Document:

Exhibit
10.29 

 

THIS
14% SENIOR SUBORDINATED NOTE AND THE INDEBTEDNESS EVIDENCED HEREBY ARE SUBORDINATED IN THE MANNER AND TO THE EXTENT SET FORTH
IN THAT CERTAIN SUBORDINATION AND INTERCREDITOR AGREEMENT DATED OCTOBER 17, 2007, AS AMENDED THROUGH AND AS OF THE DATE HEREOF,
BY AND AMONG LTN ACQUISITION, LLC, THE MAKERS (AS DEFINED BELOW), THE PAYEE (AS DEFINED BELOW), LEGG MASON SBIC MEZZANINE FUND,
L.P., BROOKSIDE PECKS CAPITAL PARTNERS, L.P. AND FIFTH THIRD BANK (AS HEREAFTER MODIFIED, AMENDED, SUPPLEMENTED AND/OR RESTATED
FROM TIME TO TIME, THE “SUBORDINATION AGREEMENT”).

 

THE SECURITY REPRESENTED
BY THIS SENIOR SUBORDINATED NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THIS SECURITY MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THAT ACT AND UNDER ANY APPLICABLE
STATE SECURITIES LAWS UNLESS PRIOR TO SUCH SALE, TRANSFER, PLEDGE OR DISPOSITION, MAKERS ARE FURNISHED WITH AN OPINION OF COUNSEL,
IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO MAKERS, THAT THE PROPOSED SALE, TRANSFER, PLEDGE OR DISPOSITION WILL BE EXEMPT
FROM SUCH REGISTRATION.

 

14%
SENIOR SUBORDINATED NOTE 

 

	$4,000,000.00	May 28, 2013

 

FOR
VALUE RECEIVED, LTN STAFFING, LLC, a Delaware limited liability company (“LTN
Staffing”), BG STAFFING, LLC, a Delaware limited liability company (“BG
Staffing”), BG PERSONNEL SERVICES, LP, a Texas limited partnership (“BG
Personnel Services”), BG PERSONNEL, LP, a
Texas limited partnership (“BG Personnel”), a Texas limited
partnership, B G STAFF SERVICES INC., a Texas corporation (“B
G Staff Services;” together with LTN Staffing, BG Staffing, BG Personnel Services
and BG Personnel being each individually referred to herein as a “Maker” and
being collectively referred to herein as the “Makers”), jointly
and severally promise to pay to the order of BROOKSIDE MEZZANINE FUND II, L.P., a
Delaware limited partnership (the “Payee”), at its address
at 201 Tresser Boulevard, Suite 330, Stamford, Connecticut 06901-3435 or at such other place as Payee may from time to time designate
in writing, the principal sum of FOUR MILLION DOLLARS ($4,000,000.00) with interest, on the terms and conditions described below.
The actual amount due and owing from time to time hereunder shall be evidenced by Payee’s records, which shall be prima
facie evidence of the unpaid balance thereof.

 

1.  Securities
Purchase Agreement. This
14% Senior Subordinated Note (this “Note”)
is the Brookside II Senior Subordinated Note issued to the Payee pursuant to the terms and
subject to the conditions of that certain Amended and Restated Securities Purchase Agreement dated the date hereof among LTN Acquisition,
LLC, Makers, the Payee, Brookside Pecks Capital Partners, L.P., and Legg Mason SBIC Mezzanine Fund, L.P. (all future amendments,
restatements, extensions and substitutions therefor or thereof, the “Purchase Agreement”), and
is entitled to all the benefits referred to in the Purchase Agreement. The terms of the Purchase Agreement are incorporated by
reference herein. All capitalized terms used in this Note without definition which are defined in the Purchase Agreement shall
have the meanings ascribed to such terms therein.

 

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2.  Contract
Interest Rate; Cash Interest and PIK Interest Payments. Subject
to the provisions of Section 4 hereof,
interest shall accrue on the unpaid principal balance of this Note at the fixed annual rate
of fourteen percent (14%) (such per annum rate, the “Contract
Rate”); provided,
however, that on the date of each scheduled payment of interest on the
outstanding principal balance under this Note, the Maker shall only pay in cash an amount of interest equal to twelve percent
(12%) per annum (the “Cash
Interest”) on
the outstanding principal balance under this Note. The payment of the remaining two percent (2%) per annum of the interest accrued
on the outstanding principal balance of this Note shall be deferred (the aggregate amount of such deferred payments of interest,
“PIK Interest”) until
the Maturity Date. All PIK Interest shall: (i) be added to the unpaid principal balance of this Note on the date the related Cash
Interest payment is due and payable pursuant to the above proviso and on the dates hereinafter set forth; (ii) be due and payable,
together with all interest accrued thereon, in cash, on the Maturity Date or acceleration of this Note pursuant to the terms hereof;
and (iii) bear interest at a fixed rate per annum equal to the Contract Rate or the Default Rate, as applicable. Accrued interest
shall be payable quarterly in arrears commencing on the first Business Day of July, 2013 and continuing on the first Business
Day of every third month thereafter (i.e. the first Business Day of October, January, April, July, etc.) until the principal amount
of, and all accrued interest on, this Note, including, without limitation, the PIK Interest, have been paid in full. Any interest
that is not paid when due shall itself earn interest at the rate provided herein until the same has been paid in full. Interest
shall be calculated on the basis of a three hundred sixty (360)-day year for actual number of days elapsed.

 

3.  Balloon
Principal Repayment; Maturity Date. Subject
to the provisions of Section 8 hereof, the entire outstanding principal balance of this Note, including all accrued unpaid interest,
late charges, fees, and expenses hereunder shall be immediately due and payable on the Maturity Date.

 

4.  Default
Rate. Notwithstanding
the above, upon the occurrence of any Event of Default, this Note shall immediately and automatically begin to bear interest at
the Default Rate and shall continue thereafter to bear interest at the Default Rate until such Event of Default is waived in writing
by Payee.

 

5.  Post-Judgment
Interest. The
interest rate or rates provided in this Note shall apply to the indebtedness evidenced hereby before, on, and after the date or
dates on which Payee enters judgment on this Note.

 

6.  Prepayments.
The prepayment of
principal on this Note shall be governed by and subject to the provisions of Section 2.8 of the Purchase Agreement, the provisions
of which are incorporated herein by reference thereto as if fully set forth herein.

 

7.  Parent
Guaranty. This
Note is secured by Second Amended and Restated Guaranty and Suretyship of LTN Acquisition, LLC, a Delaware limited liability company
(the “Parent”), dated
the date hereof executed and delivered by the Parent in favor of the Payee, Brookside Pecks Capital Partners, L.P. and Legg Mason
SBIC Mezzanine Fund, L.P.

 

8.  Default:
Rights, Remedies. Upon
the occurrence of any Event of Default, Payee may exercise any and all rights and remedies set forth in the Loan Documents or
otherwise available under applicable law.

 

9.  Extensions
of Maturity. All
parties to this Note, whether maker, endorser, surety or guarantor, agree that the Maturity Date of this Note, or any payment
due hereunder, may only be extended at any time or from time to time following the written consent of the Payee and such extension
shall not release, discharge or affect the liability of any such party.

 

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10. Unconditional
Obligations. Maker’s
obligations under this Note shall be the absolute and unconditional duty and obligation of Maker and shall be independent of any
rights of set-off, recoupment, or counterclaim which Maker might otherwise have against Payee and Maker shall pay absolutely the
payments of principal, interest, fees, charges and expenses required hereunder and under the Purchase Agreement, free of any deductions
and without abatement, diminution or set-off.

 

11. Waivers.
Maker and all endorsers,
guarantors and sureties of this Note waive presentment, demand, notice of dishonor, protest, and notice of protest with regard
to this Note.

 

12. Binding
Effect. The
provisions of this Note shall bind and inure to the benefit of Maker and Payee and their respective successors and permitted assigns.

 

13. Joint
and Several Obligations. All
references herein to the “Maker”
shall be deemed to refer to each and every person defined herein as a “Maker”
individually, and to all of them, collectively, jointly and severally, as though each were
named whenever the term “Maker” is used, and this Note shall
be a joint and several obligation of all of them.

 

14. Waiver
of Jury Trial. Each
Maker (by its execution of this Note) and Payee (by its acceptance of this Note) agree that any suit, action, or proceeding,
whether claim or counterclaim, brought or instituted by or against any Maker or Payee, or any successor or assign of any Maker
or Payee, on or with respect to this Note or which in any way relates, directly or indirectly, to the obligations of any Maker
to Payee under this Note or the Purchase Agreement, or the dealings of the parties with respect thereto, shall be tried only by
a court and not by a jury. EACH MAKER AND PAYEE
HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING.

 

15.
Governing Law; Jurisdiction
and Venue. This
Note and all issues relating to this Note and the rights and obligations of Payee and Maker, as appropriate (including, without
limitation, the validity, construction, interpretation, and enforceability of this Note and its various provisions and consequences
and legal effect of all transactions and events which resulted in the issuance of this Note or which occurred or were to occur
as a direct or indirect result of this Note having been executed) shall be governed by and construed in accordance with the domestic
internal laws of the State of Delaware without regard to its rules pertaining to conflict of laws. Any action which is based,
directly or indirectly, on this Note or any matter in or related to this Note, shall be brought only in the courts of the State
of Delaware. Each of the Payee and the Maker irrevocably waives any objection which it may now or hereinafter have to the laying
of the venue of any suit, action or proceeding brought in such court and any claim that such suit, action or proceeding brought
in such a court has been brought in an inconvenient forum.

 

[The remainder of this page is intentionally
left blank].

 

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IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed as an instrument under seal
by its authorized officer the day and year first above written.

 

	 	LTN STAFFING, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ L. Allen Baker, Jr.
	 	Name:	L. Allen Baker, Jr.
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	BG STAFFING, LLC, a Delaware limited liability company
	 	 	 
	 	By:	LTN Staffing, LLC, a Delaware limited liability company
	 	Its:	Sole Member

 

	 	By:	/s/ L. Allen Baker, Jr.
	 	Name:	L. Allen Baker, Jr.
	 	Title:	President and Chief Executive Officer

 

	 	BG PERSONNEL SERVICES, LP, a Texas limited partnership
	 	 	 	 	 
	 	By:	BG Staffing, LLC, a Delaware limited liability company
	 	Its:	General Partner
	 	 	 	 	 
	 	 	By:	LTN Staffing, LLC, a Delaware limited
	 	 	liability company
	 	 	Its:	Sole Member
	 	 	 	 	 
	 	 	 	By:	/s/ L. Allen Baker, Jr.
	 	 	 	Name:	L. Allen Baker, Jr.
	 	 	 	Title:	President and Chief Executive Officer

 

Signature Page to $4,000,000 Brookside
II Senior Subordinated Note 

 

    	 

    	 

    

 

	 	BG PERSONNEL, LP, a Texas limited partnership
	 	 	 	 	 
	 	By:	BG Staffing, LLC, a Delaware limited liability company
	 	Its:	General Partner
	 	 	 	 	 
	 	 	By:	LTN Staffing, LLC, a Delaware limited
	 	 	liability company
	 	 	Its:	Sole Member
	 	 	 	 	 
	 	 	 	By:	/s/ L. Allen Baker, Jr.
	 	 	 	Name:	L. Allen Baker, Jr.
	 	 	 	Title:	President and Chief Executive Officer

 

	 	B G STAFF SERVICES INC., a Texas corporation
	 	 	 
	 	By:	/s/ L. Allen Baker, Jr.
	 	Name:	L. Allen Baker, Jr.
	 	Title:	President and Chief Executive Officer

 

	 	(“Makers”)
	 	 
	 	ACCEPTED BY:
	 	 
	 	BROOKSIDE MEZZANINE FUND II, L.P.
	 	 	 	 
	 	By:	Brookside Mezzanine Partners II, LLC
	 	Its:	Sole General Partner
	 	 	 	 
	 	 	By:	/s/ Corey Sclar
	 	 	Name:	Corey Sclar
	 	 	Title:	Managing Director
	 	 
	 	(“Payee”)

 

Signature Page to $4,000,000 Brookside
II Senior Subordinated NoteExhibit 10.30 

 

THE SALE AND ISSUANCE OF THE SECURITIES
REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED PURSUANT TO THE FEDERAL SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”),
THE SECURITIES LAWS OF THE COMMONWEALTH OF PENNSYLVANIA OR THE SECURITIES LAWS OF ANY OTHER STATE OR OTHER JURISDICTION. THE SECURITIES
REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE DISTRIBUTION THEREOF.
THE SECURITIES REPRESENTED BY THIS WARRANT ARE NOT FREELY TRANSFERABLE AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR ASSIGNED
EXCEPT: (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS; OR (B) UPON
RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL TO THE HOLDER OF THE SECURITIES REPRESENTED BY THIS WARRANT OR OTHER EVIDENCE,
REASONABLY SATISFACTORY TO THE ISSUER OF SUCH SECURITIES, THAT AN EXEMPTION FROM THE ACT IS AVAILABLE AND THAT SUCH OFFER, SALE,
TRANSFER, PLEDGE OR ASSIGNMENT IS IN COMPLIANCE WITH APPLICABLE SECURITIES LAWS OF ANY STATE OR JURISDICTION.

 

WARRANT

 

To Purchase Membership Units of

LTN ACQUISITION, LLC

 

This certifies that,
for One Dollar ($1.00)and other good and valuable consideration, BROOKSIDE MEZZANINE FUND II, L.P. (the “Holder”),
a Delaware limited partnership, or its registered assigns, is entitled to purchase from LTN ACQUISITION, LLC (the “Company”),
a Delaware limited liability company, at any time within and prior to the expiration of the Exercise Period, up to that number
of the Company’s Class A Units (the “Class A Units”) equal to (at the time of exercise) the Warrant Coverage
Percentage (as hereinafter defined) of all of the issued and outstanding Class A Units on a Fully-diluted Basis (as hereinafter
defined), which as of the date hereof amount to five hundred ninety-eight thousand seven hundred sixty- five (598,765) Class A
Units, for an amount equal to the Exercise Price (as hereinafter defined). The number and character of and Exercise Price for the
Class A Units covered by this Warrant are subject to adjustment as hereinafter provided. This Warrant (i) is the original Warrant
issued by the Company to the Holder pursuant to the provisions of Section 2.1(a)(ii) of the Purchase Agreement (as hereinafter
defined), (ii) is being issued in connection with the transactions described in the Purchase Agreement, and (iii) may be exercised,
exchanged, and transferred in accordance with the terms below which govern this Warrant.

 

1.    Definitions;
Financial and Accounting Terms.

 

(a)   Definitions.
For the purpose of this Warrant, the following terms shall have the meanings indicated in this Section 1, unless the context clearly
requires otherwise:

 

(i)          “Automatic
Exercise Date” has the meaning ascribed to it in Section 2(c) hereof.

 

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(ii)         “Board”
means the Board of Managers of the Company, as compromised from time to time pursuant to Section 4.1 of the LLC Agreement.

 

(iii)        “Borrowers”
means, collectively, LTN Staffing, LLC, BG Staffing, LLC, BG Personnel Services, LP, BG Personnel, LP, and B G Staff Services,
Inc.

 

(iv)        “Business
Day” has the meaning ascribed to it in the Purchase

 

Agreement.

 

(v)         “Capital
Stock” means, collectively, the Class A Units, Class A Unit equivalents (including, for purposes hereof, Class B Units),
and any other membership interest of the Company of any class, whether now or hereafter authorized, which has the right to participate
in the distribution of earnings and assets of the Company without limit as to amount or percentage; provided, however.
Capital Stock shall not include any capital stock interests at any time directly or indirectly owned by the Company.

 

(vi)        “Class
A Units” has the meaning ascribed to it in the introductory paragraph of this Warrant.

 

(vii)       “Class
B Units” means membership interests of the Company designated as “Class B Units” under and pursuant
to the LLC Agreement.

 

(viii)      “Closing
Date” means the date hereof.

 

(ix)         “Commission”
has the meaning ascribed to it in Section 4(a) hereof.

 

(x)          “Convertible
Securities” means any class or series of securities of the Company, including without limitation, Capital Stock, notes,
subscriptions, calls, or debentures, which are convertible at the option of the holder thereof or the Company, or upon the occurrence
of certain events, into or exchangeable for Capital Stock.

 

(xi)         “Debt”
has the meaning ascribed to it in the Purchase Agreement.

 

(xii)     
  “Event of Default” has the meaning ascribed to it in the Purchase Agreement.

 

(xiii)       “Exercise
Period” means the period commencing on the Closing Date and ending at 5:00 p.m., Eastern Time, on the tenth (10th) anniversary
date of the Closing Date.

 

(xiv)      “Exercise
Price” means, with respect to any Warrant Unit, $.01; provided, however, in no event shall the Exercise
Price exceed One Hundred Dollars ($100.00) for all of the Warrant Units.

 

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(xv)       “Fully-diluted
Basis” means, as at any applicable time, the number of Class A Units that are issued and outstanding assuming the conversion
or exchange of all outstanding convertible or exchangeable securities and the exercise of all outstanding warrants, options or
other rights to subscribe for or purchase any Class A Units of the Company including (without limitation) this Warrant, the Class
A Units into which any Class B Units are convertible, and any warrants, options and other rights outstanding at the time of the
execution of this Warrant.

 

(xvi)      “Fundamental
Transaction” has the meaning ascribed to it in Section 6(d) hereof

 

(xvii)     “GAAP”
has the meaning ascribed to it in the Purchase Agreement.

 

(xviii)    “Holder”
means, collectively, the Holder of this Warrant identified in the initial paragraph hereof and any subsequent holder(s) of this
Warrant, Warrant Units, or portion thereof, as appropriate.

 

(xix)       “Liquidity
Event” has the meaning ascribed to it in the Purchase Agreement.

 

(xx)        “LLC
Agreement” means the Amended and Restated Limited Liability Company Agreement of the Company by and among the Company’s
members, including the Holder, as in effect on the Closing Date, and any future modifications and amendments thereof or thereto
permitted under and pursuant to the Purchase Agreement.

 

(xxi)       “Notice
of Exercise” means a subscription notice in the form of Schedule “A” attached hereto and made a part
hereof.

 

(xxii)      “Person”
has the meaning ascribed to it in the Purchase Agreement.

 

(xxiii)     “Purchase
Agreement” means the Amended and Restated Securities Purchase Agreement dated as of the date hereof by and among the
Company, the Borrowers, Brookside Pecks Capital Partners, L.P., Legg Mason SBIC Mezzanine Fund, L.P. and the Holder, and any future
modifications and amendments thereof or thereto.

 

(xxiv)    “Put
Rights” means the put rights of the Holder under and pursuant to Section 6.16 of the Purchase Agreement.

 

(xxv)     “Securities
Act” has the meaning ascribed to it in Section 4(a) hereof.

 

(xxvi)    “Senior
Subordinated Note” means the Senior Subordinated Note dated the date hereof in the principal amount of Four Million Dollars
($4,000,000.00) executed and delivered by the Borrowers in favor of the Holder, and any future modifications and amendments thereof
or thereto.

 

    	- 3 -

    	 

    

 

(xxvii)   “Tax
Distributions” means, collectively, those distributions made pursuant to Section 7.1(a) of the LLC Agreement, but only
to the extent permitted under the Purchase Agreement.

 

(xxviii)   “Warrant”
means this original Warrant, and any future modifications and amendments hereof or hereto.

 

(xxix)     “Warrant
Coverage Percentage” means two percent (2%).

 

(xxx)       “Warrant
Register” has the meaning ascribed to it in Section 4(b) hereof.

 

(xxxi)     “Warrant
Units” means the Class A Units purchased upon exercise of this Warrant.

 

(b)   Other
Definitions. Any other capitalized terms used herein which are not defined in Section l(a) hereof or elsewhere in this Warrant,
but which are defined in the Purchase Agreement, shall have the meanings ascribed to such terms in the Purchase Agreement.

 

(c)   Warrant
Attributes. It is the intention and the agreement of the Company and the Holder that the Warrant Units shall entitle the Holder
thereof to have such rights, privileges and powers set forth in clause (g) below. The Company agrees to act at all times in good
faith to implement such agreement including, without limitation, the issuance of Warrant Units upon the exercise of this Warrant
in such class or classes of Capital Stock as may be required to comply with such intention and agreement of the Company and the
Holder.

 

(d)   Capital
Accounts. It is understood and agreed that, at the time of the acquisition of this Warrant, the Holder shall be entitled to
a reallocation of the existing capital accounts of the Company from the then members of the Company as of such exercise in order
to ensure that the Holder receives its ownership percentage of any and all distributions (including liquidating distributions)
as set forth in clause (g) below and upon the exercise hereunder while the Holder is a member of the Company.

 

(e)   General
Covenant to Implement. Without limiting the generality of any other provision of this Warrant, the Company covenants and agrees
to promptly take, or cause to be promptly taken, any and all actions required by the Holder which the Holder’s reasonably
requests in order to implement the terms and conditions of this Warrant (including, without limitation, the provisions of Section
l(d) hereof) and provide the Holder with the rights and privileges set forth in this Warrant and the LLC Agreement.

 

(f)    GAAP.
Except as otherwise provided in the definitions or text herein, financial and accounting terms used in the definitions or elsewhere
in this Warrant, shall be defined in accordance with GAAP consistent with the historical preparation of the Company’s financial
statements, provided such were prepared in accordance with GAAP.

 

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(g)   Rights
as a Holder. The Company and the Holder agree that, whether or not the Warrant has been exercised, Holder, while it owns any
Warrants is intended to be treated as a partner in the Company for federal income tax purposes (and state income tax purposes where
applicable) as of the issue date of the Warrant, owning Class A Units for federal income tax purposes (and state income tax purposes
where applicable) corresponding to the Class A Units for which the Warrant is exercisable; provided, however, that
the Holder shall not be treated as a partner, member or equity holder in the Company in any respect for state business organization
law purposes except as otherwise required hereunder. The Company agrees that it shall maintain capital accounts, make distributions,
including without limitations tax distributions, and allocate income, gain, loss, expense, credit and liabilities in a manner consistent
with this intended treatment and shall otherwise apply the LLC Agreement for income tax purposes in a manner consistent with this
Section. The Company and the Holder agree that they shall file, and shall cause each of their members to file, all their respective
tax returns and reports in a manner consistent with this section until such time as they are required to take an inconsistent position
therewith as a the result of a determination within the meaning of Code section 1313 (or similar state law).

 

2.    Exercise
of Warrants; Automatic Exercise.

 

(a)    Method
of Exercise. This Warrant may be exercised in whole (but not in part) during the Exercise Period by the surrender of this Warrant,
properly endorsed, at the principal office of the Company, during normal business hours on any Business Day together with the election
forms and Investment Representation Statement in the form of Exhibit “A” attached hereto and the Holder’s
agreement to be bound by the LLC Agreement by executing and delivering a joinder thereto in the form required thereby and made
a part hereof duly completed and upon payment to it (i) in cash payable to the Company, (ii) by check, certified check or bank
draft payable to the Company, (iii) by tender of the Senior Subordinated Note as provided in Section 2(e) hereof, or (iv) in the
event of a cashless exercise pursuant to Section 2(d) hereof, with the Net Issue Election Notice attached hereto as Exhibit
“B” duly executed and completed, or by some combination of (i), (ii), (iii) and (iv), in each case in the amount
of the Exercise Price for the Warrants so exercised in respect of the Warrant Units being purchased as part of such exercise, together
with an executed Notice of Exercise. The persons entitled to the Warrant Units so purchased shall be treated for all purposes as
the holders of such Warrant Units as of the close of business on the date of exercise provided that the conditions specified in
this Section 2(a) have been satisfied on such date or such later date as such conditions are first satisfied. Certificates for
the Warrant Units so purchased (if the LLC Agreement provides that the Class A Units are to be certificated) shall be issued and
delivered to the Persons so entitled within a reasonable time, not exceeding ten (10) days, after such exercise.

 

(b)   Rights
as Member. Until such time as this Warrant is exercised in accordance herewith, the Holder hereof shall have no rights as a
member of the Company solely by reason of its interest under this Warrant.

 

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(c)   Automatic
Exercise. If any portion of this Warrant remains unexercised immediately prior to the expiration of the Exercise Period and
the fair market value, as determined below, of one Class A Unit immediately prior to the expiration of the Exercise Period is greater
than the Exercise Price as of such date, then this Warrant shall be deemed to have been exercised automatically immediately prior
to the close of business prior to the expiration of the Exercise Period (the “Automatic Exercise Date”) in the
manner set forth in Section 2(d) hereof, and the Holder shall be treated for all purposes as the holder of record of such Warrant
Units as of the close of business on such Automatic Exercise Date. If so exercised in accordance with this Section 2(c), this Warrant
shall be deemed to be surrendered to the Company on the Automatic Exercise Date by virtue of this Section 2(c) without any action
by the Holder. As promptly as is reasonably practicable on or after the Automatic Exercise Date, but in no event prior to the date
on which this Warrant is surrendered to the Company at the principal office of the Company, during normal business hours on any
Business Day, the Company, at its expense, shall issue and deliver to the Holder a certificate or certificates (if the LLC Agreement
provides that the Class A Units are to be certificated) for the number of Warrant Units issuable upon such exercise, in accordance
with Section 2(d) hereof.

 

(d)   Cashless
Exercise Feature. In addition to and without limiting the rights of the Holder hereof under the terms of this Warrant the Holder
may elect to receive, without the payment by the Holder of the Exercise Price, Warrant Units equal to the value of this Warrant
or any portion hereof by the surrender of this Warrant together with the Net Issue Election Notice annexed hereto as Exhibit
“B” duly executed and completed, at the office of the Company, or such other office or agency of the Company as
it may reasonably designate by written notice to the Holder, during normal business hours on any Business Day during the Exercise
Period. Thereupon, the Company shall issue to the Holder such number of fully paid nonassessable Warrant Units, as is computed
using the following formula:

 

X = Y(A-B)

A

 

where:

 

		X =	the number of Class A Units to be issued to the Holder
upon such exercise of the rights under this Section 2(d);

		Y =	the total number of Class A Units covered by this Warrant
which the Holder has surrendered for cashless exercise;

		A =	the “fair market value” of one Class A Unit
on the date that the Holder delivers the Net Issue Election Notice to the Company as provided herein; and

		B =	the Exercise Price in effect under this Warrant on the
date that the Holder delivers the Net Issue Election Notice to the Company as provided herein.

For purposes of the above calculation,
fair market value of one Class A Unit shall be determined by the Board in good faith; provided, however, that if a public
market for the Class A Units exists at the time of such exercise, the fair market value per Class A Unit shall be the average
over the five (5) trading days prior to the date of determination of fair market value of (a) the average of the closing bid and
asked prices of the Class A Units quoted in the Over-the-Counter Market Summary or (b) the last reported sale price of the Class
A Units or the closing price quoted on any exchange on which the Class A Units are listed, whichever is applicable, in each case
as published in the Eastern Edition of The Wall Street Journal. Notwithstanding the foregoing, in the event this Warrant is exercised
in connection with the Company’s initial public offering of Class A Units, the fair market value per Class A Unit shall
be the per Class A Unit (or as converted to common stock, as applicable) offering price to the public of the Company’s initial
public offering. For purposes of Rule 144 under the Securities Act (17 CFR §230.144), the Company and the Holder agree that
the exercise of this Warrant in accordance with this Section 2(d) shall be deemed to be a conversion of such portion of the Warrant,
pursuant to the terms hereof, into Class A Units.

 

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(e)    Payment
in Note. To the extent that the Holder surrenders with this Warrant the Senior Subordinated Note then held by such Holder,
as provided above, such Holder shall be deemed to have paid that portion of the Exercise Price equal to one hundred percent (100%)
of the principal amount of the Senior Subordinated Note, which the Holder thereof directs the Company to accept as payment of the
Exercise Price, the Senior Subordinated Note shall be delivered to the Company for cancellation, and, to the extent that the principal
amount of the Senior Subordinated Note is greater than the amount of the Exercise Price paid by the surrender thereof, the Company
shall execute and deliver a new Senior Subordinated Note to the tendering holder thereof, having an outstanding principal amount
equal to the amount not so applied to payment of the Exercise Price. At the time of the issuance of the Warrant Units pursuant
to the exercise of this Warrant, the Company shall pay all accrued and unpaid interest on the portion of the principal amount of
the Senior Subordinated Note of such Holder canceled pursuant to this Section 2(e) up to but excluding the date of such issuance.
For purposes of Rule 144 under the Securities Act (17 C.F.R. § 230.144), the Company and the Holder agree that a tender of
the Senior Subordinated Note in payment of the Exercise Price in respect of this Warrant shall not be deemed a prepayment of the
Senior Subordinated Note, but rather a conversion of the Senior Subordinated Note, pursuant to the terms of this Warrant, into
Warrant Units.

 

3.     Exchange.
Warrants are exchangeable, upon the surrender thereof by the Holder thereof at the principal office of the Company, for new Warrants
of like tenor representing in the aggregate the right to purchase the number of Class A Units purchasable under the Warrants being
exchanged, each of such new Warrant to represent the right to subscribe for and purchase such portion of the aggregate number of
Class A Units represented by all Warrants as shall be designated by such Holders at the time of such surrender.

 

4.     Transfer.

 

(a)    Transferability
of Warrant. Subject to the Holder’s compliance with applicable securities laws and the provisions of this Warrant, this
Warrant is transferable, only in whole, at the principal office of the Company by the Holders thereof in person or by duly authorized
attorney, upon presentation of this Warrant, properly endorsed, for transfer. Prior to any proposed transfer of this Warrant or
the Warrant Units, unless there is in effect a registration statement under the Securities Act of 1933, as amended (the “Securities
Act”), covering the proposed transfer, the Holder thereof shall give written notice to the Company of such Holder’s
intention to effect such transfer. Each such notice shall describe the manner and circumstances of the proposed transfer in sufficient
detail, and shall, if the Company so requests, be accompanied (except in transactions in compliance with Rule 144 of the Securities
Act) by either (i) an unqualified written opinion of legal counsel who shall be reasonably satisfactory to the Company addressed
to the Company and reasonably satisfactory in form and substance to the Company’s counsel, to the effect that the proposed
transfer of the Warrant or Warrant Units, as applicable, may be effected without registration under the Securities Act and any
applicable state securities laws, or (ii) a “no action” letter from the Securities Exchange Commission
(the “Commission”) to the effect that the transfer of such Warrant or Warrant Units, as applicable, without
registration will not result in a recommendation by the staff of the Commission that action be taken
with respect thereto, whereupon the Holder of the Warrant or Warrant Units, as applicable, shall be entitled to transfer the Warrant
or Warrant Units, as applicable, in accordance with the terms of the notice delivered by the Holder to the Company; provided,
however, no such registration statement or opinion of counsel shall be necessary for a transfer by a Holder to any Affiliate
of such Holder, if the transferee agrees in writing to be subject to the terms hereof to the same extent as if such transferee
were the original Holder hereunder. Each certificate evidencing the Warrant or Warrant Units, as applicable, transferred as above
provided shall bear the appropriate restrictive legend set forth above, except that such certificate shall not bear such restrictive
legend if in the opinion of counsel for the Company such legend is not required in order to establish compliance with any provisions
of the Securities Act. Holder agrees that this Warrant, when endorsed in blank, may be deemed negotiable, and that the Holder,
when this Warrant shall have been so endorsed, may be treated by the Company and all other persons dealing with this Warrant as
the absolute owner thereof for any purpose and as the persons entitled to exercise the rights represented by this Warrant, or to
the transfer thereof on the books of the Company, any notice to the contrary notwithstanding; but until such transfer on such books,
the Company may treat the registered Holder thereof as the owner thereof for all purposes.

 

    	- 7 -

    	 

    

 

(b)   Warrant
Register. The Company shall maintain a register (the “Warrant Register”) containing the names and
addresses of the Holder or Holders. Any Holder of this Warrant or any portion thereof may change such Holder’s address as
shown on the Warrant Register by written notice to the Company requesting such change. Any notice or written communication required
or permitted to be given to the Holder may be delivered or given by mail to such Holder as shown on the Warrant Register and at
the address shown on the Warrant Register. Until this Warrant is transferred on the Warrant Register of the Company, the Company
may treat the Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any
notice to the contrary.

 

5.    Certain
Representations, Warranties and Covenants of the Company.

 

(a)   Warrant
Coverage; Status of Warrant Units. The Company represents, warrants, covenants and agrees that the Warrant Units constitute
the Warrant Coverage Percentage of the issued and outstanding Class A Units of the Company on a Fully-diluted Basis as of the date
of exercise and that all Warrant Units which may be issued upon the exercise of this Warrant in accordance with the terms hereof
will, upon issuance, be duly and validly issued, fully paid and non-assessable and free from all taxes, liens, encumbrances, options,
call rights, preemptive rights, rights of first refusal, other refusal rights, restrictions and other charges with respect to the
issue thereof, other than restrictions on transferability hereunder, restrictions on transferability under Federal and state securities
laws and the provisions of the LLC Agreement; and, if any other outstanding shares of Capital Stock are then listed on a national
or regional securities exchange, will be so listed.

 

    	- 8 -

    	 

    

 

(b)   Company
Covenants. The Company further covenants and agrees that during the period within which the rights represented by this Warrant
may be exercised or the Company has obligations hereunder, (i) the Company shall, at all times, have authorized and reserved (or
made other adequate provision) for the purpose of issue upon exercise of the rights evidenced by this Warrant, a sufficient number
of Class A Units to provide for the exercise of the rights represented by this Warrant (if applicable),
(ii) the Company will not take any action or cause or permit any action to be taken that would cause the Exercise Price, if this
Warrant were exercised for all Warrant Units, to exceed One Hundred Dollars ($100.00), (iii) except as otherwise provided in the
LLC Agreement, the Company shall provide the Holder with at least fifteen (15) days’ advance written notice prior to any
redemption, optional or mandatory, of any of the Class A Units provided that no such redemption shall be permitted unless and to
the extent expressly allowed under the Purchase Agreement), (iv) the Company will not, by amendment of its certificate of organization
or the LLC Agreement or through any reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets,
dissolution, liquidation, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, and will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder hereunder, and (v) the
Company will provide the Holder and its affiliates with a right to participate in any transfer, sale and assignment of any Class
A Units or Class B Units in accordance with the provisions of Sections 10.2 (Right of First Refusal) and Section 10.3 (Tag-Along
Rights) of the LLC Agreement.

 

6.     Adjustments.
The number and kind of securities purchasable upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment
from time to time upon the occurrence of certain events as follows:

 

(a)   Reclassification,
Etc. If the Company, at any time while this Warrant or any portion hereof remains outstanding and unexpired, by reclassification
of securities or otherwise (other than a change in par value), shall change any of the securities as to which purchase rights under
this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with
respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification
or other change and the Exercise Price shall be appropriately adjusted, all subject to further adjustment as provided in this Section
6.

 

(b)   Splits:
Dividends; Subdivisions; Combinations. If after the date hereof the Company shall subdivide the Class A Units, by split-up
or otherwise, or combine the Class A Units, the number of Class A Units issuable on the exercise of this Warrant shall forthwith
be (i) proportionately increased in the case of a subdivision, or (ii) proportionately decreased in the case of a combination,
and the Exercise Price shall be proportionately decreased or increased, as appropriate.

 

    	- 9 -

    	 

    

 

(c)    Adjustments
for Distributions in Other Securities or Property. If, at any time while this Warrant or any portion hereof remains outstanding
and unexpired, the holders of the securities as to which purchase rights under this Warrant exist or any other Capital Stock at
the time shall have received, or, on or after the record date fixed for the determination of eligible members, shall have become
entitled to receive, without payment therefor, other or additional securities or property (including cash) of the Company by way
of dividend or distribution (other than Tax Distributions), then and in each case, this Warrant shall represent the right to receive
(and the Holder shall receive from the Company) concurrently with the making of such dividend or distribution, in addition to the
securities receivable upon exercise of this Warrant and without payment of any additional consideration therefor, the amount of
such other or additional securities or property (including cash) of the Company that the Holder would receive had the Holder exercised
this Warrant in its entirety on the date hereof and had thereafter held such securities, giving effect to all adjustments required
during such period pursuant to the provisions of this Section 6.

 

(d)   Fundamental
Transactions. If, at any time while this Warrant or any portion hereof is outstanding and unexpired, there shall be (i) a reorganization
(other than a combination, reclassification, exchange or subdivision, an adjustment for which is otherwise provided for in this
Section 6) or (ii) a merger or consolidation of the Company with or into another entity in which the Company is not the surviving
entity or a merger (including a reverse triangular merger) in which the Company is the surviving entity but the Company’s
Capital Stock outstanding immediately prior to the merger are converted by virtue of the merger into other property, whether in
the form of securities, cash, or otherwise (collectively, a “Fundamental Transaction”), then, as a part of such
Fundamental Transaction, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise
of this Warrant, during the period specified herein and upon payment of the Exercise Price then in effect, the number of securities
or property of the successor entity resulting from such Fundamental Transaction that a holder of Class A Units deliverable upon
exercise of this Warrant would have been entitled to receive in such Fundamental Transaction if this Warrant had been exercised
immediately before such Fundamental Transaction, all subject to further adjustment as provided in this Section 6. To the extent
applicable, the foregoing provisions of this Section 6(c)shall similarly apply to successive Fundamental Transactions and to the
securities of any other entity that are at the time receivable upon the exercise of this Warrant. If the per share consideration
payable to the holder hereof for shares of Capital Stock in connection with any such Fundamental Transaction is in a form other
than cash or marketable securities, then the value of such consideration shall be determined in good faith by the Board. In all
events, appropriate adjustment (as determined in good faith by the Board) shall be made in the application of the provisions of
this Warrant with respect to the rights and interests of the Holder after the Fundamental Transaction, to the end that the provisions
of this Warrant shall be applicable thereafter, as near as reasonably may be, in relation to any securities or other property deliverable
after that event upon exercise of this Warrant.

 

(e)   Preemptive
Rights. In connection with the Company’s issuance of additional Units for the purposes of raising additional equity as
permitted under and pursuant to Section 7.4(i) of the Purchase Agreement, the Company shall provide the Holder with a preemptive
right to purchase its respective pro-rata share of such Units in accordance with the provisions of Section 6.2 of the LLC Agreement.

 

    	- 10 -

    	 

    

 

(f)    Other
Action Affecting Class A Units. In addition to all other rights and protections afforded by this Section 6, in case after the
date hereof, the Company shall take any action affecting the Class A Units, other than an action described in any of the foregoing
Sections 6(a) through 6(e) hereof, which in the opinion of the Board would or could reasonably be expected to have a material adverse
effect upon the rights of the Holder or the number of Class A Units purchasable hereunder, other than the issuance of Class A Units
expressly permitted under Section 7.4 of the Purchase Agreement, then the number of Class A Units purchasable
upon exercise of this Warrant shall be adjusted in such manner and at such time as the Board may in good faith determine to be
equitable under the circumstances.

 

(g)   Right
to Verify Warrant Units. At any time and from time to time, the Holder may require verification as to the number of Class A
Units covered by this Warrant, in which event the Company shall provide to the Holder its calculation thereof and supporting date,
information and documentation with respect thereto.

 

Nothing contained in this Section 6 shall permit the
Company to take, or permit to be taken, any action otherwise prohibited under the Purchase Agreement or this Warrant.

 

7.     Notice
of Adjustments; Other Notices.

 

(a)   Notice
of Adjustments. In the event the Company shall take any action which, upon completion, pursuant to Sections 6(a), 6(b), 6(c),
6(d), 6(e) or 6(f) hereof would result in an adjustment of the number of Class A Units purchasable upon exercise of this Warrant,
the Company will give to the Holder at its last address known to the Company written notice of such action (by first class mail,
postage prepaid) fifteen (15) Business Days in advance of its effective date. Such notice shall contain the Company’s certificate
signed by its Authorized Officer, setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment,
the method by which such adjustment was calculated (including a description of the basis on which the Board made any determination
hereunder), and the number of Class A Units purchasable after giving effect to such adjustment. In the event that the actual adjustment
required by such event is different from that set forth in such notice, the Company shall promptly mail to the Holder a revised
certificate and notice in accordance with this Section 7(a). Holder shall have the right to dispute any facts and/or calculations
contained in the notice of adjustment(s) delivered to the Holder pursuant to this Section 7(a) so long as written notice of such
dispute is provided to the Company within thirty (30) days following the Holder’s receipt of such notice of adjustment(s).

 

(b)   Other
Notices. In the event (i) that the Company shall take a record of the holders of its Class A Units (or other stock or securities
at the time receivable upon the exercise of this Warrant) for the purpose of entitling them to receive any dividend or other distribution,
or any right to subscribe for or purchase any shares of stock or any class or any other securities, or (ii) of any capital reorganization
of the Company, any reclassification of the Capital Stock of the Company, any Fundamental Transaction or (iii) of any voluntary
dissolution, liquidation or winding-up of the Company, then, and in each such case, the Company shall mail or cause to be mailed
to the Holder or Holders a notice specifying, as the case may be, (y) the date on which a record is to be taken for the purpose
of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (z) the
date on which such reorganization, reclassification, Fundamental Transaction, dissolution, liquidation or winding-up is to take
place, and the time, if any is to be fixed, as of which the holders of record of Class A Units (or such stock or securities at
the time receivable upon the exercise of this Warrant) shall be entitled to exchange their Class A Units (or such other stock or
securities) for securities or other property deliverable upon such reorganization, reclassification, Fundamental Transaction, dissolution,
liquidation or winding-up. Such notice shall be mailed at least thirty (30) days prior to the date therein specified.

 

    	- 11 -

    	 

    

 

8.     No
Registration under Securities Act. Neither this original Warrant nor the Class A Units issuable upon the exercise of this original
Warrant have been registered under the Securities Act or under the securities laws of any state. In issuing this Warrant, the Company
has relied upon the exemption from registration provided by Section 4(2) of the Securities Act for transactions by an issuer not
involving any public offering. Holder has represented to the Company under the Purchase Agreement that it has not acquired this
Warrant with a view to distribution and that any Class A Units issuable upon exercise of this Warrant will not be acquired by it
with a view to distribution. Holder acknowledges, by acceptance of this Warrant, that the sale of this Warrant, the Warrant Units
or of any of the Class A Units issuable upon exercise of this Warrant, under certain circumstances may be deemed to constitute
a distribution within the meaning of, and require registration under the Securities Act. Upon exercise of this Warrant, the Holder
shall confirm in writing certain matters by executing and delivering to the Company the form attached as Exhibit “A”
hereto.

 

9.     Holder’s
Put Rights. The Warrant Units to be acquired by the Holder hereunder and the Warrant Units issuable upon exercise of this Warrant
are subject to the Holder’s Put Rights pursuant to and in accordance with the provisions of Section 6.16 of the Purchase
Agreement.

 

10.   Intentionally
Omitted.

 

11.   Certain
Distributions. In addition to any and all rights and remedies available to the Holder under and pursuant to the LLC Agreement,
if any Holder (i) is allocated any income of the Company for which the Holder (or direct or indirect owner of such Holder) is liable
for federal, state and/or local income tax, or (ii) is allocated any income of the Company as a result of the receipt or exercise
of this Warrant, then the Company shall, to the extent permitted under the LLC Agreement, make a Tax Distribution to the Holder.
This Section 11 is not intended to apply with respect to any tax liability incurred on and solely as a result of the exercise of
a Put hereunder.

 

12.   Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled
to specific performance of its rights provided under this Warrant. The Company agrees that monetary damages may not be adequate
compensation for any loss incurred by reason of a breach by the Company of the provisions of this Warrant and hereby agrees, in
an action for specific performance, to waive the defense that a remedy at law would be adequate. No remedy conferred in this Warrant
upon any Holder is intended to be exclusive of any other remedy available to such Holder, and each and every such remedy shall
be cumulative and shall be in addition to every other remedy conferred herein or now or hereafter existing at law or in equity
or by statute or otherwise. No course of dealing or any delay or failure to exercise any right hereunder on the part of any such
Holder shall operate as a waiver of such right or otherwise prejudice the rights, powers or remedies of such Holder. The Company
shall reimburse the Holder, upon demand, for any and all costs, expenses, claims and charges, including (without limitation) attorneys’
fees, incurred by the Holder in connection with the Holder’s enforcement of any term, provision, right or remedy contained
in this Warrant, where such enforcement action arises in connection with the Company’s failure to comply with any provision
of this Warrant.

 

    	- 12 -

    	 

    

 

13.   Notices.
All notices and other communications shall have been duly given and shall be effective (i) when delivered, (ii) the business day
following the day on which the same has been delivered prepaid to a reputable national overnight air courier service, or (iii)
the third business day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case
to the respective parties at the address or telecopy number set forth below, or at such other address or facsimile number as such
party may hereafter specify by written notice to the other party hereof:

 

	 	Company:	LTN Acquisition, LLC
	 	 	14900 Landmark Boulevard, Suite 300
	 	 	Dallas, Texas 75254
	 	 	 
	 	 	Attention: L. Allen Baker, Jr, President and CEO
	 	 	 
	 	With a copy to:	Fulbright & Jaworski, L.L.P.
	 	 	2200 Ross Avenue, Suite 2800
	 	 	Dallas, Texas 75201
	 	 	 
	 	 	Attention: William Paul Bowers, Esq.
	 	 	 
	 	Holder:	Brookside Mezzanine Fund II, L.P.
	 	 	201 Tresser Boulevard, Suite 330
	 	 	Stamford, CT 06901-3435
	 	 	 
	 	 	Attention: Mr. Corey L. Sclar
	 	 	 
	 	With a copy to:	Stevens & Lee.
	 	 	620 Freedom Business Center
	 	 	Suite 200
	 	 	King of Prussia, Pennsylvania 19406
	 	 	 
	 	 	Attention: Steven M. Tyminski, Esq.

 

14.   Loss,
Theft, Destruction or Mutilation. Upon receipt by the Company of reasonable evidence satisfactory to it of the ownership of
and the loss, theft, destruction or mutilation of Warrants and (in the case of loss, theft, or destruction) of reasonable indemnity
and (in the case of mutilation) upon surrender and cancellation thereof, the Company will execute and deliver, in lieu thereof,
new Warrants of like tenor.

 

15.   Governing
Law. The validity, interpretation and performance of this Warrant shall be governed by, and construed in accordance with, the
laws of the State of Delaware applicable to contracts made and to be performed entirely within such State, regardless of the law
that might be applied under principles of conflicts of law. Any action which is based, directly or indirectly, on this Warrant
or any matter in or related to this Warrant, shall be brought only in the courts of the State of Delaware. Each of the Company
and the Holder thereof irrevocably waives any objection which it may now or hereinafter have to the laying of the venue of any
suit, action or proceeding brought in such court and any claim that such suit, action or proceeding
brought in such a court has been brought in an inconvenient forum.

 

    	- 13 -

    	 

    

 

16.   Delays,
Omissions, Etc. No delay or omission to exercise any right, power or remedy accruing to the Holder upon any breach or default
by the Company under this Warrant shall be deemed a further or continuing waiver or a waiver of any other breach or default theretofore
or thereafter occurring. Any waiver, permit, consent, or approval of any kind or character on the part of the Holder of any breach
or default by the Company under this Warrant, or any waiver on the part of the Company of any provision, term or condition of this
Warrant must be in writing and shall be effective only to the extent specifically set forth in such writing.

 

17.   Amendments.
Neither this Warrant nor any term or provision hereof may be amended, modified, waived or terminated except by a written instrument
signed by the Company and the Holder.

 

18.   Acceptance.
Receipt of this Warrant by the Holder hereof shall constitute acceptance of and agreement to the foregoing terms and conditions.

 

19.   Binding
Effect. This Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the
successors and permitted assigns of the Company and the Holder. The provisions of this Warrant are intended to be for the benefit
of, and may be enforced by, each permitted Holder from time to time of this Warrant and the Warrant Units.

 

20.   Headings.
The descriptive headings of the several sections of these Warrants are inserted for convenience only and do not constitute a part
of this Warrant.

 

21.   Survival.
The provisions of Sections 1, 9, 12, 13, 15, 16, 17, 19, 20 and 21 of this Warrant shall survive the exercise of this Warrant,
and shall continue thereafter in full force and effect in accordance with their terms.

 

(Remainder of page intentionally left
blank)

 

    	- 14 -

    	 

    

 

IN WITNESS WHEREOF, the
Company, intending to be legally bound hereby, has caused this original Warrant to be signed by its duly authorized officer, attested
by its duly authorized officer, and this Warrant to be dated this 28th day of May, 2013.

 

	 	LTN ACQUISITION, LLC
	 	 	 
	 	By:	/s/ L. Allen Baker, Jr.
	 	Name:    L. Allen Baker, Jr.
	 	Title:      President and Chief Executive Officer
	 	 	 
	 	(“Company”)

 

Signature Page to Warrant – Brookside

 

    	- 15 -

    	 

    

 

EXHIBIT “A”

INVESTMENT REPRESENTATION STATEMENT

 

	Purchaser:	 	 
	 	 	 
	Company:	LTN Acquisition, LLC 	 
	 	 	 
	Security:	Class A Units 	 
	 	 	 
	Amount:	 	 

 

	Date:	 	 

 

In connection with the purchase
of the above-listed securities (the “Securities”), the undersigned (the “Purchaser”) represents
to the Company as follows:

 

(a)          The
Purchaser is aware of the Company’s business affairs and financial condition, and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the Securities. The Purchaser is purchasing the Securities
for its own account for investment purposes only and not with a view to, or for the resale in connection with, any “distribution”
thereof for purposes of the Securities Act of 1933, as amended (the “Act”).

 

(b)          The
Purchaser understands that the Securities have not been registered under the Act in reliance upon a specific exemption therefrom,
which exemption depends upon, among other things, the bona fide nature of the Purchaser’s investment intent as expressed
herein. In this connection, the Purchaser understands that, in the view of the Securities and Exchange Commission (“SEC”),
the statutory basis for such exemption may be unavailable if the Purchaser’s representation was predicated solely upon a
present intention to hold these Securities for the minimum capital gains period specified under applicable tax laws, for a deferred
sale, for or until an increase or decrease in the market price of the Securities, or for a period of one year or any other fixed
period in the future.

 

(c)          The
Purchaser further understands that the Securities must be held indefinitely unless subsequently registered under the Act or unless
an exemption from registration is otherwise available. In addition, the Purchaser understands that the certificate evidencing the
Securities will be imprinted with the legend referred to in the Warrant under which the Securities are being purchased.

 

(d)          The
Purchaser is aware of the provisions of Rule 144 and 144A, promulgated under the Act, which, in substance, permit limited public
resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of
such issuer), in a non-public offering subject to the satisfaction of certain conditions, if applicable, including, among other
things: the availability of certain public information about the Company, the resale occurring not less than one (1) year after
the party has purchased and paid for the securities to be sold; the sale being made through a broker in an unsolicited “broker’s
transaction” or in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of
1934, as amended) and the amount of securities being sold during any three-month period not exceeding the specified limitations
stated therein.

 

    	- 16 -

    	 

    

 

(e)          The
Purchaser further understands that at the time it wishes to sell the Securities there may be no public market upon which to make
such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public information
requirements of Rule 144 and 144A, and that, in such event, the Purchaser may be precluded from selling the Securities under Rule
144 and 144A even if the one-year minimum holding period had been satisfied.

 

(f)          The
Purchaser further understands that in the event all of the requirements of Rule 144 and 144A are not satisfied, registration under
the Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact
that Rule 144 is not exclusive, the Staff of the SEC has expressed its opinion that persons proposing to sell private placement
securities other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial burden of proof
in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective
brokers who participate in such transactions do so at their own risk.

 

(g)          The
Purchaser is an accredited investor within the meaning of Regulation D of the Act.

 

Purchaser: __________________________]

 

    	- 17 -

    	 

    

 

EXHIBIT “B”

 

Net Issue Election Notice

 

To:[ _______ ]

 

Date: [
______________________ ]

 

Re: Warrant dated May 28, 2013
executed and delivered by LTN Acquisition, LLC to and in favor of Brookside Mezzanine Fund II, L.P. (the “Warrant”;
any capitalized terms used herein without definition shall have the meanings ascribed to those terms in the Warrant)

 

The undersigned hereby elects under
Section 2(d) of this Warrant to surrender the right to purchase [______________] Class A Units pursuant to this Warrant and hereby
requests the issuance of [______________] Class A Units, [the following sentence shall be included in this Net Issue Election
Notice only if Class A Units are certificated] The certificate(s) for the Class A Units issuable upon such net issue
election shall be issued in the name of the undersigned or as otherwise indicated below.

 

	 	 
	Signature	 
	 	 
	 	 
	Name for Registration	 
	 	 
	 	 
	Mailing Address	 

 

    	- 18 -

    	 

    

 

SCHEDULE “A”

 

FORM OF EXERCISE

TO PURCHASE CLASS A UNITS

 

The undersigned hereby irrevocably
elects to exercise the Warrant to purchase [__________] Class A Units of LTN ACQUISITION, LLC (“Class A Units”)L
and hereby makes payment of Stherefor]. The undersigned hereby requests that certificates for such Class A Units (if such Class
A Units are certificated) be issued and delivered as follows:

 

	ISSUE TO: 	 

(NAME)

 

 

(ADDRESS, INCLUDING ZIP CODE)

 

 

(SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER)

 

	DELIVER TO: 	 

(NAME)

 

 

(ADDRESS, INCLUDING ZIP CODE)

 

If the number of Class A Units purchased
hereby is less than the number of Class A Units covered by Warrant, the undersigned request that a new Warrant representing the
number of Class A Units not so purchased (or reduced) be issued and delivered as follows:

 

	ISSUE TO:	 

(NAME)

 

 

(ADDRESS, INCLUDING ZIP CODE)

 

	DELIVER TO:	 

(NAME)

 

 

(ADDRESS, INCLUDING ZIP CODE)

 

	Dated:	 	 	[NAME OF HOLDER1]
	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

1 Name of Holder must conform in all respects to
name of holder as specified on the face of the Warrant.

 

    	- 19 -

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