Document:

Exhibit

Exhibit 10.1

AMENDMENT NO. 5
AMENDMENT NO. 5, dated as of August 26, 2015 (this “Agreement”), to the Credit Agreement dated as of September 7, 2012, as amended prior to the date hereof (as so amended, the “Credit Agreement”), among D.R. HORTON, INC., a Delaware corporation (the “Borrower”), MIZUHO BANK, LTD., as successor administrative agent (in such capacity, the “Administrative Agent”) and the Lenders party thereto.  Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.
WHEREAS, the Credit Agreement has previously been amended on November 1, 2012, August 8, 2013, August 22, 2014 and June 18, 2015;
WHEREAS, the Borrower, the Administrative Agent and the Lenders party hereto desire to extend the Revolving Credit Facility Termination Date in respect of certain of the Revolving Credit Commitments under the Credit Agreement to September 7, 2020 in accordance with the Extension Request dated as of June 25, 2015 and pursuant to Section 2.17 of the Credit Agreement (the “Revolving Credit Commitment Extension”);
WHEREAS, Deutsche Bank Trust Company Americas desires to exit as a Lender under the Credit Agreement, and Deutsche Bank AG New York Branch desires to become a Lender with the same amount of Revolving Credit Commitments and Loans as Deutsche Bank Trust Company Americas; and
WHEREAS, Mizuho Bank, Ltd. is acting as the sole lead arranger (in such capacity, the “Sole Lead Arranger”), Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as co-arrangers (each, a “Co-Arranger” and together the “Co-Arrangers”), and SunTrust Robinson Humphrey, Inc. and U.S. Bank National Association are acting as managing agents (each a “Managing Agent” and together the “Managing Agents”) in connection with the Revolving Credit Commitment Extension; 
NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
Section 1.Amendments.  Subject to the occurrence of the Amendment Effective Date, the Credit Agreement is hereby amended as set forth in this Section 1.
(a)The definition of “Revolving Credit Facility Termination Date” in Section 1.1 of the Credit Agreement is hereby amended by replacing “September 7, 2019” with “September 7, 2020”. 
(b)Section 2.17 of the Credit Agreement is hereby amended by replacing the eighth, ninth and tenth sentences thereof with the following:
“Each Lender approving an Extension Request shall deliver its written approval no later than 30 days following such Extension Request or such later date agreed to by the Borrower (such 30th or later date, the “Extension Response Deadline”).  If written approval of the Lenders holding a majority of the Revolving Credit Commitments under such Series of Revolving Credit Facility is not received by the Administrative Agent by the Extension Response Deadline, the Extension Request with respect to such Series shall be denied.  If such written approval of the Lenders holding a majority of the Revolving Credit Commitments under a Series of Revolving Credit Facility is received by the Administrative Agent by the Extension Response Deadline, the Revolving Credit Facility Termination Date applicable to such Series of Revolving Credit Facility, or the requested portion of the Revolving Credit Commitments thereunder, shall be extended to the date specified in the Extension Request but only with respect to Revolving Credit Commitments of the Lenders under the applicable Revolving Credit Facility that have given such written approval (the “Extending Revolving Credit Lenders”).”

Section 2.Representations and Warranties.  The Loan Parties represent and warrant as of the date hereof and the Amendment Effective Date (before and after giving effect to this Agreement) that:
(a)the representations and warranties contained in Article VI of the Credit Agreement are true and correct in all material respects on the date hereof, the date of the Extension Request and the Amendment Effective Date (except (i) to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects); and
(b)no Default or Unmatured Default (i) has occurred and is continuing on the date hereof, the date of the Extension Request or the Amendment Effective Date or (ii) exists or would exist after giving effect to the Facility Increase.
Section 3.Conditions to Effectiveness.  This Agreement, the Additional Commitments and the Revolving Credit Commitment Extension shall become effective and all conditions set forth in Section 2.17 of the Credit Agreement shall be deemed satisfied, on the date (such date, the “Amendment Effective Date”) on which each of the following conditions is satisfied or waived:
(a)Certain Documents.  The Administrative Agent shall have received on or prior to the Amendment Effective Date each of the following, each dated the Amendment Effective Date unless otherwise indicated or agreed to by the Administrative Agent and each in form and substance satisfactory to the Administrative Agent:
(i)this Agreement executed by the Required Lenders, the Loan Parties and the Administrative Agent;
(ii)certified copies of resolutions of the board of directors of each Loan Party approving the execution, delivery and performance of this Agreement and the other documents to be executed in connection herewith;
(iii)the articles of incorporation, by-laws, certificate of good standing, incumbency certificate and officer’s certificate of the Borrower described in Section 5.1(i), (ii) and (iii) of the Credit Agreement;
(iv)a bring-down certificate of each other Loan Party confirming the certificates and the attachments thereto described in Section 5.1(iv), (v) and (vi) of the Credit Agreement and delivered on the Closing Date remain true and correct as if made and delivered on the Amendment Effective Date;
(v)a certificate (1) signed by the chief financial officer, controller or chief accounting officer of the Borrower, stating that on the date of the Extension Request and the Amendment Effective Date, no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in Article VI of the Credit Agreement are true and correct in all material respects (except (i) to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects) and (2) of  an Authorized Officer of the Borrower to the effect that each of the conditions set forth in Section 2.17 of the Credit Agreement and this Section 3 are satisfied; and
(vi)a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Borrower for the current fiscal year, pursuant to Section 7.1(iii) of the Credit Agreement.

-2-

(b)Fees and Expenses Paid.  There shall have been paid to the Administrative Agent, for the account of the Administrative Agent and the Lenders (including any Additional Lender), as applicable, all fees and expenses (including reasonable fees and expenses of one counsel to the Administrative Agent) due and payable on or before the Amendment Effective Date and, in the case of expenses, invoiced at least two Business Days prior to the Amendment Effective Date.
Section 4.Expenses; Indemnification. The Borrower confirms that Section 10.6 of the Credit Agreement applies to this Agreement and the transactions contemplated hereby for the benefit of the Administrative Agent and the Sole Lead Arranger.
Section 5.Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or by email in Adobe “.pdf” format shall be effective as delivery of a manually executed counterpart hereof.
Section 6.Applicable Law.  THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Section 7.Headings.  The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.
Section 8.Effect of Agreement.  Except as expressly set forth herein, this Agreement shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  As of the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder,” “thereof” and words of like import), shall mean and be a reference to the Credit Agreement as amended hereby, and this Agreement and the Credit Agreement shall be read together and construed as a single instrument; provided, however, that nothing herein shall be interpreted to change the date of the Credit Agreement.  This Agreement shall constitute a Loan Document.
Section 9.Acknowledgement and Affirmation.  Each of the Borrower and each Guarantor hereby (i) expressly acknowledges the terms of the Credit Agreement as amended hereby, (ii) ratifies and affirms after giving effect to this Agreement, the Additional Commitments and the Revolving Credit Commitment Extension, its obligations under the Loan Documents (including Guaranty Agreements (as defined in the Credit Agreement)) executed by the Borrower and/or such Guarantor and (iii) after giving effect to this Agreement, the Additional Commitments and the Revolving Credit Commitment Extension, acknowledges renews and extends its continued liability under all such Loan Documents and agrees such Loan Documents remain in full force and effect. 
Section 10.Exiting Lender.  Simultaneously with the effectiveness of this Agreement, Deutsche Bank Trust Company Americas, who has been a Lender under the Credit Agreement and who executes this Agreement below as an Exiting Lender (the “Exiting Lender”), shall be deemed to have, and does hereby sell, assign, transfer and convey to Deutsche Bank AG New York Branch (the “New DB Lender”), and the New DB Lender hereby purchases and accepts the Revolving Credit Commitments and Loans of the Exiting Lender such that, after giving effect to this Agreement, (a) the Exiting Lender shall (i) be paid in full for all amounts owing to the Exiting Lender under the Credit Agreement, (ii) cease to be a Lender under the Credit Agreement and the Loan Documents, and (iii) relinquish its rights (provided that it shall still be entitled to any rights of indemnification in respect of any circumstance, event or condition arising prior to the Amendment Effective Date) and be released from its obligations under the Credit Agreement and the Loan Documents and (b) the Revolving Credit Commitment of the New DB Lender shall be as set forth on its signature page to this Agreement, and the New DB Lender shall hereafter have, and does hereby assume, all of the rights and obligations of a Lender under the Credit Agreement and the Loan Documents. Without limiting the foregoing, the New DB Lender, by its execution of this Agreement, shall be deemed to have accepted and agreed to the provisions set forth in the form of Assignment and Assumption attached as Exhibit D to the Credit Agreement, as if such provisions were set 

-3-

forth herein, all of which are incorporated herein by this reference. The foregoing assignment, transfer and conveyance is without recourse to the Exiting Lender and without any warranties whatsoever by the Administrative Agent, the Issuing Banks or the Exiting Lender as to title, enforceability, collectability, documentation or freedom from liens or encumbrances, in whole or in part, other than the warranty of the Exiting Lender that it has not previously sold, transferred, conveyed or encumbered such interests. No fees shall be due by or to any Person in connection with this assignment, all of which are hereby waived by any party entitled to same. The Exiting Lender is executing this Agreement for the sole purpose of evidencing its agreement to this Section 11 and for no other purpose.

[signature pages follow]

-4-

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

D.R. HORTON, INC.

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer

[Amendment No. 5 to D.R. Horton Credit Agreement]

GUARANTORS:
C. RICHARD DOBSON BUILDERS, INC. 
CH INVESTMENTS OF TEXAS, INC. 
CHI CONSTRUCTION COMPANY 
CHTEX OF TEXAS, INC. 
CONTINENTAL HOMES, INC. 
CONTINENTAL RESIDENTIAL, INC. 
D.R. HORTON BAY, INC. 
D.R. HORTON CRUCES CONSTRUCTION, INC. 
D.R. HORTON, INC. - BIRMINGHAM 
D.R. HORTON, INC. - CHICAGO 
D.R. HORTON, INC. - DIETZ-CRANE 
D.R. HORTON, INC. - GREENSBORO 
D.R. HORTON, INC. - GULF COAST 
D.R. HORTON, INC. - HUNTSVILLE 
D.R. HORTON, INC. - JACKSONVILLE 
D.R. HORTON, INC. - LOUISVILLE 
D.R. HORTON, INC. - MINNESOTA 
D.R. HORTON, INC. - NEW JERSEY 
D.R. HORTON, INC. - PORTLAND
D.R. HORTON, INC. - TORREY
D.R. HORTON CA2, INC.
D.R. HORTON CA3, INC.
D.R. HORTON LA NORTH, INC. 
D.R. HORTON LOS ANGELES HOLDING COMPANY, INC. 
D.R. HORTON MATERIALS, INC. 
D.R. HORTON VEN, INC. 
DRH CAMBRIDGE HOMES, INC. 
DRH CONSTRUCTION, INC. 
DRH REGREM XIV, INC. 
DRH REGREM XV, INC. 
DRH REGREM XVI, INC. 
DRH REGREM XVII, INC. 
DRH REGREM XVIII, INC. 
DRH REGREM XIX, INC. 
DRH REGREM XX, INC. 
DRH REGREM XXI, INC. 
DRH REGREM XXII, INC. 
DRH REGREM XXIII, INC. 
DRH REGREM XXIV, INC. 
DRH REGREM XXV, INC. 
DRH SOUTHWEST CONSTRUCTION, INC. 
DRH TUCSON CONSTRUCTION, INC. 
KDB HOMES, INC. 
MEADOWS I, LTD. 
MEADOWS II, LTD. 
MEADOWS VIII, LTD. 
MEADOWS IX, INC. 
MEADOWS X, INC. 
MELMORT CO. 
MELODY HOMES, INC. 
SCHULER HOMES OF CALIFORNIA, INC. 
SCHULER HOMES OF OREGON, INC. 

[Amendment No. 5 to D.R. Horton Credit Agreement]

SCHULER HOMES OF WASHINGTON, INC. 
SCHULER MORTGAGE, INC. 
SCHULER REALTY HAWAII, INC. 
SHLR OF CALIFORNIA, INC. 
SHLR OF COLORADO, INC. 
SHLR OF NEVADA, INC. 
SHLR OF UTAH, INC. 
SHLR OF WASHINGTON, INC. 
VERTICAL CONSTRUCTION CORPORATION
WESTERN PACIFIC FUNDING, INC. 
WESTERN PACIFIC HOUSING, INC. 
WESTERN PACIFIC HOUSING MANAGEMENT, INC. 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer

[Amendment No. 5 to D.R. Horton Credit Agreement]

CONTINENTAL HOMES OF TEXAS, L.P. 

By: CHTEX of Texas, Inc., its General Partner 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer
D.R. HORTON MANAGEMENT COMPANY, LTD. 
D.R. HORTON - EMERALD, LTD. 
D.R. HORTON - TEXAS, LTD. 
DRH REGREM VII, LP 
DRH REGREM XII, LP 

By: Meadows I, Ltd., its General Partner

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer
SGS COMMUNITIES AT GRANDE QUAY, L.L.C. 

By: Meadows IX, Inc., a Member 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer

and 

By: Meadows X, Inc., a Member 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer
DRH CAMBRIDGE HOMES, LLC 

By: D.R. HORTON, Inc. - Chicago, its Member

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer

[Amendment No. 5 to D.R. Horton Credit Agreement]

HPH HOMEBUILDERS 2000 L.P.  
WESTERN PACIFIC HOUSING, L.P. 
WESTERN PACIFIC HOUSING-ANTIGUA, LLC
WESTERN PACIFIC HOUSING-AVIARA, L.P. 
WESTERN PACIFIC HOUSING-BOARDWALK, LLC
WESTERN PACIFIC HOUSING-BROADWAY, LLC
WESTERN PACIFIC HOUSING-CANYON PARK, LLC
WESTERN PACIFIC HOUSING-CARMEL, LLC
WESTERN PACIFIC HOUSING-CARRILLO, LLC
WESTERN PACIFIC HOUSING-COMMUNICATIONS HILL, LLC
WESTERN PACIFIC HOUSING-COPPER CANYON, LLC
WESTERN PACIFIC HOUSING-CREEKSIDE, LLC
WESTERN PACIFIC HOUSING-CULVER CITY, L.P. 
WESTERN PACIFIC HOUSING-DEL VALLE, LLC
WESTERN PACIFIC HOUSING-LOMAS VERDES, LLC
WESTERN PACIFIC HOUSING-LOST HILLS PARK, LLC
WESTERN PACIFIC HOUSING-MCGONIGLE CANYON, LLC
WESTERN PACIFIC HOUSING-MOUNTAINGATE, L.P. 
WESTERN PACIFIC HOUSING-NORCO ESTATES, LLC
WESTERN PACIFIC HOUSING-OSO, L.P. 
WESTERN PACIFIC HOUSING-PACIFIC PARK II, LLC
WESTERN PACIFIC HOUSING-PARK AVENUE EAST, LLC
WESTERN PACIFIC HOUSING-PARK AVENUE WEST, LLC
WESTERN PACIFIC HOUSING-PLAYA VISTA, LLC
WESTERN PACIFIC HOUSING-POINSETTIA, L.P. 
WESTERN PACIFIC HOUSING-RIVER RIDGE, LLC
WESTERN PACIFIC HOUSING-ROBINHOOD RIDGE, LLC
WESTERN PACIFIC HOUSING-SANTA FE, LLC
WESTERN PACIFIC HOUSING-SCRIPPS, L.P. 
WESTERN PACIFIC HOUSING-SCRIPPS II, LLC
WESTERN PACIFIC HOUSING-SEACOVE, L.P. 
WESTERN PACIFIC HOUSING-STUDIO 528, LLC
WESTERN PACIFIC HOUSING-TERRA BAY DUETS, LLC
WESTERN PACIFIC HOUSING-TORRANCE, LLC
WESTERN PACIFIC HOUSING-TORREY COMMERCIAL, LLC
WESTERN PACIFIC HOUSING-TORREY MEADOWS, LLC
WESTERN PACIFIC HOUSING-TORREY MULTI-FAMILY, LLC
WESTERN PACIFIC HOUSING-TORREY VILLAGE CENTER, LLC
WESTERN PACIFIC HOUSING-VINEYARD TERRACE, LLC
WESTERN PACIFIC HOUSING-WINDEMERE, LLC
WESTERN PACIFIC HOUSING-WINDFLOWER, L.P. 
WPH-CAMINO RUIZ, LLC

By: Western Pacific Housing Management, Inc., 
       its Manager, Member or General Partner 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer

[Amendment No. 5 to D.R. Horton Credit Agreement]

SCHULER HOMES OF ARIZONA LLC 
SHA CONSTRUCTION LLC 

By: SRHI LLC, 
its Member 

By: SHLR of Nevada, Inc. 
its Member 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer
D.R. HORTON - SCHULER HOMES, LLC 

By: Vertical Construction Corporation, 
its Manager 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer
SRHI LLC 

By: SHLR of Nevada, Inc., 
its Member 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer
SSHI LLC
PACIFIC RIDGE - DRH, LLC

By: SHLR of Washington, Inc., 
its Member 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer

[Amendment No. 5 to D.R. Horton Credit Agreement]

D.R. HORTON - REGENT, LLC 
D.R. HORTON - CROWN, LLC
DRH REGREM XXIX, LLC 
DRH REGREM XXX, LLC
D.R. HORTON SERENITY CONSTRUCTION, LLC 

By: D.R. Horton, Inc., its Member 

By: /s/ Bill W. Wheat    
Bill W. Wheat
Executive Vice President and
Chief Financial Officer

[Amendment No. 5 to D.R. Horton Credit Agreement]

MIZUHO BANK, LTD. 
as Administrative Agent, Issuing Bank and Lender
By: /s/ John Davies                               
Name: John Davies
Title: Authorized Signatory

[Amendment No. 5 to D.R. Horton Credit Agreement]

BANK OF THE WEST, 
as Lender
By: /s/ Cris Galvez                     
Cris Galvez
Vice President

[Amendment No. 5 to D.R. Horton Credit Agreement]

BRANCH BANKING AND TRUST COMPANY,
as Lender
By: /s/ Jamie Grunsky             
Name: Jamie Grunsky
Title: Banking Officer

[Amendment No. 5 to D.R. Horton Credit Agreement]

CITIBANK, N.A.,
as Lender
By: /s/ Michael Vondriska                
Name: Michael Vondriska
Title: Vice President

[Amendment No. 5 to D.R. Horton Credit Agreement]

COMERICA BANK,
as Lender
By: /s/ Casey L. Stevenson             
Name: Casey L. Stevenson
Title: Vice President

[Amendment No. 5 to D.R. Horton Credit Agreement]

DEUTSCHE BANK AG NEW YORK BRANCH, 
as New DB Lender and Lender

Series A Revolving Credit Commitment: $125,000,000
By: /s/ Michael Shannon            
Name: Michael Shannon
Title: Vice President
By: /s/ Peter Cucchiara            
Name: Peter Cucchiara
Title: Vice President

[Amendment No. 5 to D.R. Horton Credit Agreement]

DEUTSCHE BANK TRUST COMPANY AMERICAS, 
as Exiting Lender
By: /s/ Michael Shannon            
Name: Michael Shannon
Title: Vice President
By: /s/ Peter Cucchiara            
Name: Peter Cucchiara
Title: Vice President

[Amendment No. 5 to D.R. Horton Credit Agreement]

FIRST HAWAIIAN BANK,
as Lender
By: /s/ Todd T. Nitta             
Name: Todd T. Nitta
Title: Senior Vice President

[Amendment No. 5 to D.R. Horton Credit Agreement]

JPMORGAN CHASE BANK, N.A., 
as Issuing Bank and Lender
By: /s/ Mohammad S. Hasan         
Name: Mohammad S. Hasan
Title: Executive Director

[Amendment No. 5 to D.R. Horton Credit Agreement]

SUNTRUST BANK,
as Lender
By: /s/ Michael Kauffman             
Name: Michael Kauffman
Title: Senior Vice President

[Amendment No. 5 to D.R. Horton Credit Agreement]

U.S. BANK NATIONAL ASSOCIATION, 
as Issuing Bank and Lender
By: /s/ J. Kent Howard             
Name: J. Kent Howard
Title: Senior Vice President

[Amendment No. 5 to D.R. Horton Credit Agreement]

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Issuing Bank and Lender
By: /s/ Elena Bennett             
Name: Elena Bennett
Title: Senior Vice President

[Amendment No. 5 to D.R. Horton Credit Agreement]Exhibit 10.1

 

LOCK-UP
AGREEMENT

 

August
26, 2015

 

Garnero
Group Acquisition Company

Av.
Brig. Faria Lima

1485-19
Andar

Brasilinvest
Plaza, CEP 01452-002

São
Paulo, Brasil

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the Investment Agreement (the “Investment Agreement”), dated as of August 26, 2015, by and among
Garnero Group Acquisition Company, a Cayman Islands company (“GGAC”), Q1 Comercial de Roupas S.A., a Brazilian company,
Alvaro Jabur Maluf Junior, Paulo Jabur Maluf and the persons listed under the caption “Optionholder” on the signature
pages thereto. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Investment Agreement.

 

In
order to induce the parties to consummate the transactions contemplated by the Investment Agreement, the undersigned agrees not
to, either directly or indirectly, during the “Restricted Period” (as hereinafter defined):

 

		(1)	sell
                                         or offer or contract to sell or offer, grant any option or warrant for the sale of, assign,
                                         transfer, pledge, hypothecate, or otherwise encumber or dispose of (all being referred
                                         to as a “Transfer”) any legal or beneficial interest in any GGAC Ordinary
                                         Shares, issued to the undersigned in connection with the Investment Agreement (the “Restricted
                                         Securities”);

 

		(2)	enter
                                         into any swap or any other agreement or any transaction that transfers, in whole or in
                                         part, directly or indirectly, the economic consequence of ownership of any of the Restricted
                                         Securities, whether such swap transaction is to be settled by delivery of any Restricted
                                         Securities or other securities of any person, in cash or otherwise; or

 

		(3)	publicly
                                         disclose the intention to make any offer, sale, pledge or disposition, or to enter into
                                         any transaction, swap, hedge or other arrangement relating to any of the Restricted Securities.

 

As
used herein, “Restricted Period” means the period commencing on the Closing Date and ending (1) with respect to 50%
of the GGAC Ordinary Shares issued to the undersigned, the earlier of one year after the Closing Date and the date on which the
closing price of the GGAC Ordinary Shares equals or exceeds $13.00 per share (as adjusted for share splits, share dividends, reorganizations
and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the Closing Date and (2) with
respect to the remaining 50% of the GGAC Ordinary Shares issued to the undersigned, one year after the Closing Date, or earlier,
in either case, if, subsequent to the Closing Date, GGAC consummates a liquidation, merger, stock exchange or other similar transaction
which results in all of its shareholders having the right to exchange their ordinary shares for cash, securities or other property.

 

    	1

    	 

    

 

Notwithstanding
the foregoing limitations, the undersigned may, either during the undersigned’s lifetime or upon the undersigned’s
death, Transfer any or all of the Restricted Securities, (i) in a transaction that does not involve a public offering (as such
term is used in the Federal securities laws of the United States) and is not made through a securities exchange or an over-the-counter
securities market; (ii) by gift, will or intestate succession, judicial decree or other transfer to the undersigned’s Family
Members (as defined below) or to a trust, corporation, partnership, limited liability company or similar entity, the beneficiaries,
stockholders, partners, members or other equity holders of which are the undersigned or the undersigned’s Family Members
or a charitable organization; (iii) pursuant to a qualified domestic relations order; or (iv) to Affiliates of the undersigned
or any investment fund or entity controlled or managed by the undersigned or its Affiliates, including, without limitation, if
the undersigned is a corporation, partnership, limited liability company or other business entity, a distribution of securities
to partners, members, stockholders or other equity holders of the undersigned; provided, however, that in each and any
such event it shall be a condition to the Transfer that the transferee executes a lock-up agreement with terms and restrictions
no less restrictive than the provisions of this Lock-Up Agreement. For purposes of this Lock-Up Agreement, “Family Member”
shall mean spouse, lineal descendants, stepchildren, father, mother, brother or sister of the transferor or of the transferor’s
spouse.

 

Nothing
in this Lock-Up Agreement shall prevent the establishment by the undersigned of any contract, instruction or plan (a “Plan”)
that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) under the Securities Exchange Act of 1934, as amended; provided
that it shall be a condition to the establishment of any such Plan that no sales of GGAC’s share capital shall be made pursuant
to such a plan prior to the expiration of the Restricted Period; and provided, further, such a Plan may only be established if
no public announcement of the establishment or the existence thereof, and no filing with the U.S. Securities and Exchange Commission
or any other regulatory authority shall be required or shall be made voluntarily by the undersigned, GGAC or any other person,
prior to the expiration of the Restricted Period.

 

Any
of the Restricted Securities subject to this Lock-Up Agreement may be released, from time to time, in whole or part from the terms
hereof upon the consent of the Committee.

 

GGAC
hereby represents and warrants to the undersigned that the lock-up restrictions set forth herein are no more restrictive to the
undersigned than those lock-up restrictions applicable to Mario Garnero, Javier Martin Riva, John Tonelli, Corrado Clini and Nelson
Narcisco Filho (collectively, the “Sponsors”) in that certain Share Escrow Agreement, dated as of June 25, 2014, by
and among GGAC, the Sponsors and Continental Stock Transfer & Trust Company, as escrow agent (the “Sponsor Lock-Up Restrictions”).

 

If
any Sponsor is granted early release from its Sponsor Lock-Up Restrictions during the applicable restricted period, then the undersigned
shall also be granted an early release upon similar terms and conditions from its obligations hereunder on a pro-rata basis based
on the maximum percentage of GGAC Ordinary Shares held by such Sponsor which are being released. In the event that any such Sponsor’s
Sponsor Lock-Up Restrictions are otherwise amended, waived or modified in a manner that makes the lock-up restrictions set forth
herein more restrictive to the undersigned than the Sponsor Lock-Up Restrictions, this Lock-Up Agreement shall be promptly amended
to be no more restrictive to the undersigned than such amended, waived or modified Sponsor Lock-Up Restrictions. GGAC shall use
reasonable efforts to provide at least ten days’ prior written notice to the undersigned upon the occurrence of any of the
foregoing.

 

The
undersigned hereby authorizes GGAC’s transfer agent to apply to any certificates representing Restricted Securities issued
to the undersigned the appropriate legend to reflect the existence and general terms of this Lock-Up Agreement.

 

This
Lock-Up Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors,
assigns and legal representatives, and shall be governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed therein. All disputes arising under this Agreement shall be handled in accordance
with Section 10.12 of the Investment Agreement.

 

[Signature
page follows]

 

    	2

    	 

    

 

	 	Very Truly Yours,
	 	 
	 	 
	 	Signature
	 	 	 
	 	Name:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 

 

	ACKNOWLEDGED AND AGREED BY:	 
	 	 
	GARNERO GROUP ACQUISITION COMPANY	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}]]