On December 29, 2022, NOW Inc. entered into a second amendment to the existing senior secured credit facility dated as of April 30, 2018, among the Borrowers, the lenders party thereto and Wells Fargo Bank, National Association serving as the administrative agent, an issuing lender and swing lender. The Second Amendment amends certain terms, provisions and covenants of the Credit Agreement, including, among other things: replaces the London Interbank Offered Rate with the secured overnight financing rate as the interest rate benchmark with the existing applicable margin plus a credit spread adjustment of 0.10% per annum; modifies certain reporting obligations with respect to the Company's share repurchase program; and increases the sublimit for US letters of credit to $20 million.