Document:

EMPLOYMENT AGREEMENT

 

This Employment
Agreement (the "Agreement"), executed and effective on July 23, 2012, by and between RICK'S CABARET INTERNATIONAL,
INC., a Texas corporation (the "Company"), and TRAVIS REESE ("Executive").

 

W I T N E S S E T H:

 

WHEREAS, Company
desires to employ Executive as provided herein; and

 

WHEREAS, Executive
desires to accept such employment.

 

NOW, THEREFORE,
for and in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.    Employment. Company
hereby employs Executive and Executive hereby accepts employment with Company upon the terms and conditions hereinafter set forth.

 

2.    Duties. Subject to
the power of the Board of Directors of Company to elect and remove officers, Executive will serve the Company as its Executive
Vice President and Chief Technology Officer and will faithfully and diligently perform the services and functions relating to such
office or otherwise reasonably incident to such office, provided that all such services and functions will be reasonable and within
Executive's area of expertise. Executive will, during the term of this Agreement (or any extension thereof), devote his full business
time, attention and skills and best efforts to the promotion of the business of Company. The foregoing will not be construed as
preventing Executive from making investments in other businesses or enterprises provided that (a) Executive agrees not to become
engaged in any other business activity that interferes with his ability to discharge his duties and responsibilities to Company
and (b) Executive does not violate any other provision of this Agreement.

 

3.    Term. Subject to
the terms and conditions hereof, the term of employment of Executive will commence as of the effective date hereof (the "Commencement
Date") and will end on that date in the year 2014, unless earlier terminated by either party pursuant to the terms hereof.
The term of this Agreement is referred to herein as the "Term."

 

	 	4.	Compensation and Benefits During the Employment Term.
	 	 	 
	 	(a)	Salary. Commencing upon the date of this Agreement, Executive will be paid an annual base salary of $230,000 for the first year of the Term and an annual base salary of $240,000 for the second year of the Term, payable bi-weekly (the "Salary"). At any time and from time to time the Salary may be increased for the remaining portion of the term if so determined by the Board of Directors of Company after a review of Executive's performance of his duties hereunder.
	 	 	 
	 	(b)	Bonus. As further compensation, Executive will be eligible for bonuses as determined from time to time by the Board of Directors.

 

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	 	(c)	Expenses. Upon submission of a detailed statement and reasonable documentation, Company will reimburse Executive in the same manner as other executive officers for all reasonable and necessary or appropriate out-of-pocket travel and other expenses incurred by Executive in rendering services required under this Agreement.
	 	 	 
	 	(d)	Benefits;  Insurance.

 

	 	(i)	Medical, Dental and Vision Benefits. During this Agreement, Executive and his dependents will be entitled to receive such group medical, dental and vision benefits as Company may provide to its other executives, provided such coverage is reasonably available, or be reimbursed if Executive is carrying his own similar insurance.
	 	 	 
	 	(ii)	Benefit Plans. The Executive will be entitled to participate in any benefit plan or program of the Company which may currently be in place or implemented in the future.
	 	 	 
	 	(iii)	Other Benefits. During the Term, Executive will be entitled to receive, in addition to and not in lieu of base salary, bonus or other compensation, such other benefits and normal perquisites as Company currently provides or such additional benefits as Company may provide for its executive officers in the future.
	 	 	 
	 	(e)	Vacation. Executive will be entitled to two weeks paid vacation each year of this Agreement.

 

	 	5.	Confidentiality and Non-Competition. 
	 	 	 

 

	 	(a)	Confidentiality. In the course of the performance of Executive's duties hereunder, Executive recognizes and acknowledges that Executive may have access to certain confidential and proprietary information of Company or any of its affiliates. Without the prior written consent of Company, Executive shall not disclose any such confidential or proprietary information to any person or firm, corporation, association, or other entity for any reason or purpose whatsoever, and shall not use such information, directly or indirectly, for Executive's own behalf or on behalf of any other party. Executive agrees and affirms that all such information is the sole property of Company and that at the termination and/or expiration of this Agreement, at Company's written request, Executive shall promptly return to Company any and all such information so requested by Company.
	 	 	 
	 	 	The provisions of this Section 5 shall not, however, prohibit Executive from disclosing to others or using in any manner information that:

 

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	 	(i)	has  been  published  or  has become part of the public domain other than by acts, omissions or fault of  Executive;
	 	 	 
	 	(ii)	has been furnished or made known to Executive by third parties (other than those acting directly or indirectly for or on behalf of Executive) as a matter of legal right without restriction on its use or disclosure;
	 	 	 
	 	(iii)	was in the possession of Executive prior to obtaining such information from Company in connection with the performance of this Agreement; or
	 	 	 
	 	(iv)	is required to be disclosed by law.

 

	 	(b)	Non-Competition. Executive agrees that he will not, for himself, on behalf of, or in conjunction with any person, firm, corporation or entity, either as principal, employee, shareholder, member, director, partner, consultant, owner or part-owner of any corporation, partnership or any other type of business entity, directly or indirectly, own, manage, operate, control, be employed by, participate in, or be connected in any manner with the ownership, management, operation, or control of any establishment which has live female nude or semi-nude entertainment or is in any business similar to or competitive with the female entertainment business presently conducted by the Company anywhere in the United States within 50 miles of any female entertainment business of the Company or any female entertainment business of the Company under construction, under contract, in development or leased by or to the Company, for a period of two years (the “Non-Compete Period”) from the termination of this Agreement. However, in the event of the termination of Executive's employment pursuant to Section 7(d) or 7(f), the Non-Compete Period shall be six months. 
	 	 	 
	 	 	Executive agrees not to hire, solicit or attempt to solicit for employment by Executive or any company to which he may be involved, either directly or indirectly, any party who is an employee or independent contractor of the Company or any entity which is affiliated with the Company, or any person who was an employee or independent contractor of the Company or any entity which is affiliated with the Company within the two year period immediately following the termination of this Agreement.
	 	 	 
	 	 	Executive acknowledges that he has carefully read and considered all provisions of this Agreement and agrees that:

 

	 	(i)	Due to the nature of the Company's business, the foregoing covenants place no greater restraint upon Executive than is reasonably necessary to protect the business and goodwill of the Company; 
	 	 	 
	 	(ii)	These covenants protect the legitimate interests of the Company and do not serve solely to limit the Company's future competition;
	 	 	 
	 	(iii)	This Agreement is not an invalid or unreasonable restraint of trade;

 

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	 	(iv)	A breach of these covenants by Executive would cause irreparable damage to the Company;
	 	 	 
	 	(v)	These covenants are reasonable in scope and are reasonably necessary to protect the Company's business and goodwill which the Company has established through its own expense and effort; and
	 	 	 
	 	(vi)	The signing of this Agreement is necessary as part of the consummation of the transactions described in the preamble.

 

6.Indemnification.
The Corporation shall to the full extent permitted by law or as set forth in the Articles of Incorporation and the Bylaws of the
Company, indemnify, defend and hold harmless Executive from and against any and all claims, demands, liabilities, damages, loses
and expenses (including reasonable attorney's fees, court costs and disbursements) arising out of the performance by him of his
duties hereunder except in the case of his willful misconduct.

 

7.Termination. This
Agreement and the employment relationship created hereby will terminate (i) upon the death or disability of Executive under section
7(a) or 7(b); (ii) with cause under Section 7(c); (iii) for good reason under Section 7(d); (iv) upon the voluntary termination
of employment by Executive under Section7(e); or without cause under Section 7(f).

 

	 	(a)	Disability. The Company shall have the right to terminate the employment of the Executive under this Agreement for disability in the event Executive suffers an injury, illness, or incapacity of such character as to substantially disable him from performing his duties without reasonable accommodation by the Company hereunder for a period of more than one hundred eighty (180) consecutive days upon the Company giving at least thirty (30) days written notice of termination.
	 	 	 
	 	(b)	Death. This Agreement will terminate on the Death of the Executive.
	 	 	 
	 	(c)	With Cause. The Company may terminate this Agreement at any time because of (i) Executive's material breach of any term of the Agreement, (ii) the determination by the Board of Directors in the exercise of its reasonable judgment that Executive has committed an act or acts constituting a felony or other crime involving moral turpitude, dishonesty or theft or fraud; or (iii) Executive's gross negligence in the performance of his duties hereunder, provided, in each case, however, that the Company shall not terminate this Agreement pursuant to this Section 7(c) unless the Company shall first have delivered to the Executive, a notice which specifically identifies such breach or misconduct and the executive shall not have cured the same within fifteen (15) days after receipt of such notice.
	 	 	 
	 	(d)	Good Reason. The Executive may terminate his employment for "Good Reason" if:

 

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	 	(i)	he is assigned, without his express written consent, any duties materially inconsistent with his positions, duties, responsibilities, or status with the Company as of the date hereof, or a change in his reporting responsibilities or titles as in effect as of the date hereof; provided, however, that Executive must provide the Company with written notice of his dispute of such re-assignment of duties or change in his reporting responsibilities under this Section 7(d)(i) and give the Company opportunity to cure such inconsistency.  If such dispute is not resolved within thirty (30) days, the Company shall submit such dispute to arbitration under Section 14.
	 	 	 
	 	(ii)	his compensation is reduced;
	 	 	 
	 	(iii)	the Company does not pay any material amount of compensation due hereunder and then fails either to pay such amount within the ten (10) day notice period required for termination hereunder or to contest in good faith such notice.  Further, if such contest is not resolved within thirty (30) days, the Company shall submit such dispute to arbitration under Section 14.

 

	 	(e)	Voluntary Termination. The Executive may terminate his employment voluntarily.
	 	 	 
	 	(f)	Without Cause. The Company may terminate this Agreement without cause.
	 	 	 
	 	8.	Obligations of Company Upon Termination.
	 	 	 
	 	(a)	In the event of the termination of Executive's employment pursuant to Section 7 (a), (b), (c) or (e), Executive will be entitled only to the compensation earned by him hereunder as of the date of such termination (plus life insurance or disability benefits if applicable and provided for pursuant to Section 4(c)).

 

	 	(b)	In the event of the termination of Executive’s employment pursuant to Section 7 (d) or (f), Executive will be entitled to receive in one lump sum payment the full remaining amount under the Term of this Agreement to which he would have been entitled had this Agreement not been terminated.

 

9.Waiver of Breach.
The waiver by any party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any
subsequent breach by any party.

 

10.Costs. If any action
at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party will be entitled to
reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which he or it may be entitled.

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11.Notices. Any notices,
consents, demands, requests, approvals and other communications to be given under this Agreement by either party to the other will
be deemed to have been duly given if given in writing and personally delivered or within two days if sent by mail, registered or
certified, postage prepaid with return receipt requested, as follows:

 

	 	If to Company:	Rick's Cabaret International, Inc.
	 	 	10959 Cutten Road
	 	 	Houston, Texas 77066
	 	 	Attention: Travis Reese, Executive Vice President
	 	 	 
	 	If to Executive:	Travis Reese
	 	 	10959 Cutten Road
	 	 	Houston, Texas 77066

 

Notices delivered
personally will be deemed communicated as of actual receipt.

 

12.Entire Agreement.
This Agreement and the agreements contemplated hereby constitute the entire agreement of the parties regarding the subject matter
hereof, and supersede all prior agreements and understanding, both written and oral, among the parties, or any of them, with respect
to the subject matter hereof.

 

13.Severability. If
any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during this
Agreement, such provision will be fully severable and this Agreement will be construed and enforced as if such illegal, invalid
or unenforceable provision never comprised a part hereof; and the remaining provisions hereof will remain in full force and effect
and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. Furthermore, in lieu
of such illegal, invalid or unenforceable provision there will be added automatically as part of this Agreement a provision as
similar in its terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.

 

14.Arbitration. If
a dispute should arise regarding this Agreement the parties agree that all claims, disputes, controversies, differences or other
matters in question arising out of this relationship shall be settled finally, completely and conclusively by arbitration in Houston,
Texas in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the "Rules"). The
governing law of this Agreement shall be the substantive law of the State of Texas, without giving effect to conflict of laws.
A decision of the arbitrator shall be final, conclusive and binding on the Company and Executive. Any arbitration held in accordance
with this paragraph shall be private and confidential and no person shall be entitled to attend the hearings except the arbitrator,
Executive, Executive's attorneys, a representative of the Company, the Company's attorneys, and advisors to or witnesses for any
party. The matters submitted to arbitration, the hearings and proceedings and the arbitration award shall be kept and maintained
in the strictest confidence by Executive and the Company and shall not be discussed, disclosed or communicated to any persons except
as may be required for the preparation of expert testimony. On request of any party, the record of the proceeding shall be sealed
and may not be disclosed except insofar, and only insofar, as may be necessary to enforce the award of the arbitrator and any judgement
enforcing an award. The prevailing party shall be entitled to recover reasonable and necessary attorneys' fees and costs from the
non-prevailing party and the determination of such fees and costs and the award thereof shall be included in the claims to be resolved
by the arbitrator hereunder.

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15.Captions. The captions
in this Agreement are for convenience of reference only and will not limit or otherwise affect any of the terms or provisions
hereof.

 

16.Gender and Number.
When the context requires, the gender of all words used herein will include the masculine, feminine and neuter and the number of
all words will include the singular and plural.

 

17.Counterparts. This
Agreement may be executed in one or more counterparts, each of which will be deemed an original and all of which will constitute
one and the same instrument, but only one of which need be produced.

 

18.Company Authorization.
The Company represents that the Board of Directors has approved this Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement on July 23, 2012, to be effective on the same date.

 

	 	COMPANY:
	 	 	 
	 	RICK'S CABARET INTERNATIONAL, INC.
	 	 	 
	 	 	 
	 	By:	     /s/ Phillip K. Marshall
	 	 	Phillip K. Marshall, Chief Financial Officer
	 	 	 
	 	 	 
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	 	 
	 	  /s/ Travis Reese
	 	Travis Reese

 

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                                                                                                                                                                      7AMENDED
AND RESTATED CO-MANAGER AGREEMENT

 

Amended and Restated Co-Manager Agreement
(the “Agreement”) made as of the 1st day of August 2012 (the “Execution Date”) by and between
Icahn Enterprises L.P. and Icahn Capital LP (collectively, the “Employer”), and Brett Icahn (the “Employee”,
and the Employee and David Schechter, each a “Co-Manager” and together the “Co-Managers”). Unless otherwise
defined herein a capitalized term used herein shall have the meaning attributed to it in Section 15 hereof.

 

RECITALS:

 

Employee and Icahn Capital LP, a subsidiary
of the Employer (“Icahn Capital”), entered into a Co-Manager Agreement on April 1, 2010 (the “Prior Agreement”).
This Agreement amends, restates, supersedes and replaces in its entirety, the Prior Agreement.

 

Icahn Capital operates Icahn Partners LP,
Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP and Icahn Partners Master Fund III LP (all of the foregoing together,
the “Existing Funds”, which term will also include any and all other hedge funds or other entities that are
Affiliates of Employer that may, from time to time, hereafter be designated as an “Existing Fund” by written notice
from Employer to Employee).

 

In connection with the execution of the
Prior Agreement, the Existing Funds established a new portfolio within the Existing Funds. That portfolio, which is currently comprised
of the investment positions listed on Schedule I attached hereto (such positions, and all other Securities issued
by any issuer of such positions, whether now owned or hereafter acquired, the “Existing Sargon Positions”), is referred
to herein as the “Old Sargon Portfolio.” The activities of the Old Sargon Portfolio were conducted under the Prior
Agreement, and will continue to be conducted under this Agreement, through the Existing Funds, but such activities will be tracked
as a separate portfolio. From the date hereof through 11:59 p.m. on March 31, 2013, all purchases, sales, hedges and other transactions
in or relating to the Existing Sargon Positions will be conducted and tracked under this Agreement solely within the Old Sargon
Portfolio.

 

In connection with the execution of this
Agreement, the Existing Funds are establishing a second portfolio within the Existing Funds. That portfolio, which will be comprised
of new investment positions to be established on or after the date hereof (the “New Sargon Positions”), is referred
to herein as the “New Sargon Portfolio.” The activities of the New Sargon Portfolio will be conducted under this Agreement,
through the Existing Funds, but such activities will be tracked as a separate portfolio. The investment scope of the New Sargon
Portfolio under this Agreement (the “New Scope of Activity”) is to invest in Securities of publicly traded companies
domiciled in the United States or Canada with (i) a class of Securities listed on either NYSE or NASDAQ and (ii) a market capitalization
of greater than $750 million and less than $10 billion (each a “Qualified Issuer”). Prior to April 1, 2013, no transactions
with respect to the Existing Sargon Positions will be conducted within the New Sargon Portfolio.

 

    	 

    	 

    

 

The Old Sargon Portfolio will continue
to be managed under this Agreement in accordance with the investment scope that governed the Old Sargon Portfolio under the Prior
Agreement: to invest in loans and securities of small capitalization publicly traded companies; being those with under $2 billion
in equity value (the “Old Scope of Activity”). The Old Scope of Activity has been incorporated into this Agreement
and will remain in effect with respect to the Old Sargon Portfolio until April 1, 2013, at which time the Existing Sargon Positions,
all proceeds thereof, and any other cash or other property in the Old Sargon Portfolio (excluding the co-investment by High River
in the Existing Sargon Positions) will be “rolled into” the New Sargon Portfolio. From and after April 1, 2013: (i)
the Old Sargon Portfolio will cease to exist as a separate portfolio; and (ii) all purchases, sales, hedges and other transactions
relating to the Existing Sargon Positions will be conducted and tracked under this Agreement solely within the New Sargon Portfolio
and will be subject to the terms applicable to the New Sargon Portfolio, provided that the Existing Sargon Positions (and any further
transactions in Securities of the issuers of the Existing Sargon Positions) will not be required to be within the New Scope of
Activity.

 

The New Sargon Portfolio and the Old Sargon
Portfolio are sometimes referred to herein collectively as “Sargon.”

 

On the date hereof, Employee and High River
Limited Partnership (“High River”) are also entering into a Co-Manager Agreement substantially similar to this Agreement
(the “High River Agreement”). Prior to April 1, 2013, no transactions with respect to the Existing Sargon Positions
will be covered by the High River Agreement.

 

NOW THEREFORE, in consideration of the
premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto,
desiring to be legally bound, hereby agree as follows:

 

1.           Termination
of Prior Relationships. Employee acknowledges and agrees that except for: (i) his right under any indemnity agreement or
indemnity obligation now existing; and (ii) the rights of Employee expressly set forth in this Agreement and the High River Agreement,
Employee has no other contracts, agreements, rights, partnership or membership interests, profit rights or participations, or claims,
against or relating to, any of the Employer or the Existing Funds of any kind or character, direct or indirect and any and all
such contracts, agreements, rights, partnership or membership interests, profit rights or participations, and claims, if any, are
hereby terminated, waived and released in all respect and are and shall be null and void and have no force or effect. In particular,
Employee is not entitled to any past or future base salary or bonus, and is not entitled to receive any salary or bonus in respect
of the services he is to provide hereunder or any other payment or compensation, other than as expressly set forth in: (a) Section
4(i) of this Agreement (including Schedule III attached hereto); and (b) Section 5 of each of this Agreement and the High
River Agreement.

 

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2.           Employment/Title/Benefits.
Subject to the terms of this Agreement, Employer (together with High River, as set forth in the High River Agreement) hereby employs
Employee to perform the duties described in Section 3(b) below, and Employee hereby accepts such employment. Employee’s title
shall be “Portfolio Manager” of Sargon. Until such time as Employee is no longer employed by Employer hereunder, so
long as Employer makes such benefits available to its senior executives, Employee shall be entitled to the following (it being
understood and agreed that the following items are stated in the aggregate and are to be provided jointly by the Employer and High
River): (i) vacation annually in accordance with the policies of the Employer; (ii) Employee (together with his spouse and eligible
children) shall be entitled to participate in the health insurance (medical, vision and dental) in which he is currently participating;
and (iii) Employee shall be entitled to participate in the Employer’s group term life insurance plan (basic life with a maximum
benefit of $100,000) (but Employee will not participate in disability coverage) ((i), (ii) and (iii), collectively, the “Benefit
Program”). Employer will pay that portion of the cost of coverage under the Benefit Program that would typically be paid
by Employee (the aggregate amount of all such payments, the “Total Benefit Payments”). The Total Benefit Payments will
be satisfied by the Employer and High River will reimburse the Employer for 20% of the cost of the Total Benefit Payments. All
such payments by Employer shall be treated as includable in Employee’s gross income.

 

3.           Term
and Duties.

 

(a)
           Term. The term of employment will begin on the
Execution Date and will end at 11:59 P.M. on July 31, 2016 unless such employment ceases earlier for any reason (see Section 8)
(whether (i) terminated for Cause; (ii) terminated without Cause; (iii) due to death or disability; (iv) due to termination of
Sargon; (v) terminated under Section 8(i) within 30 days following a Key Man Event; or (vi) by action of Employee such as resignation
or retirement). For all purposes under this Agreement “Term” shall mean the period beginning on the Execution Date
and continuing through the last day of Employee’s employment hereunder.

 

(b)
           Duties. Employee shall continue to provide to the
Icahn Group the services he has provided in the past including but not limited to: (i) providing, performing and reviewing equity,
debt, credit, transaction and investment analysis and research; and (ii) otherwise providing his expertise in connection with investment,
business and financing and investor relations activities. In addition, Employee will act as Co-Manager of Sargon, subject to and
in accordance with the terms and provisions of this Agreement. In that capacity Employee will act and be responsible as a fiduciary
to and on behalf of, Employer and the Existing Funds.

 

(c)
           Certain Positions. So long as Employee remains
employed by any member of the Icahn Group and at all times thereafter, Employee agrees that he will: (a) not resign as a director
of any public corporation on whose board he is currently serving or on which, during his employment hereunder he begins to serve
at the request of the Employer or at the request of any person or entity included in the Icahn Group, and that he will continue
to accept ongoing appointments and election to such boards for a period of 2 years following the last day of his employment by
any person or entity included in the Icahn Group; and (b) resign from any such positions within five (5) business days following
the request of Employer that he do so.

 

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4.           Sargon.

 

(a)
           Sargon Operations. With respect to the New Sargon
Portfolio, Sargon may, pursuant to this Agreement, (i) purchase or sell only Securities issued by Qualified Issuers and (ii) not
purchase (measured by aggregate purchase basis – i.e., disregarding any appreciation or depreciation) more than $240 million
of Securities of any single Qualified Issuer (for purposes of this calculation, derivatives such as options will be measured by
“notional exposure” as opposed to premium paid). With respect to the Old Sargon Portfolio, prior to April 1, 2013 (i.e.,
the date that the Old Sargon Portfolio (excluding the co-investment by High River in the Existing Sargon Positions) will be “rolled
into” the New Sargon Portfolio, at which time the Old Sargon Portfolio will cease to exist and the Existing Sargon Positions
will be managed within the New Sargon Portfolio pursuant to the foregoing sentence), Sargon may, pursuant to this Agreement, (i)
conduct transactions only with respect to the Existing Sargon Positions and (ii) not conduct any transactions with respect to the
Existing Sargon Positions unless such transactions comply with the investment parameters set forth on Schedule II
attached hereto (it being understood and agreed that such investment parameters are identical to Sections 4(b) and 4(c) of the
Prior Agreement) (the “Existing Parameters”). Sargon may not at any time during the Term have positions in more than
fifteen (15) different companies.

 

Investments that satisfy
all of the requirements set forth in the foregoing paragraph are referred to herein as “Permitted Investments.”

 

The parties understand,
acknowledge and agree that (i) except as set forth on Schedule I attached hereto, the First Profit Sharing Payment
(as defined in Section 4(i) below) shall not take into account any co-investment by High River in Existing Sargon Positions prior
to April 1, 2013 and (ii) the Second Profit Sharing Payment shall take into account any appreciation or depreciation in the market
value of the Existing Sargon Positions (excluding the co-investment by High River in the Existing Sargon Positions) only between
April 1, 2013 and the Final Date.

 

Unless the Employer
and each of the Co-Managers shall have consented in writing, except as set forth in the following paragraph and in Section 4(b)
[Decision Making] below: (a) Sargon shall not purchase or sell any Securities of an issuer the Securities of which are held
from time to time by the Employer or its Affiliates outside of Sargon (it being understood and agreed that a denial by the Employer
of any request by one or both of the Co-Managers to have Sargon purchase or sell Securities of an issuer the Securities of which
are held by the Employer or its Affiliates outside of Sargon shall not count as, or be deemed to be, an Employer New Investment
Rejection, an Employer Existing Investment Rejection, an Employer Sale Rejection or an Employer Hedge Rejection, or otherwise constitute,
contribute to, or be counted toward the determination of, a Terminating Event for purposes of this Agreement); and (b) neither
the Employer nor its Affiliates shall purchase or sell outside of Sargon any Securities of an issuer the Securities of which are
held from time to time in Sargon. For the avoidance of doubt, the Employer and its Affiliates shall not be restricted in any manner
with respect to their hedging activities (i.e., any hedging transactions, whether or not they meet the definition of a “Permitted
Hedge” and whether or not they are also being conducted within Sargon, may be conducted by the Employer and its Affiliates
outside of Sargon).

 

Notwithstanding the
foregoing or any other provisions of this Agreement (including those in Section 4(b) [Decision Making] below):

 

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(1)
           The Employer and its Affiliates shall be permitted
to conduct transactions outside of Sargon with respect to any issuer the Securities of which are held in Sargon if, but only if:
(i) on the date (x) the Employer approved the proposal by the Co-Managers for Sargon to begin purchasing Securities of such issuer
or (y) the Co-Managers approved the proposal by the Employer for Sargon to begin purchasing Securities of such issuer (in either
case, the “Approval Date”), the issuer had a market capitalization of greater than $3.5 billion; and (ii) within 90
days following the Approval Date, Sargon has not acquired at least 5% of the outstanding shares of common stock of such issuer.

 

(2)
           The phrase “Securities of an issuer the Securities
of which are held from time to time by the Employer or its Affiliates outside of Sargon” in clause (a) of the foregoing paragraph
shall be deemed to include Securities issued by any issuer (i) listed from time to time on the “watchlist” maintained
by the Chief Compliance Officer of the Employer (whether or not the Employer or its Affiliates own any position in such issuer)
or (ii) which operates in an industry in which the Employer or its Affiliates from time to time beneficially own more than 50%
of the voting stock (or have nominated more than 50% of the members of the board of directors), directly or indirectly, of an issuer
engaged, directly or indirectly, in an active operating business (as of the date hereof, such industries would include automotive
parts and services, casinos and gaming, fertilizer production, food packaging, home textiles and fashion, metal scrap processing,
petroleum refining and marketing, railcar manufacturing and servicing, telecommunications services, etc.) (i.e., Sargon may not
purchase or sell any Securities of any such issuer and a denial by the Employer of any request by one or both of the Co-Managers
to have Sargon purchase or sell any Securities of any such issuer shall not count as, or be deemed to be, an Employer New Investment
Rejection, an Employer Existing Investment Rejection, an Employer Sale Rejection or an Employer Hedge Rejection, or otherwise constitute,
contribute to, or be counted toward the determination of, a Terminating Event for purposes of this Agreement).

 

(b)
           Decision Making. Sargon will be operated by the
Co-Managers. All activities of Sargon will require the approval of both Co-Managers. All investment decisions of Sargon
will require joint written approval of both Co-Managers, given in email format to the Chief Compliance Officer of the Existing
Funds. As with all investments by the Existing Funds, the investment strategy of Sargon will be set and led by the Employer, and
each of David Schechter and Brett Icahn will continue to report to the Employer with respect to Sargon. The Employer will maintain
oversight of, and have the power and authority to direct and control the activities of, Sargon. In particular, prior to making
any purchase or sale of Securities, or taking any other action, that would result in or require any 13D filing or Hart Scott filing,
or any other filing that would disclose a position publicly, the Co-Managers are required to review that particular purchase or
sale or other event with the Employer and must obtain the Employer’s approval (which approval shall not be unreasonably withheld
by the Employer) before making any such purchase or sale or taking any such action (it being understood and agreed that the content
of any 13D filing, Hart Scott filing, other regulatory filing or any other public statement regarding any position held in Sargon
– including any press release, letter or other document that may be issued or required to be filed as an exhibit to any filing
– shall be acceptable to the Employer in its sole and absolute discretion).

 

    	5

    	 

    

 

 

Without limiting the
general provisions set forth in the preceding paragraph, the parties agree that the following more specific procedures shall govern
the decision making process during the Term.

 

At any time and from
time to time during the Term, (a) the Co-Managers may propose to the Employer investments or hedges or sales of Securities that
the Co-Managers desire Sargon to pursue (for the avoidance of doubt, each such proposal must be made jointly by both Co-Managers)
and (b) the Employer may propose to the Co-Managers investments or hedges or sales of Securities that the Employer desires Sargon
to pursue.

 

Proposals by the Employer to the Co-Managers

 

(i)
          With respect to any purchase proposed by the Employer
to the Co-Managers of Securities issued by an issuer with respect to which Sargon does not at that time have any position (i.e.,
a “new name”) (it being understood and agreed that Employer has no obligation to make any such proposals and may pursue
any such transactions outside of Sargon in its sole and absolute discretion):

 

(1)
           If, prior to the time that the Employer or its
Affiliates have purchased or sold any Securities of such issuer, (x) the Co-Managers have elected that Sargon shall purchase Securities
of such issuer and (y) Sargon has actually purchased or sold Securities of such issuer, then any purchase or sale of such issuer’s
Securities shall be conducted by Sargon (and may not be conducted by the Employer or its Affiliates outside of Sargon) and shall
be deemed to be a “Permitted Investment” (whether or not such purchase or sale or issuer meets any or all of the requirements
of such definition), and shall otherwise be subject to all of the other terms of this Agreement (including, without limitation,
Section 5 – i.e., each purchase and sale of such issuer’s Securities will be taken into account in calculating the
Second Profit Sharing Payment).

 

(2)
           If, prior to the time that (x) the Co-Managers
have elected that Sargon shall purchase Securities of such issuer and (y) Sargon has actually purchased or sold Securities of such
issuer, the Employer or its Affiliates have purchased or sold any Securities of such issuer, then any purchase or sale of such
issuer’s Securities may continue to be conducted by the Employer or its Affiliates outside of Sargon at any time and from
time to time and, for the remainder of the Term, such issuer’s Securities shall no longer be a permissible investment for
Sargon under this Agreement (for the avoidance of doubt, the Employer shall not cause Sargon to purchase or sell any of such issuer’s
Securities within Sargon without the prior written consent of the Co-Managers).

 

(ii)
        With respect to any transaction, other than a transaction
contemplated in Section 4(b)(i) above, proposed by the Employer to the Co-Managers for execution within the New Sargon Portfolio
(including (a) any purchase of Securities of an issuer with respect to which the New Sargon Portfolio does at that time have a
position (i.e., an “existing name”), (b) any hedge (which shall include the covering of any short position), and (c)
any sale of Securities held in the New Sargon Portfolio):

 

    	6

    	 

    

 

 

(1)
           If the Co-Managers elect that the New Sargon Portfolio
shall pursue such transaction, then such transaction shall be conducted by the New Sargon Portfolio and shall be deemed to be a
“Permitted Investment” or a “Permitted Hedge,” as applicable (whether or not such transaction meets any
or all of the requirements of such definitions), and shall otherwise be subject to all of the other terms of this Agreement (including,
without limitation, Section 5 – i.e., such transactions will be taken into account in calculating the Second Profit Sharing
Payment).

 

(2)
           If the Co-Managers elect that the New Sargon Portfolio
shall not pursue such transaction then the Employer agrees that (a) it shall not cause the New Sargon Portfolio to execute such
transaction and (b) the Employer and its Affiliates may not (in the case of a proposed transaction in an existing name in the New
Sargon Portfolio) execute any transaction with respect to such issuer’s Securities outside of Sargon. The Employer understands,
acknowledges and agrees that its only recourse in the event that the Co-Managers elect that the New Sargon Portfolio not pursue
any such transaction proposed by the Employer would be to terminate this Agreement (in which case the Employer would be free to
engage, or to cause Sargon to engage, in any transaction).

 

Proposals by the Co-Managers to the
Employer 

 

(iii)        With
respect to any purchase proposed by the Co-Managers to the Employer of Securities of an issuer with respect to which Sargon does
not at that time have any position (i.e., a “new name”):

 

(1)
           If the Employer elects, within one (1) business
day following receipt of such proposal, that Sargon shall purchase Securities of such issuer, then any transaction with respect
to such issuer’s Securities shall be conducted by Sargon and shall be deemed to be a “Permitted Investment” (whether
or not such transaction or issuer meets any or all of the requirements of such definition), and shall otherwise be subject to all
of the other terms of this Agreement (including, without limitation, Section 5 – i.e., each transaction with respect to such
issuer’s Securities will be taken into account in calculating the Second Profit Sharing Payment); provided, however, that
if Sargon does not purchase or sell Securities of such issuer within one (1) business day following such election, then such issuer
shall be deemed to have been abandoned by the Co-Managers (a “New Name Abandonment”) and any transaction with respect
to such issuer’s Securities may be pursued by the Employer or its Affiliates outside of Sargon pursuant to the terms of the
immediately following clause (2).

 

(2)
           If the Employer elects, within one (1) business
day following receipt of such proposal, that Sargon shall not purchase such Securities, or if the Employer does not make any election
within such 1-business day period (in either case, an “Employer New Investment Rejection” – it being understood
and agreed that the rejection by the Employer of, or the failure of the Employer to make an election with respect to, any proposed
purchase of Securities that was not a Permitted Investment shall not be deemed to be an Employer New Investment Rejection), then
(a) Sargon shall not purchase any Securities of such issuer and (b) if, but only if, the proposed investment was a Permitted Investment,
the Employer and its Affiliates may not purchase any Securities of such issuer outside of Sargon at any time during the Term, unless
(x) the Employer has first proposed to the Co-Managers that a purchase of Securities of such issuer be executed within Sargon and
(y) the Co-Managers have not, within one (1) business day following receipt of such proposal, elected that Sargon shall purchase
Securities of such issuer (i.e., it is the express understanding of the parties that the Employer shall be permitted to reject,
or purposefully fail to make an election with respect to, any proposed investment that is not a Permitted Investment and then pursue
such investment outside of Sargon). If a New Name Abandonment shall have occurred pursuant to clause (1) above, then any purchase
or sale of Securities of such issuer and its affiliates may be conducted by the Employer or its Affiliates outside of Sargon at
any time and from time to time; provided, however, that at any time prior to the first purchase of such issuer’s Securities
by the Employer or its Affiliates, the Co-Managers may again propose, in accordance with the procedures set forth in this Section
4(b)(iii), that a purchase of such issuer’s Securities be conducted within Sargon.

 

    	7

    	 

    

 

(iv)        With
respect to any purchase (which shall include for the purposes of this subsection the exercise of any options then held by Sargon)
proposed by the Co-Managers to the Employer of Securities of an issuer with respect to which Sargon does at that time have a position
(i.e., an “existing name”):

 

(1)
           If the Employer elects, within one (1) business
day following receipt of such proposal, that Sargon shall purchase such Securities, then such purchase shall be conducted by Sargon
and shall be deemed to be a “Permitted Investment” (whether or not such purchase or issuer meets any or all of the
requirements of such definition), and shall otherwise be subject to all of the other terms of this Agreement (including, without
limitation, Section 5 – i.e., such purchase will be taken into account in calculating the Second Profit Sharing Payment);
provided, however, that if Sargon does not purchase such Securities within one (1) business day following1 such election,
then such purchase shall be deemed to have been abandoned by the Co-Managers (an “Existing Name Abandonment”).

 

(2)
           If the Employer elects, within one (1) business
day following receipt of such proposal, that Sargon shall not purchase such Securities, or if the Employer does not make any election
within such 1-business day period (in either case, an “Employer Existing Investment Rejection” – it being understood
and agreed that the rejection by the Employer of, or the failure of the Employer to make an election with respect to, any proposed
purchase of Securities that was not a Permitted Investment shall not be deemed to be an Employer Existing Investment Rejection),
or if an Existing Name Abandonment shall have occurred pursuant to clause (1) above, then (a) Sargon shall not purchase such Securities
and (b) the Employer and its Affiliates may not purchase or sell any Securities of such issuer outside of Sargon.

 

(v)
         With respect to any hedge (which shall include
the covering of any short position) proposed by the Co-Managers to the Employer:

 

 

1 For purposes of this Agreement,
“one (1) business day following” means by 10:00 a.m. EST on the second (2nd) business day following the
day on which a notice is given (e.g., if a notice is given on a Monday (whether or not such Monday is a business day), then an
election could be made until 10:00 a.m. EST on Wednesday, and if such Wednesday was not a business day, then such election could
be made until 10:00 a.m. EST on Thursday).

 

    	8

    	 

    

 

 

(1)
           If the Employer elects, within one (1) business
day following receipt of such proposal, that Sargon shall pursue such hedge, then such hedge shall be conducted by Sargon and shall
be deemed to be a “Permitted Hedge” (whether or not such hedge meets any or all of the requirements of such definition),
and shall otherwise be subject to all of the other terms of this Agreement (including, without limitation, Section 5 – i.e.,
such hedge will be taken into account in calculating the Second Profit Sharing Payment); provided, however, that if Sargon does
not begin execution of such hedge within one (1) business day following such election, then such hedge shall be deemed to have
been abandoned by the Co-Managers (a “Hedge Abandonment”).

 

(2)
           If the Employer elects, within one (1) business
day following receipt of such proposal, that Sargon shall not pursue such hedge, or if the Employer does not make any election
within such 1-business day period (in either case, an “Employer Hedge Rejection” – it being understood and agreed
that the rejection by the Employer of, or the failure of the Employer to make an election with respect to, any proposed hedge that
was not a Permitted Hedge shall not be deemed to be an Employer Hedge Rejection), or if a Hedge Abandonment shall have occurred
pursuant to clause (1) above, then (a) Sargon shall not execute such hedge and (b) the Employer agrees that it shall not cause
Sargon to execute such hedge.

 

(vi)        With
respect to any sale proposed by the Co-Managers to the Employer of Securities held in Sargon:

 

(1)
           If the Employer elects, within one (1) business
day following receipt of such proposal, that Sargon shall pursue such sale of Securities, then such sale of Securities shall be
conducted by Sargon and shall be subject to all of the terms of this Agreement (including, without limitation, Section 5 –
i.e., such sale of Securities will be taken into account in calculating the Second Profit Sharing Payment); provided, however,
that if Sargon does not begin execution of such sale of Securities within one (1) business day following such election, then such
sale of Securities shall be deemed to have been abandoned by the Co-Managers (a “Sale Abandonment”).

 

(2)
           If the Employer elects, within one (1) business
day following receipt of such proposal, that Sargon shall not pursue such sale of Securities (an “Employer Sale Rejection”),
or if a Sale Abandonment shall have occurred pursuant to clause (1) above, then (a) Sargon shall not execute such sale of Securities
and (b) the Employer agrees that it shall not cause Sargon to execute such sale of Securities.

 

Consequences of Employer Rejections

 

(vii)       While
the Employer may exercise any number of (a) Employer New Investment Rejections, Employer Existing Investment Rejections and/or
Employer Sale Rejections, without limit, the fourth (4th) occurrence of any combination of the foregoing with respect
to the New Sargon Portfolio (such fourth occurrence, an “Investment Default”), unless waived by the Employee, will
constitute a Terminating Event for purposes of this Agreement, and (b) Employer Hedge Rejections, without limit, the fourth (4th)
occurrence of an Employer Hedge Rejection with respect to the New Sargon Portfolio (such fourth occurrence, a “Hedge Default”),
unless waived by the Employee, will constitute a Terminating Event for purposes of this Agreement.

 

    	9

    	 

    

 

Notwithstanding the
foregoing:

 

(1)         If
on any date during the Term (the “Trigger Date”) there is (x) $400 million or less of Invested Capital (as defined
below) and Losses (as defined below) since the Measuring Date (as defined below) exceed $80 million or (y) more than $400 million
of Invested Capital and Losses since the Measuring Date (as defined below) exceed 20% of the amount of Invested Capital, then beginning
on the Trigger Date and ending one year after the Break-Even Date (as defined below): (a) no rejection by the Employer of any investment,
sale, hedge or other transaction proposed by the Co-Managers with respect to Sargon shall count as, or be deemed to be, an Employer
New Investment Rejection, an Employer Existing Investment Rejection, an Employer Sale Rejection or an Employer Hedge Rejection,
or otherwise constitute, contribute to, or be counted toward the determination of, a Terminating Event for purposes of this Agreement;
and (b) the Employer may cause Sargon to sell some or all of any Sargon positions and/or to make additional purchases of any existing
Sargon positions and/or to increase or decrease any existing hedges (it being understood and agreed that the Employer may not cause
Sargon to purchase any new names or establish any new hedges during such period). For the avoidance of doubt, there may be multiple
Trigger Dates, Measuring Dates and Break-Even Dates during the Term.

 

The term “Invested Capital”
shall mean, on any date during the Term, the amount of Original Capital (as defined in Section 4(d) below) on a notional basis
(i.e., total exposure) that has been invested in long positions by Sargon from the Inception Date through and including such date.
The amount of Invested Capital shall not take into account: (i) any appreciation or depreciation in Sargon investments; (ii) any
cash or other proceeds realized from selling Sargon investments – i.e., Invested Capital shall be deemed to be permanently
outstanding; or (iii) the market value of the Existing Sargon Positions (or the co-investment by High River in the Existing Sargon
Positions); provided, however, that on April 1, 2013, the market value of the Existing Sargon Positions that are “rolled
into” the New Sargon Portfolio on such date (excluding the co-investment by High River in the Existing Sargon Positions)
shall be added to the amount of Invested Capital. With respect to each purchase of a long position by Sargon, all cash proceeds
previously received from the sale of Sargon long positions shall be deemed “used” to fund such purchase before any
amount of Original Capital shall be classified as “Invested Capital.” For example, assuming that (i) Sargon purchases
a $100 million long position on the Inception Date, (ii) Sargon thereafter sells a portion of that position and receives $50 million
of cash proceeds, (iii) Sargon thereafter establishes a $25 million short position, and (iv) Sargon thereafter posts $10 million
in cash to establish a $100 million long derivative position (the amount deemed “invested” being $100 million in such
case), the amount of “Invested Capital” would be $150 million (i.e., (a) the notional value of the short position and
the proceeds collected would be ignored, (b) the $50 million of sale proceeds would be deemed to have been used first to fund a
portion of the $100 derivative purchase and (c) the remaining $50 million would be deemed to have come from Original Capital).

 

    	10

    	 

    

 

 

The term “Losses” shall mean,
on any date during the Term, the aggregate amount of net realized and unrealized losses (which shall be marked to market on a daily
basis) of the Existing Funds with respect to the New Sargon Portfolio from the Measuring Date through and including such date.

 

The term “Break-Even Date”
shall mean the date on which the Existing Funds shall have recovered all Losses, without taking into account the Hurdle set forth
in Section 5 (i.e., the first date following a Trigger Date on which the amount of Losses shall be zero).

 

The term “Measuring Date” shall
initially mean the Inception Date. However, if a Trigger Date occurs, then the Measuring Date shall be the Break-Even Date.

 

(2)
           If the Employer waives the restriction in Section
4(a) above stating that Sargon may not purchase more than $240 million of Securities of any single Qualified Issuer, then, from
and after the time that more than $240 million is so purchased, the Employer may reject any investment proposed by the Co-Managers
relating to that Qualified Issuer and none of such rejections shall count as, or be deemed to be, an Employer New Investment Rejection
or an Employer Existing Investment Rejection, or otherwise constitute, contribute to, or be counted toward the determination of,
a Terminating Event for purposes of this Agreement (it being understood and agreed that rejections by the Employer of sales of
Securities or Permitted Hedges proposed by the Co-Managers with respect to such Qualified Issuer could give rise to Employer Sale
Rejections or Employer Hedge Rejections).

 

(3)
           Notwithstanding any provisions to the contrary
contained herein, the Employer and the Employee agree that, with respect to any particular issuer, if at any time there occurs
an Employer New Investment Rejection, an Employer Existing Investment Rejection, an Employer Sale Rejection or an Employer Hedge
Rejection with respect to such issuer, then following such time no rejection by the Employer of any proposal by the Co-Managers
relating to such issuer shall be deemed to be an Employer New Investment Rejection, an Employer Existing Investment Rejection,
an Employer Sale Rejection or an Employer Hedge Rejection, or otherwise constitute, contribute to, or be counted toward the determination
of, a Terminating Event for purposes of this Agreement (i.e., there can never be counted more than one Employer New Investment
Rejection, Employer Existing Investment Rejection, Employer Sale Rejection or Employer Hedge Rejection per issuer, regardless of
the actual number of such rejections).

 

(4)
           Notwithstanding any provisions to the contrary
contained herein, the Employer and the Employee agree that no rejection by the Employer of any purchase or sale of Securities proposed
by the Co-Managers that would result in Sargon having positions in more than fifteen (15) different companies shall count as, or
be deemed to be, an Employer New Investment Rejection or otherwise constitute, contribute to, or be counted toward the determination
of, a Terminating Event for purposes of this Agreement.

 

    	11

    	 

    

 

(5)
           Notwithstanding any provisions to the contrary
contained herein, the Employer and the Employee agree that no rejection by the Employer of any transaction proposed by the Co-Managers
that would result in a Legal Trigger (as defined below), either at the time of such transaction or with the passage of time or
with the giving of any notice, shall be deemed to be an Employer New Investment Rejection, an Employer Existing Investment Rejection,
an Employer Sale Rejection or an Employer Hedge Rejection, or otherwise constitute, contribute to, or be counted toward the determination
of, a Terminating Event for purposes of this Agreement.

 

The term “Legal Trigger” shall
mean any requirement that the Employer or any of its Affiliates or any issuer or third party make any filing, cross any threshold,
make any payment or repayment, issue any Securities, repurchase or offer to repurchase any Securities, accelerate the vesting of
any equity award, have any liability, or otherwise become subject to any obligation, regulation or restriction, under: (a) Regulation
13D, Section 16, Rule 144 or any other rule or regulation promulgated by the Securities and Exchange Commission; (b) any state
anti-takeover law (e.g., Section 203 of the Delaware General Corporation Law); (c) any regulation, rule, statute or other limitation
on ownership relating to a regulated industry (e.g., banking, energy, gaming, health care, insurance, liquor, telecommunications,
etc.); (d) ERISA or any rule promulgated by the PBGC; (e) Section 5881 of the Internal Revenue Code or any other rule, regulation
or statute requiring the payment of any excise tax; (f), the Hart-Scott-Rodino Act; (g) any poison pill, NOL preservation plan
or similar device; (h) any poison put provision, change of control provision, or any other similar provision under any bond indenture,
credit agreement or other document governing any indebtedness; (i) any change of control provision in any incentive compensation
plan, employment agreement, option agreement, restricted stock agreement, change of control agreement or similar plan or agreement
(e.g., golden parachute payments); or (j) any provision of any contract, plan, charter, bylaws or other document, or any federal
or state regulation, rule or statute, in either case similar to any of the foregoing.

 

(6)
           In the event that any rejection by the Employer
of a sale of Sargon Securities proposed by the Co-Managers would constitute an Employer Sale Rejection, the Employer may instead
elect to effect a Deemed Sale (as defined below), in which case (i) Sargon shall not sell such Securities and (ii) such rejection
shall not be deemed to be an Employer Sale Rejection or otherwise constitute, contribute to, or be counted toward the determination
of, a Terminating Event for purposes of this Agreement.

 

The term “Deemed Sale” shall
mean an election by the Employer, which must be communicated to the Co-Managers within 48 hours following a proposal by the Co-Managers
with respect to a sale of Sargon Securities, to have such Securities deemed “sold” to the Employer at a price equal
to either (at the option of the Employer) (i) the closing market price of such Securities on the date of the proposal (the “Proposal
Date”) or (ii) the 30-day VWAP, as calculated by Employer in a manner consistent with practices utilized by the Existing
Funds, of such Securities for the 30-day period beginning two (2) days following the Proposal Date. In the event of a Deemed Sale,
(i) such Securities will be deemed removed from either the Old Sargon Portfolio or the New Sargon Portfolio, as applicable, on
the date of the Deemed Sale (i.e., either the date of the proposal or the final day of the 30-day VWAP period) and (ii) from and
after such date, the Employer shall make available to the Old Sargon Portfolio or the New Sargon Portfolio, as applicable, an amount
in cash or cash equivalents equal to the deemed “purchase price” of such Securities (it being understood and agreed
that the foregoing provision is a mere notional calculation and that no actual “sale” for tax or other purposes shall
be deemed to have occurred as a result of such calculation).

 

    	12

    	 

    

 

(7)
           The Employer and the Employee agree that: (a) good faith
disagreements shall not be deemed to be Employer New Investment Rejections, Employer Existing Investment Rejections, Employer
Sale Rejections or Employer Hedge Rejections, or otherwise constitute, contribute to, or be counted toward the determination of,
a Terminating Event for purposes of this Agreement; and (b) a rejection by the Employer of any investment, hedge, sale or other
matter proposed by the Co-Managers that is not a bona fide proposal made in good faith by the Co-Managers to the Employer (in
this regard, any proposal made by a Co-Manager with the design, desire or purpose of eliciting a rejection from the Employer shall
be deemed not to have been made in good faith) will not count as, or be deemed to be, an Employer New Investment Rejection,
an Employer Existing Investment Rejection, an Employer Sale Rejection or an Employer Hedge Rejection, or otherwise constitute,
contribute to, or be counted toward the determination of, a Terminating Event for purposes of this Agreement.

 

Process for Documenting Proposals, Elections,
Rejections, Etc.

 

(viii)      All
decisions relating to purchases or sales of Securities, hedges, regulatory filings and any other matters concerning Sargon shall
be made in a manner consistent with the protocol that was followed with respect to the Prior Agreement as follows: (a) the Co-Managers
shall discuss the matter with a designee of the Employer (the “Employer Designee”), which, until further notice is
provided by the Employer to the Employee, shall be Carl C. Icahn, the Chairman of the Board of the Employer (the “Chairman”),
and then one of the Co-Managers shall send an email to the following people, informing them of the decision: the Chief Compliance
Officer and the General Counsel of the Employer, the executive assistant to the Chairman (currently Susan Gordon), and the other
Co-Manager; (b) no verifying emails similar to those referenced in the following paragraph shall be required; and (c) decisions
with respect to the purchase of Securities do not need to be made and communicated on a daily basis, but rather can be set as thresholds
(e.g., “approval was obtained to purchase up to $10 million or 1 million shares of common stock of XYZ Company”), it
being understood and agreed that no such approval shall be deemed to be a waiver of any provision of this Agreement (e.g., the
restriction in Section 4(a) above stating that Sargon may not purchase more than $240 million of Securities of any single Qualified
Issuer) unless such waiver is documented in accordance with the protocol set forth in the following paragraph (it being the desire
of the parties that all major decisions relating to Sargon be documented in accordance with the higher level of verification contemplated
in the following paragraph in order to avoid disputes).

 

    	13

    	 

    

 

Notwithstanding the foregoing, no “proposal,”
“election,” “rejection,” “abandonment” or other decision or notice referred to above in this
Section 4(b) (each a “Communication”) shall give rise to an Employer New Investment Rejection, an Employer Existing
Investment Rejection, an Employer Sale Rejection or an Employer Hedge Rejection (i.e., no such Communication shall constitute,
contribute to, or be counted toward the determination of, a Terminating Event for purposes of this Agreement) unless, in each
case: (1) such Communication was initially effected and documented in accordance with the protocol set forth in the immediately
preceding paragraph (including written notice from the Co-Managers to the Employer stating that failure to agree with them will,
in their view, constitute an Employer New Investment Rejection, an Employer Existing Investment Rejection, an Employer Sale Rejection
or an Employer Hedge Rejection); (2) the Employer Designee has, in response to such written notice, replied that the Employer
nonetheless does not agree with the Co-Managers; and (3) the Chief Compliance Officer or the General Counsel shall have
confirmed such Communication with the Employer Designee and sent another email to Susan Gordon (or another individual designated
by Employer) and each of the Co-Managers confirming such disagreement and the fact that it constitutes an Employer New Investment
Rejection, an Employer Existing Investment Rejection, an Employer Sale Rejection or an Employer Hedge Rejection.

 

(c)
           Staff. The Co-Managers will not hire any new staff
or enter into any third party arrangements requiring payment by Employer or the Existing Funds without the prior consent of the
Employer.

 

(d)
           Sargon Capital. For purposes of tracking cash,
profits, costs, etc. Sargon will be accounted for, hypothetically, as if it were a separate entity, and cash and Securities made
available for Sargon by the Existing Funds will be tracked as hypothetical advances made by the Existing Funds to be repaid by
Sargon, all as contemplated below in this clause (d) and in clause (e) of this Section 4. References below in this clause (d) and
in clause (e) to amounts that “Sargon will have access to”, “capital”, “funded”, “drawn
down”, “additional capital”, “made available”, “allocated”, “outstanding”
“holdings”, “investments” “paid”, “repaid”, and to “costs” “expenses”,
“trading commissions”, “hedge and leverage” and the like are all set forth for the purpose of hypothetically
tracking and accounting for such items within Sargon as if it were a separate entity. All of the matters referred to in this Section
4 will be tracked by and accounted for by Employer whose determination, calculation, allocation and treatment of all such matters,
and all other matters necessary for, or related to, the implementation of the arrangements generally described in this Section
4 will be final and binding on all parties absent manifest error.

 

Sargon will have access
to an aggregate of up to $2.4 billion of cash and Securities (the “Original Capital”) “funded” by the Existing
Funds beginning on August 1, 2012 (the “Inception Date”) through the Final Date (as defined in Section 5 below). On
the Inception Date: (i) the Existing Funds will make available to the New Sargon Portfolio an aggregate amount of “capital”
equal to the Inception Amount (as defined below), which shall be managed in accordance with the New Scope of Activity; and (ii)
the Old Sargon Portfolio shall continue to be managed in accordance with the Old Scope of Activity and limited to the Original
Capital (as contemplated in Section 4(b) of the Prior Agreement). On April 1, 2013, the Existing Sargon Positions, all proceeds
thereof, and any other cash or other property in the Old Sargon Portfolio (excluding the co-investment by High River in the Existing
Sargon Positions) will be “rolled into” the New Sargon Portfolio. From and after April 1, 2013: (i) the Old Sargon
Portfolio will cease to exist as a separate portfolio; and (ii) all purchases, sales, hedges and other transactions relating to
the Existing Sargon Positions will be conducted and tracked under this Agreement solely within the New Sargon Portfolio and will
be subject to the terms applicable to the New Sargon Portfolio, provided that the Existing Sargon Positions (and any further transactions
in Securities of the issuers of the Existing Sargon Positions) will not be required to be within the New Scope of Activity.

 

    	14

    	 

    

 

As of the
close of business on the business day immediately preceding the Inception Date, the market value of the Existing Sargon Positions
(including any cash and other property in the Old Sargon Portfolio, but net of any margin indebtedness) (excluding the co-investment
by High River in the Existing Sargon Positions) was $[        ] (the “Reference Amount”).

 

The term
“Inception Amount” shall mean $[        ], being the difference on the Inception Date between $2.4 billion and
the Reference Amount.

 

The parties understand, acknowledge and
agree that: (i) on April 1, 2013, the market value of the Existing Sargon Positions (including any cash and other property in the
Old Sargon Portfolio, but net of any margin indebtedness) that are “rolled into” the New Sargon Portfolio may be more
or less than the Reference Amount; and (ii) regardless of the market value of the Existing Sargon Positions as of April 1, 2013,
the Hurdle set forth in Section 5 below will be calculated using the sum of the Inception Amount and the Reference Amount (which
add to $2.4 billion).

 

(e)
           Sargon Hedging and Leverage/Expenses. The Old
Sargon Portfolio may “hedge” its positions with the approval of Employer, as Employer, in its sole and absolute discretion,
considers appropriate, in accordance with the Existing Parameters. The New Sargon Portfolio may “hedge” its positions
with the approval of Employer, as Employer, in its sole and absolute discretion, considers appropriate, utilizing: (i) futures
or options contracts referencing the S&P 500 Index or the Russell 2000 Index; and/or (ii) equity securities (and derivatives
referencing such equity securities) issued by Qualified Issuers. Hedging transactions: (i) must correlate to long portfolio positions
(i.e., no speculative short sales or other trading will be permitted); and (ii) will be limited to $80 million of invested capital
on any individual position or index (including the S&P 500 Index and the Russell 2000 Index). Without limiting the foregoing,
the New Sargon Portfolio may not at any time: (i) establish any position (whether long or short) having a notional value (i.e.,
total “exposure”) that exceeds the amount of cash and cash equivalents “held” in the New Sargon Portfolio
at such time; or (ii) be net short on a notional basis. If, as a result of price movements or otherwise, the New Sargon Portfolio
becomes net short on a notional basis, the Employer shall have the right from time to time to require the Co-Managers to reduce
hedges in an amount which, in the judgment of the Employer, is necessary to rectify such situation. For purposes of illustration,
if the New Sargon Portfolio has $3 billion of “capital” or “assets”: (i) $3 billion of long positions
and no short positions would be permissible; (ii) $2 billion of long positions and $1 billion of short positions would
be permissible; (iii) $1 billion of long positions and $2 billion of short positions would not be permissible; and
(iv) $4 billion of long positions and $3 billion of short positions would not be permissible. The foregoing examples assume
$3 billion of “capital” or “assets”. As the amount of “capital” or “assets” increases
and decreases, the restriction will be adjusted accordingly (e.g., if there is $5 billion of “capital” or “assets”,
the New Sargon Portfolio may not have more than $5 billion of notional exposure; and if there is $1 billion of capital, the New
Sargon Portfolio may not have more than $1 billion of notional exposure). Hedges that satisfy all of the requirements set forth
in this Section 4(e) are referred to herein as “Permitted Hedges.”

 

    	15

    	 

    

 

The Old Sargon Portfolio
may utilize margin or other types of borrowing only in accordance with the Existing Parameters. The New Sargon Portfolio may not,
without the consent of the Employer, utilize margin or any other types of borrowing; provided, however, that instruments with “embedded
leverage” (such as options and derivatives) shall be permissible and tracked on a notional basis (e.g., the cost of a call/put
option combo with the same strike price would be calculated as: net premium paid (i.e., call premium paid, minus put premium collected)
plus (quantity x strike price)). The foregoing restrictions shall not prevent the Employer or its Affiliates from obtaining margin
or other loans or otherwise using their positions (including any Securities “held” in Sargon), directly or indirectly,
as collateral for loans, all without any consent or approval of the Co-Managers.

 

No expenses (legal,
Hart-Scott, etc.) will be allocated to Sargon other than trading commissions, SEC fees relating to sales of Securities and all
costs associated with transactions in options, swaps and other derivatives (which trading commissions, SEC fees and derivatives
costs will be deemed to be “expenses” that are “paid” by, and reduce the value of Sargon and are thereby
taken into consideration for purposes of determining “Profit”) (further, the investment results of short sales, derivatives,
options, swaps, and payments thereon deemed to have occurred in Sargon, will be taken into account in determining “Profit”).

 

(f)
           Termination of Sargon by Icahn Enterprises. Employer
may, in its sole and absolute discretion, by written notice to the Chief Compliance Officer of the Existing Funds terminate Sargon
at any time and withdraw all assets deemed or treated as held therein, at which time Sargon shall, for all purposes, be deemed
to cease to exist and will no longer be deemed: (x) to be a hypothetical separate entity or portfolio; or (y) to hold, be allocated
or have access to, any assets or capital. Such termination will end the employment of Employee hereunder and the only rights of
Employee will be those accrued through the date of such termination as expressly set forth in Section 8 of this Agreement, and
Employee shall have no other rights, claims, power or privilege arising from or relating to such termination, based upon any matter,
fact or thing of any kind as character.

 

(g)
           Trade Allocation.
           Trade allocation of Sargon among the various funds in
the Existing Funds will be made as determined by Employer in its sole and absolute discretion.

 

(h)
           Continuation. In the event of the termination
or liquidation of the Existing Funds or other cessation or elimination of the limited partners (or limited partners other than
members of the Icahn Group, their employees, agents, relatives or designees) as investors in such funds (any of the foregoing
an “Elimination Event”) the Employer may, at its option, either: (i) continue to pursue any or all of the investments
that remain following such Elimination Event, in which case all of the terms and provisions of this Agreement will continue to
apply mutatis mutandis, to such remaining investments owned by Employer and its designated Affiliates, as if they
are the “Existing Funds” and in such event Sargon will continue and this Agreement will continue in full force and
effect, and Employee will continue as an employee hereunder; or (ii) Employer may exercise its rights under Section 4(f) to terminate
Sargon.

 

    	16

    	 

    

 

(i)
           Investment by Employee. Within 60 days following
March 31, 2013, the Profit Sharing Payment due with respect to the Old Sargon Portfolio (which shall, except as set forth on Schedule
I attached hereto, be calculated as of 11:59 p.m. on March 31, 2013 in the same manner that was contemplated under Section
5 of the Prior Agreement, which is reproduced for convenience on Schedule III attached hereto) (the “First
Profit Sharing Payment”) (net of amounts necessary to satisfy all applicable federal, state and city income taxes of Employee
payable thereon) will be paid to the Employee and deposited into an escrow account in the name of the Employee (the “Escrow
Account”). The funds in the Escrow Account (i) will be administered in accordance with an escrow agreement substantially
in the form attached hereto as Exhibit 1, among the Employee, the Employer and an escrow agent reasonably acceptable
to both of them, (ii) will be invested only in U.S. Treasury money market funds (the “Approved Funds”), (iii) will,
except as provided in Section 8(c) below, earn a hypothetical return (which the Employee acknowledges and agrees may be positive
or negative) as if such funds were invested by the Employee in Sargon on the date of deposit into the Escrow Account – i.e.,
such hypothetical return will be equal to the actual net rate of return earned by the Employer from Sargon, taking into account
the Hurdle and the payment of the Second Profit Sharing Payment,2 during such period (the “Hypothetical Return”)
(the Hypothetical Return will not include any interest or other income relating to the Approved Funds (“Income”)),
(iv) will, except as provided in Section 8(c) below, be released (in an amount equal to the original amount deposited, plus or
minus the amount of the Hypothetical Return, but excluding any Income (such amount, the “Escrowed Amount”)) to the
Employee at the time that the Second Profit Sharing Payment (as defined in Section 5 below) becomes due under this Agreement (or,
if this Agreement is terminated without any Second Profit Sharing Payment becoming due, at the time of such termination), (v)
may not be withdrawn by the Employee, in whole or in part, during the Term, and (vi) may not be pledged, directly or indirectly,
by the Employee or the Employer as collateral for any loan. For the avoidance of doubt: (a) any Income shall be the property of
the Employer; (b) the Employer shall be responsible for all applicable taxes relating to any Income; (c) any Income may be withdrawn
by the Employer at any time or from time to time, in its sole and absolute discretion; (d) from and after 12:00 a.m. on April
1, 2013, the First Profit Sharing Payment shall be the property of the Employee (subject to the restrictions set forth in the
Escrow Agreement), whether or not such funds have yet to be deposited into the Escrow Account (such that, for example, if the
Employee’s employment hereunder were to be terminated without Cause prior to such deposit, the Employee would still be entitled
to receive the First Profit Sharing Payment); and (e) notwithstanding the definition of “Escrowed Amount” set forth
in Section 4(b)(i)(iv) above, if the Employee’s employment hereunder is terminated without Cause prior to 11:59 p.m. on
March 31, 2013, the term “Escrowed Amount” shall mean the Profit Sharing Payment due with respect to the Old Sargon
Portfolio (which shall be calculated as of the time of such termination in the same manner that was contemplated under Section
5 of the Prior Agreement), without taking into account any Hypothetical Return (which amount shall not be deposited into the Escrow
Account but rather delivered to the Employee in the same manner that was contemplated under Section 5 of the Prior Agreement).

 

 

2 The parties agree that the
following illustrative examples shall govern the calculation of the Hypothetical Return (assuming a 1-year Term for simplicity):
(i) If the New Sargon Portfolio achieves a 10% gross return on $3 billion of capital for $300 million of profit, the Hurdle would
be $120 million and the Second Profit Sharing Payment due to the Co-Managers collectively from the Employer and High River would
be 15% of $180 million, or $27 million – so the Hypothetical Return that would be applied to the escrowed funds would be:
($300 million - $120 million - $27 million = $153 million) / $3 billion = 5.1% (i.e., if the escrowed funds were $5 million, such
amount would be increased by $255,000); (ii) if Sargon achieves a 4% gross return, no Second Profit Sharing Payment would be due
and the Hypothetical Return would be flat (i.e., the $5 million of escrowed funds would not be increased or decreased); (iii) if
Sargon achieves a 0% gross return, no Second Profit Sharing Payment would be due and the Hypothetical Return would be negative
4.0% (i.e., the $5 million of escrowed funds would be reduced by $200,000 to $4.8 million); and (iv) if Sargon achieves a 10% loss,
no Second Profit Sharing Payment would be due and the Hypothetical Return would be negative 14.0% (i.e., the $5 million of escrowed
funds would be reduced by $700,000 to $4.3 million).

 

    	17

    	 

    

 

5.
            Profit Sharing. Subject to the terms and
provisions of this Agreement, except in the event of the earlier termination of this Agreement by the Employer under Section 8(i)
within 30 days following a Key Man Event, as of the date (the “Final Date”) which is the earlier of: (i) the date of
the occurrence of a Terminating Event or (ii) if Employee continues to be employed hereunder through 11:59 p.m. on July 31, 2016,
then at 11:59 p.m. on July 31, 2016, Employee will be entitled to receive from Employer a one-time cash payment (the “Second
Profit Sharing Payment”) to be paid 60 days following the Final Date, equal to 7.5% of the Profit (as defined below), minus
the Total Benefit Payments.

 

For the avoidance of doubt, Employee and
the Employer understand that pursuant to Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and
other guidance thereunder (together, “Code Section 409A”), payment of the Second Profit Sharing Payment will be treated
as made upon the 60th day following the Final Date if the payment is made at such date or at a later date within the
same taxable year of Employee or, if later, by the 15th day of the third calendar month following the 60th
day following the Final Date, provided however that Employee shall not be permitted, directly or indirectly, to designate
the taxable year of the payment.

 

“Profit”
shall equal the amount, if any, by which the Gain (as defined below) exceeds the Hurdle (as defined below).

 

The term
“Gain” shall mean the amount, if any, by which the market value, as calculated by Employer in a manner consistent with
practices utilized by the Existing Funds, of the New Sargon Portfolio (i.e., including all Securities and cash) on the Final Date
exceeds the sum of (i) the Inception Amount plus (ii) the market value of the Existing Sargon Positions (excluding the co-investment
by High River in the Existing Sargon Positions) as of 11:59 p.m. on March 31, 2013. Notwithstanding the foregoing, if the
Terminating Event giving rise to such calculation is either an Investment Default or a Hedge Default, then the term “Gain”
shall mean the amount, if any, by which the 90-day VWAP, as calculated by Employer in a manner consistent with practices utilized
by the Existing Funds, of the New Sargon Portfolio (i.e., including all Securities and cash) for the 90-day period immediately
following the Final Date exceeds the sum of (i) the Inception Amount plus (ii) the market value of the Existing Sargon Positions
(excluding the co-investment by High River in the Existing Sargon Positions) as of 11:59 p.m. on March 31, 2013.

 

    	18

    	 

    

 

The term
“Hurdle” shall mean an amount equal to the sum of (i) a return on the Inception Amount from the Inception Date until
the Final Date, at a compounded annual rate of 4% per annum, plus (ii) a return on the Reference Amount from April 1, 2013 until
the Final Date, at a compounded annual rate of 4% per annum.

 

The parties agree that the “Profit”,
the “Gain” and the “Hurdle” will be calculated in accordance with the hypothetical examples attached hereto
as Schedule IV.

 

For all purposes, including the calculation
of “Profit”, if Employer or its Affiliates obtain beneficial ownership of 90% or more of the equity, whether through
tender offer, merger or otherwise, of any company that is an investment in Sargon, or if (as a result of actions taken by Employer
or its Affiliates) the Securities of such entity cease to be listed on an exchange or traded on a public market, then Sargon will
be deemed to have disposed of such equity investment at the last price paid by the Employer or its Affiliates for such security
to the public, with the proceeds thereof derived by Sargon, with the same effect as if such equity investment had been sold by
Sargon, and such equity investment shall cease to be part of, or to be included in, Sargon. In addition, at any time that Employer
and its Affiliates have beneficial ownership of Securities providing greater than 50% of the voting power of any entity, the Employer
may at any time, in its discretion, by written notice to the Chief Compliance Officer of the Existing Funds (each such notice,
a “Transfer Election Notice”), cause such Securities (including any portion thereof attributable to Sargon) to be transferred
to an Affiliate of Employer, in which event Employer will have the right to elect and shall elect in any such Transfer Election
Notice, either: (i) that the portion of such Securities attributable to Sargon prior to such transfer will continue to be treated
for all purposes of this Agreement as investments in Sargon; or (ii) that the portion of such Securities attributable to Sargon
prior to such transfer shall be deemed to have been sold, and shall cease to be part of Sargon for all purposes, and in the event
that the election contemplated in this clause (ii) is made, then Sargon shall be deemed for all purposes to have sold such Securities
in the market for an amount equal to the market value of such investment, as calculated by Employer in a manner consistent with
the practices utilized by the Existing Funds, and in the event of a Transfer Election Notice, the election specified in clause
(i) or (ii), as applicable, shall be implemented for all purposes of this Agreement.

 

The Co-Managers are
not entitled to any payment or benefits on any profit, investment, position or transaction, that is made or occurs, or that is
deemed to have been made or to have occurred, outside Sargon, and only investments that are allocated to Sargon by Employer in
accordance with the terms of this Agreement shall be utilized for purposes of determining “Profit”.

 

    	19

    	 

    

 

6.           Track
Record.

 

(a)          Creation
of Track Record.     After: (x) the Final Date (except as set forth Section 6(b) and subject to the terms of Sections 6(c) and
(d) and 7 below), if any; or (y) a termination of the employment of Employee by the Employer under Section 8(i) within 30 days
following a Key Man Event, if any; the Employee will have the right to: (i) disclose the track record generated by Sargon (the
“Track Record”) only to market a Permitted Fund (as defined below); and (ii) to discuss activities related to Sargon
investment positions (if, and only if, those positions have been publicly disclosed but are not still held by the Existing Funds
or their Affiliates on the Final Date) in order to market a Permitted Fund (the matters contemplated in clauses (i) and (ii), collectively,
the “Covered Matters”). Either Co-Manager may request that a reputable third party provide an audit or attestation
report of the Track Record, whose fees shall be paid by the owners of any new management company that seeks to market off such
Track Record.

 

(b)         Limitations
on Use.            Anything
herein to the contrary notwithstanding, Employee will not, and will not have any right or license to, use, employ, publish, market
with, disclose or discuss, and is and will be prohibited from, using, employing, publishing, marking with, disclosing or discussing
the Covered Matters: (i) if his employment is terminated for Cause, or if he resigns other than by Permitted Resignation; or (ii)
at any time after such Employee becomes an employee, owner, director, advisor or consultant to an Investment Fund or Management
Company, or an Affiliate of an Investment Fund or Management Company, other than a vehicle owned (subject to Section 7) and controlled
by such Employee; it being the intent of the parties that if the Employee is to use the Track Record he must do so only
as his first business activity upon leaving the employ of Employer for the purpose of setting up his own new hedge fund (a “Permitted
Fund”) using the Track Record to market that Permitted Fund.

 

(c)         Limited
License.            The
Employee recognizes, acknowledges, and agrees that the Track Record is and shall be, for all purposes, the sole and exclusive property
of Employer and the Icahn Group, and that any ability of Employee to disclose or discuss the Track Record and any other Covered
Matters constitutes a non-exclusive, non-transferable, royalty-free license to do so solely in accordance with the terms of Section
6 and 7 of this Agreement and subject to the terms of and conditions set forth in this Agreement.

 

(d)         Employer
Review.            Employee
agrees that any specific use or disclosure of the Covered Matters, both with respect to format and with respect to content, will
require the prior written consent of Employer, which will not be unreasonably withheld or delayed. Employee will provide to Employer,
at least 20 days prior to any such use or disclosure: (i) a copy of any written disclosure; and (ii) a general script of any oral
disclosure so as to provide a generalized understanding of the material to be presented orally, it being understood by Employer
that such oral communication will involve discussion and reply to questions that cannot be precisely scripted.

 

7.           Participation
in Management Co.   Subject in all respects to Sections 7(k), 7(l) and 7(m) below: 

 

    	20

    	 

    

 

(a)
        Icahn Enterprises Participation.            In
consideration of the agreements of Employer set forth in this Agreement, Employee hereby grants to Icahn Enterprises LP and its
subsidiaries (“Icahn Enterprises”) the irrevocable right and option: (i) to acquire any amount or amounts of limited
partnership interests (or equivalent interests) in any Investment Funds with which the Employee is or becomes Associated or Affiliated
(such amounts to be determined by Icahn Enterprises, and which may be invested from time to time in one or more of such Investment
Funds) and (ii) to become the owner, (without contributing any capital (other than, at the
option of Icahn Enterprises, an amount of capital necessary to assure its status as a partner for income tax purposes) to any general
partner or other managing entities or any other Person), of the Section 7 Percentage of any and all Management Companies formed
by, or otherwise in any way related to or associated with, Employee, his Affiliates or Associates, in any capacity, directly indirectly,
whether as an individual, investor, stockholder, partner, owner, equity owner, lender, agent, trustee, consultant, employee, advisor,
manager, franchisee (or in any other relationship or capacity). The parties understand and agree that in Section 7 of the High
River Agreement, High River has been granted a right of participation similar to those granted to Employer under this Section 7.

 

For the avoidance of doubt, it is the intention
of the parties that: (i) if both the Employee and the other Co-Manager have formed, or are or become Associated or Affiliated with,
the First Bona Fide Fund, then the aggregate investment by Icahn Enterprises and High River in such First Bona Fide Fund in order
to retain the aggregate 15% Section 7 Percentage (allocated between Icahn Enterprises and High River as contemplated herein) is
$20 million in the aggregate; and (ii) if the Employee but not the other Co-Manager has formed, or is or becomes Associated or
Affiliated with, the First Bona Fide Fund, then the aggregate investment by Icahn Enterprises and High River in such First Bona
Fide Fund in order to retain the aggregate 15% Section 7 Percentage (allocated between Icahn Enterprises and High River as contemplated
herein) is $10 million in the aggregate; the intention of the parties being that: (a) if the Employee and the other Co-Manager
form the First Bona Fide Fund together, then Icahn Enterprises and High River would be entitled to own and retain, if they make
an aggregate $20 million investment in the First Bona Fide Fund, aggregate 15% participations (allocated between Icahn Enterprises
and High River as contemplated herein) in the Management Companies relating to the First Bona Fide Fund, aggregate 15% participations
(allocated between Icahn Enterprises and High River as contemplated herein) in any and all other Management Companies formed by,
or otherwise in any way related to or associated with, Employee, and aggregate 15% participations (allocated between Icahn Enterprises
and High River as contemplated herein) in any and all other Management Companies formed by, or otherwise in any way related to
or associated with, the other Co-Manager; (b) if the Employee but not the other Co-Manager forms the First Bona Fide Fund (and
the other Co-Manager never forms a First Bona Fide Fund), then Icahn Enterprises and High River would be entitled to own and retain,
if they make an aggregate $10 million investment in that First Bona Fide Fund, aggregate 15% participations (allocated between
Icahn Enterprises and High River as contemplated herein) in the Management Companies relating to the First Bona Fide Fund, and
aggregate 15% participations (allocated between Icahn Enterprises and High River as contemplated herein) in any and all other Management
Companies formed by, or otherwise in any way related to or associated with, Employee; and (c) if the Employee and the other Co-Manager
each form a separate First Bona Fide Fund, then Icahn Enterprises and High River would be entitled to obtain, for an aggregate
$10 million investment in each First Bona Fide Fund, aggregate 15% participations (allocated between Icahn Enterprises and High
River as contemplated herein) in the Management Companies relating to each First Bona Fide Fund, aggregate 15% participations (allocated
between Icahn Enterprises and High River as contemplated herein) in any and all other Management Companies formed by, or otherwise
in any way related to or associated with, Employee, and aggregate 15% participations (allocated between Icahn Enterprises and High
River as contemplated herein) in any and all other Management Companies formed by, or otherwise in any way related to or associated
with, the other Co-Manager.

 

    	21

    	 

    

 

The interests in Management Companies contemplated
above will apply proportionally to Icahn Enterprises and High River based upon their respective participations as contemplated
in this Agreement, including Section 7(l), and the aggregate percentage participations may change from 15% to 10% or zero in accordance
with Section 7(l) and this Agreement, in the aggregate for Icahn Enterprises and High River, and from 85% to 90% or 100%, for the
Employee (and/or Employee and the other Co-Manager, if they both have interests in such Management Companies).

 

Without limiting the foregoing, the Employee
understands, acknowledges and agrees that: (i) Icahn Enterprises may acquire, from time to time, limited partnership or equivalent
interests in any Investment Funds with which the Employee is or becomes Associated or Affiliated; (ii) the timing and amounts
of any such investments shall be determined by Icahn Enterprises; and (iii) unless Icahn Enterprises and High River (allocated
between Icahn Enterprises and High River as contemplated in this Agreement and) fails to invest in the aggregate at least one
of either: (x) the High Funding Amount; or (y) the Minimum Funding Amount, in the First Bona Fide Fund as contemplated in this
Agreement then Icahn Enterprises shall (A) have a Section 7 Percentage participation in each of the Management Companies formed
by, or otherwise in any way related to or associated with, Employee, his Affiliates or Associates (whether such Management Companies
were formed before, contemporaneously with, or after the investments by Icahn Enterprises in the First Bona Fide Fund), and (B)
continue to have a Section 7 Percentage participation in each of the Management Companies formed at any time by, or otherwise
in any way and at any time related to or associated with, Employee, his Affiliates or Associates (whether such Management Companies
were formed before, contemporaneously with, or after the investments by Icahn Enterprises in the First Bona Fide Fund), in perpetuity,
without having to make any further investments in any Investment Funds then existing or formed thereafter. In no event will the
aggregate High Funding Amount for Icahn Enterprises and High River for all First Bona Fide funds exceed $20 million. In
no event will the aggregate Minimum Funding Amount for Icahn Enterprises and High River for all First Bona Fide Funds,
exceed $10 million.

 

(i)
        Icahn Enterprises will be the owner, without contributing any capital
to any general partner or other managing entities relating to such Investment Funds, of the Section 7 Percentage of all Management
Companies relating to such Investment Funds (for the avoidance of doubt, Icahn Enterprises’ participation will remain at
the Section 7 Percentage, regardless of the fact that Icahn Enterprises will not contribute any capital, either at the time of
formation of the Management Companies or at any time in the future, whether or not the Employee or any other persons or entities
contribute additional capital);

 

(ii)
        as the owner of a Section 7 Percentage of the Management Companies,
Icahn Enterprises will have the right to the Section 7 Percentage in perpetuity of any Fee and Incentive Payments derived by any
and all such Management Companies, and Employee (and/or Employee and the other Co-Manager, if they both have interests in such
Management Companies) will initially have the right to the balance of any Fee and Incentive Payments derived by any and all such
Management Companies in excess of the Section 7 Percentages of Icahn Enterprises and High River;

 

    	22

    	 

    

 

(iii)        if
in the future other persons or entities are granted or purchase equity or other ownership interests in the Management Companies
or participation interests in any Fee or Incentive Payments derived by any or all of such Management Companies, then Icahn Enterprises’
Section 7 Percentage participation will remain at the Section 7 Percentage and the percentage interest of the Employee (and/or
the Employee and the other Co-Manager, if they both have interests in such Management Companies, or transferees of his or their
interest) shall be reduced;

 

(iv)        Icahn
Enterprises’ capital accounts relating to its investment in limited partnership interests in the Investment Funds will be
reduced, on a pro rata basis with, and in the same manner that is applicable to, all other limited partners in the Investment Funds,
as a result of the payment of expenses by the Investment Funds (such as trading commissions and other costs associated with making
investments that are commonly paid by Investment Funds, as opposed to Management Companies);

 

(v)
        for the avoidance of doubt, Icahn Enterprises’ participation will
be equal to the Section 7 Percentage of the gross Fee and the Section 7 Percentage of the gross Incentive Payments
derived by any and all such Management Companies – i.e., any expenses or costs of forming and operating the Management Companies
(including but not limited to legal, accounting, filing fees, salaries, bonuses, compensation, benefits, and “phantom”
participations in any Fee or Incentive Payments derived by the Management Companies, etc.) will not reduce Icahn Enterprises’
Section 7 Percentage participation or payments in respect of such Section 7 Percentage (nor will any such expenses or costs be
charged to the capital accounts of Icahn Enterprises relating to its Section 7 Percentage interest) but will only dilute and reduce
the interests of the Employee and any other owners of the Management Companies (i.e., all such expenses and costs shall be “paid”
by the Employee and such other owners and not by Icahn Enterprises);

 

(vi)
       such Section 7 Percentage participation of Icahn Enterprises will
not be a mere economic interest, but will be represented by irrevocable equity interest (stock, partnership interests, membership
interests, or the like) in a business vehicle that will be entitled to receive the Fee and Incentive Payments and will include
board membership on such Management Companies equal to the Section 7 Percentage of the board, but at least one board member;

 

(vii)
       Icahn Enterprises’ Section 7 Percentage participation will not be
subject to dilution, directly or indirectly, including any economic or equity dilution resulting from any ownership, payment,
obligation or other activity of any subsidiary, and whether due to stock issuances, capital contributions or otherwise;

 

    	23

    	 

    

 

(viii)
      in the event that any person or entity, other than the Employee,
Affiliates of the Employee, members of the Employee’s family, and employees of the Management Companies (a “Third Party”),
that invests or proposes to invest in limited partnership interests in the Investment Funds at any time receives or is offered
terms that are more favorable than either (a) the terms set forth in this Section 7 or (b) the terms that are then applicable to
Icahn Enterprises’ limited partnership investment (including, but not limited to, reduced management fees or incentive allocation,
shorter lock-up period, greater transparency, co-investment rights, larger percentage participation in the Management Companies,
etc.), the Employee shall provide prompt written notice thereof to Icahn Enterprises and Icahn Enterprises shall have the right
to elect to receive such more favorable terms, and if capacity constraints or other factors allow for only Icahn Enterprises or
such Third Party (but not both) to invest in the Investment Funds, then only Icahn Enterprises shall be permitted to invest; provided,
however, that if such Third Party is required to invest a certain amount of capital in order to obtain such more favorable terms
(the “Required Investment”), then if, but only if, the Employee has demonstrated to the satisfaction of Icahn Enterprises
that the Third Party (a) has the financial wherewithal to make the Required Investment and (b) was ready, willing and able to make
the Required Investment, Icahn Enterprises must make the Required Investment in order to obtain such more favorable terms; and

 

(ix)
        Notwithstanding any provisions to the contrary contained in this
Section 7, if (i) the Employee has not formed or become Affiliated or Associated with any Investment Funds or Management Companies
or (ii) each of the Investment Funds and Management Companies that the Employee has formed or with which he is or has become Affiliated
or Associated have been terminated and liquidated, and the Employee seeks to obtain passive employment with a Management Company,
and not as an owner of a business (other than such ownership interest as is typically provided to incentivize employees of Management
Companies, but in any event not greater than a 1% participation in such Management Company), then such employer of the Employee
will not be deemed a “Management Company” for purposes of this Section 7 and Icahn Enterprises shall not be entitled,
by virtue of this Section 7, to (a) obtain a participation in such Management Company or (b) invest in Investment Funds managed
by such Management Company.

 

(b)
        Access To Records.
        Icahn Enterprises and its designated representatives will have, and
Employee and the Management Companies will provide, access to the books and records (including, but not limited to all financial
information reflecting all Fees and Incentive Payment, and all payments to Employee, his Affiliates and Associates) of the Management
Companies within 10 days following any request to Employee for access to such information; provided that only one such request
maybe made in any six (6) calendar month period. Icahn Enterprises will be solely responsible for its expenses incurred in accessing
and reviewing any such information. Notwithstanding the foregoing, Icahn Enterprises will be provided with copies of all audited
annual and interim financial statements of the Management Companies within 10 days following receipt of the same by the Employee
or his Affiliates.

 

(c)
        Definitive Documents.       In
connection with the formation of any Management Companies that will be entitled to receive Fees and Incentive Payments, and as
a condition of using the Track Record, all related documents reflecting the terms thereof (the “Definitive Documents”)
shall be reasonably acceptable to Icahn Enterprises and shall be consistent with the terms of Sections 6 and 7, and shall fully
create, issue, reflect and protect, the rights, interests, powers and privileges of Icahn Enterprises as contemplated in Sections
6 and 7 of this Agreement, all of which will be set out in full in the Definitive Documents with such additional terms and provisions
as are appropriate to implement and protect the rights, interests, powers and privileges of Icahn Enterprises contemplated in
Sections 6 and 7, all in form and content reasonably acceptable to Icahn Enterprises. The Fee and Incentive Payments generated
by any applicable Investment Fund will be payable solely to the Management Company and not in any manner that would avoid or minimize
the amounts payable to Icahn Enterprises.

 

    	24

    	 

    

 

(d)
        Notice.         As
Icahn Enterprises has the right, but not the obligation, to acquire a participation (subject to Section 7(l) below) in the Management
Companies, Icahn Enterprises must give a definitive response to the Employee, within one month of the Employee notifying Icahn
Enterprises of all relevant details (including full responses to all requests for further information made by Icahn Enterprises
and copies of all documents) of its intent to participate therein, subject to the satisfaction of Icahn Enterprises with all Definitive
Documents.

 

(e)          Other
Companies. Following a Covered Marketing Event the Section 7 Percentage participation of Icahn Enterprises in Fees and Incentive
Payments (and all the terms of this Section 7) will apply not only to the Management Companies entitled to receive such Fees and
Incentive Payments related to that initial fund, but will also apply to any successor or other vehicle (or the Employee’s
participation therein) for new or additional Investment Funds and all Management Companies related to or associated with the Employee
in any capacity, whether or not the Track Record or Covered Matters is used to market any such Investment Fund.

 

(f)         Leakage.          The Employee, his Affiliates
and Associates, will not receive directly or indirectly any salary, directors fees or other compensation or value from the
activities of the Management Companies or the applicable Investment Funds, directly or indirectly, through subsidiaries or
otherwise, other than: (i) by virtue of his ownership interest in the balance of Management Company in excess of the
Section 7 Percentages of Icahn Enterprises and High River; and (ii) a return on his invested capital pro-rata to other
investors in any such Investment Fund (but not subject to management fees or incentive allocations or the like).

 

(g)
       Tag Along.         Icahn
Enterprises will have “tag-along” rights on any sale of any interest in the Management Company by Employee, his Affiliates
and Associates. Any transferee of the Employee will become a party to the Definitive Agreements for the benefit of Icahn Enterprises
and its transferees.

 

(h)
        Distributions.         All
money withdrawn from Management Companies will be paid in a proportion equal to the Section 7 Percentages of each of Icahn Enterprises
and High River, (or their respective transferees of their interest) and the balance to the Employee (and/or the Employee and the
other Co-Manager, if they both have interests in such Management Companies, or transferees of his or their interest).

 

(i)
        Management.
        From and after the occurrence of a Covered Marketing Event: (x) the
Employee may not manage any third party capital outside of the Management Company and its subsidiaries, nor may the Employee own
any shares in any of its subsidiaries directly or indirectly (other than through its indirect interest in the Management Company);
and (y) the Employee may not own any interest in any entity that manages third party capital other than such ownership as may
exist as a result of the ownership that the Management Companies or its subsidiaries may have therein, in the case of each of
(x) and (y) other than through Management Companies in which the full rights and Section 7 Percentage participation of Icahn Enterprises,
as contemplated in Sections 6 and 7 hereof, are provided for in Definitive Documents.

 

    	25

    	 

    

 

(j)       
  Proprietorship.         All
of the foregoing will also apply if the Employee operates without an entity as a Management Company, but instead operates
simply as an individual or sole proprietor.

 

(k)
        Necessity of a Covered Marking Event.
        Icahn Enterprises’ Section 7 Percentage
participation, and all of the provisions of this Section 7, will only be applicable if a Covered Marketing Event occurs and any
transaction that includes a Covered Marketing Event must itself comply with the terms of this Section 7.

 

(l)        
 Level of Icahn Enterprises’ Participation.         The
Section 7 Percentage participation of each of Icahn Enterprises and High River will be determined in accordance with the
following:

 

		a.	Icahn Enterprises and High River will each have the right to collectively invest any amount as
limited partners into Investment Funds managed by the Management Companies.

 

		b.	If Icahn Enterprises and High River do not fail to collectively invest at least $20 million as
limited partners into the First Bona Fide Fund, the aggregate Section 7 Percentages of Icahn Enterprises and High River in the
Management Companies will be 15%, to be allocated (subject to clause e. below) pro rata to their investment. For purposes of illustration,
if $20 million is collectively invested in 80/20 ratio, a 12% participation in the Management Companies will be allocated to Icahn
Enterprises and a 3% participation in the Management Companies will be allocated to High River. However, if $150 million is invested
by Icahn Enterprises in accordance with clause e. below prior to any investment by High River, and $100 million is invested by
High River, then a 15% participation in the Management Companies will be allocated to Icahn Enterprises and 0% will be allocated
to High River.

 

		c.	If Icahn Enterprises and High River collectively invest at least $10 million (but less than $20
million) as limited partners into the First Bona Fide Fund, the aggregate Section 7 Percentage participation of Icahn Enterprises
and High River in the Management Companies will be 10%, to be allocated pro rata to their investment (allocated 8% to Icahn Enterprises
and 2% to High River, assuming for purposes of illustration the same 80/20 investment ratio).

 

		d.	If Icahn Enterprises and High River collectively invest less than $10 million as limited partners
into Investment Funds managed by the Management Companies, the Section 7 Percentages of each of Icahn Enterprises and High River
in the Management Companies will be zero.

 

    	26

    	 

    

 

 

		e.	Notwithstanding any provisions to the contrary contained above in this Section 7, while Icahn Enterprises
and High River may each invest any amount as limited partners into Investment Funds managed by the Management Companies: (i) Icahn
Enterprises shall have the right to obtain the full Section 7 Percentage (the full 15% participation referred to above) by investing
at least $20 million into a First Bona Fide Fund and in such event the Section 7 Percentage of High River will be zero; and (ii)
if, but only if, Icahn Enterprises invests less than $20 million into the First Bona Fide Fund, then High River shall have the
right to obtain a percentage participation that is commensurate with its investment (for example: (x) if Icahn Enterprises invests
$15 million, then High River shall have the right to invest $5 million to receive a 3.75% participation and (y) if Icahn Enterprises
invests $10 million, then High River shall have the right to invest $10 million to receive a 7.50% participation). Employee will
provide written notice to High River on the first business day following any investment by Icahn Enterprises in a First Bona Fide
Fund stating the date and amount of such investment. Prior to such time, if any, that Icahn Enterprises has invested at least $20
million in limited partnership interests (or other interests) in the First Bona Fide Fund: (i) if High River desires to make an
investment into the First Bona Fide Fund, High River must first notify (which notice shall not be given earlier than the Condition
Satisfaction Date), each of Icahn Enterprises and Employee, in writing, of the amount of such proposed investment; and (ii) if
Icahn Enterprises has not, prior to the expiration of ten (10) business days following the date of receipt by Icahn Enterprises
of such notice, (such period, the “10 Day Period”) invested such amount in the First Bona Fide Fund, then Employee
must give written notice of such fact to each of Icahn Enterprises and High River, such notice to be given to Icahn Enterprises
and High River not later than 2 business days following the last day of such 10 Day Period (such notice, the “Employee Section
7(l) Notice”), in which event High River may invest such amount at any time prior to the expiration of 10 business days following
the date of the giving of the Employee Section 7(l) Notice to High River.

 

		f.	Except as set forth above, any investment by Icahn Enterprises and/or High River in the Investment
Funds will be on the same terms as other third-party limited partner investors; provided, however, that, notwithstanding any “lock-up”
or similar provisions applicable to the First Bona Fide Fund, Icahn Enterprises and/or High River, as applicable, shall be permitted
to withdraw any or all of its capital from the First Bona Fide Fund on or following the date that is three (3) years following
its initial investment in the First Bona Fide Fund (and any such withdrawal will not diminish or otherwise affect the Section 7
Percentage participation by Icahn Enterprises and/or High River, as applicable, in all Management Companies formed by the Employee
or with which he is or becomes Affiliated or Associated).

 

    	27

    	 

    

 

All references above in this Section 7(l)
to: (1) “$20 million” are for illustration purposes only and assume that both the Employee and the other Co-Manager
have formed the First Bona Fide Fund together (if, instead, the Employee but not the other Co-Manager has formed the First Bona
Fide Fund, then all such references to “$20 million” shall be deemed to be $10 million); and (2) “$10 million”
are for illustration purposes only and assume that both the Employee and the other Co-Manager have formed the First Bona Fide Fund
together (if, instead, the Employee but not the other Co-Manager has formed the First Bona Fide Fund, then all such references
to “$10 million” shall be deemed to be $5 million).

 

(m)          Failure
to Raise First Bona Fide Fund. If (i) a Covered Marketing Event occurs and (ii) the Employee forms, or is or becomes Associated
or Affiliated with, one or more Investment Funds, and (iii) the first such Investment Fund formed by the Employee, or with which
the Employee is or becomes Associated or Affiliated, does not meet the definition of “First Bona Fide Fund,” then Icahn
Enterprises shall receive a Section 7 Percentage participation in each Management Company formed by, or otherwise in any way related
to or associated with, Employee, his Affiliates or Associates, in any capacity, directly indirectly, whether as an individual,
investor, stockholder, partner, owner, equity owner, lender, agent, trustee, consultant, employee, advisor, manager, franchisee
(or in any other relationship or capacity), in each case without having to make any investments in any Investment Funds.

 

8.           Termination.

 

(a)
          Power of Termination. The Employer may terminate the
employment of Employee under this Agreement at any time, (x) with Cause, or (y) in the sole and absolute discretion of Employer,
without Cause, or (z) in the sole and absolute discretion of the Employer, within 30 days following a Key Man Event as contemplated
in Section 8(i) below. “Cause” shall mean any of the following: (a) conduct by the Employee of the activities of Sargon
in any manner that violates any law, rule or regulation in any material respect, or that causes the reputation of any member of
the Icahn Group to be materially and adversely affected, as a result of any wrongful or improper act; (b) conviction of any crime
(other than traffic violations and similar minor infractions of law); (c) failure to follow the lawful directions given by Employer
to Employee or the written policies or procedures adopted by the Employer from time to time that are made available to Employee;
(d) failure to come to work on a full-time basis, other than on holidays, vacation days, sick days, or other days off under Employer's
business policies; (e) impairment due to alcoholism, drug addiction or similar matters; and (f) a material breach of this Agreement,
including, without limitation, any breach of Section 10 or 12 hereof. Prior to termination for “Cause” as a result
of failure as contemplated in clause (c) or (d) above, Employee shall be given notice of his activity giving rise to such failure
and will have 3 business days to correct such activity; provided that Employer shall only be required to provide notice
under this sentence one time during any calendar year.

 

(b)          Termination
Without Cause/Permitted Resignation/Investment and Hedge Defaults/Death/Disability. In the event of the cessation of Employee’s
employment under this Agreement due to any of the matters set forth in clauses (i) through (vii) below:

 

    	28

    	 

    

 

 

		(i)	the employment of Employee is terminated by Employer without Cause; or

 

		(ii)	Employee resigns by means of a Permitted Resignation (as defined in Section 12 below); or

 

		(iii)	the employment of Employee is terminated due to Employee’s death or disability (as contemplated
in Section 8(e)); or

 

		(iv)	written notice by Employer terminating Sargon as contemplated in Section 4(f); or

 

		(v)	the occurrence of an Investment Default as contemplated in Section 4(b)(vii)(a) above (and such
Investment Default is not waived by the Employee); or

 

		(vi)	the occurrence of a Hedge Default as contemplated in Section 4(b)(vii)(b) above (and such Hedge
Default is not waived by the Employee); or

 

		(vii)	termination of the Term as a result of the continuance of the employment of Employee hereunder
through 11:59 P.M. on July 31, 2016,

 

then the Employee will be paid sixty (60)
days following such cessation of employment (i) as set forth in Section 4(i), the Escrowed Amount contemplated in Section 4(i),
and (ii) as set forth in Section 5, the Second Profit Sharing Payment contemplated in Section 5, in each case through the last
day of Employee’s employment hereunder, and in each case subject to the other terms and provisions of this Agreement (including,
without limitation, deduction of the Total Benefit Payments).

 

(c)
                      Other Termination. In the event of: (w) a voluntary
termination (including by resignation) of employment by Employee (which shall not be deemed to include a Permitted Resignation)
prior to 11:59 P.M. on March 31, 2013; or (x) termination of the employment of Employee by Employer for Cause prior to 11:59 P.M.
on March 31, 2013, then Employee shall receive neither the Escrowed Amount nor the Second Profit Sharing Payment and Employee
shall not be entitled to, or have any right, claim, power or privilege in respect of or for, any profit, payment or compensation
of any kind or character. In the event of: (y) the voluntary termination (including by resignation) of employment by Employee
(which shall not be deemed to include a Permitted Resignation) after 11:59 P.M. on March 31, 2013 but prior to 11:59 P.M. on July
31, 2016; or (z) the termination of the employment of Employee by Employer for Cause after 11:59 P.M. on March 31, 2013, then
Employee shall not receive the Second Profit Sharing Payment and Employee shall not be entitled to, or have any right, claim,
power or privilege in respect of or for, any profit, payment or compensation of any kind or character; provided, however, that
the Escrowed Amount shall (i) remain in the Escrow Account through July 31, 2016, (ii) be released to the Employee within 60 days
following July 31, 2016 and (iii) continue to be administered in accordance with the provisions of Section 4(b)(i) above, except
that the Hypothetical Return shall be calculated on the 90th day following such termination, assuming (solely for purposes
of such calculation) that the New Sargon Portfolio was deemed to have been liquidated at a price equal to the 90-day VWAP, as
calculated by Employer in a manner consistent with practices utilized by the Existing Funds, of the New Sargon Portfolio for the
90-day period beginning on the date of such termination.

 

    	29

    	 

    

 

(d)           Release/Notice
by Employer. As a condition to payment of any Amounts (as defined in Section 13(viii) below) contemplated in this Agreement,
Employer must receive from Employee a release in the form of Exhibit 2 hereto and the same shall have become fully
effective and non-revocable. Within five (5) business days following the cessation of the employment of Employee hereunder (including
the occurrence of July 31, 2016 as the last day of the Term) Employer will provide written notice to Employee informing him of
the requirement to provide the release contemplated in this Section 8(d).

 

(e)
          Disability. For purposes of this Agreement, disability
shall be deemed to occur only if so declared in a written notice by Employer to Employee, following illness or injury to
Employee that results in Employee being unable to perform his duties hereunder at the offices of Employer for a period of 30 consecutive
business days or for 45 business days during any 60 business-day period.

 

(f)
          No Other Rights of Employee. In the event of the cessation
of the employment of the Employee for any reason or no reason whether as contemplated in clauses (b) or (c) above, clause (i)
below, or otherwise, the Employee shall cease to have any right to any Escrowed Amount, Second Profit Sharing Payment, cash compensation
or any other payment or consideration or any other rights of any kind or character, other than as expressly set forth in
this Section 8.

 

(g)
          Resignation. Employee may resign from his employment
hereunder (but will remain subject to Sections 1, 3(c), 6, 7, 8, 9, 10, 11, 12 and 13 hereof). Any such resignation will not be
on less than four (4) weeks prior written notice to Employer.

 

(h)
          High River Termination. In the event that (i) a Terminating
Event occurs under the High River Agreement (but not under this Agreement) and the High River Agreement is terminated or (ii)
Sargon is terminated by High River pursuant to Section 4(f) of the High River Agreement (but not under this Agreement) or (iii)
the High River Agreement (but not this Agreement) is terminated within 30 days following a Key Man Event, the Employee shall have
ten (10) business days within which to elect to terminate this Agreement. Any such termination of this Agreement by the Employee
shall be deemed for all purposes hereunder to be a Permitted Resignation.

 

    	30

    	 

    

 

(i)
          Key Man Termination. In the event of the death or Permanent
Disability (as defined below) of Carl C. Icahn during the Term (a “Key Man Event”), the Employer shall, within 30
days following the Key Man Event (during which 30-day period this Agreement shall remain in effect and the Employer may exercise
any and all of its rights hereunder), deliver a written notice to the Co-Managers in which the Employer shall elect to either
terminate or continue this Agreement. If no such notice is delivered, the Employer will be deemed to have elected to continue
this Agreement. If the Employer elects to terminate the Agreement under this Section 8(i), then the Escrowed Amount contemplated
in Section 4(i) and the Second Profit Sharing Payment contemplated in Section 5 will be (i) marked as of the close of business
on the business day immediately preceding the time that the Key Man Event is first reported in the national print or electronic
media (the “Key Man Amount”) and (ii) paid to the Employee sixty (60) days following such Key Man Event (minus
the Total Benefit Payments). If the Employer elects to continue the Agreement: (i) this Agreement shall continue to remain in
effect; (ii) the Employee shall not receive the Key Man Amount; (iii) the Employer shall issue a press release stating that (a)
it has elected to continue the Agreement and (b) it has no present intention to liquidate any of the Sargon positions (but retains
the right to buy and sell Securities in its discretion); (iv) from and after the 30th day following the Key Man Event,
each of the Employer Restrictions (as defined below) shall become null and void and may no longer be exercised by the Employer
(it being understood and agreed that the investment parameters contained in Section 4(a), and all other provisions of this Agreement,
shall remain in full force and effect in such case). For the avoidance of doubt, any such election by the Employer to continue
the Agreement shall in no event limit the rights thereafter of (i) the Employee to terminate his employment under this Agreement
at any time, by voluntary termination or Permitted Resignation, or (ii) the Employer to terminate the employment of Employee under
this Agreement at any time, with or without Cause, or to terminate Sargon pursuant to Section 4(f).

 

The term “Permanent Disability”
means, with respect to Carl C. Icahn, that Mr. Icahn has been declared by a non-appealable order of a court of competent jurisdiction
to be permanently unable to be responsible for and manage his financial affairs due to physical or mental illness or injury.

 

The term “Employer Restrictions”
shall mean (i) any requirement of the Co-Managers under Section 4(b) to seek the approval of the Employer prior to effecting any
Permitted Investment, Permitted Hedge or sale of Sargon Securities and (ii) any right of the Employer under Section 4(b) to reject
or prevent the execution of any Permitted Investment, Permitted Hedge or sale of Sargon Securities.

 

(j)
          Co-Manager Termination. In the event of the death, disability
(as contemplated in Section 8(e) above) or resignation, or any termination by the Employer of the employment, of David Schechter
during the Term (a “Co-Manager Event”), (i) this Agreement shall continue to remain in effect, (ii) following such
Co-Manager Event, any provision of this Agreement requiring action by, or the consent of, both Co-Managers shall require action
by, or the consent of, only the Employee, and (iii) notwithstanding any other provisions of this Agreement to the contrary, if
Sargon does not at the time of a Co-Manager Event have sufficient cash and cash equivalents to satisfy any Amounts (as defined
in Section 13(viii) below) then due to David Schechter, then the Employer may, at its option and without the consent of the Employee,
cause Sargon to liquidate such positions as may be necessary in the Employer’s discretion in order to raise the required
funds (provided, however, that the Employer shall consult with the Employee with respect to the selection of any positions for
liquidation).

 

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9.           Representations
and Warranties. Employee represents as follows:

 

(a)
          To the best of his knowledge, except as known to Employer, he
is not a party to, or involved in, or under investigation in, any pending or threatened litigation, proceeding or investigation
of any governmental body or authority or any private person, corporation or other entity.

 

(b)
          Employee has never been suspended, censured or otherwise subjected
to any disciplinary action or other proceeding by any State, other governmental entities, agencies or self-regulatory organizations.

 

(c)
          Employee is not subject to any restriction whatsoever which
would cause him to not be able fully to fulfill his duties under this Agreement.

 

10.         Confidential
Information. During the term of this Agreement and at all times thereafter, Employee shall hold in a fiduciary capacity
for the benefit of the Existing Funds and Employer, and their respective Affiliates all secret or confidential information, knowledge
or data, including without limitation trade secrets, investments, contemplated investments, business opportunities, valuation models
and methodologies, relating to the business of the Existing Funds, Employer, or their respective Affiliates, and their respective
businesses: (i) obtained by Employee during Employee’s employment hereunder and during his previous employment with any of
the foregoing persons or entities and (ii) not otherwise in the public domain (all of the foregoing “Confidential Information”).
Employee shall not, without prior written consent of the Employer (which may be granted or withheld in its sole and absolute discretion
provided that Employee shall be permitted to use Confidential Information in connection with the performance of his duties with
the Employer and its Affiliates without being required to obtain the written consent of Employer), communicate or divulge any of
the types of information described in the two previous sentences, knowledge or data to anyone other than the Existing Funds, Employer
and their respective Affiliate and those designated by Employer, except to the extent compelled pursuant to the order of a court
or other body having jurisdiction over such matter or based upon the advice of his counsel that such disclosure is legally required;
provided, however, that Employee will assist Employer at Employer expense, in obtaining a protective order, other appropriate remedy
or other reliable assurance that confidential treatment will be accorded such information so disclosed pursuant to the terms of
this Agreement.

 

All processes, technologies,
investments, contemplated investments, business opportunities, valuation models and methodologies, and inventions (collectively,
“Inventions”), including without limitation new contributions, improvements, ideas, business plans, discoveries, trademarks
and trade names, conceived, developed, invented, made or found by Employee, alone or with others, during the period the Employee
is employed hereunder, whether or not patentable and whether or not on the Employer’s time or with the use of its facilities
or materials, shall be the property of Employer or its designee, and shall be promptly and fully disclosed by Employee to Employer.
Employee shall perform all necessary acts (including, without limitation, executing and delivering any confirmatory assignments,
documents, or instruments requested by Employer) to vest title to any such Invention in Employer or in any person designated by
Employer and to enable such person, at its expense, to secure and maintain domestic and/or foreign patents or any other rights
for such Inventions.

 

    	32

    	 

    

 

Without limiting anything
contained above, Employee agrees and acknowledges that all personal and not otherwise public information about the Existing Funds,
Sargon, Employer, and their respective Affiliates, including, without limitation, their respective investments, investors, transactions,
historical performance, and all information regarding or concerning Carl Icahn, Mr. Icahn’s family and employees of the Existing
Funds, Sargon, Employer and their respective Affiliates, shall constitute Confidential Information for purposes of this Agreement.
In no event shall Employee during or after his employment hereunder, disparage the Existing Funds, Employer, Mr. Icahn, his family
members, their respective Affiliates or any of their respective officers, directors or employees. Employee further agrees not to
write a book or article about Mr. Icahn or Mr. Icahn’s family members in any media and not to publish or cause to be published
in any media, any Confidential Information, and further agrees to keep confidential and not to disclose to any third party, including,
but not limited to, newspapers, authors, publicists, journalists, bloggers, gossip columnists, producers, directors, media personalities,
film-makers, and the like, any Confidential Information.

 

In furtherance of the
foregoing, the Employee agrees that during the Term and following the termination of this Agreement, except for the disclosures
permitted in Sections 6 and 7 above in connection with the marketing of a Permitted Fund, the sole and only disclosure or statement
he will make about or concerning any or all of the Employer, High River, Mr. Icahn, his family members, or any of the respective
Affiliates of any of the foregoing, is to acknowledge that he is or was employed with Employer.

 

The forgoing provisions
of this Section 10 shall not apply to any disclosure or use specifically permitted by the express terms of Sections 6 and 7 hereof.

 

11.         Remedy
for Breach. Employee hereby acknowledges that the provisions of Sections 6, 10 and 12 of this Agreement are reasonable
and necessary for the protection of the Icahn Group and Mr. Icahn’s family members and are not unduly burdensome to Employee,
and the Employee also acknowledges such obligations under such covenants. Employee further acknowledges that the Icahn Group and
Mr. Icahn’s family members will be irreparably harmed if such covenants are not specifically enforced. Accordingly, Employee
agrees that, in addition to any other relief to which the Employer may be entitled, including claims for damages, each of the
persons and entities that are included in the Icahn Group and Mr. Icahn’s family members shall be entitled to seek and obtain
injunctive relief (without the requirement of any bond) from a court of competent jurisdiction for the purpose of restraining
Employee from an actual or threatened breach of such covenants.

 

12.         Competitive
Services. During the period that Employee is employed under this Agreement and through a period ending on July 31, 2016,
or if later 90 days after Employee ceases to be employed under this Agreement for any reason, Employee will not:

 

 

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		(i)	invest
                                                                                               in or manage, or participate or
                                                                                               engage in the business of investing
                                                                                               in or managing, or engage or participate
                                                                                               in the business of raising or pooling
                                                                                               of cash or other assets for investment
                                                                                               in, Securities, either individually
                                                                                               or with any person, entity, venture,
                                                                                               vehicle, limited liability company,
                                                                                               business, fund, partnership, corporation,
                                                                                               agency, proprietorship or any other
                                                                                               enterprise (whether or not conducted
                                                                                               for profit) (each a “Covered
                                                                                               Business”) or group of Affiliated
                                                                                               Covered Businesses (including,
                                                                                               without limitation, any hedge fund,
                                                                                               mutual fund, investment company,
                                                                                               managed account, fund of funds
                                                                                               or other vehicles for the investment
                                                                                               or management of money or assets),
                                                                                               whether for his own account or
                                                                                               with, for or on behalf of any Covered
                                                                                               Business in any capacity, directly
                                                                                               indirectly, whether as an individual,
                                                                                               investor, stockholder, partner,
                                                                                               owner, equity owner, lender, agent,
                                                                                               trustee, consultant, employee,
                                                                                               advisor, manager, franchisee or
                                                                                               in any other relationship or capacity,
                                                                                               and will not enter into the employ
                                                                                               of such Covered Business, render
                                                                                               any services to such Covered Business,
                                                                                               raise capital for such Covered
                                                                                               Business, or otherwise become interested
                                                                                               in or aid, represent or assist
                                                                                               such Covered Business directly
                                                                                               or indirectly in any manner; provided,
                                                                                               however, that the provisions in
                                                                                               this Section 12(i) shall not be
                                                                                               deemed to preclude Employee, after
                                                                                               cessation of his employment under
                                                                                               this Agreement, from acquiring
                                                                                               Securities of any Covered Business
                                                                                               solely as a passive investment
                                                                                               so long as such Securities do not,
                                                                                               in the aggregate, constitute more
                                                                                               than one percent (1%) of any class
                                                                                               or series of outstanding Securities
                                                                                               of such corporation or entity and
                                                                                               the Securities of such entity are:
                                                                                               (i) registered under Section 12
                                                                                               of the Securities Exchange Act
                                                                                               of 1934; or (ii) are purchased
                                                                                               without reduction or waiver of
                                                                                               management fees, incentive allocations
                                                                                               or other costs and reflect solely
                                                                                               the proportionate economic interests
                                                                                               of the Employee based only upon
                                                                                               his invested capital on a pro rata
                                                                                               basis.

 

The preceding paragraph of this
Section 12(i) shall not be applicable if the employment of Employee ceases as the result of: (v) termination of Sargon pursuant
to Section 4(f) at a time when Employer would not be entitled to terminate the employment of Employee hereunder for “Cause”;
(w) termination of the employment of Employee by Employer without “Cause”; (x) Employee’s written resignation
(a “Permitted Resignation”) delivered by hand to the Chairman within 10 business days following an Uncured Employer
Breach; (y) termination of the employment of Employee by the Employer under Section 8(i) within 30 days following a Key Man Event;
or (z) the occurrence of an Investment Default as contemplated in Section 4(b)(vii)(a) or a Hedge Default as contemplated in Section
4(b)(vii)(b) above. An “Uncured Employer Breach” shall mean and be limited to: (i) a material breach of this Agreement
by Employer of the express terms of this Agreement, if such breach continues for 15 business days following written notice detailing
the events resulting in such breach and circumstances of such breach, given personally by hand by the Employee to the Chairman;
(ii) termination of Sargon pursuant to Section 4(f) of the High River Agreement at a time when High River would not be entitled
to terminate the employment of Employee thereunder for “Cause”; (iii) termination of the employment of Employee by
High River without “Cause” and (iv) a Permitted Resignation by Employee under the High River Agreement.

 

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		(ii)	From
                                                                                                the date hereof and through a
                                                                                                period ending one (1) year from
                                                                                                the last day of Employee’s
                                                                                                employment under this Agreement,
                                                                                                Employee will not: (a) solicit,
                                                                                                interfere with or endeavor to
                                                                                                entice away from Employer or any
                                                                                                of its subsidiaries or Affiliates,
                                                                                                any current or prospective customer
                                                                                                or client, or any person in the
                                                                                                habit of dealing with any of the
                                                                                                foregoing; (b) attempt to direct
                                                                                                or solicit any current or prospective
                                                                                                customer or client away from Employer
                                                                                                or any of its subsidiaries or
                                                                                                Affiliates; (c) interfere with,
                                                                                                entice away or otherwise attempt
                                                                                                to obtain or induce the withdrawal
                                                                                                of any employee of Employer or
                                                                                                any of its subsidiaries or Affiliates;
                                                                                                (d) advise any person not to do
                                                                                                business with Employer or any
                                                                                                of its subsidiaries or Affiliates;
                                                                                                or (e) attempt to direct, divert,
                                                                                                or otherwise usurp any business
                                                                                                opportunity or transaction that
                                                                                                Employee learned of during Employee's
                                                                                                employment with Employer.

 

		(iii)	The
                                                                                                 Employee acknowledges and agrees
                                                                                                 that the Icahn Group has a worldwide
                                                                                                 reputation and operates on a
                                                                                                 worldwide basis and that the
                                                                                                 scope of these covenants will
                                                                                                 and are intended to prohibit
                                                                                                 his activities as set forth above
                                                                                                 throughout the world. The Employee
                                                                                                 acknowledges and agrees that
                                                                                                 the provisions of Sections 6,
                                                                                                 10, 11, 12(i) and 12(ii) are
                                                                                                 fair and reasonable and necessary
                                                                                                 to protect the business, reputation,
                                                                                                 goodwill and franchise of the
                                                                                                 Icahn Group and Mr. Icahn and
                                                                                                 his family. Employee acknowledges
                                                                                                 that, in light of the significant
                                                                                                 potential compensation of Employee,
                                                                                                 Employee is voluntarily entering
                                                                                                 into this provision and is well
                                                                                                 able to comply with its provisions
                                                                                                 without hardship.

 

13.          Miscellaneous.

 

		(i)	Amendments
                                                                                                 and Waivers. No provisions
                                                                                                 of this Agreement may be amended,
                                                                                                 modified, waived or discharged
                                                                                                 except as agreed to in writing
                                                                                                 by Employee and Employer. The
                                                                                                 failure of a party to insist
                                                                                                 upon strict adherence to any
                                                                                                 term or provision of this Agreement
                                                                                                 on any occasion shall not be
                                                                                                 considered a waiver thereof or
                                                                                                 deprive that party of the right
                                                                                                 thereafter to insist upon strict
                                                                                                 adherence to that term or provision
                                                                                                 or any other term or provision
                                                                                                 of this Agreement. Notwithstanding
                                                                                                 anything herein to the contrary,
                                                                                                 the Employer may amend this Agreement
                                                                                                 (and such amendment shall be
                                                                                                 binding upon Employee) at any
                                                                                                 time, retroactively or otherwise,
                                                                                                 without Employee’s consent,
                                                                                                 to comply with Code Section 409A.
                                                                                                 Employer will take such actions
                                                                                                 as Employer considers reasonable
                                                                                                 (without any obligation to pay
                                                                                                 money) in order to help mitigate
                                                                                                 the adverse effect of any such
                                                                                                 amendment.

 

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		(ii)	Governing
                                                                                                  Law. This Agreement shall
                                                                                                  be governed by and construed
                                                                                                  in accordance with the laws
                                                                                                  of the State of New York applicable
                                                                                                  to agreements made and/or to
                                                                                                  be performed in that State,
                                                                                                  without regard to any choice
                                                                                                  of law provisions thereof. All
                                                                                                  disputes arising out of or related
                                                                                                  to this Agreement shall be submitted
                                                                                                  to the state and federal courts
                                                                                                  of New York, and each party
                                                                                                  irrevocably consents to such
                                                                                                  personal jurisdiction and waives
                                                                                                  all objections thereto, but
                                                                                                  does so only for the purposes
                                                                                                  of this Agreement.

 

		(iii)	Severability.
                                                                                                   If any provision of this Agreement
                                                                                                   is invalid or unenforceable,
                                                                                                   the balance of this Agreement
                                                                                                   shall remain in effect.

 

		(iv)	Judicial
                                                                                                  Modification. If any court
                                                                                                  determines that any of the covenants
                                                                                                  in Section 12 or any part of
                                                                                                  any of them, is invalid or unenforceable,
                                                                                                  the remainder of such covenants
                                                                                                  and parts thereof shall not
                                                                                                  thereby be affected and shall
                                                                                                  be given full effect, without
                                                                                                  regard to the invalid portion.
                                                                                                  If any court determines that
                                                                                                  any of such covenants, or any
                                                                                                  part thereof, is invalid or
                                                                                                  unenforceable because of the
                                                                                                  geographic or temporal scope
                                                                                                  of such provision, such court
                                                                                                  or arbitrator shall reduce such
                                                                                                  scope to the extent necessary
                                                                                                  to make such covenants valid
                                                                                                  and enforceable.

 

		(v)	Successors;
                                                                                                 Binding Agreement. This Agreement
                                                                                                 shall inure to the benefit of
                                                                                                 and be binding upon the successors
                                                                                                 and assigns of the Employer.
                                                                                                 Employee may not sell, convey,
                                                                                                 assign, transfer or otherwise
                                                                                                 dispose of, directly or indirectly,
                                                                                                 any of the rights, claims, powers
                                                                                                 or interest established hereunder
                                                                                                 or under any related agreements
                                                                                                 or documents (including, without
                                                                                                 limitation, any rights or interests
                                                                                                 in or with respect to the Escrowed
                                                                                                 Amount and the Second Profit
                                                                                                 Sharing Payment, if any) other
                                                                                                 than with the prior written consent
                                                                                                 (which may be granted or withheld
                                                                                                 in their sole and absolute discretion)
                                                                                                 of the Employer provided that
                                                                                                 the same may, upon the death
                                                                                                 of Employee, be transferred by
                                                                                                 will or intestate succession,
                                                                                                 to his estate, executors, administrators
                                                                                                 or heirs, whose rights therein
                                                                                                 shall for all purposes be deemed
                                                                                                 subject to the terms of this
                                                                                                 Agreement.

 

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		(vi)	Limitation
                                                                                                  on Rights. Any matter, thing,
                                                                                                  judgment or determination that
                                                                                                  is to be, or may be, made or
                                                                                                  determined by Employer under
                                                                                                  this Agreement, may be made
                                                                                                  or determined in the sole and
                                                                                                  absolute discretion of Employer,
                                                                                                  whether or not the phase “sole
                                                                                                  and absolute discretion”
                                                                                                  is included in the provisions
                                                                                                  providing for such matter, thing,
                                                                                                  judgment or determination (except
                                                                                                  with respect to any matter,
                                                                                                  thing, judgment or determination
                                                                                                  that is expressly stated herein
                                                                                                  to be made or determined “reasonably”
                                                                                                  by the Employer). Notwithstanding
                                                                                                  any provision to the contrary
                                                                                                  herein, no provision in this
                                                                                                  Agreement shall create, or be
                                                                                                  deemed or construed to create,
                                                                                                  any claim, right or cause of
                                                                                                  action against the Employer
                                                                                                  or any member of the Icahn Group
                                                                                                  arising from any failure: to
                                                                                                  agree to make any investment,
                                                                                                  provide any financing, generate,
                                                                                                  obtain or charge any fee, take
                                                                                                  any profit, or make or sell
                                                                                                  any investment, in each case
                                                                                                  whether for any reason or no
                                                                                                  reason. Employer and its Affiliates
                                                                                                  shall have no duty or obligation
                                                                                                  of any kind or charter to make,
                                                                                                  hold or continue any investment
                                                                                                  in the Existing Funds or Sargon
                                                                                                  and may terminate Sargon at
                                                                                                  any time, for any reason or
                                                                                                  no reason. Employee acknowledges
                                                                                                  that Employer could, for example,
                                                                                                  in its sole and absolute discretion,
                                                                                                  terminate Sargon at any time,
                                                                                                  thereby eliminating any further
                                                                                                  opportunity for Employee to
                                                                                                  obtain the Escrowed Amount under
                                                                                                  Section 4(i) or a Second Profit
                                                                                                  Sharing Payment under Section
                                                                                                  5 even if Sargon was operating
                                                                                                  for months or years prior to
                                                                                                  such date, and in such event
                                                                                                  Employee would receive no payment,
                                                                                                  compensation, profit or interests
                                                                                                  of any kind or character if
                                                                                                  there was no “Profit”
                                                                                                  as of such date, and Employee
                                                                                                  is freely accepting such risk
                                                                                                  in entering into this Agreement
                                                                                                  and waives and releases any
                                                                                                  right, claim, power or privilege
                                                                                                  that might or could, otherwise
                                                                                                  arise from the termination of
                                                                                                  Sargon (including any claim
                                                                                                  of bad faith, unfair dealing,
                                                                                                  quantum meruit, unjust enrichment,
                                                                                                  breach of contract or any other
                                                                                                  theory in law or equity). To
                                                                                                  the extent that any provision
                                                                                                  of this Agreement may result
                                                                                                  in any duplication of any calculation,
                                                                                                  allocation, payment or amount,
                                                                                                  such consequence is not intended
                                                                                                  and no such duplicate amount
                                                                                                  shall be included in any calculation,
                                                                                                  allocation, payment or amount.

 

		(vii)	Taxes.
                                                                                                   All payments to Employee shall
                                                                                                   be subject to applicable deductions,
                                                                                                   payroll and withholdings taxes,
                                                                                                   to the extent required by law,
                                                                                                   as determined by Employer.

 

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		(viii)	No
                                                                                                    Assignment. The rights
                                                                                                    of the Employee under this
                                                                                                    Agreement and to any amounts
                                                                                                    payable under this Agreement
                                                                                                    or that may become payable
                                                                                                    hereunder including, without
                                                                                                    limitation, the right to the
                                                                                                    Escrowed Amount and the Second
                                                                                                    Profit Sharing Payment (all
                                                                                                    rights under this Agreement
                                                                                                    and to any payment and amount,
                                                                                                    collectively, the “Amounts”)
                                                                                                    shall in no event be assigned,
                                                                                                    transferred, pledged or encumbered
                                                                                                    by Employee, and any attempted
                                                                                                    assignment, transfer, pledge
                                                                                                    or encumbrance of the Amounts,
                                                                                                    in whole or in part, shall
                                                                                                    be null and void and of no
                                                                                                    force or effect. Such Amounts
                                                                                                    may not be subject to seizure
                                                                                                    for the payment of any debts
                                                                                                    or judgments against Employee
                                                                                                    or be transferable by operation
                                                                                                    of law in the event the Employee
                                                                                                    becomes insolvent or bankrupt.

 

		(ix)	Unfunded
                                                                                                  Nature of Compensation.
                                                                                                  Title to and beneficial ownership
                                                                                                  of the Amounts that constitute
                                                                                                  nonqualified deferred compensation
                                                                                                  subject to Code Section 409A
                                                                                                  shall at all times remain with
                                                                                                  the Employer, and shall continue
                                                                                                  for all purposes to be part
                                                                                                  of the general assets of the
                                                                                                  Employer. Neither Employee nor
                                                                                                  any person other than the Employer
                                                                                                  shall by virtue of the provisions
                                                                                                  of this Agreement have any property
                                                                                                  interest whatsoever in any specified
                                                                                                  assets of the Employer until
                                                                                                  and except to the extent that,
                                                                                                  such Amounts are paid to Employee
                                                                                                  (it being understood and agreed
                                                                                                  that the First Profit Sharing
                                                                                                  Payment shall be deemed to have
                                                                                                  been “paid” to Employee
                                                                                                  as of 11:59 p.m. on March 31,
                                                                                                  2013). The Employer shall not
                                                                                                  be required to purchase, hold
                                                                                                  or dispose of any investments
                                                                                                  pursuant to this Agreement;
                                                                                                  however, any amount which may
                                                                                                  be invested under the provisions
                                                                                                  of this Agreement shall continue
                                                                                                  for all purposes to be a part
                                                                                                  of their general assets and
                                                                                                  subject to the claims of their
                                                                                                  respective general creditors.
                                                                                                  To the extent that Employee
                                                                                                  acquires a right to receive
                                                                                                  any Amounts from the Employer
                                                                                                  under this Agreement (other
                                                                                                  than, following March 31, 2013,
                                                                                                  the First Profit Sharing Payment),
                                                                                                  such right shall be unsecured
                                                                                                  and unfunded and shall be no
                                                                                                  greater than the right of any
                                                                                                  unsecured creditor of the Employer.

 

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		(x)	Determinations.
                                                                                                 Any calculation, allocation,
                                                                                                 estimate or other amount or matter
                                                                                                 to be determined under this Agreement,
                                                                                                 or for the purpose of the Agreement
                                                                                                 (in particular matters under
                                                                                                 and related to the application
                                                                                                 of Sections 4 and 5, which the
                                                                                                 parties acknowledge and agree
                                                                                                 involve complex matters that
                                                                                                 may arise beyond the specific
                                                                                                 language of those Sections, and
                                                                                                 will involve significant judgments
                                                                                                 and interpretation with regard
                                                                                                 to the application of the principals
                                                                                                 set forth therein to “real
                                                                                                 life” situations), for
                                                                                                 any period or portion of a period,
                                                                                                 and any amount payable or allocable
                                                                                                 to or by Sargon, the Existing
                                                                                                 Funds, Employee or otherwise,
                                                                                                 under this Agreement for any
                                                                                                 period or portion of a period,
                                                                                                 shall be calculated, allocated,
                                                                                                 estimated or determined by Employer,
                                                                                                 whose determination shall be
                                                                                                 final and binding on all parties.
                                                                                                 If Amounts paid (or in respect
                                                                                                 of which payments are made) under
                                                                                                 Sections 4(i), 5 or 8 are at
                                                                                                 any time required to be returned
                                                                                                 or otherwise paid over to any
                                                                                                 of the Existing Funds or their
                                                                                                 investors or Affiliates, due
                                                                                                 to any miscalculation, mis-estimation
                                                                                                 or other error, or mistake or
                                                                                                 wrong doing, then the Employee
                                                                                                 shall be required (within 180
                                                                                                 days following written notice
                                                                                                 thereof by Employer) to return
                                                                                                 his pro rata share of such Amounts
                                                                                                 so returned or paid over even
                                                                                                 if such Amounts are returned
                                                                                                 or paid over following termination
                                                                                                 of employment of Employee hereunder
                                                                                                 and this provision shall survive
                                                                                                 any termination or expiration
                                                                                                 of Employee’s employment
                                                                                                 hereunder.

 

		(xi)	409A.
                                                                                                  The intent of the parties is
                                                                                                  that payments and benefits under
                                                                                                  this Agreement which are subject
                                                                                                  to the provisions of Code Section
                                                                                                  409A shall comply with Code
                                                                                                  Section 409A and, accordingly,
                                                                                                  to the maximum extent permitted,
                                                                                                  this Agreement shall be interpreted
                                                                                                  to be in compliance therewith.
                                                                                                  A cessation or termination of
                                                                                                  Employee shall not be deemed
                                                                                                  to have occurred for purposes
                                                                                                  of Sections 4(i), 5 or 8 or
                                                                                                  any other provision of this
                                                                                                  Agreement providing for the
                                                                                                  payment of any Amounts or benefits
                                                                                                  subject to Code Section 409A
                                                                                                  upon or following a cessation
                                                                                                  or termination of employment
                                                                                                  unless such termination is also
                                                                                                  a “separation from service”
                                                                                                  as defined in Code Section 409A(a)(2)(A)(i)
                                                                                                  and the regulations thereunder,
                                                                                                  of the Employee from the Employer
                                                                                                  (“Separation from Service”)
                                                                                                  and, for purposes of any such
                                                                                                  provision of this Agreement,
                                                                                                  references to a “termination”,
                                                                                                  “cessation of employment”,
                                                                                                  “termination of employment”
                                                                                                  or like terms shall mean such
                                                                                                  “Separation from Service”.
                                                                                                  If the Employee is deemed on
                                                                                                  the date of his termination
                                                                                                  of employment to be a “specified
                                                                                                  employee” within the meaning
                                                                                                  of that term under Code Section
                                                                                                  409(a)(2)(B)(i), then with regard
                                                                                                  to any payment or the provision
                                                                                                  of any benefit that is considered
                                                                                                  deferred compensation under
                                                                                                  Code Section 409A payable on
                                                                                                  account of a “Separation
                                                                                                  from Service”, no such
                                                                                                  payment or benefit shall be
                                                                                                  made or provided prior to the
                                                                                                  earlier of (A) the expiration
                                                                                                  of the six (6) month period
                                                                                                  measured from the date of such
                                                                                                  “Separation from Service”
                                                                                                  of the Employee, and (B) the
                                                                                                  date of the Employee’s
                                                                                                  death, to the extent required
                                                                                                  under Code Section 409A. Upon
                                                                                                  the expiration of the foregoing
                                                                                                  delay period, all payments and
                                                                                                  benefits delayed pursuant to
                                                                                                  this Section 13(xi) (whether
                                                                                                  they would have otherwise been
                                                                                                  payable in a single sum or in
                                                                                                  installments in the absence
                                                                                                  of such delay) shall be paid
                                                                                                  or reimbursed to the Employee
                                                                                                  in a lump sum, and any remaining
                                                                                                  payments and benefits due under
                                                                                                  this Agreement shall be paid
                                                                                                  or provided in accordance with
                                                                                                  the normal payment dates specified
                                                                                                  for them herein.

 

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For purposes of Code Section 409A,
the Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive
a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference
to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Employer.

 

Notwithstanding any other provision
of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred
compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code
Section 409A.

 

		(xii)	Survival.
                                                                                                   Sections 1, 3(c), 6, 7, 8,
                                                                                                   9, 10, 11, 12 and 13 of this
                                                                                                   Agreement shall survive the
                                                                                                   termination of the employment
                                                                                                   of Employee hereunder and shall
                                                                                                   be and remain fully effective
                                                                                                   in accordance with their terms.

 

		(xiii)	No
                                                                                                    Continuation of Agreement.
                                                                                                    Following the termination
                                                                                                    of the Term Employee will
                                                                                                    not be deemed to be employed
                                                                                                    under this Agreement, even
                                                                                                    if the employment of Employee
                                                                                                    with Employer or its Affiliates
                                                                                                    continues.

 

		(xiv)	No
                                                                                                   Joint and Several Liability.
                                                                                                   The parties acknowledge and
                                                                                                   agree that: (a) the obligations
                                                                                                   and liabilities of the Employee
                                                                                                   under this Agreement are several
                                                                                                   only, and will not be, nor
                                                                                                   construed to be, either joint
                                                                                                   with David Schechter or joint
                                                                                                   and several with David Schechter;
                                                                                                   and (b) the obligations and
                                                                                                   liabilities of the Employer
                                                                                                   under this Agreement are several
                                                                                                   only, and will not be, nor
                                                                                                   construed to be, either joint
                                                                                                   with High River or joint and
                                                                                                   several with High River.

 

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		(xv)	Allocations
                                                                                                  between Icahn Enterprises and
                                                                                                  High River. The parties
                                                                                                  understand and agree that, while
                                                                                                  various provisions of this Agreement
                                                                                                  make reference to costs, funding
                                                                                                  obligations, participation rights
                                                                                                  and other amounts being allocated
                                                                                                  80% to Icahn Enterprises and
                                                                                                  20% to High River, such allocations
                                                                                                  may change at any time and from
                                                                                                  time to time (provided that
                                                                                                  the percentages attributable
                                                                                                  to Icahn Enterprises and High
                                                                                                  River shall always add to 100%),
                                                                                                  as may be decided by Icahn Enterprises
                                                                                                  and High River in their sole
                                                                                                  and absolute discretion. Further,
                                                                                                  the parties acknowledge that
                                                                                                  references in this Agreement
                                                                                                  to matters being determined
                                                                                                  “by the Employer, in its
                                                                                                  sole and absolute discretion”
                                                                                                  (and similar language) also
                                                                                                  appear in the High River Agreement
                                                                                                  (under which High River is the
                                                                                                  “Employer”) and
                                                                                                  that such matters will ultimately
                                                                                                  be determined by each of Icahn
                                                                                                  Enterprises and High River,
                                                                                                  as employer under the applicable
                                                                                                  agreement.

 

		(xvi)	Counsel/Review
                                                                                                          of Agreement. Employee
                                                                                                          acknowledges and agrees
                                                                                                          that he has read and
                                                                                                          understands all of the
                                                                                                          terms, provisions and
                                                                                                          conditions of this Agreement
                                                                                                          and has consulted with
                                                                                                          independent legal counsel
                                                                                                          of his choosing with
                                                                                                          respect to this Agreement,
                                                                                                          or has had the opportunity
                                                                                                          to do so and determined,
                                                                                                          at his own risk, not
                                                                                                          to seek such counsel.
                                                                                                          Employee shall be responsible
                                                                                                          for all expenses of
                                                                                                          any legal counsel and
                                                                                                          other advisors retained
                                                                                                          by Employee in connection
                                                                                                          with the transactions
                                                                                                          contemplated hereby.
                                                                                                          

 

		(xvii)	Entire
                                                                                                           Agreement. This
                                                                                                           Agreement represents
                                                                                                           the entire agreement
                                                                                                           of the parties and
                                                                                                           supersedes any prior
                                                                                                           agreements, discussions,
                                                                                                           arrangements or understandings
                                                                                                           among the parties.
                                                                                                           It specifically supersedes
                                                                                                           the Prior Agreement
                                                                                                           and the Term Sheet
                                                                                                           dated May 31, 2012,
                                                                                                           which is not part of
                                                                                                           the agreement of the
                                                                                                           parties and should
                                                                                                           not be utilized for
                                                                                                           purposes of interpreting
                                                                                                           the Agreement. 

 

14.          Other.

 

(a)          Employee
shall follow all written policies and procedures and written compliance manuals adopted by or in respect of any or all of Employer
and its Affiliates that have been delivered to Employee, including, without limitation, those applicable to investments by employees.
In addition, except as contemplated in this Agreement, Employee shall not, personally or on behalf of any other person or entity,
invest in or provide advice with respect to, any investment made or actively being considered by Employer or its Affiliates, unless
disclosed to Employer in writing by Employee and approved in writing by Employer which approval may be granted or withheld by
them in their sole and absolute discretion, and which approval, if granted, may be with limitations, including on the amount of
any investment which Employee may make at any time or from time to time and may impose restrictions on the sale of any such investment.

 

(b)          Employee
agrees to provide to Employer a written list of all existing investments of Employee, directly or indirectly.

 

    	41

    	 

    

 

		15.	Definitions. 

 

“Affiliate” and “Control”
shall have the meanings set forth in Rule 405 of Regulation C of the Securities Act of 1933, as amended. Any reference in this
Agreement to an “Affiliate” or “Affiliates” in reference to any member of the Icahn Group shall include,
without limitation, all persons and entities that are included in the Icahn Group, in each case, on the date hereof and from time
to time.

 

“Associate” shall have
the meaning set forth in Rule 14a-1 promulgated under the Securities Exchange Act of 1934.

 

“Condition Satisfaction Date”
means that date on which the Funding Conditions contemplated in the definition of “Required Funding Date,” are fully
satisfied.

 

“Covered Marketing Event”
means the first use of the Track Record or other Covered Matters by Employee for the purpose of marketing an Investment
Fund formed by, or otherwise in any way related to or associated with, Employee, his Affiliates or Associates, in any capacity,
directly or indirectly, whether as an individual, investor, stockholder, partner, owner, equity owner, lender, agent, trustee,
consultant, employee, advisor, manager, franchisee (or in any other relationship or capacity), that precedes, results in, occurs
contemporaneously with, or follows, the formation or funding (in whole or in part), of an Investment Fund.

 

“Employer Contribution”
means the Icahn Enterprises Contribution.

 

“Fee and Incentive Payments”
means any management fee, incentive allocation, carried interest, profit sharing or participation, or the like.

 

“First Bona Fide Fund”
means the first bona fide Investment Fund or group of Investment Funds that: (1) is formed by the Employee, or with which the
Employee is or becomes Associated or Affiliated, following the termination of this Agreement; and (2) is marketed through a Covered
Marketing Event, to institutional investors and high net worth individuals pursuant to a customary hedge fund marketing process;
and (3) contains investments from investors, other than Icahn Enterprises and High River and their respective Affiliates, of at
least $80 million in the aggregate that are subject to fees and withdrawal limitations no more favorable to the investor than
those applicable to Employers invested in such First Bona Fide Fund. The parties acknowledge that there could be more than one
“First Bona Fide Fund” as there could be: (i) such a fund formed by (and/or associated with) Employee and also a fund
formed by (and/or associated with) the other Co-Manager; and (ii) alternately, there could be such a fund formed by (and/or associated
with) both Co-Managers (in which event there will only be one First Bona Fide Fund).

 

“High Funding Amount”
means: (x) $20 million with respect to a First Bona Fide Fund which is formed by both Co-Managers, or with which both Co-Managers
are or become Associated or Affiliated on the Required Funding Date; and (y) $10 million with respect to a First Bona Fide Fund
which is formed only by Employee and with which the other Co-Manager is not and does not become Associated or Affiliated on the
Required Funding Date.

 

    	42

    	 

    

 

“High River Contribution”
means the amount invested by High River in the First Bona Fide Fund, on or prior to the Required Funding Date, but not more than
$20 million minus the Icahn Enterprises Contribution, but regardless of the actual amount so invested, for purposes of this definition
the term “High River Contribution” shall not be deemed to exceed $20 million.

 

“Icahn Enterprises Contribution”
means the amount invested by the Icahn Enterprises in the First Bona Fide Fund, on or prior to the Required Funding Date, but
regardless of the actual amount so invested, for purposes of this definition the term “Icahn Enterprises Contribution”
shall not be deemed to exceed $20 million.

 

“Icahn Group” means
Mr. Carl C. Icahn and his Affiliates (including those now or hereafter his Affiliates) including, without limitation, High River,
Icahn Enterprises and all of their respective Affiliates), individually and collectively.

 

“Investment Fund” means
any hedge fund, mutual fund, investment company, managed account, fund of fund or other vehicle by, under or through which money
or assets are controlled and/or managed.

 

“Management Companies”
means, any person that manages, controls, advises, or operates any Investment Fund, and/or obtains or receives or, is entitled
to or is formed to obtain or receive, Fees and Incentive Payments, directly or indirectly.

 

“Minimum Funding Amount”
means: (x) $10 million with respect to a First Bona Fide Fund which is formed by both Co-Managers, or with which both Co-Managers
are or become Associated or Affiliated on the Required Funding Date; and (y) $5 million with respect to a First Bona Fide Fund
which is formed only by Employee and with which the other Co-Manager is not and does not become Associated or Affiliated on the
Required Funding Date.

 

“Person” means, any
person, individual, entity, venture, vehicle, limited liability company, partnership, proprietorship, corporation, or any other
business vehicle.

 

“Relative Employer Percentage”
means the Employer Contribution divided by the sum of the Icahn Enterprises Contribution, and the High River Contribution.

 

“Related Persons” means
Carl C. Icahn, his Affiliates and Associates, or any of their respective officers, directors, agents, employees or family members,
including all natural persons, and all entities, corporations, limited liability companies, trusts, partnership and other business
vehicles.

 

“Required Funding Date”
means, 5:00pm, on the 25th business day following the date that all of the following conditions (the “Funding
Conditions”) are satisfied: (x) Icahn Enterprise and High River have both received written notice from Employee of the existence
of the First Bona Fide Fund, (which has been funded as a result of a Covered Marketing Event, and complies with the requirements
set forth in the definition of First Bona Fide Fund); and (y) written notice has been given by Employer to Employee of the satisfaction
of Section 7(c) with respect to the Management Companies relating to the First Bona Fide Fund.

 

    	43

    	 

    

 

“Section 7 Percentage”
means: (A) until the occurrence of the Required Funding Date, 15%; and (B) from and after the Required Funding Date, a percentage
determined as follows:

 

(i)
          if at least the High Funding Amount is paid by the Required
Funding Date, the Section 7 Percentage of Icahn Enterprises shall equal 15%, multiplied by the Relative Employer Percentage (it
being understood and agreed that, in the aggregate, the Section 7 Percentage of Icahn Enterprises under this Agreement, and the
Section 7 Percentage of High River under the High River Agreement, shall equal 15%); or

 

(ii)
          if at least the Required High Funding is not paid by the Required
Funding Date, but at least the Minimum Funding Amount is paid by the Required Funding Date, then the Section 7 Percentage shall
equal 10% multiplied by the Relative Employer Percentage (it being understood and agreed that, in the aggregate, the Section 7
Percentages of Icahn Enterprises under this Agreement, and the Section 7 Percentage of High River under the High River Agreement,
shall equal 10%).

 

“Securities” means
securities and other financial instruments, including, without limitation: capital stock; preferred stock; shares of beneficial
interest; partnership interests and similar financial instruments; bonds, bank debt, notes and debentures (whether subordinated,
convertible or otherwise); equity and other derivative products (including, without limitation, futures contracts (and options
thereon), swaps, options and warrants); loans; accounts and notes receivable and payable held by trade or other creditors; bankruptcy
and trade claims; contract and other claims; executory contracts; participations; commercial paper; and any other obligations
and instruments or evidences of indebtedness of whatever kind or nature; in each case, whether or not publicly traded or readily
marketable. Each reference in this Agreement to “Securities issued by” a particular issuer, or “Securities of”
a particular issuer, shall also be deemed to include derivative instruments referencing such issuer or any of its Securities.

 

“Terminating Event”
means termination of the employment of Employee pursuant to Section 8(b) as a result of the occurrence of any of the events listed
in clauses (i) through (vi) of Section 8(b).

 

“VWAP” means, if available,
the arithmetic mean of the volume-weighted average price per share of the applicable security as listed on Bloomberg for the hours
9:30 a.m. to 4:00 p.m. New York City time of each day during the applicable period. With respect to any security or instrument
for which such data is not available on Bloomberg, “VWAP” shall mean such valuation methodology as the Chief Compliance
Officer of the Employer may determine in good faith, which determination will be final and binding on all parties absent manifest
error.

 

    	44

    	 

    
 

Terms used in this Agreement that are
plural include the singular and the singular includes the plural.

 

    	45

    	 

    

 

In WITNESS WHEREOF, undersigned have executed
this Amended and Restated Co-Manager Agreement as of August 1, 2012.

 

	 	EMPLOYEE	 
	 	 	 
	 	/s/ Breft Icahn 	 
	 	Breft Icahn	 
	 	 	 
	 	EMPLOYER	 
	 	 	 
	 	ICAHN ENTERPRISE L.P.	 
	 	By: Ichan Enterprise G.P., Inc., its general partner
	 	 	 
	 	By:	/s/ Daniel A. Ninivaggi	 
	 	 	Name: Daniel A. Ninivaggi	 
	 	 	Title: President	 
	 	 	 
	 	ICHAN CAPITAL LP	 
	 	 	 
	 	By:	 /s/ Daniel A. Ninivaggi 	 
	 	 	Name: Daniel A. Ninivaggi	 
	 	 	Title: President

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