Document:

Exhibit 10.6

 

GLOBAL AMENDMENT

 

This Global Amendment
(this “Amendment”) is entered into as of January 29, 2020 by and among Iliad Research and Trading, L.P., a Utah
limited partnership (“Iliad”), Chicago Venture Partners, L.P., a Utah limited partnership (“CVP,”
and together with Iliad, “Lender”), and Outlook Therapeutics, Inc., a Delaware corporation (“Borrower”).
Capitalized terms used in this Amendment without definition shall have the meanings given to them in the Notes (as defined below).

 

A.               
Borrower and Lender previously entered in that certain Exchange Agreement dated December 20, 2019 (the “Exchange
Agreement”) pursuant to which Borrower issued to Lender a series of seven (7) Secured Convertible Promissory Notes (the
 “Notes”).

 

B.                
Nasdaq has required that Borrower and Lender add a price floor for Conversions under the Notes.

 

C.                
Borrower and Lender also desire to add a cash redemption feature to the Notes.

 

D.                
Lender and Borrower have agreed, subject to the terms, amendments, conditions and understandings expressed in this Amendment,
to amend the Notes to add a conversion price floor and a cash redemption feature.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.       Recitals.
Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true and accurate and
are hereby incorporated into and made a part of this Amendment.

 

2.       Conversion
Price Floor. Borrower and Lender agree that in no event shall Lender make a Conversion under any of the Notes at a Conversion
Price of less than $0.232 per share (the “Floor Price”).

 

3.       Redemptions.
Borrower and Lender agree that each time the Conversion Price is less than Floor Price for a period of twenty (20) consecutive
Trading Days, then Borrower will be obligated to make a cash payment equal to $350,000.00 (each, a “Redemption”)
within five (5) Trading Days of the occurrence of such event to Lender; provided, however, in no event shall Borrower be obligated
to make a Redemption more frequently than one time per calendar month, and provided further, for clarification purposes, that no
Trading Day where the Conversion Price is less than the Floor Price shall be included in more than one twenty (20) consecutive
Trading Day period for purposes of triggering a Redemption pursuant to this Section 3.

 

4.       Representations
and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its affiliates, successors
and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

     

     

    

 

(a)     Borrower
has full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained herein,
all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration with or
notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of any of
the obligations of Borrower hereunder.

 

(b)     There is
no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior to the date
of this Amendment which would or could materially and adversely affect the understanding of Lender expressed in this Amendment
or any representation, warranty, or recital contained in this Amendment.

 

(c)      Except as
expressly set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this Amendment
nor any of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release, impair, lessen,
modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Notes.

 

(d)     Borrower
has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of
action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner connected
with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted, or begun prior
to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant to, or by
virtue of any of the terms or conditions of the Notes. To the extent any such defenses, affirmative or otherwise, rights of setoff,
rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights, claims, counterclaims,
actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and agrees that the execution
of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of the existence of any claims or
of liability for any matter or precedent upon which any claim or liability may be asserted.

 

(e)     Borrower
represents and warrants that as of the date hereof no Events of Default or other material breaches exist under the Notes, or have
occurred prior to the date hereof.

 

5.       Other
Terms Unchanged. The Notes, as amended by this Amendment, remain and continue in full force and effect, constitute legal,
valid, and binding obligations of each of the parties, and are in all respects agreed to, ratified, and confirmed. Any reference
to any of the Notes after the date of this Amendment is deemed to be a reference to such Note as amended by this Amendment. If
there is a conflict between the terms of this Amendment and either Note, the terms of this Amendment shall control. No forbearance
or waiver may be implied by this Amendment. Borrower acknowledges that it is unconditionally obligated to pay the remaining balance
of each Note and represents that such obligation is not subject to any deductions, defenses, rights of offset, or counterclaims
of any kind. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate
as a waiver of, or as an amendment to, any right, power, or remedy of Lender under the Notes, as in effect prior to the date hereof.

 

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6.       No
Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity
holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Amendment and the Notes and, in making its decision to
enter into the transactions contemplated by this Amendment, Borrower is not relying on any representation, warranty, covenant or
promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than as set forth
in this Amendment.

 

7.       Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart
of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original thereof.

 

8.       Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Amendment and the consummation of the transactions contemplated
hereby.

 

[Remainder of page intentionally left
blank]

 

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IN WITNESS WHEREOF, the undersigned have
executed this Amendment as of the date set forth above.

 

 

	 	BORROWER:
	 
	 	OUTLOOK THERAPEUTICS, INC.
	 
	 	By:	/s/Lawrence Kenyon
	 	Name:	 Lawrence Kenyon
	 	Title:	President & CEO

 

	 	LENDER:
	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 
	 	By:	Iliad Management, LLC,
	 	 	its General Partner
	 
	 	By:	Fife Trading, Inc., its Manager

 

	 	 	By:	/s/John M. Fife
	 	 	 	John M. Fife, President

 

	 	CHICAGO VENTURE PATNERS, L.P.
	 
	 	By:	Chicago Venture Management, L.L.C.,
	 	 	its General Partner
	 
	 	By:	CVM, Inc., its Manager

 

	 	 	By:	/s/ John M. Fife
	 	 	 	John M. Fife, President

 

[Signature Page
to Global Amendment]Exhibit 10.1

 

Execution Version

 

FIFTH AMENDMENT TO CREDIT
AGREEMENT

 

This Fifth Amendment to
Credit Agreement (the “Amendment”)
is made as of this 31st day of January, 2020, by and among HANDY & HARMAN GROUP LTD., a Delaware corporation, SPH GROUP
HOLDINGS LLC, a Delaware limited liability company, STEEL EXCEL INC., a Delaware corporation, API AMERICAS INC., a Delaware corporation,
IGO, INC., a Delaware corporation (collectively, the “US Borrowers” and each individually, a “US Borrower”),
CEDAR 2015 LIMITED, a private limited company incorporated in England and Wales (“UK Borrower” and together
with US Borrowers, the “Borrowers” and each individually, a “Borrower”), each of the Guarantors
listed on the signature pages hereto (each, a “Guarantor” and collectively, the “Guarantors”)
and collectively with Borrowers, the “Loan Parties” and each is individually referred to herein as a “Loan
Party”), the financial institutions which are named on the signature pages hereto as lenders (collectively, the “Lenders”
and each is individually referred to as a “Lender”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”),
in its capacity as administrative agent (PNC, in such capacity, the “Administrative Agent”) and in its capacity
as a Lender.

 

BACKGROUND

 

A.       On
November 14, 2017, the Borrowers, Guarantors, Lenders and Administrative Agent entered into a Credit Agreement to reflect certain
financing arrangements between the parties thereto (as amended, modified, renewed, extended, replaced or substituted from time
to time, most recently by this Amendment, the “Credit Agreement”). All capitalized terms used herein but not
otherwise defined herein shall have the meaning given to them in the Credit Agreement.

 

B.       In
connection with the Credit Agreement (i) the UK Guarantors guaranteed the Obligations of the UK Borrower pursuant to that certain
Composite Guaranty and Debenture, dated as of November 14, 2017, among the UK Guarantors and Administrative Agent (the “UK
Guaranty 1”), (ii) API Group Limited f/k/a API Group PLC (“API Limited”) guaranteed the Obligations
of the UK Borrower pursuant to that certain Guaranty and Indemnity, dated as of November 14, 2017, among API Limited and Administrative
Agent (the “UK Guaranty 2” and together with the UK Guaranty 1, collectively, the “UK Guaranty Agreements”),
(iii) the Guarantors guaranteed the Obligations of (x) the UK Borrower pursuant to that certain Continuing Agreement of Guaranty
and Suretyship (UK Obligations), dated as of November 14, 2017, executed by US Guarantors in favor of Administrative Agent and
Lenders (the “US Guaranty 1”) and (y) the US Borrowers pursuant to that certain Continuing Agreement of Guaranty
and Suretyship (US Obligations), dated as of November 14, 2017, executed by US Guarantors in favor of Administrative Agent and
Lenders (the “US Guaranty 2”, and together with the US Guaranty 1, collectively, the “US Guaranty Agreements”)
and (iv) each of the US Borrowers and Guarantors guaranteed the Obligations of, among others, API Americas Inc., a Delaware corporation
(“API US”) on a joint and several basis. API US, together with the API (USA) Holdings Ltd., UK Borrower, the
UK Guarantors and API Limited are hereinafter referred to collectively as the “API Entities” and each individually,
as an “API Entity”.

C.       The
Borrowers have informed Administrative Agent and Lenders that, due to the loss of certain major customers, adverse market conditions
and other factors which have contributed to underperformance, the outlook of the API Entities has and will continue to deteriorate
without a clear path to turnaround and, as such, the API Entities intend to commence winding up their affairs and respective businesses,
whether by a sale of certain operations or assets of the API Entities and/or by commencing a dissolution, out of court liquidation,
administration or other Relief Proceedings (all such sales, dissolutions, liquidations, administration or other Relief Proceedings,
collectively, the “API Wind-Up Process”).

 

    	 

     

    

D.       Effective
on or about January 30, 2020, the API Foils North America Pension Plan and the obligations relating to the withdrawal liability
payments owed by API Americas Inc. to the Teamsters Local 11 Pension Plan were transferred to and assumed by Steel Excel Inc.
and the API US 401(K) plan will be transferred to Steel Excel Inc. or another domestic Subsidiary of Steel (collectively, the
 “US Plan Liability Transfer”).

 

E.       The
Borrowers have requested, inter alia, that Administrative Agent and the Lenders amend certain terms and provisions of the
Credit Agreement in order to reflect that the API Wind-Up Process will not, in and of itself, constitute an Event(s) of Default,
and the Administrative Agent and the Lenders have agreed, subject to the terms and conditions set forth in this Amendment, to amend
the Credit Agreement to accommodate the foregoing Borrower request.

 

NOW
THEREFORE, with the foregoing background hereinafter deemed incorporated by reference herein and made part hereof, the parties
hereto, intending to be legally bound, promise and agree as follows:

 

1.       Amendments
to Credit Agreement. On the Fifth Amendment Effective Date (defined below):

 

(a)       The
following definitions contained in Section 1.1 of the Credit Agreement are hereby amended and restated as follows:

 

Consolidated
EBITDA for any period of determination shall mean, as to any Person, with respect to any period, an amount equal to: (a) the
Consolidated Net Income of such Person for such period, plus (b) the sum of (each, to the extent deducted in the computation
of such Consolidated Net Income and without duplication), (i) depreciation and amortization for such period, (ii) Interest Expense
for such period, (iii) the provision for income taxes for such period, (iv) non-cash accruals for such period for environmental
liabilities (to the extent that the aggregate amount of all such accruals previously added back pursuant to this clause (iv) following
the date hereof and which remain accruals, net of reasonably anticipated recoveries or third party contributions, do not exceed
$25,000,000), (v) fees and expenses incurred in connection with the Transactions prior to or within 60 days after the Closing
Date, including, but not limited to, bank fees, legal fees and appraisal fees, (vi) non-cash compensation expense, (vii) other
non-cash, non-recurring costs and expenses (excluding any non-cash charge, expense or loss that results in an accrual of a reserve
for cash charges in any future period and any non-cash charge, expense or loss relating to write-offs, write-downs or reserves
with respect to accounts or inventory), (viii) fees and expenses incurred in connection with the an Acquisition or Disposition
permitted hereunder, incurred prior to or within 60 days after the closing date of such Acquisition or Disposition, (ix) fees
and expenses described in Section 7(d) of the Fifth Amendment and (x) professional, legal and related fees and expenses incurred
by Steel and its Subsidiaries and paid to third-parties in connection with the services performed evaluating, planning and executing
the API Wind-Up Process which, for the avoidance of doubt, excludes expenses recorded directly by the API Entities, minus
(c)(i) non-cash, non-recurring items increasing Consolidated Net Income (other than the accrual of revenue or recording of receivables
in the ordinary of course of business) and (ii) cash expenses incurred during such period in connection with environmental liabilities
to the extent accruals relating to such environmental liabilities were added back pursuant to clause (b)(iv) of this definition,
(iii) any benefits from income taxes for such period; provided however, that in the determination of Consolidated EBITDA
of the Loan Parties, such Consolidated EBITDA calculation shall (i) exclude EBITDA generated or attributable to WebBank, WebBank
Holding Corp. and Steel Investments LLC, but shall include, without duplication, an amount equal to the WebBank EBITDA Contribution
and (ii) not include Consolidated EBITDA generated by the Excluded Subsidiaries in an amount in excess of $1,000,000.

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Consolidated
Net Income shall mean, with respect to any Person for any period, the aggregate of the net income (loss) from continuing operations
of such Person and its Subsidiaries, on a consolidated basis, including amounts attributable to noncontrolling interests, attributable
to such period; provided, that, (a) the net income of any Person that is accounted for by the equity method of accounting,
shall be included only to the extent of the amount of dividends or distributions paid or payable to such Person or a wholly owned
Subsidiary of such Person; (b) except to the extent included pursuant to the foregoing clause, the net income of any Person accrued
prior to the date it becomes a wholly owned Subsidiary of such Person or is merged into or consolidated with such Person or any
of its wholly owned Subsidiaries or the date that Person’s assets are acquired by such Person or by any of its wholly owned
Subsidiaries shall be excluded; (c) [reserved]; (d) extraordinary gains and losses, gains and losses in connection with the inventory
hedging program of such Person and its Subsidiaries, non-cash pension expense and credits and realized and unrealized gains or
losses on derivatives and gains or losses due to the change in the value of investment portfolio(s) consisting of Capital Stock,
bonds, notes or securities or other investments, or due to the change in the inventory levels of inventory accounted for on a last-in,
first-out basis shall each be excluded; (e) any gain and any non-cash loss (but not any cash loss) together with any related
provision for Taxes for such gain and non-cash loss (but not any cash loss) realized upon the sale or other disposition of any
assets that are not sold in the ordinary course of business (including dispositions pursuant to sale and leaseback transactions)
or of any Capital Stock of such Person or a Subsidiary of such Person shall be excluded; (f) any net income or loss realized
as a result of changes in accounting principles or the application thereof to such Person shall be excluded; and (g) for the trailing
four fiscal quarters ending March 31, 2020 , the net income (loss) (excluding any costs associated with Steel and its Subsidiaries
overhead allocations) of each API Entity that participated in the API Wind-Up Process so as to effectuate a dissolution or liquidation
of such entity shall be excluded so long as (i) the API Wind-Up Process with respect to each API Entity was commenced on or before
February 28, 2020 and (ii) Administrative Agent has received, in form and substance acceptable to Administrative Agent, a consolidating
statement of operations as soon as available and in any event within 45 days after the end of each fiscal quarter (90 days in the
case of a fiscal year end) indicating such net income (loss) and costs associated with Steel and its Subsidiaries overhead allocations.

Individual Swing
Loan Sublimit shall mean (i) $30,000,000 with respect to Steel Excel Inc. and (ii) $20,000,000 with respect to SPH Group Holdings
LLC.

 

(b)       The
following definitions are hereby added to Section 1.1 of the Credit Agreement in their property alphabetical order:

 

API US shall
have the meaning ascribed to it in the Fifth Amendment.

 

API Entity shall
have the meaning ascribed to it in the Fifth Amendment.

 

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API Wind-Up Process
shall have the meaning ascribed to it in the Fifth Amendment.

 

Fifth Amendment
shall mean that certain Fifth Amendment to Credit Agreement, dated as of the Fifth Amendment Effective Date, by and among the Lenders
party thereto, Administrative Agent, the Guarantors, the UK Guarantors and the Borrowers.

 

Fifth Amendment
Effective Date shall mean January 31, 2020.

 

US Plan Liability
Transfer shall have the meaning ascribed to it in the Fifth Amendment.

 

(c)       The
following Subsections 9.1.14 and 9.1.15 are hereby added to Section 9.1 of the Credit Agreement:

 

9.1.14       Claims
Against Administrative Agent or any Lender. If any administrator, trustee, pension regulator, Official Body, unsecured creditors
committee or other Person, whether similar or dissimilar, or office in any official capacity asserts, alleges or makes any claim
whatsoever against or with respect to Administrative Agent, any Lender, or either of their respective rights under or related to
the Loan Documents, or any of them, including, without limitation, any attempt to avoid any Liens or any Obligations or payments
received, or assert that any such entities were recipients of any preferential transfer(s) or any fraudulent transfer(s) or conveyance(s)
with respect to any of the Obligations or the UK Obligations arising out of, related to or in connection with the Fifth Amendment,
this Agreement, any other Loan Document, the API Wind-Up Process, including any actions taken by, or the role of, Administrative
Agent or any Lender in any Relief Proceeding associated therewith, or otherwise, the Loan Parties shall indemnify and defend Administrative
Agent and the Lenders against any such claims or actions and take all steps necessary to ensure that such claims and/or actions
are settled, dismissed (if applicable, with prejudice) or released (all at no cost to the Administrative Agent or any Lender).
The failure of the Loan Parties to so indemnify and defend Administrative Agent and Lenders, subject to the longer of any statutory
filing period or thirty (30) days of receipt of such notice from Agent or any Lender to any Loan Party, shall constitute an Event
of Default, provided that for avoidance of doubt, all such indemnification claims shall be included as Obligations under the Credit
Agreement and provided further that in all events, the Loan Parties shall indemnify and reimburse Administrative Agent and Lenders
for all fees, costs and expenses, including attorneys’ fees and financial consultant fees, as applicable, incurred in conjunction
with any such claims or actions, upon demand.

 

9.1.15       UK
Obligations and Amounts Borrowed by API US. Notwithstanding anything to the contrary contained in Section 9.1.1 [Payments
Under Loan Documents], the failure of Loan Parties to repay all amounts owing to Administrative Agent and Lenders with respect
to the UK Obligations and the Revolving Credit Loans borrowed by API US, plus all fees, costs and expenses incurred in connection
therewith, on or prior to the date set forth in Section 3 of the Fifth Amendment shall constitute an Event of Default.

 

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(d)       Section
9.2.1 [Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings] is hereby amended and restated in its
entirety as follows:

 

9.2.1       Events
of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Sections 9.1.1
[Payments Under Loan Documents] through 9.1.11 [Change of Control], Section 9.1.13 [WebBank], Section 9.1.14
[Claims Against Administrative Agent or any Lender] or Section 9.1.15 [UK Obligations and Amounts Borrowed by API
US] shall occur and be continuing, the Lenders and Administrative Agent shall be under no further obligation to make Loans
and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request
of the Required Lenders shall, (i) by written notice to the Borrowing Agent, terminate the Revolving Credit Commitments and declare
the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness
of the Borrowers to the Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and
be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest
or any other notice of any kind (other than the written notice to the Borrowing Agent referred to in this clause (i)), all of which
are hereby expressly waived, and (ii) require the Borrowers to, and the Borrowers shall thereupon, deposit in a non-interest-bearing
account with the Administrative Agent, as Cash Collateral, an amount equal to the maximum amount currently or at any time thereafter
available to be drawn on all outstanding Letters of Credit, and the Borrowers hereby pledge to the Administrative Agent and the
Lenders, and grant to the Administrative Agent and the Lenders a security interest in, all such cash as security for the Letter
of Credit Obligations; and

 

(e)       Notwithstanding
anything to the contrary contained in the Credit Agreement, including, without limitation, Section 2.1 [Revolving Credit Commitments],
upon and after the Fifth Amendment Effective Date, neither the UK Borrower nor API US shall be permitted to borrow Revolving Credit
Loans or request the issuance of Letters of Credit and as such no further Loans or Letters of Credit shall be extended to or for
the benefit of the UK Borrower or API US, respectively.

 

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(f)       Notwithstanding
anything to the contrary contained in the Credit Agreement, including, without limitation, Sections 8.2.4 [Loans and Investments]
and 8.2.5 [Dividends and Related Distributions] upon and after the Fifth Amendment Effective Date, no Investments, loans,
advances, contributions, distributions, dividends, intercompany transfers or similar transfers, including Wind-Up Loans (as defined
below) (collectively “Intercompany Transfers”) may be made by Steel or its Subsidiaries to any API Entity in
an aggregate amount in excess of $7,500,000, without the prior written consent of the Required Lenders (which consent may be granted
or withheld in the Required Lenders’ sole and absolute discretion) and no Loan Party nor any API Entity may make any loans
or advances to any employee of such API Entity, provided, however, the following shall be permitted until the completion
of the API Wind-Up Process: (i) Intercompany Transfers required of an API Entity (other than API US and API (USA) Holdings Ltd.)
by an administrator appointed in a Relief Proceeding involving the UK Borrower and UK Guarantors so long as such administrator
is not an employee or Affiliate of Steel or its Subsidiaries and (ii) sales and other commercial transactions in the ordinary course
of business between API US and any other API Entity or between any API Entities on terms no less favorable than would be obtained
in an arm’s length transaction with a non-Affiliate. Subject to applicable Law and appropriate order(s) of a court of competent
jurisdiction (if required), the maker of the Wind-Up Loans shall not be prohibited from obtaining a security interest to secure
the Wind-Up Loans in (x) any encumbered asset of API US so long as such security interest is subordinated to the interest of Administrative
Agent on terms and conditions acceptable to Administrative Agent in its sole discretion or (y) any unencumbered asset of API US;
provided, however, to the extent that API US seeks to use cash collateral in any Relief Proceeding and Administrative
Agent seeks replacement liens and adequate protection liens, including with respect to previously unencumbered assets, any such
maker of such Wind-Up Loans which has been granted a security interest in any assets of API US shall subordinate its liens on terms
and conditions reasonably satisfactory to Administrative Agent. For purposes hereof, “Wind-Up Loans” shall mean
loans and advances by non-API Entity Loan Parties to API US for the purpose of effectuating the API Wind-Up Process with respect
to API US.

 

(g)       Notwithstanding
anything to the contrary contained in the Credit Agreement, including, without limitation, Sections 8.2.6 [Liquidations, Mergers,
Consolidations, Amalgamations, Acquisitions], 8.2.7 [Dispositions of Assets or Subsidiaries], Section 8.4 [UK Pension
Matters], 9.1.11 [Change of Control], 9.1.7 [Final Judgments or Orders], or 9.1.12 [Relief Proceeding],
the API Wind-Up Process shall not constitute a Change of Control or an Event of Default under the Credit Agreement.

 

(h)       Notwithstanding
anything to the contrary contained in the Credit Agreement, including, without limitation, Section 9.1.10 [Events Relating to
Pension Plans and Multiemployer Plans], the US Plan Liability Transfer shall not constitute an Event of Default under the Credit
Agreement.

 

(i)       Notwithstanding
anything to the contrary contained in the Credit Agreement, including, without limitation, Sections 5.7.3 [Sale of Assets]
and 5.7.6 [Application of Payments; Application Among Interest Rate Options], all proceeds received or recovered from
any claims Administrative Agent or any Lender has or may have against API US and/or API (USA) Holdings Ltd (whether under or in
connection with any liquidation, reorganization, receivership, assignment for the benefit of creditors or a case under 11 U.S.C.
 § 101 et seq.) shall be delivered to Administrative Agent for the benefit of the Lenders and applied first to payment
of that portion of the Obligations constituting unpaid fees, indemnities, expenses and other amounts, including reasonable attorney
fees, payable to the Administrative Agent in its capacity as such, second to payment of that portion of the Obligations
constituting unpaid fees, indemnities and other amounts (other than principal and interest) payable to the Lenders under the Loan
Documents, including reasonable attorney fees, ratably among the Lenders in proportion to the respective amounts described in this
clause payable to them, and third as a prepayment of Revolving Credit Loans constituting API US Loans (as defined below).

 

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(j)       Notwithstanding
anything to the contrary contained in the Credit Agreement, including, without limitation, Section 5.7.3 [Sale of Assets],
all proceeds received or recovered by the Administrative Agent or any Lender from the sale or realization of assets of the UK Borrower,
API Limited and/or the UK Guarantors constituting Collateral (whether under or in connection with any liquidation, administration,
reorganization, receivership or other analogous process or otherwise) shall be delivered to Administrative Agent for the benefit
of the Lenders and shall be applied first to payment of that portion of the UK Obligations constituting unpaid fees, indemnities,
expenses and other amounts, including reasonable attorney fees, payable to the Administrative Agent in its capacity as such, second
to payment of that portion of the UK Obligations constituting unpaid fees, indemnities and other amounts (other than principal
and interest) payable to the Lenders under the Loan Documents, including reasonable attorney fees, ratably among the Lenders in
proportion to the respective amounts described in this clause payable to them, third as a repayment of the UK Loans constituting
the UK Obligations.

 

(k)       API
US has indicated that, in conjunction with a proceeding under 11 U.S.C. § 101 et seq., it may require the use of Administrative
Agent’s and Lenders’ cash collateral under Section 363 of the Bankruptcy Code in order to fund the corresponding Relief
Proceeding and finance the business of API US during such Relief Proceeding, including through a sale or liquidation of the Collateral
owned by API US and/or API (USA) Holdings, Ltd. The Lenders hereby agree that subject to the terms of a consensual stipulation
and the entry of a court order(s), all on terms and conditions satisfactory to the Administrative Agent in its sole discretion,
including the granting of replacement liens and other adequate protection acceptable to the Administrative Agent and the possibility
of a carveout for professional fees, costs and expenses, each Lender’s consent to the sale of the Collateral owned by API
US and/or API (USA) Holdings, Ltd., in such Relief Proceeding, a plan of reorganization or liquidation corresponding to such Relief
Proceeding, any and all actions Administrative Agent deems appropriate to take in such Relief Proceedings and/or the use of cash
collateral on such terms agreed to by the Administrative Agent shall be deemed granted. Such cash collateral shall be used for
the purposes specified in a budget approved by the Administrative Agent (which budget may be amended from time to time in Administrative
Agent’s discretion) and in accordance with the terms, conditions, and limitations set forth in the stipulation, the approved
budget and the applicable court order(s).

 

(l)       Schedule
1.1 (B) to the Credit Agreement is hereby amended and restated in its entirety with the Schedule 1.1 (B) attached hereto as Annex
B.

 

2.       Representations,
Warranties and Covenants. Each Loan Party and each API Entity hereby:

 

(a)       represents
and warrants that, as of the date hereof and both before and after giving effect to this Amendment and the institution of API Wind-Up
Process, each of the Loan Parties (other than the API Entities) is and shall remain Solvent;

 

(b)       reaffirms
all representations and warranties made to Administrative Agent and Lenders under the Credit Agreement and all of the other Loan
Documents and confirms that after giving effect to this Amendment, all are true and correct in all material respects as of the
date hereof, in each case other than representations and warranties that relate to a specific date;

 

(c)       reaffirms
all of the covenants contained in the Credit Agreement and covenants to abide thereby until all Loans, Obligations and other liabilities
of each Loan Party and each API Entity to Administrative Agent and Lenders, of whatever nature and whenever incurred, are satisfied
and/or released by Administrative Agent and Lenders;

 

    	7

     

    

(d)       represents
and warrants that, after giving effect to this Amendment, no Potential Default or Event of Default has occurred and is continuing
under any of the Loan Documents;

 

(e)       represents
and warrants that since September 30, 2019, no event or development has occurred which has had or is reasonably likely to have
a Material Adverse Change;

 

(f)       represents
and warrants that it has the authority and legal right to execute, deliver and carry out the terms of this Amendment, and all related
agreements, instruments, and documents to which such Loan Party or API Entity, as applicable, is a party, that such actions were
duly authorized by all necessary corporate or company action and that the officers executing this Amendment, and any related agreements,
instruments or documents on its behalf were similarly authorized and empowered, and that neither this Amendment, or any related
agreements, instruments, or documents contravenes any provisions of its Articles of Incorporation or Certificate of Formation,
as applicable and Bylaws or Operating Agreement, as applicable, or of any contract or agreement to which it is a party or by which
any of its properties are bound; and

 

(g)       represents
and warrants that this Amendment, and all assignments, instruments, documents, and agreements executed and delivered by such Loan
Party and such API Entity, as applicable, in connection herewith, are valid, binding and enforceable in accordance with their respective
terms.

 

3.       UK
Obligations and Amounts Borrowed by API US. As more fully stated in the below Section 4, Borrowers are indebted to Administrative
Agent and Lenders under the Credit Agreement in connection with certain Revolving Credit Loans, including, without limitation,
Revolving Credit Loans borrowed by UK Borrower comprising UK Obligations and Revolving Credit Loans borrowed by API US (for purposes
of this Amendment, the “API US Loans”). As consideration for Administrative Agent’s and Lenders’
agreement to grant the accommodations set forth herein, each Loan Party and each API Entity hereby acknowledge, consent and agree
that all amounts owing to Administrative Agent and Lenders with respect to the UK Obligations and the API US Loans, plus all fees,
costs and expenses incurred to date in connection therewith, are immediately due and payable on the date hereof by the API Entities
and the Loan Parties, without any deduction, defense, setoff, claim or counterclaim. The failure to pay the UK Obligations and
the API US Loans shall not constitute an Event of Default under the Credit Agreement so long as the UK Obligations and the API
US Loans continue to comprise a portion of the Obligations owing, without defense, setoff, claim or counterclaim, by the non-API
Entity Loan Parties and (i) the remaining balance, if any, of the UK Obligations and all accrued but unpaid interest, fees, costs
and expenses associated therewith shall be due and payable by the non-API Entity Loan Parties upon the earliest of (A) completion
of the administration proceedings with respect to the UK Borrower and the UK Guarantors, (B) the 18 month anniversary of the Fifth
Amendment Effective Date and (C) acceleration of the Obligations in accordance with the terms of the Credit Agreement, and (ii)
the remaining balance, if any, of the API US Loans, and all accrued but unpaid interest, fees, costs and expenses associated therewith
shall be due and payable by the non-API Entity Loan Parties upon the earliest of (A) the sale or liquidation of all or substantially
all of the assets of the API US and API (USA) Holdings Ltd. or, if API US files for Chapter 11 protection under the United States
Bankruptcy Code in connection with the API Wind-Up Process, the scheduled date of distributions under a confirmed plan of reorganization
or liquidation with respect to API US, (B) the 18 month anniversary of the Fifth Amendment Effective Date and (C) acceleration
of the Obligations in accordance with the terms of the Credit Agreement. For the avoidance of doubt, the UK Obligations and the
API US Loans shall continue to accrue interest at the Applicable Margin until such UK Obligations and API US Loans are Paid in
Full and shall be each non-API Entity Loan Party’s joint and several obligations as provided for in the Credit Agreement
and the other Loan Documents.

 

    	8

     

    

4.       Confirmation
of Indebtedness. Each Loan Party and each API Entity acknowledges and agrees that as of the close of business on January 29,
2020, Borrowers were indebted to Administrative Agent and Lenders under the Credit Agreement in the aggregate principal amount
of (a) $232,202,382.00 in connection with the Revolving Facility Usage (which includes $211,148,788.42 of Revolving Credit Loans
(of which 19,000,000.00 GBP are UK Loans and $44,388,238.42 are API US Loans), $11,000,000.00 of outstanding Swing Loans and $10,096,018.63
of Letter of Credit Obligations), and (b) $190,000,000.00 for the Term Loans, without any deduction, defense, setoff, claim or
counterclaim, plus all fees, costs and expenses incurred to date in connection with the Credit Agreement and the other Loan Documents.

 

5.       Acknowledgments.

 

(a)       Each
Loan Party hereby (i) covenants and agrees that the Continuing Agreement of Guaranty and Suretyship (US Guarantied Obligations)
and the Continuing Agreement of Guaranty and Suretyship (UK Obligations), both dated November 14, 2017, as amended, restated, reaffirmed,
supplemented and otherwise modified from time to time, shall remain in full force and effect and shall continue to cover the existing
and future Obligations of Borrowers and each other Guarantor to Administrative Agent and Lenders under the Credit Agreement and
the other Loan Documents and (ii) confirms, acknowledges and agrees that any and all amounts owed in connection with the Loans,
the Credit Agreement and the other Loan Documents, including, without limitation, with respect to any API Entity, shall be paid
promptly when due in accordance with the terms of this Amendment, the Credit Agreement and the other Loan Documents and are and
continue to be each Loan Party’s joint and several obligations, as applicable, as provided for in the Credit Agreement and
the other Loan Documents.

 

(b)       Each
UK Guarantor hereby (i) covenants and agrees that the Composite Guaranty and Debenture, dated as of November 14, 2017, as amended,
restated, reaffirmed, supplemented and otherwise modified from time to time, shall remain in full force and effect and shall continue
to cover the existing and future Obligations of UK Borrower and each other UK Guarantor to Administrative Agent and Lenders under
the Credit Agreement and the other Loan Documents and (ii) confirms, acknowledges and agrees that any and all amounts owed in connection
with the UK Loans, the Credit Agreement and the other Loan Documents, including, without limitation, with respect to any API Entity,
shall be paid promptly when due in accordance with the terms of this Amendment, the Credit Agreement and the other Loan Documents
and are and continue to be each UK Guarantor’s joint and several obligation as provided for in the Credit Agreement and the
other Loan Documents.

 

(c)       API
Limited hereby (i) covenants and agrees that the Composite Guaranty and Debenture, dated as of November 14, 2017, as amended, restated,
reaffirmed, supplemented and otherwise modified from time to time, shall remain in full force and effect and shall continue to
cover the existing and future Obligations of UK Borrower to Administrative Agent and Lenders under the Credit Agreement and the
other Loan Documents and (ii) confirms, acknowledges and agrees that any and all amounts owed in connection with the UK Loans,
the Credit Agreement and the other Loan Documents, including, without limitation, with respect to any API Entity, shall be paid
promptly when due in accordance with the terms of this Amendment, the Credit Agreement and the other Loan Documents and are and
continue to be API Limited’s obligation as provided for in the Credit Agreement and the other Loan Documents.

 

6.      Fees.Prior
to the effectiveness of this Amendment, Borrowers shall pay to the Administrative Agent for the benefit of the Lenders approving
this Amendment (each, an “Approving Lender”), a non-refundable amendment fee (“Amendment Fee”)
in an aggregate amount equal to $690,000, representing a ten (10) basis point fee based on each Approving Lender’s respective
Commitment.

 

    	9

     

    

7.       Conditions
Precedent/Effectiveness Conditions. This Amendment shall be effective upon the satisfaction of each of the following conditions
(all documents to be in form and substance reasonably satisfactory to Administrative Agent and Administrative Agent’s counsel):

 

(a)       Administrative
Agent shall have received this Amendment duly executed by Lenders, the Borrowers, the Guarantors, the UK Guarantors and API Limited;

 

(b)       Administrative
Agent shall have received evidence satisfactory to Administrative Agent that the board of directors or equivalent governing body
of each API Entity has approved the commencement of the API Wind-Up Process;

 

(c)       Administrative
Agent shall have received each of the agreements and documents (all fully executed, as applicable) listed on the Closing Checklist
attached hereto as Exhibit A;

 

(d)       The
Loan Parties shall have (i) paid the Amendment Fee and (ii) paid and/or reimbursed Administrative Agent for all of its fees and
expenses incurred in connection with the preparation, negotiation and execution of this Amendment and the documents provided for
herein or related hereto, including without limitation the fees and expenses of its counsel and FTI Consulting, Inc., as its financial
advisor, incurred through the Fifth Amendment Effective Date;

 

(e)       Administrative
Agent shall have received a thirteen week cash flow analysis and projections for the API Entities for the period beginning with
the week of the Fifth Amendment Effective Date;

 

(f)       After
giving effect to this Amendment, no Potential Default or Event of Default shall have occurred and be continuing;

 

(g)       The
representations and warranties set forth herein must be true and correct in all material respects; and

 

(h)       Execution
and/or delivery of all other agreements, instruments and documents requested by Administrative Agent to effectuate and implement
the terms hereof.

 

8.       Post-Closing
Obligations.

 

(a)       On
or before February 28, 2020, the API Entities shall have commenced the API Wind-Up Process.

 

(b)       On
or before the sixtieth (60th) day after the end of each fiscal quarter, the Loan Parties shall conduct conference calls
with senior management of the Loan Parties, Administrative Agent and the Lenders (at such times agreed by Steel and Administrative
Agent) to discuss the financial performance of the Loan Parties and provide updates on the API Wind-Up Process.

 

(c)       As
soon as reasonably practicable, Borrowers shall provide such projections, cash flow analysis and other financial statements and/or
information as reasonably requested by Administrative Agent.

 

    	10

     

    

9.       UK
Swingline. The Loan Parties hereby represent and warrant that the amount outstanding in connection with the UK Swingline Documentation
is $0.00.

 

10.       Reaffirmation
of the Loan Documents. Except as modified by the terms hereof, all of the terms and conditions of the Credit Agreement, as
amended, and all other of the other Loan Documents, are hereby reaffirmed and shall continue in full force and effect as therein
written.

 

11.       Release.
As further consideration for Administrative Agent’s and Lenders’ agreement to grant the accommodations set forth herein,
each Loan Party and each API Entity hereby waives and releases and forever discharges Administrative Agent and the Lenders and
their respective officers, directors, equity holders, members, partners, Subsidiaries, Affiliates, parents, employees, advisors,
attorneys, professionals, accountants, investment bankers, consultants, agents, other representatives, successors and assigns thereof
(collectively, the “Released Parties” and each individually a “Released Party”) from any
and all claims, liabilities, demands, damages, losses, actions and causes of action whatsoever which any Loan Party or any API
Entity may now have or claim to have against the Administrative Agent or any Lender or any other Released Parties, in each case
as of the date hereof, arising at law or in equity, whether presently known or unknown and of any nature and extent whatsoever,
on account of or in any way affecting, concerning or arising out of or founded upon this Amendment, the Credit Agreement or the
other Loan Documents, including but not limited to all such loss or damage of any kind heretofore sustained or that may arise as
a consequence of the dealings between the parties up to and including the date hereof, including but not limited to, the administration
or enforcement of the Obligations or any of the Loan Documents up to and including the date hereof. Each Loan Party and each API
Entity, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and
irrevocably, covenants and agrees with and in favor of each Released Party above that it will not sue (at law, in equity, in any
regulatory proceeding or otherwise) any Released Party on the basis of any claim released, remised and discharged by any Loan Party
or any API Entity pursuant to the above release.  If any Loan Party or any API Entity, or any of their respective successors,
assigns or other legal representatives violates the foregoing covenant, such Loan Party or API Entity, as applicable, for itself
and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Released Party may
sustain as a result of such violation, all attorneys’ fees and costs incurred by such Released Party as a result of such
violation.

 

12.       No
Waiver; Reservation of Rights. This Amendment should not be construed to limit the right of Administrative Agent and the Lenders
to act without any other or further notice to any Loan Party or any API Entity in accordance with the terms of the Credit Agreement,
any of the Loan Documents or applicable law. Neither anything contained herein nor any amendment to the Credit Agreement entered
into in connection herewith shall be deemed to be a waiver of any of the rights and remedies available to the Administrative Agent
and the Lenders under applicable law, the Credit Agreement or any of the Loan Documents, and the Administrative Agent and the Lenders
expressly reserve all rights and remedies under the Credit Agreement, the Loan Documents and applicable law against the Loan Parties
and the API Entities, including, without limitation, any and all rights and remedies with respect to the API Wind-Up Process. Administrative
Agent and the Lenders do not waive any Potential Default or Event of Default which may have occurred prior to the date hereof,
which may exist on the date hereof, or which may occur hereafter. A Default or an Event of Default can only be waived pursuant
to an agreement in writing executed by Administrative Agent and the applicable Lenders as set forth in the Credit Agreement. Any
delay or failure by Administrative Agent or the Lenders in pursuing any rights or remedies as a result of any Potential Default
or Event of Default or otherwise shall not be deemed a waiver of such Potential Default or Event of Default or any such rights
or remedies.

 

    	11

     

    

13.       Obligations
Absolute. Each Loan Party and each API Entity acknowledge and agree that obligations of each Loan Party and each API Entity
under the Loan Documents and this Amendment shall be absolute and unconditional and shall remain in full force and effect without
regard to, and shall not be released, discharged or in any way affected by this Amendment or by (a) any exercise or non-exercise
of any right, remedy, power or privilege under applicable law or in respect of this Amendment, the Credit Agreement, the Loan Documents,
or any document relating to the forgoing, including, without limitation, any waiver, consent, extension, indulgence or other action
or inaction in respect thereof or (b) any other act or thing or omission or delay to do any other act or thing which could operate
to or as a discharge of any Loan Party or any API Entity as a matter of law, other than Payment in Full of all Obligations, including
but not limited to all obligations under the Loan Documents and this Agreement.

 

14.       Further
Assurances. Each Loan Party and each API Entity shall take actions as are necessary or as the Administrative Agent may request
from time to time to ensure that the Obligations are secured by all of the Collateral as is requested by the Administrative Agent
from time to time, and guaranteed by the Guarantors and the UK Guarantors in a manner satisfactory to the Administrative Agent,
in each case including the execution and delivery of agreements, guaranties, security agreements, pledge agreements, deposit account
control agreements, financing statements and other documents, the filing or recording of any of the foregoing as requested by the
Administrative Agent from time to time and the establishment of one or more additional bank accounts (and the execution of one
or more corresponding deposit account control agreements), including among other things, such documentation necessary to provide
the Administrative Agent with first priority liens in and encumbrances on all Collateral and to address any lien perfection issues
identified by the Administrative Agent from time to time. In addition, each Loan Party and each API Entity shall provide all information
requested by the Administrative Agent related to the Collateral and the business operations of the API Entities and the other Loan
Parties as the Administrative Agent may request from time to time.

 

15.       UCC
Waivers. To the extent permitted by applicable Law, each Loan Party and each API Entity waives and renounces all rights which
are waivable under Article 9 of the Uniform Commercial Code as such rights relate to any Loan Party’s or API Entity’s
relationship with Administrative Agent and/or Lenders, whether such rights are waivable before or after default, including, without
limitation, those rights with respect to compulsory disposition of collateral under U.C.C. §9-620, any right of redemption
under U.C.C. §9-623, and any right to notice relating to disposition of collateral under U.C.C. §9-611.

 

16.       Indemnity.
Each Loan Party and each API Entity hereby reaffirm its agreement under the applicable Loan Documents to pay or reimburse the Administrative
Agent and Lenders for costs and expenses incurred by the Administrative Agent and the Lenders in accordance with the terms thereof,
including without limitation any costs of professional advisors, including attorneys and financial consultants, and other expenses
associated with or arising from this Amendment, the Credit Agreement, any Loan Document and/or the API Wind-Up Process.

 

17.       Miscellaneous.

 

(a)       No
rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental beneficiary.

 

(b)       The
headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof.

 

    	12

     

    

(c)       No
modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on behalf
of the party against whom enforcement is sought.

 

(d)       The
terms and conditions of this Amendment shall be governed by the laws of the State of New York.

 

(e)       This
Amendment may be executed in any number of counterparts and by facsimile, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement. Delivery by facsimile or electronic transmission
shall bind the parties hereto.

 

[SIGNATURES APPEAR ON THE
FOLLOWING PAGE]

 

    	13

     

    

IN WITNESS WHEREOF, the
parties have caused this Amendment to be executed and delivered by their duly authorized officers as of the date first above written.

 

BORROWERS:

US BORROWERS

SPH GROUP HOLDINGS
LLC

By: Steel Partners
Holdings GP Inc., its Manager

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Chief
Financial Officer

 

 

STEEL EXCEL INC.

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Vice
President & Chief Financial Officer

 

 

API AMERICAS INC.

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

 

HANDY & HARMAN
GROUP LTD.

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Senior
Vice President

 

 

IGO, INC.

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Chief
Financial Officer

 

UK BORROWER

CEDAR 2015 LIMITED

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Director 

    Signature Page to Fifth Amendment to Credit Agreement

     

    
		GUARANTORS:	STEEL PARTNERS HOLDINGS L.P.

By: Steel Partners
Holdings GP Inc., its General Partner

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Chief
Financial Officer

 

 

SPH GROUP LLC

By: Steel Partners
Holdings GP Inc., its Managing Member

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Chief
Financial Officer

 

 

WEBFINANCIAL HOLDING
LLC

By: WebFinancial
Holding Corporation, its Managing Member

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Chief
Financial Officer

 

 

DGT HOLDINGS CORP.

STEEL SERVICES
LTD.

WEBFINANCIAL HOLDING
CORPORATION

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Chief
Financial Officer

 

 

WEBBANK HOLDING
CORP.

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

BAIRNCO, LLC

BASIN WELL LOGGING
WIRELINE SERVICE INC.

BLACK HAWK ENERGY
SERVICES LTD.

HANDY & HARMAN

HANDY & HARMAN
ELECTRONIC MATERIALS CORPORATION

HANDY & HARMAN
INTERNATIONAL, LTD.

HANDY & HARMAN
OF CANADA, LIMITED

HANDY & HARMAN
TUBE COMPANY, INC.

HANDYTUBE CORPORATION

INDIANA TUBE CORPORATION

JPS COMPOSITE MATERIALS
CORP.

JPS INDUSTRIES HOLDINGS
LLC

KASCO, LLC

LUCAS-MILHAUPT, INC.

LUCAS-MILHAUPT WARWICK
LLC

MEX HOLDINGS LLC

MTE CORPORATION

OMG, INC.

OMNI TECHNOLOGIES
CORPORATION OF DANVILLE

ROGUE PRESSURE SERVICES
LTD.

SL DELAWARE HOLDINGS,
INC.

SL INDUSTRIES, INC.

SL MONTEVIDEO TECHNOLOGY,
INC.

SL POWER ELECTRONICS
CORPORATION

SLMTI DS LLC

STEEL ENERGY SERVICES
LTD.

SUN WELL SERVICE,
INC.

WHX CS CORP.

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Senior
Vice President

 

 

BASEBALL HEAVEN
INC.

STEEL SPORTS INC.

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Vice
President

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

API (USA) HOLDINGS
LTD.

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

 

ATLANTIC SERVICE
COMPANY, LIMITED

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Treasurer

 

 

Dunmore
International Corp.

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Treasurer

 

		OTHER GUARANTORS:	API Group Limited f/k/a API Group PLC

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

 

API
Group Services Limited

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

 

API-Stace
Limited

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

API
Laminates Limited

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title: Authorized
Signatory

    Signature Page to Fifth Amendment to Credit Agreement

     

    

API
Foils Holdings Limited

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

API
Foils Limited

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

API
Holographics Limited

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

API
Overseas Holdings Limited

 

By: /s/ Douglas
B. Woodworth

Name:Douglas
B. Woodworth

Title:Authorized
Signatory

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

PNC BANK, NATIONAL
ASSOCIATION, as Administrative Agent, Issuing Lender and a Lender

 

By: /s/ Bryan
Flory

Name:Bryan
Flory

Title:Vice
President

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

CITIZENS BANK,
N.A., as a Lender

 

By: /s/ Douglas
Moore

Name: Douglas Moore

Title: Senior
Vice President

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

Truist
BANK, formerly known as Branch Banking and Trust Company, successor by merger to SunTrust Bank, as a Lender

 

By: /s/ Steve
Curran

Name: Steve Curran

Title: Director

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

WELLS FARGO BANK,
NATIONAL ASSOCIATION, as a Lender

 

By: /s/ Melinda
A. White

Name: Melinda
A. White

Title: Senior
Vice President

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

FIFTH THIRD BANK,
NATIONAL ASSOCIATION, as a Lender

 

By: /s/ Shane
Johnson

Name: Shane Johnson

Title: Director

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

ROYAL BANK OF CANADA,
as a Lender

 

By: /s/ Nikhil
Madhok

Name: Nikhil Madhok

Title:
Authorized Signatory

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

SANTANDER BANK,
N.A., as a Lender

 

By: /s/ Bruce
H. Stanwood

Name: Bruce
H. Stanwood

Title: Senior
Vice President

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

KEYBANK NATIONAL
ASSOCIATION, as a Lender

 

By: /s/ Marc
Evans

Name: Marc Evans

Title: Vice President

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

TD BANK, N.A.,
as a Lender

 

By: /s/ Joseph
C. Premont Jr.

Name: Joseph
C. Premont Jr.

Title: Vice President

 

    Signature Page to Fifth Amendment to Credit Agreement

     

    

PEOPLE’S
UNITED BANK, NATIONAL ASSOCIATION, as a Lender

 

By: /s/ James
Riley

Name: James Riley

Title: Senior
Vice President

 

    Signature Page to Fifth Amendment to Credit Agreement

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