Document:

Exhibit 10.2

 

IMATION CORPORATION JAPAN

Promissory Note

 

	$1,500,000.00 (USD)	September 15, 2017

 

FOR VALUE RECEIVED, the undersigned, Imation
Corporation Japan (the “Company”), hereby promises to pay to the order of CMC Magnetics Corporation (the “Noteholder”),
on or before October 10, 2019 (the “Maturity Date”), the principal amount of ONE MILLION FIVE HUNDRED THOUSAND
AND 00/100 UNITED STATES DOLLARS ($1,500,000) and interest on the unpaid principal amount of this Note as provided below at CMC
Magnetics Corporation 15F, No. 53, Ming Chuan W. Rd., Taipei, 104, Taiwan, or such other address as Noteholder may designate by
notice to the Company given in accordance with Section 8.1 below.

 

		1.	THE NOTE

 

This Promissory Note (this “Note”)
is issued pursuant to that certain Settlement Agreement by and among GlassBridge Enterprises, Inc. (“GBE”),
the Company, Imation Europe B.V. (“IEBV”, together with GBE and the Company, the “GBE Parties”)
and the Noteholder (the “Settlement Agreement”) dated as of even date with this Note.

 

		2.	INTEREST RATE

 

No principal amounts under this Note shall
accrue interest. The foregoing notwithstanding, following the occurrence and during the continuance of an Event of Default (as
defined below), interest shall accrue on outstanding and unpaid principal amounts under this Note at the rate of ten percent (10%)
per annum computed on the basis of a 365-day year.

 

		3.	PAYMENT PROVISIONS

 

3.1           Payments
of Principal. Payments under this Note shall be made as follows:

 

	Date	Principal Payment Amount
	 	 
	January 10, 2018	$500,000 (USD)
	October 10, 2019	$1,000,000 (USD)

 

3.2           Payments
Due on Business Days. “Business Day” means any day other than a Saturday, a Sunday, or a day on which
commercial banks in New York City, New York are required or authorized to be closed. Notwithstanding anything in this Note to the
contrary, any payment of principal or interest on this Note that is due on a date other than a Business Day may be made on the
next Business Day.

 

3.3           Optional
Prepayment. At any time and from time to time prior to the Maturity Date, the Company may prepay this Note, in whole or
in part, at any time without premium or penalty.

 

3.4           Notice
of Optional Prepayment. Notice of each optional prepayment of this Note pursuant to Section 3.3 above must be given
in accordance with Section 8.1 hereof not fewer than two (2) Business Days before the prepayment date, which such notice
must specify the date of prepayment, the aggregate principal amount to be prepaid on such date, and the application of such payments.

 

    
	Promissory Note (Imation Corporation Japan / CMC Magnetics Corporation)	Page 1 of 4

 

     

    

 

		4.	DEFAULTS

 

4.1           An
“Event of Default” will exist if any of the following conditions or events occurs and is continuing:

 

4.1.1           The
Company defaults in the payment, when due, of any payment under Section 2 and such default is not remedied within thirty
(30) days after the same becomes due and payable; or

 

4.1.2           The
Company (i) files, or consents by answer or otherwise to the filing against it of, a petition for Reorganization (as defined below);
(ii) makes an assignment for the benefit of its creditors; (iii) consents to the appointment of a custodian, receiver, trustee,
or other officer with similar powers with respect to it, or with respect to any substantial part of the Company’s property;
(iv) is adjudicated as insolvent or to be liquidated; or (v) takes corporate action for the purpose of approving a Reorganization
with respect to the Company, or any of the foregoing;

 

4.1.3           A
governmental authority enters an order appointing, without consent by the Company, a custodian, receiver, trustee, or other officer
with similar powers with respect to it or with respect to any substantial part of the Company’s property, or constituting
an order for relief or approving a petition for Reorganization, or any such petition is filed against the Company and such petition
is not dismissed within 180 days; or

 

4.1.4           Any
one or more of the GBE Parties shall breach, or be in default under, any of its obligations under the Settlement Agreement.

 

For purposes of this
Section 4.1, “Reorganization” means (i) any insolvency or bankruptcy case or proceeding, or any receivership,
liquidation, reorganization, or other similar case or proceeding in connection therewith, relative to the Company or its assets,
(ii) any liquidation, dissolution or other winding up of the Company, whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy.

 

4.2           Acceleration.
Upon the occurrence and during the continuance of any Event of Default specified in Section 4.1.2 or Section 4.1.3,
the principal balance of this Note will automatically, without notice, become immediately due and payable. Upon the occurrence
and during the continuance of any Event of Default of the type specified in Section 4.1.1 or 4.1.4, the Noteholder
may declare the principal balance of this Note due and payable by giving at least ten (10) days’ notice to the Company.

 

		5.	NO TRANSFERS

 

This Note may not be offered for sale,
sold, assigned, transferred, or pledged. The foregoing notwithstanding, the Noteholder may assign this Note to an Affiliate provided
such assignment complies with all applicable laws and regulations. For purposes of this Section 5, (a) “Affiliate”
means any entities that directly or indirectly, through one or more intermediaries, controls, are controlled by or are under common
control with the Noteholder and (b) “control” means the power to direct the management and policies of another,
whether through the ownership of voting securities, by contract or otherwise.

 

		6.	COMPANY WAIVERS

 

The Company hereby waives presentment,
demand, notice of nonpayment, protest, and all other demands and notices (except as expressly provided herein) in connection with
the delivery, acceptance, performance, and/or enforcement of this Note.

 

    
	Promissory Note (Imation Corporation Japan / CMC Magnetics Corporation)	Page 2 of 4

 

     

    

 

		7.	AMENDMENT AND WAIVER

 

7.1           Requirements.
This Note may be amended and the observance of this Note may be waived (either retroactively or prospectively) as follows:

 

		(a)	in the case of a waiver, by a written waiver or consent signed by the party against whom the waiver
is to be enforced;

 

		(b)	in the case of an amendment, by a written instrument signed by the Company and the Noteholder.

 

7.2           Binding
Effect, etc. Any amendment, waiver or consent consented to as provided in this Section 7 will be binding upon the
Noteholder and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such
amendment or waiver will extend to or affect any obligation, covenant, agreement, default or Event of Default not expressly amended
or waived or impair any right consequent thereon. No course of dealing between the Company and the Noteholder nor any delay in
exercising any rights hereunder will operate as a waiver of any rights of the Noteholder.

 

		8.	MISCELLANEOUS

 

8.1           Notices.
All notices and other communications required or permitted to be given or otherwise provided under this Note must be in writing
and must be given or otherwise provided: (a) by hand (in which case, it will be effective upon delivery); (b) by facsimile (in
which case, it will be effective upon receipt of confirmation of good transmission by the intended recipient; provided, that such
communication is also sent by some other means permitted by this Section 7.1); or (c) by overnight delivery by a nationally
recognized courier service (in which case, it will be effective on the Business Day after being deposited with such courier service);
in each case, to the address (or facsimile number) listed below:

 

If to
the Noteholder, to:

 

CMC Magnetics Corporation

15F, No. 53, Ming Chuan W. Rd.

Taipei, 104, Taiwan

Attn:Chairman & CEO

 

with a copy to:

 

Tsar & Tsai Law Firm

8th Fl., 245 DunHua S. Rd., Sec. 1

Taipei 106, Taiwan

Attn:Jennifer Lin & Sophia Yeh

 

If to the Company, to:

 

Imation Corporation Japan

c/o GlassBridge Enterprises,
Inc.

1099 Helmo Avenue, Suite 250

Oakdale, MN 55128

Attn:CEO & General Counsel

 

The Company and the Noteholder may specify
different address or facsimile number by giving notice in accordance with this Section 8.1 to the other party. Notice provided
in accordance with this Section 8.1 shall be sufficient to constitute service of process in connection with any action arising
in whole or in part under or in connection with this Note.

 

    
	Promissory Note (Imation Corporation Japan / CMC Magnetics Corporation)	Page 3 of 4

 

     

    

 

8.2           Governing
Law/Venue. This Note, the negotiation, terms and performance of this Note, the rights of the parties under this
Note, and all actions arising in whole or in part under or in connection with this Note shall be governed by and construed in accordance
with the domestic substantive laws of the State of New York, without giving effect to any choice or conflict of law provision or
rule that would cause the application of the laws of any other jurisdiction. The Company hereby irrevocably consents and submits
to the non-exclusive jurisdiction of the Supreme Court of the State of New York, New York County, and the United States District
Court for the Southern District of New York, whichever Noteholder elects, and waives any objection based on venue or forum non
conveniens with respect to any action instituted therein arising under this Note. In the event that a court declines to hear
an action relating to this Note on the grounds that such an action may not be heard in New York, the Noteholder shall be permitted
to sue in state or federal court sitting in Minnesota. 

 

8.3           Waiver
of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE PARTIES HERETO HEREBY WAIVE,
AND COVENANT THAT THEY SHALL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT, OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS NOTE, or the negotiation,
terms or performance hereof or thereof, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT,
TORT, OR OTHERWISE. THE PARTIES HERETO AGREE THAT EITHER OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE
OF THE KNOWING, VOLUNTARY, AND BARGAINED-FOR AGREEMENT BETWEEN THE PARTIES HERETO IRREVOCABLY TO WAIVE THEIR RESPECTIVE RIGHTS
(IF ANY) TO TRIAL BY JURY IN ANY PROCEEDING, AND ANY AND ALL LEGAL PROCEEDINGS WITH RESPECT TO THIS NOTE SHALL INSTEAD BE TRIED
IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 

8.4           Construction;
Headings. This Note shall be deemed to be jointly drafted by the Company and the Noteholder and shall not be construed
against any person or party as the drafter hereof. The headings of this Note are for convenience of reference and shall not form
part of, or affect the interpretation of, this Note.

 

8.5           Successors
and Assigns. All covenants and other agreements contained in this Note by or on behalf of the Company shall bind its successors
and assigns, and inure to the benefit of Noteholder, its successors and assigns, whether so expressed or not.

 

8.6           Corporate
Existence, Power and Authority. Company represents and warrants to Noteholder as follows: (i) Company is a corporation
duly formed and in good standing under the laws of Japan; (ii) the execution, delivery and performance of this Note is within the
corporate powers of Company, have been duly authorized and are not in contravention of law or the terms of the constitutive documents
of Company, or any indenture, agreement or undertaking to which Company is a party or by which Company or its property are bound;
and (iii) this Note constitutes the legal, valid and binding obligation of Company enforceable in accordance with its terms.

 

[Remainder of Page Intentionally Left
Blank]

 

    
	Promissory Note (Imation Corporation Japan / CMC Magnetics Corporation)	Page 4 of 4

 

     

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Note to be executed by a duly authorized officer as of the date first written above.

 

 

	 	IMATION CORPORATION JAPAN
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Tavis J. Morello
	 	Name:	Tavis J. Morello 
	 	Title:	Director 

 

 

 

Accepted and Agreed:

 

CMC MAGNETICS CORPORATION

 

 

 

	By:	/s/ Bob Wong
	Name:	Bob Wong
	Title:	Chairman

 

 

 

 

 

 

 

 

Signature
Page to Promissory NoteExhibit 10.3

 

GUARANTEE

 

THIS GUARANTEE (“Guarantee”),
dated as of September 15, 2017, is made by GlassBridge Enterprises, Inc. f/k/a Imation Corp., 1099 Helmo Avenue, Suite 250, Oakdale,
MN 55128 (“Guarantor”), in favor of CMC Magnetics Corporation, 15F, No. 53, Ming Chuan W. Rd., Taipei,
104, Taiwan (“CMC”).

 

WHEREAS, CMC and Guarantor,
among other parties, are about to enter into a Settlement Agreement of even date herewith (the “Settlement Agreement”)
pursuant to which Imation Corporation Japan (“ICJ”) will execute a $1,500,000.00 (USD) promissory note
(the “ICJ Promissory Note”) in favor of CMC;

 

WHEREAS, pursuant to
the Settlement Agreement, ICJ and Imation Europe BV (“IEBV”) are obligated to make certain “Cash
Payments” as further detailed in Section 2 thereof;

 

WHEREAS, due to the
close business and financial relationships between ICJ, IEBV and Guarantor, in consideration of the benefits which will accrue
to Guarantor and as an inducement for and in consideration of CMC entering into the Settlement Agreement, it is:

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Guarantor hereby agrees in favor of CMC as follows:

 

1.         Guarantee.

 

(a)        Guarantor
absolutely and unconditionally guarantees and agrees to be liable for the full and indefeasible payment and performance when due
of all obligations: (i) of ICJ and IEBV (collectively, the “Imation Subsidiaries”) pursuant to Section
2 (a), (b) and (c) of the Settlement Agreement; and (ii) under the ICJ Promissory Note, whether by acceleration
or otherwise. The Guarantor shall, in addition to its other obligations hereunder, forthwith pay to CMC all attorneys’ fees,
costs, expenses and disbursements incurred by CMC or caused by or in any way related to enforcement of this Guarantee. All of the
obligations set forth in this Section 1(a) shall be referred to herein collectively as the “Guaranteed Obligations”.

 

(b)        This
Guarantee is an irrevocable, absolute, and unconditional guarantee of payment and performance, and not of collection of the Guaranteed
Obligations.

 

(c)        Guarantor
hereby confirms its intent, agreement, and understanding to be primarily obligated for payment and performance of all Guaranteed
Obligations as if it had been the original obligor with respect to such Guaranteed Obligations.

 

(d)        Guarantor
shall make all payments to CMC on the Guaranteed Obligations free and clear of, and without deduction or withholding for or on
account of, any setoff, counterclaim, defense, duties, taxes, levies, imposts, fees, deductions, withholding, restrictions or conditions
of any kind. One or more successive or concurrent actions may be brought hereon against Guarantor either in the same action in
which either or both of the Imation Subsidiaries are sued or in separate actions. In the event any claim or action, or action on
any judgment, based on this Guarantee is brought against Guarantor, Guarantor agrees not to deduct, set-off, or seek any counterclaim
for or recoup any amounts which are or may be owed by CMC to Guarantor.

 

    
	Guarantee (GlassBridge Enterprises, Inc. / CMC Magnetics Corporation)	Page 1 of 5

 

     

    

 

(e)        Notwithstanding
anything to the contrary contained herein, the amount of the obligations payable by Guarantor under this Guarantee shall be the
aggregate amount of the Guaranteed Obligations under this Guarantee unless a court of competent jurisdiction adjudicates Guarantor’s
obligations to be invalid, avoidable or unenforceable for any reason (including, without limitation, because of any applicable
state or federal law relating to fraudulent conveyances or transfers), in which case the amount of the obligations payable by Guarantor
hereunder shall be limited to the maximum amount that could be guaranteed by Guarantor without rendering Guarantor's obligations
under this Guarantee invalid, avoidable or unenforceable under such applicable law.

 

(f)        Guarantor
hereby independently expressly agrees that the validity of this Guarantee and the obligations of the Guarantor hereunder shall
in no way be terminated, affected, diminished or impaired by reason of the assertion or failure to assert by CMC against Guarantor
or the Imation Subsidiaries, or its or their respective successors or assigns, any of the rights or remedies reserved to CMC pursuant
to the provisions of the Settlement Agreement and/or the ICJ Promissory Note, and the Guarantor hereby expressly waives any arguments
to the contrary.

 

2.       Waivers
and Consents.

 

(a)       Notice
of acceptance of this Guarantee, is hereby waived by Guarantor. Guarantor also waives notice of and hereby consents to: (i) any
amendment, modification, supplement, extension, renewal, or restatement of the Settlement Agreement and/or the ICJ Promissory Note,
including, without limitation, extensions of time of payment of or increase or decrease in the amount of any of the Guaranteed
Obligations, the interest rate, fees, other charges, or any collateral, and the guarantee made herein shall apply to the Guaranteed
Obligations as so amended, modified, supplemented, renewed, restated, or extended, increased or decreased; (ii) the taking, exchange,
surrender, and releasing of collateral or guarantees now or at any time held by or available to CMC for the obligations of the
Imation Subsidiaries or any other party at any time liable on or in respect of the Guaranteed Obligations, (iii) the exercise of,
or refraining from the exercise of, any rights against the Imation Subsidiaries or any collateral; and (iv) the settlement, compromise,
or release of, or the waiver of any default with respect to, any of the Guaranteed Obligations. Guarantor agrees that the amount
of the Guaranteed Obligations shall not be diminished and the liability of Guarantor hereunder shall not be otherwise impaired
or affected by any of the foregoing.

 

(b)        This
Guarantee shall be a continuing guarantee, and no invalidity, irregularity or unenforceability of all or any part of the Guaranteed
Obligations shall affect, impair or be a defense to this Guarantee, nor shall any other circumstance which might otherwise constitute
a defense available to or legal or equitable discharge of the Imation Subsidiaries in respect of any of the Guaranteed Obligations,
or Guarantor in respect of this Guarantee, affect, impair or be a defense to this Guarantee. Without limitation of the foregoing,
the liability of Guarantor hereunder shall not be discharged or impaired in any respect by reason of any failure by CMC to perfect
or continue perfection of any lien or security interest in any collateral or any delay by CMC in perfecting any such lien or security
interest. As to interest, fees and expenses, whether arising before or after the commencement of any case with respect to either
or both Imation Subsidiaries under the United States Bankruptcy Code or any similar statute, Guarantor shall be liable therefor,
even if liability for such amounts does not, or ceases to, exist by operation of law. Guarantor acknowledges that CMC has not made
any representations to Guarantor with respect to the Imation Subsidiaries or otherwise in connection with the execution and delivery
by Guarantor of this Guarantee and Guarantor is not in any respect relying upon CMC or any statements by CMC in connection with
this Guarantee.

 

(c)        Unless
and until the indefeasible payment and satisfaction in full of all of the Guaranteed Obligations in immediately available funds,
Guarantor hereby irrevocably and unconditionally waives and relinquishes (i) all statutory, contractual, common law, equitable
and all other claims against the Imation Subsidiaries, any collateral for the Guaranteed Obligations for subrogation, reimbursement,
exoneration, contribution, indemnification, setoff or other recourse in respect to sums paid or payable to CMC by Guarantor hereunder
and (ii) any and all other benefits which Guarantor might otherwise directly or indirectly receive or be entitled to receive by
reason of any amounts paid by or collected or due from Guarantor; and (iii) any defenses which might be available to the Guarantor
and/or the Imation Subsidiaries.

 

    
	Guarantee (GlassBridge Enterprises, Inc. / CMC Magnetics Corporation)	Page 2 of 5

 

     

    

 

3.       Reinstatement.
If after receipt of any payment of, or proceeds of collateral applied to the payment of, any of the Guaranteed Obligations, CMC
is required to surrender or return such payment or proceeds to any Person for any reason, then the Guaranteed Obligations intended
to be satisfied by such payment or proceeds shall be reinstated and continue and this Guarantee shall continue in full force and
effect as if such payment or proceeds had not been received by CMC. Guarantor shall be liable to pay to CMC, and does indemnify
and hold CMC harmless for the amount of any payments or proceeds surrendered or returned.

 

4.       Amendments
and Waivers. Neither this Guarantee nor any provision hereof shall be amended, modified, waived, or discharged orally or by
course of conduct, but only by a written agreement signed by an authorized officer of CMC. CMC shall not by any act, delay, omission,
or otherwise be deemed to have expressly or impliedly waived any of its rights, powers, and/or remedies unless such waiver shall
be in writing and signed by an authorized officer of CMC. Any such waiver shall be enforceable only to the extent specifically
set forth therein. A waiver by CMC of any right, power, and/or remedy on any one occasion shall not be construed as a bar
to or waiver of any such right, power, and/or remedy which CMC would otherwise have on any future occasion, whether similar in
kind or otherwise.

 

5.       Corporate
Existence, Power and Authority. Guarantor represents and warrants to CMC as follows: (i) Guarantor is a corporation duly formed
and in good standing under the laws of the State of Delaware; (ii) the execution, delivery and performance of this Guarantee is
within the corporate powers of Guarantor, have been duly authorized and are not in contravention of law or the terms of the amended
and restated certificate of incorporation and by-laws of Guarantor, or any indenture, agreement or undertaking to which Guarantor
is a party or by which Guarantor or its property are bound; and (iii) this Guarantee constitutes the legal, valid and binding obligation
of Guarantor enforceable in accordance with its terms.

 

6.       Governing
Law; Choice of Forum; Service of Process; Jury Trial Waiver.

 

(a)        This
Guarantee, the negotiation, terms and performance of this Guarantee, the rights of the parties under this Guarantee, and all actions
arising in whole or in part under or in connection with this Guarantee shall be governed by and construed in accordance with the
domestic substantive laws of the State of New York, without giving effect to any choice or conflict of law provision or rule that
would cause the application of the laws of any other jurisdiction.

 

(b)        Guarantor
hereby irrevocably consents and submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York, New York
County, and the United States District Court for the Southern District of New York, whichever CMC elects, and waives any objection
based on venue or forum non conveniens with respect to any action instituted therein arising under this Guarantee. In the
event that a court declines to hear an action relating to this Guarantee on the grounds that such an action may not be heard in
New York, CMC shall be permitted to sue in state or federal court sitting in Minnesota.

 

    
	Guarantee (GlassBridge Enterprises, Inc. / CMC Magnetics Corporation)	Page 3 of 5

 

     

    

 

(c)       GUARANTOR
HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (1) ARISING UNDER THIS GUARANTEE; OR
(2) IN ANY WAY CONNECTED WITH, OR RELATED OR INCIDENTAL TO, THE DEALINGS OF GUARANTOR AND CMC IN RESPECT OF THIS GUARANTEE OR THE
TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT,
EQUITY, OR OTHERWISE. GUARANTOR 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 GUARANTOR OR CMC MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF GUARANTOR AND CMC TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

(d)       CMC
shall not have any liability to Guarantor (whether in tort, contract, equity, or otherwise) for losses suffered by Guarantor in
connection with, arising out of, or in any way related to, the transactions or relationships contemplated by this Guarantee, or
any act, omission, or event occurring in connection herewith, unless it is determined by a final and non-appealable judgment or
court order binding on CMC that the losses were the result of acts or omissions constituting gross negligence or willful misconduct.

 

7.        Notices.
All notices, requests, and demands hereunder shall be in writing and (a) made to CMC at its address designated in writing by CMC
and to Guarantor at its chief executive office set forth in writing to CMC, or to such other address as either party may designate
by written notice to the other in accordance with this provision; and (b) deemed to have been given or made: if delivered in person,
immediately upon delivery; if by telex, telegram or facsimile transmission, immediately upon sending and upon confirmation of receipt;
if by nationally recognized overnight courier service with instructions to deliver the next business day, one (1) business day
after sending; and if by certified mail, return receipt requested, five (5) days after mailing.

 

8.        Partial
Invalidity. If any provision of this Guarantee is held to be invalid or unenforceable, such invalidity or unenforceability
shall not invalidate this Guarantee as a whole, but this Guarantee shall be construed as though it did not contain the particular
provision held to be invalid or unenforceable, and the rights and obligations of the parties shall be construed and enforced only
to such extent as shall be permitted by applicable law.

 

9.        Entire
Agreement. This Guarantee represents the entire agreement and understanding of the parties hereto concerning the subject matter
hereof, and supersedes all other prior agreements, understandings, negotiations and discussions, representations, warranties, commitments,
proposals, offers, and contracts concerning the subject matter hereof, whether oral or written.

 

10.      Successors
and Assigns. This Guarantee shall be binding upon Guarantor and its successors and assigns, and shall inure to the benefit
of CMC and its successors, endorsees, transferees, and assigns. The liquidation, dissolution, or termination of Guarantor shall
not terminate this Guarantee as to Guarantor.

 

    
	Guarantee (GlassBridge Enterprises, Inc. / CMC Magnetics Corporation)	Page 4 of 5

 

     

    

 

11.       Construction.
All references to the term "Guarantor" wherever used herein shall mean Guarantor and its successors and assigns (including,
without limitation, any receiver, trustee, or custodian for Guarantor or any of its assets, or Guarantor in its capacity as debtor
or debtor-in-possession under the United States Bankruptcy Code). All references to the term "CMC" wherever used herein
shall mean CMC and its successors and assigns, and all references to the term “Imation Subsidiaries” wherever used
herein shall mean ICJ and IEBV and their respective successors and assigns (including, without limitation, any receiver, trustee
or custodian for the Imation subsidiaries or any of their assets, or the Imation Subsidiaries in their capacity as debtor or debtor-in-possession
under the United States Bankruptcy Code). All references to the term "Person" or "person" wherever used herein
shall mean any individual, sole proprietorship, partnership, corporation (including, without limitation, any corporation which
elects subchapter S status under the Internal Revenue Code of 1986, as amended), limited liability company, limited liability partnership,
business trust, unincorporated association, joint stock corporation, trust, joint venture, or other entity or any government or
any agency or instrumentality or political subdivision thereof. All references to the plural shall also mean the singular and to
the singular shall also mean the plural.

 

[Signature Page Follows]

 

 

    
	Guarantee (GlassBridge Enterprises, Inc. / CMC Magnetics Corporation)	Page 5 of 5

 

     

    

 

IN WITNESS WHEREOF,
Guarantor has executed and delivered this Guarantee as of the day and year first above written.

 

 

	 	GLASSBRIDGE ENTERPRISES, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Danny Zheng
	 	Name:	Danny Zheng
	 	Title:	CFO & Interim CEO

 

 

 

Accepted and Agreed:

 

 

CMC MAGNETICS CORPORATION

 

 

 

	By:	/s/ Bob Wong
	Name:	Bob Wong
	Title:	Chairman

 

 

 

 

Signature
Page to Guarantee

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