Document:

CREDIT
FACILITY LETTER AGREEMENT

 

November
15, 2019

 

Clinton
Special Opportunities Fund LLC

510 Madison Avenue, 9th Floor

New
York, NY 10022

Attention: George E. Hall

 

Dear
George:

 

The
undersigned, GlassBridge Enterprises, Inc. (the “Lender”), hereby agrees to loan to Clinton Special Opportunities
Fund LLC (the “Borrower”) from time to time until November 15, 2020 (the “Maturity Date”), in one or more
advances, the aggregate principal amount of up to $1,000,000. Accrued and unpaid interest on loans made under this Agreement shall
be repaid by the Borrower on the last business day of February, May, August, and on the Maturity Date, and and all unpaid principal
shall be payable in full on the Maturity Date. All such advances shall be made on the terms and conditions contained in, and with
a repayment obligation to be evidenced by, the attached promissory note.

 

The
proceeds of the loans described herein are to be used by the Borrower for general working capital and liquidity purposes. Any
request for an advance under the promissory note shall be received by Lender not less than three (3) business days prior to the
requested date of such advance unless waived by Lender in Lender’s sole discretion.

 

The
Borrower agrees that upon the execution of this letter agreement, it shall pay to Lender, an origination fee in the amount of
$20,000, which you agree may be paid from the proceeds of the initial loan made by Lender. The entire amount of the origination
fee shall be fully earned and shall be due and payable on the date of the execution of this letter agreement.

 

As
a condition precedent to the making of the initial advance by the Lender, the Borrower is required to provide us with: (i) an
executed copy of this letter agreement, (ii) an executed copy of the promissory note annexed hereto, (iii) an executed copy of
the Pledge and Security Agreement in favor of Lender securing Borrower’s obligations to Lender under the promissory note,
(iv) an executed guaranty by George E. Hall in favor of Lender guaranteeing Borrower’s obligations to Lender under the promissory
note, and (v) such other documents as the Lender may reasonably request.

 

    	 	 	 

    	 

    

 

The
loans shall be secured by the collateral described in the Pledge and Security Agreement, which shall include all of the Borrower’s
personal property including, but not limited to, Borrower’s ownership interests in GlassBridge Enterprises, Inc.

 

For
the avoidance of doubt, this letter agreement shall survive the making of the loans to be made by us to you hereunder and shall
remain in effect so long as the promissory note or any of the obligations thereunder shall remain unpaid.

 

All
notices, demands or requests relating to any matter set forth herein shall be in writing and shall be served by delivery, certified
U.S. mail, return receipt requested, or by a reputable commercial carrier that provides a receipt. All such notices, demands or
requests shall be with postage thereon fully prepaid, and addressed to the party so to be served at its address stated below,
or at such other address as such party shall have specified by notice as provided herein. Any such notice, demand or request shall
be deemed effective on the day of actual delivery or upon the fifth business day after the date of mailing, whichever is earlier
in time. Notices shall be addressed as follows:

 

If
to Borrower, to Borrower at the address set forth above.

 

If
to the undersigned, to it at the following address:

 

GlassBridge
Enterprises, Inc.

510 Madison Avenue, 9th Floor

New York, NY 10022

Attention: Daniel Strauss

 

This
letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York without
regard to conflicts of law principles. This letter agreement may be executed in any number of counterparts, each of which shall
be deemed an original and all of which taken together shall constitute one and the same instrument. Delivery by either party to
this letter agreement of an executed counterpart hereof by facsimile, PDF or other electronic transmission shall constitute good
and effective delivery hereof for all purposes hereof.

 

[Signature
Page Follows]

 

    	 	2	 

    	 

    

 

If
the foregoing correctly reflects our understanding, please countersign this letter agreement in the space provided below and sign
the attached promissory note, whereupon this will become a binding agreement between us.

 

	 	GLASSBRIDGE
    ENTERPRISES, INC. 
	 	 	 
	 	By:	/s/
    Joseph De Perio
	 	Name:	Joseph
    De Perio
	 	Title:	Executive
    Chairman

 

Accepted
and agreed as of the

date first above written.

CLINTON
SPECIAL OPPORTUNITIES

FUND LLC

 

	By:	/s/
    George E. Hall	 
	Name:	George
    E. Hall	 
	Title:	Member	 

 

    	 	3	 

    	 

    

 

PROMISSORY
NOTE

 

November
15, 2019

 

FOR
VALUE RECEIVED, the undersigned, Clinton Special Opportunities Fund LLC (“Borrower”), hereby promises to pay
to GlassBridge Enterprises, Inc. (along with any other registered holder hereof, “Lender”), or registered assigns,
an amount equal to the sum of all amounts that shall have been advanced (each such advance, an “Advance”) to
Borrower by Lender pursuant to the letter agreement, dated as of the date hereof (the “Credit Agreement”),
between Borrower and Lender, and then remains unpaid, in lawful money of the United States of America, together with (a)
interest at the applicable Interest Rate (as hereinafter defined) for each Advance on the principal amount of such Advance, in
the case of each such Advance for the period beginning on (and including) the date of such Advance and ending on (but excluding)
the date on which such Advance is paid in full, and (b) all charges, amounts and other sums due and payable hereunder.
This Note is being made by Borrower to evidence Borrower’s obligation to repay amounts advanced by Lender pursuant to the
Credit Agreement, and shall be secured by the collateral described in the Pledge and Security Agreement dated as of even date
herewith by and between the Borrower and the Lender (as such agreement may be amended, amended and restated, supplemented, or
otherwise modified from time to time, the “Security Agreement”, and the Security Agreement, together with the
letter agreement of even date herewith between the Borrower and the Lender are, together with this Promissory Note, referred to
as the “Loan Documents”). All amounts outstanding hereunder shall be repaid in full on or before November 15,
2020 (the “Maturity Date”).

 

1. Interest;
Mandatory Prepayments. (a) Interest on the amount of each Advance shall accrue in arrears at the Interest Rate for such
Advance and shall be due and payable on each anniversary of this Note, for the period from (and including) the date of such
Advance or, if later, the most recent date on which interest has been paid on such Advance, and on the date of payment in
full. The term “Interest Rate” shall mean, for each Advance, ten percent (10%) per annum.

 

(b)
Interest on the unpaid principal balance of each Advance shall at all times be computed on the basis of a 365-day year for the
period beginning on (and including) the date of such Advance and ending on the date on which such Advance is paid in full.

 

2. Default.
The entire unpaid principal amount of this Note, together with all accrued and unpaid interest and all other sums due
hereunder, shall, at the option of Lender and after written notice to Borrower, become immediately due and payable, upon the
failure of Borrower to make any payment of principal, interest or other sums due hereunder without notice from Lender or upon
the occurrence of any other default under any other Loan Document.

 

    	 	 	 

    	 

    

 

3.
Waiver. Borrower hereby waives presentment and demand for payment, notice of dishonor, valuation and appraisement, protest
and notice of protest with respect to this Note.

 

4. Voluntary
and Mandatory Prepayments. Subject to Section 5, Borrower may prepay this Note without premium or penalty, in whole or in
part, at any time, together with all accrued and unpaid interest at the time of such prepayment and all other sums due
hereunder. Accrued and unpaid interest hereunder shall be repaid by the Borrower on the last business day of February, May,
August, and on the Maturity Date, and all unpaid principal shall be repaid in full on the Maturity Date. Amounts repaid
hereunder may be reborrowed until the business day prior to the Maturity Date.

 

5. Application
of Payments. Unless Lender elects otherwise, all payments and prepayments on account of the indebtedness evidenced by
this Note shall be applied in the following order of priority: first, to the payment of all fees, costs and expenses
incurred by Lender pursuant to the Loan Documents; second, to the payment of any accrued and unpaid interest (applied
to pay interest outstanding on some or all of the outstanding Advances, as determined by Borrower); and third, to
repayment of the then remaining principal balance of the indebtedness evidenced by this Note (applied to some or all of the
outstanding Advances, as determined by Borrower).

 

6. Advances.
Lender is hereby authorized to record on Schedule I hereto, and any continuation sheets which Lender may attach thereto,
(a) the date and amount of each Advance to Borrower made by Lender pursuant to the Credit Agreement
(“Advances”), and (b) the date and amount of each payment or prepayment of principal of any
Advances. No failure to so record or any error in so recording shall affect the obligation of Borrower to repay the Advances
hereunder, together with interest thereon, as provided in this Note, and the outstanding principal balance of the Advances as
set forth in Schedule I shall be presumed to be correct.

 

7. Transfer.
This Note is a registered instrument and is assignable or transferable only upon surrender of this Note for registration or
assignment or transfer, duly endorsed to the assignee or transferee, or accompanied by a written instrument of transfer duly
executed, by the Lender or by his attorney duly authorized in writing.

 

8. Indemnity.
If there is any default under this Note and this Note is placed in the hands of any attorney for collection or is collected
through any court including any bankruptcy court, the Borrower promises and agrees to pay to the Lender his attorneys’
fees, court costs and all other expenses incurred in collecting or attempting to collect or securing or attempting to secure
this Note as provided by the laws of the State of New York, or any other applicable law.

 

    	 	2	 

    	 

    

 

 

9. Miscellaneous.
(a) All payments shall be made in lawful money of the United States of America, in immediately available funds.

 

(b)
This Note shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and permitted
assigns (in the case of Lender, permitted registered assigns), and shall not be assigned by Borrower without the prior
written consent of Lender. Lender may assign this Note without the prior written consent of Borrower.

 

(c)
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICT OF LAWS. ALL DISPUTES BETWEEN THE BORROWER AND THE LENDER, WHETHER SOUNDING IN CONTRACT, TORT, EQUITY
OR OTHERWISE, SHALL BE RESOLVED ONLY BY STATE AND FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK, AND THE COURTS TO WHICH AN
APPEAL THEREFROM MAY BE TAKEN; PROVIDED, HOWEVER, THAT THE LENDER SHALL HAVE THE RIGHT, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, TO PROCEED AGAINST THE BORROWER IN ANY LOCATION REASONABLY SELECTED BY THE LENDER TO ENFORCE A JUDGMENT OR OTHER COURT
ORDER IN FAVOR OF THE LENDER. THE BORROWER AGREES THAT HE WILL NOT ASSERT ANY PERMISSIVE COUNTERCLAIMS, SETOFFS OR
CROSS-CLAIMS IN ANY PROCEEDING BROUGHT BY THE LENDER. THE BORROWER WAIVES ANY OBJECTION THAT HE MAY HAVE TO THE LOCATION OF
THE COURT IN WHICH THE LENDER HAS COMMENCED A PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE
OR BASED ON FORUM NON CONVENIENS. THE BORROWER (AND BY ITS RECEIPT HEREOF, THE LENDER) HEREBY WAIVES TO THE FULLEST EXTENT
PERMITTED BY LAW ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING
TO (I) THIS PROMISSORY NOTE OR (II) ANY CONDUCT, ACTS OR OMISSIONS OF THE LENDER OR ANY OF ITS RESPECTIVE DIRECTORS,
OFFICERS, EMPLOYEES, AGENTS, ATTORNEYS OR OTHER AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR
OTHERWISE.

 

(d)
Any term of this Note may be amended or modified or the observance of any term of this Note may be waived (either generally
or in a particular instance) only with the written consent of the Borrower and the Lender.

 

    	 	3	 

    	 

    

 

(e)
The terms and provisions of this Note are severable. In the event of the unenforceability or invalidity of any one or more of
the terms, covenants, conditions or provisions of this Note under federal, state or other applicable law, such
unenforceability or invalidity shall not render any other term, covenant, condition or provision hereunder unenforceable or
invalid.

 

IN
WITNESS WHEREOF, Borrower has duly executed and delivered this Note as of the day and year first written above.

 

	 	CLINTON
    SPECIAL OPPORTUNITIES FUND LLC
	 	 	 
	 	By:	/s/
    George E. Hall
	 	Name:	George
    E. Hall
	 	Title:	Member

 

    	 	4	 

    	 

    

 

SCHEDULE
I

 

	

        Date
		

        Amount
        of 

Advance
	 	Amount
    of 

Principal 

Payment or 

Prepayment
	

        11/15/19
	 	$250,000Exhibit 10.43

 

 

SECURED
PROMISSORY NOTE AGREEMENT

 

DATED
AS OF MARCH 17, 2020

 

BY
AND AMONG

 

GLASSBRIDGE
ATHLETE, LLC,

 

AS
BORROWER,

 

ORIX
PTP HOLDINGS, LLC,

 

AS
LENDER,

 

AND

 

GLASSBRIDGE
ENTERPRISES, INC.,

 

FOR
THE LIMITED PURPOSES OF SECTIONS 4 AND 5 HEREOF

 

    	 	 	 

    	 

    

 

SECURED
PROMISSORY NOTE AGREEMENT

 

	Original
    Principal Amount: $16,000,000	Effective
    Date: March 17, 2020

 

FOR
VALUE RECEIVED, GlassBridge Athlete, LLC, a Delaware limited liability company (the “Borrower”), hereby unconditionally
promises to pay to the order of ORIX PTP Holdings, LLC, a Delaware limited liability company, or its assigns (the “Lender”),
the principal amount of SIXTEEN MILLION U.S. DOLLARS ($16,000,000), together with all accrued and unpaid interest thereon, on
or prior to the Maturity Date (as defined below) pursuant to the provisions of this Secured Promissory Note (this “Note”).

 

The
Borrower promises to pay interest on the outstanding principal amount of the Loan advanced under this Note for the period from
and including the date of such advance to but excluding the date such advance shall be repaid in full, at the applicable interest
rate as set forth in Section 2.2. Any principal not repaid when due shall bear interest from and including the date due
to but excluding the date on which such amount is repaid in full at a rate per annum equal to the Default Rate.

 

Accrued
interest on the Loan shall be payable in accordance with Section 2.2(b) and on the Maturity Date; provided, however,
that in the event of any prepayment of the Loan, accrued interest on the principal amount shall be payable in accordance with
Section 2.5.

 

All
payments under this Note shall be made in lawful money of the United States, in immediately available funds and without set-off,
deduction or counterclaim. Any extension of time for the repayment of the principal outstanding under this Note resulting from
the due date falling on a non-Business Day shall be included in the computation of interest.

 

The
Borrower hereby waives presentment, notice of dishonor, protest and any other notice or formality with respect to this Note except
for such notice as provided herein.

 

1.
Definitions and Interpretation.

 

1.1
Definitions. The terms listed below shall be defined as follows:

 

“Administrative
Agent” shall mean the Person acting, at the time of determination, in the capacity as administrator for certain cash
management, transaction, financial and bookkeeping, registrar and transfer agent and other administrative services for the Athlete
Company in connection with the Swap Transaction under an Administrative Services Agreement, including any such Person’s
successors in interest and permitted assigns, which Administrative Agent shall be mutually acceptable to the Borrower and the
Lender in the Lender’s reasonable discretion. The initial Administrative Agent shall be BNP Paribas Financial Services,
LLC.

 

“Administrative
Services Agreement” shall mean any administrative services agreement, between an Administrative Agent and an Athlete
Company, or any replacement administrative services agreement between such Administrative Agent and Athlete Company.

 

“Affiliate”
shall mean, as to any Person, any other Person which directly or indirectly controls, or is under common control with, or is controlled
by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled
by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct
or cause the direction of management or policies (whether through ownership of securities or membership or partnership or other
ownership interests, by contract or otherwise); provided, that, in any event, any Person which owns directly or indirectly
30% or more of the securities having ordinary voting power for the election of directors or other governing body of a corporation
or 30% or more of the membership or partnership or other ownership interests of any other Person (other than as a limited partner
of such other Person) will be deemed to control such corporation or other Person.

 

    	 	1	 

    	 

    

 

“Anti-Money
Laundering Laws” shall mean any laws or regulations relating to money laundering or terrorist financing, including the
Bank Secrecy Act, 31 U.S.C. sections 5301 et seq.; the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56 (a/k/a the USA PATRIOT Act); Laundering of Monetary Instruments,
18 U.S.C. section 1956; Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section
1957; the Financial Record keeping and Reporting of Currency and Foreign Transactions Regulations, 31 C.F.R. Part 103; and any
similar laws or regulations currently in force or hereafter enacted.

 

“Athlete”
shall mean each professional athlete listed on Schedule 3 (as such Schedule may be subject to change pursuant to Section
5(s)).

 

“Athlete
Company” shall mean, collectively or individually, depending on the context, the single-purpose company or companies
listed on Schedule 3 (as such Schedule may be subject to change pursuant to Section 5(s)), formed and owned, directly
or indirectly, by the Athlete(s) in connection with the Swap Transaction(s).

 

“Athlete
Fund” shall mean The Sports & Entertainment Fund, L.P., a Cayman exempted limited partnership under the Cayman ELP
Law.

 

“Athlete
Fund Documents” shall mean each of the following documents executed and delivered with respect to the Athlete Fund:
(i) the Third Amended and Restated Exempted Limited Partnership Agreement of The Sports & Entertainment Fund, L.P., dated
January 31, 2020 (as it may be further amended); (ii) the Section 9 Statement filed with the Registrar on July 28, 2014 pursuant
to the Cayman ELP Law, the Section 10 Statement filed with the Registrar on March 23, 2016 pursuant to the Cayman ELP Law, and
the Section 10 Statement filed with the Registrar on January 8, 2020 pursuant to the Cayman ELP Law; (iii) the Confidential Private
Offering Memorandum relating to the offering of limited partnership interests of The Sports & Entertainment Fund, L.P. dated
January 2020 (the “Memorandum”); (iv) any Supplement(s) to the Memorandum; (v) investor subscription documents
for limited partnership interests in the Athlete Fund (including subscription documents by the Borrower for the Athlete Fund Interests);
(vi) any Investment Management Agreement between the Athlete Company and GlassBridge Investment Management, LLC, including the
investment guidelines attached thereto; and (vi) Letter Agreement between GlassBridge Investment Management, LLC and the Athlete
Fund, dated February 26, 2020 (re: further limitations on the investment guidelines).

 

“Athlete
Fund Interests” shall mean the Class D and Class E interests in the Athlete Fund.

 

“Basic
Documents” shall mean this Note, the Security Agreements, and any other document or instrument now existing or hereafter
entered into that relates to any extensions of credit at any time made available by the Lender to the Borrower.

 

“Borrowing
Date” shall mean the date the Loan is made pursuant to Section 2(a).

 

    	 	2	 

    	 

    

 

“Borrowing
Notice” shall mean a borrowing notice to be delivered by the Borrower to the Lender, substantially in the form of Exhibit
A attached hereto.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or any other day on which commercial banks are authorized or required
to close in New York, New York.

 

“Cayman
ELP Law” shall mean the Exempted Limited Partnership Law (as amended) of the Cayman Islands.

 

“Cayman
Registrar” shall mean the Registrar of Exempted Limited Partnerships in the Cayman Islands.

 

“Change
of Control” shall mean an event or any series of events by which (a) GlassBridge ceases to have the power, directly
or indirectly, to vote or direct the voting of membership interests carrying the voting rights to elect all of the board of directors
of the Borrower or (b) GlassBridge ceases to own legally and beneficially 100% of the membership or economic interests of the
Borrower.

 

“Code”
shall mean the United States Internal Revenue Code of 1986, as amended from time to time, and any successor statute.

 

“Collateral”
shall mean, collectively, the Security Agreement Collateral and the Pledge Agreement Collateral.

 

“Custodial
Agent” shall mean the Person acting, at the time of determination, in the capacity as custodian of cash and securities
for an Athlete Company in connection with the Swap Transaction under a Custodial Agreement, including its successors in interest
and permitted assigns, which Custodial Agent shall be mutually acceptable to the Borrower and the Lender in the Lender’s
reasonable discretion. The initial Custodial Agent shall be SunTrust Robinson Humphrey, Inc.

 

“Custodial
Agreement” shall mean any account agreement, between a Custodial Agent and an Athlete Company, or any replacement account
agreement between such Custodial Agent and Athlete Company.

 

“Debtor
Relief Law” shall mean each of Title 11 of the United States Code and all other applicable liquidation, conservatorship,
bankruptcy, fraudulent transfer, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments,
or similar Laws in effect from time to time affecting the rights of creditors generally.

 

“Default”
shall mean any event that with the passage of time or giving notice would result in an Event of Default.

 

“Default
Rate” shall mean, in respect of any amount not paid when due, the rate per annum equal to the sum of the interest rate
set forth in Section 2.2(a) plus two percent (2.0%) per annum; provided, that the Default Rate shall not exceed
the maximum rate of interest permitted to be charged in accordance with applicable law.

 

“Documentation”
shall have the meaning assigned to such term in Section 3(h).

 

“Dollars”
and “$” shall mean lawful money of the United States of America.

 

    	 	3	 

    	 

    

 

“Effective
Date” shall mean the “Effective Date” first written above.

 

“Event
of Default” shall have the meaning assigned to such term in Section 6.

 

“GAAP”
shall mean generally accepted accounting principles in the United States, consistently applied.

 

“GlassBridge”
shall mean GlassBridge Enterprises, Inc., a Delaware corporation.

 

“Governmental
Approvals” shall mean (a) any authorizations, consents, approvals, licenses, rulings, permits, tariffs, rates, certifications,
filings, registrations, variances, orders, judgments, decrees by or with a relevant Governmental Authority and (b) any required
notice to, any declaration of or with, or any registration by or with, any relevant Governmental Authority.

 

“Governmental
Authority” shall mean any national, state, municipal, territorial, or local government, any political subdivision thereof
or any other governmental department, commission, board, judicial, public, regulatory or statutory instrumentality, authority,
body, agency, bureau or entity, any of which has the authority to bind a party at law or having jurisdiction over the Borrower,
the Athlete Fund or GlassBridge.

 

“Indebtedness”
of any Person shall mean (a) indebtedness created, issued or incurred by such Person for borrowed money (whether by loan or the
issuance and sale of debt securities or the sale of property of such Person to another Person subject to an understanding or agreement,
contingent or otherwise, to repurchase such property of such Person); (b) obligations of such Person to pay the deferred purchase
or acquisition price for any property of such Person; (c) any indebtedness of others secured by a Lien or other encumbrance on
any property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) all obligations
of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions
for the account of such Person (whether contingent or otherwise); (e) obligations of such Person in respect of surety bonds or
similar instruments (whether contingent or otherwise); (f) obligations of such Person to pay rent or other amounts under a lease
of (or other agreement conveying the right to use) any property of such Person to the extent such obligations are required to
be classified and accounted for as a capital lease on a balance sheet of such Person under generally accepted accounting principles
applied on a consistent basis (including Statement of Financial Accounting Standards No. 13 of the Financial Accounting Standards
Board); and (g) indebtedness of others as described in clauses (a) through (f) above in any manner guaranteed by such Person or
as to which such Person has an obligation substantially the economic equivalent of a guarantee.

 

“Investment
Company Act” shall mean the Investment Company Act of 1940, as amended.

 

“Lien”
shall mean any lien, mortgage, security interest, collateral assignment, pledge, assignment, charge, title retention agreement,
or encumbrance of any kind, and any other right of or arrangement with any creditor (whether based on common law, constitutional
provision, statute or contract) to have its claim satisfied before the claims of general creditors of the owner of the property
or assets out of any property or assets, or their proceeds.

 

“Loan”
shall mean the loan made to the Borrower by the Lender evidenced by this Note.

 

    	 	4	 

    	 

    

 

“Material
Adverse Effect” shall mean any event, condition or occurrence of whatever nature that would result in a material adverse
change in (a) the business, results of operations, condition or financial condition of the Borrower, (b) the ability of the Borrower
to perform its obligations under the Basic Documents or Athlete Fund Documents to which it is a party, (c) the value of the Collateral,
or (d) the validity, priority and enforceability of the Lender’s Liens on the Collateral.

 

“Maturity
Date” shall mean the date that is eighteen (18) months after the Borrowing Date.

 

“Obligations”
shall mean, collectively, the Loan, and all present and future Indebtedness, liabilities, and obligations (including, without
limitation, indemnities), and all renewals, increases and extensions thereof, or any part thereof, now or in the future owed to
Lender by Borrower under this Note or any other Basic Document, together with all interest accruing thereon (including interest
accruing thereon during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding under any Debtor
Relief Law, regardless of whether allowed or allowable in such proceeding), reasonable fees, costs and expenses (including, without
limitation, all reasonable and documented attorneys’ fees and out-of-pocket expenses incurred in the enforcement or collection
thereof) payable under the Basic Documents or in connection with the protection of rights or exercise of remedies under the Basic
Documents, in each case, whether direct or indirect, absolute or contingent, now or hereafter existing or arising, or due or to
become due.

 

“Obligors”
shall mean the Borrower, GlassBridge and the Athlete Fund.

 

“OFAC”
shall mean the United States Department of Treasury Office of Foreign Assets Control.

 

“OFAC
Laws” shall mean any laws, regulations, and Executive Orders relating to the economic sanctions programs administered
by OFAC, including the International Emergency Economic Powers Act, 50 U.S.C. sections 1701 et seq.; the Trading with the Enemy
Act, 50 App. U.S.C. sections 1 et seq.; and the Office of Foreign Assets Control, Department of the Treasury Regulations, 31 C.F.R.
Parts 500 et seq. (implementing the economic sanctions programs administered by OFAC).

 

“OFAC
SDN List” shall mean the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC.

 

“OFAC
Violation” has the meaning assigned to such term in Section 5(t)(v).

 

“Parent
Pledge Agreement” shall mean that certain Pledge Agreement (Parent) by GlassBridge in favor of the Lender, dated as
of the date hereof.

 

“Permitted
Indebtedness” shall mean (a) the Loan and other Indebtedness under the Basic Documents; and (b) trade payables or other
similar Indebtedness incurred in the ordinary course of business.

 

“Permitted
Liens” shall mean (a) any Liens created pursuant to the Basic Documents or the Athlete Fund Documents; and (b) Liens
imposed by law for taxes that are not yet due or that are being contested in good faith by the Borrower and for which adequate
reserves have been set aside therefor or that are secured by a bond reasonably acceptable to the Lender.

 

    	 	5	 

    	 

    

 

“Person”
shall mean any individual, corporation, company, voluntary association, partnership, joint venture, trust, unincorporated organization
or government (or any agency, instrumentality or political subdivision thereof).

 

“PIK
Interest” has the meaning assigned to such term in Section 2.2(b).

 

“PJW
Ltd.” shall mean PJW Ltd., a Cayman exempted company limited by shares under the Companies Law (2018 Revision) (as amended)
of the Cayman Islands.

 

“PJW
Swap Termination Notice” has the meaning assigned to such term in Section 2.5(c).

 

“PJW
Swap Transaction” has the meaning assigned to such term in Section 2.5(c).

 

“Pledge
Agreement Collateral” shall mean all of the Collateral, as defined in the Parent Pledge Agreement.

 

“Pledged
Equity Interests” shall mean all of the issued and outstanding membership interests of GlassBridge in the Borrower.

 

“Principal
Amount” shall mean the outstanding principal amount of this Note at any time, which shall include any PIK Interest as
provided herein.

 

“Principal
and Interest Payment Date” shall mean each of the dates specified in Schedule 1, which shall be the quarterly
anniversary dates of the Borrowing Date. The Lender shall complete Schedule 1 after receiving the Borrowing Notice and
disbursing the Loan, which Schedule 1 shall be deemed final and conclusive absent manifest error.

 

“Secured
Party” shall mean ORIX PTP Holdings, LLC, a Delaware limited liability company, in its capacity as the secured party
under the Security Agreements.

 

“Security
Agreement” shall mean that certain Security Agreement by Borrower in favor of the Lender, dated as of the date hereof.

 

“Security
Agreement Collateral” shall mean all of the Collateral, as defined in the Security Agreement.

 

“Security
Agreements” shall mean (i) the Parent Pledge Agreement and (ii) the Security Agreement.

 

“Swap
Documents” shall mean (i) each of the agreements executed and delivered with respect to the transaction (or series of
transactions) involving Athlete Company and the Athlete Fund and related to the earnings of Athlete as described on Schedule
3 (as such Schedule may be subject to change pursuant to Section 5(s)), (ii) any Custodial Agreement, and (iii) any
Administrative Services Agreement.

 

“Swap
Transaction” shall mean the transaction (or series of transactions) contemplated by the Swap Documents.

 

“Then
Outstanding Amount” shall mean (i) the outstanding Principal Amount plus (ii) the then accrued but unpaid interest
on the Loan plus (iii) any other amount that may be owing and due on the Loan or this Note as provided herein, all as of
the applicable determination date.

 

    	 	6	 

    	 

    

 

“Transfer”
shall mean any transfer, sale, lease, assignment, option, grant or similar arrangement, whether effected directly or indirectly.

 

“USA
Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Public Law 107-56 (October 26, 2001), as amended.

 

1.2
Certain Rules of Interpretation.

 

In
this Note, unless otherwise indicated, the singular includes the plural and the plural the singular; words importing any gender
include the other gender; references to statutes or regulations are to be construed as including all statutory or regulatory provisions
consolidating, amending or replacing the statute or regulation referred to; references to “writing” include printing,
typing, lithography and other means of reproducing words in a tangible visible form; the words “including,” “includes”
and “include” shall be deemed to be followed in each instance by the words “without limitation”; references
to articles, sections (or subdivisions of sections), exhibits, annexes or schedules are to this Note; references to agreements
and other contractual instruments shall be deemed to include all subsequent amendments, extensions and other modifications to
such agreements or instruments (without, however, limiting any prohibition on any such amendments, extensions and other modifications
by the terms of this Note); and references to Persons include their respective successors and permitted assigns and, in the case
of any government authorities, Persons succeeding to their respective functions and capacities.

 

2.
Loan.

 

(a)
Loan Disbursement. Subject to the satisfaction or waiver of the conditions precedent set forth in Section 3 and
the delivery by Borrower to Lender of a Borrowing Notice in accordance with Section 2.4, the Lender shall disburse sixteen
million Dollars ($16,000,000) to Borrower. The date such funds are disbursed is referred to herein as the “Borrowing
Date.” Notwithstanding any other provision of this Note to the contrary, the parties hereby agree that in the event
that the conditions precedent set forth in Section 3 are not satisfied or waived on or before March 24, 2020, (i) this
Note shall automatically terminate in all respects (without any further action on the part of any party hereto) and shall be of
no further force and effect except as set forth in this Note, (ii) any requirement for notice with respect to the termination
of the Note is hereby waived, and (iii) the Lender shall be under no obligation to disburse or otherwise provide funds to the
Borrower pursuant to this Note or the other Basic Documents.

 

(b)
Reborrowings. Amounts repaid under this Note, whether before, on or after their scheduled due date, may not be reborrowed.

 

2.2
Interest.

 

(a)
The Borrower shall pay to the Lender interest on the then outstanding Principal Amount until the Maturity Date, at a rate per
annum equal to five percent (5.0%). Interest with respect to the Loan shall be payable on the basis of a year of 360 days for
the actual number of days elapsed. Following the occurrence of and during the continuance of any Event of Default, the interest
payable by the Borrower on the Then Outstanding Amount of the Loan will be equal to the Default Rate.

 

    	 	7	 

    	 

    

 

(b)
All interest accrued pursuant to Section 2.2(a) shall be due and payable to the Lender: (i) on each Principal and Interest
Payment Date and (ii) on the Maturity Date. Notwithstanding the foregoing, the Borrower shall pay interest in kind (“PIK
Interest”) on each Principal and Interest Payment Date. PIK Interest shall be calculated at a rate per annum equal to
five percent (5.0%) and shall be paid-in-kind by being capitalized and added to the Principal Amount, effective as of such Principal
and Interest Payment Date, and shall thereafter accrue interest until repaid at the same rate as the Principal Amount.

 

2.3
Maturity Date. Except as otherwise provided herein, the Then Outstanding Amount of the Loan shall be due and payable on
the Maturity Date and shall accrue interest as set forth in this Note.

 

2.4
Borrowing Notice. To request the disbursement of sixteen million Dollars ($16,000,000) by the Lender, the Borrower shall
submit a completed Borrowing Notice and all documents required as conditions precedent pursuant to Section 3 by 12:00 noon
New York time at least two (2) Business Days prior to the requested date of borrowing of the Loan (which date shall be a Business
Day), unless a shorter period is otherwise agreed to by the Lender.

 

2.5
Principal.

 

(a)
Periodic Payments. On each Principal and Interest Payment Date, the Borrower shall pay to the Lender, until the Loan is
fully repaid, all proceeds of any payments received by the Borrower from the Fund in connection with the Athlete Fund Interests,
after taking into account payments of interest under Section 2.2(a); provided, however, that the final principal
repayment installment of the Loan shall be repaid on the Maturity Date and in any event shall be in an amount equal to the aggregate
Then Outstanding Amount of the Loan on such date.

 

(b)
Prepayments. The Borrower shall have the right to make optional prepayments of the outstanding principal of the Loan at
any time and in any amount to the Lender. The Borrower shall give the Lender notice of any such optional prepayment by 12:00 noon
New York time on the Business Day prior to the date of such proposed prepayment (which date shall be a Business Day); provided,
that the date specified in such notice as the prepayment date shall be a Principal and Interest Payment Date. Prepayments made
pursuant to this Section 2.5(b) shall be applied first to the accrued and unpaid interest of the Loan and second to the
principal of the Loan.

 

(c)
Termination of PJW Swap Transaction. In order to ensure that funds will be available for Borrower to repay the Loan in
full at the Maturity Date (or earlier, following the occurrence of an Event of Default (including any applicable notice and cure
periods associated therewith)), GlassBridge shall cause the Athlete Fund to terminate the transaction under the Swap Documents
entered into between PJW Ltd. (as the Athlete Company) and the Athlete Fund (the “PJW Swap Transaction”), on
or before the date that is the earlier of (i) ten (10) Business Days prior to the Maturity Date and (ii) the occurrence of an
Event of Default. In furtherance thereof, (i) on or before the date that is ten (10) Business Days prior to the Maturity Date
and (ii) promptly (but no later than one Business Day) following the occurrence of an Event of Default (including any applicable
notice and cure periods associated therewith), GlassBridge shall cause the Athlete Fund (or the general partner of the Athlete
Fund) to send an irrevocable written notice of termination to PJW Ltd. in accordance with that certain letter agreement, dated
February 26, 2020, between PJW Ltd. and GlassBridge (the “PJW Swap Termination Notice”), effective on a date
no later than the Business Day preceding the Maturity Date (or effective immediately in the case of the occurrence of an Event
of Default); and GlassBridge shall cause the Athlete Fund (or the general partner of the Athlete Fund) to send a copy of the PJW
Swap Termination Notice simultaneously to the Lender. In the event that the Athlete Fund (or the general partner of the Athlete
Fund) fails to send the irrevocable PJW Swap Termination Notice to PJW Ltd. (i) on or before the date that is ten (10) Business
Days prior to the Maturity Date or (ii) promptly (but no later than one Business Day) following the occurrence of an Event of
Default (including any applicable notice and cure periods associated therewith), GlassBridge and the general partner of the Athlete
Fund hereby authorize the Lender, for and on behalf of such general partner, to send a written notice of termination of the PJW
Swap Transaction to PJW Ltd. on behalf of the Athlete Fund (or the general partner of the Athlete Fund), effective on a date no
later than the Business Day preceding the Maturity Date (or effective immediately in the case of the occurrence of an Event of
Default).

 

    	 	8	 

    	 

    

 

2.6
Payment Mechanics.

 

(a)
Manner of Payments. All payments of interest and principal shall be made in lawful money of the United States of America
no later than 4:00 PM on the date on which such payment is due by wire transfer of immediately available funds to the Lender’s
account at a bank specified by the Lender in writing to the Borrower from time to time.

 

(b)
Application of Payments. All payments made hereunder shall be applied first, to accrued and unpaid interest with respect
to the Loan, and second, to the outstanding Principal Amount of the Loan in the inverse order of maturity.

 

(c)
Scheduling of Payments. The Borrower authorizes the Lender to record the date and amount of the Loan made by the Lender
and of each repayment or prepayment of principal thereunder, and the Borrower agrees that all such notations shall constitute
prima facie evidence of the matters noted in the absence of manifest error. No failure to make any such notations, nor any errors
in making any such notations, shall affect the validity of the Obligations.

 

3.
Conditions Precedent. The obligation of
the Lender to make the disbursement of the Loan under this Note is subject to the satisfaction by the Borrower, or waiver by the
Lender, of each of the following conditions precedent on or before the Borrowing Date, and in the case of any documents, schedules
or certificates described below, delivery in form and substance reasonably satisfactory to the Lender:

 

(a)
receipt by the Lender of a Borrowing Notice, which shall be duly authorized, executed and delivered by the Borrower, in accordance
with Section 2.4;

 

(b)
receipt by the Lender of certificates signed by authorized officers of each Obligor, attaching the certificates of formation,
other organizational documents, good standing certificates and incumbency certificates, each as in effect on the Effective Date
and the Borrowing Date, and resolutions regarding the authorization, execution and delivery of each Basic Document, Athlete Fund
Document and Swap Document to which such Person is a party;

 

(c)
receipt by the Lender of (i) the Basic Documents, (ii) executed copies of each Athlete Fund Document and Swap Document, each certified
by the Obligor party thereto as true, correct and complete in all material respects and in form and substance reasonably satisfactory
to the Lender, (iii) an executed copy of the contract dated as of July 3, 2019 between Paul Jamaine (P.J.) Washington Jr. and
Hornets Basketball, LLC, a member of the National Basketball Association (“PJW Player Contract”), as received
by the Borrower, and (iv) the organizational documents of the Athlete Company;

 

    	 	9	 

    	 

    

 

(d)
each Basic Document, Athlete Fund Document and Swap Document delivered to the Lender pursuant to Section 3(c) to which
any Obligor is a party shall be in full force and effect, shall not have been amended, modified or supplemented from the agreements
delivered to the Lender pursuant to Section 3(c) (or if amended, modified or supplemented, such amendment, modification
or supplement shall have been consented to in writing by the Lender, in its sole discretion) and shall constitute a legally valid
and binding obligation of such Obligor, enforceable against such Obligor in accordance with its respective terms, except to the
extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or other similar laws
affecting creditors’ rights generally and the application of general principles of equity;

 

(e)
each representation and warranty set forth in Section 4 shall be true and correct in all respects as of the Effective Date
and the Borrowing Date (or if such representation and warranty relates solely to an earlier date, as of such date);

 

(f)
creation and perfection of all security interests in, pledges of and Liens with respect to the Collateral required to be delivered
as of the Effective Date, which shall have attached and shall constitute valid and enforceable first-priority Liens on the Collateral
(subject to Permitted Liens);

 

(g)
receipt by the Lender of evidence reasonably satisfactory to it that all financing statements and other instruments or documents
necessary to be filed in accordance with the Security Agreements have been filed or will be filed in connection with the funding
of the Loan;

 

(h)
in order for Lender to comply with the requirements under Title III of the USA Patriot Act, each Person that shall become an Obligor
as of the Effective Date shall provide to the Lender certain information or supporting documentation (collectively, “Documentation”)
requested by the Lender as of the Effective Date. Lender shall, as required by the USA Patriot Act, verify and record any Documentation
provided by such Obligor to validate such Obligor’s identity. Documentation that may be requested from such Obligor may
include, but is not limited to, a Federal Employer Identification Number (FEIN), a certificate of good standing to validate such
Obligor’s corporate existence, a certificate of incumbency to authenticate the management of such Obligor, and other government
issued certified documents to validate such Obligor’s authorization to conduct business, and all such Documentation shall
be true and correct on the Borrowing Date; and

 

(i)
no Default or Event of Default has occurred and is continuing.

 

4.
Representations.

 

The
Borrower and GlassBridge (for itself and on behalf of the Athlete Fund) jointly and severally represent and warrant to the Lender
as of the date hereof that:

 

(a)
Each of the Borrower, GlassBridge and the Athlete Fund is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization and has all requisite power and authority to carry on its business as now conducted. It
has all requisite power and authority to (i) execute and deliver each Basic Document, Athlete Fund Document and Swap Document
to which it is a party, (ii) grant to the Secured Party a first-priority security interest in the Collateral (subject to the Permitted
Liens), and (iii) perform all of its obligations under each Basic Document, Athlete Fund Document and Swap Document to which it
is a party.

 

    	 	10	 

    	 

    

 

(b)
The execution and delivery by each of the Borrower, GlassBridge and the Athlete Fund of each Basic Document, Athlete Fund Document
and Swap Document to which such Person is a party and the performance by such Person of all of its obligations thereunder: (i)
will not violate or be in conflict with any term or provision of (A) any applicable law (including any applicable usury or similar
laws), or (B) any judgment, order, writ, injunction, decree or consent of any court or other judicial authority applicable to
such Person or its property; (ii) will not violate, be in conflict or inconsistent with, result in a breach of, or constitute
a default (with or without the giving of notice or the passage of time or both) under, any term or provision of any document,
agreement or instrument to which such Person is a party; and (iii) except as specifically contemplated by the Basic Documents,
the Athlete Fund Documents or the Swap Documents, will not result in the creation or imposition of any Lien upon any of the assets
and properties of the Borrower or any other Obligor.

 

(c)
Each of the Basic Documents, the Athlete Fund Documents and the Swap Documents to which the Borrower, GlassBridge and the Athlete
Fund is a party constitutes a legal, valid and binding obligation of such Person, enforceable against it in accordance with its
respective terms and provisions, except as such enforceability may be affected by applicable bankruptcy, insolvency, moratorium
or other similar laws affecting creditors rights generally and the application of general principles of equity. Each such Basic
Document, Athlete Fund Document and Swap Document has been duly authorized, executed and delivered by the Borrower, GlassBridge
and the Athlete Fund and to the best of the knowledge of the Borrower and GlassBridge after due inquiry, each other party who
is a signatory thereto.

 

(d)
No consent, approval or authorization of, or registration, declaration or filing with, any Governmental Authority or any other
Person is required for the due and valid execution, delivery and performance by the Borrower of the Basic Documents, the Athlete
Fund Documents and the Swap Documents to which it is a party, other than those consents, approvals or authorizations of, or registrations,
declarations or filings with, such Governmental Authorities or such other Persons that have been made or obtained (i) on or prior
to the Effective Date, (ii) or with respect to the disbursement of the Loan, on or prior to the Borrowing Date, or that is not
required on or prior to the Effective Date or, as applicable, the Borrowing Date.

 

(e)
There are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Authority now pending against
or, to the knowledge of the Borrower and GlassBridge, threatened against or affecting the Borrower or the Athlete Fund that would
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Neither the Borrower nor the Athlete
Fund is in default with respect to any judgment, order, writ, injunction, decree or consent of any court or other judicial authority
applicable to it or its property that would result in a Material Adverse Effect on the ability of the Borrower or the Athlete
Fund to comply with its obligations under the Basic Documents and the Athlete Fund Documents to which such Person is a party.

 

(f)
The Borrower has filed, or has caused to be filed on behalf of itself, all federal, state and local tax returns that it is required
to file, and has paid, or has caused to be paid, all taxes that it is required to pay to the extent due or, to the extent not
so paid, has established adequate reserves for the payment thereof as required by GAAP.

 

(g)
Neither the Borrower nor the Athlete Fund has conducted any business other than (i) the business contemplated by the Basic Documents,
the Athlete Fund Documents and the Swap Documents, (ii) the entrance into and performance of its obligations under this Note and
(iii) the performance of the activities contemplated by Section 5(a). Neither the Borrower nor the Athlete Fund has any
Indebtedness other than Permitted Indebtedness. All material liabilities and assets of the Borrower and the Athlete Fund are set
forth on Schedule 2 and neither the Borrower nor the Athlete Fund is a party to nor bound by any material contract other
than the Basic Documents, the Athlete Fund Documents and the Swap Documents.

 

    	 	11	 

    	 

    

 

(h)
The Borrower has good title to all of its personal property and assets except to the extent there would be no Material Adverse
Effect on the Borrower’s ability to comply with the Obligations, and none of its assets or properties is subject to any
Liens or other encumbrances, other than Permitted Liens.

 

(i)
All of the Athlete Fund Documents and the Swap Documents set forth on Schedule 3 will be in effect prior to the Borrowing
Date and there are no other agreements, arrangements or understanding with respect to the transaction (or series of transactions)
involving PJW Ltd. and the Athlete Fund and related to the earnings of the applicable Athlete. True, correct and complete copies
of the final documents of each of (i) the PJW Player Contract, as received by the Borrower, (ii) the organizational documents
of the Athlete Company, (iii) the Athlete Fund Documents, and (iv) the Swap Documents have been furnished to the Lender for review
and in the cases of all documents specified in foregoing clauses (ii) – (iv) inclusive are attached as Annex 1 hereto.
To the knowledge of the Borrower and GlassBridge, without any independent investigation, no rights or interests in the PJW Player
Contract have been granted or assigned to any Person other than the Athlete Fund.

 

(j)
Each of the Borrower and the Athlete Fund is in compliance with all applicable laws, except to the extent that any non-compliance
would not result in a Material Adverse Effect.

 

(k)
Neither the Borrower nor the Athlete Fund is subject to regulation under the Employee Retirement Income Security Act of 1974,
as amended.

 

(l)
The Borrower is not an investment company or a company controlled by an investment company within the meaning of the Investment
Company Act.

 

(m)
To the knowledge of the Borrower and GlassBridge after due inquiry, neither the Borrower nor GlassBridge has provided to the Lender
any information in the documents set forth on Schedule 4 in respect of this Note or any other Basic Document, the Athlete
Fund Documents or the Swap Documents which contains a material misstatement of fact or that omits to state any material fact necessary
to make the statements made therein, in light of the circumstances under which they were made, not misleading, in each case when
such information is taken as a whole; provided, that with respect to projected financial information (the “Projections”),
the Borrower and GlassBridge represent and warrant only that such information was prepared in good faith based upon reasonable
assumptions at the time the Projections were prepared and delivered to the Lender and the Projections are not to be viewed as
facts and that actual results during the period or periods covered by the Projections may differ from such Projections.

 

(n)
Neither the Borrower nor GlassBridge: (i) has admitted in writing its inability to pay its debts as its debts become due; (ii)
has made an assignment for the benefit of creditors, or petitioned or applied to any tribunal for the appointment of a custodian,
receiver or trustee for its or a substantial part of its assets; (iii) has commenced any proceeding under any bankruptcy, reorganization,
arrangement, readjustment of debt, dissolution or liquidation; (iv) has had any such petition filed, or any such proceeding commenced
against it, in which an adjudication is made or order for relief is entered or which remains undismissed for a period of sixty
(60) days; (v) has had a receiver, custodian or trustee appointed for all or a substantial part of its property; or (vi) has taken
any action effectuating, approving or consenting to any of the events described in clauses (i) through (v) above.

 

    	 	12	 

    	 

    

 

(o)
The Borrower is a direct, wholly-owned subsidiary of GlassBridge. The Borrower has no equity interests in any Person other than
the Athlete Fund Interests.

 

(p)
No Default or Event of Default has occurred and is continuing.

 

(q)
The representations and warranties of the Borrower and the Athlete Fund contained in the Basic Documents, the Athlete Fund Documents
and the Swap Documents to which each such Person is a party other than this Note are, as of the time made or deemed made thereunder,
true and correct in all material respects.

 

(r)
No event, condition or occurrence of whatever nature has occurred that would constitute a Material Adverse Effect.

 

(s)
Neither Borrower, nor, to the knowledge of the Borrower and GlassBridge after due inquiry, any persons or entities holding any
legal or beneficial interest whatsoever in Borrower (whether directly or indirectly) (i) appear on the OFAC SDN List; (ii) are
included in, owned by, controlled by, acting for or on behalf of, providing assistance, support, sponsorship, or services of any
kind to, or otherwise associated with any of the persons or entities referred to or described in the OFAC SDN List; or (iii) have
conducted business with or engaged in any transaction with any person or entity named on any of the OFAC SDN List or any person
or entity included in, owned by, controlled by, acting for or on behalf of, providing assistance, support, sponsorship, or services
of any kind to, or otherwise associated with any of the persons or entities referred to or described in the OFAC SDN List.

 

5.
Covenants. The Borrower and GlassBridge
hereby jointly and severally covenant and agree that until the repayment in full of the Loan and any other amounts owing hereunder
other than indemnities, the Borrower and GlassBridge shall (or shall cause their respective Affiliates or another Person to),
unless the Lender waives such compliance in writing, perform all of the covenants set forth in this Section 5:

 

(a)
Use of Proceeds. The Borrower shall use the proceeds of the Loan, together with a $1.8 million capital contribution made
by GlassBridge to Borrower, to purchase the Athlete Fund Interests, and not for any other purpose.

 

(b)
Additional Information. The Borrower and GlassBridge shall promptly provide such information regarding the Swap Transaction,
and the financial affairs of the Borrower or the Athlete Fund as shall be reasonably requested by the Lender; provided,
that if any such requested information is not in the possession of the Borrower or GlassBridge, such Person shall only be obligated
to use commercially reasonable efforts to obtain such requested information from third parties.

 

    	 	13	 

    	 

    

 

(c)
Books and Records. The Borrower and GlassBridge shall keep and maintain the books of account and the financial records
for the Borrower and the Athlete Fund at its address identified on the signature pages to this Note in accordance with GAAP. The
Lender shall have the right, upon reasonable advance notice to the Borrower or GlassBridge and at reasonable times during usual
business hours, to audit, examine and make copies of the books of account and other records of the Borrower and the Athlete Fund
as applicable, and to discuss the financial condition and business of the Borrower or the Athlete Fund with its respective authorized
representatives. The Lender may exercise such rights through any employee of the Lender or through any independent public accountant,
legal counsel, or any other consultant acting on behalf of the Lender; provided, that such Persons shall agree and comply
with the confidentiality obligations set forth in Section 11(i).

 

(d)
Indebtedness. The Borrower shall not incur, nor shall the Borrower or GlassBridge (x) take any action or (y) fail to take
any action within its control, to cause the Athlete Fund to incur, any Indebtedness except for Permitted Indebtedness. For the
avoidance of doubt, notwithstanding anything to the contrary herein, nothing herein shall restrict capital raising activities
by GlassBridge or any other Person, on behalf of the Athlete Fund. Such activities may include seeking equity investors to enable
the Athlete Fund to engage in additional swap transactions involving professional athletes other than the Athlete.

 

(e)
Liens. Borrower shall not, nor shall Borrower or GlassBridge cause or take any action to cause the Athlete Fund to, incur,
create, assume or suffer to exist any Liens or other encumbrances (except for Permitted Liens) upon (i) the Athlete Fund Interests
or any Swap Document or (ii) any of its other properties or assets that, in the case of the foregoing clause (ii), could reasonably
be expected to have a Material Adverse Effect.

 

(f)
Existence; Purpose. Except as otherwise expressly permitted under this Note or the other Basic Documents, (i) the Borrower
shall maintain and preserve Borrower’s existence as a Delaware limited liability company, (ii) GlassBridge shall not (x)
take any action or (y) fail to take any action within its control, that causes the Athlete Fund to fail to maintain and preserve
its existence as a Cayman exempted limited partnership under the Cayman ELP Law, (iii) the Borrower shall engage only in the business
of the purchasing, financing and/or ownership of the Athlete Fund Interests, and (iv) GlassBridge shall not (x) take any action
or (y) fail to take any action within its control, that causes the Athlete Fund to fail to engage only in the business of the
operation of the Swap Transaction and similar transactions involving other professional athletes.

 

(g)
Contractual Obligations. (i) the Borrower shall perform, and the Borrower and GlassBridge shall not (x) take any action
or (y) fail to take any action within its control, that causes the Athlete Fund to fail to perform, all of its respective material
contractual obligations under the Swap Documents and the Athlete Fund Documents and (ii) the Borrower shall maintain and preserve,
and the Borrower and GlassBridge not (x) take any action or (y) fail to take any action within its control, that causes the Athlete
Fund to fail to maintain and preserve, all of the Athlete Fund’s material rights under the Swap Documents and the Athlete
Fund Documents. The Borrower and GlassBridge shall not take any action or fail to take any action that causes the Athlete Fund
to fail to pay and perform all of its respective material contractual obligations.

 

(h)
No Amendments or Waivers to Material Agreements. The Borrower shall not, and the Borrower and GlassBridge shall not take
any action to, without the prior written consent of the Lender, (i) enter into any new Athlete Fund Document (including any agreement
with a limited partner in the Athlete Fund, including by way of a supplement to the Memorandum) or new Swap Document (including
any agreement with a new Athlete or Athlete Company), (ii) cancel or terminate, or accept or consent to a cancellation or termination
of, any Athlete Fund Document or Swap Document to which it is a party, (iii) amend, supplement or modify in any respect, or enter
into any amendment, supplement or modification to, any Athlete Fund Document or Swap Document to which it is a party, or (iv)
waive or consent to (x) any violation or breach of any provision of any Athlete Fund Document or Swap Document to which it is
a party or (y) any default or event of default under any Athlete Fund Document or Swap Document to which it is a party. The Borrower
and GlassBridge shall provide the Lender promptly after execution thereof by the Borrower or the Athlete Fund, as applicable,
with copies of each Athlete Fund Document or Swap Document and any amendment or other modification or waiver of compliance with
any Athlete Fund Document or Swap Document.

 

    	 	14	 

    	 

    

 

(i)
Compliance with Laws. The Borrower shall, and the Borrower and GlassBridge shall not (x) take any action or (y) fail to
take any action within its control, that causes the Athlete Fund to fail to comply with (i) all laws and regulations applicable
to the Borrower and the Athlete Fund (including compliance with the Securities Act of 1933, as amended, the Investment Company
Act, the Investment Advisers Act of 1940, as amended, the applicable rules of the Commodity Futures Trading Commission and the
National Futures Association, and the safe harbor from registration as a broker-dealer for associated persons of a private fund
under Rule 3a4-1 of the Securities Exchange Act of 1934, as amended) and (ii) all permits applicable to the Borrower and the Athlete
Fund (including, if required, the appropriate notice of exemption from registration as a commodity pool operator with the National
Futures Association), unless, in any case, (i) or (ii), the failure to do so would not reasonably be expected to have a Material
Adverse Effect. The Borrower and GlassBridge shall not (x) take any action or (y) fail to take any action within its control,
that causes the Athlete Fund to fail to obtain and maintain any permit reasonably necessary for the Swap Transaction.

 

(j)
Liquidation; Dissolution. The Borrower shall not, and the Borrower and GlassBridge shall not (x) take any action or (y)
fail to take any action within its control, that causes the Athlete Fund to, liquidate or dissolve, or combine, merge or consolidate
with or into any other entity.

 

(k)
Transfer of Membership Interests. The Borrower and GlassBridge shall not cause, make, suffer to exist, permit or consent
to any creation, sale, assignment or transfer of (i) any direct ownership interests of GlassBridge in the Borrower; or (ii) any
direct or indirect ownership interests of the Borrower or GlassBridge in the Athlete Fund, except, in each case, with the Lender’s
prior written consent; provided, however, that solely with respect to the assignment or transfer set forth in sub-clause
(ii) above, no consent of the Lender shall be required for transfers of interests in the Athlete Fund if the Loan (including all
principal and interests) has been repaid in full.

 

(l)
Organizational Changes. The Borrower shall not, nor shall the Borrower and GlassBridge take any action to cause the Athlete
Fund to, (i) amend, alter or repeal any provision of its organizational documents, (ii) change its company structure or its jurisdiction
of organization, nor (iii) change its fiscal year, in each case, without the Lender’s prior written consent, such consent
not to be unreasonably withheld or delayed.

 

(m)
Notice Requirements. The Borrower and GlassBridge shall promptly, upon acquiring knowledge or notice or giving notice,
as the case may be, give written notice (and deliver the documents or reports, as applicable, that are the subject of such notices)
to the Lender of:

 

(i)
any litigation, investigation or proceeding pending or, to the knowledge of the Borrower and GlassBridge, threatened against the
Borrower or the Athlete Fund;

 

    	 	15	 

    	 

    

 

(ii)
any notice of a material violation of any law by the Borrower or the Athlete Fund for which Loan have been made;

 

(iii)
any Default or Event of Default;

 

(iv)
any notice of default or claim of force majeure under any Swap Documents or any Athlete Fund Documents;

 

(v)
any other event, condition or occurrence that would reasonably be likely to result in a Material Adverse Effect;

 

(vi)
any material adverse change, or any event or circumstance that would reasonably be likely to change the status of the Swap Transaction;
and

 

(vii)
any change in the name of the Borrower or the Athlete Fund.

 

(n)
Investments; Sale of Assets. Other than as permitted under Section 5(r), the Borrower shall not, without the prior
written consent of the Lender, (i) make an investment in any of its Affiliates, (ii) transfer, sell, lease or assign any of its
property to any of its Affiliates, or (iii) enter into any contract or agreement under which it incurs liabilities to any of its
Affiliates, except administrative services agreements or other similar types of agreements entered into in the ordinary course
of business and upon fair and reasonable terms no less favorable to the Borrower than it would obtain in a comparable arm’s
length transaction with a party not an Affiliate of the Borrower. Additionally, Borrower and GlassBridge shall, within two (2)
Business Days after occurrence, give Lender notice of any transactions of Borrower or the Athlete Fund with any Affiliate of the
Borrower or GlassBridge and copies of all relevant documents in connection therewith.

 

(o)
Annual Financial Statements. The Borrower and GlassBridge shall provide to the Lender as soon as available and in any event
within 120 days after the end of each fiscal year of the Borrower, GlassBridge and their respective subsidiaries, the audited
balance sheet and related consolidated statements of income, operations and cash flows of the Borrower, GlassBridge and their
respective subsidiaries, as of the end of and for such year, setting forth in each case in comparative form of the figures for
the previous fiscal year, all reported on by an independent public accountant of recognized national standing (in respect of all
time periods subsequent to the year ending December 31, 2019, without a “going concern” or like qualification or exception
and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of income, operations and cash flows of the Borrower,
GlassBridge and their respective subsidiaries, in accordance with GAAP consistently applied.

 

(p)
Quarterly Financial Statements. The Borrower and GlassBridge shall provide to the Lender as soon as available and in any
event within 45 days after the end of each of the first three quarterly fiscal periods of each fiscal year of the Borrower, unaudited
consolidated statements of income, operations and cash flows of the Borrower, GlassBridge and their respective subsidiaries, for
such period and for the period from the beginning of the respective fiscal year to the end of such period, and the related consolidated
balance sheet at the end of such period, setting forth in each case in comparative form the corresponding figures for the corresponding
period in the preceding fiscal year accompanied by a certificate of an authorized officer of the Borrower and GlassBridge, respectively,
which certificate shall state that such financial condition and results of income, operations and cash flows of the Borrower,
GlassBridge and their respective subsidiaries, were prepared in accordance with GAAP, consistently applied, as at the end of and
for such period (subject to normal year-end audit adjustments). In addition, the Borrower and GlassBridge shall monitor on a quarterly
basis their compliance with respect to maintaining an exclusion from the status of an “investment company” required
to be registered under the Investment Company Act, and shall provide to the Lender as soon as available and in any event within
15 days after the end of each quarterly fiscal period of each fiscal year, a compliance summary report with respect to compliance
with the requirements for maintaining such exclusion under the Investment Company Act.

 

    	 	16	 

    	 

    

 

(q)
Taxes. The Borrower shall pay, and the Borrower and GlassBridge shall not (x) take any action or (y) fail to take any action
within its control, that causes the Athlete Fund to fail to pay, all taxes that such Person is required to pay to the extent due;
provided, however, that the Borrower and the Athlete Fund, as applicable, shall not be obligated to pay such taxes to the
extent any of them is contesting the validity or amount of any such tax by appropriate proceedings as long as such Person has
established adequate reserves for the payment thereof as and to the extent required by GAAP.

 

(r)
Fund Interests. The Borrower shall not Transfer any Athlete Fund Interests or any of its rights or interests in or under
any Swap Documents to any Person, other than: (i) to the Secured Party pursuant to the Security Agreements, or (ii) to a third
party, but only upon the prepayment in full of the Loan, except, in each case, with the Lender’s prior written consent.
The Borrower shall not, and the Borrower and GlassBridge shall not (x) take any action or (y) fail to take any action within its
control, that causes the Athlete Fund to, take any actions or fail to take any action that would reasonably be likely to reduce
the value or marketability of the Athlete Fund Interests or the Collateral or that could materially impair the Lien of the Security
Agreements.

 

(s)
Additional Swap Transactions. The parties hereto acknowledge and agree that the sole Swap Transaction entered into on or
prior to the Borrowing Date is the transaction under the Swap Documents entered into between PJW Ltd. (as the Athlete Company)
and the Athlete Fund, as reflected on Schedule 3. The Borrower may request the addition of any one or more Athlete Company
and corresponding Swap Transaction, in all instances subject to the prior written approval of the Lender, and upon such approval
and the receipt by Lender of executed copies of the corresponding Swap Documents, Lender shall update Schedule 3 to reflect
the addition of such Athlete Company and corresponding Swap Documents. In addition, GlassBridge shall cause the books and records
of the Athlete Fund to reflect such changes, as applicable.

 

(t)
Compliance with Anti-Money Laundering and OFAC Laws.

 

(i)
Borrower shall comply at all times with the requirements of all Anti-Money Laundering Laws.

 

(ii)
Borrower shall provide Lender any information regarding Borrower, its Affiliates, and its Subsidiaries necessary for Lender to
comply with all Anti-Money Laundering Laws.

 

(iii)
Borrower shall comply at all times with the requirements of all OFAC Laws.

 

    	 	17	 

    	 

    

 

(iv)
Borrower shall not, and shall cause its Affiliates and Subsidiaries and any persons or entities holding any legal or beneficial
interest whatsoever therein (whether directly or indirectly) not to, conduct business with or engage in any transaction with any
person or entity named in the OFAC SDN List or any person or entity included in, owned by, controlled by, acting for or on behalf
of, providing assistance, support, sponsorship, or services of any kind to, or otherwise associated with any of the persons or
entities referred to or described in the OFAC SDN List.

 

(v)
If Borrower obtains actual knowledge or receives any written notice that Borrower, any Affiliate, Subsidiary or any person or
entity holding any legal or beneficial interest whatsoever therein (whether directly or indirectly) is named on the OFAC SDN List
(such occurrence, an “OFAC Violation”), Borrower shall immediately (i) give written notice to the Lender of
such OFAC Violation, and (ii) comply with all applicable laws with respect to such OFAC Violation (regardless of whether the party
included on the OFAC SDN List is located within the jurisdiction of the United States of America), including the OFAC Laws, and
Borrower hereby authorizes and consents to the Lender’s taking any and all steps Lender deems necessary, in its sole discretion,
to comply with all applicable laws with respect to any such OFAC Violation, including the requirements of the OFAC Laws (including
the “freezing” and/or “blocking” of assets and reporting such action to OFAC). Upon Lender’s request
from time to time, Borrower shall deliver a certification confirming its compliance with the covenants set forth in this Section
(v).

 

(u)
Post-Closing Obligations. It shall deliver the items listed on Schedule 5 by the dates set forth therein, each duly
executed and delivered by the parties thereto and in form and substance reasonably satisfactory to the Lender. The parties acknowledge
that the failure of the Borrower or GlassBridge, as the case may be, to deliver any item listed on Schedule 5 shall not,
in and of itself, constitute a Material Adverse Effect.

 

6.
Events of Default. The occurrence of any
of the following events, conditions or circumstances shall constitute an event of default under this Note (each, an “Event
of Default”):

 

(a)
The Borrower shall fail to pay (i) any principal amount of the Loan made under this Note within five (5) Business Days after the
date on which such interest or fee becomes due and payable under this Note (it being understood and agreed that the Borrower shall
pay the PIK Interest as provided in Section 2.2(b)); (ii) any interest accrued on the Loan or any fee in respect of the
Loan within five (5) Business Days after the date on which such interest or fee becomes due and payable under this Note; (iii)
any other amount payable by the Borrower hereunder within ten (10) days after any such other amount or payment becomes due and
payable and notice thereof is given to the Borrower;

 

(b)
Any representation or warranty made by any party (other than the Lender or the Secured Party) in any Basic Document to which it
is a party, or in any certificate furnished pursuant to any such document, shall prove to have been incorrect in any material
respect as of the date made (unless such representation or warranty expressly relates only to an earlier date), and in each case,
any adverse effect of such incorrect misrepresentation or warranty is not eliminated or addressed to the reasonable satisfaction
of the Lender within a period of thirty (30) days after receipt of notice by such Person;

 

(c)
The Borrower shall fail to perform or observe any of the covenants set forth in Sections 5(a), (c), (d),
(e), (f), (h), (j), (k), (l), (m), (n), (o), (p), (r),
(t);

 

    	 	18	 

    	 

    

 

(d)
The Borrower shall fail to perform or observe any of the Obligations (other than as set forth in Sections 6(a) or (c)
above) to which it is a party and, in each case, such failure shall continue unremedied for a period of thirty (30) days after
receipt of notice or actual knowledge thereof by such Person, if such failure can reasonably be remedied within such thirty (30)
day period as long as the Borrower is using diligent efforts to remedy such failure;

 

(e)
The Borrower or GlassBridge: (i) shall admit in writing its inability to pay its debts as its debts become due; (ii) shall make
an assignment for the benefit of creditors, or petition or apply to any tribunal for the appointment of a custodian, receiver
or trustee for its or a substantial part of its assets; (iii) shall commence any proceeding under any bankruptcy, reorganization,
arrangement, readjustment of debt, dissolution or liquidation; (iv) shall have had any such petition filed, or any such proceeding
shall have been commenced against it, in which an adjudication is made or order for relief is entered or which remains undismissed
for a period of sixty (60) days; (v) shall have had a receiver, custodian or trustee appointed for all or a substantial part of
its property; or (vi) shall take any action effectuating, approving or consenting to any of the events described in clauses (i)
through (v);

 

(f)
The Borrower or GlassBridge shall dissolve or for any reason cease to be in existence;

 

(g)
The Borrower or GlassBridge is required to register or shall become an “investment company” subject to registration
under the Investment Company Act;

 

(h)
Unless as a result of the acts or omissions of the Lender (i) any Security Agreement shall fail to provide the Secured Party with
security interests in and to the Collateral intended to be created thereby, shall cease to be in full force and effect, or is
declared null and void and the Borrower shall fail to execute such additional security agreements as may be requested by the Lender
or the Secured Party to remedy such event; or (ii) the validity or enforceability of any Security Agreement is contested in a
legal proceeding by any party to such Security Agreement, other than by the Lender or the Secured Party;

 

(i)
Except as permitted under this Note, any failure by the Borrower to have good title to all of its real property and good title
to all of its personal property and assets, which failure would have a Material Adverse Effect on the Borrower’s ability
to comply with the Obligations;

 

(j)
A Change of Control shall occur and be continuing;

 

(k)
Any permit required to be obtained or maintained by the Athlete Fund under any Swap Documents shall be revoked or cancelled by
the issuing governmental authority having jurisdiction, or any such permit shall otherwise fail to be in full force and effect,
or the Athlete Fund shall fail to comply with any such permit, in each case, which revocation, cancellation or failure would reasonably
be expected to have a Material Adverse Effect, and in each case, if any adverse effect of such revocation, cancellation or failure
is not remedied to the reasonable satisfaction of the Lender within sixty (60) days after receipt of written notice thereof by
such Person;

 

(l)
A final judgment or judgments shall be entered against the Borrower or the Athlete Fund, by a court of competent jurisdiction
in an aggregate amount of not less than $150,000, other than (i) a judgment which is fully covered by a posted bond or discharged
within thirty (30) days after its entry, or (ii) a judgment, the execution of which is effectively stayed within thirty (30) days
after its entry but only for thirty (30) days after the date on which such stay is terminated or expires; or

 

    	 	19	 

    	 

    

 

(m)
Any Swap Documents shall cease for any reason to be in full force and effect; or any default by the Athlete Fund or the Athlete
Company shall occur under any Swap Document (after giving effect to all applicable cure periods in such Swap Document that is
approved in advance in writing by the Lender).

 

Upon
the occurrence and during the continuation of an Event of Default, the Lender may, by notice to the Borrower, declare the Then
Outstanding Amount of the Loan due and payable, whereupon the same shall become and be forthwith due and payable without presentment,
demand, protest or further notice or other formalities of any kind, all of which are hereby expressly waived by the Borrower;
provided, that in the case of an Event of Default described in Section 6(e), Section 6(f) or Section 6(g),
the Then Outstanding Amount of the Loan shall be immediately due and payable thereupon, without notice or action on the part of
Lender or any other Person.

 

7.
Indemnification. The Borrower agrees to
indemnify and hold the Lender and the Secured Party together with its respective directors, officers, employees, agents and consultants
harmless from and against all claims, damages, losses, liabilities, costs, deficiencies and documented expenses and damages, including
investigative costs, settlement costs and reasonable legal, accounting or other expenses for investigating or defending against
any actions or threatened actions (collectively, the “Losses”), arising out of or in connection with (i) the
execution or delivery of each Basic Document, including this Note, and the performance by any Person of its obligations under
such Basic Documents, (ii) the making of the Loan and (iii) the use of the proceeds of the Loan, and any prospective claim, litigation,
investigation or proceeding related to any of the foregoing, but excluding, in each case, any such Losses incurred by reason of
bad faith, gross negligence or willful misconduct of any Person indemnified hereunder. The Lender and/or the Secured Party, as
applicable, shall promptly notify the Borrower of any claim under this Section 7. The Borrower may elect to assume the
defense of any action, proceeding or dispute with a third party in respect of which a claim is to be made under this Section
7; provided, however, that if the Borrower assumes control of the defense of any such action, proceeding or dispute,
the Borrower shall not agree or conclude any settlement that affects the Lender or the Secured Party without the prior written
approval of the Lender or the Secured Party, as applicable (such approval not to be unreasonably withheld). In the event the Borrower
assumes control of the defense of any such action, proceeding or dispute, the Borrower shall not be liable to the Lender or the
Secured Party for any legal fees and expenses of additional counsel incurred by the Lender or the Secured Party in connection
with such defense; provided, however, that each of the Lender and the Secured Party shall have the right to employ its
own counsel whose reasonable legal fees and expenses shall be indemnified by the Borrower if (A) there is or could reasonably
be expected to be a conflict of interest between the Lender or the Secured Party, as applicable, and the Borrower in connection
with the defense of such action, proceeding or dispute, or (B) there is a specific defense available to the Lender or the Secured
Party, as applicable, which is different from or additional to those available to the Borrower, (C) it is reasonably necessary
to protect the interests of the Lender or the Secured Party, as applicable, to the extent such interests differ from the interests
of the Borrower, or (D) the Lender or the Secured Party determines that the Borrower is not defending such action diligently or
in a manner deemed appropriate by the Lender or the Secured Party.

 

8.
Security. The Obligations are secured
by the Collateral.

 

    	 	20	 

    	 

    

 

9.
Governing Law; Submission to Jurisdiction.
This Note shall be governed by, and construed in accordance with, the laws of the State of New York (without regard to conflict
of laws provisions thereof other than Section 5-1401 of the New York General Obligations Law). The Borrower agrees that any legal
action or proceeding arising out of or relating to this Note or any other Basic Document, or any legal action or proceeding to
execute or otherwise enforce any judgment obtained against the Borrower, for breach hereof or thereof, or against any of its properties,
may be brought in the courts of the State of New York sitting in New York County or the United States District Court for the Southern
District of New York by the Lender may elect. The Borrower hereby irrevocably and unconditionally submits to the non-exclusive
jurisdiction of such courts for purposes of any such legal action or proceeding. Service of process by the Lender in any such
dispute shall be binding on the Borrower if sent to the Borrower by registered or certified mail, at the addresses specified on
the signature page of this Note. The Borrower agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in any other jurisdiction.

 

THE
PARTIES HERETO WAIVE ANY RIGHT THEY MAY HAVE TO JURY TRIAL IN ANY ACTION RELATED TO THIS NOTE, ANY OTHER BASIC DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. IN ADDITION, THE BORROWER HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS NOTE OR ANY OTHER BASIC DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH BROUGHT IN THE COURTS OF
THE STATE OF NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY CLAIM THAT ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

10.
Assignments. This Note shall be binding
on, and shall inure to the benefit of each of the Borrower, the Lender, the Secured Party, and their respective successors and
permitted assigns; provided, that neither the Borrower nor GlassBridge may assign or transfer its respective rights or
obligations under this Note without the prior written approval of the Lender; and provided, further, that the Lender may not assign
or otherwise transfer its rights and obligations under this Note or the Loan to any other Person without the prior written consent
of the Borrower (which consent shall not be unreasonably withheld, delayed or conditioned) unless (i) such assignment or transfer
is to an Affiliate of any Lender or (ii) an Event of Default has occurred and is continuing, in each such case consent of the
Borrower is not necessary. Any such Person to whom the Lender assigns its rights pursuant to this Section 10 shall then
become vested with all the rights granted to such Lender under this Note and with respect to the Loan. Upon such assignment or
transfer, such Lender shall provide to the Borrower the name, address and contact information of the permitted assignee or transferee.

 

11.
Miscellaneous.

 

(a)
The provisions of this Note are intended to be severable. If for any reason any provision of this Note shall be held invalid or
unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent
of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction
or the remaining provisions thereof in any jurisdiction.

 

    	 	21	 

    	 

    

 

(b)
No amendment, modification or supplement to any provision of this Note shall be effective unless the same shall be in writing
and signed by the Borrower, the Lender (or, after any assignment contemplated by Section 10, other holder hereof) and,
solely with respect to any amendment, modification or supplement that would adversely affect the rights of the Secured Party.

 

(c)
The waiver of any breach of any of the provisions of this Note shall not be construed to be a waiver of any subsequent breach
or default of the same or other provisions. No waiver of any of the provisions of this Note shall be valid or binding unless set
forth in writing and duly executed by the Person against whom enforcement of the waiver is sought and the Lender. No failure on
the part of the Lender to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof or preclude
any other or further exercise thereof or the exercise of any other right.

 

(d)
The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

(e)
Unless otherwise agreed in writing, notices shall be given to the Lender and the Borrower at their respective addresses set forth
on the signature pages to this Note. Notices under this Note shall be effective (i) when personally delivered to a party hereto,
upon receipt as shown by messenger receipt, (ii) when mailed to such addressee, upon receipt of a signed confirmation from such
addressee, or (iii) when sent to such addressee by facsimile, upon receipt of the addressor’s facsimile machine confirmation
or other verifiable electronic receipt.

 

(f)
The provisions of Sections 7, 9 and 11 of this Note shall survive the repayment of the Loan and any termination
of this Note.

 

(g)
This Note and any agreement, document or instrument attached hereto or referred to herein integrate all the terms and conditions
mentioned herein or incidental hereto and supersede all oral negotiations and prior writings with respect to the subject matter
hereof.

 

(h)
This Note may be executed in one or more facsimile counterparts, each of which shall be deemed to be an original, but all of which
together will constitute one and the same agreement.

 

(i)
The Lender and the Secured Party agree to keep confidential, in accordance with its customary procedures for handling confidential
information of this nature, any non-public information supplied to it by the Borrower in relation to the Swap Documents, the Governmental
Approvals, the Borrower or GlassBridge; provided, that such information does not include information that (i) was publicly
known or otherwise known to it prior to the time of such disclosure and (ii) subsequently becomes publicly known through no act
or omission by it or any Person acting on its behalf.

 

[Signature
pages follow]

 

    	 	22	 

    	 

    

 

IN
WITNESS WHEREOF, the Borrower has executed this Note as of the date first set forth above.

 

	 	GlassBridge Athlete, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
    Daniel Strauss                 
	 	Name:	Daniel
    Strauss
	 	Title:	President
	 	 	 
	 	Address for Notices:
	 	GlassBridge Athlete, LLC
	 	Attention: Chief Executive Officer
	 	411 East 57th Street, Suite 1A
	 	New York, New York 10022
	 	E-mail:
	 	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	Loeb & Loeb LLP
	 	345 Park Avenue
	 	New York, New York 10154
	 	E-mail: lrothenberg@loeb.com 
	 	Attention: Lloyd L Rothenberg, Esq.

 

[Signature
Page to Secured Promissory Note Agreement]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, for the limited purposes of Sections 4 and 5 of this Note, GlassBridge has executed this Note as of the date
first set forth above.

 

	 	GlassBridge Enterprises, Inc.,
	 	a Delaware corporation
	 	 	 
	 	By:
    	/s/
    Daniel Strauss                       
	 	Name:	Daniel
    Strauss
	 	Title:	CEO
	 	 	 
	 	Address for Notices:
	 	GlassBridge Enterprises, Inc.
	 	Attention: Chief Executive Officer
	 	411 East 57th Street, Suite 1A
	 	New York, New York 10022
	 	E-mail: dstrauss@glassbridge.com
	 	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	Loeb & Loeb LLP
	 	345 Park Avenue
	 	New York, New York 10154
	 	E-mail: lrothenberg@loeb.com 
	 	Attention: Lloyd L Rothenberg, Esq.

 

[Signature
Page to Secured Promissory Note Agreement]

 

    	 	 	 

    	 

    

 

	Agreed and accepted:	 
	 	 	 
	ORIX PTP Holdings, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By:
    	/s/
    Paul Wilson                                                      	 
	Name:	Paul
    Wilson	 
	Title:	President
    of ORIX Corporate Capital, Inc. (sole member of ORIX PTP Holdings)	 
	 	 	 
	Addresses for Notices:	 
	 	 	 
	ORIX Corporation USA	 
	1717 Main Street, Suite 1100	 
	Dallas, Texas 75201	 
	E-mail: Benjamin.Price@orix.com	 
	Attention: Benjamin Price, Assistant General Counsel	 
	 	 	 
	ORIX Corporation USA	 
	280 Park Avenue	 
	New York, NY 10017	 
	E-mail: Gregory.Raykher@orix.com	 
	Attention: Gregory Raykher	 
	 	 	 
	ORIX Corporation USA	 
	280 Park Avenue	 
	New York, NY 10017	 
	E-mail: Neil.Winward@orix.com	 
	Attention: Neil Winward	 
	 	 
	with a copy (which shall not constitute notice) to:	 
	 	 	 
	Norton Rose Fulbright US LLP	 
	1301 Avenue of the Americas	 
	New York, New York 10019	 
	E-mail: sheldon.nussbaum@nortonrosefulbright.com 	 
	Attention: Sheldon G. Nussbaum, Esq.	 

 

[Signature
Page to Secured Promissory Note Agreement]

 

    	 	 	 

    	 

    

 

Exhibit
A

 

Notice
of Borrowing

 

March
[●], 2020

 

	TO:	 	ORIX
    PTP HOLDINGS, LLC (the “Lender”)
	 	 	 
	FROM:	 	GLASSBRIDGE
    ATHLETE, LLC (the “Borrower”)
	 	 	 
	RE:	 	Borrowing
    Notice

 

Reference
is made to the Secured Promissory Note Agreement, dated as of March 17, 2020 (the “Note”), between the Borrower and
the Lender. Capitalized terms used and not defined herein shall have the meanings given to them in the Note.

 

The
Borrower hereby requests a disbursement of sixteen million Dollars ($16,000,000) pursuant to Section 2.4 of the Note and
makes the following certifications:

 

	(1)	The
    requested disbursement date (a Business Day) (i.e., the Borrowing Date) is March [  ], 2020.
	 	 
	(2)	The
    Lender shall disburse the requested disbursement to [The Sports & Entertainment Fund, L.P. c/o BNP Paribas Financial Services,
    LLC on behalf of the Borrower / the Borrower in reimbursement for amounts previously paid, other than from proceeds of Loan,
    by the Borrower to The Sports & Entertainment Fund, L.P. c/o BNP Paribas Financial Services, LLC] via wire transfer to
    the following account at:

 

		[______________________	
		______________________	
		______________________	
		______________________]	

 

	(3)	The
    Borrower certifies hereby that each condition precedent set forth in Section 3 of the Note to the requested disbursement has
    been satisfied or waived as of the date hereof and will be satisfied or waived as of the date of the requested disbursement
    set forth in paragraph (1) above.
	 	 
	(4)	The
    Borrower certifies hereby that each Basic Document, Athlete Fund Document and Swap Document delivered to the Lender pursuant
    to Section 3(c) of the Note to which any Obligor is a party is in full force and effect, has not been amended, modified or
    supplemented from the agreements delivered to the Lender pursuant to Section 3(c) of the Note without the consent of the Lender,
    and constitutes a legally valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with
    its respective terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium,
    reorganization or other similar laws affecting creditors’ rights generally and the application of general principles
    of equity.
	 	 
	(5)	The
    Borrower certifies hereby that each representation and warranty made by it in Section 4 of the Note is true and correct as
    of the Borrowing Date (unless such representation and warranty relates only to an earlier date).
	 	 
	(6)	The
    Borrower certifies hereby that it is in full compliance with all of the covenants set forth in Section 5 of the Note, from
    and after the Effective Date.
	 	 
	(7)	The
    Borrower certifies hereby that no Default or Event of Default has occurred and is continuing as of the Borrowing Date.

 

IN
WITNESS WHEREOF, the undersigned executes this Borrowing Notice on the date first set forth above.

 

	 	GlassBridge Athlete, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:
    	             
	 	Name:	 
	 	Title:	 

 

    	 	 	 

    	 

    

 

Schedule
1

 

Principal
and Interest Payment Dates

 

Note:
The table below assumes a Borrowing Date as of March 18, 2020. The table below will be updated by Lender after receiving the Borrowing
Notice and disbursing the Loan, which shall be deemed final and conclusive absent manifest error.

 

	Date	 	Capitalized Interest	 	 	Principal Repayment	 
	March 31, 2020	 	$	28,888.89	 	 	 	—	 
	June 30, 2020	 	$	202,587.35	 	 	 	—	 
	September 30, 2020	 	$	207,402.20	 	 	 	—	 
	December 31, 2020	 	$	207,769.16	 	 	 	—	 
	March 31, 2021	 	$	210,395.13	 	 	 	—	 
	June 30, 2021	 	$	213,054.29	 	 	 	—	 
	Maturity Date	 	$	189,667.74	 	 	$	17,259,764.75	 

 

    	 	 	 

    	 

    

 

Schedule
2

 

Material
Liabilities and Assets

 

Borrower:
None.

 

Athlete
Fund: None.

 

    	 	 	 

    	 

    

 

Schedule
3

 

Athlete
Fund Documents and Swap Documents

 

As
of Effective Date

 

Athlete
Fund Documents:

 

	 	i.	Third
    Amended and Restated Exempted Limited Partnership Agreement of The Sports & Entertainment Fund, L.P., dated January 31,
    2020;
	 	 	 
	 	ii.	the
    Section 9 Statement filed with the Registrar on July 28, 2014 pursuant to the Cayman ELP Law, the Section 10 Statement filed
    with the Registrar on March 23, 2016 pursuant to the Cayman ELP Law, and the Section 10 Statement filed with the Registrar
    on January 8, 2020 pursuant to the Cayman ELP Law;
	 	 	 
	 	iii.	Confidential
    Private Offering Memorandum relating to the offering of limited partnership interests of The Sports & Entertainment Fund,
    L.P. dated January 2020 (the “Memorandum”);
	 	 	 
	 	iv.	Supplement
    to the Memorandum dated January 2020;
	 	 	 
	 	v.	The
    investor subscription documents by Borrower for the Athlete Fund Interests;
	 	 	 
	 	vi.	Investment
    Management Agreement between PJW Ltd. and GlassBridge Investment Management, LLC, dated February 26, 2020, including the investment
    guidelines attached thereto; and
	 	 	 
	 	vii.	Letter
    Agreement between GlassBridge Investment Management, LLC and the Athlete Fund, dated February 26, 2020 (re: re: further limitations
    on the investment guidelines).

 

Swap
Documents:

 

	Professional
    Athlete	 	Athlete
    Company	 	Swap
    Documents
	Paul
        Jamaine (P.J.) Washington Jr.

         

        Contract
        with Hornets Basketball, LLC, a member of the National Basketball Association, dated as of July 3, 2019
	 	PJW
    Ltd., a Cayman exempted company limited by shares under the Companies Law (2018 Revision) (as amended) of the Cayman Islands	 	i.
        ISDA 2002 Master Agreement, between PJW Ltd. and the Athlete Fund, together with the Schedule thereto, each dated as of
        February 26, 2020, and the Confirmation thereto

         

        ii.
        Savings and Investment Agreement between Paul Jamaine (P.J.) Washington Jr. and PJW Ltd., dated as of February 26, 2020

         

        iii.
        Letter Agreement between PJW Ltd. and GlassBridge Enterprises Inc. dated as of February 26, 2020 (re: swap termination
        right)

         

        iv.
        Custodial Agreements between SunTrust Robinson Humphrey, Inc. and PJW Ltd.

         

        v.
        Administrative Services Agreement between BNP Paribas Financial Services, LLC and PJW Ltd. and Cash Account Agreement
        between BNP Paribas acting through its New York branch, PJW Ltd. and GlassBridge Investment Management, LLC

 

    	 	 	 

    	 

    

 

Schedule
4

 

Investment
Documents

 

Financial
Model & Projections for The Sports & Entertainment Fund, L.P. (March 12, 2020 - August 1, 2029), dated March 11, 2020

 

    	 	 	 

    	 

    

 

Schedule
5

 

Post-Closing
Deliverables

 

None.

 

    	 	 	 

    	 

    

 

Annex
1

 

Copies
of Documents

 

The
following documents annexed to this Exhibit have been omitted:

 

Amended
and Restated Memorandum and Articles of Association of PJW Ltd., a Cayman Islands Exempted Company Limited by Shares

 

Third
Amended and Restated Exempted Limited Partnership Agreement of The Sports & Entertainment Fund, L.P., a Cayman Islands exempted
limited partnership

 

The
Sports & Entertainment Fund, L.P., Amended and Restated Confidential Private Offering Memorandum relating to the offering
of Class A Interests and Paired Classes of Interests

 

The
Sports & Entertainment Fund, L.P., Supplement to Confidential Private Offering Memorandum relating to the offering of Paired
Classes of Interests

 

Investment
Management Agreement between PJW Ltd. and GlassBridge Investment Management LLC

 

Letter
Agreement, dated February 6, 2020, between GlassBridge Investment Management LLC and The Sports & Entertainment Fund, L.P.,
relating to the swap agreement between The Sports & Entertainment Fund, L.P. and PJW Ltd.

 

ISDA
2002 Master Agreement, dated February 26, 2020, between The Sports & Entertainment Fund, L.P. and PJW Ltd. (“Swap Agreement”)

 

Savings
and Investment Agreement, dated February 26, 2020, between Paul Jamaine (P.J.) Washington, Jr. (“Athlete”) and PJW
Ltd., pursuant to which PJW Ltd. shall make an upfront payment and Athlete makes periodic contributions to PJW Ltd.

 

Letter
Agreement, dated February 26, 2020, between PJW Ltd. and GlassBridge Enterprises, Inc., pursuant to which PJW Ltd. agrees to terminate
the Swap Agreement at the request of The Sports & Entertainment Fund, L.P., subject to conditions

 

Administrative
Services Agreement, dated March __, 2020, between PJW Ltd. and BNP Paribas Financial Services, LLC

 

Account
Agreement between SunTrust Robinson Humphrey and PJW Ltd.

 

Cash
Account Agreement, dated _____, 2020, between BNP Paribas Acting through Its New York branch and GlassBridge Investment Management
LLC

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