Document:

Document

Exhibit 10.1

AMENDMENT NUMBER SIX TO BUSINESS LOAN AGREEMENT AND OTHER RELATED DOCUMENTS

THIS AMENDMENT NUMBER SIX TO BUSINESS LOAN AGREEMENT AND OTHER RELATED DOCUMENTS (this “Amendment”), dated as of December 15, 2022, is entered into among PACIFIC WESTERN BANK, a California state-chartered bank (“Lender”), and OFS CAPITAL CORPORATION, a Delaware corporation (“Borrower”), in light of the following facts:
RECITALS
WHEREAS, Borrower and Lender have previously entered into that certain Business Loan Agreement, dated April 10, 2019  (as amended to the date hereof, the “Loan Agreement”); and
WHEREAS, Lender and Borrower have agreed to amend the Loan Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, the parties agree as follows:
1.DEFINITIONS.  All terms which are defined in the Loan Agreement shall have the same definition when used herein unless a different definition is ascribed to such term under this Amendment, in which case, the definition contained herein shall govern.
2.AMENDMENT TO LOAN AGREEMENT AND RELATED DOCUMENTS.  The Loan Agreement and certain other Related Documents are hereby amended as follows:
(a)Subsection (ii) titled “Financial Ratios/Covenants” on page 3 of the Loan Agreement, under the Financial Statements subsection of the Section titled “AFFIRMATIVE COVENANTS”, is hereby amended and restated in its entirety to read as follows:
“(ii)   Financial Ratios/Covenants:

Minimum Tangible Net Asset Value. Borrower shall maintain a minimum Net Asset Value in the amount of $100,000,000.00. The term "Net Asset Value" is defined as the total assets less goodwill/other intangibles and less the total liabilities, on a consolidated basis. This required value must be maintained at all times and may be evaluated quarterly.
Minimum Quarterly Net Investment Income. Borrower shall maintain a minimum Quarterly Net Investment Income, after the management/incentive fees, in the amount of $2,000,000.00. The term "Net Investment Income" is defined as the total investment income less total expenses, as presented in Borrower's consolidated financial statements. This required minimum income must be maintained at all times and may be evaluated quarterly.
Debt / Worth Ratio. Borrower shall maintain a maximum ratio of Debt/Worth of 350%. The ratio "Debt/Worth" means Borrower's total liabilities divided by Borrower's Net Asset Value (as defined above). This required ratio must be maintained at all times and may be evaluated quarterly.”

BN 73862310v1

(b)All references in the Loan Agreement, Note and other Related Documents to the $35,000,000 maximum principal cap on the revolving line of credit provided thereunder is hereby changed to and shall be $25,000,000, which shall continue to be subject to the other limitations and terms and conditions set forth therein.
(c)The paragraph titled “Unused Commitment Fee” on page 1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:
“Unused Commitment Fee. Any unused portion of the $25,000,000.00 commitment, in an amount over $15,000,000.00, shall be subject to a monthly fee of 0.50% (one-half percentage point per annum).”

3.CONDITIONS PRECEDENT. Each of the following is a condition precedent to the effectiveness of this Amendment:
(a)Lender shall have received a fully executed original of this Amendment, together with the Guarantor Reaffirmation attached; 
(b)Lender shall have received a fully executed Disbursement Request and Authorization and Notice of Final Agreement; 
(c)Lender shall have received a documentation fee of $500; and 
(d)Lender shall have received all legal fees incurred by it in connection with this Amendment and all other agreements being executed in connection herewith.
4.REPRESENTATIONS AND WARRANTIES.  Borrower hereby affirms to Lender that all representations and warranties of Borrower set forth in the Loan Agreement are true, complete and accurate as of the date hereof.
5.LIMITED EFFECT.  Except for the specific amendment contained in this Amendment, the Loan Agreement shall remain unchanged and in full force and effect.
6.COUNTERPARTS; EFFECTIVENESS.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed and delivered shall be deemed to be an original.  All such counterparts, taken together, shall constitute but one and the same Amendment.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.  This Amendment shall become effective upon the execution of this Amendment by each of the parties hereto.
[SIGNATURE PAGES FOLLOWS]
    2

BN 73862310v1

IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment as of the date first written above.

OFS CAPITAL CORPORATION, a Delaware corporation, as Borrower

By:    /s/ Jeffrey A. Cerny        
Jeffrey A. Cerny, CFO

BN 73862310v1

PACIFIC WESTERN BANK

By: /s/ Todd Savitz            
    Todd Savitz, Senior Vice President

    2
BN 73862310v1

GUARANTOR’S REAFFIRMATION
The undersigned has executed a Commercial Guaranty dated April 10, 2019 in favor of PACIFIC WESTERN BANK ("Lender") respecting the obligations of OFS CAPITAL CORPORATION ("Borrower"), owing to Lender (“Guaranty”).  The undersigned acknowledges the terms of the above Amendment and reaffirms and agrees that: its Guaranty remains in full force and effect; nothing in such Guaranty obligates Lender to notify the undersigned of any changes in the financial accommodations made available to Borrower or to seek reaffirmations of such Guaranty; and no requirement to so notify the undersigned or to seek reaffirmations in the future shall be implied by the execution of this reaffirmation; references to the "Loan Agreement" in such Guaranty include amendments and restatements from time to time to and of such agreement, including the amendments being made concurrently herewith.
Dated as of December 15, 2022    

OFSCC-MB, INC, a Delaware corporation, as Guarantor

By:    /s/ Jeffrey A. Cerny                
Jeffrey A. Cerny, Chief Executive Officer and President 

    3
BN 73862310v1Exhibit 10.1

 

EXECUTION VERSION

 

FORM OF LOCK-UP AGREEMENT

 

This LOCK-UP AGREEMENT (this
“Agreement”) is made and entered into as of December 9, 2022 by and among (i) HDH Newco, Inc., a Delaware
corporation (“Pubco”), (ii) BWA Holdings LLC, a Delaware limited liability company, in the capacity as
the SPAC Representative (including any successor Purchaser Representative appointed in accordance therewith, the “SPAC Representative”)
under the Business Combination Agreement (as defined below), and (iii) the undersigned (“Holder”). Any capitalized
term used but not otherwise defined in this Agreement shall have the meaning ascribed to such term in the Business Combination Agreement.

 

WHEREAS, on or about
the date hereof, Pubco, Better World Acquisition Corp., a Delaware corporation (the “SPAC”), Heritage Distilling
Holding Company, Inc., a Delaware corporation (together with its successors, the “Company”), BWA Merger Sub,
Inc., a Delaware corporation and a wholly owned subsidiary of Pubco (“SPAC Merger Sub”), HD Merger Sub, Inc.,
a Delaware corporation and a wholly owned subsidiary of Pubco (“Company Merger Sub” and, together with SPAC
Merger Sub, the “Merger Subs”), the SPAC Representative, and Justin Stiefel, in the capacity as the representative
from and after the Effective Time for the Company Earnout Participants (the “Seller Representative”), entered
into that certain Business Combination Agreement (as amended, supplemented and/or restated from time to time in accordance with the terms
thereof, the “Business Combination Agreement”), pursuant to which, among other matters, upon the consummation
of the transactions contemplated thereby, (i) SPAC Merger Sub shall merge with and into SPAC, with SPAC continuing as the surviving entity
(the “SPAC Merger”), and, in connection therewith, (A) each share of SPAC Common Stock issued and outstanding
immediately prior to the Effective Time shall be cancelled in exchange for the right of the holder thereof to receive, with respect to
each share of SPAC Common Stock that is not redeemed or converted in the Closing Redemption, one share of Pubco Common Stock and one CVR
(subject to the holders of Founder Shares and Representative Shares waiving their right to receive CVRs for such shares pursuant to the
CVR Funding and Waiver Letter), and (B) Pubco shall assume all of the outstanding SPAC Warrants and each SPAC Warrant shall become a warrant
to purchase the same number of shares of Pubco Common Stock at the same exercise price during the same exercise period and otherwise on
the same terms as the SPAC Warrant being assumed; (ii) Company Merger Sub shall merge with and into the Company, with the Company continuing
as the surviving entity (the “Company Merger”, and together with the SPAC Merger, the “Mergers”),
and in connection therewith, (A) the shares of capital stock of the Company issued and outstanding immediately prior to the Effective
Time shall be cancelled in exchange for the right of the holders thereof to receive shares of Pubco Common Stock as set forth in the Business
Combination Agreement, (B) holders of Company Interim Notes shall receive shares of Pubco Common Stock separate from the Stockholder Merger
Consideration, (C) Pubco shall assume all of the outstanding Company Financing/Interim Warrants and each Company Financing/Interim Warrant
shall become a warrant to purchase shares of Pubco Common Stock with the number of shares and exercise price thereof equitably adjusted
in accordance with the Business Combination Agreement, (D) each Contributed Warrant shall be contributed to Pubco and exchanged for the
right to receive such number of shares of Pubco Common Stock as such holder of a Contributed Warrant would have received pursuant to Section
1.14(a) of the Business Combination Agreement if such Contributed Warrant had been exercised immediately prior to the Effective Time for
the number of shares of Company Common Stock set forth in the Contribution Agreement, (E) each Restricted Stock Unit Award outstanding
immediately prior to the Effective Time, as amended in accordance with the Business Combination Agreement and the RSU Award Amendments,
shall be assumed by Pubco, with the number of RSU Shares underlying such Restricted Stock Unit Award to be adjusted in accordance with
the Business Combination Agreement, and (F) all other Company Convertible Securities shall be terminated; and (iii) as a result of such
Mergers, SPAC and the Company each shall become wholly owned subsidiaries of Pubco, and Pubco shall become a publicly traded company (such
transactions, together with the other transactions contemplated by the Business Combination Agreement, the “Transactions”),
all upon the terms and subject to the conditions set forth in this Agreement and in accordance with the provisions of the DGCL and other
applicable law;

 

    

     

    

 

WHEREAS,
as of the date hereof, Holder is a Significant Company Holder under the Business Combination Agreement and a holder of securities of the
Company in such amounts as set forth underneath Holder’s name on the signature page hereto; and

 

WHEREAS,
pursuant to the Business Combination Agreement, and in view of the valuable consideration to be received by Holder thereunder, the parties
desire to enter into this Agreement, pursuant to which the portion of the Stockholder Merger Consideration, [seventy percent (70%) of
the]1 Company Interim Note Conversion Shares and Assumed
Warrants received by Holder pursuant to the Business Combination Agreement (all such securities, together with any securities paid as
dividends or distributions with respect to such securities or into which such securities are exchanged or converted, collectively, the
“Restricted Securities”), shall become subject to limitations on disposition as set forth herein.

 

 NOW, THEREFORE,
in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby,
the parties hereby agree as follows:

 

1. Lock-Up
Provisions.

 

(a) Holder
hereby agrees not to, during the period (the “Lock-Up Period”) commencing from the Closing and ending on, (i)
with respect to fifty percent (50%) of the Restricted Securities, the earlier of (x) the twelve (12)-month anniversary of the date of
the Closing and (y) the date after the Closing on which Pubco consummates a liquidation, merger, share exchange or other similar transaction
with an unaffiliated third party that results in all of Pubco’s stockholders having the right to exchange their equity holdings
in Pubco for cash, securities or other property; and (ii) with respect to the remaining fifty percent (50%) of the Restricted Securities,
the earliest of (x) the twelve (12)-month anniversary of the date of the Closing, (y) the date on which the closing price of Pubco Common
Stock on the Nasdaq (or other principal stock exchange or quotation service on which such shares then trade) equals or exceeds $12.50
per share (as equitably adjusted for stock splits, stock dividends, reorganizations and recapitalizations after the Closing) for any twenty
(20) trading days within any thirty (30) trading day period commencing after the Closing, and (z) the date after the Closing on which
Pubco consummates a liquidation, merger, share exchange or other similar transaction with an unaffiliated third party that results in
all of Pubco’s stockholders having the right to exchange their equity holdings in Pubco for cash, securities or other property:
(A) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly,
any Restricted Securities, (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of the Restricted Securities, or (C) publicly disclose the intention to do any of the foregoing,
whether any such transaction described in clauses (A), (B) or (C) above is to be settled by delivery of Restricted Securities or other
securities, in cash or otherwise (any of the foregoing described in clauses (A), (B) or (C), a “Prohibited Transfer”).
The foregoing sentence shall not apply to the transfer of any or all of the Restricted Securities owned by Holder (I) by gift, will or
intestate succession upon the death of Holder, (II) to any Permitted Transferee (defined below), (III) pursuant to a court order or settlement
agreement related to the distribution of assets in connection with the dissolution of marriage or civil union, (IV) to an unaffiliated
charity or educational institution and (V) by open market sales necessary for the payment of taxes incurred by the Holder pursuant to
the receipt of Pubco Securities in connection with the Transactions (provided, however, that such open market sales of any Restricted
Securities pursuant to this clause (V) shall not exceed (i) twenty-five percent (25%) of Holder’s Restricted Securities in the aggregate,
or (ii) one percent (1%) of the daily trading volume of Pubco Common Stock in any given Trading Day (which, for purposes hereof, means
the number of shares of Pubco Common Stock traded on the principal securities or exchange market on which the Pubco Common Stock is then
listed during such Trading Day multiplied by the VWAP for such day)); provided, however, that in the case of any of clauses
(I), (II), (III) or (IV), it shall be a condition to such transfer that the transferee executes and delivers to Pubco an agreement stating
that the transferee is receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder,
and there shall be no further transfer of such Restricted Securities except in accordance with this Agreement. As used in this Agreement,
the term “Permitted Transferee” shall mean: (A) the members of Holder’s immediate family (for purposes
of this Agreement, “immediate family” shall mean with respect to any natural person, any of the following: such
person’s spouse or domestic partner, the siblings of such person and his or her spouse or domestic partner, and the direct descendants
and ascendants (including adopted and step children and parents) of such person and his or her spouse or domestic partner and siblings),
(B) any trust for the direct or indirect benefit of Holder or the immediate family of Holder, (C) if Holder is a trust, the trustor or
beneficiary of such trust or to the estate of a beneficiary of such trust, (D) if Holder is an entity, as a distribution to limited partners,
shareholders, members of, or owners of similar equity interests in Holder, or (E) any affiliate of Holder. Holder further agrees to execute
such agreements as may be reasonably requested by Pubco that are consistent with the foregoing or that are necessary to give further effect
thereto.

 

 

	1	NTD: Certain Holders to sign Lock-Up Agreements covering
seventy percent (70%) of the Company Interim Note Conversion Shares.

 

    2

     

    

 

(b)  If
any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall be
null and void ab initio, and Pubco shall refuse to recognize any such purported transferee of the Restricted Securities as one
of its equity holders for any purpose. In order to enforce this Section 1, Pubco may impose stop-transfer instructions with
respect to the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-Up Period.

 

(c) During
the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially
the following form, in addition to any other applicable legends:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF DECEMBER
9, 2022, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”), THE ISSUER’S SECURITY HOLDER NAMED THEREIN AND
CERTAIN OTHER PERSONS, AS THE SAME MAY BE AMENDED, RESTATED, SUPPLEMENTED AND/OR MODIFIED FROM TIME TO TIME IN ACCORDANCE WITH ITS TERMS.
A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

(d) For
the avoidance of any doubt, Holder shall retain all of its rights as a shareholder of Pubco with respect to the Restricted Securities
during the Lock-Up Period, including the right to vote any Restricted Securities, but subject to the obligations under the Business Combination
Agreement.

 

2. Miscellaneous.

 

(a) Termination
of Business Combination Agreement. This Agreement shall be binding upon Holder upon Holder’s execution and delivery of this
Agreement, but this Agreement shall only become effective upon the Closing. Notwithstanding anything to the contrary contained herein,
in the event that the Business Combination Agreement is terminated in accordance with its terms prior to the Closing, this Agreement and
all rights and obligations of the parties hereunder shall automatically terminate and be of no further force or effect.

 

(b) Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement and all obligations of
Holder are personal to Holder and may not be transferred or delegated by Holder at any time. Each of Pubco and the SPAC Representative
may freely assign any or all of its rights under this Agreement, in whole or in part, to any successor entity (whether by merger, consolidation,
equity sale, asset sale or otherwise) or Affiliate with the consent or approval of Holder. 

 

(c) Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any
party in connection with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit
of, any person or entity that is not a party hereto or thereto or a successor or permitted assign of such a party.

 

    3

     

    

 

(d) Governing
Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware, without regard to the conflict of law principles thereof. All Actions
arising out of or relating to this Agreement shall be heard and determined exclusively in the Delaware Court of Chancery (and if such
court lacks jurisdiction, any other state or federal court located in the State of Delaware) (or in any appellate court thereof) (the
“Specified Courts”). Each party hereto hereby (i) submits to the exclusive jurisdiction of any Specified
Court for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto and (ii) irrevocably
waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is
brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby
may not be enforced in or by any Specified Court. Each party agrees that a final judgment in any Action shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party irrevocably consents to the
service of the summons and complaint and any other process in any other action or proceeding relating to the transactions contemplated
by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address set forth in Section 2(g). Nothing in this Section 2(d) shall affect the right of any party to serve
legal process in any other manner permitted by applicable law.

 

(e) WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
2(e).

 

(f) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this
Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii)
“including” (and with correlative meaning “include”) means including without limiting the generality of any description
preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; (iii)
the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement shall
be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;
and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting of
this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provision of this Agreement.

 

    4

     

    

 

(g) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day
after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed,
if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable party at the following
addresses (or at such other address for a party as shall be specified by like notice):

 

	
    If to the SPAC Representative, to:

     

    BWA Holdings, LLC

    775 Park Avenue

    New York, New York 10021

    Attn: Rosemary L. Ripley

    Telephone No.: (212) 450-9700

    E-mail: rosemary@betterworldspac.com
	
    with a copy (which will not constitute notice) to:

     

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105

    Attn: Stuart Neuhauser, Esq.

               Matthew A. Gray, Esq.

    Telephone No.: (212) 370-1300

    Email: sneuhauser@egsllp.com;

               mgray@egsllp.com

	
    If to Pubco at or prior to the Closing, to:

     

    BWA Sponsor LLC

    775 Park Avenue

    New York, New York 10021

    Attn: Rosemary L. Ripley

    Telephone No.: (212) 450-9700

    E-mail: rosemary@betterworldspac.com

     
	
    with a copy (which will not constitute notice) to:

     

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105

    Attn: Stuart Neuhauser, Esq.

              Matthew A. Gray, Esq.

    Telephone No.: (212) 370-1300

    Email: sneuhauser@egsllp.com;

              mgray@egsllp.com

	
    If to Pubco after the Closing, to:

     

    HDH Newco, Inc.

    9668 Bujacich Road

    Gig Harbor, WA 98332

    Attn: Justin Stiefel

    Telephone No.: (253) 509-0008

    Email: justin@heritagedistilling.com

     

    and

     

    the SPAC Representative:

     
	
    with a copy (which will not constitute notice) to:

     

    Pryor Cashman, LLP

    7 Times Square

    New York, New York 10036

    Attn: M. Ali Panjwani, Esq.;

             Eric M. Hellige, Esq.

    Telephone No.: (212) 421-4100

    Email: ali.panjwani@pryorcashman.com;

              ehellige@pryorcashman.com

    and

     

    Ellenoff Grossman
    & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105

    Attn: Stuart Neuhauser, Esq.;

              Matthew A. Gray, Esq.

    Facsimile No.: (212) 370-7889

    Email: sneuhauser@egsllp.com;

               mgray@egsllp.com

	
    If to any Holder, to:

     

    the address set forth below Holder’s name on the signature page
    to this Agreement
	
    with a copy (which will not constitute notice) to:

     

    Pryor Cashman, LLP

    7 Times Square

    New York, New York 10036

    Attn: M. Ali Panjwani, Esq.;

              Eric M. Hellige, Esq.

    Telephone No.: 212-421-4100

    Email: ali.panjwani@pryorcashman.com;

              ehellige@pryorcashman.com

 

    5

     

    

 

(h) Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written
consent of Pubco and Holder. No failure or delay by a party in exercising any right hereunder shall operate as a waiver thereof. No waivers
of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed
as a further or continuing waiver of any such term, condition, or provision.

 

(i) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified
or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity,
legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid, illegal or unenforceable provision
a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid,
illegal or unenforceable provision.

 

(j) Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of
a breach of this Agreement by Holder, money damages may be inadequate and Pubco (and the SPAC Representative on behalf of Pubco) may not
have an adequate remedy at law, and agrees that irreparable damage may occur in the event that any of the provisions of this Agreement
were not performed by Holder in accordance with their specific terms or were otherwise breached. Accordingly, each of Pubco and the SPAC
Representative shall be entitled to seek an injunction or restraining order to prevent breaches of this Agreement by Holder and to enforce
specifically the terms and provisions hereof, this being in addition to any other right or remedy to which such party may be entitled
under this Agreement, at law or in equity.

 

(k) Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the parties
under the Business Combination Agreement or any Ancillary Document. Notwithstanding the foregoing, nothing in this Agreement shall limit
any of the rights or remedies of Pubco and the SPAC Representative or any of the obligations of Holder under any other agreement between
Holder and Pubco or the SPAC Representative or any certificate or instrument executed by Holder in favor of Pubco or the SPAC Representative,
and nothing in any other agreement, certificate or instrument shall limit any of the rights or remedies of Pubco or the SPAC Representative
or any of the obligations of Holder under this Agreement.

 

(l) Further
Assurances. From time to time, at another party’s request and without further consideration (but at the requesting party’s
reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as may be
reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(m) Counterparts;
Electronic Delivery.  This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the
same agreement. A photocopy, faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have
the same validity and enforceability as an originally signed copy.

 

[Remainder of Page Intentionally Left Blank;
Signature Pages Follow]

 

    6

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above.

 

	 	Pubco:
	 	 	 
	 	HDH Newco, Inc.
	 	 	 
	 	By:	 
	 	Name: 	               
	 	Title: 	 
	 	 	 
	 	SPAC Representative:
	 	 	 
	 	BWA HOLDINGS, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Lock-Up Agreement as of the date first written above. 

 

Holder:

 

Name of Holder: [_______________________ ]

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Number and Type of Company Securities Owned:	 
	 	 
	Company Common Stock:_____________________________________	 
	 	 
	Company Founder Common Stock:______________________________	 
	 	 
	Company Interim Notes:______________________________________	 
	 	 
	Company Interim Warrants:___________________________________	 
	 	 
	Company Options:__________________________________________	 
	 	 
	Restricted Stock Unit Awards: _________________________________	
	 	 
	Other Company Convertible Securities: __________________________	 

 

	Address for Notice:	 
	 	 
	Address:	 	 
	 	 	 
	 	 
	 	 
	 	 

 

	Facsimile No.:	 	 

 

	Telephone No.:	 	 

 

	Email:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]