applicable to such Issuing Lender or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Lender with respect to letters of credit generally or such Letter of Credit in particular any restriction or reserve or capital requirement (for which such Issuing Lender is not otherwise compensated) not in effect on the Closing Date, or any unreimbursed loss, cost or expense that was not applicable, in effect or known to such Issuing Lender as of the Closing Date and that such Issuing Lender in good faith deems material to it, (B) the conditions set forth in Section 6.2 are not satisfied, (C) the issuance of such Letter of Credit would violate one or more policies of such Issuing Lender applicable to letters of credit generally, (D) the proceeds of which would be made available to any Person (x) to fund any activity or business of or with any Sanctioned Person, or in any Sanctioned Country or (y) in any manner that would result in a violation of any Sanctions by any party to this Agreement or (E) any Lender is at that time a Defaulting Lender, unless such Issuing Lender has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such Issuing Lender (in its sole discretion) with the Borrowers or such Lender to eliminate such Issuing Lender’s actual or potential Fronting Exposure (after giving effect to Section 5.15(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such Issuing Lender has actual or potential Fronting Exposure, as it may elect in its sole discretion. References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires.

(c)Defaulting Lenders. Notwithstanding anything to the contrary contained in this Agreement, Article III shall be subject to the terms and conditions of Section 5.14 and Section 5.15.

SECTION 3.2. Procedure for Issuance of Letters of Credit. The Borrowers may from time to time request that any Issuing Lender issue, amend, renew or extend a Letter of Credit by delivering to such Issuing Lender at its applicable office (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other Letter of Credit Documents and information as such Issuing Lender or the Administrative Agent may request, not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and such Issuing Lender may agree in their sole discretion) prior to the proposed date of issuance, amendment, renewal or extension, as the case may be. Such notice shall specify (a) the requested date of issuance, amendment, renewal or extension (which shall be a Business Day), (b) the date on which such Letter of Credit is to expire (which shall comply with Section 3.1(b)), (c) the amount of such Letter of Credit, (d) the name and address of the beneficiary thereof, (e) the purpose and nature of such Letter of Credit and (f) such other information as shall be necessary to issue, amend, renew or extend such Letter of Credit. Upon receipt of any Letter of Credit Application, the applicable Issuing Lender shall process such Letter of Credit Application and the certificates, documents and other Letter of Credit Documents and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.1 and Article VI, promptly issue, amend, renew or extend the Letter of Credit requested thereby (subject to the timing requirements set forth in this Section 3.2) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the applicable Borrower. Additionally, the applicable Borrower shall furnish to the applicable Issuing Lender and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, renewal or extension, including any Letter of Credit Documents, as the applicable Issuing Lender or the Administrative Agent may require. The applicable Issuing Lender shall promptly furnish to the applicable Borrower and the Administrative Agent a copy of such Letter of Credit and the related Letter of Credit Documents and the Administrative Agent shall promptly notify each Lender of the issuance and

upon request by any Lender, furnish to such Lender a copy of such Letter of Credit and the amount of such Lender’s participation therein.

SECTION 3.3. Letter of Credit Fees and Other Charges.

(a)Fronting Fees. Subject to Section 5.15(a)(iii)(B), the Borrowers shall pay to the applicable Issuing Lender, a letter of credit fronting fee with respect to each Letter of Credit issued by such Issuing Lender in an amount equal to the face amount of each such Letter of Credit times 0.175% in each case, on a per annum basis; provided that, no fee will be due and payable under this Section 3.3(a) at any time when Wells Fargo is the only Lender. Such fronting fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter (commencing with the first such date to occur after the issuance of such Letter of Credit), on the expiration date of such Letter of Credit and on the Maturity Date.

(b)Issuance Fee. The Borrowers shall pay to the Administrative Agent, for the account of each Lender, an issuance fee with respect to each Letter of Credit in an amount equal to the greater of (i) the daily amount available to be drawn under such standby Letters of Credit times the Applicable Margin with respect to Loans that are SOFR Loans (determined, in each case, on a per annum basis) and (ii) $750 for each Lender for each Letter of Credit. Such issuance fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter commencing with the first such date to occur after the issuance of such Letter of Credit, on the expiration date of such Letter of Credit and on the Maturity Date. The Administrative Agent shall, promptly following its receipt thereof, distribute to each Lender all issuance fees received pursuant to this Section 3.3 in accordance with their respective Commitment Percentages.

(c)Other Fees, Costs, Charges and Expenses. In addition to the foregoing fees, the Borrowers shall pay or reimburse each Issuing Lender for such normal and customary fees, costs, charges and expenses as are incurred or charged by such Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit issued by it. Such normal and customary fees, costs, charges and expenses are due and payable on demand and are nonrefundable.

SECTION 3.4. L/C Participations.

(a)Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce each Issuing Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from each Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Commitment Percentage in each Issuing Lender’s obligations and rights under and in respect of each Letter of Credit issued by it hereunder and the amount of each draft paid by such Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit issued by such Issuing Lender for which such Issuing Lender is not reimbursed in full by the Borrowers through a Loan or otherwise in accordance with the terms of this Agreement, such L/C Participant shall pay to such Issuing Lender upon demand at such Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Commitment Percentage of the amount of such draft, or any part thereof, which is not so reimbursed.

(b)Upon becoming aware of any amount required to be paid by any L/C Participant to any Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit issued by it, such Issuing Lender shall notify the Administrative Agent of such unreimbursed amount and the Administrative Agent shall notify each L/C Participant (with a copy to the applicable Issuing Lender) of the amount and due date of such required payment and such L/C Participant shall pay to the Administrative Agent (which, in turn shall pay such Issuing Lender) the amount specified on the applicable due date. If any such amount is paid to such Issuing Lender after the date such payment is due, such L/C Participant shall pay to the Administrative Agent, which in turn shall pay such Issuing Lender on demand, in addition to such amount, the product of (i) such amount, times (ii) the daily average Federal Funds Rate as determined by the Administrative Agent during the period from and including the date such payment is due to the date on which such

payment is immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360, plus any administrative, processing or similar fees customarily charged by such Issuing Lender in connection with the foregoing. A certificate of such Issuing Lender with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. With respect to payment to such Issuing Lender of the unreimbursed amounts described in this Section, if the L/C Participants receive notice that any such payment is due (A) prior to 1:00 p.m. on any Business Day, such payment shall be due that Business Day, and (B) after 1:00 p.m. on any Business Day, such payment shall be due on the following Business Day.

(c)Whenever, at any time after any Issuing Lender has made payment under any Letter of Credit issued by it and has received from any L/C Participant its Commitment Percentage of such payment in accordance with this Section, such Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Administrative Agent or otherwise), or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided that in the event that any such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to the Administrative Agent, which shall in turn pay to such Issuing Lender, the portion thereof previously distributed by such Issuing Lender to it.

(d)Each L/C Participant’s obligation to make the Loans referred to in Section 3.4(b) and to purchase participating interests pursuant to Section 3.4(a) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Lender or any Borrower may have against the Issuing Lender, the Borrowers or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article VI, (iii) any adverse change in the condition (financial or otherwise) of the Borrowers, (iv) any breach of this Agreement or any other Loan Document by the Borrowers, any other Credit Party or any other Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

SECTION 3.5. Reimbursement. In the event of any drawing under any Letter of Credit, the Borrowers agree to reimburse (either with the proceeds of a Loan as provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender by paying to the Administrative Agent the amount of such drawing not later than 12:00 noon on (i) the Business Day that the applicable Borrower receives notice of such drawing, if such notice is received by such Borrower prior to 10:00 a.m., or (ii) the Business Day immediately following the day that the applicable Borrower receives such notice, if such notice is not received prior to such time, for the amount of (x) such draft so paid and (y) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the Borrowers shall immediately notify the Administrative Agent and such Issuing Lender that the Borrowers intend to reimburse such Issuing Lender for such drawing from other sources or funds, the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Base Rate Loan on the applicable repayment date in the amount (without regard to the minimum and multiples specified in Section 2.3(a)) of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Lenders shall make a Base Rate Loan in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Lender acknowledges and agrees that its obligation to fund a Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI. If the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, or if the amount of such drawing is not fully refunded through a Base Rate Loan as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until paid in full.

SECTION 3.6. Obligations Absolute.

(a)The Borrowers’ obligations under this Article III (including the Reimbursement Obligation) shall be absolute, unconditional and irrevocable under any and all circumstances whatsoever, and shall be performed strictly in accordance with the terms of this Agreement, and irrespective of:

(i)any lack of validity or enforceability of any Letter of Credit, any Letter of Credit Document or this Agreement, or any term or provision therein or herein;

(ii)the existence of any claim, counterclaim, setoff, defense or other right that the Borrowers may have or have had against the applicable Issuing Lender or any beneficiary of a Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the applicable Issuing Lender or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

(iii)the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent, forged or insufficient in any respect or any statement in such draft or other document being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

(iv)any payment by the Issuing Lender under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit; or

(v)any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrowers’ obligations hereunder.

(b)The Borrowers also agree that the applicable Issuing Lender and the L/C Participants shall not be responsible for, and the Borrowers’ Reimbursement Obligation under Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among any Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of any Borrower against any beneficiary of such Letter of Credit or any such transferee. The applicable Issuing Lender, the L/C Participants and their respective Related Parties shall not have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit, or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the applicable Issuing Lender; provided that the foregoing shall not be construed to excuse an Issuing Lender from liability to the Borrowers to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by Applicable Law) suffered by the Borrowers that are caused by such Issuing Lender’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the applicable Issuing Lender (as finally determined by a court of competent jurisdiction), such Issuing Lender shall be deemed to have exercised care in each such determination.

(c)In furtherance of the foregoing and without limiting the generality thereof, the parties agree that (i) with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable Issuing Lender may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit, (ii) an Issuing Lender may act upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that such Issuing Lender in good faith believes to have been given by a Person

authorized to give such instruction or request and (iii) an Issuing Lender may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment thereto with a certified true copy marked as such or waive a requirement for its presentation. The responsibility of any Issuing Lender to the Borrowers in connection with any draft presented for payment under any Letter of Credit issued by it shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment substantially conforms to the requirements under such Letter of Credit.

SECTION 3.7. Effect of Letter of Credit Documents. To the extent that any provision of any Letter of Credit Document related to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.

SECTION 3.8. Resignation of Issuing Lenders.

(a)Any Issuing Lender may resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders and the Borrowers. After the resignation of an Issuing Lender hereunder, the retiring Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase the outstanding Letter of Credit.

(b)Any resigning Issuing Lender shall retain all the rights, powers, privileges and duties of an Issuing Lender hereunder with respect to all Letters of Credit issued by it that are outstanding as of the effective date of its resignation as an Issuing Lender and all L/C Obligations with respect thereto (including the right to require the Lenders to take such actions as are required under Section 3.4). Without limiting the foregoing, upon the resignation of a Lender as an Issuing Lender hereunder, the Borrowers may, or at the request of such resigned Issuing Lender the Borrowers shall, use commercially reasonable efforts to arrange for one or more of the other Issuing Lenders to issue Letters of Credit hereunder in substitution for the Letters of Credit, if any, issued by such resigned Issuing Lender and outstanding at the time of such resignation, or make other arrangements satisfactory to the resigned Issuing Lender to effectively cause another Issuing Lender to assume the obligations of the resigned Issuing Lender with respect to any such Letters of Credit.

SECTION 3.9. Reporting of Letter of Credit Information and L/C Commitment. At any time that there is an Issuing Lender that is not also the financial institution acting as Administrative Agent, then (a) no later than the fifth Business Day following the last day of each calendar month, (b) on each date that a Letter of Credit is amended, terminated or otherwise expires, (c) on each date that a Letter of Credit is issued or the expiry date of a Letter of Credit is extended, and (d) upon the request of the Administrative Agent, each Issuing Lender (or, in the case of clauses (b), (c) or (d) of this Section, the applicable Issuing Lender) shall deliver to the Administrative Agent a report setting forth in form and detail reasonably satisfactory to the Administrative Agent information (including any reimbursement, Cash Collateral, or termination in respect of Letters of Credit issued by such Issuing Lender) with respect to each Letter of Credit issued by such Issuing Lender that is outstanding hereunder. In addition, each Issuing Lender shall provide notice to the Administrative Agent of its L/C Commitment, or any change thereto, promptly upon it becoming an Issuing Lender or making any change to its L/C Commitment. No failure on the part of any Issuing Lender to provide such information pursuant to this Section 3.9 shall limit the obligations of the Borrowers or any Lender hereunder with respect to its reimbursement and participation obligations hereunder.

SECTION 3.10. Letter of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to mean the maximum face amount of such Letter of Credit after giving effect to all increases thereof contemplated by such Letter of Credit or the Letter of Credit Documents therefor (at the time specified therefor in such applicable Letter of Credit or Letter of Credit Documents and as such amount may be reduced by (a) any permanent reduction of such Letter of Credit or (b) any amount which is drawn, reimbursed and no longer available under such Letter of Credit).

SECTION 3.11. Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary that is a Guarantor (such Subsidiary, a “Subsidiary Guarantor”), or states that a Subsidiary Guarantor is the “account party,” “applicant,” “customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any rights of the applicable Issuing Lender (whether arising by contract, at law, in equity or otherwise) against such Subsidiary Guarantor in respect of such Letter of Credit, the Borrowers (a) shall be obligated to reimburse, or to cause the applicable Subsidiary Guarantor to reimburse, the applicable Issuing Lender hereunder for any and all drawings under such Letter of Credit as if such Letter of Credit had been issued solely for the account of any Borrower and (b) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary Guarantor in respect of such Letter of Credit. The Borrowers hereby acknowledge that the issuance of Letters of Credit for the account of any of their respective Subsidiary Guarantors inures to the benefit of the Borrowers and that the Borrowers’ business derives substantial benefits from the businesses of such Subsidiary Guarantors.

ARTICLE IV.

MULTIPLE BORROWERS

SECTION 4.1. Obligations Joint and Several and Unconditional. The obligations of each Borrower under this Agreement, the Notes and each other Loan Document are joint and several and absolute and unconditional irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the other Borrowers under this Agreement, the Notes or any other Loan Document (collectively, the “Other Borrower Obligations”), or any substitution, release or exchange of any other guarantee of or security for any of the Other Borrower Obligations, and, to the fullest extent permitted by Applicable Law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Article IV that the obligations of each Borrower under this Agreement shall be absolute and unconditional under any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not affect the liability of any Borrower under this Agreement, the Notes or any other agreement referred to herein or therein:

(a)at any time or from time to time, without notice to any Borrower, the time for any performance of or compliance with any of the Other Borrower Obligations shall be extended, or such performance or compliance shall be waived;

(b)any of the acts mentioned in any of the provisions of this Agreement, any Loan Document or any other agreement or instrument referred to herein or therein shall be done or omitted;

(c)the maturity of any of the Other Borrower Obligations shall be accelerated, or any of the Other Borrower Obligations shall be modified, supplemented or amended in any respect, or any right under this Agreement or the Notes or any other Loan Document shall be waived or any other guarantee of any of the Other Borrower Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; or

(d)any lien or security interest granted to, or in favor of, the Administrative Agent, any Issuing Lender or any Lender or Lenders as security for any of the Other Borrower Obligations shall fail to be perfected.

Each Borrower hereby expressly waives, with respect to the Other Borrower Obligations, diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent, any Issuing Lender or any Lender exhaust any right, power or remedy or proceed against the other Borrowers under this Agreement or the Notes or any other Loan Document, or against any other Person under any other guarantee of, or security for, any of the Other Borrower Obligations.

SECTION 4.2. Reinstatement. The obligations of a Borrower under this Agreement, the Notes, the Loan Documents or any other agreement or instrument referred to herein or therein, shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the other Borrowers in respect of the Other

Borrower Obligations is rescinded or must be otherwise restored by any holder of any of the Other Borrower Obligations, whether as a result of any proceedings in a bankruptcy or reorganization or otherwise.

SECTION 4.3. Subrogation. Each Borrower hereby agrees that until the date on or prior to which all of the Commitments have been terminated, all Letters of Credit have expired or terminated and returned to the Issuing Lender, and all Secured Obligations have been paid in full, it shall not exercise any right or remedy arising by reason of any performance by it of any of its obligations hereunder, whether by subrogation or otherwise, against the Other Borrower Obligations or any security for any of the Other Borrower Obligations.

SECTION 4.4. Remedies. Each Borrower agrees that, as between such Borrower and the Administrative Agent and the Lenders, (a) the obligations of the other Borrowers under this Agreement and the Notes may be declared to be forthwith due and payable as provided in Article X hereof (and shall be deemed to have become automatically due and payable in the circumstances provided in Article X) notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from being deemed to have become automatically due and payable) and (b) such obligations (whether or not due and payable by such other Borrowers) shall forthwith become due and payable by such Borrower.

SECTION 4.5. Limitation on Obligations. Notwithstanding any provision to the contrary contained herein, in any of the Notes or any other Credit Document, to the extent the joint obligations of the Borrowers would be adjudicated to be invalid or unenforceable for any reason (including because of applicable state or federal law relating to fraudulent conveyances or transfers) then the aggregate obligations of each Borrower hereunder and all other agreements and instruments referred to herein or therein as to the Other Borrower Obligations shall be limited to the maximum amount that is permissible under Applicable Law (whether federal or state and including, with limitation, any bankruptcy, insolvency, reorganization, moratorium, or similar law affecting creditors’ rights generally).

SECTION 4.6. Borrowers’ Representative; Binding on All Borrowers. Each Borrower hereby designates the Parent as its representative and agent on its behalf for the purposes of issuing Notices of Borrowing, Notices of Account Designation, Notices of Conversion/Continuations, Notices of Prepayments, delivering Compliance Certificates, giving instructions with respect to the disbursement of the proceeds of the Loans, selecting interest rate options, requesting, extending, increasing, and amending Letters of Credit, approving permitted assignees and successor agent and Issuing Lenders, and for the purposes of giving and receiving all other notices and consents hereunder or under any of the other Loan Documents and taking all other actions on behalf of any Borrower or Borrowers under the Loan Documents. Borrower Representative hereby accepts such appointments. Unless otherwise expressly required hereunder, the Administrative Agent and each Lender may regard any notice or other communication pursuant to any Loan Document from Borrower Representative or from an individual Borrower as a notice or communication from all Borrowers, and may give any notice or communication required or permitted to be given to any Borrower or Borrowers hereunder to Borrower Representative or to a single Borrower on behalf of all Borrowers; provided that, the failure to give such notice to the Borrower Representative or any Borrower shall not release or diminish or otherwise affect in any way the Borrowers’ obligation to pay any amounts owing under this Agreement or any other Loan Document or to otherwise comply with terms hereof or thereof. Each Borrower agrees that each action taken or omitted to be taken by, and any notices and consents received by the Borrower Representative or any Borrower, and any notice, election, representation and warranty, covenant, agreement and undertaking made on its behalf by Borrower Representative or any other Borrower shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if the same had been made directly by such Borrower.

ARTICLE V.

GENERAL LOAN PROVISIONS

SECTION 5.1. Interest.

(a)Interest Rate Options. Subject to the provisions of this Section, at the election of the applicable Borrower, Loans shall bear interest at (A) the Base Rate plus the Applicable Margin or (B) Adjusted Term SOFR plus the Applicable Margin. The applicable Borrower shall select the rate of interest and Interest Period, if any, applicable to any Loan at the time a Notice of Borrowing is given or at the time a Notice of Conversion/Continuation is given pursuant to Section 5.2.

(b)Default Rate. Subject to Section 10.3, (i) immediately upon the occurrence and during the continuance of an Event of Default under Section 10.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the occurrence and during the continuance of any other Event of Default, (A) the Borrowers shall no longer have the option to request SOFR Loans or Letters of Credit, (B) all outstanding SOFR Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to SOFR Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (C) all outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans or such other Obligations arising hereunder or under any other Loan Document and (D) all accrued and unpaid interest shall be due and payable on demand of the Administrative Agent. Interest shall continue to accrue on the Obligations after the filing by or against any Borrower of any petition seeking any relief in bankruptcy or under any Debtor Relief Law.

(c)Interest Payment and Computation. Interest on each Base Rate Loan shall be due and payable in arrears on the last Business Day of each calendar month commencing May 31, 2021 and on the Maturity Date; and interest on each SOFR Loan shall be due and payable in arrears on the last day of each Interest Period applicable thereto, and if such Interest Period extends over three (3) months, at the end of each three (3) month interval during such Interest Period, and on the Maturity Date; provided that (i) in the event of any repayment or prepayment of any SOFR Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (ii) in the event of any conversion of any SOFR Loan prior to the end of the Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. All computations of interest for Base Rate Loans shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year).

(d)Maximum Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s option (i) promptly refund to the Borrowers any interest received by the Lenders in excess of the maximum lawful rate or (ii) apply such excess to the principal balance of the Obligations. It is the intent hereof that the Borrowers not pay or contract to pay, and that neither the Administrative Agent nor any Lender receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by the Borrowers under Applicable Law.

(e)Term SOFR Conforming Changes. In connection with the use or administration of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The Administrative Agent will promptly notify the Borrowers and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.

SECTION 5.2. Notice and Manner of Conversion or Continuation of Loans. Provided that no Default or Event of Default has occurred and is then continuing, the Borrowers shall have the option to (a) convert at any time

all or any portion of any outstanding Base Rate Loans in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof (or such lesser amount as shall represent all of the Base Rate Loans then outstanding) into one or more SOFR Loans and (b) upon the expiration of any Interest Period therefor, (i) convert all or any part of its outstanding SOFR Loans in a principal amount equal to $500,000 or a whole multiple of $100,000 in excess thereof (or such lesser amount as shall represent all of the SOFR Loans then outstanding) into Base Rate Loans or (ii) continue any such SOFR Loans as SOFR Loans. Whenever a Borrower desires to convert or continue Loans as provided above, such Borrower shall give the Administrative Agent irrevocable prior written notice in the form attached as Exhibit E (a “Notice of Conversion/Continuation”) not later than 11:00 a.m. three (3) U.S. Government Securities Business Days before the day on which a proposed conversion or continuation of such Loan is to be effective specifying (A) the Loans to be converted or continued, and, in the case of any SOFR Loan to be converted or continued, the last day of the Interest Period therefor, (B) the effective date of such conversion or continuation (which shall be a Business Day), (C) the principal amount of such Loans to be converted or continued, and (D) the Interest Period to be applicable to such converted or continued SOFR Loan. If the applicable Borrower fails to give a timely Notice of Conversion/Continuation prior to the end of the Interest Period for any SOFR Loan, then the applicable SOFR Loan shall be converted to a Base Rate Loan. Any such automatic conversion to a Base Rate Loan shall be effective as of the last day of the Interest Period then in effect with respect to the applicable SOFR Loan. If a Borrower requests a conversion to, or continuation of, SOFR Loans, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. The Administrative Agent shall promptly notify the affected Lenders of such Notice of Conversion/Continuation.

SECTION 5.3. Fees.

(a)Commitment Fee. Commencing on the Closing Date, subject to Section 5.15(a)(iii)(A), the Borrowers shall pay to the Administrative Agent, for the account of the Lenders, a non-refundable commitment fee (the “Commitment Fee”) at a rate per annum equal to the applicable amount for Commitment Fees as set forth in the definition of Applicable Margin on the average daily unused portion of the Commitment of the Lenders (other than the Defaulting Lenders, if any). The Commitment Fee shall be payable in arrears on the last Business Day of each calendar quarter during the term of this Agreement and ending on the date upon which all Obligations (other than contingent indemnification obligations not then due) arising under the Revolving Credit Facility shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Commitment has been terminated. The Commitment Fee shall be distributed by the Administrative Agent to the Lenders (other than any Defaulting Lender) pro rata in accordance with such Lenders’ respective Commitment Percentages.

(b)Other Fees. The Borrowers shall pay to the Arranger and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letter. The Borrowers shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified.

SECTION 5.4. Manner of Payment. Each payment by a Borrower on account of the principal of or interest on the Loans or of any fee, commission or other amounts (including the Reimbursement Obligation) payable to the Lenders under this Agreement shall be made not later than 1:00 p.m. on the date specified for payment under this Agreement to the Administrative Agent at the Administrative Agent’s Office for the account of the Lenders entitled to such payment in Dollars, in immediately available funds and shall be made without any setoff, counterclaim or deduction whatsoever. Any payment received after such time but before 2:00 p.m. on such day shall be deemed a payment on such date for the purposes of Section 10.1, but for all other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment received after 2:00 p.m. shall be deemed to have been made on the next succeeding Business Day for all purposes. Upon receipt by the Administrative Agent of each such payment, the Administrative Agent shall distribute to each such Lender at its address for notices set forth herein its Commitment Percentage in respect of the relevant Credit Facility (or other applicable share as provided herein) of such payment and shall wire advice of the amount of such credit to each Lender. Each payment to the Administrative Agent of any Issuing Lender’s fees or L/C Participants’ commissions shall be made in like manner, but for the account of such Issuing Lender or the L/C Participants, as the case may be. Each payment to the Administrative Agent of Administrative Agent’s fees or expenses shall be made for the account of the Administrative Agent and any amount payable to any Lender under Sections 5.9, 5.10, 5.11 or 12.3 shall be paid to

the Administrative Agent for the account of the applicable Lender. Subject to the definition of Interest Period, if any payment under this Agreement shall be specified to be made upon a day which is not a Business Day, it shall be made on the next succeeding day which is a Business Day and such extension of time shall in such case be included in computing any interest if payable along with such payment. Notwithstanding the foregoing, if there exists a Defaulting Lender each payment by a Borrower to such Defaulting Lender hereunder shall be applied in accordance with Section 5.15(a)(ii).

SECTION 5.5. Evidence of Indebtedness.

(a)Extensions of Credit. The Extensions of Credit made by each Lender and each Issuing Lender shall be evidenced by one or more accounts or records maintained by such Lender or such Issuing Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender or the applicable Issuing Lender shall be conclusive absent manifest error of the amount of the Extensions of Credit made by the Lenders or such Issuing Lender to the Borrowers and their Subsidiaries and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender or any Issuing Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans, in addition to such accounts or records. Each Lender may attach schedules to its Notes and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

(b)Participations. In addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

SECTION 5.6. Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations (other than pursuant to Sections 5.9, 5.10, 5.11 or 12.3) greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them; provided that:

(i)if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and

(ii)the provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the application of Cash Collateral provided for in Section 5.14 or (C) any payment obtained by a Lender as consideration for the assignment of, or sale of, a participation in any of its Loans or participations in Letters of Credit to any assignee or participant, other than to the Borrowers or any of their Subsidiaries or Affiliates (as to which the provisions of this paragraph shall apply).

Each Credit Party consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit

Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Credit Party in the amount of such participation.

SECTION 5.7. Administrative Agent’s Clawback.

(a)Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender (i) in the case of Base Rate Loans, not later than 12:00 noon on the date of any proposed borrowing and (ii) otherwise, prior to the proposed date of any borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Sections 2.3(b) and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the daily average Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (B) in the case of a payment to be made by such Borrower, the interest rate applicable to Base Rate Loans. If such Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such borrowing. Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed to make such payment to the Administrative Agent.

(b)Payments by the Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the applicable Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lenders hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lenders, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders or the Issuing Lenders, as the case maybe, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

(c)Nature of Obligations of Lenders. The obligations of the Lenders under this Agreement to make the Loans, to issue or participate in Letters of Credit and to make payments under this Section, Section 5.11(e), Section 11.12, Section 12.3(c) or Section 12.7, as applicable, are several and are not joint or joint and several. The failure of any Lender to make available its Commitment Percentage of any Loan requested by any Borrower shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment Percentage of such Loan available on the borrowing date, but no Lender shall be responsible for the failure of any other Lender to make its Commitment Percentage of such Loan available on the borrowing date.

SECTION 5.8. Changed Circumstances.

(a)Circumstances Affecting Benchmark Availability. Subject to clause (c) below, in connection with any request for a SOFR Loan or a conversion to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining Adjusted Term SOFR for the applicable Interest Period with respect to a proposed SOFR Loan on or prior to the first day of such Interest Period or (ii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that Adjusted Term SOFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans

during such Interest Period and, in the case of clause (ii), the Required Lenders have provided notice of such determination to the Administrative Agent, then, in each case, the Administrative Agent shall promptly give notice thereof to the Borrowers. Upon notice thereof by the Administrative Agent to the Borrowers, any obligation of the Lenders to make SOFR Loans, and any right of the Borrowers to convert any Loan to or continue any Loan as a SOFR Loan, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods) until the Administrative Agent (with respect to clause (ii), at the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, (A) the Borrowers may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected SOFR Loans or the affected Interest Periods) or, failing that, the Borrowers will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans in the amount specified therein and (B) any outstanding affected SOFR Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 5.9.

(b)Laws Affecting SOFR Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any SOFR Loan, or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrowers and the other Lenders (an “Illegality Notice”). Thereafter, until each affected Lender notifies the Administrative Agent and the Administrative Agent notifies the Borrowers that the circumstances giving rise to such determination no longer exist, (i) any obligation of the Lenders to make SOFR Loans, and any right of the Borrowers to convert any Loan to a SOFR Loan or continue any Loan as a SOFR Loan, shall be suspended and (ii) if necessary to avoid such illegality, the Administrative Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”. Upon receipt of an Illegality Notice, the Borrowers shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all SOFR Loans to Base Rate Loans (in each case, if necessary to avoid such illegality, the Administrative Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”), on the last day of the Interest Period therefor, if all affected Lenders may lawfully continue to maintain such SOFR Loans to such day, or immediately, if any Lender may not lawfully continue to maintain such SOFR Loans to such day. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 5.9.

(c)Benchmark Replacement Setting.

(i)Benchmark Replacement.

(A)Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrowers may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrowers so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 5.8(c)(i)(A) will occur prior to the applicable Benchmark Transition Start Date.

(B)No Hedge Agreements shall be deemed to be a “Loan Document” for purposes of this Section 5.8(c).

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

(iii)Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrowers and the Lenders of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrowers of the removal or reinstatement of any tenor of a Benchmark pursuant to Section 5.8(c)(iv). Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 5.8(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 5.8(c).

(iv)Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

(v)Benchmark Unavailability Period. Upon the Borrowers’ receipt of notice of the commencement of a Benchmark Unavailability Period, (A) the Borrowers may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrowers will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans and (B) any outstanding affected SOFR Loans will be deemed to have been converted to Base Rate Loans at the end of the applicable Interest Period. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

(d)Illegality. If, in any applicable jurisdiction, the Administrative Agent, any Issuing Lender or any Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent, any Issuing Lender or any Lender to (i) perform any of its obligations hereunder or under any other Loan Document, (ii) to fund or maintain its participation in any Loan or (iii) issue, make, maintain, fund or charge interest or fees with respect to any Extension of Credit, such Person shall promptly notify the Administrative Agent, then, upon the Administrative Agent notifying the Borrowers, and until such notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge

interest or fees with respect to any such Extension of Credit shall be suspended, and to the extent required by Applicable Law, cancelled. Upon receipt of such notice, the Credit Parties shall, (A) repay that Person’s participation in the Loans or other applicable Obligations on the last day of the Interest Period for each Loan or other Obligation occurring after the Administrative Agent has notified the Borrowers or, if earlier, the date specified by such Person in the notice delivered to the Administrative Agent (being no earlier than the last day of any applicable grace period permitted by Applicable Law) and (B) take all reasonable actions requested by such Person to mitigate or avoid such illegality.

SECTION 5.9. Indemnity. Each Borrower hereby indemnifies each of the Lenders against any loss, cost or expense (including any loss, cost or expense arising from the liquidation or reemployment of funds or from any fees payable) which may arise, be attributable to or result due to or as a consequence of (a) any failure by any Borrower to make any payment when due of any amount due hereunder in connection with a SOFR Loan, (b) any failure of any Borrower to borrow or continue a SOFR Loan or convert to a SOFR Loan on a date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation, (c) any failure of any Borrower to prepay any SOFR Loan on a date specified therefor in any Notice of Prepayment (regardless of whether any such Notice of Prepayment may be revoked under Section 2.4(c) and is revoked in accordance therewith), (d) any payment, prepayment or conversion of any SOFR Loan on a date other than the last day of the Interest Period therefor (including as a result of an Event of Default) or (e) the assignment of any SOFR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by any Borrower pursuant to Section 5.12(b). A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate such Lender shall be forwarded to the Borrowers through the Administrative Agent and shall be conclusively presumed to be correct save for manifest error. All of the obligations of the Credit Parties under this Section 5.9 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

SECTION 5.10. Increased Costs.

(a)Increased Costs Generally. If any Change in Law shall:

(i)impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the FRB, as amended and in effect from time to time)), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, any Lender or any Issuing Lender;

(ii)subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

(iii)impose on any Lender or any Issuing Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender, any Issuing Lender or such other Recipient of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender, such Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender, such Issuing Lender or such other Recipient hereunder (whether of principal, interest or any other amount) then, upon written request of such Lender, such Issuing Lender or other Recipient, the Borrowers shall promptly pay to any such Lender, such Issuing

Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

(b)Capital Requirements. If any Lender or any Issuing Lender determines that any Change in Law affecting such Lender or such Issuing Lender or any Lending Office of such Lender or such Lender’s or such Issuing Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Lender’s capital or on the capital of such Lender’s or such Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitment of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Lender, to a level below that which such Lender or such Issuing Lender or such Lender’s or such Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Lender’s policies and the policies of such Lender’s or such Issuing Lender’s holding company with respect to capital adequacy and liquidity), then from time to time upon written request of such Lender or such Issuing Lender the Borrowers shall promptly pay to such Lender or such Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Lender or such Lender’s or such Issuing Lender’s holding company for any such reduction suffered.

(c)Certificates for Reimbursement. A certificate of a Lender, or an Issuing Lender or such other Recipient setting forth the amount or amounts necessary to compensate such Lender or such Issuing Lender, such other Recipient or any of their respective holding companies, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to the Borrowers, shall be conclusive absent manifest error. The Borrowers shall pay such Lender or such Issuing Lender or such other Recipient, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

(d)Delay in Requests. Failure or delay on the part of any Lender or any Issuing Lender or such other Recipient to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Lender’s or such other Recipient’s right to demand such compensation; provided that the Borrowers shall not be required to compensate any Lender or an Issuing Lender or any other Recipient pursuant to this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or such Issuing Lender or such other Recipient, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or such Issuing Lender’s or such other Recipient’s intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

(e)Survival. All of the obligations of the Credit Parties under this Section 5.10 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

SECTION 5.11. Taxes.

(a)Defined Terms. For purposes of this Section 5.11, the term “Lender” includes any Issuing Lender and the term “Applicable Law” includes FATCA.

(b)Payments Free of Taxes. Any and all payments by or on account of any obligation of any Credit Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Credit Party shall be increased as necessary so that, after such deduction or withholding has been made (including such deductions and withholdings applicable

to additional sums payable under this Section), the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

(c)Payment of Other Taxes by the Credit Parties. The Credit Parties shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

(d)Indemnification by the Credit Parties. The Credit Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrowers by a Recipient (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Recipient, shall be conclusive absent manifest error.

(e)Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.9(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

(f)Evidence of Payments. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 5.11, such Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

(g)Status of Lenders.

(i)Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by any Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by any Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by any Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by any Borrower or the Administrative Agent as will enable such Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.11(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

(ii)Without limiting the generality of the foregoing,

(A)any Lender that is a U.S. Person shall deliver to the Borrowers and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of any Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from United States federal backup withholding tax;

(B)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of any Borrower or the Administrative Agent), whichever of the following is applicable:

(1)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN-E establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

(2)executed copies of IRS Form W-8ECI;

(3)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrowers within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN-E; or

(4)to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf of each such direct and indirect partner;

(C)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of any Borrower or the Administrative Agent), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in United States federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and

(D)if a payment made to a Lender under any Loan Document would be subject to United States federal withholding Tax imposed by FATCA if such Lender were to fail to comply

with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by any Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by any Borrower or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrowers and the Administrative Agent in writing of its legal inability to do so.

(h)Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.11 (including by the payment of additional amounts pursuant to this Section 5.11), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

(i)Survival. Each party’s obligations under this Section 5.11 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

SECTION 5.12. Mitigation Obligations; Replacement of Lenders.

(a)Designation of a Different Lending Office. If any Lender requests compensation under Section 5.10, or requires the Borrowers to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.11, then such Lender shall, at the request of the Borrowers, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.10 or Section 5.11, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

(b)Replacement of Lenders. If any Lender requests compensation under Section 5.10, or if the Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental

Authority for the account of any Lender pursuant to Section 5.11, and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 5.12(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 12.9), all of its interests, rights (other than its existing rights to payments pursuant to Section 5.10 or Section 5.11) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:

(i)the Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 12.9;

(ii)such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded participations in Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.9) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts);

(iii)in the case of any such assignment resulting from a claim for compensation under Section 5.10 or payments required to be made pursuant to Section 5.11, such assignment will result in a reduction in such compensation or payments thereafter;

(iv)such assignment does not conflict with Applicable Law; and

(v)in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply.

Each party hereto agrees that (x) an assignment required pursuant to this Section 5.12 may be effected pursuant to an Assignment and Assumption executed by the Borrowers, the Administrative Agent and the assignee and (y) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender or the Administrative Agent, provided further that any such documents shall be without recourse to or warranty by the parties thereto.

(c)Selection of Lending Office. Subject to Section 5.12(a), each Lender may make any Loan to the Borrowers through any Lending Office, provided that the exercise of this option shall not affect the obligations of the Borrowers to repay the Loan in accordance with the terms of this Agreement or otherwise alter the rights of the parties hereto.

SECTION 5.13. [Reserved].

SECTION 5.14. Cash Collateral. At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or any Issuing Lender (with a copy to the Administrative Agent), the Borrowers shall Cash Collateralize the Fronting Exposure of such Issuing Lender with respect to such Defaulting Lender (determined after giving effect to Section 5.15(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

(a)Grant of Security Interest. The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of each Issuing Lender, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lender’s obligation to fund participations in respect of L/C Obligations, to be applied pursuant to subsection (b) below. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and each Issuing Lender as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrowers will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

(b)Application. Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, Cash Collateral provided under this Section 5.14 or Section 5.15 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

(c)Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting Exposure of any Issuing Lender shall no longer be required to be held as Cash Collateral pursuant to this Section 5.14 following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and the Issuing Lenders that there exists excess Cash Collateral; provided that, subject to Section 5.15, the Person providing Cash Collateral and the Issuing Lenders may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations; and provided further that to the extent that such Cash Collateral was provided by the Borrowers, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents.

SECTION 5.15. Defaulting Lenders.

(a)Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:

(i)Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 12.2.

(ii)Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.4 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Lenders hereunder; third, to Cash Collateralize the Fronting Exposure of the Issuing Lenders with respect to such Defaulting Lender in accordance with Section 5.14; fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan or funded participation in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans and funded participations under this Agreement and (B) Cash Collateralize the Issuing Lenders’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 5.14; sixth, to the payment of any amounts owing to the Lenders or the Issuing Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender

or any Issuing Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of any Loans or funded participations in Letters of Credit in respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 6.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and funded participations in Letters of Credit owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or funded participations in Letters of Credit owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments under the Revolving Credit Facility without giving effect to Section 5.15(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 5.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

(iii)Certain Fees.

(A)No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

(B)Each Defaulting Lender shall be entitled to receive Letter of Credit issuance fees pursuant to Section 3.3 for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Commitment Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 5.14.

(C)With respect to any Commitment Fee or Letter of Credit issuance fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrowers shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to each applicable Issuing Lender the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of any such fee.

(iv)Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Commitment Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 12.22, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

(v)Cash Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the Issuing Lenders’ Fronting Exposure in accordance with the procedures set forth in Section 5.14.

(b)Defaulting Lender Cure. If the Borrowers, the Administrative Agent, and the Issuing Lenders agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), such Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held pro rata by the Lenders in accordance with the Commitments under the applicable Credit Facility (without giving effect to Section 5.15(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided further that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

ARTICLE VI.

CONDITIONS OF CLOSING AND BORROWING

SECTION 6.1. Conditions to Closing and Initial Extensions of Credit. The obligation of the Lenders to close this Agreement and to make the initial Loans or issue or participate in the initial Letters of Credit, if any, is subject to the satisfaction of each of the following conditions:

(a)Executed Loan Documents. This Agreement, a Note in favor of each Lender requesting a Note, the Security Documents to be delivered on the Closing Date and the Guaranty Agreement, together with any other applicable Loan Documents, shall have been duly authorized, executed and delivered to the Administrative Agent by the parties thereto, shall be in full force and effect and no Default or Event of Default shall have occurred and be continuing.

(b)Closing Certificates; Etc. The Administrative Agent shall have received each of the following in form and substance reasonably satisfactory to the Administrative Agent:

(i)Officer’s Certificate. A certificate from a Responsible Officer of the Parent to the effect that (A) all representations and warranties of the Credit Parties contained in this Agreement and the other Loan Documents are true, correct and complete in all material respects (except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true, correct and complete in all respects); (B) none of the Credit Parties is in violation of any of the covenants contained in this Agreement and the other Loan Documents; (C) after giving effect to the Transactions, no Default or Event of Default has occurred and is continuing; (D) since December 31, 2020, no event has occurred or condition or contingency arisen, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect; and (E) each of the Credit Parties, as applicable, has satisfied each of the conditions set forth in Section 6.1 and Section 6.2.

(ii)Certificate of Secretary of each Credit Party. A certificate of a Responsible Officer of each Credit Party certifying as to the incumbency and genuineness of the signature of each officer of such Credit Party executing Loan Documents to which it is a party and certifying that attached thereto is a true, correct and complete copy of (A) the articles or certificate of incorporation or formation (or equivalent), as applicable, of such Credit Party and all amendments and other modifications thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (B) the bylaws or governing documents of such Credit Party as in effect on the Closing Date, (C) resolutions duly adopted by the board of directors (or other governing body) of such Credit Party authorizing and approving the transactions contemplated hereunder and the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party, and (D) each certificate required to be delivered pursuant to Section 6.1(b)(iii).

(iii)Certificates of Good Standing. Certificates as of a recent date of the good standing of each Credit Party under the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, and each other jurisdiction where such Credit Party is qualified to do business.

(iv)Opinions of Counsel. Opinion of Miller Hahn, PLLC, as counsel to the Credit Parties, addressed to the Administrative Agent and the Lenders with respect to the Credit Parties, the Loan Documents and such other matters as the Administrative Agent shall request (which such opinion shall expressly permit reliance by the permitted successors and assigns of the Administrative Agent and the Lenders).

(c)Personal Property Collateral.

(i)Filings and Recordings. The Administrative Agent shall have received all filings and recordations that are necessary to perfect the security interests of the Administrative Agent, on behalf of the Secured Parties, in the Collateral, including, without limitation, UCC financing statements with respect to each Credit Party in form and substance satisfactory to the Administrative Agent, and the Administrative Agent shall have received evidence reasonably satisfactory to the Administrative Agent that upon such filings and recordations such security interests constitute valid and perfected first priority Liens thereon (subject to Permitted Liens).

(ii)Pledged Collateral. The Administrative Agent shall have received (A) original stock certificates or other certificates evidencing the certificated Equity Interests pledged pursuant to the Security Documents, together with an undated stock power for each such certificate duly executed in blank by the registered owner thereof and (B) each original promissory note pledged pursuant to the Security Documents together with an undated allonge for each such promissory note duly executed in blank by the holder thereof.

(iii)Lien Search. The Administrative Agent shall have received the results of Lien searches (including, without limitation, searches as to judgments, pending litigation, bankruptcy, tax and intellectual property matters), in form and substance reasonably satisfactory thereto, made against the Credit Parties under the Uniform Commercial Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of such Credit Party, indicating among other things that the assets of each such Credit Party are free and clear of any Lien (except for Permitted Liens and Liens being released on or prior to the Closing Date).

(iv)Property and Liability Insurance. The Administrative Agent shall have received, in each case in form and substance reasonably satisfactory to the Administrative Agent, evidence of property and liability insurance as requested by the Administrative Agent, and if requested by the Administrative Agent, copies of such insurance policies.

(v)Intellectual Property. The Administrative Agent shall have received security agreements duly executed by the applicable Credit Parties for all federally registered copyrights, copyright applications, patents, patent applications, trademarks and trademark applications included in the Collateral and which are material to the business of any Credit Party, in each case in proper form for filing with the U.S. Patent and Trademark Office or U.S. Copyright Office, as applicable.

(vi)Control Agreements. The Administrative Agent shall have received all Account Control Agreements, duly executed by the Administrative Agent, the applicable Credit Parties, and such depositary bank, commodity intermediary or securities intermediary, as applicable, as required pursuant to Sections 8.19(a) and 9.17.

(vii)Other Collateral Documentation. The Administrative Agent shall have received any documents reasonably requested thereby or as required by the terms of the Security Documents to evidence

its security interest in the Collateral (including, without limitation, any landlord waivers or collateral access agreements, notices and assignments of claims required under Applicable Laws, bailee or warehouseman letters or filings with any applicable Governmental Authority).

(d)Consents; Defaults.

(i)Governmental and Third Party Approvals. The Credit Parties shall have received all governmental, shareholder and third party consents and approvals necessary in connection with the Transactions, which shall be in full force and effect.

(ii)No Injunction, Etc. No action, suit, proceeding or investigation shall be pending or threatened in any court or before any arbitrator or any Governmental Authority (A) in connection with this Agreement, any other Loan Document or the transactions contemplated hereby or thereby or (B) which could reasonably be expected to result in a material judgment against any Credit Party or against the assets of any Credit Party.

(e)Financial Matters.

(i)Financial Statements. The Administrative Agent shall have received (A) the audited Consolidated balance sheet of the Parent and its Subsidiaries as of December 31, 2019 and the related audited statements of income and retained earnings and cash flows for the Fiscal Year then ended and (B) the unaudited Consolidated balance sheet of the Parent and its Subsidiaries and related unaudited interim statements of income, retained earnings and cash flows for each fiscal quarter ending after December 31, 2019, through and including the fiscal quarter ended September 30, 2020.

(ii)Financial Condition/Solvency Certificate. The Parent shall have delivered to the Administrative Agent a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer of the Parent, that (A) after giving effect to the Transactions, each Credit Party is Solvent, and (B) attached thereto are true and correct calculations evidencing the Credit Parties’ compliance on a Pro Forma Basis after giving effect to the Transactions with the covenants contained in Section 9.15.

(iii)Payment at Closing. The Borrowers shall have paid or made arrangements to pay contemporaneously with closing (A) to the Administrative Agent, the Arranger and the Lenders the fees set forth or referenced in Section 5.3 and any other accrued and unpaid fees due hereunder, (B) all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent accrued and unpaid prior to or on the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrowers and the Administrative Agent) and (C) to any other Person such amount as may be due thereto in connection with the transactions contemplated hereby, including all taxes, fees and other charges in connection with the execution, delivery, recording, filing and registration of any of the Loan Documents.

(f)Miscellaneous.

(i)Notice of Account Designation. The Administrative Agent shall have received a Notice of Account Designation specifying the account or accounts to which the proceeds of any Loans made on or after the Closing Date are to be disbursed.

(ii)Due Diligence. The Administrative Agent shall have completed, to its satisfaction, all legal, tax, accounting, financial, environmental, business, ERISA and other due diligence concerning the Transactions and the business, assets, liabilities, operations and condition (financial or otherwise) of the Parent and its Subsidiaries in scope and determination satisfactory to the Administrative Agent in its sole

discretion, including, without limitation, a review of all Material Contracts (other than ordinary course purchase and sale contracts) of the Credit Parties.

(iii)Existing Indebtedness and Lien Releases. Prior to or concurrently with the Closing Date, the existing Indebtedness of the Parent and its Subsidiaries (including the Enlink Debt, but excluding Indebtedness permitted pursuant to Section 9.1) shall be repaid in full, all commitments (if any) in respect thereof shall have been terminated and all guarantees therefor and security therefor shall be released and the Administrative Agent shall have received pay-off letters, including with respect to the Enlink Debt, in form and substance satisfactory to it evidencing such repayment, termination and release. The Administrative Agent shall have received, or concurrently with the Closing Date shall receive, duly executed (or otherwise authorized) recordable releases, terminations and other evidence of satisfaction and discharge, in each case, in proper form for recording or filing, with respect to any and all Liens not permitted pursuant to Section 9.2, including any Lien granted by any Credit Party with respect to the Enlink Debt, in such form and substance reasonably satisfactory to the Administrative Agent.

(iv)PATRIOT Act, etc.

(A)The Administrative Agent and the Lenders shall have received, at least five (5) Business Days prior to the Closing Date, all documentation and other information requested by the Administrative Agent or any Lender or required by regulatory authorities in order for the Administrative Agent and the Lenders to comply with requirements of any Anti-Money Laundering Laws, including the PATRIOT Act and any applicable “know your customer” rules and regulations.

(B)Each Borrower shall have delivered to the Administrative Agent, and directly to any Lender requesting the same, a Beneficial Ownership Certification in relation to it (or a certification that such Borrower qualifies for an express exclusion from the “legal entity customer” definition under the Beneficial Ownership Regulations), in each case at least five (5) Business Days prior to the Closing Date.

(v)Other Documents. The Administrative Agent shall have received copies of all other documents, certificates and instruments reasonably requested thereby, with respect to the transactions contemplated by this Agreement.

(vi)Representations and Warranties. All representations and warranties of the Credit Parties contained in this Agreement and the other Loan Documents are true, correct and complete in all material respects, as of the Closing Date, except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true, correct and complete in all respects as of the Closing Date.

(vii)No Defaults. After giving effect to the Transactions, no Default or Event of Default has occurred and is continuing.

(viii)No Material Adverse Effect. Since December 31, 2019, no event has occurred or condition or contingency arisen, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

Without limiting the generality of the provisions of Section 11.3(c) and Section 11.4, for purposes of determining compliance with the conditions specified in this Section 6.1, the Administrative Agent and each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

SECTION 6.2. Conditions to All Extensions of Credit. The obligations of the Lenders to make or participate in any Extensions of Credit (including the initial Extension of Credit), convert or continue any Loan and/or any Issuing Lender to issue or extend any Letter of Credit are subject to the satisfaction of the following conditions precedent on the relevant borrowing, continuation, conversion, issuance or extension date:

(a)Continuation of Representations and Warranties. The representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of such borrowing, continuation, conversion, issuance or extension date with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date).

(b)No Existing Default. No Default or Event of Default shall have occurred and be continuing (i) on the borrowing, continuation or conversion date with respect to such Loan or after giving effect to the Loans to be made, continued or converted on such date or (ii) on the issuance or extension date with respect to such Letter of Credit or after giving effect to the issuance or extension of such Letter of Credit on such date.

(c)Notices. The Administrative Agent shall have received a Notice of Borrowing, Letter of Credit Application, or Notice of Conversion/Continuation, as applicable, from the applicable Borrower in accordance with Section 2.3(a), Section 3.2, or Section 5.2, as applicable.

(d)Pro Forma Compliance. The Administrative Agent shall have received a certificate, in form and substance reasonably satisfactory to the Administrative Agent, and certified as true and correct by the chief financial officer of the Parent, establishing that the Credit Parties are in compliance on a Pro Forma Basis with the covenants contained in Section 9.15 before and after giving effect to such borrowing, continuation, conversion, issuance or extension and the application of the proceeds thereof (based on the most recently completed Reference Period), and attaching thereto the calculations evidencing such compliance on a Pro Forma Basis with the covenants contained in Section 9.15 and such other supporting information and calculations that the Administrative Agent may reasonably request, in each case, in form and detail reasonably satisfactory to the Administrative Agent.

(e)New Letters of Credit. So long as any Lender is a Defaulting Lender, the Issuing Lenders shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

Each Notice of Borrowing, Letter of Credit Application or Notice of Conversion/Continuation, as applicable, submitted by a Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 6.2(a) and (b) have been satisfied on and as of the date of the applicable Extension of Credit.

ARTICLE VII.

REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES

To induce the Administrative Agent and Lenders to enter into this Agreement and to induce the Lenders to make Extensions of Credit, the Credit Parties hereby represent and warrant to the Administrative Agent and the Lenders both before and after giving effect to the transactions contemplated hereunder, which representations and warranties shall be deemed made on the Closing Date and as otherwise set forth in Section 6.2, that:

SECTION 7.1. Organization; Power; Qualification. Each Credit Party (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, (b) has the power and authority to own its Properties and to carry on its business as now being and hereafter proposed to be conducted, except where the failure to do so could not, individually or in the aggregate, reasonably be expected to result in a

Material Adverse Effect, and (c) is duly qualified and authorized to do business in each jurisdiction in which the character of its Properties or the nature of its business requires such qualification and authorization. The jurisdictions in which each Credit Party are organized and qualified to do business as of the Amendment No. 1 Effective Date are described on Schedule 7.1. No Credit Party is an Affected Financial Institution.

SECTION 7.2. Ownership. Each Subsidiary of the Parent or any other Borrower as of the Amendment No. 1 Effective Date is listed on Schedule 7.2. As of the Amendment No. 1 Effective Date, the capitalization of each Credit Party consists of the number of shares, authorized, issued and outstanding, of such classes and series, with or without par value, described on Schedule 7.2. All outstanding shares have been duly authorized and validly issued and are fully paid and nonassessable and not subject to any preemptive or similar rights, except as described in Schedule 7.2. The shareholders or other owners, as applicable, of each Credit Party and the number of shares owned by each as of the Amendment No. 1 Effective Date are described on Schedule 7.2. As of the Amendment No. 1 Effective Date, there are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or require the issuance of Equity Interests of any Credit Party, except as described on Schedule 7.2.

SECTION 7.3. Authorization; Enforceability. Each Credit Party has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party in accordance with their respective terms. This Agreement and each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of each Credit Party that is a party thereto, and each such document constitutes the legal, valid and binding obligation of each Credit Party that is a party thereto, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal Debtor Relief Laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.

SECTION 7.4. Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc. The execution, delivery and performance by each Credit Party of the Loan Documents to which each such Person is a party, in accordance with their respective terms, the Extensions of Credit hereunder and the transactions contemplated hereby or thereby do not and will not, by the passage of time, the giving of notice or otherwise, (a) require any Governmental Approval or violate any Applicable Law relating to any Credit Party, (b) conflict with, result in a breach of or constitute a default under the Organizational Documents of any Credit Party, (c) conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument to which such Person is a party or by which any of its properties may be bound or any Governmental Approval relating to such Person, (d) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such Person other than Permitted Liens or (e) require any consent or authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement other than (i) consents, authorizations, filings or other acts or consents that have been obtained and are in full force and effect, (ii) consents or filings under the UCC and (iii) filings with the United States Copyright Office and/or the United States Patent and Trademark Office.

SECTION 7.5. Compliance with Law; Governmental Approvals. Each Credit Party (a) has all Governmental Approvals required by any Applicable Law for it to conduct its business, each of which is in full force and effect, is final and not subject to review on appeal and is not the subject of any pending or, to its knowledge, threatened attack by direct or collateral proceeding, (b) is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws relating to it or any of its respective properties and (c) has timely filed all material reports, documents and other materials required to be filed by it under all Applicable Laws with any Governmental Authority and has retained all material records and documents required to be retained by it under Applicable Law.

SECTION 7.6. Tax Returns and Payments. Each Credit Party has duly filed or caused to be filed all federal, state, local and other tax returns required by Applicable Law to be filed, and has paid, or made adequate

provision for the payment of, all federal, state, local and other taxes, assessments and governmental charges or levies upon it and its property, income, profits and assets which are due and payable (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of the relevant Credit Party). Such returns accurately reflect in all material respects all liability for taxes of any Credit Party for the periods covered thereby. As of the Closing Date there is no ongoing audit or examination or, to the knowledge of each of the Credit Parties, other investigation by any Governmental Authority of the tax liability of any Credit Party. No Governmental Authority has asserted any Lien or other claim against any Credit Party with respect to unpaid taxes which has not been discharged or resolved (other than (a) any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of the relevant Credit Party and (b) Permitted Liens). The charges, accruals and reserves on the books of each Credit Party in respect of federal, state, local and other taxes for all Fiscal Years and portions thereof since the organization of any Credit Party are in the judgment of the Parent adequate, and the Borrowers do not anticipate any additional taxes or assessments for any of such years.

SECTION 7.7. Intellectual Property Matters. Each Credit Party owns or possesses rights to use all franchises, licenses, copyrights, copyright applications, patents, patent rights or licenses, patent applications, trademarks, trademark rights, service marks, service mark rights, trade names, trade name rights, copyrights and other rights with respect to the foregoing which are necessary to conduct its business. No event has occurred which permits, or after notice or lapse of time or both would permit, the revocation or termination of any such rights, and no Credit Party is liable to any Person for infringement under Applicable Law with respect to any such rights as a result of its business operations.

SECTION 7.8. Environmental Matters.

(a)The properties owned, leased or operated by each Credit Party now or in the past do not contain, and to their knowledge have not previously contained, any Hazardous Materials in amounts or concentrations which constitute or constituted a violation of applicable Environmental Laws;

(b)Each Credit Party and such properties and all operations conducted in connection therewith are in compliance, and have been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about such properties or such operations which could interfere with the continued operation of such properties or impair the fair saleable value thereof;

(c)No Credit Party has received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters, Hazardous Materials, or compliance with Environmental Laws, nor does any Credit Party have knowledge or reason to believe that any such notice will be received or is being threatened;

(d)Hazardous Materials have not been transported or disposed of to or from the properties owned, leased or operated by any Credit Party in violation of, or in a manner or to a location which could give rise to liability under, Environmental Laws, nor have any Hazardous Materials been generated, treated, stored or disposed of at, on or under any of such properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Laws;

(e)No judicial proceedings or governmental or administrative action is pending, or, to the knowledge of any Borrower, threatened, under any Environmental Law to which any Credit Party is or will be named as a potentially responsible party, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any applicable Environmental Law with respect to any Credit Party, with respect to any real property owned, leased or operated by any Credit Party or operations conducted in connection therewith; and

(f)There has been no release, or to its knowledge, threat of release, of Hazardous Materials at or from properties owned, leased or operated by any Credit Party, now or in the past, in violation of or in amounts or in a manner that could give rise to liability under applicable Environmental Laws.

SECTION 7.9. Employee Benefit Matters.

(a)As of the Closing Date, no Credit Party nor any ERISA Affiliate maintains or contributes to, or has any obligation under, any Employee Benefit Plans other than those identified on Schedule 7.9;

(b)Each Credit Party and each ERISA Affiliate is in compliance with all applicable provisions of ERISA, the Code and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans except for any required amendments for which the remedial amendment period as defined in Section 401(b) of the Code has not yet expired and except where a failure to so comply could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has been determined by the IRS to be so qualified, and each trust related to such plan has been determined to be exempt under Section 501(a) of the Code except for such plans that have not yet received determination letters but for which the remedial amendment period for submitting a determination letter has not yet expired. No liability has been incurred by any Credit Party or any ERISA Affiliate which remains unsatisfied for any taxes or penalties assessed with respect to any Employee Benefit Plan or any Multiemployer Plan except for a liability that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

(c)As of the Closing Date, no Pension Plan has been terminated, nor has any Pension Plan become subject to funding based upon benefit restrictions under Section 436 of the Code, nor has any funding waiver from the IRS been received or requested with respect to any Pension Plan, nor has any Credit Party or any ERISA Affiliate failed to make any contributions or to pay any amounts due and owing as required by Sections 412 or 430 of the Code, Section 302 of ERISA or the terms of any Pension Plan on or prior to the due dates of such contributions under Sections 412 or 430 of the Code or Section 302 of ERISA, nor has there been any event requiring any disclosure under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension Plan;

(d)Except where the failure of any of the following representations to be correct could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no Credit Party nor any ERISA Affiliate has: (i) engaged in a nonexempt prohibited transaction described in Section 406 of ERISA or Section 4975 of the Code, (ii) incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which are due and unpaid, (iii) failed to make a required contribution or payment to a Multiemployer Plan, or (iv) failed to make a required installment or other required payment under Sections 412 or 430 of the Code;

(e)No Termination Event has occurred or is reasonably expected to occur;

(f)Except where the failure of any of the following representations to be correct could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no proceeding, claim (other than a benefits claim in the ordinary course of business), lawsuit and/or investigation is existing or, to its knowledge, threatened concerning or involving (i) any employee welfare benefit plan (as defined in Section 3(1) of ERISA) currently maintained or contributed to by any Credit Party or any ERISA Affiliate, (ii) any Pension Plan or (iii) any Multiemployer Plan.

(g)No Credit Party is a party to any contract, agreement or arrangement that could, solely as a result of the delivery of this Agreement or the consummation of transactions contemplated hereby, result in the payment of any “excess parachute payment” within the meaning of Section 280G of the Code.

(h)As of the Closing Date no Borrower is nor will be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments.

SECTION 7.10. Margin Stock. No Credit Party is engaged principally or as one of its activities in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined or used, directly or indirectly, in Regulation U of the FRB). Following the application of the proceeds of each Extension of Credit, not more than twenty-five percent (25%) of the value of the assets (either of the Borrowers only or of the Parent and its Subsidiaries on a Consolidated basis) subject to the provisions of Section 9.2 or Section 9.5 or subject to any restriction contained in any agreement or instrument between the Borrowers and any Lender or any Affiliate of any Lender relating to Indebtedness in excess of the Threshold Amount will be “margin stock”.

SECTION 7.11. Government Regulation. No Credit Party is an “investment company” or a company “controlled” by an “investment company” (as each such term is defined or used in the Investment Company Act) and no Credit Party is, or after giving effect to any Extension of Credit will be, subject to regulation under the Interstate Commerce Act, or any other Applicable Law which limits its ability to incur or consummate the transactions contemplated hereby.

SECTION 7.12. Material Contracts. Schedule 7.12 sets forth a complete and accurate list of all Material Contracts (other than ordinary course purchase and sale contracts) of each Credit Party in effect as of the Closing Date. Other than as set forth in Schedule 7.12, as of the Closing Date, each Material Contract is, and after giving effect to the consummation of the transactions contemplated by the Loan Documents will be, in full force and effect in accordance with the terms thereof. Each Credit Party has delivered to the Administrative Agent a true and complete copy of each Material Contract required to be listed on Schedule 7.12 or any other Schedule hereto. As of the Closing Date, no Credit Party (nor, to its knowledge, any other party thereto) is in breach of or in default under any Material Contract in any material respect.

SECTION 7.13. Employee Relations. As of the Closing Date, no Credit Party is party to any collective bargaining agreement, nor has any labor union been recognized as the representative of its employees. None of the Borrowers know of any pending, threatened or contemplated strikes, work stoppage or other collective labor disputes involving their employees or those of their Subsidiaries.

SECTION 7.14. Financial Statements. The audited and unaudited financial statements delivered pursuant to Section 6.1(e)(i) and Sections 8.1(a) and (b) are complete and correct and fairly present on a Consolidated basis the assets, liabilities and financial position of the Parent and its Subsidiaries as at such dates, and the results of the operations and changes of financial position for the periods then ended (other than customary year-end adjustments for unaudited financial statements and the absence of footnotes from unaudited financial statements). All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP. Such financial statements show all material indebtedness and other material liabilities, direct or contingent, of the Parent and its Subsidiaries as of the date thereof, including material liabilities for taxes, material commitments, and Indebtedness, in each case, to the extent required to be disclosed under GAAP. The pro forma financial statements delivered pursuant to Section 6.1(e)(ii) were prepared in good faith on the basis of the assumptions stated therein, which assumptions are believed to be reasonable in light of then existing conditions except that such financial statements shall be subject to normal year end closing and audit adjustments.

SECTION 7.15. No Material Adverse Change. Since December 31, 2019, there has been no material adverse change in the properties, business, operations, prospects, or condition (financial or otherwise) of the Parent and its Subsidiaries and no event has occurred or condition arisen, either individually or in the aggregate, that could reasonably be expected to have a Material Adverse Effect.

SECTION 7.16. Solvency. Each Credit Party is Solvent.

SECTION 7.17. Title to Properties. As of the Closing Date, the real property listed on Schedule 7.17 constitutes all of the real property that is owned, leased, subleased or used by any Credit Party. Each Credit Party has such title to the real property owned or leased by it as is necessary or desirable to the conduct of its business and valid and legal title to all of its personal property and assets, except those which have been disposed of by the Credit

Parties subsequent to such date which dispositions have been in the ordinary course of business or as otherwise expressly permitted hereunder.

SECTION 7.18. Litigation. There are no material actions, suits or proceedings pending nor, to its knowledge, threatened against or in any other way relating adversely to or affecting any Credit Party or any of their respective properties in any court or before any arbitrator of any kind or before or by any Governmental Authority.

SECTION 7.19. Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions; Patriot Act.

(a)None of (i) the Parent, any Subsidiary or, to the knowledge of the Parent or such Subsidiary, any of their respective directors, officers, employees or Affiliates, or (ii) to the knowledge of any Borrower, any agent or representative of any Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the Credit Facility, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) has its assets located in a Sanctioned Country, (C) is under administrative, civil or criminal investigation for an alleged violation of, or received notice from or made a voluntary disclosure to any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering Laws, or (D) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons.

(b)Each Borrower and its respective Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by such Borrower and its respective Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions.

(c)Each Borrower and its respective Subsidiaries, and to the knowledge of such Borrower, director, officer, employee, agent and Affiliate of such Borrower and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all respects and applicable Sanctions.

(d)No proceeds of any Extension of Credit have been used, directly or indirectly, by the Parent, any of its Subsidiaries or any of their respective directors, officers, employees and agents in violation of Section 9.14.

(e)Each Credit Party is in compliance with Section 8.2(g).

SECTION 7.20. Absence of Defaults. No event has occurred or is continuing (a) which constitutes a Default or an Event of Default, or (b) which constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event of default by any Credit Party under (i) any Material Contract or (ii) any judgment, decree or order to which any Credit Party is a party or by which any Credit Party or any of their respective properties may be bound or which would require any Credit Party to make any payment thereunder prior to the scheduled maturity date therefor.

SECTION 7.21. Senior Indebtedness Status. The Obligations of each Credit Party under this Agreement and each of the other Loan Documents ranks and shall continue to rank at least senior in priority of payment to any subordinated Indebtedness and all senior unsecured Indebtedness of each such Person and is designated as “Senior Indebtedness” (or any other similar term) under all instruments and documents, now or in the future, relating to any subordinated Indebtedness and all senior unsecured Indebtedness of such Person.

SECTION 7.22. Disclosure. The Borrowers and/or their Subsidiaries have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which any Credit Party are subject, and all other matters known to them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No financial statement, material report, material certificate or other material information furnished (whether in writing or orally) by or on behalf of any Credit Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken together as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements

therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, pro forma financial information, estimated financial information and other projected or estimated information, such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being recognized by the Lenders that projections are not to be viewed as facts and that the actual results during the period or periods covered by such projections may vary from such projections). As of the Closing Date, all of the information included in the Beneficial Ownership Certification is true and correct.

SECTION 7.23. Burdensome Restrictions. The Credit Parties do not presently anticipate that future expenditures needed to meet the provisions of any statutes, orders, rules or regulations of a Governmental Authority will be so burdensome as to have a Material Adverse Effect. No Subsidiary is party to any agreement or instrument or otherwise subject to any restriction or encumbrance that restricts or limits its ability to make dividend payments or other distributions in respect of its Equity Interests to the Borrowers owning its Equity Interests or any Subsidiary of such Borrower or to transfer any of its assets or properties to the Borrower owning its Equity Interests or any other Subsidiary of such Borrower in each case other than existing under or by reason of the Loan Documents or Applicable Law.

SECTION 7.24. Insurance. Each of the Credit Parties carries insurance (which may be carried by the Parent on a consolidated basis) with reputable insurers in respect of such of their respective Properties, in such amounts, with such deductibles and against such risks as is customarily maintained by other Persons of similar size engaged in similar businesses.

SECTION 7.25. Security Interest. Each Credit Party has authorized the filing of financing statements sufficient when filed to perfect the Lien created by the Security Documents. When such financing statements are filed in the offices noted therein, the Administrative Agent will have a valid and perfected security interest in all Collateral that is capable of being perfected by filing financing statements.

ARTICLE VIII.

AFFIRMATIVE COVENANTS

Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Commitments terminated, each Credit Party shall, and shall cause each of its Subsidiaries to:

SECTION 8.1. Financial Statements and Budgets. Deliver to the Administrative Agent, in form and detail reasonably satisfactory to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

(a)Annual Financial Statements. As soon as practicable and in any event within ninety (90) days (or, if earlier, on the date of any required public filing thereof) after the end of each Fiscal Year (commencing with the Fiscal Year ended December 31, 2021), an audited Consolidated balance sheet of the Parent and its Subsidiaries as of the close of such Fiscal Year and audited Consolidated statements of income, retained earnings and cash flows including the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the preceding Fiscal Year and prepared in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and practices during the year. Such annual financial statements shall be audited by KPMG or an independent certified public accounting firm of recognized national standing reasonably acceptable to the Administrative Agent, and accompanied by a report and opinion thereon by such certified public accountants prepared in accordance with generally accepted auditing standards that is not subject to any “going concern” or similar qualification or exception or any qualification as to the scope of such audit or with respect to accounting principles followed by the Parent or any of its Subsidiaries not in accordance with GAAP.

(b)Quarterly Financial Statements. As soon as practicable and in any event within forty-five (45) days (or, if earlier, on the date of any required public filing thereof) after the end of each fiscal quarter of each Fiscal

Year (commencing with the fiscal quarter ended March 31, 2021), an unaudited Consolidated balance sheet of the Parent and its Subsidiaries as of the close of such fiscal quarter and unaudited Consolidated statements of income, retained earnings and cash flows for the fiscal quarter then ended and that portion of the Fiscal Year then ended, including the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the corresponding period in the preceding Fiscal Year and prepared by the Parent in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and practices during the period, and certified by the chief financial officer of the Parent to present fairly in all material respects the financial condition of the Parent and its Subsidiaries on a Consolidated basis as of their respective dates and the results of operations of the Parent and its Subsidiaries for the respective periods then ended, subject to normal year-end adjustments and the absence of footnotes.

(c)Budget. On or prior to the date that is five (5) Business Days prior to the Parent’s Fiscal Year end, a business plan and operating and capital budget of the Parent and its Subsidiaries for the ensuing four (4) fiscal quarters, such plan to be prepared in accordance with GAAP and to include, on a quarterly basis, the following: a quarterly operating and capital budget, a projected income statement, statement of cash flows and balance sheet, calculations demonstrating projected compliance with the financial covenants set forth in Section 9.15 and a report containing management’s discussion and analysis of such budget with a reasonable disclosure of the key assumptions and drivers with respect to such budget, accompanied by a certificate from a Responsible Officer of the Parent to the effect that such budget contains good faith estimates (utilizing assumptions believed to be reasonable at the time of delivery of such budget) of the financial condition and operations of the Parent and its Subsidiaries for such period.

SECTION 8.2. Certificates; Other Reports. Deliver to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

(a)at each time financial statements are delivered pursuant to Sections 8.1(a) or (b) and at such other times as the Administrative Agent shall reasonably request, a duly completed Compliance Certificate that is in form and detail reasonably satisfactory to the Administrative Agent and that among other things, (i) states that no Default or Event of Default is continuing as of the date of delivery of such Compliance Certificate or, if a Default or Event of Default is continuing, states the nature thereof and the action that the Borrowers propose to take with respect thereto and (ii) demonstrates compliance with the financial covenants set forth in Section 9.15 as of the last day of the applicable Reference Period ending on the last day of the Reference Period covered by such financial statements, together with a report containing management’s discussion and analysis of the Parent’s and its Subsidiaries’ material quarterly and annual operating results, as applicable, and a report containing management’s discussion and analysis of such financial statements;

(b)promptly upon receipt thereof, copies of all reports, if any, submitted to any Credit Party, or any of their respective boards of directors by their respective independent public accountants in connection with their auditing function, including any management report and any management responses thereto;

(c)promptly after the furnishing thereof, copies of any statement or report furnished to any holder of Indebtedness of any Credit Party in excess of the Threshold Amount pursuant to the terms of any indenture, loan or credit or similar agreement;

(d)promptly after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance by any Credit Party with any Environmental Law that could reasonably be expected to have a Material Adverse Effect;

(e)promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the Parent, and copies of all annual, regular, periodic and special reports and registration statements which the Parent may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto;

(f)promptly, and in any event within five (5) Business Days after receipt thereof by any Credit Party, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Credit Party;

(g)promptly upon the request thereof, such other information and documentation required under applicable “know your customer” rules and regulations, the PATRIOT Act or any applicable Anti-Money Laundering Laws or Anti-Corruption Laws, in each case as from time to time reasonably requested by the Administrative Agent or any Lender; and

(h)such other information regarding the Property, operations, business affairs and financial condition of any Credit Party as the Administrative Agent or any Lender may reasonably request.

Documents required to be delivered pursuant to Section 8.1(a) or (b) or Section 8.2(f) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent posts such documents, or provides a link thereto on the Parent’s website on the Internet; or (ii) on which such documents are posted on the Parent’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrowers shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrowers to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Parent shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions of such documents. Notwithstanding anything contained herein, in every instance the Parent shall be required to provide copies of the Compliance Certificates required by Section 8.2 to the Administrative Agent in accordance with the procedures set forth in Section 12.1. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by any Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

The Borrowers hereby acknowledge that (a) the Administrative Agent and/or the Arranger will make available to the Lenders and the Issuing Lenders materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on the Platform and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrowers or their securities) (each, a “Public Lender”). Each Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, means that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the Arranger, the Issuing Lenders and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrowers or their securities for purposes of United States Federal and state securities laws (provided however that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 12.10); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”

SECTION 8.3. Notice of Litigation and Other Matters. Promptly (but in no event later than ten (10) days after any Responsible Officer of any Credit Party obtains knowledge thereof) notify the Administrative Agent in writing of (which shall promptly make such information available to the Lenders in accordance with its customary practice):

(a)the occurrence of any Default or Event of Default;

(b)the commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings in any court or before any arbitrator against or involving any Credit Party or any of their respective properties, assets or businesses that could reasonably be expected to result in liability to any Credit Party in excess of the Threshold Amount;

(c)any notice of any violation received by any Credit Party from any Governmental Authority including any notice of violation of Environmental Laws that could reasonably be expected to result in liability to any Credit Party in excess of the Threshold Amount;

(d)any labor controversy that has resulted in, or threatens to result in, a strike or other work action against any Credit Party;

(e)any attachment, judgment, lien, levy or order exceeding the Threshold Amount that may be assessed against or threatened against any Credit Party;

(f)any event which constitutes or which with the passage of time or giving of notice or both would constitute a default or event of default under any Material Contract to which any Borrower or any of its Subsidiaries is a party or by which any Borrower or any Subsidiary thereof or any of their respective properties may be bound;

(g)(i) any unfavorable determination letter from the IRS regarding the qualification of an Employee Benefit Plan under Section 401(a) of the Code (along with a copy thereof), (ii) all notices received by any Credit Party or any ERISA Affiliate of the PBGC’s intent to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) all notices received by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal liability pursuant to Section 4202 of ERISA and (iv) any Borrower obtaining knowledge or reason to know that any Credit Party or any ERISA Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan under a distress termination within the meaning of Section 4041(c) of ERISA; and

(h)any event which makes any of the representations set forth in Article VII that is subject to materiality or Material Adverse Effect qualifications inaccurate in any respect or any event which makes any of the representations set forth in Article VII that is not subject to materiality or Material Adverse Effect qualifications inaccurate in any material respect.

Each notice pursuant to Section 8.3 shall be accompanied by a statement of a Responsible Officer of the Parent setting forth details of the occurrence referred to therein and stating what action the Parent or other applicable Credit Party has taken and proposes to take with respect thereto. Each notice pursuant to Section 8.3(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

SECTION 8.4. Preservation of Corporate Existence and Related Matters. Except as permitted by Section 9.4, preserve and maintain its separate corporate existence or equivalent form and all rights, franchises, licenses and privileges necessary to the conduct of its business, and qualify and remain qualified as a foreign corporation or other entity and authorized to do business in each jurisdiction where the nature and scope of its activities require it to so qualify under Applicable Law.

SECTION 8.5. Maintenance of Property and Licenses.

(a)Protect and preserve all Properties necessary in and material to its business, including copyrights, patents, trade names, service marks and trademarks; maintain in good working order and condition, ordinary wear and tear excepted, all buildings, equipment and other tangible real and personal property; and from time to time make or cause to be made all repairs, renewals and replacements thereof and additions to such Property necessary

for the conduct of its business, so that the business carried on in connection therewith may be conducted in a commercially reasonable manner.

(b)Maintain, in full force and effect in all material respects, each and every license, permit, certification, qualification, approval or franchise issued by any Governmental Authority required for each of them to conduct their respective businesses as presently conducted.

SECTION 8.6. Insurance.

(a)Maintain insurance with financially sound and reputable insurance companies (including the Captive Insurance Entity) against at least such risks and in at least such amounts as are customarily maintained by similar businesses and as may be required by Applicable Law (including hazard and business interruption insurance). All such insurance shall (i) provide that no cancellation or material modification thereof shall be effective until at least 30 days after receipt by the Administrative Agent of written notice thereof (except as a result of non-payment of premium in which case only 10 days’ prior written notice shall be required), (ii) in the case of liability insurance, name the Administrative Agent as an additional insured party thereunder and (iii) in the case of each property insurance policy, name the Administrative Agent as lender’s loss payee or mortgagee, as applicable.

(b)On the Closing Date and from time to time thereafter, deliver to the Administrative Agent upon its request information in reasonable detail as to the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby.

SECTION 8.7. Accounting Methods and Financial Records. Maintain a system of accounting, and keep proper books, records and accounts (which shall be accurate and complete in all material respects) as may be required or as may be necessary to permit the preparation of financial statements in accordance in all material respects with GAAP and in compliance with the regulations of any Governmental Authority having jurisdiction over it or any of its Properties.

SECTION 8.8. Payment of Taxes and Other Obligations. Pay and perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its Property and (b) all other Indebtedness, obligations and liabilities in accordance with customary trade practices; provided that the Parent or its Subsidiaries may contest any item described in clause (a) of this Section in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP.

SECTION 8.9. Compliance with Laws and Approvals. Observe and remain in compliance in all material respects with all Applicable Laws and maintain in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business.

SECTION 8.10. Environmental Laws. In addition to and without limiting the generality of Section 8.9, (a) comply with, and ensure such compliance by all tenants and subtenants with all applicable Environmental Laws and obtain and comply with and maintain, and ensure that all tenants and subtenants, if any, obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws and (b) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws, and promptly comply with all lawful orders and directives of any Governmental Authority regarding Environmental Laws.

SECTION 8.11. Compliance with ERISA. In addition to and without limiting the generality of Section 8.9, (a) except where the failure to so comply could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) comply with applicable provisions of ERISA, the Code and the regulations and published interpretations thereunder with respect to all Employee Benefit Plans, (ii) not take any action or fail to take action the result of which could reasonably be expected to result in a liability to the PBGC or to a Multiemployer Plan, (iii) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the Code and (iv) operate each Employee Benefit Plan in such a manner that will not incur any

tax liability under Section 4980B of the Code or any liability to any qualified beneficiary as defined in Section 4980B of the Code and (b) furnish to the Administrative Agent upon the Administrative Agent’s request such additional information about any Employee Benefit Plan as may be reasonably requested by the Administrative Agent.

SECTION 8.12. Compliance with Material Contracts. Comply in all respects with, and maintain in full force and effect, each Material Contract; provided that the Parent or any of its Subsidiaries may contest the terms and conditions of any such Material Contract in good faith through applicable proceedings so long as adequate reserves are maintained in accordance with GAAP.

SECTION 8.13. Visits and Inspections.

(a)Permit representatives of the Administrative Agent, from time to time upon prior reasonable notice and at such times during normal business hours, all at the reasonable cost and expense of the Borrowers, to visit and inspect its properties; inspect, audit and make extracts from its books, records and files, including, but not limited to, management letters prepared by independent accountants; and discuss with its principal officers, and its independent accountants, its business, assets, liabilities, financial condition, results of operations, internal controls, credit and risk management practices, and business prospects; provided that excluding any such visits and inspections during the continuation of an Event of Default, the Administrative Agent shall not exercise such rights more often than one (1) time during any calendar year at the Borrowers’ expense; provided further that upon the occurrence and during the continuance of an Event of Default, the Administrative Agent or any Lender may do any of the foregoing at the expense of the Borrowers at any time without advance notice.

(b)Permit representatives of the Administrative Agent, from time to time upon prior reasonable notice and at such times during normal business hours, all at the reasonable cost and expense of the Borrowers, to conduct a collateral and risk management review with respect to the Credit Parties and the Collateral, review all Material Contracts, including any amendments, supplements or modifications entered into in connection with existing Material Contracts, and perform, or have an independent inspector acceptable to the Administrative Agent perform, an audit and report of the Parent and its Subsidiaries’ books and records and assets; provided that excluding any such reviews or audits during the continuation of an Event of Default, the Administrative Agent shall not exercise such rights more often than one (1) time during any calendar year at the Borrowers’ expense; provided further that upon the occurrence and during the continuance of an Event of Default, the Administrative Agent or any Lender may do any of the foregoing at the expense of the Borrowers at any time without advance notice.

SECTION 8.14. Additional Guarantors and Collateral.

(a)Additional Subsidiaries. Promptly notify the Administrative Agent of the creation or acquisition (including by division) of a Person that becomes a Subsidiary and, within thirty (30) days after such event, as such time period may be extended by the Administrative Agent in its sole discretion, cause such Subsidiary to (A) become a Guarantor by delivering to the Administrative Agent a duly executed Joinder Agreement or such other document as the Administrative Agent shall deem appropriate for such purpose, (B) grant a security interest in all Collateral (subject to the exceptions specified in the Collateral Agreement) owned by such Subsidiary by delivering to the Administrative Agent a duly executed Joinder Agreement and a supplement to each applicable Security Document or such other document as the Administrative Agent shall deem appropriate for such purpose and comply with the terms of each applicable Security Document, (C) deliver to the Administrative Agent such opinions, documents and certificates of the type referred to in Section 6.1 as may be reasonably requested by the Administrative Agent, (D) if such Equity Interests are certificated, deliver to the Administrative Agent such original certificated Equity Interests or other certificates and stock or other transfer powers evidencing the Equity Interests of such Person, (E) deliver to the Administrative Agent such updated schedules to the Security Documents as requested by the Administrative Agent with respect to such Subsidiary, and (F) deliver to the Administrative Agent such other documents as may be reasonably requested by the Administrative Agent, all in form, content and scope reasonably satisfactory to the Administrative Agent.

(b)Additional Collateral. Comply with the requirements set forth in the Security Documents with respect to any Property constituting Collateral thereunder. Each Credit Party agrees that at all times, the Administrative Agent shall have a first priority Lien on and security interest in the Collateral to secure the performance and payment of the Secured Obligations. Each Credit Party shall grant to the Administrative Agent a Lien in any Property of such Credit Party or such Subsidiary (other than the Captive Insurance Entity during any Limited Guarantor Period) now owned or hereafter acquired promptly and to take such actions as may be required under the Security Documents to ensure that the Administrative Agent has a first priority Lien on and security interest in such Property. Notwithstanding the foregoing, the Parent shall, and shall cause each of its Subsidiaries to take such actions, including execution and delivery of any Security Documents necessary to create, perfect and maintain a first priority security interest in favor of the Administrative Agent in 100% of the Equity Interests issued by such Subsidiaries (other than the Captive Insurance Entity during any Limited Guarantor Period).

SECTION 8.15. Use of Proceeds. Use (a) the proceeds of the Loans (i) to finance Capital Expenditures and Permitted Acquisitions, (ii) pay fees, costs and expenses in connection with the Transactions, and (iii) for working capital and other general corporate purposes of the Borrowers and their Subsidiaries and (b) the Letters of Credit for working capital and other general corporate purposes of the Borrowers; provided that no part of the proceeds of any of the Loans or Letters of Credit shall be used for purchasing or carrying margin stock (within the meaning of Regulation T, U or X of the FRB) or for any purpose which violates the provisions of Regulation T, U or X of the FRB. If requested by the Administrative Agent or any Lender (through the Administrative Agent), the Borrowers shall promptly furnish to the Administrative Agent and each requesting Lender a statement in conformity with the requirements of Form G-3 or Form U-1, as applicable, under Regulation U of the FRB.

SECTION 8.16. Compliance with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions. (a) Maintain in effect and enforce policies and procedures designed to ensure compliance by each Borrower, its Subsidiaries and their respective directors, officers, employees and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions, (b) notify the Administrative Agent and each Lender that previously received a Beneficial Ownership Certification (or a certification that any Borrower qualifies for an express exclusion to the “legal entity customer” definition under the Beneficial Ownership Regulation) of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified therein (or, if applicable, such Borrower ceasing to fall within an express exclusion to the definition of “legal entity customer” under the Beneficial Ownership Regulation) and (c) promptly upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or directly to such Lender, as the case may be, any information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation.

SECTION 8.17. Corporate Governance. (a) Maintain entity records and books of account separate from those of any other entity which is an Affiliate of such entity, (b) not commingle its funds or assets with those of any other entity which is an Affiliate of such entity (except pursuant to cash management systems reasonably acceptable to the Administrative Agent) and (c) provide that its board of directors (or equivalent governing body) will hold all appropriate meetings to authorize and approve such entity’s actions, which meetings will be separate from those of any other entity which is an Affiliate of such entity. For the purposes of this Section 8.18, “Affiliate” shall not include the Borrowers or any Subsidiary thereof.

SECTION 8.18. Further Assurances. Execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), which may be required under any Applicable Law, or which the Administrative Agent or the Required Lenders may reasonably request, to effectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Credit Parties. The Borrowers also agree to provide to the Administrative Agent, from time to time upon the reasonable request by the Administrative Agent, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents.

SECTION 8.19. Deposit Accounts.

(a)Subject to the proviso below, each Credit Party shall, and shall cause each of its Subsidiaries to, subject all such deposit accounts, securities accounts and commodity accounts to Account Control Agreements; provided that, (a) so long as Wells Fargo is the sole Lender hereunder, any deposit account, securities account or commodity account held with Wells Fargo shall not require Account Control Agreements, and (b) deposit accounts held by the Captive Insurance Entity shall not require Account Control Agreements so long as the funds in such accounts do not exceed $10,000,000 in the aggregate at any time and the Captive Insurance Entity does not engage in any material activity other than to provide insurance to the Credit Parties and other Subsidiaries of the Credit Parties. Each Credit Party shall, and shall cause each of its Subsidiaries to, until the proceeds of any Loans are used in accordance with the Loan Documents, hold the proceeds of any Loans made under this Agreement in a deposit account and/or a securities account that is either (a) subject to an Account Control Agreement or (b) held with the Administrative Agent.

(b)The Parent shall at all times maintain the Designated Account with Wells Fargo and shall not revoke or otherwise violate the authorization provided to the Administrative Agent in Section 2.4(g).

SECTION 8.20. Post-Closing Obligation. On or prior to the date that is 30 days following the Amendment No. 1 Effective Date (or such later date as the Administrative Agent may agree in its sole discretion), the Borrower shall deliver to the Administrative Agent the insurance endorsements described in Section 8.6 (including endorsements naming the Administrative Agent as lender’s loss payee (and mortgagee, as applicable) on all policies for property hazard insurance and as additional insured on all policies for liability insurance), each in form and substance reasonably satisfactory to the Administrative Agent.

ARTICLE IX.

NEGATIVE COVENANTS

Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Commitments terminated, no Credit Party shall, nor shall it permit any of its Subsidiaries to:

SECTION 9.1. Indebtedness. Create, incur, assume or suffer to exist any Indebtedness except:

(a)the Obligations;

(b)Indebtedness (i) owing under Hedge Agreements entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes and (ii) in respect of Cash Management Agreements entered into in the ordinary course of business;

(c)Indebtedness existing on the Closing Date and listed on Schedule 9.1, and any Permitted Refinancing Indebtedness in respect thereof;

(d)Attributable Indebtedness with respect to Capital Lease Obligations and Indebtedness incurred in connection with purchase money Indebtedness in an aggregate principal amount not to exceed $25,000,000 at any time outstanding;

(e)unsecured intercompany Indebtedness owed by any Credit Party to another Credit Party (in each case, other than the Captive Insurance Entity);

(f)Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or other similar instrument drawn against insufficient funds in the ordinary course of business;

(g)Indebtedness under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect to workers’ compensation claims, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing; and

(h)unsecured Indebtedness of any Credit Party or any Subsidiary thereof not otherwise permitted pursuant to this Section in an aggregate principal amount not to exceed $2,000,00 at any time outstanding.

SECTION 9.2. Liens. Create, incur, assume or suffer to exist, any Lien on or with respect to any of its Property, whether now owned or hereafter acquired, except:

(a)Liens created pursuant to the Loan Documents (including Liens in favor of the Issuing Lenders, as applicable, on Cash Collateral granted pursuant to the Loan Documents);

(b)Liens in existence on the Closing Date and described on Schedule 9.2, and the replacement, renewal or extension thereof (including Liens incurred, assumed or suffered to exist in connection with any Permitted Refinancing Indebtedness permitted pursuant to Section 9.1(c) (solely to the extent that such Liens were in existence on the Closing Date and described on Schedule 9.2)); provided that the scope of any such Lien shall not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond that in existence on the Closing Date, except for products and proceeds of the foregoing;

(c)Liens for taxes, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of the provisions of ERISA or Environmental Laws) (i) not yet due or as to which the period of grace (not to exceed thirty (30) days), if any, related thereto has not expired or (ii) which are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP;

(d)the claims of materialmen, mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which (i) are not overdue for a period of more than thirty (30) days, or if more than thirty (30) days overdue, no action has been taken to enforce such Liens and such Liens are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP and (ii) do not, individually or in the aggregate, materially impair the use thereof in the operation of the business of any Borrower or any of its Subsidiaries;

(e)deposits or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance and other types of social security or similar legislation, or to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business, in each case, so long as no foreclosure sale or similar proceeding has been commenced with respect to any portion of the Collateral on account thereof;

(f)encumbrances in the nature of zoning restrictions, easements and rights or restrictions of record on the use of real property, which in the aggregate are not substantial in amount and which do not, in any case, detract from the value of such property or impair the use thereof in the ordinary conduct of business;

(g)Liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating leases entered into in the ordinary course of business;

(h)Liens securing Indebtedness permitted under Section 9.1(d); provided that (i) such Liens shall be created substantially simultaneously with the acquisition, repair, construction, improvement or lease, as applicable, of the related Property, (ii) such Liens do not at any time encumber any property other than the Property financed or improved by such Indebtedness, (iii) the amount of Indebtedness secured thereby is not increased and (iv) the principal amount of Indebtedness secured by any such Lien shall at no time exceed one hundred percent (100%) of the original price for the purchase, repair, construction, improvement or lease amount (as applicable) of such Property at the time of purchase, repair, construction, improvement or lease (as applicable);

(i)Liens securing judgments for the payment of money not constituting an Event of Default under Section 10.1(m) or securing appeal or other surety bonds relating to such judgments;

(j)(i) Liens of a collecting bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial Code in effect in the relevant jurisdiction, (ii) Liens of any depositary bank in connection with statutory, common law and contractual rights of setoff and recoupment with respect to any deposit account of any Borrower or any Subsidiary thereof and (iii) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of any assets or property in the ordinary course of business;

(k)(i) Liens of landlords arising in the ordinary course of business to the extent relating to the property and assets relating to any lease agreements with such landlord, and (ii) Liens of suppliers (including sellers of goods) or customers arising in the ordinary course of business to the extent limited to the property or assets relating to such contract;

(l)(i) leases, licenses, subleases or sublicenses granted to others which do not (A) interfere in any material respect with the business of the Borrowers or their Subsidiaries or materially detract from the value of the relevant assets of the Borrowers or their Subsidiaries or (B) secure any Indebtedness and (ii) any interest or title of a licensor, sub-licensor, lessor or sub-lessor under leases, licenses, subleases or sublicenses entered into by any of the Borrowers and their Subsidiaries as licensee, sub-licensee, lessee or sub-lessee in the ordinary course of business or any customary restriction or encumbrance with respect to the Property subject to any such lease, license, sublease or sublicense; and

(m)(i) Liens on Equity Interests of joint ventures securing capital contributions thereto and (ii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements.

SECTION 9.3. Investments. Make, hold or otherwise permit to exist any Investment, except:

(a)Investments existing on the Closing Date (other than Investments in Subsidiaries existing on the Closing Date) and described on Schedule 9.3 and any modification, replacement, renewal or extension thereof so long as such modification, renewal or extension thereof does not increase the amount of such Investment except as otherwise permitted by this Section 9.3;

(b)Investments (i) existing on the Closing Date in Subsidiaries existing on the Closing Date, and (ii) made after the Closing Date by any Credit Party in any other Credit Party, in each case, other than Investments in the Captive Insurance Entity;

(c)Investments in cash and Cash Equivalents;

(d)Investments by any Borrower or any of its Subsidiaries (other than the Captive Insurance Entity) consisting of Capital Expenditures permitted by this Agreement;

(e)deposits made in the ordinary course of business to secure the performance of leases or other obligations as permitted by Section 9.2;

(f)Hedge Agreements permitted pursuant to Section 9.1;

(g)purchases of assets in the ordinary course of business;

(h)Investments by any Borrower or any Subsidiary thereof (other than the Captive Insurance Entity) in the form of Permitted Acquisitions to the extent that any Person or Property acquired in such Acquisition becomes a part of such Borrower or a Guarantor or becomes (whether or not such Person is a Wholly-Owned Subsidiary) a Guarantor in the manner contemplated by Section 8.14;

(i)Investments in the form of Restricted Payments permitted pursuant to Section 9.6;

(j)Guarantees permitted pursuant to Section 9.1;

(k)non-cash consideration received in connection with Asset Dispositions expressly permitted by Section 9.5;

(l)Investments by any Borrower or any Subsidiary thereof in the Captive Insurance Entity (i) for reserves and capital to the extent required by applicable Governmental Authorities or Applicable Law, as determined in good faith by the Parent, and (ii) for the payment of claims made pursuant to the terms of the insurance policies maintained by such Captive Insurance Entity; provided that, all such Investments under this clause (l) shall not exceed $10,000,000 in the aggregate in any fiscal year; and

(m)Investments not otherwise permitted pursuant to this Section 9.3(m) in an aggregate amount not to exceed $5,000,00 at any time outstanding; provided that, (i) immediately before and immediately after giving pro forma effect to any such Investments and any Indebtedness incurred in connection therewith, no Default or Event of Default shall have occurred and be continuing and (ii) such Investments shall not be in the Captive Insurance Entity.

For purposes of determining the amount of any Investment outstanding for purposes of this Section 9.3, such amount shall be deemed to be the amount of such Investment when made, purchased or acquired (without adjustment for subsequent increases or decreases in the value of such Investment) less any amount realized in respect of such Investment upon the sale, collection or return of capital (not to exceed the original amount invested).

SECTION 9.4. Fundamental Changes. Merge, consolidate, amalgamate or enter into any similar combination with (including by division), or enter into any Asset Disposition of all or substantially all of its assets (whether in a single transaction or a series of transactions) with, any other Person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution) except:

(a)(i) any Wholly-Owned Subsidiary of any Borrower (other than the Captive Insurance Entity) may be merged, amalgamated, liquidated, dissolved, wound up or consolidated with or into any Borrower (provided that such Borrower shall be the continuing or surviving entity) or (ii) any Wholly-Owned Subsidiary of any Borrower (other than the Captive Insurance Entity) may be merged, amalgamated or consolidated with or into any Guarantor (other than the Captive Insurance Entity) (provided that when any Guarantor is merging, amalgamating, liquidating, dissolving, winding up or consolidating with another Subsidiary, such Guarantor shall be the continuing or surviving entity or the continuing or surviving entity shall become a Guarantor to the extent required under, and within the time period set forth in Section 8.14, with which the Borrowers shall comply in connection with such transaction);

(b)any Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up, division or otherwise) to any Borrower or any Guarantor (other than to the Captive Insurance Entity);

(c)Asset Dispositions permitted by Section 9.5 (other than clause (b) thereof);

(d)any Wholly-Owned Subsidiary of any Borrower may merge with or into the Person such Wholly-Owned Subsidiary was formed to acquire in connection with any acquisition permitted hereunder (including any Permitted Acquisition permitted pursuant to Section 9.3(i)); provided that (x) in the case of any merger involving a Wholly-Owned Subsidiary (i) a Guarantor that is a Domestic Subsidiary shall be the continuing or surviving entity or (ii) simultaneously with such transaction, the continuing or surviving entity shall become a Guarantor and the Borrowers shall comply with Section 8.14 in connection therewith, and (y) if such merger involves the Captive Insurance Entity, the Captive Insurance Entity shall not be the surviving entity.

(e)any Person may merge with or into any Borrower or any of its Wholly-Owned Subsidiaries (other than the Captive Insurance Entity) in connection with a Permitted Acquisition permitted pursuant to Section 9.3(i); provided that (i) in the case of a merger involving any Borrower or Guarantor, the continuing or surviving Person shall be a Borrower or such Guarantor and (ii) the continuing or surviving Person shall be a Borrower or a Wholly-Owned Subsidiary of a Borrower.

SECTION 9.5. Asset Dispositions. Make any Asset Disposition except:

(a)the sale of inventory in the ordinary course of business;

(b)the sale, transfer or other disposition of assets to any Borrower or any Guarantor (other than the Captive Insurance Entity) pursuant to any other transaction permitted pursuant to Section 9.4;

(c)the write-off, discount, sale or other disposition of defaulted or past-due receivables and similar obligations in the ordinary course of business and not undertaken as part of an accounts receivable financing transaction;

(d)the disposition, termination or unwinding of any Hedge Agreement;

(e)dispositions of cash and Cash Equivalents;

(f)Asset Dispositions between or among Credit Parties (other than the Captive Insurance Entity) ;

(g)the sale or other disposition of obsolete, worn-out or surplus assets no longer used or useful in the business of any Borrower or any of its Subsidiaries;

(h)non-exclusive licenses and sublicenses of intellectual property rights in the ordinary course of business not interfering, individually or in the aggregate, in any material respect with the business of any Borrower or any of its Subsidiaries;

(i)leases, subleases, licenses or sublicenses of real or personal property granted by any Borrower or any of its Subsidiaries to others in the ordinary course of business not detracting from the value of such real or personal property or interfering in any material respect with the business of any Borrower or any of its Subsidiaries;

(j)Asset Dispositions in connection with Insurance and Condemnation Events;

(k)Asset Dispositions of property in the form of an Investment permitted pursuant to Section 9.3 (other than clause (m) thereof); and

(l)Asset Dispositions not otherwise permitted pursuant to this Section; provided that (i) at the time of such Asset Disposition, no Default or Event of Default shall exist or would result from such Asset Disposition, (ii) such Asset Disposition is made for fair market value as determined in good faith by the Borrowers and the consideration received shall be no less than 100% in cash, and (iii) the aggregate fair market value of all property disposed of in reliance on this clause (l) shall not exceed $5,000,000 during the term of this Agreement.

SECTION 9.6. Restricted Payments. Declare or make any Restricted Payments; provided that:

(a)so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Borrowers or any of their Subsidiaries may pay dividends in shares of its own Qualified Equity Interests;

(b)any Subsidiary of any Borrower may make Restricted Payments to such Borrower or any other Guarantor (other than to the Captive Insurance Entity); and

(c)so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom and (ii) the Borrowers are in compliance on a Pro Forma Basis with the financial covenants set forth in Section 9.15 before and after such Restricted Payment, the Parent may make additional Restricted Payments; provided that the Parent shall have provided to the Administrative Agent a certificate executed by the chief financial officer of the Parent certifying compliance with clauses (i) and (ii) above and setting forth the calculations required to show compliance with clause (ii) above, in each case, in form and detail reasonably satisfactory to the Administrative Agent.

SECTION 9.7. Transactions with Affiliates. Directly or indirectly enter into any transaction, including any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with (a) any officer, director, holder of any Equity Interests in, or other Affiliate of, the Borrowers or any of their Subsidiaries or (b) any Affiliate of any such officer, director or holder, other than:

(i)transactions permitted by Sections 9.1, 9.3, 9.4, 9.5, and 9.6;

(ii)transactions existing on the Closing Date and described on Schedule 9.7;

(iii)transactions among Credit Parties (other than the Captive Insurance Entity) not prohibited hereunder;

(iv)other transactions in the ordinary course of business on terms at least as favorable to the Credit Parties (other than the Captive Insurance Entity) as would be obtained by it on a comparable arm’s-length transaction with an independent, unrelated third party as determined in good faith by the board of directors (or equivalent governing body) of the applicable Credit Party;

(v)employment, severance and other similar compensation arrangements (including equity incentive plans and employee benefit plans and arrangements) with their respective officers and employees in the ordinary course of business; and

(vi)payment of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers and employees of the Borrowers and their Subsidiaries (other than the Captive Insurance Entity) in the ordinary course of business to the extent attributable to the ownership or operation of the Borrowers and their Subsidiaries (other than the Captive Insurance).

SECTION 9.8. Accounting Changes; Organizational Documents.

(a)Change its Fiscal Year end, or make (without the consent of the Administrative Agent) any material change in its accounting treatment and reporting practices except as required by GAAP.

(b)Amend, modify or change its Organizational Documents in any manner materially adverse to the rights or interests of the Lenders.

SECTION 9.9. Payments and Modifications of Junior Indebtedness.

(a)Amend, modify, waive or supplement (or permit the modification, amendment, waiver or supplement of) any of the terms or provisions of any Junior Indebtedness in any respect which would materially and adversely affect the rights or interests of the Administrative Agent and Lenders hereunder or would violate the subordination terms thereof or the subordination agreement applicable thereto.

(b)Prepay, repay, redeem, purchase, defease or acquire for value (including (x) by way of depositing with any trustee with respect thereto money or securities before due for the purpose of paying when due and (y) at the maturity thereof) any Junior Indebtedness, or make any payment in violation of any subordination terms of any Junior Indebtedness, except:

(i)in connection with any Permitted Refinancing Indebtedness permitted by Section 9.1 and in compliance with any subordination provisions thereof or the subordination agreement applicable thereto;

(ii)so long as no Default or Event of Default then exists or would be caused thereby, mandatory repayments, repurchases, redemptions or defeasances of Junior Indebtedness (in each case, except to the extent prohibited by the subordination terms thereof or the subordination agreement applicable thereto);

(iii)payments and prepayments of any Junior Indebtedness made solely with the proceeds of Qualified Equity Interests or any capital contribution in respect of Qualified Equity Interests of the Parent, so long as immediately before and after giving effect to any such payment or prepayment, no Default or Event of Default then exists;

(iv)(A) payments and prepayments of Junior Indebtedness as a result of the conversion of all or any portion of such Junior Indebtedness into Qualified Equity Interests of the Parent, and (B) payments of interest in respect of Junior Indebtedness in the form of payment in kind interest constituting Indebtedness permitted pursuant to Section 9.1; and

(v)the payment of interest, expenses and indemnities in respect of Junior Indebtedness (except to the extent prohibited by the subordination terms thereof or the subordination agreement applicable thereto).

SECTION 9.10. No Further Negative Pledges; Restrictive Agreements.

(a)Enter into, assume or be subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon its properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligation if security is given for some other obligation, except (i) pursuant to this Agreement and the other Loan Documents, and (ii) pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 9.1(d) (provided that any such restriction contained therein relates only to the asset or assets financed thereby).

(b)Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Credit Party to (i) pay dividends or make any other distributions to any Credit Party on its Equity Interests or with respect to any other interest or participation in, or measured by, its profits, (ii) pay any Indebtedness or other obligation owed to any Credit Party or (iii) make loans or advances to any Credit Party, except in each case for such encumbrances or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents and (B) Applicable Law.

(c)Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Credit Party to (i) sell, lease or transfer any of its properties or assets to any Credit Party or (ii) act as a Credit Party pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except in each case for such encumbrances or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents, (B) Applicable Law, (C) any document or instrument governing Indebtedness incurred pursuant to Section 9.1(d) (provided that any such restriction contained therein relates only to the asset or assets acquired in connection therewith), (D) any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien), (E) obligations that are binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary of any Borrower, so long as such obligations are not entered into in contemplation of such Person becoming a Subsidiary, (F) customary restrictions contained in an agreement related to the sale of Property (to the extent such sale is permitted pursuant to Section 9.5) that limit the transfer of such Property pending the consummation of such sale, (G) customary restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this Agreement so long as such restrictions relate only to the assets subject thereto and (H) customary provisions restricting assignment of any agreement entered into in the ordinary course of business.

SECTION 9.11. Nature of Business. Engage in any business other than the businesses conducted by the Borrowers and the Subsidiaries as of the Closing Date and businesses and business activities reasonably related or ancillary thereto or that are reasonable extensions thereof.

SECTION 9.12. Amendments of Other Documents. Amend, modify, waive or supplement (or permit modification, amendment, waiver or supplement of) any of the terms or provisions of any Material Contract, in any

respect which would materially and adversely affect the rights and interests of the Administrative Agent and the Lenders hereunder, in each case, without the prior written consent of the Administrative Agent.

SECTION 9.13. Sale Leasebacks. Except as permitted by Section 9.1(d) and Section 9.5, directly or indirectly become or remain liable as lessee or as guarantor or other surety with respect to any lease, whether an operating lease, a finance lease or a capital lease, of any Property (whether real, personal or mixed), whether now owned or hereafter acquired, (a) which any Credit Party has sold or transferred or is to sell or transfer to a Person which is not another Credit Party or (b) which any Credit Party intends to use for substantially the same purpose as any other Property that has been sold or is to be sold or transferred by such Credit Party to another Person which is not another Credit Party in connection with such lease.

SECTION 9.14. Use of Proceeds. The Borrowers shall not request any Extension of Credit, and the Borrowers shall not use, and shall ensure that their Subsidiaries and their respective directors, officers, employees and agents shall not use, the proceeds of any Extension of Credit, directly or indirectly, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

SECTION 9.15. Financial Covenants.

(a)Consolidated Total Leverage Ratio. As of the last day of any fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, permit the Consolidated Total Leverage Ratio to be greater than 3.00 to 1.00.

(b)Current Ratio. As of the last day of any fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, permit the Parent’s (a) consolidated current assets to (b) consolidated current liabilities, to be less than 1.25 to 1.00. For purposes of this calculation (i) “current assets” shall exclude any non-cash asset arising from the application of ASC 815, and (ii) “current liabilities” shall exclude, as of the date of calculation, (A) the current portion of long–term Indebtedness existing under this Agreement and (B) any liabilities representing a non-cash obligation arising from the application of ASC 815.

(c)Consolidated Interest Coverage Ratio. As of the last day of any fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, permit the Consolidated Interest Coverage Ratio to be less than 3.00 to 1.00.

(d)Consolidated Tangible Net Worth. As of the last day of any fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, permit the Consolidated Tangible Net Worth to be less than $100,000,000.

SECTION 9.16. Subsidiaries. Permit any Subsidiary to be a Non-Wholly-Owned Subsidiary except as a result of or in connection with a dissolution, merger, amalgamation, consolidation or disposition permitted by Section 9.4 or 9.5. No Credit Party will create or acquire any additional Subsidiary unless such subsidiary is a Wholly-Owned Subsidiary and the Borrowers give written notice to the Administrative Agent of such creation or acquisition and complies with Section 8.14. Notwithstanding the foregoing, the Captive Insurance Entity shall not have any Subsidiaries. No Credit Party shall have any Subsidiary that is a Foreign Subsidiary.

SECTION 9.17. Deposit Accounts; Commodity Accounts; Securities Accounts. No Credit Party shall (a) establish any deposit account, security account or commodity account except in compliance with Section 8.19(a), (b) violate directly or indirectly any Account Control Agreement, or (c) revoke or attempt to revoke any instructions or directions given by the Administrative Agent under any Account Control Agreement or otherwise altering or attempting to alter the rights of the Administrative Agent thereunder without the Administrative Agent’s prior written consent. Each Borrower, for itself and on behalf of its Subsidiaries, hereby authorizes the Administrative Agent to deliver notices (with concurrent copies to the Borrower Representative) to the depositary banks and securities intermediaries pursuant to any deposit account control agreement or securities account control agreement (or similar agreement) under any one or more of the following circumstances: (i) following the occurrence of and

during the continuation of an Event of Default, (ii) if a request to transfer by a Borrower or any Subsidiary, as applicable, is a request to transfer any funds from any account to any other account of a Borrower or any Subsidiary that is not subject to an Account Control Agreement or is not an account with the financial institution that is the Administrative Agent, (iii) as otherwise agreed to in writing by such Borrower or any Subsidiary, as applicable, and (iv) as otherwise permitted by Applicable Law.

ARTICLE X.

DEFAULT AND REMEDIES

SECTION 10.1. Events of Default. Each of the following shall constitute an Event of Default:

(a)Default in Payment of Principal of Loans and Reimbursement Obligations. The Borrowers or any other Credit Party shall default in any payment of principal of any Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise) or fail to provide Cash Collateral pursuant to Section 2.4(b), Section 2.5(b), Section 3.1, Section 5.14 or Section 5.15(a)(v).

(b)Other Payment Default. The Borrowers or any other Credit Party shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days.

(c)Misrepresentation. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or therewith that is subject to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any respect when made or deemed made or any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or therewith that is not subject to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any material respect when made or deemed made.

(d)Default in Performance of Certain Covenants. Any Credit Party shall default in the performance or observance of any covenant or agreement contained in Sections 8.1, 8.2, 8.3, 8.4, 8.13, 8.14, 8.15, 8.16, 8.18, 8.19, or Article IX.

(e)Default in Performance of Other Covenants and Conditions. Any Credit Party shall default in the performance or observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for in this Section 10.1) or any other Loan Document and such default shall continue for a period of thirty (30) days after the earlier of (i) the Administrative Agent’s delivery of written notice thereof to the Borrowers and (ii) a Responsible Officer of any Credit Party having obtained knowledge thereof.

(f)Indebtedness Cross-Default. Any Credit Party shall (i) default in the payment of any Indebtedness (other than the Loans or any Reimbursement Obligation), the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the Threshold Amount beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Loans or any Reimbursement Obligation), the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of the Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice and/or lapse of time, if required, any such Indebtedness to (A) become due, or to be repurchased, prepaid, defeased or redeemed

(automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity (any applicable grace period having expired) or (B) be cash collateralized.

(g)Other Cross-Defaults. Any Credit Party shall default in the payment when due, or in the performance or observance, of any obligation or condition of any Material Contract, in each case, beyond any applicable grace periods provided thereunder, unless, but only as long as, the existence of any such default is being contested by such Credit Party in good faith by appropriate proceedings and adequate reserves in respect thereof have been established on the books of the Borrowers or such other Credit Party to the extent required by GAAP.

(h)Change in Control. Any Change in Control shall occur.

(i)Voluntary Bankruptcy Proceeding. Any Credit Party shall (i) commence a voluntary case under any Debtor Relief Laws, (ii) file a petition seeking to take advantage of any Debtor Relief Laws, (iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under any Debtor Relief Laws, (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign, (v) admit in writing its inability to pay its debts as they become due, (vi) make a general assignment for the benefit of creditors, or (vii) take any corporate action for the purpose of authorizing any of the foregoing.

(j)Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against any Credit Party in any court of competent jurisdiction seeking (i) relief under any Debtor Relief Laws, or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like for any Credit Party or for all or any substantial part of its assets, domestic or foreign, and such case or proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive days, or an order granting the relief requested in such case or proceeding under such Debtor Relief Laws shall be entered.

(k)Failure of Agreements. Any provision of this Agreement or any provision of any other Loan Document shall for any reason cease to be valid and binding on any Credit Party party thereto or any such Person shall so state in writing, or any Loan Document shall for any reason cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on, or security interest in, any of the Collateral purported to be covered thereby, in each case other than in accordance with the express terms hereof or thereof.

(l)ERISA Events. The occurrence of any of the following events: (i) any Credit Party or any ERISA Affiliate fails to make full payment when due of all amounts which, under the provisions of any Pension Plan or Sections 412 or 430 of the Code, any Credit Party or any ERISA Affiliate is required to pay as contributions thereto and such unpaid amounts are in excess of the Threshold Amount, (ii) a Termination Event or (iii) any Credit Party or any ERISA Affiliate makes a complete or partial withdrawal from any Multiemployer Plan and the Multiemployer Plan notifies such Credit Party or ERISA Affiliate that such entity has incurred a withdrawal liability requiring payments in an amount exceeding the Threshold Amount.

(m)Judgment. One or more judgments, orders or decrees shall be entered against any Credit Party by any court and continues without having been discharged, vacated or stayed for a period of thirty (30) consecutive days after the entry thereof and such judgments, orders or decrees (i) in the case of the payment of money, are individually or in the aggregate (to the extent not paid or covered by insurance as to which the relevant insurance company has acknowledged the claim and has not disputed coverage), in excess of the Threshold Amount or (ii) in the case of injunctive or other non-monetary relief, could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

SECTION 10.2. Remedies. Upon the occurrence and during the continuance of an Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrowers:

(a)Acceleration; Termination of Credit Facility. Terminate the Commitments and declare the principal of and interest on the Loans and the Reimbursement Obligations at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents (including all L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented or shall be entitled to present the documents required thereunder) and all other Obligations, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and terminate the Credit Facility and any right of the Borrowers to request borrowings or Letters of Credit thereunder; provided that upon the occurrence of an Event of Default specified in Section 10.1(i) or (j), the Credit Facility shall be automatically terminated and all Obligations shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or in any other Loan Document to the contrary notwithstanding.

(b)Letters of Credit. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to the preceding paragraph, demand that the Borrowers shall at such time deposit in a Cash Collateral account opened by the Administrative Agent an amount equal to the Minimum Collateral Amount of the aggregate then undrawn and unexpired amount of such Letter of Credit. Amounts held in such Cash Collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay the other Secured Obligations in accordance with Section 10.4. After all such Letters of Credit shall have expired or been fully drawn upon, the Reimbursement Obligation shall have been satisfied and all other Secured Obligations shall have been paid in full, the balance, if any, in such Cash Collateral account shall be returned to the Borrowers.

(c)General Remedies. Exercise on behalf of the Secured Parties all of its other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Secured Obligations.

SECTION 10.3. Rights and Remedies Cumulative; Non-Waiver; etc.

(a)The enumeration of the rights and remedies of the Administrative Agent and the Lenders set forth in this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise. No delay or failure to take action on the part of the Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing between any Borrower, the Administrative Agent and the Lenders or their respective agents or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default.

(b)Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 10.2 for the benefit of all the Lenders and the Issuing Lenders; provided that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Issuing Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as an Issuing Lender) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 12.4 (subject to the terms of Section 5.6), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit Party under any Debtor

Relief Law; and provided further that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 10.2 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 5.6, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

SECTION 10.4. Crediting of Payments and Proceeds. In the event that the Obligations have been accelerated pursuant to Section 10.2 or the Administrative Agent or any Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all payments received on account of the Secured Obligations and all net proceeds from the enforcement of the Secured Obligations shall, subject to the provisions of Sections 5.14 and 5.15, be applied by the Administrative Agent as follows:

First, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such;

Second, to payment of that portion of the Secured Obligations constituting fees (other than Commitment Fees and Letter of Credit fees payable to the Lenders), indemnities and other amounts (other than principal and interest) payable to the Lenders and the Issuing Lenders under the Loan Documents, including attorney fees, ratably among the Lenders and the Issuing Lenders in proportion to the respective amounts described in this clause Second payable to them;

Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid Commitment Fees, Letter of Credit fees payable to the Lenders and interest on the Loans and Reimbursement Obligations, ratably among the Lenders and the Issuing Lenders in proportion to the respective amounts described in this clause Third payable to them;

Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and Reimbursement Obligations and Secured Hedge Obligations and Secured Cash Management Obligations then owing and to Cash Collateralize any L/C Obligations then outstanding, ratably among the holders of such obligations in proportion to the respective amounts described in this clause Fourth payable to them; and

Last, the balance, if any, after all of the Secured Obligations have been paid in full, to the Borrowers or as otherwise required by Applicable Law.

Notwithstanding the foregoing, Secured Cash Management Obligations and Secured Hedge Obligations shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable holders thereof following such acceleration or exercise of remedies and at least three (3) Business Days prior to the application of the proceeds thereof. Each holder of Secured Cash Management Obligations or Secured Hedge Obligations that, in either case, is not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article XI for itself and its Affiliates as if a “Lender” party hereto.

SECTION 10.5. Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Credit Party) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

(a)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and

advances of the Lenders, the Issuing Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Lenders and the Administrative Agent under Sections 3.3, 5.3 and 12.3) allowed in such judicial proceeding; and

(b)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each Issuing Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 3.3, 5.3 and 12.3.

SECTION 10.6. Credit Bidding.

(a)The Administrative Agent, on behalf of itself and the Secured Parties, shall have the right, exercisable at the direction of the Required Lenders, to credit bid and purchase for the benefit of the Administrative Agent and the Secured Parties all or any portion of Collateral at any sale thereof conducted by the Administrative Agent under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC, at any sale thereof conducted under the provisions of the United States Bankruptcy Code, including Section 363 thereof, or a sale under a plan of reorganization, or at any other sale or foreclosure conducted by the Administrative Agent (whether by judicial action or otherwise) in accordance with Applicable Law. Such credit bid or purchase may be completed through one or more acquisition vehicles formed by the Administrative Agent to make such credit bid or purchase and, in connection therewith, the Administrative Agent is authorized, on behalf of itself and the other Secured Parties, to adopt documents providing for the governance of the acquisition vehicle or vehicles, and assign the applicable Secured Obligations to any such acquisition vehicle in exchange for Equity Interests and/or debt issued by the applicable acquisition vehicle (which shall be deemed to be held for the ratable account of the applicable Secured Parties on the basis of the Secured Obligations so assigned by each Secured Party); provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof, shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 12.2.

(b)Each Lender hereby agrees, on behalf of itself and each of its Affiliates that is a Secured Party, that, except as otherwise provided in any Loan Document or with the written consent of the Administrative Agent and the Required Lenders, it will not take any enforcement action, accelerate obligations under any of the Loan Documents, or exercise any right that it might otherwise have under Applicable Law to credit bid at foreclosure sales, UCC sales or other similar dispositions of Collateral.

ARTICLE XI.

THE ADMINISTRATIVE AGENT

SECTION 11.1 Appointment and Authority.

(a)Each of the Lenders and each Issuing Lender hereby irrevocably appoints, designates and authorizes Wells Fargo to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. Except as provided in Sections 11.6 and 11.9, the provisions of this Article are solely for the benefit of the Administrative Agent, the Arrangers, the Lenders, the Issuing Lenders and their respective Related Parties, and neither the Borrowers nor any Subsidiary thereof shall have rights as a third-party beneficiary of any of such provisions.

(b)The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (including each holder of Secured Hedge Obligations and Secured Cash Management Obligations) and the Issuing Lenders hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and such Issuing Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Credit Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto (including to enter into additional Loan Documents or supplements to existing Loan Documents on behalf of the Secured Parties). In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to this Article XI for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article and Article XII (including Section 12.3, as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.

(c)It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

SECTION 11.2. Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust, financial advisory, underwriting, capital markets or other business with the Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.

SECTION 11.3. Exculpatory Provisions.

(a)The Administrative Agent, the Arrangers and their respective Related Parties shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder and thereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent, the Arrangers and their respective Related Parties:

(i)shall not be subject to any agency, trust, fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing;

(ii)shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

(iii)shall not have any duty to disclose, and shall not be liable for the failure to disclose to any Lender, any Issuing Lender or any other Person, any credit or other information relating to or concerning the business, prospects, operations, properties, assets, financial or other condition or creditworthiness of the Borrowers or any of their respective Subsidiaries or Affiliates that is communicated to, obtained by or

otherwise in the possession of the Person serving as the Administrative Agent, the Arrangers or their respective Related Parties in any capacity, except for notices, reports and other documents that are required to be furnished by the Administrative Agent to the Lenders pursuant to the express provisions of this Agreement; and

(iv)shall not be required to account to any Lender or any Issuing Lender for any sum or profit received by the Administrative Agent for its own account.

(b)The Administrative Agent, the Arrangers and their respective Related Parties shall not be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 12.2 and Section 10.2) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default and indicating that such notice is a “Notice of Default” is given to the Administrative Agent by any Borrower, a Lender or an Issuing Lender.

(c)The Administrative Agent, the Arrangers and their respective Related Parties shall not be responsible for or have any duty or obligations to any Lender or Participant or any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith (including any report provided to it by an Issuing Lender pursuant to Section 3.9), (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, (vi) the satisfaction of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or (vii) the utilization of any Issuing Lender’s L/C Commitment (it being understood and agreed that each Issuing Lender shall monitor compliance with its own L/C Commitment without any further action by the Administrative Agent).

SECTION 11.4. Reliance by the Administrative Agent. The Administrative Agent shall be entitled to rely upon, shall be fully protected in relying and shall not incur any liability for relying upon, any notice, request, certificate, consent, communication, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person, including any certification pursuant to Section 11.9. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or such Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or such Issuing Lender prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. Each Lender or Issuing Lender that has signed this Agreement or a signature page to an Assignment and Assumption or any other Loan Document pursuant to which it is to become a Lender or Issuing Lender hereunder shall be deemed to have consented to, approved and accepted and shall be deemed satisfied with each document or other matter required thereunder to be consented to, approved or accepted by such Lender or Issuing Lender or that is to be acceptable or satisfactory to such Lender or Issuing Lender.

SECTION 11.5. Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-

agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit Facility as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

SECTION 11.6. Resignation of Administrative Agent.

(a)The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lenders and the Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers to appoint a successor, which shall be a bank or financial institution reasonably experienced in serving as administrative agent on syndicated bank facilities with an office in the United States, or an Affiliate of any such bank or financial institution with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

(b)If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by Applicable Law, by notice in writing to the Borrowers and such Person, remove such Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

(c)With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each Issuing Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 12.3 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent or relating to its duties as Administrative Agent that are carried out following its retirement or removal, including, without limitation, any actions taken with respect to acting as collateral agent or otherwise holding any Collateral on

behalf of any of the Secured Parties or in respect of any actions taken in connection with the transfer of agency to a replacement or successor Administrative Agent.

(d)Any resignation by, or removal of, Wells Fargo as Administrative Agent pursuant to this Section shall also constitute its resignation as an Issuing Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Lender, if in its sole discretion it elects to, (ii) the retiring Issuing Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor Issuing Lender, if in its sole discretion it elects to, shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Lender to effectively assume the obligations of the retiring Issuing Lender with respect to such Letters of Credit.

SECTION 11.7. Non-Reliance on Administrative Agent and Other Lenders. Each Lender and each Issuing Lender expressly acknowledges that none of the Administrative Agent, any Arranger or any of their respective Related Parties has made any representations or warranties to it and that no act taken or failure to act by the Administrative Agent, any Arranger or any of their respective Related Parties, including any consent to, and acceptance of any assignment or review of the affairs of the Borrowers and their Subsidiaries or Affiliates shall be deemed to constitute a representation or warranty of the Administrative Agent, any Arranger or any of their respective Related Parties to any Lender, any Issuing Lender or any other Secured Party as to any matter, including whether the Administrative Agent, any Arranger or any of their respective Related Parties have disclosed material information in their (or their respective Related Parties’) possession. Each Lender and each Issuing Lender expressly acknowledges, represents and warrants to the Administrative Agent and each Arranger that (a) the Loan Documents set forth the terms of a commercial lending facility, (b) it is engaged in making, acquiring, purchasing or holding commercial loans in the ordinary course and is entering into this Agreement and the other Loan Documents to which it is a party as a Lender for the purpose of making, acquiring, purchasing and/or holding the commercial loans set forth herein as may be applicable to it, and not for the purpose of making, acquiring, purchasing or holding any other type of financial instrument, (c) it is sophisticated with respect to decisions to make, acquire, purchase or hold the commercial loans applicable to it and either it or the Person exercising discretion in making its decisions to make, acquire, purchase or hold such commercial loans is experienced in making, acquiring, purchasing or holding commercial loans, (d) it has, independently and without reliance upon the Administrative Agent, any Arranger, any other Lender or any of their respective Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and appraisal of, and investigations into, the business, prospects, operations, property, assets, liabilities, financial and other condition and creditworthiness of the Borrowers and their Subsidiaries, all applicable bank or other regulatory Applicable Laws relating to the Transactions and the transactions contemplated by this Agreement and the other Loan Documents and (e) it has made its own independent decision to enter into this Agreement and the other Loan Documents to which it is a party and to extend credit hereunder and thereunder. Each Lender and each Issuing Lender also acknowledges that (i) it will, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or any of their respective Related Parties (A) continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder based on such documents and information as it shall from time to time deem appropriate and its own independent investigations and (B) continue to make such investigations and inquiries as it deems necessary to inform itself as to the Borrowers and their Subsidiaries and (ii) it will not assert any claim in contravention of this Section 11.7.

SECTION 11.8. No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the syndication agents, documentation agents, co-agents, arrangers or bookrunners listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Lender hereunder, but each such Person shall have the benefit of the indemnities and exculpatory provisions hereof.

SECTION 11.9. Collateral and Guaranty Matters.

(a)Each of the Lenders (including in its or any of its Affiliates’ capacities as a holder of Secured Hedge Obligations and Secured Cash Management Obligations) irrevocably authorize the Administrative Agent, at its option and in its discretion:

(i)to release any Lien on any Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured Parties, under any Loan Document (A) upon the termination of the Commitment and payment in full of all Secured Obligations (other than (1) contingent indemnification obligations and (2) Secured Cash Management Obligations or Secured Hedge Obligations as to which arrangements satisfactory to the applicable holders thereof shall have been made) and the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements satisfactory to the Administrative Agent and the applicable Issuing Lender shall have been made), (B) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition to a Person other than a Credit Party permitted under the Loan Documents, as certified by the Parent, or (C) if approved, authorized or ratified in writing by the Required Lenders in accordance with Section 12.2; provided that any release of all or substantially all of the Collateral shall be subject to Section 12.2(g);

(ii)to subordinate any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien permitted pursuant to Section 9.2(h); provided that the subordination of all or substantially all of the Collateral shall be subject to Section 12.2(g); and

(iii)to release any Guarantor from its obligations under any Loan Documents if such Person ceases to be a Borrower or Subsidiary as a result of a transaction permitted under the Loan Documents, as certified by the Parent; provided that the release of Guarantors comprising substantially all of the credit support for the Secured Obligations shall be subject to Section 12.2(f).

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty Agreement pursuant to this Section 11.9. In each case as specified in this Section 11.9, the Administrative Agent will, at the Borrowers’ expense, execute and deliver to the applicable Credit Party such documents as such Credit Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty Agreement, in each case in accordance with the terms of the Loan Documents and this Section 11.9 as certified by the Parent.

(b)The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

SECTION 11.10. Secured Hedge Obligations and Secured Cash Management Obligations. No holder of any Secured Hedge Obligations or Secured Cash Management Obligations that obtains the benefits of Section 10.4 or any Collateral by virtue of the provisions hereof or of any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral), or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of any Guaranty Agreement or any Security Document, other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article XI to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Obligations and Secured Hedge Obligations unless the Administrative Agent has received written notice of such Secured Cash Management Obligations and Secured Hedge Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable holders thereof.

The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Hedge Obligations and Secured Cash Management Obligations in the case of the Maturity Date.

SECTION 11.11. Certain ERISA Matters.

(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent, the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Credit Party, that at least one of the following is and will be true:

(i)such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit or the Commitments or this Agreement;

(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or

(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent, the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Credit Party, that none of the Administrative Agent, the Arranger and their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

SECTION 11.12. Erroneous Payments.

(a)Each Lender, each Issuing Lender, each other Secured Party and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or Issuing Lender or any other Secured Party (or the Lender Affiliate of a Secured Party) or any other Person that has received funds from the Administrative Agent or any of its Affiliates, either for its own account or on behalf of a Lender, Issuing Lender or other Secured Party (each such recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section 11.12(a), whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an “Erroneous Payment”), and, in each case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing in this Section shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.

(b)Without limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly notify the Administrative Agent in writing of such occurrence.

(c)In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no later than one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

(d)In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”), then at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Lender (i) such Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment Deficiency Assignment. The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the provisions of this clause (d) shall govern in the event of any conflict with the terms and

conditions of Section 12.9 and (3) the Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person.

(e)Each party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 11.12 or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by any Borrower or any other Credit Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from a Borrower or any other Credit Party for the purpose of making a payment on the Obligations and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received.

(f)Each party’s obligations under this Section 11.12 shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

(g)Nothing in this Section 11.12 will constitute a waiver or release of any claim of the Administrative Agent hereunder arising from any Payment Recipient’s receipt of an Erroneous Payment.

ARTICLE XII.

MISCELLANEOUS

SECTION 12.1. Notices.

(a)Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows:

If to the Borrowers:

Adams Resources & Energy, Inc.

Attention of: Tracy Ohmart, as Executive Vice President, Chief Financial Officer and Treasurer

Telephone No.: (713) 881-3609

E-mail: tohmart@adamsresources.com

If to Wells Fargo, as Administrative Agent:

Wells Fargo Bank, National Association

1000 Louisiana Street, 9th Floor

Houston, Texas 77002

Attention of: Keith Cox

Telephone No.: (917) 455-2871

E-mail: Keith.Cox@wellsfargo.com

If to any Lender:

To the address of such Lender set forth on the Register with respect to deliveries of notices and other documentation that may contain material non-public information.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

(b)Electronic Communications. Notices and other communications to the Lenders and the Issuing Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or any Issuing Lender pursuant to Article II or III if such Lender or such Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or other communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

(c)Administrative Agent’s Office. The Administrative Agent hereby designates its office located at the address set forth above, or any subsequent office which shall have been specified for such purpose by written notice to the Borrowers and Lenders, as the Administrative Agent’s Office referred to herein, to which payments due are to be made and at which Loans will be disbursed and Letters of Credit requested.

(d)Change of Address, Etc. Each of the Borrowers, the Administrative Agent, or any Issuing Lender may change its address or other contact information for notices and other communications hereunder by notice to the other parties hereto. Any Lender may change its address or facsimile number for notices and other communications hereunder by notice to the Borrowers, the Administrative Agent, and each Issuing Lender.

(e)Platform.

(i)Each Credit Party, each Lender and each Issuing Lender agrees that the Administrative Agent may, but shall not be obligated to, make the Borrower Materials available to the Issuing Lenders and the other Lenders by posting the Borrower Materials on the Platform.

(ii)The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the accuracy or completeness of the Borrower Materials or the adequacy of the Platform, and expressly disclaim liability for errors or omissions in the Borrower Materials. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Borrower Materials or the Platform. Although the Platform is secured pursuant to generally-applicable security procedures and policies implemented or modified by the Administrative Agent and its Related Parties, each of the Lenders, the Issuing Lenders and the Borrowers acknowledges and agrees that distribution of information through an electronic means is not necessarily

secure in all respects, the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) are not responsible for approving or vetting the representatives, designees or contacts of any Lender or Issuing Lender that are provided access to the Platform and that there may be confidentiality and other risks associated with such form of distribution. Each of the Borrowers, each Lender and each Issuing Lender party hereto understands and accepts such risks. In no event shall the Agent Parties have any liability to any Credit Party, any Lender or any other Person or entity for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Credit Party’s or the Administrative Agent’s transmission of communications through the Internet (including the Platform), except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided that in no event shall any Agent Party have any liability to any Credit Party, any Lender, any Issuing Lender or any other Person for indirect, special, incidental, consequential or punitive damages, losses or expenses (as opposed to actual damages, losses or expenses).

SECTION 12.2. Amendments, Waivers and Consents. Except as set forth below or as specifically provided in any Loan Document (including Section 5.8(c)), any term, covenant, agreement or condition of this Agreement or any of the other Loan Documents may be amended or waived by the Lenders, and any consent given by the Lenders, if, but only if, such amendment, waiver or consent is in writing and approved by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and delivered to the Administrative Agent and, in the case of an amendment, signed by the Borrowers; provided that no amendment, waiver or consent shall:

(a)increase or extend the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 10.2) or increase the amount of Loans of any Lender, in any case, without the written consent of such Lender;

(b)waive, extend or postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Commitment hereunder or under any other Loan Document without the written consent of each Lender directly and adversely affected thereby;

(c)reduce the principal of, or the rate of interest specified herein on, any Loan or Reimbursement Obligation, or (subject to clauses (iv) and (viii) of the proviso set forth in the paragraph below) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly and adversely affected thereby; provided that only the consent of the Required Lenders shall be necessary to waive any obligation of the Borrowers to pay interest at the rate set forth in Section 5.1(b) during the continuance of an Event of Default;

(d)change Section 5.6 or Section 10.4 in a manner that would alter the pro rata sharing of payments or order of application required thereby without the written consent of each Lender directly and adversely affected thereby;

(e)change any provision of this Section or reduce the percentages specified in the definitions of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly and adversely affected thereby;

(f)release (i) all of the Guarantors or (ii) Guarantors comprising all or substantially all of the credit support for the Secured Obligations, in any case, from any Guaranty Agreement, without the written consent of each Lender directly and adversely affected thereby; or

(g)release or subordinate all or substantially all of the Collateral or release or subordinate any Security Document (or any Lien created thereby) which would have the effect of releasing all or substantially all of the Collateral without the written consent of each Lender directly and adversely affected thereby;

provided further that (i) no amendment, waiver or consent shall, unless in writing and signed by each affected Issuing Lender in addition to the Lenders required above, affect the rights or duties of such Issuing Lender under this Agreement or any Letter of Credit Documents relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document or modify Section 12.1(e), Section 12.20 or Article XI hereof; (iii) each Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (iv) each Letter of Credit Document may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto; provided that a copy of such amended Letter of Credit Document shall be promptly delivered to the Administrative Agent upon such amendment or waiver, (v) the Administrative Agent and the Borrowers shall be permitted to amend any provision of the Loan Documents (and such amendment shall become effective without any further action or consent of any other party to any Loan Document) if the Administrative Agent and the Borrowers shall have jointly identified an obvious error or any error, ambiguity, defect or inconsistency or omission of a technical or immaterial nature in any such provision and (vi) the Administrative Agent (and, if applicable, the Borrowers) may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Loan Documents or to enter into additional Loan Documents in order to implement any Benchmark Replacement or any Conforming Changes or otherwise effectuate the terms of Section 5.8(c) in accordance with the terms of Section 5.8(c). Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that (A) the Commitment of such Lender may not be increased or extended without the consent of such Lender, and (B) any amendment, waiver, or consent hereunder which requires the consent of all Lenders or each affected Lender that by its terms disproportionately and adversely affects any such Defaulting Lender relative to other affected Lenders shall require the consent of such Defaulting Lender.

Notwithstanding anything in this Agreement to the contrary, each Lender hereby irrevocably authorizes the Administrative Agent on its behalf, and without further consent of any Lender (but with the consent of the Borrowers and the Administrative Agent), to amend and restate this Agreement and the other Loan Documents if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated, such Lender shall have no other commitment or other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement and the other Loan Documents.

SECTION 12.3. Expenses; Indemnity.

(a)Costs and Expenses. The Borrowers and any other Credit Party, jointly and severally, shall pay (i) all reasonable out of pocket costs and expenses incurred by the Administrative Agent (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the Credit Facility, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out of pocket expenses incurred by any Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out of pocket expenses incurred by the Administrative Agent, any Lender or any Issuing Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or any Issuing Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

(b)Indemnification by the Borrowers. The Borrowers and each other Credit Party shall, jointly and severally, indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each Issuing Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims (including any Environmental Claims), penalties, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any

Indemnitee by any Person (including the Borrowers or any other Credit Party), arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby (including the Transactions), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Credit Party, or any Environmental Claim related in any way to any Credit Party, (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Credit Party, and regardless of whether any Indemnitee is a party thereto, or (v) any claim (including any Environmental Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including reasonable attorneys and consultant’s fees, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, penalties, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. This Section 12.3(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

(c)Reimbursement by Lenders. To the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under clause (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), any Issuing Lender, or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Issuing Lender, or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time, or if the Total Credit Exposure has been reduced to zero, then based on such Lender’s share of the Total Credit Exposure immediately prior to such reduction) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that with respect to such unpaid amounts owed to any Issuing Lender solely in its capacity as such, only the Lenders shall be required to pay such unpaid amounts, such payment to be made severally among them based on such Lenders’ Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought or, if the Commitment has been reduced to zero as of such time, determined immediately prior to such reduction); provided further that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), such Issuing Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or such Issuing Lender in connection with such capacity. The obligations of the Lenders under this clause (c) are subject to the provisions of Section 5.7.

(d)Waiver of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, no party hereto shall assert, and each party hereto hereby waives, any claim, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided that nothing contained in this sentence shall limit any Credit Party’s indemnification obligations to the extent set forth in clause (b) above to the extent such special, indirect, consequential or punitive damages are included in any third party claim in connection with which such indemnified person is otherwise entitled to indemnification hereunder. No Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

(e)Payments. All amounts due under this Section shall be payable promptly after demand therefor.

(f)Survival. Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the obligations hereunder.

SECTION 12.4. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Lender, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such Issuing Lender or any such Affiliate to or for the credit or the account of any Borrower or any other Credit Party against any and all of the obligations of such Borrower or such Credit Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, such Issuing Lender or any of their respective Affiliates, irrespective of whether or not such Lender, such Issuing Lender or any such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office of such Lender, such Issuing Lender or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender or any Affiliate thereof shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 5.15 and, pending such payment, shall be segregated by such Defaulting Lender or Affiliate of a Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Lenders and the Lenders, and (y) the Defaulting Lender or its Affiliate shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender or any of its Affiliates as to which such right of setoff was exercised. The rights of each Lender, each Issuing Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Lender or their respective Affiliates may have. Each Lender and such Issuing Lender agree to notify the Borrowers and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

SECTION 12.5. Governing Law; Jurisdiction, Etc.

(a)Governing Law. This Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

(b)Submission to Jurisdiction. Each Borrower and each other Credit Party irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender, any Issuing Lender, or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each Borrower and each other Credit Party irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by Applicable Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent, any Lender or any Issuing Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Borrower or any other Credit Party or its properties in the courts of any jurisdiction.

(c)Waiver of Venue. Each Borrower and each other Credit Party irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document

in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

(d)Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 12.1. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law.

SECTION 12.6. Waiver of Jury Trial and Binding Arbitration.

(a)Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

(b)Binding Arbitration.

(i)Agreement to Arbitrate. Upon demand of any party, whether made before or after institution of any judicial proceeding, any dispute, claim or controversy arising out of, connected with or relating to this Agreement or any other Loan Document (“Disputes”), between or among parties hereto and to the other Loan Documents shall be resolved by binding arbitration as provided herein. Institution of a judicial proceeding by a party does not waive the right of that party to demand arbitration hereunder. Disputes may include tort claims, counterclaims, claims brought as class actions, claims arising from Loan Documents executed in the future, disputes as to whether a matter is subject to arbitration, or claims concerning any aspect of the past, present or future relationships arising out of or connected with the Loan Documents. The parties hereto do not waive any applicable Federal or state substantive law (including the protections afforded to banks under 12 U.S.C. Section 91 or any similar applicable state law) except as provided herein. A judgment upon the award may be entered in any court having jurisdiction. Notwithstanding the foregoing, this paragraph shall not apply to any Hedge Agreement or Cash Management Agreement.

(ii)General Rules of Arbitration. Any arbitration proceeding will (A) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of law provision in any of the Loan Documents between the parties, (B) be conducted by the American Arbitration Association (the “AAA”), or such other administrator as the parties shall mutually agree upon, in accordance with the commercial dispute resolution procedures of the AAA, unless the claim or counterclaim is at least $1,000,000 exclusive of claimed interest, arbitration fees and costs, in which case the arbitration shall be conducted in accordance with the AAA’s optional procedures for large, complex commercial disputes (the commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to, as applicable, as the “Arbitration Rules”) and (C) proceed in a location in New York City, New York selected by the AAA. The expedited procedures set forth in Rule 51, et seq. of the Arbitration Rules shall be applicable to claims of less than $1,000,000. All applicable statutes of limitations shall apply to any Dispute. If there is any inconsistency between the terms hereof and the Arbitration Rules, the terms and procedures set forth herein shall control. Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling arbitration of any dispute. Notwithstanding anything in the foregoing to the contrary, any arbitration proceeding demanded hereunder shall begin within ninety

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(90) days after such demand thereof and shall be concluded within one hundred twenty (120) days after such demand. These time limitations may not be extended unless a party hereto shows cause for extension and then such extension shall not exceed a total of sixty (60) days.

(iii)Arbitrators. Any arbitration proceeding in which the amount in controversy is $5,000,000 or less will be decided by a single arbitrator selected according to the Arbitration Rules, and who shall not render an award of greater than $5,000,000. Any dispute in which the amount in controversy exceeds $5,000,000 shall be decided by majority vote of a panel of three arbitrators; provided that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney licensed in the jurisdiction of the state where the hearing will be conducted or a neutral retired judge of the jurisdiction, state or federal, of the state where the hearing will be conducted, in either case with a minimum of ten years’ experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. In any arbitration proceeding, the arbitrator will decide (by documents only or with a hearing at the arbitrator’s discretion) any pre hearing motions that are similar to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all disputes in accordance with the substantive law of the State of New York and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure or other Applicable Law.

(iv)Preservation of Certain Remedies. Notwithstanding the preceding binding arbitration provisions, the parties hereto and the other Loan Documents preserve, without diminution, certain remedies that such Persons may employ or exercise freely, either alone, in conjunction with or during a Dispute. Each such Person shall have and hereby reserves the right to proceed in any court of proper jurisdiction or by self-help to exercise or prosecute the following remedies, as applicable: (A) all rights to foreclose against any real or personal property or other security by exercising a power of sale granted in the Loan Documents or under Applicable Law or by judicial foreclosure and sale, including a proceeding to confirm the sale, (B) all rights of self-help including peaceful occupation of property and collection of rents, set off, and peaceful possession of property, (C) obtaining provisional or ancillary remedies including injunctive relief, sequestration, garnishment, attachment, appointment of receiver and in filing an involuntary bankruptcy proceeding, and (D) when applicable, a judgment by confession of judgment. Preservation of these remedies does not limit the power of an arbitrator to grant similar remedies that may be requested by a party in a Dispute.

SECTION 12.7. Reversal of Payments. To the extent any Credit Party makes a payment or payments to the Administrative Agent for the ratable benefit of any of the Secured Parties or to any Secured Party directly or the Administrative Agent or any Secured Party receives any payment or proceeds of the Collateral or any Secured Party exercises its right of setoff, which payments or proceeds (including any proceeds of such setoff) or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any Debtor Relief Law, other Applicable Law or equitable cause, then, to the extent of such payment or proceeds repaid, the Secured Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by the Administrative Agent, and each Lender and each Issuing Lender severally agrees to pay to the Administrative Agent upon demand its (or its applicable Affiliate’s) applicable ratable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent plus interest thereon at a per annum rate equal to the Federal Funds Rate from the date of such demand to the date such payment is made to the Administrative Agent.

SECTION 12.8. Injunctive Relief. Each Borrower recognizes that, in the event such Borrower fails to perform, observe or discharge any of its obligations or liabilities under this Agreement, any remedy of law may prove to be inadequate relief to the Lenders. Therefore, each Borrower agrees that the Lenders, at the Lenders’ option, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages.

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SECTION 12.9. Successors and Assigns; Participations.

(a)Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrowers nor any other Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b)Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that, in each case with respect to any Credit Facility, any such assignment shall be subject to the following conditions:

(i)Minimum Amounts.

(A)in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing to it (in each case with respect to any Credit Facility) or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

(B)in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Credit Facility, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed); provided that the Borrowers shall be deemed to have given its consent five (5) Business Days after the date written notice thereof has been delivered by the assigning Lender (through the Administrative Agent) unless such consent is expressly refused by the Borrowers prior to such fifth (5th) Business Day;

(ii)Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned;

(iii)Required Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section and, in addition:

(A)the consent of the Borrowers (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved

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Fund; provided that the Borrowers shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof;

(B)the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed); and

(C)the consents of the Issuing Lenders (such consents not to be unreasonably withheld or delayed).

(iv)Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment; provided that (A) only one such fee will be payable in connection with simultaneous assignments to two or more related Approved Funds by a Lender and (B) the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

(v)No Assignment to Certain Persons. No such assignment shall be made to (A) any Borrower or any Subsidiary or Affiliate of any Borrower, (B) a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person) or (C) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (v).

(vi)Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested, but not funded by, the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Lenders, and each other Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 5.8, 5.9, 5.10, 5.11 and 12.3 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with

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paragraph (d) of this Section (other than a purported assignment to a natural Person, any Borrower or any Subsidiary or any Affiliate of any Borrower, which shall be null and void).

(c)Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at its address referred to in Section 12.1 a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of (and stated interest on) the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrowers and any Lender (but only to the extent of entries in the Register that are applicable to such Lender), at any reasonable time and from time to time upon reasonable prior notice.

(d)Participations. Any Lender may at any time, without the consent of, or notice to, the Borrowers, the Administrative Agent or any Issuing Lender, sell participations to any Person (other than a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person), or any Borrower or any Subsidiary or Affiliate of any Borrower) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, each Issuing Lender and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 12.3(c) with respect to any payments made by such Lender to its Participant(s).

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 12.2(b), (c), (d) or (e) that directly and adversely affects such Participant. The Borrowers agree that each Participant shall be entitled to the benefits of Sections 5.9, 5.10 and 5.11 (subject to the requirements and limitations therein, including the requirements under Section 5.11(g) (it being understood that the documentation required under Section 5.11(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 5.12 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 5.10 or 5.11, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 5.12(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.4 as though it were a Lender; provided that such Participant agrees to be subject to Section 5.6 and Section 12.4 as though it were a Lender.

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts of (and stated interest on) each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) or Proposed Section 1.163-5(b) of the United States Treasury Regulations (or, in each case, any amended or successor version). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the

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Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

(e)Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

SECTION 12.10. Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and each Issuing Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective Related Parties in connection with the Credit Facility, this Agreement, the transactions contemplated hereby or in connection with marketing of services by such Affiliate or Related Party to the Borrowers or any of their Subsidiaries (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by, or required to be disclosed to, any regulatory or similar authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners) or in accordance with the Administrative Agent’s, such Issuing Lender’s or any Lender’s regulatory compliance policy if the Administrative Agent, such Issuing Lender or such Lender, as applicable, deems such disclosure to be necessary for the mitigation of claims by those authorities against the Administrative Agent, such Issuing Lender or such Lender, as applicable, or any of its Related Parties (in which case, the Administrative Agent, such Issuing Lender or such Lender, as applicable, shall use commercially reasonable efforts to, except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, promptly notify the Borrowers, in advance, to the extent practicable and otherwise permitted by Applicable Law), (c) as to the extent required by Applicable Laws or regulations or in any legal, judicial, administrative proceeding or other compulsory process, (d) to any other party hereto, (e) in connection with the exercise of any remedies under this Agreement, under any other Loan Document or under any Secured Hedge Agreement or Secured Cash Management Agreement, or any action or proceeding relating to this Agreement, any other Loan Document or any Secured Hedge Agreement or Secured Cash Management Agreement, or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement and, in each case, their respective financing sources, (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to any Borrower and its obligations, this Agreement or payments hereunder, (iii) an investor or prospective investor in an Approved Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment in such Approved Fund, (iv) a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in an Approved Fund in connection with the administration, servicing and reporting on the assets serving as collateral for an Approved Fund, or (v) a nationally recognized rating agency that requires access to information regarding the Borrowers and their Subsidiaries, the Loans and the Loan Documents in connection with ratings issued with respect to an Approved Fund, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrowers or their Subsidiaries or the Credit Facility or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Credit Facility, (h) with the consent of the Borrowers, (i) deal terms and other information customarily reported to Thomson Reuters, other bank market data collectors and similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of the Loan Documents, (j) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender, any Issuing Lender or any of their respective Affiliates from a third party that is not, to such Person’s knowledge, subject to confidentiality obligations to the Borrowers, (k) to the extent that such information is independently developed by such Person, (l) to the extent required by an insurance company in connection with providing insurance coverage or providing reimbursement pursuant to this Agreement or (m) for purposes of establishing a “due diligence” defense. For purposes of this Section, “Information” means all information received from any Credit Party relating to any

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Credit Party or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Lender on a nonconfidential basis prior to disclosure by any Credit Party; provided that, in the case of information received from a Credit Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

SECTION 12.11. Performance of Duties. Each of the Credit Party’s obligations under this Agreement and each of the other Loan Documents shall be performed by such Credit Party at its sole cost and expense.

SECTION 12.12. All Powers Coupled with Interest. All powers of attorney and other authorizations granted to the Lenders, the Administrative Agent and any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Agreement or any of the other Loan Documents shall be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied (other than contingent indemnification obligations not then due), any of the Commitments remain in effect or the Credit Facility has not been terminated.

SECTION 12.13. Survival.

(a)All representations and warranties set forth in Article VII and all representations and warranties contained in any certificate, or any of the Loan Documents (including, but not limited to, any such representation or warranty made in or in connection with any amendment thereto) shall constitute representations and warranties made under this Agreement. All representations and warranties made under this Agreement shall be made or deemed to be made at and as of the Closing Date (except those that are expressly made as of a specific date), shall survive the Closing Date and shall not be waived by the execution and delivery of this Agreement, any investigation made by or on behalf of the Lenders or any borrowing hereunder.

(b)Notwithstanding any termination of this Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the provisions of this Article XII and any other provision of this Agreement and the other Loan Documents shall continue in full force and effect and shall protect the Administrative Agent and the Lenders against events arising after such termination as well as before.

SECTION 12.14. Titles and Captions. Titles and captions of Articles, Sections and subsections in, and the table of contents of, this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement.

SECTION 12.15. Severability of Provisions. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. In the event that any provision is held to be so prohibited or unenforceable in any jurisdiction, the Administrative Agent, the Lenders and the Borrowers shall negotiate in good faith to amend such provision to preserve the original intent thereof in such jurisdiction (subject to the approval of the Required Lenders).

SECTION 12.16. Counterparts; Integration; Effectiveness; Electronic Execution.

(a)Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent, any Issuing Lender and/or the Arranger, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 6.1, this Agreement shall become effective when it shall have been executed by the Administrative Agent

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and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.

(b)Electronic Execution. The words “execute,” “execution,” “signed,” “signature,” “delivery” and words of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection with this Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Each party hereto agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same extent as a manual, original signature. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission, delivery and/or retention. Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided that without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the executing party without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof. Without limiting the generality of the foregoing, each party hereto hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and any of the Credit Parties, electronic images of this Agreement or any other Loan Document (in each case, including with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto.

SECTION 12.17. Term of Agreement. This Agreement shall remain in effect from the Closing Date through and including the date upon which all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other Loan Document shall have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired (or been Cash Collateralized) or otherwise satisfied in a manner acceptable to the applicable Issuing Lender) and the Commitments have been terminated. No termination of this Agreement shall affect the rights and obligations of the parties hereto arising prior to such termination or in respect of any provision of this Agreement which survives such termination.

SECTION 12.18. USA PATRIOT Act; Anti-Money Laundering Laws. The Administrative Agent and each Lender hereby notifies the Borrowers that pursuant to the requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, each of them is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the PATRIOT Act or such Anti-Money Laundering Laws.

SECTION 12.19. Independent Effect of Covenants. The Borrowers expressly acknowledge and agree that each covenant contained in Articles VIII or IX hereof shall be given independent effect. Accordingly, no Borrower shall engage in any transaction or other act otherwise permitted under any covenant contained in Articles VIII or IX

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if, before or after giving effect to such transaction or act, such Borrower shall or would be in breach of any other covenant contained in Articles VIII or IX.

SECTION 12.20. No Advisory or Fiduciary Responsibility.

(a)In connection with all aspects of each transaction contemplated hereby, each Credit Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that (i) the facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrowers and their Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand, and the Borrowers are capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof), (ii) in connection with the process leading to such transaction, each of the Administrative Agent, the Arrangers and the Lenders is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrowers or any of their Affiliates, stockholders, creditors or employees or any other Person, (iii) none of the Administrative Agent, the Arrangers or the Lenders has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrowers with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether any Arranger or Lender has advised or is currently advising any Borrower or any of its Affiliates on other matters) and none of the Administrative Agent, the Arrangers or the Lenders has any obligation to the Borrowers or any of their Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents, (iv) the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and may conflict with, those of the Borrowers and their Affiliates, and none of the Administrative Agent, the Arrangers or the Lenders has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship and (v) the Administrative Agent, the Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Credit Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate.

(b)Each Credit Party acknowledges and agrees that each Lender, the Arrangers and any Affiliate thereof may lend money to, invest in, and generally engage in any kind of business with, any of the Borrowers, any Affiliate thereof or any other person or entity that may do business with or own securities of any of the foregoing, all as if such Lender, Arranger or Affiliate thereof were not a Lender or Arranger or an Affiliate thereof (or an agent or any other person with any similar role under the Credit Facilities) and without any duty to account therefor to any other Lender, the Arrangers, the Borrowers or any Affiliate of the foregoing. Each Lender, the Arrangers and any Affiliate thereof may accept fees and other consideration from the Borrowers or any Affiliate thereof for services in connection with this Agreement, the Credit Facilities or otherwise without having to account for the same to any other Lender, the Arrangers, the Borrowers or any Affiliate of the foregoing.

SECTION 12.21. Inconsistencies with Other Documents. In the event there is a conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall control; provided that any provision of the Security Documents which imposes additional burdens on the Borrowers or any of their Subsidiaries or further restricts the rights of the Borrowers or any of their Subsidiaries or gives the Administrative Agent or Lenders additional rights shall not be deemed to be in conflict or inconsistent with this Agreement and shall be given full force and effect.

SECTION 12.22. Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-

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Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

(b)the effects of any Bail-In Action on any such liability, including, if applicable:

(i)a reduction in full or in part or cancellation of any such liability;

(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(ii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

SECTION 12.23. Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

(a)In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

(b)As used in this Section 12.23, the following terms have the following meanings:

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

“Covered Entity” means any of the following:

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

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

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

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

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

SECTION 12.24. Entire Agreement. THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS DEFINED IN THIS AGREEMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO.

[Signature pages to follow]

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SCHEDULE 1.1(a)

COMMITMENTS AND COMMITMENT PERCENTAGES AND L/C COMMITMENTS


Lender	Commitment Percentage	Commitment
Wells Fargo Bank, National Association	100.000000000%	$60,000,000.00
Total	100.000000000%	$60,000,000.00


Issuing Lender			L/C Commitment
Wells Fargo Bank, National Association			$20,000,000.00

Exhibit 10.2

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”) is entered into effective as of August 12, 2022, by and between Trey Bosard (“Employee”) and Phoenix Oil, Inc. (the “Company”).

WHEREAS, the Company desires to employ Employee, and Employee desires to be employed by the Company, on the terms set forth in this Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Employment Term. Subject to the terms and conditions set forth herein, the Company hereby agrees to employ Employee, and Employee hereby agrees to accept employment with the Company, to be effective on August 12, 2022 (the “Effective Date”). Employee’s employment with the Company shall continue, subject to earlier termination of such employment pursuant to the terms hereof, until the third anniversary of the Effective Date (the “Employment Term”).

2.Employment Duties.

(a)Employee shall be the President of the Company and shall perform such duties and responsibilities for the Company as are customarily associated with such position or as may be assigned to Employee by the President of GulfMark Energy, Inc. (the “President”) or an individual designated by the President (the “Designee”). Employee shall report to the President or the Designee. In addition to serving as the President of the Company, Employee agrees to serve without additional compensation, if elected or appointed thereto, in one or more offices of the Company or any of the Company’s Subsidiaries and/or affiliates. The Company may change Employee’s title in connection with any internal restructuring or as it deems necessary or appropriate from time to time.

(b)Employee will devote all of Employee’s business time, and Employee will devote his best efforts, to the performance of Employee’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the rendition of such services either directly or indirectly, without the prior written consent of the Board of Directors of the Company (the “Board”).

(c)Employee shall perform Employee’s duties primarily from the Company’s office in the greater Houston, Texas area, with the understanding that Employee’s position will include some travel, as well as time worked out of his home office.

3.Base Salary. During Employee’s employment hereunder, the Company shall pay Employee a base salary (“Base Salary”) at the annual rate of $130,000.00 payable in regular installments in accordance with the Company’s payment practices as in effect from time to time. Employee shall be entitled to such increases, but not decreases, in Base Salary, if any, as may be determined from time to time in the sole discretion of the Company.

4.Bonuses. With respect to each full calendar month and year of employment hereunder (with calendar month August 2022 and calendar year 2022 being prorated, as required), Employee shall be eligible to earn monthly bonus awards based on load counts, volume and margin, as described on Exhibit A, attached hereto and incorporated herein (the “Monthly Bonus”), and annual bonus awards offered to management employees of the Company (“Annual Bonuses” and, collectively with the Monthly Bonus, referred to herein as the “Bonuses”). The right to payment of any Monthly Bonus shall vest only if the Employee is employed by the Company as of the last day of the calendar month for which the bonus is to be paid. The right to payment of any Annual Bonus shall vest only if the Employee is employed by the Company as of December 31st of the calendar year for which the bonus is to be paid.

5.Benefits. During the Employment Term, the Company shall provide the following fringe benefits to Employee:

(a)Employee shall be entitled during the Employment Term to participate in such employee benefit plans and programs that are maintained from time to time for management employees of the Company, to the extent that Employee’s position, tenure, compensation, age, health and other qualifications make Employee (and Employee’s spouse and dependents) (as the case may be) eligible to participate, including 401(k) plan, health insurance, short term disability and life insurance. The Company does not promise the adoption or continuance of any particular plan or program during the Employment Term, and Employee’s (and Employee’s spouse’s and dependents’) participation in any such plan or program shall be subject to the provisions, rules, regulations and laws applicable thereto.

(b)Employee shall be entitled to a $550.00/month vehicle allowance (with Employee being responsible for fuel, maintenance and insurance), plus 50% of the IRS mileage rate on all approved business miles driven by Employee.

(c)Employee shall be entitled to a $75/month cell phone allowance pursuant to the Company’s cell phone policy.

(d)Employee shall be entitled to take off such holidays as are observed by the Company from time to time and up to twenty-five (25) business days of paid discretionary time per year, to be taken at times mutually acceptable to Employee and the Company in accordance with the Company’s discretionary time policy as it may exist from time to time. Accrued discretionary time not used in a given year shall be forfeited and shall not be available for use in subsequent years. The Company will pay Employee, in a lump sum payment, accrued and unused discretionary time at the effective date of termination, not to exceed the maximum annual amount of discretionary time to which Employee is entitled.

(e)Common Stock of Adams Resources & Energy, Inc., a Delaware corporation and publicly traded on the NYSE American as “AE” having a deemed value of $500,000 (the per share value of which shall be the average closing price per share of Common Stock on the NYSE American (as reported by Bloomberg L.P.) for the twenty-one (21) business days immediately preceding the date that this Employment Agreements is entered into, and all of such Common Stock shall be granted and vest in accordance with the Common Stock Grant Agreement attached hereto and incorporated herein as Exhibit B and to be entered into by the parties effective as of August 12, 2022.

(f)Employee shall be eligible to participate in the Adams Resources & Energy, Inc. Amended and Restated 2018 Long-Term Incentive Plan (Amended and Restated as of February 23, 2022), as may be further amended from time to time, beginning January 1, 2023.

6.Expense Reimbursement. Employee shall be entitled to reimbursement for ordinary and reasonable out of pocket documented business expenses which Employee incurs in connection with performing Employee’s duties under this Agreement, including travel, lodging, and meal expenses in accordance with the Company’s travel and expense reimbursement policies applicable to other management employees of the Company as in effect from time to time and approved by the Company, provided, however, Employee must comply with such travel and expense reimbursement policies.

7.Termination of Employment. Employee’s employment with the Company:

(a)shall terminate upon Employee’s death, Employee becoming Permanently Disabled (as determined pursuant to Section 8(d) hereof), or expiration of the Employment Term and may be terminated at any time by Employee for any reason (or no reason), including, without limitation, without Good Reason, or by the Company, for any reason (or no reason), including, without limitation, without Cause. Any termination of Employee’s employment pursuant to the preceding sentence is referred to herein as an “Employee Termination”;

(b)shall terminate on the following date: (i) if terminated as a result of Employee’s resignation, on the date specified in a written notice delivered by Employee to the Company, the effective date of such resignation to be no less than 60 days from the date such notice is delivered to the Company (which notice period may be waived by the Company in its sole discretion); provided, that notwithstanding the foregoing, if Employee terminates his employment for Good Reason, such termination shall be effective on the date specified in a written notice delivered by Employee to the Company; (ii) if terminated as a result of death, on the date of death; (iii) if terminated as a result of Employee becoming Permanently Disabled, on the date as of which Employee is determined to be Permanently Disabled as defined in Section 8(d); (iv) if terminated by the Company, on the date specified in a written notice delivered by the Company to Employee, the effective date of such notice to be no less than 60 days from the date such notice is delivered to Employee; provided, that notwithstanding the foregoing, if the Company terminates Employee’s employment for Cause, such termination shall be effective on the date specified in a written notice delivered by the Company to Employee; and (v) on the expiration of the Employment Term.

8.Definitions. As used in this Agreement:

(a)“Cause” shall mean:

(i)Employee’s material violation of any written policy of the Company, but only if the Company provides the Employee with written notice of such violation, setting out in detail the alleged conduct constituting the violation and Employee fails to cure such violation after having a reasonable opportunity to do so, but no less than twenty (20) days after receipt of written notice;

(ii)Employee’s failure to obey the lawful and reasonably assigned orders of the President or the Designee;

(iii)Employee’s gross negligence or willful misconduct in the performance of, Employee’s material duties;

(iv)the breach of any of Employee’s obligations under this Agreement, but only if the Company provides the Employee with written notice of such breach, setting out in detail the alleged conduct constituting the breach and Employee fails to cure such breach after having a reasonable opportunity to do so, but no less than twenty (20) days after receipt of written notice;

(v)the breach of any of Employee’s obligations under the Purchase Agreement dated August 12, 2022 and entered into by and between GulfMark Asset Holdings, Inc., as the buyer (“GulfMark”), Firebird Bulk Carriers, Inc. and Phoenix Oil, Inc., as the companies, and Scott Bosard, Trey Bosard, and Tyler Bosard, as the sellers (the “Purchase Agreement”), but only if the Company provides the Employee with written notice of such breach, setting out in detail the alleged conduct constituting the breach and Employee fails to cure such breach after having a reasonable opportunity to do so, but no less than twenty (20) days after receipt of written notice;

(vi)the conviction of Employee of an act constituting financial dishonesty against the Company;

(vii)Employee’s indictment or other criminal charge for, or conviction of or entering a plea of guilty or nolo contendere to, a crime constituting a felony;

(viii)the issuance of a final consent decree or cease and desist against Employee by a regulatory agency relating to violations of any law or regulation governing the conduct of the business of the Company; or

(ix)the conviction of Employee or plea of nolo contendere to a felony or misdemeanor involving moral turpitude (other than a traffic violation) which is detrimental to the Company.

For the purposes of this definition, “Company” shall include the Company and any affiliate or Subsidiary of the Company with whom Employee holds a position at the request of the Company or the President or his designee.

(b)“Good Reason” shall mean:

(i)the breach of any of the Company’s obligations under this Agreement, but only if the Employee provides the Company with written notice of such breach, setting out in detail the alleged conduct constituting the breach and the Company fails to cure such breach after having a reasonable opportunity to do so, but no less than twenty (20) days after receipt of written notice;

(ii)the breach of any of Gulfmark’s obligations under the Purchase Agreement, but only if Employee provides Gulfmark with written notice of such breach, setting out in detail the alleged conduct constituting the breach and Gulfmark fails to cure such breach after having a reasonable opportunity to do so, but no less than twenty (20) days after receipt of written notice;

(iii)a reduction of the Employee’s Base Salary or benefits;

(iv)a diminution in the Employee’s title; or

(v) a material diminution in the nature or scope of Employee’s responsibilities.

(c)“Confidential Information” shall mean and include any information, data and know how relating to the business of the Company, the Company itself, or any affiliate or subsidiary of the Company with whom Employee holds a position at the request of the Company or the President or his designee that is disclosed to Employee by the Company or known by Employee as a result of Employee’s relationship with the Company and not within the public domain, including the following information: (i) technical information, such as formulas, patterns, devices, computer program source and object codes, compositions, inventions, processes, specifications, research, methods, techniques, software, or engineering or technical specifications, and any know-how relating to any of the foregoing, and methods of delivery, whether owned by the Company or utilized by the Company under license from a third party, in each case to the extent that such information is not known to the public; (ii) financial information, such as the Company’s earnings, assets, debts, cost-price information, product mark-ups, gross margins, fee structures, volumes of purchases or sales, or financial data or information that should not be disclosed to its customers or competitors, whether relating to the Company generally, or to particular services, geographic areas, or time periods; (iii) supply and service information, such as information concerning the equipment, services and goods utilized or purchased by the Company, terms of supply or service contracts, or of particular transactions, or related information about potential suppliers, to the extent that such information is not known to the public, and to the extent that the combination of suppliers or use of a particular supplier, though generally known or available, yields advantages to the Company and the details of which are not known; (iv) marketing information, such as details about ongoing or proposed marketing programs or agreements by or on behalf of the Company, marketing forecasts or results of marketing efforts or information about impending transactions; (v) personnel information, such as employees’, owner-operators’ and independent contractors’ personal or medical histories, compensation or other terms of employment, owner-operator agreements; and (vi) customer information, such as any compilation of past, existing or prospective customers, customer proposals or agreements between customers and the Company, status of customer accounts or credit, or related information about actual or prospective customers. The term “Confidential Information” does not include information that has become a part of the public domain by the act of one who has the right to disclose such information without violating any right of the Company or the customer to which such information pertains. Confidential Information that is specific as to techniques, methods, or the like shall not

be deemed to be in the public domain merely because such information is embraced by more general disclosures in the public domain, and any combination of features shall not be deemed within the foregoing exception merely because individual features are in the public domain if the combination itself and its principles of operation are not in the public domain.

(d)“Permanently Disabled” shall mean (i) Employee becomes eligible to receive benefits under any disability plan paid for the Company on behalf of Employee or (ii) if by reason of injury or illness (including mental illness) Employee shall be unable to perform the essential functions of his position for 90 consecutive days or 120 days, whether or not consecutive, in a 12-month period.

(e)“Person” shall mean an individual, a partnership, a corporation, a limited liability company, an association or a joint stock company, a trust, a joint venture, an unincorporated organization and a Governmental Authority.

(f)“Subsidiary” shall mean with respect to any Person, any corporation, partnership, limited liability company, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, limited liability company, association or other business entity (other than a corporation), a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For the purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a partnership, limited liability company, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such partnership’s, limited liability company’s, association’s or other business entity’s gains or losses or shall be or control the managing director, managing member, general partner or other managing Person of such partnership, limited liability company, association or other business entity. The term “Subsidiary” shall include all Subsidiaries of such Subsidiary.

9.Payments by Virtue of Termination of Employment. Upon the occurrence of an Employee Termination:

(a)if an Employee Termination shall result from Employee’s employment being terminated by the Company without Cause or by Employee for Good Reason, Employee shall be entitled to:

(i)Employee’s unpaid and accrued Base Salary accrued to the effective date of such termination, payable in accordance with the Company’s regular payroll practices as in effect from time to time or earlier, to the extent required by law (“Accrued Salary”); plus

(ii)payment for accrued and unused discretionary time days accrued to the effective date of such termination (not to exceed the maximum annual amount of discretionary time to which Employee is entitled under Section 5(d)) in a lump sum payment on the next regularly scheduled payroll date of the Company following the effective date of such termination, or earlier, to the extent required by law (“Discretionary Time Pay”); plus

(iii)any unpaid expense reimbursement Employee is entitled to pursuant to Section 6 of this Agreement in a lump sum cash payment on the next regularly scheduled payroll date of the Company following the effective date of such termination, or earlier, to the extent required by law (“Expense Reimbursement”) (the amounts provided for under Subsections 9(a)(i), (ii), and (iii), together the “Accrued Amounts”); plus, subject to Section 10(a):

(iv)any Bonus for which the monthly and/or annual performance targets with respect to a calendar month and/or calendar year ending prior to the date of such termination are satisfied,

but for which the right to payment thereof has not vested in accordance with Section 4 on the date of an Employee Termination, shall be deemed vested and payable at the same time such payment would be made if Employee continued to be employed by the Company (“Accrued Bonus”); plus

(v)as severance pay (“Severance Pay”), Employee will receive his then Base Salary for the remaining period of the Employment Term, payable in lump sum 60 days after the effective date of Employee’s termination; plus

(vi)the Company will provide continued coverage under its health insurance plans to Employee for a period of 18 months after the effective date of Employee’s termination by paying an amount equal to the employer’s portion of premium contributions for active employees, with Employee paying the premium payments at the current applicable employee rate for such coverage; provided, however, if more than 18 months remain in the Employment Term, Employee will also receive the employer’s portion of the premium contribution for the number of months in excess of 18 remaining in the Employment Term, payable in lump sum 60 days after the effective date of Employee’s termination (collectively, the “Health Benefits Continuation”).

(b)if Employee’s employment terminates upon the expiration of the Employment Term, Employee shall be entitled to the Accrued Amounts plus, subject to Section 10(a) of this Agreement, Employee’s Accrued Bonus;

(c)if an Employee Termination shall result from (i) Employee’s death, or (ii) Employee becoming Permanently Disabled, Employee or Employee’s beneficiary, estate or personal representative (as the case may be) shall be entitled to the Accrued Amounts plus Employee’s Accrued Bonus;

(d)if an Employee Termination results from Employee’s resignation without Good Reason or Employee’s discharge for Cause, Employee shall be entitled only to the Accrued Amounts.

10.Release of Claims.

(a)All payments and benefits due to Employee under Sections 9(a) or 9(b), above, except for the Accrued Amounts, shall be expressly conditioned on, and shall be payable or continued only if, Employee (or, to the extent applicable, Employee’s personal representative) delivers to the Company and does not revoke within the Revocation Period (as defined therein) a general release of all claims substantially in the form attached hereto as Exhibit C (the “Release”); provided, that if necessary, such general release may be updated and revised by the Company to comply with applicable law to achieve its intent. Such general release shall be executed and delivered to the Company in accordance with Section 18(a) within 21 days following the effective date of an Employee Termination. Failure to timely execute and return such release or the revocation thereof shall be a waiver of Employee’s right, if any, to the Severance Pay, the Accrued Bonus, and the Health Benefits Continuation. In addition, the Company’s obligation in respect of the Severance Pay, the Accrued Bonus, and the Health Benefits Continuation shall be expressly conditioned upon Employee’s continuing compliance with the obligations under Sections 12, 13, 14, and 15 of this Agreement.

(b)Employee hereby acknowledges and agrees that, other than the payments described in Section 9, upon the effective date of any Employee Termination, Employee shall not be entitled to any other severance or payments of any kind under any Company benefit plan, severance policy generally available to the Company’s employees or otherwise and further, that the treatment of any equity awards granted by the Company to Employee shall be governed by the terms thereof.

(c)In the event that the Company gives Employee notice of a termination, or Employee gives the Company notice of his resignation, in any case to be effective at a date that is later than the date of the

notice, the Company will have the option of dividing any notice period between working and non-working notice in any proportion it deems appropriate, as long as it continues to pay Employee’s Base Salary and permits Employee’s participation in its benefit plans (subject to Employee’s continued eligibility) during the notice period.

11.Resignation. Upon the effective date of any Employee Termination, Employee shall be deemed to have resigned, to the extent applicable, from any position held with the Company or any Subsidiary or affiliate of the Company. On or immediately following the effective date of any such Employee Termination, Employee shall confirm the foregoing by submitting to the Company written confirmation of Employee’s resignation(s).

12.Return of Company Property. Within (a) ten (10) days following the effective date of an Employee Termination for any reason other than death or Permanent Disability, or (b) a reasonable period of time following an Employee Termination due to death or Permanent Disability, Employee or Employee’s personal representative shall return all property of the Company in Employee’s possession, custody, or control, including, but not limited to, all Company-owned computer equipment (hardware and software), telephones, facsimile machines, tablet computer and other communication devices, credit cards, office keys, security access cards, badges, identification cards and all copies (including drafts) of any documentation or information (however stored) relating to the business of the Company and its Subsidiaries and affiliates, the Company’s customers or any prospective customers. Anything to the contrary notwithstanding, Employee shall be entitled to retain (i) personal papers and other materials of a personal nature; provided, that such papers or materials do not include Confidential Information, (ii) information showing Employee’s compensation or relating to reimbursement of expenses, and (iii) copies of plans, programs and agreements relating to Employee’s employment, or termination thereof, with the Company which Employee received in his capacity as a participant.

13.Non-Disparagement. From and after an Employee Termination, Employee shall not make any negative, disparaging, detrimental or derogatory remarks or statements (written, oral, telephonic, electronic, or by any other method) about the Company or any of its respective owners, partners, managers, directors, officers, employees or agents, including, without limitation, any remarks or statements that adversely affects (a) the conduct of the Company’s businesses or (b) the business reputation or relationships of the Company. From and after an Employee Termination, Company shall not make any negative, disparaging, detrimental or derogatory remarks or statements (written, oral, telephonic, electronic, or by any other method) about Employee including, without limitation, any remarks or statements that adversely affects the business or personal reputation of Employee.

14.Cooperation. From and after an Employee Termination, Employee shall provide Employee’s reasonable cooperation in connection with any legal action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Employee’s employment hereunder, provided, that the Company shall compensate Employee for his time at a rate of $200 per hour and shall reimburse Employee for Employee’s reasonable costs and expenses incurred in connection therewith, and such cooperation shall not unreasonably burden Employee or unreasonably interfere with any subsequent employment that Employee may undertake.

15.Confidentiality. Employee acknowledges that during the course of Employee’s employment with the Company, Employee has or will have access to and knowledge of Confidential Information and the release of such Confidential Information to unauthorized persons would be extremely detrimental to the Company. As a consequence, Employee hereby agrees and acknowledges that Employee owes a duty to the Company not to disclose, and agrees that without the prior written consent of the Company, at any time, either during or after the Employment Term, Employee will not communicate, publish or disclose, to any person anywhere or use, any Confidential Information, except as may be necessary or appropriate to conduct Employee’s duties hereunder, provided Employee is acting in good faith and in the best interest of the Company, or as may be required by law or judicial process. Employee will use Employee’s best efforts at all times to hold in confidence and to safeguard any Confidential Information from falling into the hands of any unauthorized person and, in particular, will not permit any Confidential Information to be read, duplicated or copied except as reasonably necessary to the conduct of the Company’s business.

16.Restrictive Covenants. Employee is subject to certain additional restrictive covenants as set forth in Section 4.04 of the Purchase Agreement, all of which are incorporated herein by reference.

17.Miscellaneous.

(a)Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered in person, or (b) one business day after being sent by overnight courier, addressed to the parties at their respective addresses specified below:

if to the Company, to:

Phoenix Oil, Inc. Inc.

17 S. Briar Hollow Lane, Suite 200

Houston, TX 77027

Attention: Greg Mills, President of GulfMark Energy, Inc.

with a copy to (which shall not constitute delivery of notice):

Scopelitis, Garvin, Light, Hanson & Feary, P.C.

10 W. Market Street, Suite 1400

Indianapolis, IN 46204

Attention: W. Todd Metzger

if to Employee, to:

Trey Bosard

[*******]

with a copy to (which shall not constitute delivery of notice):

Morgan, Lewis & Bockius LLP

1000 Louisiana Street, Suite 4000

Houston, TX 77002-5005

Attention: Jeff Dinerstein

Any party to this Agreement may change his or its address for notices by notice given pursuant to this Section 17(a).

(b)This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, executors, administrators, distributees, devisees, legatees, successors and, solely with respect to the Company, its assigns, including without limitation any successor in interest to the Company who acquires all or substantially all of the Company’s assets.

(c)In the event of any Employee Termination, Employee shall be under no obligation to seek other employment or otherwise mitigate the obligations of the Company under this Agreement and no such substitute employment or mitigation shall affect Employee’s right to receive severance and other benefits hereunder.

(d)Except as expressly set forth herein, this Agreement, together with any other agreement entered into between the Company and Employee on the date hereof, contains the entire agreement between the parties with respect to the subject matter hereof, and this Agreement supersedes all other agreements and drafts hereof, oral or written, between the parties hereto with respect to the subject matter hereof. No

promises, statements, understandings, representations or warranties of any kind, whether oral or in writing, express or implied, have been made to Employee by any Person to induce Employee to enter into this Agreement other than the express terms set forth herein, and Employee is not relying upon any promises, statements, understandings, representations, or warranties other than those expressly set forth in this Agreement.

(e)No change or modification of this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party charged with such waiver. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver, unless so provided in the waiver.

(f)If any provision of this Agreement (or portion thereof) shall, for any reason, be held invalid or unenforceable, such provision (or portion thereof) shall be ineffective only to the extent of such invalidity or unenforceability, and the remaining provisions of this Agreement (or portions thereof) shall nevertheless be valid, enforceable and of full force and effect. If any court of competent jurisdiction finds that any provision contained in this Agreement is invalid or unenforceable, then the parties hereto agree that such invalid or unenforceable provision shall be deemed modified so that it shall be valid and enforceable to the greatest extent permissible under law, and if such provision cannot be modified so as to make it enforceable or valid, such finding shall not affect the enforceability or validity of any of the other provisions contained herein.

(g)This Agreement may be executed in identical counterparts, both of which 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. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page 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 signature page were an original thereof.

(h)The section or paragraph headings or titles herein are for convenience of reference only and shall not be deemed a part of this Agreement. The parties have jointly participated in the drafting of this Agreement, and the rule of construction that a contract shall be construed against the drafter shall not be applied. The terms “including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.

(i)Notwithstanding anything to the contrary in this Agreement:

(i)The parties agree that this Agreement shall be interpreted to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended or replaced, and the regulations and authoritative guidance promulgated thereunder to the extent applicable (collectively “Code Section 409A”), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A.

(ii)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits considered “nonqualified deferred compensation” under Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” If Employee is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any

payment or the provision of any benefit that is considered nonqualified deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (A) the expiration of the six-month period measured from the date of such “separation from service” of Employee, and (B) the date of Employee’s death (either such period, the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 18(j)(ii) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed on the first business day following the expiration of the Delay Period to Employee in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

(iii)With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (A) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (B) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits, to be provided in any other taxable year, provided, that this clause (B) shall not be violated with regard to expenses reimbursed under any arrangement covered by Internal Revenue Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (C) such payments shall be made on or before the last day of Employee’s taxable year following the taxable year in which the expense occurred.

(iv)For purposes of Code Section 409A, Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company.

(j)This Agreement and any and all claims arising out of, under, pursuant to, or in any way related to this Agreement, including but not limited to any and all claims (whether sounding in contract or tort) as to this Agreement’s scope, validity, enforcement, interpretation, construction, and effect shall be governed by the laws of the State of Texas (without regard to any conflict of laws rule which might result in the application of the laws of any other jurisdiction). Employee and Company also agree that any disputes shall be resolved exclusively in the state or federal courts located in Harris County, Texas to the exclusion of any other venue and Employee and Company consent to personal jurisdiction in the state or federal courts located in Harris County, Texas.

(k)The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

(l)Sections 11, 12, 13, 14 and 15 shall continue and survive the expiration or early termination of this Agreement.

[Signature Page Follows]

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


						Firebird Bulk Carriers, Inc.

			By:			/s/ Greg Mills
						Greg Mills, Vice President

						/s/ Trey Bosard
						Trey Bosard
						Employee

[Signature Page to Employment Agreement]

EXHIBIT A

MONTHLY BONUS DESCRIPTION

Based on volumes or sales for the prior month.

Calculations will vary according to margins

Special can be new projects that is recently started

Events are a one time purchase/sale that is irregular

Rail can be movements in Houston or BVL

Other sales are non-oil and non-rail

CATAGORIES FOR CALCULATION

Current Value

Fuel Oil

.25/bbl

Rail Sales (not through plant)

$2/bbl

Crude by Area:

East Tx

Formula

{Monthly corrections happen}

Formula

Special Projects

.10/gal

BVL Rail (service sales)

BVL Oil Sales (may include rail purchases)

.08/gal

Events

.05/gal

Sales Other

% of gross income

EXHIBIT B

COMMON STOCK GRANT AGREEMENT

This Common Stock Grant Agreement (this “Agreement” and referenced as the Restricted Stock Award Agreement on the signature page hereof) is made as of the 12th day of August, 2022 (the “Grant Date”), between Adams Resources & Energy, Inc., a Delaware corporation (“Company”), and Trey Bosard, an individual resident of the state of Texas (“Employee”). Reference is made to that certain Employment Agreement by and between Employee and Phoenix Oil, Inc., an indirect subsidiary of the Company, dated as of even date as the Grant Date (the “Employment Agreement”). Unless the context otherwise requires, all terms that are not defined in this Agreement, but which are defined in the Employment Agreement shall have the same meaning given to them in the Employment Agreement when used herein.

1.Award. Pursuant to the Employment Agreement, as of the Grant Date, 15,259 Stock Units (the “Stock Units”) shall be granted to Employee as a matter of separate inducement and not in lieu of any salary or other compensation for Employee’s services, subject to the acceptance by Employee of the terms and conditions of this Agreement.

2.Stock Units. Employee hereby accepts the Stock Units when issued and agrees with respect thereto as follows:

(a)Payment and Determination of Value. Except as otherwise provided in Section 10 below, Company shall provide to the Employee one share of the Company’s common stock, $0.10 par value per share, for each Stock Unit on its scheduled delivery date as described in subparagraph (b) below. If any dividends are paid with respect to a share of the Company’s common stock during the period before delivery, an equivalent amount shall accrue and be held by the Company without interest until the Stock Units are delivered, at which time such amount shall be paid to the Employee.

(b)Delivery. Shares of the Company's common stock shall be delivered to Employee in respect of the Stock Units as follows:

(i) on the first anniversary of the Grant Date, shares of the Company's common stock in respect of one-third of the aggregate number of the Stock Units shall be delivered to the Employee;

(ii) on the second anniversary of the Grant Date, shares of the Company's common stock in respect of one-third of the aggregate number of the Stock Units shall be delivered to the Employee; and

(iii) on the third anniversary of the Grant Date, shares of the Company's common stock in respect of one-third of the aggregate number of the Stock Units shall be delivered to the Employee.

3.Transfer Restrictions. The Stock Units may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or otherwise disposed of by Employee.

4.Shareholder Rights. Employee shall not have any of the rights of a shareholder of the Company with respect to the Stock Units.

5.Corporate Acts. The existence of the Stock Units shall not affect in any way the right or power of the Board of Directors of Company or the shareholders of Company to make or authorize any adjustment, recapitalization, reorganization or other change in Company’s capital structure or its business, any merger or consolidation of Company, any issue of debt or equity securities, the dissolution or liquidation of Company or any

sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding.

6.Withholding of Tax. To the extent that the receipt of the Stock Units results in compensation income to Employee for federal or state income tax purposes, the Employee may elect to either (i) deliver to Company at the time of such receipt, as the case may be, such amount of money as Company may require to meet its withholding obligation under applicable tax laws or regulations, or (ii) have Company withhold a portion of the shares of Company’s common stock distributable to Employee under this Agreement that does not exceed the amount of taxes to be withheld by reason of such resulting compensation income. If Employee does not make a timely election regarding the manner this tax withholding obligation will be satisfied, then Company shall withhold a portion of the shares of Company’s common stock distributable to Employee under this Agreement that does not exceed the amount of taxes to be withheld by reason of such resulting compensation income.

7.Employment Relationship. Nothing in this Agreement shall confer upon Employee the right to continued employment by Company or affect in any way the right of Company to terminate such employment at any time.

8.Notices. Any notices or other communications provided for in this Agreement shall be sufficient if in writing. In the case of Employee, such notices or communications shall be effectively delivered when hand delivered to Employee at his or her principal place of employment or when sent by a nationally recognized overnight courier to Employee at the last address Employee has filed with Company. In the case of Company, such notices or communications shall be effectively delivered when sent by a nationally recognized overnight courier to Company at its principal executive offices.

9.Entire Agreement; Amendment. This Agreement replaces and merges all previous agreements and discussions relating to the same or similar subject matters between Employee and Company and constitutes the entire agreement between Employee and Company with respect to the subject matter of this Agreement. This Agreement may not be modified in any respect by any verbal statement, representation or agreement made by any employee, officer, or representative of Company or by any written agreement unless signed by an officer of Company who is expressly authorized by Company to execute such document. In addition, if it is subsequently determined by Company, in its sole discretion, that the terms and conditions of this Agreement are not compliant with Code Section 409A (below defined), or any Treasury regulations or Internal Revenue Service guidance promulgated thereunder, this Agreement may be amended by Company accordingly.

10.Code Section 409A. If and to the extent any portion of any payment provided to Employee under this Agreement in connection with Employee’s separation from service (as defined in Section 409A of Internal Revenue Code of 1986, as amended (“Code Section 409A”) is determined to constitute “nonqualified deferred compensation” within the meaning of Code Section 409A and Employee is a “specified employee” as defined in Code Section 409A(a)(2)(B)(i), as determined by Company in accordance with the procedures separately adopted by Company for this purpose, by which determination Employee, as a condition to accepting benefits under this Agreement, agrees that he or she is bound, such portion of the shares of Company’s common stock to be delivered on a vesting date shall not be delivered before the earlier of (i) the day that is six months plus one day after the date of separation from service (as determined under Code Section 409A) or (ii) the tenth (10th) day after the date of the Employee’s death (as applicable, the “New Payment Date”). The shares that otherwise would have been delivered to Employee during the period between the date of separation from service and the New Payment Date shall be delivered to Employee on such New Payment Date, and any remaining shares will be delivered on their original schedule. Neither Company nor Employee shall have the right to accelerate or defer the delivery of any such shares except to the extent specifically permitted or required by Code Section 409A. This Agreement is intended to comply with the provisions of Code Section 409A and this Agreement shall, to the extent practicable, be construed in accordance therewith. Terms defined in this Agreement shall have the meanings given such terms under Code Section 409A if and to the extent required to comply with Code Section 409A. In any event, Company makes no representations or warranty and shall have no liability to Employee or any other person if any provisions of or payments under this Agreement are determined to constitute deferred compensation subject to Code Section 409A but not to satisfy the conditions of that section.

11.Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successors to Company and all persons lawfully claiming under Employee.

12.Law and Venue. This Agreement and any and all claims arising out of, under, pursuant to, or in any way related to this Agreement, including but not limited to any and all claims (whether sounding in contract or tort) as to this Agreement’s scope, validity, enforcement, interpretation, construction, and effect shall be governed by the laws of the state of Texas (without regard to any conflict of laws rule which might result in the application of the laws of any other jurisdiction). Employee and Company also agree that any disputes shall be resolved exclusively in the state or federal courts located in Harris County, Texas to the exclusion of any other venue and Employee and Company consent to personal jurisdiction in the state or federal courts located in Harris County, Texas.

13.Counterparts and Delivery. This Agreement may be executed in identical counterparts, both of which 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. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page 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 signature page were an original thereof.

14.Miscellaneous. In the event of any conflict or inconsistency between the terms of this Agreement and the terms of the Employment Agreement, including any amendments or supplements thereto, the terms of this Agreement shall be controlling.

[Remainder of Page Intentionally Blank]

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Employee has executed, agreed to, and accepted the terms of this Agreement, all as of the date first above written.


						“Company”

						Adams Resources & Energy, Inc.

			By:			/s/ Kevin Roycraft
						Kevin Roycraft
						Chief Executive Officer and President

						“Employee”

						/s/ Trey Bosard
						Trey Bosard

[Signature Page – Restricted Stock Award Agreement – Trey Bosard]

EXHIBIT C

RELEASE AGREEMENT

This Release Agreement (this “Agreement”) dated [●], 20[●], is made and entered into by and between Phoenix Oil, Inc. (the “Company”) and Trey Bosard (the “Former Employee”).

WHEREAS, the Company and the Former Employee previously entered into an Employment Agreement dated [●] [●], 2022 (the “Employment Agreement”);

WHEREAS, the Former Employee’s employment with the Company has terminated effective [●], 20[●]; and

WHEREAS, pursuant to Section 10 of the Employment Agreement, it is a condition precedent to the Company’s obligations to make certain payments under Section 9 of the Employment Agreement that Former Employee executes and delivers this Agreement.

NOW, THEREFORE, in consideration of the promises and mutual agreements contained herein and in the Employment Agreement, the sufficiency and receipt of which is hereby acknowledged, the Former Employee agrees as follows:

1.General Release and Waiver of Claims.

(a)Pursuant to Section 10(a) of the Employment Agreement and in consideration of the [●]1 (collectively, the “Severance Package”) to be provided to Former Employee by the Company, Former Employee hereby releases and forever discharges and holds the Company, subsidiaries of the Company, affiliates of the Company and each officer, director, employee, partner (general and limited), equity holder, member, manager, agent, subsidiary, affiliate, successor and assign and insurer of any of the foregoing (collectively, the “Releasees”) harmless from all claims or suits, of any nature whatsoever (whether known or unknown), being directly or indirectly related to Former Employee’s employment with the Company or the termination thereof, including, but not limited to, any claims for notice, pay in lieu of notice, wrongful dismissal, discrimination, harassment, severance pay, bonus, incentive compensation, interest, any claims relating to Former Employee’s service as an officer of the Company, through the date hereof.

(b)This release includes, but is not limited to, contract and tort claims, claims arising out of any legal restriction on the Company’s right to terminate its employees and claims or rights under federal, state, and local laws prohibiting employment discrimination, including, but not limited to, claims or rights under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Civil Rights Act of 1991; the Equal Pay Act; the Age Discrimination in Employment Act of 1967 (“ADEA”), including the Older Workers Benefit Protection Act of 1990; the Americans with Disabilities Act; the Employee Retirement Income Security Act; the Worker Adjustment and Retraining Notification Act, and any other federal, state, or local law (statutory or decisional),

1 NTD: Specific items to be modified based on circumstances of termination and items given in consideration of release.

regulation or ordinance (if and to the extent applicable and as the same may be amended from time to time), or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Releasees; or any claim for wrongful discharge, breach of contract, negligence, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses (including attorneys’ fees incurred in these matters), which arose through the date Former Employee executes this Agreement.

(c)Former Employee acknowledges that the consideration given for this Agreement is in addition to anything of value to which Former Employee was already entitled.

(d)Former Employee acknowledges that because this Agreement contains a general release of all claims including under the ADEA, and is an important legal document, he has been advised to consult with legal counsel of his own choosing. Former Employee may take up to 21 days to decide whether to execute this Agreement, and he may revoke his signature by delivering or mailing a signed notice of revocation to the Company at its corporate offices within seven days after executing it.

(e)Notwithstanding the foregoing, this Agreement does not release (i) claims which cannot be lawfully released, (ii) claims with respect to the breach of any covenant to be performed by the Company pursuant to this Agreement or any other claims arising from actions or omissions occurring after the date of this Agreement, and (iii) rights of the Former Employee, if any, under any equity compensation program of the Company solely to the extent that such rights of the Former Employee, by their terms, survive the termination of the Former Employee’s employment with the Company in the circumstances under which such employment was actually terminated. Further, the release contained herein does not, and shall not be construed to, release or limit the scope of any existing obligation of the Company (A) to Former Employee and his eligible, participating dependents or beneficiaries with respect to any vested benefits under any existing group welfare (excluding severance), equity, or retirement plan of the Company in which Former Employee is a participant, or (B) with respect to payments required to be made under Section 9 of the Employment Agreement.

(f)Former Employee acknowledges that there is a risk that after signing this Agreement he may discover losses or claims that are released under this Agreement, but that are presently unknown to him. Former Employee assumes this risk and understands that this Agreement shall apply to any such losses and claims. Former Employee understands that this Agreement includes a full and final release covering all known and unknown, suspected or unsuspected injuries, debts, claims or damages which have arisen or may have arisen from any matters, acts, omissions or dealings released herein. Former Employee acknowledges that by accepting the Severance Package, he assumes and waives the risks that the facts and the law may be other than as he believes.

2.Nothing in this Agreement shall be construed to affect the independent right and responsibility of the Equal Employment Opportunity Commission (“EEOC”) to enforce the law; provided, however, Former Employee is barred from receiving any monetary damages in connection with any EEOC proceeding concerning matters covered by this Agreement to the fullest extent permitted by law.

3.This Agreement shall not be construed as an admission by any of the Releasees or the Former Employee of any violation of any federal, state, or local law.

4.Except for Former Employee’s covenants and obligations pursuant to Sections 11, 12, 13, 14 and 15 of the Employment Agreement and the covenants and obligations of the Company under Sections 5, 6, 9, 17, and 18 of the Employment Agreement (the “Surviving Sections”), the Employment Agreement is terminated effective as of the date of the termination of Former Employee’s employment, and except for the Surviving Sections, shall be of no further force and effect with no further liability or obligation of any party thereto

thereunder. The Surviving Sections of the Employment Agreement survive termination of the Employment Agreement and remain in full force and effect according to their terms. Former Employee expressly and specifically acknowledges, ratifies, and reaffirms his obligations under the Surviving Sections of the Employment Agreement.

5.FORMER EMPLOYEE ACKNOWLEDGES THAT HE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY; THAT TO THE EXTENT HE HAS DESIRED, HE HAS AVAILED HIMSELF OF THAT RIGHT; THAT HE HAS CAREFULLY READ AND UNDERSTANDS ALL OF THE PROVISIONS OF THIS AGREEMENT; AND THAT HE IS KNOWINGLY AND VOLUNTARILY ENTERING INTO THIS AGREEMENT.

6.Miscellaneous

(a)Governing Law. This Agreement and any and all claims arising out of, under, pursuant to, or in any way related to this Agreement, including, but not limited to, any and all claims (whether sounding in contract or tort) as to this Agreement’s scope, validity, enforcement, interpretation, construction, and effect shall be governed by the laws of the State of Texas (without regard to any conflict of law rules which might result in the application of the laws of any other jurisdiction). Former Employee and Company also agree that all legal actions brought by either party under this Agreement shall be brought exclusively in a state or federal court located in Houston, Texas. Accordingly, Former Employee and Company consent to the personal jurisdiction of the state and federal courts located in Houston, Texas, to the exclusion of any other courts in any other counties, states, or countries. Former Employee and Company irrevocably waive any objections that they may now or hereafter have to the mandatory venue provision in this Section, and hereby waive any claim that any suit, action, or proceeding brought in any state or federal court in Houston, Texas has been brought in an inconvenient forum.

(b)Construction. There shall be no presumption that any ambiguity in this Agreement should be resolved in favor of one party hereto and against another party hereto. Any controversy concerning the construction of this Agreement shall be decided neutrally without regard to authorship.

(c)Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed will be deemed to be an original, and such counterparts will, when executed by the parties hereto, together constitute but one agreement. Facsimile and electronic signatures shall be deemed to be the equivalent of manually signed originals.

(d)Successors and Assigns. All the terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective successors and permitted assigns. Neither this Agreement nor any rights or obligations hereunder may be assigned by Former Employee, other than by will or the laws of descent or distribution.

(e)Severability. All provisions of this Agreement are intended to be severable. In the event any provision or restriction contained herein is held to be invalid or unenforceable in any respect, in whole or in part, such finding shall in no way affect the validity or enforceability of any other provision of this Agreement. The parties hereto further agree that any such invalid or unenforceable provision shall be deemed modified so that it shall be enforced to the greatest extent permissible under law, and to the extent that any court of competent jurisdiction determines any restriction herein to be unreasonable in any respect, such court may limit this Agreement to render it reasonable in the light of the circumstances in which it was entered into and specifically enforce this Agreement as limited.

(f)Modification; Waiver. This Agreement may not be modified or amended except in writing signed by the parties. No term or condition of this Agreement will be deemed to have been waived except in writing by the party charged with waiver. A waiver shall operate only as to the specific term or condition waived and will not constitute a waiver for the future or act on anything other than that which is specifically waived.

(g)Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof; and this Agreement supersedes all other agreements and drafts hereof, oral or written, between the parties hereto with respect to the subject matter hereof. No promises, statements, understandings, representations or warranties of any kind, whether oral or in writing, express or implied, have been made to Former Employee to induce Former Employee to enter into this Agreement other than the express terms set forth herein, and Former Employee is not relying upon any promises, statements, understandings, representations, or warranties other than those expressly set forth in this Agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first set forth above.


			Phoenix Oil, Inc.

			By:
			Name:
			Title:

_______________________________________________________________________________________________

Accepted and Agreed to:

I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING RELEASE AGREEMENT, THAT I UNDERSTAND ALL OF ITS TERMS, AND THAT I AM ENTERING INTO IT VOLUNTARILY. I FURTHER ACKNOWLEDGE THAT I AM AWARE OF MY RIGHTS TO REVIEW AND CONSIDER THIS RELEASE FOR 21 DAYS AND TO CONSULT WITH AN ATTORNEY ABOUT IT, AND STATE THAT BEFORE SIGNING THIS AGREEMENT, I HAVE EXERCISED THESE RIGHTS TO THE FULL EXTENT THAT I DESIRED. I ALSO UNDERSTAND THAT I MAY REVOKE MY SIGNATURE WITHIN SEVEN DAYS AFTER SIGNING.



			Date:
Trey Bosard

[Signature Page to Release Agreement]

Exhibit 10.3

ADAMS RESOURCES AND ENERGY, INC.

CHANGE OF CONTROL PLAN

SECTION 1

Purpose

1.1 Purpose. The Adams Resources and Energy, Inc. Change of Control Plan (the “Plan”) has been established by Adams Resources and Energy, Inc. (the “Company”), effective as of August 12, 2022, and is intended to: (a) assure that the Company will have continued dedication and objectivity of its employees, notwithstanding the possibility, threat or occurrence of a Change in Control and (b) provide the Company’s employees with an incentive to continue their employment and to motivate its employees to maximize the value of the Company prior to and following a Change in Control for the benefit of the Company’s stockholders. Capitalized terms not defined in the body of the Plan are set forth in Exhibit A hereto.

SECTION 2

Participation

2.1 Administrator and Participation. The Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the Chief Accounting Officer, and each Subsidiary Presidents of the Company shall be eligible to participate in the Plan (such participating individuals, “Participants”), provided each such individual is employed and has not given notice as of the adoption of this Plan. Notwithstanding the foregoing, a Participant shall not include any individual:

(a)Classified as an independent contractor by the Employer during the period the individual is so classified, even if such individual is later retroactively reclassified as a common-law employee of the Employer during all or any part of such period pursuant to applicable law or otherwise;

(b)Being paid by or through an employee leasing company or other third party agency during the period the individual is so paid even if such individual is later retroactively reclassified as a common-law employee of the Employer or an affiliate during all or any part of such period pursuant to applicable law or otherwise;

(c)Classified by the Employer as a leased employee, during the period the individual is so classified even if such individual is later retroactively reclassified as a common-law employee of an Employer during all or any part of such period pursuant to applicable law or otherwise; or

(d)Otherwise excluded from participation by the Company.

2.2 Plan Administrator. The Plan administrator shall be the Board of Directors of the Company or the Compensation Committee thereof, as determined by the Board (the “Administrator”). The Administrator shall have the sole authority in the exercise of its discretion to interpret, apply and administer the terms of the Plan; its determination of any such matters shall be final and binding. Benefits under the Plan will be paid only if the Administrator, or its delegate, determines in its discretion that a Participant or beneficiary is entitled to them. The Administrator may, from time to time, adopt such rules and regulations as may be necessary or desirable for the proper and efficient administration of the Plan. The Administrator, from time to time, may also appoint such individuals to act as its representatives as it considers necessary or desirable for the effective administration of the Plan.

2.3 No Stockholder Rights or Fiduciary Relationship. This Plan does not convey any equity or ownership interest in any member of the Company nor any rights commonly associated with any such interest, including, but not limited to, the right to vote on any matters put before the stockholders of any member of the

Company or the right to review any of the Company’s books and records. Nothing contained in the Plan, and no action taken under its provisions, shall create or be construed to create a fiduciary relationship between any Participant and the Company.

2.4 Liability; Indemnification. Neither the Company, its directors, officers or employees (including the Administrator) shall be liable for any act, omission, or determination taken or made in good faith with respect to the Plan and shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage, or expense incurred in connection with the Plan to the full extent permitted by law and by any director’s and officers’ liability or similar insurance coverage that may from time to time be in effect. Such claim, loss, damage or expense shall include attorneys’ fees, the costs of settling any suit (provided such settlement is approved by independent legal counsel selected by the Company) and amounts paid in satisfaction of a judgment, except a judgment based on a finding of bad faith.

2.5 Cessation of Participation. Subject to the provisions of Section 3.1, an individual shall cease to be a Participant in, or have any rights under, the Plan as of the date, if any, prior to a Change of Control, on which he or she ceases to be employed by the Company Group.

SECTION 3

Severance Benefits

3.1 Severance Benefits on Termination of the Participant’s Employment by the Participant for Good Reason or by the Company without Cause. In the event that a Change of Control as defined herein occurs and: (i) a Participant’s employment by the Company Group is involuntarily terminated without Cause during either (x) the ninety (90) day period preceding a Change of Control or (y) the Change of Control Period; or (ii) a Participant resigns from employment for Good Reason within the Change of Control Period, then the Participant shall be entitled to receive the following severance benefits subject to Section 3.5.

(a)A cash lump sum payment equal to the Participant’s Cash Severance Multiplier times the sum of his or her (i) Base Salary and (ii) Target Bonus;

(b)A cash lump sum payment of Participant’s bonus amount for any prior fiscal year not yet paid at the date of termination, if any, paid at the greater of Target or actual performance;

(c)A cash lump sum payment equal to a pro rata portion of the Participant’s Target Bonus for the year of termination, determined by multiplying the amount the Target Bonus by a fraction, the numerator of which is the number of days in the then-current fiscal year through the termination date and the denominator of which is 365;

(d)In the event a Participant timely elects to continue health insurance coverage with the Employer under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Employer will subsidize the Employer portion of such COBRA coverage for the lesser of (1) of twelve (12) months or (2) Participant’s first day of eligibility for a successor employer-provided group health plan. The amount that the Employer will pay on behalf of a Participant will be equal to the amount paid for similarly situated active employees of the Employer and based on medical and/or dental coverage on the day immediately before the day the Employer notifies the Participant that his or her employment will be terminated; and

(e)All outstanding and unvested stock option, performance shares, restricted stock units, and restricted stock awards held by Participant under the LTIP Plan, as amended and restated, or any successor plan thererto, subject solely to time-based vesting shall vest in full and any restrictions or forfeiture provisions applicable to restricted stock awards shall lapse, notwithstanding the provisions of any equity incentive plan or any award agreement(s) between the Participant and the Company thereunder. Equity awards which vest in whole or part on achievement of performance criteria shall vest based on the assumption of performance at target as defined in any award agreement. If the Participant’s employment is terminated by the Company other than for Cause within ninety

(90) days preceding a Change of Control, any acceleration of vesting for time-based awards shall occur on such Change in Control.

For avoidance of doubt, the amount of payments to be provided under this Section 3.1 shall be determined without regard to any action that constitutes Good Reason under subsection (i) of the definition of “Good Reason”. In the event of any conflict between the terms of the Plan and the terms of any equity plan or individual agreement evidencing an equity award, the terms of the Plan shall prevail.

3.2 Other Termination of Employment. If the Participant’s employment is terminated by the Company Group for any reason other than as described in Sections 3.1 except as provided in Section 3.3, the Participant shall not receive any benefits under the Plan.

3.3 Conditions to Receipt of Change of Control Severance Benefits.

(a)The Participant’s entitlement to receive the payments and benefits (including, without limitation, accelerated vesting of equity awards) hereunder shall be conditioned upon:

(i)Delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates and employee benefit plans;

(ii)In the case of benefits payable under Sections 3.1 and 3.2, the Participant’s compliance with the provisions of Section 5; and

(iii)In the case of benefits payable under Sections 3.1 and 3.2, each Participant (or by an individual authorized to act on behalf of the Participant’s estate if the Participant is deceased or authorized to act on the Participant’s behalf by reason of the Participant’s Disability) will be required to sign and not revoke a separation and release of claims agreement in substantially the form attached hereto as Exhibit A (the “Release”). In all cases, the Release must become effective and irrevocable no later than the sixtieth (60th) day following the Participant’s Termination Date (the “Release Deadline Date”). If the Release does not become effective and irrevocable by the Release Deadline Date, the Participant will forfeit any right to the Severance Benefits. In no event will the Severance Benefits be paid or provided until the Release becomes effective and irrevocable. A Participant’s receipt of Severance Benefits will be subject to the Participant continuing to comply with the material provisions of the Participant’s Release. Severance Benefits under this Plan will terminate immediately for a Participant if the Participant , at any time, materially violates his or her Release. Payment of any benefits described in Section 3.1 and 3.2 will commence, if at all, on the 60th day following the Participant’s termination of employment and all payments described in Section 3.1 and 3.2 that otherwise would have been paid or provided during the 60 days following the Participant’s termination of employment, but for this sentence, shall instead be paid or provided on the 60th day following the Participant’s termination of employment. For the further avoidance of doubt, if the release is not effective on or before the 60th day following the Participant’s termination of employment, the Participant shall immediately forfeit any right to receive benefits under Section 3.1 or 3.2, as applicable.

(b)If the Participant is subsequently determined to have terminated employment for Cause, the Company’s obligations to make any payments or provide any benefits or other rights or entitlements to the Participant pursuant to any provision of the Plan shall immediately cease and the Participant shall be required to immediately repay to the Company all amounts theretofore paid or otherwise provided to the Participant pursuant to any section of the Plan. The Company may recover amounts under this Section 3.5(b) by set-off from any amounts otherwise due to the Participant under any other plan, program or arrangement if the Participant fails to make any required repayment within 15 business days after written demand to the Participant to the extent permitted by applicable law and which will not result in a violation of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

3.4 Exceptions and Exclusions. If a Participant does not experience a Change in Control severance event as described in Section 3.1, no benefits of this Section 3 will accrue to the Participant. Without limiting the generality of the foregoing: (a) no benefits will accrue or be paid if the Participant is terminated for Cause; and (b) no benefits will accrue or be paid if the Participant terminates employment with the Company Group without a Good Reason.

(a)No Double-Benefit. (a) If a Participant has a severance event under this Plan occur, the Participant will not be paid any amount, or receive any benefit, under or pursuant to any other plan or program calling for special severance benefits related to a change in control event (as defined in this Plan or in such other plan or program).

3.5 Section 280G. Any provision of the Plan to the contrary notwithstanding, if any payment or benefit a Participant would receive from the Company and its subsidiaries or an acquiror pursuant to the Plan or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Higher Amount (defined below). The “Higher Amount” will be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Participant’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Higher Amount, reduction will occur in the manner that results in the greatest economic benefit for a Participant. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata. In no event will the Company, any Subsidiary or any stockholder be liable to any Participant for any amounts not paid as a result of the operation of this Section 3.6.

(a)Consultant. All determinations required to be made under this subsection 3.5, including whether and when Total Payments should or should not be reduced and the assumptions to be utilized in arriving at such determination, shall be made by a “Consulting Firm,” which shall be a law firm, a certified public accounting firm, and/or a firm of recognized executive compensation consultants selected by the Company. The Consulting Firm shall provide detailed supporting calculations regarding such determination both to the Company and the Participant not later than the fifteenth (15th) business days of the receipt of notice from day preceding the 45th day following the Participant that there has been a Payment’s employment termination, or such earlier time as is requested by the Company. All fees and expenses of the Consulting Firm shall be borne solely by the Company. Any determination by the Consulting Firm shall be binding upon the Company and the Participant, and no later determination shall obligate the Company to make any payment or adjustment to the Total Payments made to the Participant.

3.6 Full Settlement, Mitigation. Except as specifically stated herein, the Company’s obligation to make the payments provided for in the Plan and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action that the Company may have against the Participant or others. In no event shall the Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Participant under any of the provisions of the Plan and, except as provided in Section 3.1(c), such amounts shall not be reduced whether or not the Participant obtains other employment.

3.7 Nonalienation. The interests of a Participant under the Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the Participant’s beneficiary.

SECTION 4
Miscellaneous

4.1 Applicable Law. The provisions of the Plan shall be construed in accordance with the laws of the State of Delaware, without regard to the conflict of law provisions of any state to the extent not preempted by federal law.

4.2 Severability. The invalidity or unenforceability of any provision of the Plan will not affect the validity or enforceability of any other provision of the Plan, and the Plan will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified).

4.3 Waiver of Breach. No waiver of a breach of any provision of the Plan, or of compliance with any condition or provision of the Plan, will operate or be construed as a waiver by the non-breaching party of any subsequent breach of any similar or dissimilar provisions and conditions at the same or any prior or subsequent time. The failure to take any action by reason of such breach will not deprive the non-breaching party of the right to take action at any time while such breach continues.

4.4 Successors, Assumption of Plan. The Plan shall be binding upon and inure to the benefit of the Company and any successor to the Company. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to expressly assume and agree to perform the Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.

4.5 Disputes To the extent not preempted by ERISA, any dispute or controversy arising under or in connection with the Plan shall be settled by arbitration, conducted before a panel of three arbitrators in Houston, Texas in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

4.6 Notices. Any notice or document required to be given under the Plan shall be considered to be given if delivered or mailed by first class mail, postage prepaid, if to the Company, to the Company’s Vice President of Human Resources at the Company’s principal business address or, if to a Participant, at the last address of such participant filed with the Company.

4.7 Assignment. The Company may assign its rights and obligations under the Plan (in whole or in part) to any direct or indirect Subsidiary of the Company; provided, however, that no such assignment shall relieve or limit the Company’s obligations hereunder.

4.8 Section 409A.

(a)To the extent required by Section 409A of the Code, all references to “termination of employment,” “Date of Termination” and correlative phrases for purposes of the Plan shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein).

(b)To the extent that (i) any payments or benefits to which the Participant becomes entitled under the Plan, or under any other plan, program or agreement maintained by the Company, in connection with the Participant’s termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) the Participant is deemed at the time of such termination of employment to be a “specified employee” under Section 409A of the Code, then such payments or benefits shall not be made or commence until the earliest of (x) the expiration of the six (6) month and one day period measured from the date of the Participant’s separation from service (as defined in Section 4.8(a) above) from the Company; or (y) the date of the Participant’s death following such separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to the Participant, including (without limitation) the additional twenty

percent (20%) tax for which the Participant would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to the Participant or the Participant’s beneficiary in one lump sum. For the purposes of this Section 4.8, the term “specified employee” means an individual determined by the Employer to be a specified employee under Treasury regulation Section 1.409A-1(i) in accordance with the policies of the Employer.

(c)It is intended that each installment of any benefits or payments provided hereunder constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). It is further intended that payments hereunder satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code (and any state law of similar effect) provided under Treasury Regulations Section 1.409A-1(b)(4) (as a “short-term deferral”) and Section 1.409A-1(b)(9) (as “separation pay due to involuntary separation”). The parties intend that all the benefits and payments provided under the Plan shall be exempt from, or comply with, the requirements of Section 409A of the Code.

(d)To the extent any expense reimbursement or the provision of any in-kind benefit under the Plan is determined to be subject to Section 409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which the Participant incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.

4.9 Employment Status. Nothing herein alters the status of any Participant as an employee at will of the Company whose employment may be terminated by either party upon notice.

4.10 Non-Exclusivity of Rights. Nothing in the Plan shall prevent or limit a Participant’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which a Participant may qualify, nor shall anything herein limit or otherwise affect such rights as a Participant may have under any contract or agreement with the Company or any of its affiliated companies, except that all payments and benefits made under the Plan are made in lieu of any other severance compensation or benefits to which a Participant may otherwise be entitled under any plan, program, policy or arrangement of the Company. Amounts that are vested benefits or that the Participant is otherwise entitled to receive under any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except to the extent explicitly modified by the Plan.

SECTION 5
Restrictive Covenants

5.1 Confidential Information. Each Participant shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained by the Participant during the Participant’s employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by the Participant or representatives of the Participant in violation of the Plan or any other plan, policy, arrangement or agreement maintained by or entered into with the Company). After termination of a Participant’s employment with the Company, the Participant shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process (provided that the Participant provides the Company with prior notice of the contemplated disclosure and reasonably cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information), communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. Pursuant to 18 USC § 1833(b), an individual may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected

violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual suing an employer for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order. Nothing herein limits Participant’s rights under applicable whistleblower or similar laws, including but not limited to Participant’s right to receive an award for information provided to any government agency.

5.2 Non-Solicitation. For a period of time beginning on each Participant’s termination date and ending on (a) the second anniversary of that date, in the case of the Chief Executive Officer, (b) the 18-month anniversary, in the case of other Participants, each Participant will not directly or indirectly through another person or entity (i) intentionally induce or attempt to induce any employee of the Company or any Affiliate to leave the employ of such employer, or in any way interfere with the relationship between such employer and any employee thereof (provided, however, that the response of an employee to a solicitation of general applicability shall not be a violation hereto), or (ii) intentionally induce or attempt to induce any customer, supplier, licensee, licensor, franchisee or other business relation of the Company or any Affiliate to cease doing business with the Company or any Affiliate, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or any Affiliate.

SECTION 6
Amendment and Termination

6.1 Amendment and Termination. The Company may amend or terminate the Plan at any time; provided, however, that any termination of the Plan or modification of the Plan in any material manner shall be void and of no force and effect if such action is taken during any of the following periods, adversely affects the right of any Participant hereto without the consent of such Participant, and is not required by law, as determined in the good faith discretion of the Board: (i) during the period commencing on a Change in Control and ending on the second anniversary of the Change in Control or (ii) during the period commencing on a date twelve (12) months prior to a Change in Control.

SECTION 7
CLAIMS FOR BENEFITS

7.1 ERISA Plan. This Plan is intended to be a “top-hat” plan maintained for the benefit of a select group of management or highly compensated employees of the Company.

7.2 Application for Benefits. All applications for payments and/or benefits under the Plan (“Benefits”) and any notices given to the Company shall be submitted to the Company’s Vice President of Human Resources (the “Claims Administrator”), with a copy to the Company’s General Counsel. Applications for Benefits must be in writing on forms reasonably acceptable to the Claims Administrator and must be signed by the Participant or beneficiary. The Claims Administrator reserves the right to require the Participant or beneficiary to furnish such other proof of the Participant’s expenses, including without limitation, receipts, canceled checks, bills, and invoices as may be required by the Claims Administrator.

7.3 Appeal of Denial of Claim.

(a)If a claimant’s claim for Benefits or a Participant’s claim of Good Reason is denied, the Claims Administrator shall provide notice to the claimant in writing of the denial within ninety (90) days after its submission. The notice shall be written in a manner calculated to be understood by the claimant and shall include:

(i)The specific reason or reasons for the denial;

(ii)Specific references to the Plan provisions on which the denial is based;

(iii)A description of any additional material or information necessary for the applicant to perfect the claim and an explanation of why such material or information is necessary; and

(iv)An explanation of the Plan’s claims review procedures and a statement of claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination.

(b)If special circumstances require an extension of time for processing the initial claim, a written notice of the extension and the reason therefor shall be furnished to the claimant before the end of the initial ninety (90) day period. In no event shall such extension exceed ninety (90) days.

(c)If a claim for Benefits or a claim of Good Reason is denied, the claimant, at the claimant’s sole expense, may appeal the denial to the Board (the “Appeals Administrator”) within sixty (60) days of the receipt of written notice of the denial. In pursuing such appeal the applicant or his duly authorized representative:

(i)may request in writing that the Appeals Administrator review the denial;

(ii)may review pertinent documents; and

(iii)may submit issues and comments in writing.

(d)The decision on review shall be made within sixty (60) days of receipt of the request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after receipt of the request for review. If such an extension of time is required, written notice of the extension shall be furnished to the claimant before the end of the original sixty (60) day period. The decision on review shall be made in writing, shall be written in a manner calculated to be understood by the claimant, and, if the decision on review is a denial of the claim for Benefits or a claim of Good Reason, shall include:

(i)The specific reason or reasons for the denial;

(ii)Specific references to the Plan provisions on which the denial is based;

(iii)A description of any additional material or information necessary for the applicant to perfect the claim and an explanation of why such material or information is necessary; and

(iv)An explanation of the Plan’s claims review procedures and a statement of claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination.

EXHIBIT A

DEFINITIONS

The following terms as used in the Plan shall have the following meanings:

“Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act.

“Base Salary” shall mean the Participant’s annual base salary, exclusive of any bonus or other benefits he or she may receive.

“Bonus Amount” shall mean the average of the annual bonuses received by a Participant over the two (2) years immediately preceding the Change of Control, or, if Participant has not been employed for such two full years, the most recent Bonus Amount. For the sake of clarity, Bonus Amount shall not include any amounts other than those paid as part of the Company’s annual discretionary bonus program.

“Cash Severance Multiplier” shall mean (i) 2.0 for the Chief Executive Officer, 2.0, (ii) 1.5 for any other Participant.

“Cause” shall have the definition stated in the LTIP Plan.

“Change of Control” shall mean the first of the following:

(i)the purchase or other acquisition by any Person (as defined below), directly or indirectly, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of the Company’s securities, not including the securities beneficially owned by such Person or any securities acquired directly from the Company or its Affiliates, representing forty (40) percent or more on a single date or during any 12 month period of the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of the Board; (except that the acquisition of voting securities by the Company from a third party holding voting securities shall not constitute a Change of Control Transaction for purposes hereof); provided, however, that if any Person has satisfied this requirement, the acquisition of additional Company securities by the same Person shall be construed as not triggering a Change of Control; and provided further, however, that an increase in the percentage of voting securities owned by any Person as a result of a transaction in which the Company acquires its voting securities in exchange for property shall not be treated as an acquisition of the Company’s voting securities for purposes of this subsection (i) of the definition of “Change of Control”;

(ii)the consummation of a reorganization, merger, or consolidation of the Company, if the Company’s stockholders, in combination with any trustee or other fiduciary acquiring voting securities under an employee benefit plan of the Company or an Affiliate as part of such transaction, do not, immediately thereafter, own more than 40 percent of the combined voting power of the reorganized, merged or consolidated Company’s then outstanding securities that is entitled to vote generally in the election of the directors; provided, however, that a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person acquires more than 40 percent of the combined voting power of the Company’s then outstanding securities shall not be a Change of Control under this subsection (ii) of the definition of Change of Control; or

(iii)During any period of 12 consecutive months, individuals who constitute the Board as of the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board; or

(iv)the consummation of the sale or disposition by the Company of (a) all or substantially all of the Company’s assets in a single transaction or a series of related transactions, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity where the outstanding securities generally entitled to vote in the election of directors of the Company immediately prior to the transaction continue to represent (either by remaining outstanding or by being converted into such securities of the surviving entity or any parent thereof) 50 percent or more of the combined voting power of the outstanding voting securities of such entity generally entitled to vote in such entity’s election of directors immediately after such sale.

Solely for the purposes of this definition, the term “Company” shall mean the Company or any Existing Subsidiary. Notwithstanding the foregoing, in no event may there be more than one transaction or occurrence treated as a “Change in Control” for purposes of the Plan. The Administrator shall have full and final authority, which shall be exercised in its sole discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and any incidental matters relating thereto.

“Company Group” means the Company, its Affiliates, and its Subsidiaries, as well as any successors thereto.

“Disability” has the meaning contained in the LTIP Plan.

“Change in Control Period” means the twenty-four (24) month period commencing on a Change of Control.

“ERISA” means The Employee Retirement Income Security Act of 1974, as amended from time to time.

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

“Existing Subsidiary” shall mean Gulfmark Energy, Inc. or Service Transport Company, as such entities are hereinafter renamed.

“Good Reason” means, without Participant’s consent, (i) A material diminution of the Participant’s base salary, annual bonus opportunity, or both; (ii) A material diminution in the Participant’s title, authority, duties, or responsibilities; (iii) A breach of any material agreement between the Company and the Participant; or (iv) A material change in the geographic location at which the Participant must perform the services of more than 50 miles from the location at which services are performed by Participant on the first date of the Change in Control Period. The Participant may not terminate employment for Good Reason unless: (x) the Participant has provided the Company with notice of the occurrence of the Good Reason condition described in subsections (i)-(iv) of this definition within sixty (60) days of the initial existence thereof; and (y) the Company has been provided with thirty (30) days to remedy such Good Reason condition and has failed to remedy such condition. The Participant’s employment shall be deemed to have been terminated following a Change of Control by the Participant for Good Reason if the Participant terminates the Participant’s employment prior to a Change of Control with Good Reason if a Good Reason condition occurs at the direction of a person or entity who has entered into an agreement with the Company the consummation of which will constitute a Change of Control.

“LTIP Plan” means the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan, as amended and restated, or any successor plan thererto.

“Person” means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act.

“Subsidiary” shall mean any wholly owned subsidiary of the Company, including without limitation Gulfmark Energy, Inc. or Service Transport Company, as such entities are hereinafter renamed.

“Subsidiary President” means each individual who has the role as President of a Subsidiary.

“Target Bonus” shall mean, with respect to any Participant, such Participant’s target annual bonus amount under any plan, program, agreement or arrangement the Company has sponsored or entered into with the Participant for the year in which the Participant’s employment is terminated; or, if a Participant does not have a Target Bonus, the Target Bonus shall be the Bonus Amount.

EXHIBIT A
FORM OF RELEASE AGREEMENT
AGREEMENT AND GENERAL RELEASE

[DATE]

[EMPLOYEE’S NAME]

[EMPLOYEE’S ADDRESS]

Dear [EMPLOYEE’S NAME]:

The purpose of this letter agreement (“agreement”) is to set out our agreement regarding the cessation of your employment with [COMPANY NAME] (the “Company”) and all rights, benefits, and obligations arising from this action. Please read the entire contents of this letter, as it contains important information regarding your rights, responsibilities, and the benefits you may receive should you agree to fully comply with its terms.

Separation from Employment and Severance: Your last active day of work will be [DATE]. You will be paid for the work performed through your last day of employment. However, if you accept and comply in full with the consideration, release, and all other terms contained in this agreement, you will also receive a severance in the amount of $ [DOLLAR AMOUNT], less standard withholdings (i.e. [NUMBER] week’s pay). This payment will be made to you on the latter of: (i) the eighth (8th) day after you sign this agreement; or (ii) the Company’s next, regularly scheduled payday after you sign this agreement. If the eighth (8th) day after you sign the agreement falls on a weekend or a holiday, the severance will be paid on the day following the weekend or the holiday.

Benefits: You will cease eligibility as a current employee in the Company’s medical plan on [DATE]. You may elect to continue participation in the Company’s medical plan under COBRA in accordance with existing law. COBRA election forms will be mailed to your residence.

Release of All Claims: In consideration of the Company’s actions set out in this agreement, the adequacy and sufficiency of which you acknowledge and to which you agree you are not otherwise entitled, you agree to, and by signing this agreement hereby do, release the Company, its past, present and future corporate and/or partnership entities, including corporations, general and/or limited partnerships, parents, subsidiaries, affiliates and facilities, and all of their past, present, and future employees, officers, directors, board members, members, agents, insurers and legal counsel, in their individual and corporate capacities (hereinafter collectively referred to as “the Released Parties”), from any and all claims, demands, actions, or liabilities which you may have had, may now have, or may hereafter claim to have through the date you sign this agreement, whether known or unknown, contingent or otherwise, at law or in equity.

This Release of All Claims includes but is not limited to: (i) any claims relating to your employment with, and separation from, the Company; (ii) all compensation and benefits relating to your employment (with the sole exception of the compensation set out in this agreement); (iii) any claim of discrimination based upon your race, color, religion, sex, age, national origin, genetic information, disability, or any other category protected by law; (iv) any claim that the Company or Released Parties have violated any federal, state or local statute, regulation, or ordinance with respect to your employment or the separation thereof, including without limitation any claims under the Texas Payday Law, Texas Labor Code § 21.001 et seq., the Age Discrimination in Employment Act (29 U.S. C. § 621, et seq.), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964 (42 U.S.C. § 2000e, et seq.), the Civil Rights Act of 1866 (42 U.S.C. §1981, et seq.), the Civil Rights Act of 1991 (42 U.S.C. § 1981a), the Americans with Disabilities Act (42 U.S.C. § 12101 et seq.), the Fair Labor Standards Act (29 U.S.C. § 201, et seq.), the Family Medical Leave Act (29 U.S.C. § 2601, et seq.), and the Equal Pay Act of 1963 (29 U.S.C. § 206); (v) any claim that the Company or Released Parties have constructively and/or wrongfully terminated your employment or breached any oral, written, express, or implied employment agreement; (vi) any claim that the Company or Released Parties have intentionally or negligently inflicted emotional distress, mental anguish, or humiliation on you; (vii) any claim of the breach of any implied covenant of good faith and fair dealing; (viii) any claim of damages, monetary or other personal relief, and/or attorneys’ fees in any administrative and/or judicial proceeding initiated by you, by any third party on your behalf, or by any governmental authority prior to or

following your signing of this agreement; (ix) any claim of libel, slander, and/or defamation of character; (x) any retaliation, “whistleblower,” or public policy claim; and (xi) any other claim of whatever kind not specifically identified in this agreement.

You acknowledge that you have not previously assigned, sold, conveyed, or otherwise transferred any claim released in this agreement. You further acknowledge that, as of the date you sign this agreement, you do not have any claims pending against the Company or Released Parties, whether judicial, administrative, or otherwise and whether brought by you, by any third party on your behalf, or by any governmental authority.

This Release of All Claims does not: (i) include any rights or claims that may arise after the date you execute this agreement or that cannot lawfully be waived; (ii) prevent you from filing a complaint, or cooperating in an investigation or proceeding with, any governmental agency, including but not limited to a charge of discrimination or complaint with the Equal Employment Opportunity Commission (“EEOC”), National Labor Relations Board (“NLRB”), or any similar federal, state, or local agency or prevent you from filing a claim for unemployment compensation benefits with the Texas Workforce Commission (“TWC”); provided, however, that—with the exception of any unemployment compensation benefits—you waive your rights to any monetary or other recovery should any claim be pursued with or by the EEOC, NLRB, TWC, or other federal, state or local agency on your behalf and arising out of or related to your employment with and/or separation from the Company; (iii) prevent you from engaging in any future activities protected under the whistleblower statutes administered by OSHA, or receiving and fully retaining a monetary award from a government-administered whistleblower award program for providing information directly to a government agency;or (iv) bar you from seeking to enforce, or contest the validity of, this agreement.

Confidentiality: You agree to maintain this agreement and all of its terms and provisions in confidence and to not disclose it, directly or in response to a question, to any person or entity including, but not limited to, any former, current, or future employees of the Company. You may disclose the terms of this agreement to your lawyer, accountant or tax preparer, spouse, and in response to a lawful subpoena, court order, or governmental inquiry.

Confidential and Proprietary Information: You acknowledge that, during your employment with the Company, you have been given access to, and use of, confidential and proprietary information of the Company. You acknowledge that you have not used or disclosed any such information during your employment with the Company except as authorized by the Company or while exercising your right to engage in concerted protected activity under the National Labor Relations Act. You further acknowledge that, with the exception of engaging in any concerted activity authorized under the National Labor Relations Act, you have a continuing obligation after ceasing your employment with the Company to not disclose, authorize the disclosure of, or use (for your or any other person’s or entity’s benefit) any confidential or proprietary information in any way acquired during your employment with the Company. You agree that the disclosure of any confidential and/or proprietary information or trade secrets, the use of such information for your personal benefit, and/or the use of such information for the benefit of any third party would cause substantial and irreparable harm, loss of goodwill, and injury to the Company. You further agree that if there is a breach or threatened breach of this obligation, the Company shall be entitled, in addition to any other relief to which it may be entitled, to seek and obtain restraining orders, injunctions, monetary damages, court costs and attorneys' fees in compensation for your disclosure of any such confidential, proprietary, or trade secret information.

Return of Company Information, Passwords, and Usernames: You agree that you have delivered to the Company the originals and any copies of all documents, information and things of any nature relating in any way to the business of the Company that were obtained by you during your employment with the Company and which are in your possession or under your control, including, without limitation, equipment, correspondence, files, notebooks, policies, procedures, reports, computer programs, software and records, manuals, passwords and usernames, and any and all other confidential information of the Company. Should you fail to deliver to the Company all company information as described in this paragraph, you agree that the Company will have no obligation to provide to you the severance amount described above.

Non-Disparagement: Following your signing of this agreement, and except as may be required as part of a governmental investigation, you agree not to engage in communications (verbal or written) with any person or in

any actions that would denigrate or disparage the Company or the Released Parties, or that would otherwise adversely affect their business and/or personal reputations; provided, however, that nothing in this agreement prohibits you from exercising any rights you may have to engage in concerted protected activity under the National Labor Relations Act.

Future Cooperation: You agree to reasonably cooperate with the Company in the future by responding to questions and attending meetings, depositions, governmental proceedings or court hearings, and by cooperating with the Company and its accountants and attorneys with respect to any investigation, claim, or litigation for which you have personal and/or business knowledge as a result of your employment with the Company. You further agree to maintain in confidence any information regarding past, current, or potential claims, governmental proceedings, third party investigations, litigation, or settlements relating to the Company.

Reasonable expenses for travel, meals, and lodging which you incur while providing cooperation to the Company at its request will be reimbursed in accordance with the Company’s policies. You will not be eligible for any additional compensation or fees for providing cooperation to the Company at its request. You further agree to maintain in confidence any information regarding past, current, or potential claims, governmental proceedings, third party investigation, or litigation relating the Company. Finally, you agree not to communicate with any party(ies), their attorneys, investigators, or others who are adverse or potentially adverse to the Company, except with notice to and in the presence of the Company’s designated attorneys.

Employment Verification: In consideration of your signing this agreement, the Company agrees that, if the Company is contacted by a prospective employer of you, the Company will only confirm your dates of employment and position. Wage information may also be provided upon written request or authorization from you. However, the Company’s obligations under this paragraph apply only if you direct all employment verification requests to [NAME]. The Company will be entitled to disclose complete information regarding your employment in response to a subpoena, court or administrative order, in response to any claim filled by you or on your behalf, and as otherwise required by law.

Non-Admission: Nothing contained in this agreement shall be construed in any way to acknowledge or imply that the Company has acted improperly, violated any federal, state, or local statute, regulation, or ordinance, or breached any agreement with respect to our employment relationship.

Governing Law, Consent to Personal Jurisdiction, and Mandatory Venue: This agreement shall be governed by the laws of the State of Texas, without regard for conflicts of law principles, and shall bind you and all of your heirs, estates, successors, and assigns. If any term or provision of this agreement is found to be invalid or unenforceable, the remaining terms and provisions shall continue in full force and effect notwithstanding such determination. You acknowledge that this agreement sets out the entire understanding with the Company relating to your employment and cessation of employment. You waive any objection you may now or hereafter have to venue or inconvenience of forum, and agree that any claims arising out of this agreement shall be litigated in federal and/or state courts located in [COUNTY] County, Texas. By executing this letter agreement, both you and the Company expressly consent to the jurisdiction and mandatory venue of any state and/or federal court located within, or having jurisdiction over [COUNTY] County, Texas.

Entire Agreement: You acknowledge that this agreement sets out the entire understanding with the Company relating to your employment and cessation of employment. No term of this agreement may be modified in any way except by a writing signed by all parties to this agreement. No person has any authority to make any representations or promises on behalf of any of the parties that are not set forth in this agreement. You agree that this agreement has not been executed in reliance upon any representation or promise other than those set out in this agreement.

Severability: Each part, paragraph, term, or provision of this agreement is severable from the others. Notwithstanding any possible future finding by a duly-constituted authority that a particular part, term, or provision is invalid, void, or unenforceable, this agreement has been made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby.

Time to Consider and Right to Revoke: You may take up to twenty-one (21) days from your receipt of this agreement to decide whether to accept it. You may accept and sign this agreement at any time during this period, but are not required to do so. This agreement will become effective on the eighth (8th) day after you have signed it. You may revoke your acceptance of this agreement within seven (7) days after signing it by delivering written revocation notice to me within that 7-day time period. If you revoke this agreement after signing it, please understand that the Company will have no obligation to provide you with the separation benefits set out in this agreement.

Advice of Counsel: You are hereby advised to consult with an attorney of your choice, at your expense, in considering whether to accept this agreement.

Please give careful consideration to the terms of this agreement. Your agreement is necessary to secure the compensation and benefits described above. If you have any questions about this agreement, please do not hesitate to call me. If you agree with all of the terms of this agreement, please signify by signing the agreement where indicated and returning a signed copy to me, together with any required company documents, information, or things.

Sincerely,

[NAME OF THE COMPANY REPRESENTATIVE]

[TITLE OF THE COMPANY REPRESENTATIVE]

ACKNOWLEDGMENT AND AGREEMENT

I acknowledge that I have read and thoroughly examined the terms and provisions of this agreement between [COMPANY NAME] (the “Company”) and me. I acknowledge and represent by my signature below that I am mentally competent to sign this agreement, that I have been given twenty-one (21) days to consider the terms of this agreement and been advised to seek the advice of counsel, and that the consideration provided to me under the terms of this agreement are sufficient, adequate, and constitute benefits to which I would not otherwise be entitled. I fully understand this agreement and voluntarily accept all of its terms and provisions. I am signing this agreement voluntarily and without coercion by anyone associated with the Company.

[EMPLOYEE’S NAME]

Date


			ADAMS RESOURCES AND ENERGY, INC.
			By:
			Title:
			Date:

			EXECUTIVE
			By:
			Title:
			Date:

Exhibit 99.1

FOR IMMEDIATE RELEASE

ADAMS RESOURCES & ENERGY, INC. COMPLETES ACQUISITION OF PHOENIX OIL AND FIREBIRD BULK CARRIERS

Houston, Texas (Monday, August 15, 2022) -- Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”) today announces that one of its subsidiaries, GulfMark Asset Holdings, Inc., has completed the purchase of Firebird Bulk Carriers, Inc. (“Firebird”) and Phoenix Oil, Inc. (“Phoenix”) for an aggregate purchase price of approximately $33 million, consisting of approximately $32 million in cash and $0.5 million of Adams Resources & Energy, Inc. common stock.

Firebird Bulk Carriers is an interstate bulk motor carrier of crude oil, condensate, fuels, oils and other petroleum products. Headquartered in Humble, TX, Firebird operates over 100 tractors largely in the Eagle Ford basin. Texas locations include: Humble, George West, Dilley, Carrizo Springs, Bryan and Brownsville. Also headquartered in Humble, TX, Phoenix Oil recycles and repurposes off-spec fuels, lubricants, crude oil and other chemicals from producers in the United States.

Greg Mills, President of GulfMark commented, “Joining forces with Firebird and Phoenix is a great opportunity for GulfMark to expand our value chain and market impact, with numerous operating synergies benefiting the combined companies immediately upon close. The leadership and employees of Firebird and Phoenix bring a wealth of knowledge, and a history of excellent customer service, which align perfectly with the values of GulfMark and Adams companies.”

“We are very excited to have the teams from both Firebird and Phoenix join the Adams family of companies,” said Kevin Roycraft, Adams’ Chief Executive Officer and President. “This acquisition will be immediately accretive to earnings and cash flow. We expect these companies to increase our annual adjusted cash flow by over 30% while diversifying GulfMark’s service offerings to our customers. We believe this transaction represents a key milestone toward our continued efforts to generate long-term cash flow, prudently grow this business, and provide value to shareholders.”

Scott Bosard, President, Firebird Bulk Carriers, Inc. and Phoenix Oil, Inc. commented, “I want to thank our team and their families for all the years of service. Their dynamic abilities and positive

attitudes will bring immediate results to Adams and GulfMark. We look forward to the opportunities that will come along with these expanded capabilities.”

Inducement Awards Under NYSE American Listing Rules

The Company also reported, as required by Section 711(a) of the NYSE American Company Guide (the “Company Guide”), equity inducement awards to each of Trey Bosard and Tyler Bosard following the acquisition of Phoenix and Firebird by the Company.

Each of Trey Bosard and Tyler Bosard accepted employment agreements with Phoenix, effective August 12, 2022. Trey Bosard will serve as President and Tyler Bosard will serve as Vice President – Southern Region. The inducement awards have a grant date of August 12, 2022 and were granted to Trey Bosard and Tyler Bosard pursuant to their respective employment agreements.

As an inducement material to each of their accepting employment with Phoenix following the acquisition, and in accordance with Rule 711(a) of the Company Guide, the independent directors of the Board of the Company approved a grant of $0.5 million of restricted stock units to each of Trey Bosard and Tyler Bosard. The inducement awards are being granted outside the terms of the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan, as amended.

The inducement awards vest in three separate tranches on each of the first three anniversaries of the grant date.

About Adams Resources & Energy, Inc.

Adams Resources & Energy, Inc. is engaged in crude oil marketing, transportation, terminalling and storage and tank truck transportation of liquid chemicals and dry bulk through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, L.L.C. and GulfMark Terminals, LLC. For more information, visit www.adamsresources.com.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Forward-looking statements in this news release include, among others, statements relating to projected or anticipated financial benefits of the acquisitions described in this news release, and the anticipated effects of the acquisitions on the Company’s earnings and cash flow. In many cases you can identify forward-looking statements by terminology such as “anticipate,” “intend,” “plan,” “project,” “estimate,” “continue,” “potential,” “should,” “could,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “expect,” “believe,” “predict,” “budget,” “projection,” “goal,” “forecast,” “target” or similar words. Statements may be

forward looking even in the absence of these particular words. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, and any other risk factors included in Adams’ reports filed with the Securities and Exchange Commission, including the Company’s ability successfully to integrate the acquired companies and to realize the benefits and synergies of the transactions. However, there can be no assurance that such expectation or belief will result or be achieved. Unless legally required, Adams undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact

Tracy E. Ohmart

EVP, Chief Financial Officer

(713) 881-3609

Investor Relations Contact

Gary Guyton or Steven Hooser

Three Part Advisors

(214) 442-0016

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Form 8-K ADAMS RESOURCES & ENERGY For: Aug 11

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