Exhibit 10.1


 


VOTING AND SUPPORT AGREEMENT


 


This VOTING AND SUPPORT AGREEMENT (this “Agreement”)
is entered into as of June 12, 2022, by and among Steel Connect, Inc., a Delaware corporation (the “Company”), Steel
Partners Holdings L.P., a Delaware limited partnership (“Parent”), Handy & Harman Ltd., a Delaware corporation
(“Handy”), WHX CS Corp., a Delaware corporation (“WHX”), Steel Partners, Ltd., a Delaware corporation
(“SPL”), SPH Group LLC, a Delaware limited liability company (“SPH”), SPH Group Holdings LLC, a
Delaware limited liability company (“SPH Holdings”), Steel Partners Holdings GP Inc., a Delaware corporation (“GP”),
Steel Excel Inc., a Delaware corporation (“SXL”), Warren G. Lichtenstein, an individual (“Lichtenstein”),
and Jack L. Howard, an individual (“Howard”, and together with Handy, WHX, SPL, SPH, SPH Holdings, GP, SXL and Lichtenstein,
the “Stockholders” and each a “Stockholder”).


 


WHEREAS, Parent, SP Merger Sub, Inc., a Delaware
corporation and a direct wholly-owned subsidiary of Parent (“Merger Sub”), and the Company have, concurrently with
the execution of this Agreement, entered into an Agreement and Plan of Merger, dated as of the date hereof (as may be amended, supplemented
or otherwise modified from time to time in accordance with its terms, the “Merger Agreement”), which provides, among
other things, for the merger of Merger Sub with and into the Company, with the Company continuing as the surviving corporation and a subsidiary
of Parent (the “Merger”), upon the terms and subject to the conditions set forth in the Merger Agreement;


 


WHEREAS, as of the date hereof, each of the Stockholders
is the record owner and/or Beneficial Owner of the number of outstanding shares of Common Stock as set forth in Amendment No. 28
to the Schedule 13D filed by the Stockholders with the U.S. Securities and Exchange Commission on June 1, 2022 (the “Schedule
13D/A”), which is incorporated herein by reference;


 


WHEREAS, as a condition and inducement to the
willingness of the Company to enter into the Merger Agreement and consummate the transactions contemplated thereby, including the Merger,
the Company has required that each Stockholder agree, and each Stockholder has agreed, upon the terms and subject to the conditions set
forth herein, to enter into this Agreement and abide by the covenants and obligations set forth herein; and


 


WHEREAS, each Stockholder acknowledges that Parent,
the Company and Merger Sub are entering into the Merger Agreement in reliance on the representations, warranties, covenants and other
agreements of each Stockholder set forth in this Agreement.


 


NOW, THEREFORE, in consideration of the foregoing,
the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows:


 


Article
I


 


DEFINED TERMS


 


Section 1.1
Defined Terms. The following terms, as used
in this Agreement, shall have the meanings set forth below. Terms used but not otherwise defined herein shall have the meanings ascribed
thereto in the Merger Agreement.


 


(a)
 “Additional Shares” means, with respect to each Stockholder, the Common Stock,
Preferred Stock or other voting capital stock of the Company that such Stockholder acquires Beneficial Ownership of after the date of
this Agreement.



 






     


     


    

 


(b)
“Beneficial Ownership” by a person of any security includes ownership by any person
who, directly or indirectly, through any Contract, arrangement, understanding, relationship or otherwise (whether or not in writing),
has or shares: (i) voting power which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power
which includes the power to dispose, or to direct the disposition, of such security; and shall otherwise be interpreted in accordance
with the term “beneficial ownership” as defined in Rule 13d-3 adopted by the SEC under the Exchange Act. Without duplicative
counting of the same securities by the same holder, securities Beneficially Owned by a person will include securities Beneficially Owned
by all Affiliates of such person and all other persons with whom such person would constitute a “group” within the meaning
of Section 13(d) of the Exchange Act. The terms “Beneficially Own,” “Beneficially Owned” and “Beneficial
Owner” shall have correlative meanings.


 


(c)
“Common Stock” means the shares of common stock, par value $0.01 per share, of
the Company, and will also include for purposes of this Agreement all shares or other voting securities into which shares of Common Stock
or such other shares or voting securities may be reclassified, sub-divided, consolidated or converted and any rights and benefits arising
therefrom, including any dividends or distributions of securities which may be declared in respect of the shares of common stock and entitled
to vote in respect of the matters contemplated by Article II.


 


(d)
“Contemplated Transactions” shall have the meaning set forth in Section 2.1(a).


 


(e)
“Covered Securities” means the Existing Shares and any Additional Shares.


 


(f)  
“Existing Shares” means, with respect to each Stockholder, the shares of Common
Stock and/or Preferred Stock Beneficially Owned by such Stockholder on the date hereof as listed the Schedule 13D/A.


 


(g)
“Preferred Stock” means the shares of Series C preferred stock, par value $0.01
per share, of the Company, and will also include for purposes of this Agreement all shares or other voting securities into which shares
of Preferred Stock or such other shares or voting securities may be reclassified, sub-divided, consolidated or converted and any rights
and benefits arising therefrom, including any dividends or distributions of securities which may be declared in respect of the shares
of preferred stock and entitled to vote in respect of the matters contemplated by Article II.


 


(h) “Transfer”
means, directly or indirectly, to (i) issue, sell, short, transfer, offer, exchange, assign, pledge, encumber, subject to an
Encumbrance, hypothecate or otherwise dispose of (by merger, by tendering into any tender or exchange offer, by testamentary
disposition, by operation of law or otherwise), either voluntarily or involuntarily, any Covered Securities; (ii) enter into any
Contract, option or other agreement with respect to any transactions described in clause (i); or (iii) enter into any swap, hedge,
derivative or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Covered Securities, whether settled by delivery of Covered Securities, other securities, in cash or otherwise. For purposes of this
Agreement, the term “Transfer” shall include the transfer (including by way of sale, disposition, operation of
law (including by merger) or any other means) of an Affiliate of any Stockholder or any Stockholder’s interest in an Affiliate
which Beneficially Owns any Covered Securities. The terms “Transferring”, “Transferee”,
“Transferred” or similar words shall have correlative meanings to Transfer.


 






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Article
II


 


VOTING; GRANT AND APPOINTMENT OF PROXY


 


Section 2.1
Voting. From and after the date hereof until
the Expiration Time (as defined herein), each Stockholder irrevocably and unconditionally hereby agrees that at the Company Meeting or
any other annual or special meeting of the stockholders of the Company, however called, including any adjournment, recess or postponement
thereof, or in connection with any written consent of the Company’s stockholders and in any other circumstance upon which a vote,
consent or approval of all or some of the stockholders of the Company is sought, in each case, with respect to which any of the matters
described in clauses (a) through (e) of this Section 2.1 is to be considered, each Stockholder shall, and shall cause any holder
of record of its Covered Securities to, unless the Board or any Independent Committee has made a Change in Recommendation that has not
been rescinded or otherwise withdrawn, (i) appear, in person or by proxy, at each such meeting or cause its representative(s) to appear
at such meeting or otherwise cause its Covered Securities to be counted as present thereat for purposes of determining whether a quorum
is present and respond to each request by the Company for written consent, if any, and (ii) vote or cause to be voted, in person or by
proxy, or deliver or cause to be delivered a written consent covering, all of such Stockholder’s Covered Securities:


 


(a)
in favor of the adoption and approval of the Merger Agreement, and the other transactions contemplated
thereby, including the Merger (the “Contemplated Transactions”);


 


(b)
in favor of any Alternative Acquisition Agreement approved by the Company Board (acting on the recommendation
of the Special Committee, or the Special Committee in accordance with the provisions of Section 5.4(d)(ii) of the Merger Agreement;


 


(c) against
any action, proposal, agreement or transaction that is intended, that could reasonably be expected, or the effect of which could
reasonably be expected, to change in any manner the voting rights of any class of shares of the Company or materially impede,
interfere with, delay, postpone, frustrate, discourage or adversely affect the timely consummation of the Contemplated Transactions
or any Alternative Acquisition Agreement approved as described in Section 2.1(b), or the performance by such Stockholder of its
obligations under this Agreement, including, without limitation: (i) any extraordinary corporate transaction, such as a merger,
consolidation or other business combination involving the Company or any of its Subsidiaries (other than the Merger) unless such
transaction is previously approved in writing by Parent; (ii) a sale, lease or transfer of a material amount of assets of the
Company or any of its Subsidiaries (other than the Merger or any transactions contemplated by the Merger Agreement (or any
Alternative Acquisition Agreement approved as described in Section 2.1(b))) or a reorganization, recapitalization or liquidation of
the Company or any of its Subsidiaries that is prohibited by the Merger Agreement (or any Alternative Acquisition Agreement approved
as described in Section 2.1(b)) unless such transaction is previously approved in writing by Parent; (iii) an election of new
members to the Board, other than nominees to the Board who are serving as directors of the Company on the date of this Agreement,
except if previously approved in writing by Parent; or (iv) any material change in the present capitalization or dividend policy of
the Company or any amendment or other change to the Company’s Certificate of Incorporation or Bylaws;


 


(d)
against any action, proposal, transaction or agreement that could reasonably be expected to result
in (i) a breach in any respect of any covenant, representation or warranty or any other obligation or agreement of the Company contained
in the Merger Agreement (or in any Alternative Acquisition Agreement approved as described in Section 2.1(b)), or of any Stockholder contained
in this Agreement or the Merger Agreement, or (ii) any of the conditions to the consummation of the Merger under the Merger Agreement
(or the transactions contemplated by any Alternative Acquisition Agreement approved as described in Section 2.1(b)) not being fulfilled;
and


 


(e)
in favor of any other action, proposal, transaction or agreement necessary to consummate the Merger
and the transactions contemplated by the Merger Agreement (or the transactions contemplated by any Alternative Acquisition Agreement approved
as described in Section 2.1(b)).


 






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Section 2.2
Grant of Irrevocable Proxy; Appointment of Proxy.


 


(a)
Effective immediately upon the execution of the Merger Agreement and until the Expiration Time, each
Stockholder hereby irrevocably and unconditionally grants a proxy to, and appoints, the Company, as its sole and exclusive proxies and
attorney-in-fact (with full power of substitution and resubstitution), for and in such Stockholder’s name, place and stead, to vote
or cause to be voted (including by execution and delivery of proxies or acting by written consent, if applicable) the Covered Securities
in accordance with Section 2.1 hereof at the Company Meeting or other annual or special meeting of the stockholders of the Company,
however called, including any postponement or adjournment thereof, or in connection with any action sought to be taken by written consent
of the stockholders of the Company without a meeting.


 


(b)
Each Stockholder represents that any proxies heretofore given in respect of such Stockholder’s
Covered Securities, if any, are revocable, and hereby revokes all such proxies.


 


(c)
Each Stockholder affirms that the irrevocable proxy and power of attorney set forth in this Section
2.2 is given in connection with the execution of the Merger Agreement, and that such irrevocable proxy is given to secure the performance
of the duties of such Stockholder under this Agreement and is granted in accordance with the provisions of Section 212 of the DGCL. Each
Stockholder further (x) affirms that such irrevocable proxy is (i) coupled with an interest by reason of the Merger Agreement and, (ii)
executed and intended to be (and is) irrevocable in accordance with the provisions of Section 212 of the DGCL prior to the Expiration
Time and (y) ratifies and confirms all that the proxy holders appointed hereunder may lawfully do or cause to be done in compliance with
the express terms hereof. If for any reason the proxy granted herein is not valid, then each Stockholder agrees to vote such Stockholder’s
Covered Securities in accordance with Section 2.1 hereof prior to the Expiration Time. The parties hereto agree that the foregoing
is a voting agreement.


 


Section 2.3 Restrictions
on Transfers.


 


(a)
Each Stockholder hereby agrees that, from the date hereof until the Expiration Time, such Stockholder
shall not, without the prior written consent of the Independent Committee, directly or indirectly, (i) Transfer (or cause or permit the
Transfer of), either voluntarily or involuntarily, or enter into any Contract, option or other arrangement or understanding with respect
to the Transfer of, any Covered Securities or any interest therein, including, without limitation, any swap transaction, option, warrant,
forward purchase or sale transaction, futures transaction, cap transaction, floor transaction, collar transaction or any other similar
transaction (including any option with respect to any such transaction) or combination of any such transactions, in each case involving
any Covered Securities, (ii) deposit any Covered Securities into a voting trust or enter into a voting agreement or arrangement or grant
any proxy or power of attorney with respect thereto that is inconsistent with this Agreement, (iii) convert or exchange, or take any action
which would result in the conversion or exchange, of any Covered Securities, (iv) take any action that would make any representation or
warranty of such Stockholder set forth in this Agreement untrue or incorrect or have the effect of preventing, disabling, or materially
delaying such Stockholder from performing any of its obligations under this Agreement, or (v) agree (whether or not in writing) to take
any of the actions referred to in the foregoing clauses (i), (ii) (iii) or (iv). Any purported Transfer in violation of this Section
2.3 shall be void and of no force or effect and each Stockholder acknowledges that the Company will not register or permit the registration
of or otherwise facilitate or effect any such Transfer.


 


(b)
This Agreement and the obligations hereunder shall attach to the Covered Securities and shall be
binding upon any person to which legal or Beneficial Ownership shall pass, whether by operation of Law or otherwise, including, each Stockholder’s
successors or assigns. Each Stockholder covenants and agrees that it will not request that the Company register the Transfer (book-entry
or otherwise) of any certificate or uncertificated interest representing any or all of the Covered Shares, unless such Transfer is made
in compliance with this Agreement.


 






    4


     


    

 


Article
III


 


REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE STOCKHOLDERS


 


Section 3.1
Representations and Warranties. Each Stockholder
represents and warrants to the Company as of the date hereof:


 


(a)
if not a natural person, such Stockholder is a corporation or limited liability company duly organized,
validly existing and in good standing (to the extent the relevant jurisdiction recognizes such concept of good standing) under the laws
of the jurisdiction of its incorporation and has the requisite corporate power and authority to own, lease and operate its properties
and to carry on its business as it is now being conducted;


 


(b)
such Stockholder has full legal right, power, capacity and authority to execute and deliver this
Agreement, to perform such Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby;


 


(c) this
Agreement has been duly executed and delivered by such Stockholder and the execution, delivery and performance of this Agreement by
such Stockholder and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on
the part of such Stockholder and no other actions or proceedings on the part of such Stockholder are necessary to authorize this
Agreement or to consummate the transactions contemplated hereby;


 


(d)
assuming due authorization, execution and delivery by the other parties hereto, this Agreement constitutes
a legal, valid and binding agreement of such Stockholder, enforceable against such Stockholder in accordance with its terms, except as
enforcement may be limited by the Bankruptcy and Equity Exceptions;


 


(e)
(i) such Stockholder (A) is the Beneficial Owner of and, immediately prior to the Closing, will be
the Beneficial Owner of, and has and will have good and valid title to, its Existing Shares, free and clear of Liens other than as created
by this Agreement, and (B) owns, of record and/or Beneficially, or controls all of its Covered Securities; (ii) its Covered Securities
are not subject to any voting trust agreement or other Contract to which such Stockholder is a party restricting or otherwise relating
to the voting or Transfer of the Covered Securities other than this Agreement; (iii) such Stockholder has not Transferred any interest
in any of its Covered Securities; (iv) as of the date hereof, other than the Existing Shares set forth in the Schedule 13D/A, such Stockholder
does not Beneficially Own or own of record, any shares of Common Stock; and (v) such Stockholder has not appointed or granted any proxy
or power of attorney that is still in effect with respect to any of the Existing Shares and with respect to any of the Covered Securities
Beneficially Owned at all times through the Closing Date and with no limitations, qualifications or restrictions on such rights, except
as contemplated by this Agreement;


 


(f)  
except for (i) the applicable requirements of the Exchange Act and (ii) as provided in the Merger
Agreement, (A) no filing with, and no permit, authorization, consent or approval of, any Governmental Entity is necessary on the part
of such Stockholder for the execution, delivery and performance of this Agreement by such Stockholder or the consummation by such Stockholder
of the transactions contemplated by this Agreement and the Merger Agreement, and (B) neither the execution, delivery or performance of
this Agreement by such Stockholder nor the consummation by such Stockholder of the transactions contemplated hereby, nor compliance by
such Stockholder with any of the provisions hereof shall (1) if such Stockholder is an entity, conflict with or violate any provision
of the organizational documents of such Stockholder, (2) result in any breach or violation of, or constitute a default (or an event which,
with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, or result in the creation of any Encumbrance on property or assets of such Stockholder pursuant to any Contract to
which such Stockholder is a party or by which such Stockholder or any property or asset of such Stockholder is bound or affected, or (3)
violate any Law or Order applicable to such Stockholder or any of such Stockholder’s properties or assets;


 






    5


     


    

 


(g)
there is no Proceeding pending against such Stockholder or, to the knowledge of such Stockholder,
any other Person or, to the knowledge of such Stockholder, threatened against such Stockholder or any other Person that restricts or prohibits
(or, if successful, would, or could reasonably be expected to, restrict or prohibit) the performance by such Stockholder of its obligations
under this Agreement or challenges the validity of this Agreement; and


 


(h)
 except for this Agreement, no Stockholder has taken any action that would constitute a breach hereof,
make any representation or warranty of such Stockholder set forth in this Article III untrue or incorrect or have the effect of
preventing or delaying or impeding the ability of such Stockholder from performing any of his, her or its obligations under this Agreement.


 


Section 3.2
Other Covenants. Each Stockholder hereby:


 


(a)
agrees and covenants, prior to the Expiration Time, not to knowingly take any action, directly or
indirectly, that could reasonably be expected to (i) result in a breach hereof, (ii) make any representation or warranty of such Stockholder
contained herein untrue or incorrect or (iii) have the effect of preventing, delaying, impeding or interfering with or adversely affecting
the ability of such Stockholder from performing any of its obligations under this Agreement;


 


(b)
irrevocably waives, and agrees not to exercise, any rights of appraisal or any dissenters’
rights under applicable Law at any time with respect to the Merger that such Stockholder may have with respect to any and all of such
Stockholder’s Covered Securities, whether held of record or Beneficially Owned (including any appraisal or dissenters’ rights
pursuant to Section 262 of the DGCL) prior to the Expiration Time; and


 


(c)
agrees and covenants to (i) permit the Company to publish and disclose in any press release or in
the Proxy Statement (including all documents and schedules filed with the SEC in accordance therewith) or other disclosure document required
in connection with the Merger Agreement or the Contemplated Transactions, such Stockholder’s identity and Beneficial Ownership of
Covered Securities and the nature of such Stockholder’s commitments, arrangements and understandings under this Agreement (“Stockholder
Information”) and (ii) cooperate with the Company in connection with such filings, including providing Stockholder Information
requested by the Company and notifying the Company if and to the extent such Stockholder becomes aware that any such Stockholder Information
is or shall have become false or misleading.


 


Section 3.3
Stock Dividends, etc. In the event of a reclassification,
recapitalization, reorganization, stock split (including a reverse stock split) or combination, exchange or readjustment of shares or
other similar transaction, or if any stock dividend, subdivision or distribution (including any dividend or distribution of securities
convertible into or exchangeable for shares of Common Stock) is declared, in each case affecting the Covered Securities, the terms “Existing
Shares,” “Additional Shares” and “Covered Shares” shall be deemed to refer to and include
such shares as well as all such stock dividends and distributions and any securities of the Company into which or for which any or all
of such shares may be changed or exchanged or which are received in such transaction.


 


Article
IV


 


TERMINATION


 


Section 4.1 Termination.
This Agreement, and the obligations of the Stockholders hereunder (including, without limitation, Section 2.2 hereof), shall
terminate and be of no further force or effect immediately upon the earliest to occur (the “Expiration Time“) of
(a) the Effective Time, (b) the later of the date of valid termination of (x) the Merger Agreement or (y) any Alternative
Acquisition Agreement approved as described in Section 2.1(b), in accordance with its respective terms, and (c) at any time upon the
written agreement of the Company (acting at the direction of the Special Committee) and Parent; provided, that, for
the avoidance of doubt, to the extent the termination of the Merger Agreement is contested, no party shall be released from
liability for violating the terms of this Agreement if a court of competent jurisdiction finally determines that the Merger
Agreement had not, in fact, been validly terminated and, therefore, this Agreement had not been validly terminated. Notwithstanding
the preceding sentence, this Article IV and Article V hereof shall survive any termination of this Agreement. Nothing
in this Article IV shall relieve or otherwise limit any party’s liability for any breach of this Agreement prior to the
termination of this Agreement.


 






    6


     


    

 


Article
V


 


MISCELLANEOUS


 


Section 5.1
Notices. All notices, requests and other communications
to any party under, or otherwise in connection with, this Agreement shall be in writing and shall be deemed to have been duly given on
the date of delivery (a) if delivered in person; (b) if transmitted by electronic mail (“e-mail”) (but only if confirmation
of receipt of such e-mail is requested and received; provided that each notice Party shall use reasonable best efforts to confirm
receipt of any such email correspondence promptly upon receipt of such request); or (c) if transmitted by national overnight courier,
in each case as addressed as follows (or at such other address for a party as shall be specified in a notice given in accordance with
this Section 5.1):


 


(a)
If to any Stockholder:


 


Steel Partners Holdings L.P.

590 Madison Avenue

New York, New York 10022

Attention: ***

Email: ***


 


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


 


Greenberg Traurig, LLP

333 SE 2nd Avenue, Suite 4400

Miami, FL 33131

Attention: Alan I. Annex and Brian H. Blaney

Email: annexa@gtlaw.com and blaneyb@gtlaw.com


 


(b)
If to the Company:


 


Steel Connect, Inc.

2000 Midway Lane

Smyrna, Tennessee, 37167

Attention: ***

Email: ***


 


With a copy to (which shall not constitute notice):


 


Dentons US LLP

22 Little West 12th Street

New York, New York 10014

Attention: Victor H. Boyajian, Ira L. Kotel, and Ilan Katz


Email: Victor.boyajian@us.dentons.com;

ira.kotel@dentons.com; and ilan.katz@dentons.com


 


And


 


White & Case LLP

1221 Avenue of the Americas

New York, New York 10020-1095

Attention: Colin J. Diamond, Andrew J. Ericksen, Adam Cieply

Email: cdiamond@whitecase.com; aj.ericksen@whitecase.com; and 

adam.cieply@whitecase.com


 






    7


     


    

 


Section 5.2
Capacity. Notwithstanding anything to the
contrary in this Agreement, (i) each Stockholder is entering into this Agreement, and agreeing to become bound hereby, solely in its capacity
as a Beneficial Owner of its Covered Securities owned by it and not in any other capacity (including, without limitation, in any capacity
as a director of the Board or officer of the Company) and (ii) nothing in this Agreement shall obligate such Stockholder or its Representatives
to take, or forbear from taking, in its capacity as a director of the Board or officer of the Company, any action which is inconsistent
with its or his fiduciary duties under applicable Law.


 


Section 5.3
Severability. Each party hereto agrees that,
should any court or other competent authority hold any provision of this Agreement or part of this Agreement to be null, void or unenforceable,
or order any party to take any action inconsistent herewith or not to take an action consistent with the terms of, or required by, this
Agreement, the validity, legality and enforceability of the remaining provisions and obligations contained or set forth in this Agreement
shall not in any way be affected or impaired, unless the foregoing inconsistent action or the failure to take an action constitutes a
material breach of this Agreement or makes this Agreement impossible to perform, in which case this Agreement shall terminate. Upon such
determination that any term or other provision is null, void or unenforceable, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable manner.


 


Section 5.4
Entire Agreement. This Agreement and the Merger
Agreement, including the Company Disclosure Letter and the exhibits thereto, together with the other instruments referred to therein,
constitute the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties, or any
of them, with respect to the subject matter hereof and thereof.


 


Section 5.5 Specific
Performance. The parties agree that irreparable damage, for which monetary damages
would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached by the parties. Each Stockholder acknowledges and agrees that (a)
the Company shall be entitled to seek an injunction, specific performance, or other equitable relief, to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof, without proof of damages, prior to the Expiration Time, this
being in addition to any other remedy to which the Company may be entitled at law or in equity, and (b) the right of specific
enforcement is an integral part of the transactions contemplated by this Agreement and without that right, the Company would not
have entered into the Merger Agreement. Each Stockholder agrees that it will not oppose the granting of specific performance and
other equitable relief on the basis that the other parties have an adequate remedy at law or that an award of specific performance
is not an appropriate remedy for any reason at law or in equity. Each Stockholder acknowledges and agrees that if the Company seeks
an injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, it shall
not be required to provide any bond or other security in connection with any such injunction.


 


Section 5.6
Amendments: Waivers. At any time prior to
the Expiration Time, any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing
and signed, in the case of an amendment, by the Company, each Stockholder and Parent, or in the case of a waiver, by the party against
whom the waiver is to be effective. Notwithstanding the foregoing, no failure or delay by a party hereto in exercising any right hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other
right hereunder.


 


Section 5.7
Governing Law: Venue: Waiver of Jury Trial.


 


(a)
THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED
UPON, ARISE OUT OF RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.


 


(b) THE
PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR, IF THE COURT OF CHANCERY OF THE
STATE OF DELAWARE OR THE DELAWARE SUPREME COURT DETERMINES THAT, NOTWITHSTANDING SECTION 111 OF THE DGCL, THE COURT OF CHANCERY DOES
NOT HAVE OR SHOULD NOT EXERCISE SUBJECT MATTER JURISDICTION OVER SUCH MATTER, THE SUPERIOR COURT OF THE STATE OF DELAWARE AND THE
FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE SOLELY IN CONNECTION WITH ANY DISPUTE THAT ARISES IN
RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT OR
IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AND WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT
OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT OF THIS AGREEMENT OR ANY SUCH DOCUMENT THAT IT IS NOT SUBJECT THERETO OR THAT SUCH
ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR
THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS
WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED EXCLUSIVELY BY SUCH A DELAWARE STATE OR FEDERAL
COURT. THE PARTIES CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF
SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN ANY MANNER AS
MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.


 






    8


     


    

 


(c)
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER;
(II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY;
AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS
SECTION 5.7.


 


Section 5.8
No Third Party Beneficiaries. There are no
third party beneficiaries of this Agreement and nothing in this Agreement, express or implied, is intended to confer on any person other
than the parties hereto (and their respective successors, heirs and permitted assigns), any rights, remedies, obligations or liabilities,
except as specifically set forth in this Agreement.


 


Section 5.9
Assignment: Binding Effect. Neither this Agreement
nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law
or otherwise) without the prior written consent of the other parties, except that Parent may assign this Agreement (in whole but not in
part) in connection with a permitted assignment of the Merger Agreement by Parent, as applicable. Subject to the preceding sentence, this
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns
and, in the case of any Stockholder that is an individual, his, her or its estate, heirs, beneficiaries, personal representatives and
executors.


 


Section 5.10 No
Presumption Against Drafting Party. Each of the parties to this Agreement acknowledges
that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement
and that it has executed the same with the advice of said counsel. Each party and its counsel cooperated in the drafting and
preparation of this Agreement and the documents referred to in this Agreement, and any and all drafts relating thereto exchanged
between the parties shall be deemed the work product of the parties and may not be construed against any party by reason of its
preparation. Accordingly, any rule of Law or any legal decision that would require interpretation of any ambiguities in this
Agreement against any party that drafted it is of no application and is expressly waived.


 


Section 5.11 Counterparts.
This Agreement may be executed in counterparts, including via facsimile or email in “portable document format” (“.pdf’)
form, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each
of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.


 


Section 5.12 Special
Committee. All amendments or waivers of any provision of this Agreement by the Company
and all decisions or determinations contemplated by this Agreement to be made by the Company shall be made by the Special Committee
and no amendment or waiver of any provision of this Agreement by the Company and no decision or determination contemplated by this
Agreement to be made by the Company shall be made, or action taken, by the Company or the Board with respect to this Agreement
without first obtaining the approval of the Special Committee. The Special Committee, and only the Special Committee, may pursue any
action or litigation with respect to breaches of this Agreement on behalf of the Company.


 


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    9


     


    

 


IN WITNESS WHEREOF, the parties
hereto have duly executed and delivered this Agreement as of the date first written above.


 





	 	STOCKHOLDERS
	 	 
	 	Steel Partners Holdings L.P.
	 	 	 
	 	By:	Steel Partners Holdings GP Inc., its general partner
	 	 	 
	 	By:	/s/ Jack L. Howard
	 	Name:	Jack L. Howard
	 	Title:	President
	 	 
	 	Handy & Harman Ltd.
	 	 	 
	 	By:	/s/ Jason Wong
	 	Name: 	Jason Wong
	 	Title:	Senior Vice President
	 	 
	 	WHX CS Corp.
	 	 	                 
	 	By:	/s/ Jason Wong
	 	Name:	Jason Wong
	 	Title:	Senior Vice President
	 	 
	 	Steel Partners, Ltd.
	 	 	 
	 	By:	/s/ Jack L. Howard
	 	Name:	Jack L. Howard
	 	Title:	President
	 	 
	 	SPH Group LLC
	 	 	 
	 	By:	Steel Partners Holdings GP Inc., its managing member
	 	 	 
	 	By:	/s/ Jack L. Howard
	 	Name:	Jack L. Howard
	 	Title:	President
	 	 
	 	SPH Group Holdings LLC
	 	 	 
	 	By:	/s/ Jack L. Howard
	 	Name:	Jack L. Howard
	 	Title:	President




 






     


     


    

 


	 	Steel Partners Holdings GP Inc.
	 	 	 
	 	By:	/s/ Jack L. Howard
	 	Name:	Jack L. Howard
	 	Title:	President
	 	 
	 	Steel Excel Inc.
	 	 	 
	 	By:	/s/ Jason Wong
	 	Name:	Jason Wong
	 	Title:	Senior Vice President
	 	 
	 	Warren G. Lichtenstein
	 	 	 
	 	/s/ Warren G. Lichtenstein
	 	 	 
	 	Jack L. Howard
	 	 	 
	 	/s/ Jack L. Howard
	 	 
	 	COMPANY
	 	 
	 	Steel Connect Inc.
	 	 	 
	 	By:	/s/ Jason Wong
	 	Name:	Jason Wong
	 	Title:	Chief Financial Officer